Aspen Technology Announces Financial Results for the Second Quarter of Fiscal 2021

BEDFORD, Mass.–(BUSINESS WIRE)–Aspen Technology, Inc. (NASDAQ: AZPN), a global leader in asset optimization software, today announced financial results for its second quarter of fiscal year 2021 ended December 31, 2020.

“AspenTech’s second quarter results were solid in the context of the current economic environment and support our outlook for a strong performance in the fiscal year. The quarter results were also highlighted by strong free cash flow generation,” said Antonio Pietri, President and Chief Executive Officer of Aspen Technology. “Customers continued to make substantial long-term commitments with AspenTech, including a renewal in excess of $75 million with one of the largest global oil companies making it one of the biggest transactions in our history.”

Pietri continued, “Demand activity remains strong across our product portfolio and we believe we are on track to have a good second half of the fiscal year. The increasing importance of digitalization and sustainability in the process and other capital intensive industries, as well as customer feedback on recent product announcements like the Aspen AIoT Hub and aspenONE v12, give us confidence in our ability to return to double-digit annual spend growth once the economy normalizes.”

Second Quarter Fiscal Year 2021 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 $604 million at the end of the second quarter of fiscal 2021, which increased 7.0% compared to the second quarter of fiscal 2020 and 1.3% sequentially.

Summary of Second Quarter Fiscal Year 2021 Financial Results

AspenTech’s total revenue of $233.7 million included:

  • License revenue, which represents the portion of a term license agreement allocated to the initial license, was $180.2 million in the second quarter of fiscal 2021, compared to $72.4 million in the second quarter of fiscal 2020.
  • Maintenance revenue, which represents the portion of the term license agreement related to on-going support and the right to future product enhancements, was $46.8 million in the second quarter of fiscal 2021, compared to $44.5 million in the second quarter of fiscal 2020.
  • Services and other revenue was $6.7 million in the second quarter of fiscal 2021, compared to $9.0 million in the second quarter of fiscal 2020.

For the quarter ended December 31, 2020, AspenTech reported income from operations of $149.5 million, compared to income from operations of $42.9 million for the quarter ended December 31, 2019.

Net income was $129.2 million for the quarter ended December 31, 2020, leading to net income per share of $1.89, compared to net income per share of $0.58 in the same period last fiscal year.

Non-GAAP income from operations was $162.2 million for the second quarter of fiscal 2021, compared to non-GAAP income from operations of $52.1 million in the same period last fiscal year. Non-GAAP net income was $139.3 million, or $2.04 per share, for the second quarter of fiscal 2021, compared to non-GAAP net income of $47.1 million, or $0.68 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 $217.5 million and total borrowings, net of debt issuance costs, of $300.8 million at December 31, 2020. During the second quarter the company paid down approximately $119.2 million on the outstanding balance on its revolving credit facility.

During the second quarter, the company generated $37.8 million in cash flow from operations and $38.0 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; payments for capitalized computer software development costs, and other nonrecurring items, such as acquisition-related payments.

Business Outlook

Based on information as of today, January 27, 2021, Aspen Technology is issuing the following guidance for fiscal year 2021:

  • Annual spend growth of 6-8% year-over-year
  • Free cash flow of $265 to $275 million
  • Total bookings of $805 to $850 million
  • Total revenue of $731 to $760 million
  • GAAP total expense of $356 to $361 million
  • Non-GAAP total expense of $313 to $318 million
  • GAAP operating income of $375 to $399 million
  • Non-GAAP operating income of $418 to $442 million
  • GAAP net income of $328 to $347 million
  • Non-GAAP net income of $362 million to $381 million
  • GAAP net income per share of $4.80 to $5.08
  • Non-GAAP net income per share of $5.29 to $5.58

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 forward-looking non-GAAP total expense, non-GAAP operating income, non-GAAP net 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 total expense, non-GAAP operating income, non-GAAP net 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 27, 2021, at 4:30 p.m. (Eastern Time), to discuss the company’s financial results for the second-quarter of fiscal year 2021 as well as the company’s business outlook. The live dial-in number is (866) 471-3828 or (678) 509-7573, conference ID code 8443369. 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 8443369, through February 3, 2021.

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. Visit AspenTech.com to find out more.

Forward-Looking Statements

The third paragraph 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 AspenTech’s expectations based on a number of risks and uncertainties, including, without limitation: delays or reductions in demand for AspenTech solutions due to the COVID-19 pandemic; 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; declines in the demand for, or usage of, aspenONE software for any reason, including declines due to adverse changes in the process or other capital-intensive industries and due to the drop in demand for oil due to the COVID-19 pandemic, compounded by the excess supply arising from producers’ failure to agree on production cuts; unfavorable economic and market conditions or a lessening demand in the market for asset process optimization software, including due to the significant drop in oil prices arising from drop in demand due to the COVID-19 pandemic and producers’ failure to agree on production cuts; 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.

© 2021 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.

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,

 

2020

 

2019

 

2020

 

2019

 

(Dollars in Thousands, Except per Share Data)

Revenue:

 

 

 

 

 

 

 

License

$

180,170

 

 

$

72,436

 

 

$

242,029

 

 

$

160,155

 

Maintenance

46,818

 

 

44,547

 

 

93,676

 

 

88,219

 

Services and other

6,730

 

 

9,029

 

 

12,984

 

 

17,815

 

Total revenue

233,718

 

 

126,012

 

 

348,689

 

 

266,189

 

Cost of revenue:

 

 

 

 

 

 

 

License

2,238

 

 

2,009

 

 

4,374

 

 

3,669

 

Maintenance

4,128

 

 

4,584

 

 

8,892

 

 

9,561

 

Services and other

7,949

 

 

8,933

 

 

16,515

 

 

17,514

 

Total cost of revenue

14,315

 

 

15,526

 

 

29,781

 

 

30,744

 

Gross profit

219,403

 

 

110,486

 

 

318,908

 

 

235,445

 

Operating expenses:

 

 

 

 

 

 

 

Selling and marketing

26,575

 

 

28,500

 

 

51,747

 

 

57,692

 

Research and development

22,172

 

 

22,625

 

 

44,702

 

 

45,118

 

General and administrative

21,203

 

 

16,422

 

 

38,836

 

 

36,306

 

Total operating expenses

69,950

 

 

67,547

 

 

135,285

 

 

139,116

 

Income from operations

149,453

 

 

42,939

 

 

183,623

 

 

96,329

 

Interest income

9,304

 

 

8,428

 

 

17,973

 

 

16,404

 

Interest (expense)

(2,049

)

 

(3,161

)

 

(4,144

)

 

(6,161

)

Other (expense) income, net

(333

)

 

(997

)

 

(1,802

)

 

135

 

Income before income taxes

156,375

 

 

47,209

 

 

195,650

 

 

106,707

 

Provision for income taxes

27,223

 

 

7,408

 

 

33,787

 

 

13,392

 

Net income

$

129,152

 

 

$

39,801

 

 

$

161,863

 

 

$

93,315

 

Net income per common share:

 

 

 

 

 

 

 

Basic

$

1.91

 

 

$

0.58

 

 

$

2.39

 

 

$

1.37

 

Diluted

$

1.89

 

 

$

0.58

 

 

$

2.37

 

 

$

1.35

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

67,780

 

 

68,114

 

 

67,754

 

 

68,277

 

Diluted

68,400

 

 

68,844

 

 

68,360

 

 

69,090

 

ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited in Thousands, Except Share and Per Share Data)

 

 

 

 

 

December 31,
2020

 

June 30,
2020

 

(Dollars in Thousands, Except Share Data)

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

217,487

 

 

$

287,796

 

Accounts receivable, net

46,348

 

 

56,301

 

Current contract assets, net

309,964

 

 

291,497

 

Prepaid expenses and other current assets

10,922

 

 

10,884

 

Prepaid income taxes

4,003

 

 

3,962

 

Total current assets

588,724

 

 

650,440

 

Property, equipment and leasehold improvements, net

5,748

 

 

5,963

 

Computer software development costs, net

1,438

 

 

928

 

Goodwill

157,797

 

 

137,055

 

Intangible assets, net

48,223

 

 

42,851

 

Non-current contract assets, net

419,258

 

 

318,976

 

Contract costs

28,295

 

 

28,614

 

Operating lease right-of-use assets

33,431

 

 

34,905

 

Deferred tax assets

2,863

 

 

1,735

 

Other non-current assets

2,112

 

 

1,839

 

Total assets

$

1,287,889

 

 

$

1,223,306

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

2,876

 

 

$

3,988

 

Accrued expenses and other current liabilities

40,230

 

 

43,556

 

Current operating lease liabilities

7,094

 

 

6,824

 

Income taxes payable

4,359

 

 

1,799

 

Current borrowings

16,000

 

 

135,163

 

Current deferred revenue

48,582

 

 

43,168

 

Total current liabilities

119,141

 

 

234,498

 

Non-current deferred revenue

12,524

 

 

13,913

 

Deferred tax liabilities

181,734

 

 

179,978

 

Non-current operating lease liabilities

30,890

 

 

33,088

 

Non-current borrowings, net

284,757

 

 

292,369

 

Other non-current liabilities

4,711

 

 

3,107

 

Commitments and contingencies (Note 17)

 

 

 

Series D redeemable convertible preferred stock, $0.10 par value—

Authorized— 367,000 shares as of December 31, 2020 and June 30, 2020

Issued and outstanding— none as of December 31, 2020 and June 30, 2020

 

 

 

Stockholders’ equity:

 

 

 

Common stock, $0.10 par value— Authorized—210,000,000 shares

Issued— 104,099,832 shares at December 31, 2020 and 103,988,707 shares at June 30, 2020

Outstanding— 67,829,817 shares at December 31, 2020 and 67,718,692 shares at June 30, 2020

10,410

 

 

10,399

 

Additional paid-in capital

783,897

 

 

769,411

 

Retained earnings

1,620,193

 

 

1,458,330

 

Accumulated other comprehensive income (loss)

6,131

 

 

(5,288

)

Treasury stock, at cost—36,270,015 shares of common stock at December 31, 2020 and 36,270,015 shares at June 30, 2020

(1,766,499

)

 

(1,766,499

)

Total stockholders’ equity

654,132

 

 

466,353

 

Total liabilities and stockholders’ equity

$

1,287,889

 

 

$

1,223,306

 

ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited in Thousands)

 

 

 

 

 

 

 

 

 

Three Months Ended
December 31,

 

Six Months Ended
December 31,

 

2020

 

2019

 

2020

 

2019

 

(Dollars in Thousands)

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$

129,152

 

 

$

39,801

 

 

$

161,863

 

 

$

93,315

 

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

 

 

 

 

 

 

 

Depreciation and amortization

2,523

 

 

2,443

 

 

4,857

 

 

4,479

 

Reduction in the carrying amount of right-of-use assets

2,414

 

 

1,364

 

 

4,779

 

 

3,251

 

Net foreign currency losses (gains)

591

 

 

(883

)

 

2,054

 

 

(162

)

Stock-based compensation

9,096

 

 

7,559

 

 

15,364

 

 

16,834

 

Deferred income taxes

171

 

 

(74

)

 

212

 

 

(1,400

)

Provision for bad debts

1,616

 

 

282

 

 

4,736

 

 

1,264

 

Other non-cash operating activities

205

 

 

108

 

 

407

 

 

215

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

6,129

 

 

(2,594

)

 

8,372

 

 

(4,539

)

Contract assets, net

(116,007

)

 

1,639

 

 

(123,373

)

 

(29,887

)

Contract costs

37

 

 

(485

)

 

321

 

 

(830

)

Lease liabilities

(2,572

)

 

(1,464

)

 

(5,235

)

 

(3,396

)

Prepaid expenses, prepaid income taxes, and other assets

1,942

 

 

324

 

 

42

 

 

(1,768

)

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

(1,558

)

 

(10,364

)

 

(7,063

)

 

(23,105

)

Deferred revenue

4,100

 

 

9,291

 

 

6,954

 

 

7,936

 

Net cash provided by operating activities

37,839

 

 

46,947

 

 

74,290

 

 

62,207

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property, equipment and leasehold improvements

(345

)

 

(368

)

 

(522

)

 

(968

)

Payments for business acquisitions, net of cash acquired

(15,943

)

 

 

 

(15,943

)

 

(74,219

)

Payments for equity method investments

168

 

 

 

 

(166

)

 

 

Payments for capitalized computer software development costs

(89

)

 

(61

)

 

(895

)

 

(70

)

Net cash used in investing activities

(16,209

)

 

(429

)

 

(17,526

)

 

(75,257

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Issuance of shares of common stock

2,846

 

 

1,696

 

 

3,114

 

 

2,714

 

Repurchases of common stock

 

 

(50,016

)

 

 

 

(100,864

)

Payments of tax withholding obligations related to restricted stock

(2,279

)

 

(2,685

)

 

(4,107

)

 

(5,851

)

Proceeds from revolving credit facility, net of repayments

(119,182

)

 

29,163

 

 

(119,182

)

 

129,163

 

Repayments of amounts borrowed under term loan

(4,000

)

 

 

 

(8,000

)

 

 

Payments of debt issuance costs

 

 

(3,454

)

 

 

 

(3,454

)

Net cash provided by (used in) financing activities

(122,615

)

 

(25,296

)

 

(128,175

)

 

21,708

 

Effect of exchange rate changes on cash and cash equivalents

876

 

 

631

 

 

1,104

 

 

(98

)

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

(100,109

)

 

21,853

 

 

(70,307

)

 

8,560

 

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

317,598

 

 

58,633

 

 

287,796

 

 

71,926

 

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

$

217,489

 

 

$

80,486

 

 

$

217,489

 

 

$

80,486

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

Income taxes paid, net

$

27,965

 

 

$

9,464

 

 

$

30,668

 

 

$

19,748

 

Interest paid

2,096

 

 

2,391

 

 

4,217

 

 

5,192

 

Supplemental disclosure of non-cash activities:

 

 

 

 

 

 

 

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

$

(224

)

 

$

(256

)

 

$

57

 

 

$

(96

)

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

 

 

(16

)

 

 

 

(864

)

Lease liabilities arising from obtaining right-of-use assets

1,068

 

 

1,552

 

 

1,291

 

 

4,824

 

 

 

 

 

 

 

 

 

 

December 31,
2020

 

December 31,
2019

 

 

 

 

Reconciliation to amounts within the unaudited consolidated balance sheets:

(Dollars in Thousands)

 

 

 

 

Cash and cash equivalents

$

217,487

 

 

$

80,486

 

 

 

 

 

Restricted cash included in other non-current assets

2

 

 

 

 

 

 

 

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

$

217,489

 

 

$

80,486

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

2020

 

2019

 

2020

 

2019

Total expenses

 

 

 

 

 

 

 

 

GAAP total expenses (a)

 

$

84,265

 

 

$

83,073

 

 

$

165,066

 

 

$

169,860

 

Less:

 

 

 

 

 

 

 

 

Stock-based compensation (b)

 

(9,096

)

 

(7,559

)

 

(15,364

)

 

(16,834

)

Amortization of intangibles

 

(1,865

)

 

(1,682

)

 

(3,610

)

 

(2,877

)

Acquisition related fees

 

(1,821

)

 

40

 

 

(2,384

)

 

(78

)

 

 

 

 

 

 

 

 

 

Non-GAAP total expenses

 

$

71,483

 

 

$

73,872

 

 

$

143,708

 

 

$

150,071

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

GAAP income from operations

 

$

149,453

 

 

$

42,939

 

 

$

183,623

 

 

$

96,329

 

Plus:

 

 

 

 

 

 

 

 

Stock-based compensation (b)

 

9,096

 

 

7,559

 

 

15,364

 

 

16,834

 

Amortization of intangibles

 

1,865

 

 

1,682

 

 

3,610

 

 

2,877

 

Acquisition related fees

 

1,821

 

 

(40

)

 

2,384

 

 

78

 

 

 

 

 

 

 

 

 

 

Non-GAAP income from operations

 

$

162,235

 

 

$

52,140

 

 

$

204,981

 

 

$

116,118

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

GAAP net income

 

$

129,152

 

 

$

39,801

 

 

$

161,863

 

 

$

93,315

 

Plus:

 

 

 

 

 

 

 

 

Stock-based compensation (b)

 

9,096

 

 

7,559

 

 

15,364

 

 

16,834

 

Amortization of intangibles

 

1,865

 

 

1,682

 

 

3,610

 

 

2,877

 

Acquisition related fees

 

1,821

 

 

(40

)

 

2,384

 

 

78

 

Less:

 

 

 

 

 

 

 

 

Income tax effect on Non-GAAP items (c)

 

(2,684

)

 

(1,932

)

 

(4,485

)

 

(4,156

)

 

 

 

 

 

 

 

 

 

Non-GAAP net income

 

$

139,250

 

 

$

47,070

 

 

$

178,736

 

 

$

108,948

 

 

 

 

 

 

 

 

 

 

Diluted income per share

 

 

 

 

 

 

 

 

GAAP diluted income per share

 

$

1.89

 

 

$

0.58

 

 

$

2.37

 

 

$

1.35

 

Plus:

 

 

 

 

 

 

 

 

Stock-based compensation (b)

 

0.13

 

 

0.11

 

 

0.23

 

 

0.25

 

Amortization of intangibles

 

0.03

 

 

0.02

 

 

0.05

 

 

0.04

 

Acquisition related fees

 

0.03

 

 

 

 

0.03

 

 

 

Less:

 

 

 

 

 

 

 

 

Income tax effect on Non-GAAP items (c)

 

(0.04

)

 

(0.03

)

 

(0.07

)

 

(0.06

)

 

 

 

 

 

 

 

 

 

Non-GAAP diluted income per share

 

$

2.04

 

 

$

0.68

 

 

$

2.61

 

 

$

1.58

 

 

 

 

 

 

 

 

 

 

Shares used in computing Non-GAAP diluted income per share

 

68,400

 

 

68,844

 

 

68,360

 

 

69,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
December 31,

 

Six Months Ended
December 31,

 

 

2020

 

2019

 

2020

 

2019

Free Cash Flow

 

 

 

 

 

 

 

 

Net cash provided by operating activities (GAAP)

 

$

37,839

 

 

$

46,947

 

 

$

74,290

 

 

$

62,207

 

Purchases of property, equipment and leasehold improvements

 

(345

)

 

(368

)

 

(522

)

 

(968

)

Payments for capitalized computer software development costs

 

(89

)

 

(61

)

 

(895

)

 

(70

)

Acquisition related payments

 

616

 

 

1,617

 

 

907

 

 

1,264

 

Free cash flow (non-GAAP)

 

$

38,021

 

 

$

48,135

 

 

$

73,780

 

 

$

62,433

 

 

 

 

 

 

 

 

 

 

(a) GAAP total expenses

 

 

 

 

 

 

 

 

 

 

Three Months Ended
December 31,

 

Six Months Ended
December 31,

 

 

2020

 

2019

 

2020

 

2019

Total costs of revenue

 

$

14,315

 

 

$

15,526

 

 

$

29,781

 

 

$

30,744

 

Total operating expenses

 

69,950

 

 

67,547

 

 

135,285

 

 

139,116

 

GAAP total expenses

 

$

84,265

 

 

$

83,073

 

 

$

165,066

 

 

$

169,860

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

Three Months Ended
December 31,

 

Six Months Ended
December 31,

 

 

2020

 

2019

 

2020

 

2019

Cost of maintenance

 

$

122

 

 

$

362

 

 

$

438

 

 

$

761

 

Cost of services and other

 

351

 

 

484

 

 

801

 

 

1,027

 

Selling and marketing

 

1,612

 

 

1,209

 

 

2,856

 

 

2,756

 

Research and development

 

2,449

 

 

2,009

 

 

4,171

 

 

4,111

 

General and administrative

 

4,562

 

 

3,495

 

 

7,098

 

 

8,179

 

Total stock-based compensation

 

$

9,096

 

 

$

7,559

 

 

$

15,364

 

 

$

16,834

 

 

 

 

 

 

 

 

 

 

(c) The income tax effect on non-GAAP items for the three and six months ended December 31, 2020 and 2019, respectively, is calculated utilizing the Company’s statutory tax rate of 21 percent.

 

Contacts

Media Contact
Lucy Millington

Aspen Technology

+1 781-221-6419

lucy.millington@aspentech.com

Investor Contact
Brian Denyeau

ICR for Aspen Technology

+1 646-277-1251

brian.denyeau@icrinc.com