Aspen Technology Announces Financial Results for the Third 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 third quarter of fiscal year 2021 ended March 31, 2021.

“AspenTech’s third quarter performance was highlighted by strong free cash flow generation and demand activity in each of our core end-markets that was at or above pre-pandemic levels,” said Antonio Pietri, President and Chief Executive Officer of Aspen Technology. “At the same time, the continued uncertainty in the global macro environment due to COVID, coupled with the significant and costly disruptions in the energy and chemicals markets related to the winter storm in the US during the quarter, made it more challenging to close transactions than we expected.”

Pietri continued, “Our high levels of engagement with customers regarding AspenTech’s critical role in their long-term digitalization and sustainability initiatives give us confidence that we will drive faster growth as market conditions normalize.”

Third 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 $609.9 million at the end of the third quarter of fiscal 2021, which increased 6.0% compared to the third quarter of fiscal 2020 and 1.0% sequentially.

Summary of Third Quarter Fiscal Year 2021 Financial Results

AspenTech’s total revenue of $162.7 million included:

  • License revenue, which represents the portion of a term license agreement allocated to the initial license, was $110.1 million in the third quarter of fiscal 2021, compared to $78.2 million in the third 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 $45.9 million in the third quarter of fiscal 2021, compared to $44.2 million in the third quarter of fiscal 2020.
  • Services and other revenue was $6.7 million in the third quarter of fiscal 2021, compared to $8.2 million in the third quarter of fiscal 2020.

For the quarter ended March 31, 2021, AspenTech reported income from operations of $68.9 million, compared to income from operations of $44.7 million for the quarter ended March 31, 2020.

Net income was $62.5 million for the quarter ended March 31, 2021, leading to net income per share of $0.91, compared to net income per share of $0.61 in the same period last fiscal year.

Non-GAAP income from operations, was $80.9 million for the third quarter of fiscal 2021, compared to non-GAAP income from operations of $53.9 million in the same period last fiscal year. Non-GAAP net income was $72.0 million, or $1.05 per share, for the third quarter of fiscal 2021, compared to non-GAAP net income of $49.1 million, or $0.72 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 $317.1 million and total borrowings, net of debt issuance costs, of $297.0 million at March 31, 2021.

During the third quarter, the company generated $98.7 million in cash flow from operations and $100.0 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, April 28, 2021, Aspen Technology is issuing the following guidance for fiscal year 2021:

  • Annual spend growth of 4-5.5% year-over-year
  • Free cash flow of $265 to $275 million
  • Total bookings of $771 to $809 million
  • Total revenue of $705 to $729 million
  • GAAP total expense of $355 to $360 million
  • Non-GAAP total expense of $310 to $315 million
  • GAAP operating income of $350 to $369 million
  • Non-GAAP operating income of $395 to $415 million
  • GAAP net income of $306 to $321 million
  • Non-GAAP net income of $341 to $357 million
  • GAAP net income per share of $4.46 to $4.70
  • Non-GAAP net income per share of $4.98 to $5.22

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, April 28, 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 6459234. 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 6459234, through May 5, 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

March 31,

 

Nine Months Ended

March 31,

 

2021

 

2020

 

2021

 

2020

 

(Dollars in Thousands, Except per Share Data)

Revenue:

 

 

 

 

 

 

 

License

$

110,104

 

 

$

78,156

 

 

$

352,133

 

 

$

238,311

 

Maintenance

45,885

 

 

44,199

 

 

139,561

 

 

132,418

 

Services and other

6,737

 

 

8,233

 

 

19,721

 

 

26,048

 

Total revenue

162,726

 

 

130,588

 

 

511,415

 

 

396,777

 

Cost of revenue:

 

 

 

 

 

 

 

License

2,485

 

 

1,881

 

 

6,859

 

 

5,550

 

Maintenance

5,174

 

 

4,778

 

 

14,066

 

 

14,339

 

Services and other

8,396

 

 

9,046

 

 

24,911

 

 

26,560

 

Total cost of revenue

16,055

 

 

15,705

 

 

45,836

 

 

46,449

 

Gross profit

146,671

 

 

114,883

 

 

465,579

 

 

350,328

 

Operating expenses:

 

 

 

 

 

 

 

Selling and marketing

30,345

 

 

28,354

 

 

82,092

 

 

86,046

 

Research and development

25,874

 

 

23,576

 

 

70,576

 

 

68,694

 

General and administrative

21,553

 

 

18,219

 

 

60,389

 

 

54,525

 

Total operating expenses

77,772

 

 

70,149

 

 

213,057

 

 

209,265

 

Income from operations

68,899

 

 

44,734

 

 

252,522

 

 

141,063

 

Interest income

8,410

 

 

8,173

 

 

26,383

 

 

24,577

 

Interest (expense)

(1,495)

 

 

(3,207)

 

 

(5,639)

 

 

(9,368)

 

Other (expense), net

(5)

 

 

(352)

 

 

(1,807)

 

 

(217)

 

Income before income taxes

75,809

 

 

49,348

 

 

271,459

 

 

156,055

 

Provision for income taxes

13,314

 

 

7,522

 

 

47,101

 

 

20,914

 

Net income

$

62,495

 

 

$

41,826

 

 

$

224,358

 

 

$

135,141

 

Net income per common share:

 

 

 

 

 

 

 

Basic

$

0.92

 

 

$

0.62

 

 

$

3.31

 

 

$

1.98

 

Diluted

$

0.91

 

 

$

0.61

 

 

$

3.28

 

 

$

1.96

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

67,920

 

 

67,806

 

 

67,809

 

 

68,122

 

Diluted

68,608

 

 

68,482

 

 

68,439

 

 

68,906

 

ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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

 

 

 

 

 

March 31,
2021

 

June 30,
2020

 

(Dollars in Thousands, Except

Share Data)

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

317,099

 

 

$

287,796

 

Accounts receivable, net

49,034

 

 

56,301

 

Current contract assets, net

298,835

 

 

291,497

 

Prepaid expenses and other current assets

9,762

 

 

10,884

 

Prepaid income taxes

12,008

 

 

3,962

 

Total current assets

686,738

 

 

650,440

 

Property, equipment and leasehold improvements, net

5,506

 

 

5,963

 

Computer software development costs, net

1,255

 

 

928

 

Goodwill

158,182

 

 

137,055

 

Intangible assets, net

45,996

 

 

42,851

 

Non-current contract assets, net

409,010

 

 

318,976

 

Contract costs

28,419

 

 

28,614

 

Operating lease right-of-use assets

31,589

 

 

34,905

 

Deferred tax assets

2,924

 

 

1,735

 

Other non-current assets

3,042

 

 

1,839

 

Total assets

$

1,372,661

 

 

$

1,223,306

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

3,563

 

 

$

3,988

 

Accrued expenses and other current liabilities

43,063

 

 

43,556

 

Current operating lease liabilities

7,214

 

 

6,824

 

Income taxes payable

76

 

 

1,799

 

Current borrowings

18,000

 

 

135,163

 

Current deferred revenue

54,730

 

 

43,168

 

Total current liabilities

126,646

 

 

234,498

 

Non-current deferred revenue

11,535

 

 

13,913

 

Deferred tax liabilities

188,896

 

 

179,978

 

Non-current operating lease liabilities

28,894

 

 

33,088

 

Non-current borrowings, net

278,960

 

 

292,369

 

Other non-current liabilities

4,842

 

 

3,107

 

Commitments and contingencies (Note 17)

 

 

 

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

Authorized— 367,000 shares as of March 31, 2021 and June 30, 2020

Issued and outstanding— none as of March 31, 2021 and June 30, 2020

 

 

 

Stockholders’ equity:

 

 

 

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

Issued— 104,283,957 shares at March 31, 2021 and 103,988,707 shares at June 30, 2020

Outstanding— 68,013,942 shares at March 31, 2021 and 67,718,692 shares at June 30, 2020

10,429

 

 

10,399

 

Additional paid-in capital

799,743

 

 

769,411

 

Retained earnings

1,682,688

 

 

1,458,330

 

Accumulated other comprehensive income (loss)

6,527

 

 

(5,288)

 

Treasury stock, at cost—36,270,015 shares of common stock at March 31, 2021 and 36,270,015 shares at June 30, 2020

(1,766,499)

 

 

(1,766,499)

 

Total stockholders’ equity

732,888

 

 

466,353

 

Total liabilities and stockholders’ equity

$

1,372,661

 

 

$

1,223,306

 

ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited in Thousands)

 

 

 

 

 

 

 

 

 

Three Months Ended

March 31,

 

Nine Months Ended

March 31,

 

2021

 

2020

 

2021

 

2020

 

(Dollars in Thousands)

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$

62,495

 

 

$

41,826

 

 

$

224,358

 

 

$

135,141

 

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

 

 

 

 

 

 

 

Depreciation and amortization

2,688

 

 

2,549

 

 

7,545

 

 

7,028

 

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

2,258

 

 

3,267

 

 

7,037

 

 

6,518

 

Net foreign currency losses (gains)

(27)

 

 

345

 

 

2,027

 

 

183

 

Stock-based compensation

9,225

 

 

7,299

 

 

24,589

 

 

24,133

 

Deferred income taxes

6,817

 

 

(116)

 

 

7,029

 

 

(1,516)

 

Provision for bad debts

2,064

 

 

2,127

 

 

6,800

 

 

3,391

 

Other non-cash operating activities

311

 

 

208

 

 

718

 

 

423

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

(4,257)

 

 

(11,889)

 

 

4,115

 

 

(16,428)

 

Contract assets, net

19,835

 

 

32,216

 

 

(103,538)

 

 

2,329

 

Contract costs

(123)

 

 

(692)

 

 

198

 

 

(1,522)

 

Lease liabilities

(2,298)

 

 

(3,444)

 

 

(7,533)

 

 

(6,840)

 

Prepaid expenses, prepaid income taxes, and other assets

(7,001)

 

 

(433)

 

 

(6,959)

 

 

(2,201)

 

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

216

 

 

2,353

 

 

(6,847)

 

 

(20,752)

 

Deferred revenue

6,456

 

 

5,765

 

 

13,410

 

 

13,701

 

Net cash provided by operating activities

98,659

 

 

81,381

 

 

172,949

 

 

143,588

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property, equipment and leasehold improvements

(211)

 

 

(143)

 

 

(733)

 

 

(1,111)

 

Payments for business acquisitions, net of cash acquired

(329)

 

 

(241)

 

 

(16,272)

 

 

(74,460)

 

Payments for equity method investments

(760)

 

 

(319)

 

 

(926)

 

 

(319)

 

Payments for capitalized computer software development costs

 

 

(71)

 

 

(895)

 

 

(141)

 

Net cash used in investing activities

(1,300)

 

 

(774)

 

 

(18,826)

 

 

(76,031)

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Issuance of shares of common stock

9,394

 

 

2,650

 

 

12,508

 

 

5,364

 

Repurchases of common stock

 

 

(49,757)

 

 

 

 

(150,621)

 

Payments of tax withholding obligations related to restricted stock

(2,612)

 

 

(2,395)

 

 

(6,719)

 

 

(8,246)

 

Deferred business acquisition payments

 

 

(4,600)

 

 

 

 

(4,600)

 

Proceeds from revolving credit facility, net of repayments

 

 

90,000

 

 

(119,182)

 

 

219,163

 

Repayments of amounts borrowed under term loan

(4,000)

 

 

(4,000)

 

 

(12,000)

 

 

(4,000)

 

Payments of debt issuance costs

 

 

(79)

 

 

 

 

(3,533)

 

Net cash provided by (used in) financing activities

2,782

 

 

31,819

 

 

(125,393)

 

 

53,527

 

Effect of exchange rate changes on cash and cash equivalents

(531)

 

 

(740)

 

 

573

 

 

(838)

 

Increase in cash and cash equivalents

99,610

 

 

111,686

 

 

29,303

 

 

120,246

 

Cash and cash equivalents, beginning of period

217,489

 

 

80,486

 

 

287,796

 

 

71,926

 

Cash and cash equivalents, end of period

$

317,099

 

 

$

192,172

 

 

$

317,099

 

 

$

192,172

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

Income taxes paid, net

$

18,681

 

 

$

6,611

 

 

$

49,349

 

 

$

26,359

 

Interest paid

1,455

 

 

3,054

 

 

5,672

 

 

8,246

 

Supplemental disclosure of non-cash activities:

 

 

 

 

 

 

 

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

$

20

 

 

$

7

 

 

$

77

 

 

$

(89)

 

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

 

 

243

 

 

 

 

(621)

 

Lease liabilities arising from obtaining right-of-use assets

197

 

 

6,802

 

 

1,488

 

 

11,626

 

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

March 31,

 

Nine Months Ended

March 31,

 

 

2021

 

2020

 

2021

 

2020

Total expenses

 

 

 

 

 

 

 

 

GAAP total expenses (a)

 

$

93,827

 

 

$

85,854

 

 

$

258,893

 

 

$

255,714

 

Less:

 

 

 

 

 

 

 

 

Stock-based compensation (b)

 

(9,225)

 

 

(7,299)

 

 

(24,589)

 

 

(24,133)

 

Amortization of intangibles

 

(2,047)

 

 

(1,864)

 

 

(5,657)

 

 

(4,741)

 

Acquisition related fees

 

(749)

 

 

 

 

(3,133)

 

 

(78)

 

 

 

 

 

 

 

 

 

 

Non-GAAP total expenses

 

$

81,806

 

 

$

76,691

 

 

$

225,514

 

 

$

226,762

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

GAAP income from operations

 

$

68,899

 

 

$

44,734

 

 

$

252,522

 

 

$

141,063

 

Plus:

 

 

 

 

 

 

 

 

Stock-based compensation (b)

 

9,225

 

 

7,299

 

 

24,589

 

 

24,133

 

Amortization of intangibles

 

2,047

 

 

1,864

 

 

5,657

 

 

4,741

 

Acquisition related fees

 

749

 

 

 

 

3,133

 

 

78

 

 

 

 

 

 

 

 

 

 

Non-GAAP income from operations

 

$

80,920

 

 

$

53,897

 

 

$

285,901

 

 

$

170,015

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

GAAP net income

 

$

62,495

 

 

$

41,826

 

 

$

224,358

 

 

$

135,141

 

Plus:

 

 

 

 

 

 

 

 

Stock-based compensation (b)

 

9,225

 

 

7,299

 

 

24,589

 

 

24,133

 

Amortization of intangibles

 

2,047

 

 

1,864

 

 

5,657

 

 

4,741

 

Acquisition related fees

 

749

 

 

 

 

3,133

 

 

78

 

Less:

 

 

 

 

 

 

 

 

Income tax effect on Non-GAAP items (c)

 

(2,524)

 

 

(1,924)

 

 

(7,010)

 

 

(6,080)

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income

 

$

71,992

 

 

$

49,065

 

 

$

250,727

 

 

$

158,013

 

 

 

 

 

 

 

 

 

 

Diluted income per share

 

 

 

 

 

 

 

 

GAAP diluted income per share

 

$

0.91

 

 

$

0.61

 

 

$

3.28

 

 

$

1.96

 

Plus:

 

 

 

 

 

 

 

 

Stock-based compensation (b)

 

0.14

 

 

0.11

 

 

0.35

 

 

0.35

 

Amortization of intangibles

 

0.03

 

 

0.03

 

 

0.08

 

 

0.07

 

Acquisition related fees

 

0.01

 

 

 

 

0.05

 

 

 

Less:

 

 

 

 

 

 

 

 

Income tax effect on Non-GAAP items (c)

 

(0.04)

 

 

(0.03)

 

 

(0.10)

 

 

(0.09)

 

 

 

 

 

 

 

 

 

 

Non-GAAP diluted income per share

 

$

1.05

 

 

$

0.72

 

 

$

3.66

 

 

$

2.29

 

 

 

 

 

 

 

 

 

 

Shares used in computing Non-GAAP diluted income per share

 

68,608

 

 

68,482

 

 

68,439

 

 

68,906

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

March 31,

 

Nine Months Ended

March 31,

 

 

2021

 

2020

 

2021

 

2020

Free Cash Flow

 

 

 

 

 

 

 

 

Net cash provided by operating activities (GAAP)

 

$

98,659

 

 

$

81,381

 

 

$

172,949

 

 

$

143,588

 

Purchases of property, equipment and leasehold improvements

 

(211)

 

 

(143)

 

 

(733)

 

 

(1,111)

 

Payments for capitalized computer software development costs

 

 

 

(71)

 

 

(895)

 

 

(141)

 

Acquisition related payments

 

1,526

 

 

 

 

2,433

 

 

1,264

 

Free cash flow (non-GAAP)

 

$

99,974

 

 

$

81,167

 

 

$

173,754

 

 

$

143,600

 

 

 

 

 

 

 

 

 

 

(a) GAAP total expenses

 

 

Three Months Ended

March 31,

 

Nine Months Ended

March 31,

 

 

2021

 

2020

 

2021

 

2020

Total costs of revenue

 

$

16,055

 

 

$

15,705

 

 

$

45,836

 

 

$

46,449

 

Total operating expenses

 

77,772

 

 

70,149

 

 

213,057

 

 

209,265

 

GAAP total expenses

 

$

93,827

 

 

$

85,854

 

 

$

258,893

 

 

$

255,714

 

 

 

 

 

 

 

 

 

 

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

 

 

Three Months Ended

March 31,

 

Nine Months Ended

March 31,

 

 

2021

 

2020

 

2021

 

2020

Cost of maintenance

 

$

234

 

 

$

343

 

 

$

688

 

 

$

1,104

 

Cost of services and other

 

412

 

 

450

 

 

1,198

 

 

1,477

 

Selling and marketing

 

1,869

 

 

1,472

 

 

4,655

 

 

4,228

 

Research and development

 

2,273

 

 

2,082

 

 

6,515

 

 

6,193

 

General and administrative

 

4,437

 

 

2,952

 

 

11,533

 

 

11,131

 

Total stock-based compensation

 

$

9,225

 

 

$

7,299

 

 

$

24,589

 

 

$

24,133

 

(c) The income tax effect on non-GAAP items for the three and nine months ended March 31, 2021 and 2020, 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