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Aspen Technology Announces Financial Results for the Second Quarter of Fiscal 2020

Aspen Technology, Inc. (NASDAQ:AZPN), the asset optimization software company, today announced financial results for its second quarter of fiscal year 2020 ended December 31, 2019.

"AspenTech delivered solid second quarter results highlighted by continued double-digit annual spend growth. While the macro environment in capital intensive industries was uncertain, spending remained favorable as customers recognized that investments in digitalization can drive meaningful improvements in the operating efficiency and financial performance of their business," said Antonio Pietri, President and Chief Executive Officer of Aspen Technology.

Pietri continued, "We continue to see significant customer interest in our solutions and expect improving business performance in the second half of the year. Our optimism is driven by our expectations for continuing strength from refining customers, improving demand from chemicals customers as macro conditions in that vertical improve, and the ongoing recovery in our engineering and construction business. We are also encouraged by the progress in our Asset Performance Management business and the traction it is gaining in the Global Economy Industries (GEI)."

Second Quarter Fiscal 2020 Recent Business Highlights

  • Annual spend, which the company defines as the annualized value of all term license and maintenance contracts at the end of the quarter, was approximately $564 million at the end of the second quarter of fiscal 2020, which increased 10.0% compared to the second quarter of fiscal 2019 and 3.0% sequentially.
  • AspenTech repurchased approximately 418,000 shares of its common stock for $50 million in the second quarter of fiscal 2020.

Summary of Second Quarter Fiscal Year 2020 Financial Results

AspenTech’s total revenue of $124.7 million included:

  • License revenue, which represents the portion of a term license agreement allocated to the initial license, was $70.2 million in the second quarter of fiscal 2020, compared to $93.4 million in the second quarter of fiscal 2019.
  • Maintenance revenue, which represents the portion of the term license agreement related to on-going support and the right to future product enhancements, was $45.3 million in the second quarter of fiscal 2020, compared to $41.0 million in the second quarter of fiscal 2019.
  • Services and other revenue was $9.2 million in the second quarter of fiscal 2020, compared to $6.0 million in the second quarter of fiscal 2019.

For the quarter ended December 31, 2019, AspenTech reported income from operations of $41.7 million, compared to income from operations of $63.8 million for the quarter ended December 31, 2018.

Net income was $38.3 million for the quarter ended December 31, 2019, leading to diluted net income per share of $0.56, compared to diluted net income per share of $0.83 in the same period last fiscal year.

Non-GAAP income from operations was $50.9 million for the second quarter of fiscal 2020, compared to non-GAAP income from operations of $71.2 million in the same period last fiscal year. Non-GAAP net income was $45.5 million, or $0.66 per share, for the second quarter of fiscal 2020, compared to non-GAAP net income of $65.1 million, or $0.92 per share, in the same period last fiscal year. These non-GAAP results add back the impact of stock-based compensation expense, amortization of intangibles and acquisition related fees. A reconciliation of GAAP to non-GAAP results is presented in the financial tables included in this press release.

AspenTech had cash and cash equivalents of $80.5 million and total borrowings, net of debt issuance costs, of $345.1 million at December 31, 2019.

During the second quarter, the company generated $46.9 million in cash flow from operations and $48.1 million in free cash flow. Free cash flow is calculated as net cash provided by operating activities adjusted for the net impact of: purchases of property, equipment and leasehold improvements; capitalized computer software development costs, and other nonrecurring items, such as acquisition related payments.

Business Outlook

Based on information as of today, January 29, 2020, AspenTech is issuing the following guidance for fiscal year 2020:

  • Annual spend growth of 10-12% year-over-year
  • Free cash flow of $260 to $270 million
  • Total bookings of $600 to $650 million
  • Total revenue of $575 to $615 million
  • GAAP total expense of $369 to $374 million
  • Non-GAAP total expense of $303 to $308 million
  • GAAP operating income of $206 to $241 million
  • Non-GAAP operating income of $272 to $307 million
  • GAAP net income of $184 to $213 million
  • GAAP net income per share of $2.68 to $3.09
  • Non-GAAP net income per share of $3.43 to $3.84

These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

AspenTech has not reconciled its expectations as to non-GAAP operating income and non-GAAP net income per share to their most directly comparable GAAP measure because certain items are out of AspenTech’s control or cannot be reasonably predicted. Accordingly, a reconciliation for forward-looking non-GAAP operating income and non-GAAP net income per share is not available without unreasonable effort.

Use of Non-GAAP Financial Measures

This press release contains "non-GAAP financial measures" under the rules of the U.S. Securities and Exchange Commission. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles. This non-GAAP information supplements, and is not intended to represent a measure of performance in accordance with, disclosures required by generally accepted accounting principles, or GAAP. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP. A reconciliation of GAAP to non-GAAP results is included in the financial tables included in this press release.

Management considers both GAAP and non-GAAP financial results in managing Aspen Technology’s business. As the result of adoption of new licensing models, management believes that a number of Aspen Technology’s performance indicators based on GAAP, including revenue, gross profit, operating income and net income, should be viewed in conjunction with certain non-GAAP and other business measures in assessing Aspen Technology’s performance, growth and financial condition. Accordingly, management utilizes a number of non-GAAP and other business metrics, including the non-GAAP metrics set forth in this press release, to track Aspen Technology’s business performance. None of these non-GAAP metrics should be considered as an alternative to any measure of financial performance calculated in accordance with GAAP.

Conference Call and Webcast

Aspen Technology will host a conference call and webcast today, January 29th, 2020, at 4:30 p.m. (Eastern Time), to discuss the company's financial results for the second quarter of fiscal 2020 as well as the company’s business outlook. The live dial-in number is (866) 471-3828 or (678) 509-7573, conference ID code 6899311. Interested parties may also listen to a live webcast of the call by logging on to the Investor Relations section of Aspen Technology’s website, http://ir.aspentech.com/events-and-presentations, and clicking on the "webcast" link. A replay of the call will be archived on Aspen Technology’s website and will also be available via telephone at (855) 859-2056 or (404) 537-3406, conference ID code 6899311, through February 5, 2020.

About Aspen Technology

Aspen Technology (AspenTech) is a global leader in asset optimization software. Its solutions address complex, industrial environments where it is critical to optimize the asset design, operation and maintenance lifecycle. AspenTech uniquely combines decades of process modelling expertise with artificial intelligence. Its purpose-built software platform automates knowledge work and builds sustainable competitive advantage by delivering high returns over the entire asset lifecycle. As a result, companies in capital-intensive industries can maximize uptime and push the limits of performance, running their assets safer, greener, longer and faster.

Forward-Looking Statements

The second and third paragraphs of this press release as well as the Business Outlook section contain forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may vary significantly from Aspen Technology’s (AspenTech) expectations based on a number of risks and uncertainties, including, without limitation: AspenTech’s failure to increase usage and product adoption of aspenONE offerings or grow the aspenONE APM business, and failure to continue to provide innovative, market-leading solutions; the demand for, or usage of, aspenONE software declines for any reason, including declines due to adverse changes in the process or other capital-intensive industries; unfavorable economic and market conditions or a lessening demand in the market for asset process optimization software; risks of foreign operations or transacting business with customers outside the United States; risks of competition and other risk factors described from time to time in AspenTech’s periodic reports filed with the Securities and Exchange Commission. AspenTech cannot guarantee any future results, levels of activity, performance, or achievements. AspenTech expressly disclaims any obligation to update forward-looking statements after the date of this press release.

© 2020 Aspen Technology, Inc. AspenTech, aspenONE, asset optimization and the Aspen leaf logo are trademarks of Aspen Technology, Inc. All rights reserved. All other trademarks are property of their respective owners.

Source:  Aspen Technology, Inc.

ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited in Thousands, Except per Share Data)

 

Three Months Ended
December 31,

 

Six Months Ended
December 31,

 

2019

 

2018

 

2019

 

2018

 

(Dollars in Thousands, Except per Share Data)

Revenue:

 

 

 

 

 

 

 

License

$

70,196

 

 

$

93,368

 

 

$

151,367

 

 

$

157,123

 

Maintenance

45,290

 

 

41,038

 

 

88,864

 

 

84,077

 

Services and other

9,246

 

 

6,017

 

 

18,592

 

 

13,392

 

Total revenue

124,732

 

 

140,423

 

 

258,823

 

 

254,592

 

Cost of revenue:

 

 

 

 

 

 

 

License

2,009

 

 

1,819

 

 

3,669

 

 

3,484

 

Maintenance

4,584

 

 

5,286

 

 

9,561

 

 

9,279

 

Services and other

8,933

 

 

7,634

 

 

17,514

 

 

15,203

 

Total cost of revenue

15,526

 

 

14,739

 

 

30,744

 

 

27,966

 

Gross profit

109,206

 

 

125,684

 

 

228,079

 

 

226,626

 

Operating expenses:

 

 

 

 

 

 

 

Selling and marketing

28,500

 

 

26,310

 

 

57,692

 

 

53,122

 

Research and development

22,625

 

 

20,317

 

 

45,118

 

 

41,373

 

General and administrative

16,422

 

 

15,299

 

 

36,306

 

 

31,383

 

Total operating expenses

67,547

 

 

61,926

 

 

139,116

 

 

125,878

 

Income from operations

41,659

 

 

63,758

 

 

88,963

 

 

100,748

 

Interest income

8,428

 

 

7,485

 

 

16,404

 

 

14,554

 

Interest (expense)

(3,161

)

 

(2,164

)

 

(6,161

)

 

(3,978

)

Other (expense) income, net

(997

)

 

(578

)

 

135

 

 

(451

)

Income before income taxes

45,929

 

 

68,501

 

 

99,341

 

 

110,873

 

Provision for income taxes

7,654

 

 

9,284

 

 

14,782

 

 

13,591

 

Net income

$

38,275

 

 

$

59,217

 

 

$

84,559

 

 

$

97,282

 

Net income per common share:

 

 

 

 

 

 

 

Basic

$

0.56

 

 

$

0.84

 

 

$

1.24

 

 

$

1.38

 

Diluted

$

0.56

 

 

$

0.83

 

 

$

1.22

 

 

$

1.36

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

68,114

 

 

70,428

 

 

68,277

 

 

70,708

 

Diluted

68,844

 

 

71,148

 

 

69,090

 

 

71,600

 

ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited in Thousands, Except Share and Per Share Data)

 

December 31,
2019

 

June 30,
2019

 

(Dollars in Thousands, Except Share Data)

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

80,486

 

 

$

71,926

 

Accounts receivable, net

51,963

 

 

47,784

 

Current contract assets

279,797

 

 

294,193

 

Prepaid expenses and other current assets

13,347

 

 

12,628

 

Prepaid income taxes

1,273

 

 

2,509

 

Total current assets

426,866

 

 

429,040

 

Property, equipment and leasehold improvements, net

6,954

 

 

7,234

 

Computer software development costs, net

1,094

 

 

1,306

 

Goodwill

140,025

 

 

78,383

 

Intangible assets, net

47,522

 

 

33,607

 

Non-current contract assets

362,666

 

 

325,510

 

Contract costs

25,877

 

 

24,982

 

Operating lease right-of-use assets

30,284

 

 

 

Deferred tax assets

1,754

 

 

1,669

 

Other non-current assets

1,513

 

 

1,334

 

Total assets

$

1,044,555

 

 

$

903,065

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

3,049

 

 

$

5,891

 

Accrued expenses and other current liabilities

39,219

 

 

54,594

 

Current operating lease liabilities

6,474

 

 

 

Income taxes payable

12,302

 

 

14,952

 

Current borrowings

45,163

 

 

220,000

 

Current deferred revenue

36,044

 

 

25,318

 

Total current liabilities

142,251

 

 

320,755

 

Non-current deferred revenue

16,724

 

 

19,573

 

Deferred income taxes

159,542

 

 

159,071

 

Non-current operating lease liabilities

29,089

 

 

 

Non-current borrowings, net

299,965

 

 

 

Other non-current liabilities

4,806

 

 

10,381

 

Commitments and contingencies (Note 17)

 

 

 

Series D redeemable convertible preferred stock, $0.10 par value—
Authorized— 3,636 shares as of December 31, 2019 and June 30, 2019
Issued and outstanding— none as of December 31, 2019 and June 30, 2019

 

 

 

Stockholders’ equity:

 

 

 

Common stock, $0.10 par value— Authorized—210,000,000 shares
Issued— 103,788,538 shares at December 31, 2019 and 103,642,292 shares at June 30, 2019
Outstanding— 67,970,514 shares at December 31, 2019 and 68,624,566 shares at June 30, 2019

10,379

 

 

10,365

 

Additional paid-in capital

752,782

 

 

739,099

 

Retained earnings

1,344,543

 

 

1,259,984

 

Accumulated other comprehensive income

973

 

 

336

 

Treasury stock, at cost—35,818,024 shares of common stock at December 31, 2019
and 35,017,726 shares at June 30, 2019

(1,716,499

)

 

(1,616,499

)

Total stockholders’ equity

392,178

 

 

393,285

 

Total liabilities and stockholders’ equity

$

1,044,555

 

 

$

903,065

 

ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited in Thousands)

 

Three Months Ended
December 31,

 

Six Months Ended
December 31,

 

2019

 

2018

 

2019

 

2018

 

(Dollars in Thousands)

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$

38,275

 

 

$

59,217

 

 

$

84,559

 

 

$

97,282

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

2,443

 

 

2,049

 

 

4,479

 

 

4,049

 

Right-of-use asset amortization

1,364

 

 

 

 

3,251

 

 

 

Net foreign currency (gains) losses

(883

)

 

518

 

 

(162

)

 

318

 

Stock-based compensation

7,559

 

 

6,335

 

 

16,834

 

 

15,200

 

Deferred income taxes

172

 

 

(2,804

)

 

(10

)

 

(47,474

)

Provision for bad debts

282

 

 

658

 

 

1,264

 

 

827

 

Other non-cash operating activities

108

 

 

110

 

 

215

 

 

217

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

(2,594

)

 

(3,935

)

 

(4,539

)

 

(16,464

)

Contract assets

2,919

 

 

(11,014

)

 

(22,521

)

 

(41,928

)

Contract costs

(485

)

 

(1,750

)

 

(830

)

 

(2,546

)

Lease liabilities

(1,464

)

 

 

 

(3,396

)

 

 

Prepaid expenses, prepaid income taxes, and other assets

324

 

 

2,599

 

 

(1,768

)

 

1,744

 

Accounts payable, accrued expenses, income taxes payable and other liabilities

(10,364

)

 

2,793

 

 

(23,105

)

 

37,718

 

Deferred revenue

9,291

 

 

2,751

 

 

7,936

 

 

14,154

 

Net cash provided by operating activities

46,947

 

 

57,527

 

 

62,207

 

 

63,097

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property, equipment and leasehold improvements

(368

)

 

(84

)

 

(968

)

 

(180

)

Payments for business acquisitions, net of cash acquired

 

 

 

 

(74,219

)

 

 

Payments for capitalized computer software costs

(61

)

 

(99

)

 

(70

)

 

(189

)

Net cash used in investing activities

(429

)

 

(183

)

 

(75,257

)

 

(369

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Exercises of stock options

1,696

 

 

412

 

 

2,714

 

 

4,466

 

Repurchases of common stock

(50,016

)

 

(97,446

)

 

(100,864

)

 

(147,423

)

Payments of tax withholding obligations related to restricted stock

(2,685

)

 

(6,475

)

 

(5,851

)

 

(9,654

)

Deferred business acquisition payments

 

 

(1,200

)

 

 

 

(1,200

)

Proceeds from borrowings

29,163

 

 

50,000

 

 

129,163

 

 

50,000

 

Payments of debt issuance costs

(3,454

)

 

 

 

(3,454

)

 

 

Net cash provided by (used in) financing activities

(25,296

)

 

(54,709

)

 

21,708

 

 

(103,811

)

Effect of exchange rate changes on cash and cash equivalents

631

 

 

(255

)

 

(98

)

 

(654

)

Increase (decrease) in cash, cash equivalents, and restricted cash

21,853

 

 

2,380

 

 

8,560

 

 

(41,737

)

Cash, cash equivalents, and restricted cash, beginning of period

58,633

 

 

52,048

 

 

71,926

 

 

96,165

 

Cash and cash equivalents, end of period

$

80,486

 

 

$

54,428

 

 

$

80,486

 

 

$

54,428

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

Income taxes paid, net

$

9,464

 

 

$

15,072

 

 

$

19,748

 

 

$

17,827

 

Interest paid

2,391

 

 

2,003

 

 

5,192

 

 

3,541

 

Supplemental disclosure of non-cash activities:

 

 

 

 

 

 

 

Change in purchases of property, equipment and leasehold improvements included in accounts payable and accrued expenses

$

(256

)

 

$

16

 

 

$

(96

)

 

$

5

 

Change in repurchases of common stock included in accounts payable and accrued expenses

(16

)

 

2,554

 

 

(864

)

 

2,577

 

Lease liabilities arising from obtaining right-of-use assets

1,552

 

 

 

 

4,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,
2019

 

September 30,
2019

 

June 30,
2019

Reconciliation to amounts within the unaudited consolidated balance sheets:

 

(Dollars in Thousands)

Cash and cash equivalents

 

$

80,486

 

 

$

57,943

 

 

$

71,926

 

Restricted cash included in other non-current assets

 

 

 

690

 

 

 

Cash, cash equivalents, and restricted cash, end of period

 

$

80,486

 

 

$

58,633

 

 

$

71,926

 

ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Results of Operations and Cash Flows
(Unaudited in Thousands, Except per Share Data)

 

 

Three Months Ended
December 31,

 

Six Months Ended
December 31,

 

 

2019

 

2018

 

2019

 

2018

Total expenses

 

 

 

 

 

 

 

 

GAAP total expenses (a)

 

$

83,073

 

 

$

76,665

 

 

$

169,860

 

 

$

153,844

 

Less:

 

 

 

 

 

 

 

 

Stock-based compensation (b)

 

(7,559

)

 

(6,335

)

 

(16,834

)

 

(15,200

)

Amortization of intangibles

 

(1,682

)

 

(1,156

)

 

(2,877

)

 

(2,223

)

Acquisition related fees

 

40

 

 

 

 

(78

)

 

7

 

 

 

 

 

 

 

 

 

 

Non-GAAP total expenses

 

$

73,872

 

 

$

69,174

 

 

$

150,071

 

 

$

136,428

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

GAAP income from operations

 

$

41,659

 

 

$

63,758

 

 

$

88,963

 

 

$

100,748

 

Plus:

 

 

 

 

 

 

 

 

Stock-based compensation (b)

 

7,559

 

 

6,335

 

 

16,834

 

 

15,200

 

Amortization of intangibles

 

1,682

 

 

1,156

 

 

2,877

 

 

2,223

 

Acquisition related fees

 

(40

)

 

 

 

78

 

 

(7

)

 

 

 

 

 

 

 

 

 

Non-GAAP income from operations

 

$

50,860

 

 

$

71,249

 

 

$

108,752

 

 

$

118,164

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

GAAP net income

 

$

38,275

 

 

$

59,217

 

 

$

84,559

 

 

$

97,282

 

Plus:

 

 

 

 

 

 

 

 

Stock-based compensation (b)

 

7,559

 

 

6,335

 

 

16,834

 

 

15,200

 

Amortization of intangibles

 

1,682

 

 

1,156

 

 

2,877

 

 

2,223

 

Acquisition related fees

 

(40

)

 

 

 

78

 

 

(7

)

Less:

 

 

 

 

 

 

 

 

Income tax effect on Non-GAAP items (c)

 

(1,932

)

 

(1,573

)

 

(4,156

)

 

(3,657

)

 

 

 

 

 

 

 

 

 

Non-GAAP net income

 

$

45,544

 

 

$

65,135

 

 

$

100,192

 

 

$

111,041

 

 

 

 

 

 

 

 

 

 

Diluted income per share

 

 

 

 

 

 

 

 

GAAP diluted income per share

 

$

0.56

 

 

$

0.83

 

 

$

1.22

 

 

$

1.36

 

Plus:

 

 

 

 

 

 

 

 

Stock-based compensation (b)

 

0.11

 

 

0.09

 

 

0.25

 

 

0.21

 

Amortization of intangibles

 

0.02

 

 

0.02

 

 

0.04

 

 

0.03

 

Acquisition related fees

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

Income tax effect on Non-GAAP items (c)

 

(0.03

)

 

(0.02

)

 

(0.06

)

 

(0.05

)

 

 

 

 

 

 

 

 

 

Non-GAAP diluted income per share

 

$

0.66

 

 

$

0.92

 

 

$

1.45

 

 

$

1.55

 

 

 

 

 

 

 

 

 

 

Shares used in computing Non-GAAP diluted income per share

 

68,844

 

 

71,148

 

 

69,090

 

 

71,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
December 31,

 

Six Months Ended
December 31,

 

 

2019

 

2018

 

2019

 

2018

Free Cash Flow

 

 

 

 

 

 

 

 

GAAP cash flow from operating activities

 

$

46,947

 

 

$

57,527

 

 

$

62,207

 

 

$

63,097

 

Purchase of property, equipment and leasehold improvements

 

(368

)

 

(84

)

 

(968

)

 

(180

)

Payments for capitalized computer software development costs

 

(61

)

 

(99

)

 

(70

)

 

(189

)

Acquisition related payments

 

1,617

 

 

 

 

1,264

 

 

12

 

Free Cash Flow

 

$

48,135

 

 

$

57,344

 

 

$

62,433

 

 

$

62,740

 

 

 

 

 

 

 

 

 

 

(a) GAAP total expenses

 

 

 

 

 

 

 

 

 

 

Three Months Ended
December 31,

 

Six Months Ended
December 31,

 

 

2019

 

2018

 

2019

 

2018

Total costs of revenue

 

$

15,526

 

 

$

14,739

 

 

$

30,744

 

 

$

27,966

 

Total operating expenses

 

67,547

 

 

61,926

 

 

139,116

 

 

125,878

 

GAAP total expenses

 

$

83,073

 

 

$

76,665

 

 

$

169,860

 

 

$

153,844

 

 

 

 

 

 

 

 

 

 

(b) Stock-based compensation expense was as follows:

 

 

 

 

 

 

 

 

 

 

Three Months Ended
December 31,

 

Six Months Ended
December 31,

 

 

2019

 

2018

 

2019

 

2018

Cost of maintenance

 

$

362

 

 

$

391

 

 

$

761

 

 

$

537

 

Cost of services and other

 

484

 

 

288

 

 

1,027

 

 

606

 

Selling and marketing

 

1,209

 

 

1,194

 

 

2,756

 

 

2,526

 

Research and development

 

2,009

 

 

1,637

 

 

4,111

 

 

3,932

 

General and administrative

 

3,495

 

 

2,825

 

 

8,179

 

 

7,599

 

Total stock-based compensation

 

$

7,559

 

 

$

6,335

 

 

$

16,834

 

 

$

15,200

 

 

 

 

 

 

 

 

 

 

(c) The income tax effect on non-GAAP items for the three and six months ended December 31, 2019 and 2018, respectively, is calculated
utilizing the Company's statutory tax rate of 21 percent.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20200129005743/en/

Contacts

Media Contact
Lucy Millington
AspenTech
+1 781-221-6419
lucy.millington@aspentech.com

Investor Contact
Brian Denyeau
ICR
+1 646-277-1251
brian.denyeau@icrinc.com