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

May 6, 2020
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BEDFORD, Mass.--(BUSINESS WIRE)--May 6, 2020-- Aspen Technology, Inc. (NASDAQ: AZPN), the asset optimization software company, today announced financial results for its third quarter of fiscal year 2020 ended March 31, 2020.

“AspenTech’s third quarter results reflected strong demand trends through the first two months of the quarter, before the uncertainty and impact of the COVID-19 pandemic led to more cautious customer buying behavior,” said Antonio Pietri, President and Chief Executive Officer of Aspen Technology. “While the near-term market environment will likely continue to be challenging, we believe we are well-positioned to navigate current conditions based on the mission critical nature of our products and solutions, the value they create in our customer’s operations, our durable business model, and strong balance sheet.”

Pietri continued, “As a management team we are focused on the health and safety of our employees and continuing to provide the support our customers need during these challenging times.”

Third Quarter Fiscal 2020 and 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 $575 million at the end of the third quarter of fiscal 2020, which increased 9.3% compared to the third quarter of fiscal 2019 and 1.9% sequentially.
  • AspenTech repurchased approximately 452,000 shares of its common stock for $50 million in the third quarter of fiscal 2020.

Summary of Third Quarter Fiscal Year 2020 Financial Results

AspenTech’s total revenue of $132 million included:

  • License revenue, which represents the portion of a term license agreement allocated to the initial license, was $78.6 million in the third quarter of fiscal 2020, compared to $98.5 million in the third 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 $45.2 million in the third quarter of fiscal 2020, compared to $41.9 million in the third quarter of fiscal 2019.
  • Services and other revenue was $8.2 million in the third quarter of fiscal 2020, compared to $7.6 million in the third quarter of fiscal 2019.

For the quarter ended March 31, 2020, AspenTech reported income from operations of $46.2 million, compared to income from operations of $70.8 million for the quarter ended March 31, 2019.

Net income was $43.5 million for the quarter ended March 31, 2020, leading to net income per share of $0.64, compared to net income per share of $0.88 in the same period last fiscal year.

Non-GAAP income from operations was $55.3 million for the third quarter of fiscal 2020, compared to non-GAAP income from operations of $78.3 million in the same period last fiscal year. Non-GAAP net income was $50.8 million, or $0.74 per share, for the third quarter of fiscal 2020, compared to non-GAAP net income of $67.5 million, or $0.96 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 $192.2 million and total borrowings, net of debt issuance costs, of $431.3 million at March 31, 2020.

During the third quarter, the company generated $81.4 million in cash flow from operations and $81.2 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, May 6, 2020, Aspen Technology is issuing the following guidance for fiscal year 2020:

  • Annual spend growth of 7-9% year-over-year
  • Free cash flow of $230 to $260 million
  • Total bookings of $540 to $590 million
  • Total revenue of $550 to $582 million
  • GAAP total expense of $338 to $343 million
  • Non-GAAP total expense of $300 to $305 million
  • GAAP operating income of $211 to $239 million
  • Non-GAAP operating income of $249 to $277 million
  • GAAP net income of $187 to $209 million
  • GAAP net income per share of $2.72 to $3.05
  • Non-GAAP net income per share of $3.16 to $3.48

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, May 6, 2020, at 4:30 p.m. (Eastern Time), to discuss the company's financial results for the third quarter fiscal year 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 6055266. 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 6055266, through May 13, 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 modeling 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 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 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; 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 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.

© 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.

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,

 

2020

 

2019

 

2020

 

2019

 

(Dollars in Thousands, Except per Share Data)

Revenue:

 

 

 

 

 

 

 

License

$

78,562

 

 

$

98,493

 

 

$

229,929

 

 

$

255,616

 

Maintenance

45,230

 

 

41,878

 

 

134,094

 

 

125,955

 

Services and other

8,235

 

 

7,613

 

 

26,827

 

 

21,005

 

Total revenue

132,027

 

 

147,984

 

 

390,850

 

 

402,576

 

Cost of revenue:

 

 

 

 

 

 

 

License

1,881

 

 

1,658

 

 

5,550

 

 

5,142

 

Maintenance

4,778

 

 

4,962

 

 

14,339

 

 

14,241

 

Services and other

9,046

 

 

7,740

 

 

26,560

 

 

22,943

 

Total cost of revenue

15,705

 

 

14,360

 

 

46,449

 

 

42,326

 

Gross profit

116,322

 

 

133,624

 

 

344,401

 

 

360,250

 

Operating expenses:

 

 

 

 

 

 

 

Selling and marketing

28,354

 

 

27,410

 

 

86,046

 

 

80,532

 

Research and development

23,576

 

 

20,520

 

 

68,694

 

 

61,893

 

General and administrative

18,219

 

 

14,863

 

 

54,525

 

 

46,246

 

Total operating expenses

70,149

 

 

62,793

 

 

209,265

 

 

188,671

 

Income from operations

46,173

 

 

70,831

 

 

135,136

 

 

171,579

 

Interest income

8,173

 

 

6,835

 

 

24,577

 

 

21,389

 

Interest expense

(3,207

)

 

(2,350

)

 

(9,368

)

 

(6,328

)

Other (expense), net

(352

)

 

(34

)

 

(217

)

 

(485

)

Income before income taxes

50,787

 

 

75,282

 

 

150,128

 

 

186,155

 

Provision for income taxes

7,266

 

 

13,695

 

 

22,048

 

 

27,286

 

Net income

$

43,521

 

 

$

61,587

 

 

$

128,080

 

 

$

158,869

 

Net income per common share:

 

 

 

 

 

 

 

Basic

$

0.64

 

 

$

0.89

 

 

$

1.88

 

 

$

2.26

 

Diluted

$

0.64

 

 

$

0.88

 

 

$

1.86

 

 

$

2.23

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

67,806

 

 

69,423

 

 

68,122

 

 

70,286

 

Diluted

68,482

 

 

70,160

 

 

68,906

 

 

71,142

 

ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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

 

March 31,
2020

 

June 30,
2019

 

(Dollars in Thousands, Except Share Data)

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

192,172

 

 

$

71,926

 

Accounts receivable, net

61,865

 

 

47,784

 

Current contract assets

273,390

 

 

294,193

 

Prepaid expenses and other current assets

13,061

 

 

12,628

 

Prepaid income taxes

1,170

 

 

2,509

 

Total current assets

541,658

 

 

429,040

 

Property, equipment and leasehold improvements, net

6,307

 

 

7,234

 

Computer software development costs, net

988

 

 

1,306

 

Goodwill

133,906

 

 

78,383

 

Intangible assets, net

44,211

 

 

33,607

 

Non-current contract assets

338,437

 

 

325,510

 

Contract costs

26,564

 

 

24,982

 

Operating lease right-of-use assets

34,213

 

 

—

 

Deferred tax assets

1,920

 

 

1,669

 

Other non-current assets

1,844

 

 

1,334

 

Total assets

$

1,130,048

 

 

$

903,065

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

4,058

 

 

$

5,891

 

Accrued expenses and other current liabilities

34,425

 

 

54,594

 

Current operating lease liabilities

6,331

 

 

—

 

Income taxes payable

13,120

 

 

14,952

 

Current borrowings

135,163

 

 

220,000

 

Current deferred revenue

43,046

 

 

25,318

 

Total current liabilities

236,143

 

 

320,755

 

Non-current deferred revenue

15,402

 

 

19,573

 

Deferred income taxes

159,433

 

 

159,071

 

Non-current operating lease liabilities

32,991

 

 

—

 

Non-current borrowings, net

296,167

 

 

—

 

Other non-current liabilities

4,798

 

 

10,381

 

Commitments and contingencies (Note 17)

 

 

 

Series D redeemable convertible preferred stock, $0.10 par value—
Authorized— 3,636 shares as of March 31, 2020 and June 30, 2019
Issued and outstanding— none as of March 31, 2020 and June 30, 2019

—

 

 

—

 

Stockholders’ equity:

 

 

 

Common stock, $0.10 par value— Authorized—210,000,000 shares
Issued— 103,868,904 shares at March 31, 2020 and 103,642,292 shares at June 30, 2019
Outstanding— 67,598,889 shares at March 31, 2020 and 68,624,566 shares at June 30, 2019

10,387

 

 

10,365

 

Additional paid-in capital

760,454

 

 

739,099

 

Retained earnings

1,388,064

 

 

1,259,984

 

Accumulated other comprehensive (loss) income

(7,292

)

 

336

 

Treasury stock, at cost—36,270,015 shares of common stock at March 31, 2020 and 35,017,726
shares at June 30, 2019

(1,766,499

)

 

(1,616,499

)

Total stockholders’ equity

385,114

 

 

393,285

 

Total liabilities and stockholders’ equity

$

1,130,048

 

 

$

903,065

 

ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited in Thousands)
       

 

Three Months Ended
March 31,

 

Nine Months Ended
March 31,

 

2020

 

2019

 

2020

 

2019

 

(Dollars in Thousands)

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$

43,521

 

 

$

61,587

 

 

$

128,080

 

 

$

158,869

 

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

 

 

 

 

 

 

 

Depreciation and amortization

2,549

 

 

2,014

 

 

7,028

 

 

6,063

 

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

3,267

 

 

—

 

 

6,518

 

 

—

 

Net foreign currency losses

345

 

 

(295

)

 

183

 

 

23

 

Stock-based compensation

7,299

 

 

6,254

 

 

24,133

 

 

21,454

 

Deferred income taxes

(372

)

 

(2,373

)

 

(382

)

 

(49,847

)

Provision for (benefit from) bad debts

2,127

 

 

(353

)

 

3,391

 

 

474

 

Other non-cash operating activities

208

 

 

124

 

 

423

 

 

341

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

(11,889

)

 

12,281

 

 

(16,428

)

 

(4,183

)

Contract assets

30,777

 

 

14,531

 

 

8,256

 

 

(27,397

)

Contract costs

(692

)

 

(1,279

)

 

(1,522

)

 

(3,825

)

Lease liabilities

(3,444

)

 

—

 

 

(6,840

)

 

—

 

Prepaid expenses, prepaid income taxes, and other assets

(433

)

 

(1,543

)

 

(2,201

)

 

201

 

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

2,353

 

 

(4,738

)

 

(20,752

)

 

32,980

 

Deferred revenue

5,765

 

 

3,829

 

 

13,701

 

 

17,983

 

Net cash provided by operating activities

81,381

 

 

90,039

 

 

143,588

 

 

153,136

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property, equipment and leasehold improvements

(143

)

 

(26

)

 

(1,111

)

 

(206

)

Payments for business acquisitions, net of cash acquired

(241

)

 

—

 

 

(74,460

)

 

—

 

Payments for equity method investments

(319

)

 

—

 

 

(319

)

 

—

 

Payments for capitalized computer software costs

(71

)

 

(905

)

 

(141

)

 

(1,094

)

Net cash used in investing activities

(774

)

 

(931

)

 

(76,031

)

 

(1,300

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Issuance of shares of common stock

2,650

 

 

1,415

 

 

5,364

 

 

5,881

 

Repurchases of common stock

(49,757

)

 

(76,759

)

 

(150,621

)

 

(224,182

)

Payments of tax withholding obligations related to restricted stock

(2,395

)

 

(2,262

)

 

(8,246

)

 

(11,916

)

Deferred business acquisition payments

(4,600

)

 

(500

)

 

(4,600

)

 

(1,700

)

Proceeds from borrowings

86,000

 

 

—

 

 

215,163

 

 

50,000

 

Payments of debt issuance costs

(79

)

 

—

 

 

(3,533

)

 

—

 

Net cash provided by (used in) financing activities

31,819

 

 

(78,106

)

 

53,527

 

 

(181,917

)

Effect of exchange rate changes on cash and cash equivalents

(740

)

 

162

 

 

(838

)

 

(492

)

Increase (decrease) in cash and cash equivalents

111,686

 

 

11,164

 

 

120,246

 

 

(30,573

)

Cash and cash equivalents, beginning of period

80,486

 

 

54,428

 

 

71,926

 

 

96,165

 

Cash and cash equivalents, end of period

$

192,172

 

 

$

65,592

 

 

$

192,172

 

 

$

65,592

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

Income taxes paid, net

$

6,611

 

 

$

21,296

 

 

$

26,359

 

 

$

39,123

 

Interest paid

3,054

 

 

2,187

 

 

8,246

 

 

5,728

 

Supplemental disclosure of non-cash activities:

 

 

 

 

 

 

 

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

$

7

 

 

$

5

 

 

$

(89

)

 

$

10

 

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

243

 

 

(1,759

)

 

(621

)

 

818

 

Lease liabilities arising from obtaining right-of-use assets

6,802

 

 

—

 

 

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,

  

 

 

2020

 

2019

 

2020

 

2019

  

Total expenses

 

 

 

 

 

 

 

 

  

GAAP total expenses (a)

 

$

85,854

 

 

$

77,153

 

 

$

255,714

 

 

$

230,997

 

  

Less:

 

 

 

 

 

 

 

 

  

Stock-based compensation (b)

 

(7,299

)

 

(6,254

)

 

(24,133

)

 

(21,454

)

  

Amortization of intangibles

 

(1,864

)

 

(1,157

)

 

(4,741

)

 

(3,380

)

  

Acquisition related fees

 

—

 

 

(15

)

 

(78

)

 

(8

)

  

 

 

 

 

 

 

 

 

 

  

Non-GAAP total expenses

 

$

76,691

 

 

$

69,727

 

 

$

226,762

 

 

$

206,155

 

  

 

 

 

 

 

 

 

 

 

  

Income from operations

 

 

 

 

 

 

 

 

  

GAAP income from operations

 

$

46,173

 

 

$

70,831

 

 

$

135,136

 

 

$

171,579

 

  

Plus:

 

 

 

 

 

 

 

 

  

Stock-based compensation (b)

 

7,299

 

 

6,254

 

 

24,133

 

 

21,454

 

  

Amortization of intangibles

 

1,864

 

 

1,157

 

 

4,741

 

 

3,380

 

  

Acquisition related fees

 

—

 

 

15

 

 

78

 

 

8

 

  

 

 

 

 

 

 

 

 

 

  

Non-GAAP income from operations

 

$

55,336

 

 

$

78,257

 

 

$

164,088

 

 

$

196,421

 

  

 

 

 

 

 

 

 

 

 

  

Net income

 

 

 

 

 

 

 

 

  

GAAP net income

 

$

43,521

 

 

$

61,587

 

 

$

128,080

 

 

$

158,869

 

  

Plus:

 

 

 

 

 

 

 

 

  

Stock-based compensation (b)

 

7,299

 

 

6,254

 

 

24,133

 

 

21,454

 

  

Amortization of intangibles

 

1,864

 

 

1,157

 

 

4,741

 

 

3,380

 

  

Acquisition related fees

 

—

 

 

15

 

 

78

 

 

8

 

  

Less:

 

 

 

 

 

 

 

 

  

Income tax effect on Non-GAAP items (c)

 

(1,924

)

 

(1,559

)

 

(6,080

)

 

(5,217

)

  

 

 

 

 

 

 

 

 

 

  

Non-GAAP net income

 

$

50,760

 

 

$

67,454

 

 

$

150,952

 

 

$

178,494

 

  

 

 

 

 

 

 

 

 

 

  

Diluted income per share

 

 

 

 

 

 

 

 

  

GAAP diluted income per share

 

$

0.64

 

 

$

0.88

 

 

$

1.86

 

 

$

2.23

 

  

Plus:

 

 

 

 

 

 

 

 

  

Stock-based compensation (b)

 

0.10

 

 

0.08

 

 

0.35

 

 

0.30

 

  

Amortization of intangibles

 

0.03

 

 

0.02

 

 

0.07

 

 

0.05

 

  

Acquisition related fees

 

—

 

 

—

 

 

—

 

 

—

 

  

Less:

 

 

 

 

 

 

 

 

  

Income tax effect on Non-GAAP items (c)

 

(0.03

)

 

(0.02

)

 

(0.09

)

 

(0.07

)

  

 

 

 

 

 

 

 

 

 

  

Non-GAAP diluted income per share

 

$

0.74

 

 

$

0.96

 

 

$

2.19

 

 

$

2.51

 

  

 

 

 

 

 

 

 

 

 

  

Shares used in computing Non-GAAP diluted income per share

 

68,482

 

 

70,160

 

 

68,906

 

 

71,142

 

  

 

 

 

 

 

 

 

 

 

  

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,

  

 

 

2020

 

2019

 

2020

 

2019

  

Free Cash Flow

 

 

 

 

 

 

 

 

  

GAAP cash flow from operating activities

 

$

81,381

 

 

$

90,039

 

 

$

143,588

 

 

$

153,136

 

  

Purchase of property, equipment and leasehold improvements

 

(143

)

 

(26

)

 

(1,111

)

 

(206

)

  

Payments for capitalized computer software development costs

 

(71

)

 

(905

)

 

(141

)

 

(1,094

)

  

Acquisition related payments

 

—

 

 

16

 

 

1,264

 

 

27

 

  

Free Cash Flow

 

$

81,167

 

 

$

89,124

 

 

$

143,600

 

 

$

151,863

 

  

 

 

 

 

 

 

 

 

 

  

(a) GAAP total expenses

 

 

 

 

 

 

 

 

  

 

 

Three Months Ended
March 31,

 

Nine Months Ended
March 31,

  

 

 

2020

 

2019

 

2020

 

2019

  

Total costs of revenue

 

$

15,705

 

 

$

14,360

 

 

$

46,449

 

 

$

42,326

 

  

Total operating expenses

 

70,149

 

 

62,793

 

 

209,265

 

 

188,671

 

  

GAAP total expenses

 

$

85,854

 

 

$

77,153

 

 

$

255,714

 

 

$

230,997

 

  

 

 

 

 

 

 

 

 

 

  

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

 

 

 

 

 

 

 

 

  

 

 

Three Months Ended
March 31,

 

Nine Months Ended
March 31,

  

 

 

2020

 

2019

 

2020

 

2019

  

Cost of maintenance

 

$

343

 

 

$

379

 

 

$

1,104

 

 

$

916

 

  

Cost of services and other

 

450

 

 

366

 

 

1,477

 

 

1,038

 

  

Selling and marketing

 

1,472

 

 

1,228

 

 

4,228

 

 

3,687

 

  

Research and development

 

2,082

 

 

1,518

 

 

6,193

 

 

5,451

 

  

General and administrative

 

2,952

 

 

2,763

 

 

11,131

 

 

10,362

 

  

Total stock-based compensation

 

$

7,299

 

 

$

6,254

 

 

$

24,133

 

 

$

21,454

 

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

 

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

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

Source: Aspen Technology, Inc.