0000929940-20-000008.txt : 20200129 0000929940-20-000008.hdr.sgml : 20200129 20200129161130 ACCESSION NUMBER: 0000929940-20-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200129 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200129 DATE AS OF CHANGE: 20200129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASPEN TECHNOLOGY INC /DE/ CENTRAL INDEX KEY: 0000929940 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 042739697 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34630 FILM NUMBER: 20558285 BUSINESS ADDRESS: STREET 1: 20 CROSBY DRIVE CITY: BEDFORD STATE: MA ZIP: 01730 BUSINESS PHONE: 781-221-4302 MAIL ADDRESS: STREET 1: 20 CROSBY DRIVE CITY: BEDFORD STATE: MA ZIP: 01730 8-K 1 a012920208-k.htm 8-K Document
false0000929940 0000929940 2020-01-29 2020-01-29


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

______________________

 FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  January 29, 2020
 
ASPEN TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
 
Delaware
 
001-34630
 
04-2739697
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
 
20 Crosby Drive,
Bedford,
MA
 
01730
(Address of principal executive offices)
 
(Zip Code)
 
Registrant’s telephone number, including area code: (781) 221-6400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
 
Trading Symbol
 
Name of Each Exchange on Which Registered
Common stock, $0.10 par value per share
 
AZPN
 
NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company □
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 





Item 2.02                                             Events Results of Operations and Financial Condition.
 
On January 29, 2020, we issued a press release announcing financial results for the second quarter of fiscal year 2020, ended December 31, 2019. The full text of the press release issued in connection with this announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934 except as expressly set forth by specific reference in such a filing.
 
Item 9.01                                             Financial Statements and Exhibits.
 
(d)                                 Exhibits.
 
The following exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed:
 










































SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
ASPEN TECHNOLOGY, INC.
 
 
 
 
 
 Date: January 29, 2020
By:
/s/ Karl E. Johnsen
 
 
Karl E. Johnsen
 
 
Senior Vice President and Chief Financial Officer
 



































 EX-99.1 2 a012920208-kxexhibit991.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1
aspentechnologylogoa46.jpg

Contacts:     
 Media Contact
 
 Investor Contact
Lucy Millington
 
 Brian Denyeau
 AspenTech
 
 ICR
 +1 781-221-6419
 
 +1 646-277-1251
lucy.millington@aspentech.com
 
 brian.denyeau@icrinc.com

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

Bedford, Mass. - January 29, 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



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

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


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
 
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.
 




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DE 001-34630 04-2739697 20 Crosby Drive, Bedford, MA 01730 781 221-6400 false false false false Common stock, $0.10 par value per share AZPN NASDAQ false XML 14 R1.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Cover Page
Jan. 29, 2020
Cover page.  
Document Type 8-K
Document Period End Date Jan. 29, 2020
Entity Registrant Name ASPEN TECHNOLOGY, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-34630
Entity Tax Identification Number 04-2739697
Entity Address, Address Line One 20 Crosby Drive,
Entity Address, City or Town Bedford,
Entity Address, State or Province MA
Entity Address, Postal Zip Code 01730
City Area Code 781
Local Phone Number 221-6400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, $0.10 par value per share
Trading Symbol AZPN
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0000929940
Amendment Flag false
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