0000929940-22-000007 | 10-Q | XBRL Viewer

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Cover Page	6 Months Ended
Cover Page	Dec. 31, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-34630
Entity Registrant Name	ASPEN TECHNOLOGY, INC.
Entity Incorporation, State or Country Code	DE
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
Title of 12(b) Security	Common stock, $0.10 par value per share
Trading Symbol	AZPN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000929940
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Document Period End Date	Dec. 31, 2021

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenue:
Total revenue	$ 171,356	$ 233,718	$ 307,376	$ 348,689
Cost of revenue:
Total cost of revenue	14,896	14,315	29,779	29,781
Gross profit	156,460	219,403	277,597	318,908
Operating expenses:
Selling and marketing	30,630	26,575	60,111	51,747
Research and development	25,414	22,172	52,271	44,702
General and administrative	31,927	21,203	56,848	38,836
Total operating expenses	87,971	69,950	169,230	135,285
Income from operations	68,489	149,453	108,367	183,623
Interest income	8,695	9,304	17,359	17,973
Interest (expense)	(1,518)	(2,049)	(3,054)	(4,144)
Other (expense), net	(1,757)	(333)	(2,629)	(1,802)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	73,909	156,375	120,043	195,650
Provision for income taxes	12,045	27,223	18,780	33,787
Net income	$ 61,864	$ 129,152	$ 101,263	$ 161,863
Net income per common share:
Basic (in dollars per share)	$ 0.93	$ 1.91	$ 1.51	$ 2.39
Diluted (in dollars per share)	$ 0.92	$ 1.89	$ 1.50	$ 2.37
Weighted average shares outstanding:
Basic (in shares)	66,775	67,780	66,888	67,754
Diluted (in shares)	67,249	68,400	67,337	68,360
License [Member]
Revenue:
Total revenue	$ 116,111	$ 180,170	$ 197,215	$ 242,029
Cost of revenue:
Total cost of revenue	2,340	2,238	4,802	4,374
Maintenance [Member]
Revenue:
Total revenue	48,385	46,818	96,598	93,676
Cost of revenue:
Total cost of revenue	4,352	4,128	8,914	8,892
Services and other
Revenue:
Total revenue	6,860	6,730	13,563	12,984
Cost of revenue:
Total cost of revenue	$ 8,204	$ 7,949	$ 16,063	$ 16,515

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Net income	$ 61,864	$ 129,152	$ 101,263	$ 161,863
Other comprehensive (loss) income:
Foreign currency translation adjustments	(632)	7,266	(4,690)	11,419
Total other comprehensive (loss) income	(632)	7,266	(4,690)	11,419
Comprehensive income	$ 61,232	$ 136,418	$ 96,573	$ 173,282

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 211,399	$ 379,853
Accounts receivable, net	35,696	52,502
Current contract assets, net	324,710	308,607
Prepaid expenses and other current assets	13,401	12,716
Prepaid income taxes	2,696	14,639
Total current assets	587,902	768,317
Property, equipment and leasehold improvements, net	4,741	5,610
Computer software development costs, net	1,202	1,461
Goodwill	156,626	159,852
Intangible assets, net	39,602	44,327
Non-current contract assets, net	448,331	407,180
Contract costs	29,679	29,056
Operating lease right-of-use assets	29,984	32,539
Deferred tax assets	2,145	2,121
Other non-current assets	3,718	3,537
Total assets	1,303,930	1,454,000
Current liabilities:
Accounts payable	4,666	4,367
Accrued expenses and other current liabilities	44,637	50,575
Current operating lease liabilities	7,511	6,751
Income taxes payable	42,457	3,444
Current borrowings	24,000	20,000
Current deferred revenue	49,464	56,393
Total current liabilities	172,735	141,530
Non-current deferred revenue	9,478	11,732
Deferred income tax liabilities	139,914	193,360
Non-current operating lease liabilities	26,481	29,699
Non-current borrowings, net	261,177	273,162
Other non-current liabilities	2,341	3,760
Commitments and contingencies (Note 16)
Series D redeemable convertible preferred stock
Temporary Equity, Carrying Amount, Attributable to Parent	0	0
Stockholders' equity:
Common Stock, Value, Issued	10,480	10,455
Additional paid-in capital	828,780	819,642
Retained earnings	1,879,396	1,778,133
Accumulated other comprehensive income	4,336	9,026
Treasury Stock, Value	(2,031,188)	(1,816,499)
Total stockholders’ equity	691,804	800,757
Total liabilities and stockholders’ equity	$ 1,303,930	$ 1,454,000
Series D redeemable convertible preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Series D redeemable convertible preferred stock, authorized	3,636	3,636
Series D redeemable convertible preferred stock, issued	0	0
Series D redeemable convertible preferred stock, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, authorized	210,000,000	210,000,000
Common stock, issued	104,793,030	104,543,414
Common stock, outstanding	66,656,349	67,912,160
Treasury stock, shares	38,136,681	36,631,254

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]
Common stock, issued		103,988,707				36,270,015
Additional paid-in capital			$ 769,411
Retained earnings				$ 1,458,330
Accumulated other comprehensive income					$ (5,288)
Total stockholders’ equity	$ 466,353	$ 10,399				$ (1,766,499)
Net income	32,711			32,711
Total other comprehensive (loss) income	4,153				4,153
Issuance of shares of common stock (in shares)		12,943
Issuance of shares of common stock, amount	315	$ 1	314
Issuance of restricted stock units and net share settlement related to withholding taxes (in shares)		26,265
Issuance of restricted stock units and net share settlement related to withholding taxes, amount	(1,758)	$ 3	(1,761)
Stock-based compensation	6,268		6,268
Net income	161,863
Total other comprehensive (loss) income	11,419
Common stock, issued		104,027,915				36,270,015
Additional paid-in capital			774,232
Retained earnings				1,491,041
Accumulated other comprehensive income					(1,135)
Total stockholders’ equity	508,042	$ 10,403				$ (1,766,499)
Net income	129,152			129,152
Total other comprehensive (loss) income	7,266				7,266
Issuance of shares of common stock (in shares)		34,681
Issuance of shares of common stock, amount	2,846	$ 3	2,843
Issuance of restricted stock units and net share settlement related to withholding taxes (in shares)		37,236
Issuance of restricted stock units and net share settlement related to withholding taxes, amount	(2,270)	$ 4	(2,274)
Stock-based compensation	9,096		9,096
Common stock, issued		104,099,832				36,270,015
Additional paid-in capital			783,897
Retained earnings				1,620,193
Accumulated other comprehensive income					6,131
Total stockholders’ equity	$ 654,132	$ 10,410				$ (1,766,499)
Common stock, issued	104,543,414	104,543,414				36,631,254
Additional paid-in capital	$ 819,642		819,642
Retained earnings	1,778,133			1,778,133
Accumulated other comprehensive income	9,026				9,026
Total stockholders’ equity	800,757	$ 10,455				$ (1,816,499)
Net income	39,399			39,399
Total other comprehensive (loss) income	(4,058)				(4,058)
Issuance of shares of common stock (in shares)		29,717
Issuance of shares of common stock, amount	1,877	$ 3	1,874
Issuance of restricted stock units and net share settlement related to withholding taxes (in shares)		66,809
Issuance of restricted stock units and net share settlement related to withholding taxes, amount	(5,819)	$ 7	(5,826)
Repurchase of common stock (in shares)						1,066,194
Repurchase of common stock, amount	(150,000)					$ (150,000)
Stock-based compensation	10,090		10,090
Net income	101,263
Total other comprehensive (loss) income	(4,690)
Common stock, issued		104,639,940				37,697,448
Additional paid-in capital			825,780
Retained earnings				1,817,532
Accumulated other comprehensive income					4,968
Total stockholders’ equity	692,246	$ 10,465				$ (1,966,499)
Net income	61,864			61,864
Total other comprehensive (loss) income	(632)				(632)
Issuance of shares of common stock (in shares)		124,959
Issuance of shares of common stock, amount	12,484	$ 12	12,472
Issuance of restricted stock units and net share settlement related to withholding taxes (in shares)		28,131
Issuance of restricted stock units and net share settlement related to withholding taxes, amount	(2,335)	$ 3	(2,338)
Repurchase of common stock (in shares)						439,233
Repurchase of common stock, amount	(79,689)		(15,000)			$ (64,689)
Stock-based compensation	$ 7,866		7,866
Common stock, issued	104,793,030	104,793,030				38,136,681
Additional paid-in capital	$ 828,780		$ 828,780
Retained earnings	1,879,396			$ 1,879,396
Accumulated other comprehensive income	4,336				$ 4,336
Total stockholders’ equity	$ 691,804	$ 10,480				$ (2,031,188)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 101,263	$ 161,863
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,471	4,857
Reduction in the carrying amount of right-of-use assets	5,109	4,779
Net foreign currency losses	2,307	2,054
Stock-based compensation	17,956	15,364
Deferred income taxes	(53,439)	212
Provision for receivables		4,736
Provision for receivables	1,477
Other non-cash operating activities	772	407
Changes in assets and liabilities:
Accounts receivable	15,311	8,372
Contract assets, net	(59,058)	(123,373)
Contract costs	(623)	321
Lease liabilities	(5,158)	(5,235)
Prepaid expenses, prepaid income taxes, and other assets	12,415	42
Accounts payable, accrued expenses, income taxes payable and other liabilities	39,267	(7,063)
Deferred revenue	(9,126)	6,954
Net cash provided by operating activities	73,944	74,290
Cash flows from investing activities:
Purchases of property, equipment and leasehold improvements	(659)	(522)
Payments for business acquisitions, net of cash acquired	0	(15,943)
Payments for equity method investments	(584)	(166)
Payments for capitalized computer software development costs	(330)	(895)
Net cash used in investing activities	(1,573)	(17,526)
Cash flows from financing activities:
Issuance of shares of common stock	14,307	3,114
Repurchases of common stock	(234,043)	0
Payment, Tax Withholding, Share-based Payment Arrangement	(10,296)	(4,107)
Repayments of amounts borrowed	(8,000)	(127,182)
Payments of debt issuance costs	(402)	0
Net cash used in financing activities	(239,654)	(128,175)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(1,171)	1,104
(Decrease) in cash, cash equivalents, and restricted cash	(168,454)	(70,307)
Cash and cash equivalents, beginning of period	379,853	287,796
Cash, cash equivalents, and restricted cash, end of period	211,399	217,487
Supplemental disclosure of cash flow information:
Income taxes paid, net	21,246	30,668
Interest paid	2,638	4,217
Supplemental disclosure of non-cash activities:
Change in purchases of property, equipment and leasehold improvements included in accounts payable and accrued expenses	(107)	57
Change in repurchases of common stock included in accounts payable and accrued expenses	(4,353)	0
Lease liabilities arising from obtaining right-of-use assets	1,632	1,291
Reconciliation to amounts within the unaudited consolidated balance sheets: [Abstract]
Restricted cash included in other non-current assets	0	2
Cash, cash equivalents, and restricted cash, end of period	211,399	217,489
Payments to Acquire Businesses, Gross	$ (1,220)	$ 0

Interim Unaudited Consolidated Financial Statements	6 Months Ended
Interim Unaudited Consolidated Financial Statements	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Unaudited Consolidated Financial Statements	Interim Unaudited Consolidated Financial Statements The accompanying interim unaudited consolidated financial statements of Aspen Technology, Inc. (“AspenTech”) and its subsidiaries have been prepared on the same basis as our annual consolidated financial statements. We have omitted certain information and footnote disclosures normally included in our annual consolidated financial statements. Such interim unaudited consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”), as defined in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 270, Interim Reporting, for interim financial information and with the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. It is suggested that these unaudited consolidated financial statements be read in conjunction with the audited consolidated financial statements for the year ended June 30, 2021, which are contained in our Annual Report on Form 10-K for the fiscal year ended June 30, 2021, as previously filed with the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, consisting of normal and recurring adjustments, considered necessary for a fair presentation of the financial position, results of operations, and cash flows at the dates and for the periods presented have been included and all intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and six months ended December 31, 2021 are not necessarily indicative of the results to be expected for the subsequent quarter or for the full fiscal year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Unless the context requires otherwise, references to we, our and us refer to Aspen Technology, Inc. and its subsidiaries.

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Dec. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies (a) Principles of Consolidation The accompanying consolidated financial statements include the accounts of Aspen Technology, Inc. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. (b) Significant Accounting Policies Our significant accounting policies are described in Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2021. We adopted Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (“Topic 740”) - Simplifying the Accounting for Income Taxes effective July 1, 2021. Refer to Note 2(g), “New Accounting Pronouncements Adopted in Fiscal 2022,” for further information regarding the adoption of ASU 2019-12. There were no other material changes to our significant accounting policies during the three and six months ended December 31, 2021. (c) Loss Contingencies We accrue estimated liabilities for loss contingencies arising from claims, assessments, litigation and other sources when it is probable that a liability has been incurred and the amount of the claim, assessment or damages can be reasonably estimated. We believe that we have sufficient accruals to cover any obligations resulting from claims, assessments or litigation that have met these criteria. (d) Foreign Currency Transactions Foreign currency exchange gains and losses generated from the settlement and remeasurement of transactions denominated in currencies other than the functional currency of our subsidiaries are recognized in our results of operations as incurred as a component of other (expense), net. Net foreign currency exchange (losses) were $(1.6) million and $(0.6) million during the three months ended December 31, 2021 and 2020, respectively, and $(2.3) million and $(2.1) million during the six months ended December 31, 2021 and 2020, respectively. (e) Research and Development Expense We charge research and development expenditures to expense as the costs are incurred. Research and development expenses consist primarily of personnel expenses related to the creation of new products, enhancements and engineering changes to existing products and costs of acquired technology prior to establishing technological feasibility. There were less than $0.1 million of capitalized direct labor costs associated with our development of software for sale during the three months ended December 31, 2021 and 2020, respectively, and less than $0.1 million and $0.7 million of capitalized direct labor costs associated with our development of software for sale during the six months ended December 31, 2021 and 2020, respectively. (f) Equity Method Investments During fiscal 2020, we entered into a limited partnership investment fund agreement. The primary objective of this partnership is investing in equity and equity-related securities (including convertible debt) of venture growth- stage businesses. We account for the investment in accordance with Topic 323, Investments - Equity Method and Joint Ventures. Our total commitment under this partnership is 5.0 million CAD ($3.9 million). Under the conditions of the equity method investment, unfavorable future changes in market conditions could lead to a potential loss up to the full value of our 5.0 million CAD ($3.9 million) commitment. As of December 31, 2021, the fair value of this investment is $2.4 million CAD ($1.9 million), representing our payment towards the total commitment, and is recorded in non-current assets in our consolidated balance sheet. (g) New Accounting Pronouncements Adopted in Fiscal 2022 In December 2019, the FASB issued ASU 2019-12, which is intended to simplify accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. ASU 2019-12 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2020. Early adoption of this standard update is permitted. We adopted ASU 2019-12 effective July 1, 2021. The adoption of ASU 2019-12 did not have a material impact on our consolidated financial statements. (h) Recently Issued Accounting Pronouncements In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU is intended to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to 1) recognition of an acquired contract liability, and 2) payment terms and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2022. Early adoption of this ASU is permitted. We are currently evaluating the impact of ASU 2021-08 on our consolidated financial statements.

Revenue from Contracts with Customers (Notes)

6 Months Ended

Dec. 31, 2021

Revenue from Contracts with Customers [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue from Contracts with Customers

In accordance with ASU No. 2014-09, Revenue from Contracts with Customers (“Topic 606”), we account for a customer contract when both parties have approved the contract and are committed to perform their respective obligations, each party’s rights can be identified, payment terms can be identified, the contract has commercial substance, and it is probable that we will collect substantially all of the consideration to which we are entitled. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised product or service to a customer.

Nature of Products and Services

We generate revenue from the following sources: (1) License revenue; (2) Maintenance revenue; and (3) Services and other revenue. We sell our software products to end users primarily under fixed-term licenses. We license our software products primarily through a subscription offering which we refer to as our aspenONE licensing model, which includes software maintenance and support, known as our Premier Plus SMS offering, for the entire term. Our aspenONE products are organized into three suites: 1) engineering; 2) manufacturing and supply chain; and 3) asset performance management. Each product suite leverages our Artificial Intelligence of Things (AIoT) products as a foundation for applying Industrial AI at scale, to help us realize our vision for Industrial AI at scale. Our asset performance management product suite is licensed by customer sites, user seats or cloud connections. The engineering and manufacturing and supply chain product suites are licensed by tokens, which are interchangeable measures of usage based on the various units of measure such as users, servers, applications, manipulated variables, etc. Customers may use tokens flexibly to access any product or combination of products in the licensed suite.

We also license our software through point product term arrangements, which include our Premier Plus SMS offering for the entire term.

We determine revenue recognition through the following steps:

• Identification of the contract, or contracts, with a customer;

• Identification of the performance obligations in the contract;

• Determination of the transaction price;

• Allocation of the transaction price to the performance obligations in the contract; and

• Recognition of revenue when, or as, we satisfy a performance obligation.

Term-based Arrangements: Term-based arrangements consist of on-premise term licenses as well as maintenance.

License

License revenue consists primarily of product and related revenue from our aspenONE licensing model and point product arrangements.

When a customer elects to license our products under our aspenONE licensing model, the customer receives, for the term of the arrangement, the right to all software products in the licensed aspenONE software suite. When a customer elects to license point products, the customer receives, for the term of the arrangement, the right to license specified products in the licensed aspenONE software suite. Revenue from initial product licenses is recognized upfront upon delivery.

Maintenance

When a customer elects to license our products under our aspenONE licensing model, our Premier Plus SMS offering is included for the entire term of the arrangement and the customer receives, for the term of the arrangement, the right to any updates that may be introduced into the licensed aspenONE software suite. When a customer elects to license point products, our Premier Plus SMS offering is included for the entire term of the arrangement and the customer receives, for the term of the arrangement, the right to any updates that may be introduced related to the specified products licensed. Maintenance represents a stand-ready obligation and, due to our obligation to provide unspecified future software updates on a when-and-if available basis as well as telephone support services, we are required to recognize revenue ratably over the term of the arrangement.

Services and Other Revenue

Professional Services Revenue

Professional services are provided to customers on a time-and-materials (“T&M”) or fixed-price basis. The obligation to provide professional services is generally satisfied over time, with the customer simultaneously receiving and consuming the benefits as we satisfy our performance obligation. For professional services, revenue is recognized by measuring progress toward the completion of our obligations. We recognize professional services fees for our T&M contracts based upon hours worked and contractually agreed-upon hourly rates. Revenue from fixed-price engagements is recognized using the proportional performance method based on the ratio of costs incurred to the total estimated project costs. The use of the proportional performance method is dependent upon our ability to reliably estimate the costs to complete a project. We use historical experience as a basis for future estimates to complete current projects. Additionally, we believe that costs are the best available measure of performance. Out-of-pocket expenses which are reimbursed by customers are recorded as revenue.

Training Revenue

We provide training services to our customers, including on-site, Internet-based, public and customized training. The obligation to provide training services is generally satisfied over time, with the customer simultaneously receiving and consuming the benefits as we satisfy our performance obligation. Revenue is recognized in the period in which the services are performed.

Contracts with Multiple Performance Obligations

Our contracts generally contain more than one of the products and services listed above, each of which is separately accounted for as a distinct performance obligation.

Allocation of consideration: We allocate total contract consideration to each distinct performance obligation in an arrangement on a relative standalone selling price basis. The standalone selling price reflects the price we would charge for a specific product or service if it was sold separately in similar circumstances and to similar customers.

If the arrangement contains professional services and other products or services, we allocate to the professional service obligation a portion of the total contract consideration based on the standalone selling price of professional services that is observed from consistently priced standalone sales.

The standalone selling price for term arrangements, which always include maintenance for the full term of the arrangement, is the price for the combined license and maintenance bundle. The amount assigned to the license and maintenance bundle is separated into license and maintenance amounts using the respective standalone selling prices represented by the value relationship between the software license and maintenance.

When two or more contracts are entered into at or near the same time with the same customer, we evaluate the facts and circumstances associated with the negotiation of those contracts. Where the contracts are negotiated as a package, we will account for them as a single arrangement and allocate the consideration for the combined contracts among the performance obligations accordingly.

Standalone selling price: When available, we use directly observable transactions to determine the standalone selling prices for performance obligations. Generally, directly observable data is not available for term licenses and maintenance. When term licenses are sold together with maintenance in a bundled arrangement, we estimate a standalone selling price for these distinct performance obligations using relevant information, including our overall pricing objectives and strategies and historical pricing data, and taking into consideration market conditions and other factors.

Other policies and judgments

Payment terms and conditions vary by contract type, although terms generally include a requirement of payment annually over the term of the license arrangement. Therefore, we generally receive payment from a customer after the performance obligation related to the license has been satisfied, and therefore, our contracts generally contain a significant financing component. The significant financing component is calculated utilizing an interest rate that derives the net present value of the performance obligations delivered on an upfront basis based on the allocation of consideration. We have instituted a customer portfolio approach in assigning interest rates. The rates are determined at contract inception and are based on the credit characteristics of the customers within each portfolio.

Contract modifications

We sometimes enter into agreements to modify previously executed contracts, which constitute contract modifications. We assess each of these contract modifications to determine (i) if the additional products and services are distinct from the products and services in the original arrangement and (ii) if the amount of consideration expected for the added products and services reflects the stand-alone selling price of those products and services, as adjusted for contract-specific circumstances. A contract modification meeting both criteria is accounted for as a separate contract. A contract modification not meeting both criteria is considered a change to the original contract and is accounted for on either (i) a prospective basis as a termination of the existing contract and the creation of a new contract or (ii) a cumulative catch-up basis. Generally, our contract modifications meet both criteria and are accounted for as a separate contract, as adjusted for contract-specific circumstances.

Disaggregation of Revenue

We disaggregate our revenue by region, type of performance obligation, and segment as follows:


	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
	(Dollars in Thousands)
Revenue by region:
North America	$	70,019	$	111,192	$	121,171	$	158,431
Europe	51,196		77,474		88,431		111,190
Other (1)	50,141		45,052		97,774		79,068
	$	171,356	$	233,718	$	307,376	$	348,689

Revenue by type of performance obligation:
Term licenses	$	116,111	$	180,170	$	197,215	$	242,029
Maintenance	48,385		46,818		96,598		93,676
Professional services and other	6,860		6,730		13,563		12,984
	$	171,356	$	233,718	$	307,376	$	348,689

Revenue by segment:
Subscription and software	$	164,496	$	226,988	$	293,813	$	335,705
Services and other	6,860		6,730		13,563		12,984
	$	171,356	$	233,718	$	307,376	$	348,689

(1)Other consists primarily of Asia Pacific, Latin America and the Middle East.

Contract Assets and Deferred Revenue

The difference in the opening and closing balances of our contract assets and deferred revenue primarily results from the timing difference between our performance and the customer’s payment. We fulfill our obligations under a contract with a customer by transferring products and services in exchange for consideration from the customer. We recognize a contract asset when we transfer products or services to a customer and the right to consideration is conditional on something other than the passage of time. Accounts receivable are recorded when the customer has been billed or the right to consideration is unconditional. We recognize deferred revenue when we have received consideration or an amount of consideration is due from the customer and we have a future obligation to transfer products or services.

Payment terms and conditions vary by contract type. Terms generally include a requirement of payment annually over the term of the license arrangement. During the majority of each customer contract term, the amount invoiced is generally less than the amount of revenue recognized to date, primarily because we transfer control of the performance obligation related to the software license at the inception of the contract term, and the allocation of contract consideration to the license performance obligation is a significant portion of the total contract consideration. Therefore, our contracts often result in the recording of a

contract asset throughout the majority of the contract term. We record a contract asset when revenue recognized on a contract exceeds the billings.

The contract assets are subject to credit risk and reviewed in accordance with Topic 326. We monitor the credit quality of customer contract asset balances on an individual basis, at each reporting date, through credit characteristics, geographic location, and the industry in which they operate. We recognize an impairment on contract assets if, subsequent to contract inception, it becomes probable payment is not collectible. An allowance for expected credit loss reflects losses expected over the remaining term of the contract asset and is determined based upon historical losses, customer-specific factors, and current economic conditions.

The following table presents the change in the reserve for contract assets during the six months ended December 31, 2021:


June 30, 2021		Provision		Write-Offs, Recoveries, and Billings		December 31, 2021
(Dollars in Thousands)
$	(5,380)	$	(1,931)	$	2,934	$	(4,377)

Our total contract assets, net and deferred revenue were as follows as of December 31, 2021 and June 30, 2021:


	December 31, 2021		June 30, 2021
	(Dollars in Thousands)
Contract assets, net	$	773,041	$	715,787
Deferred revenue	(58,942)		(68,125)
	$	714,099	$	647,662

Contract assets and deferred revenue are presented net at the contract level for each reporting period.

The change in deferred revenue in the six months ended December 31, 2021 was primarily due to $33.0 million of revenue recognized that was included in deferred revenue as of June 30, 2021, partially offset by an increase in new billings in advance of revenue recognition.

Contract Costs

We pay commissions for new product sales as well as for renewals of existing contracts. Commissions paid to obtain renewal contracts are not commensurate with the commissions paid for new product sales and therefore, a portion of the commissions paid for new contracts relate to future renewals.

We account for new product sales commissions using a portfolio approach and allocate the cost of commissions in proportion to the allocation of transaction price of license and maintenance performance obligations, including assumed renewals. Commissions allocated to the license and license renewal components are expensed at the time the license revenue is recognized. Commissions allocated to maintenance are capitalized and amortized on a straight-line basis over a period of four years to eight years for new contracts, reflecting our estimate of the expected period that we will benefit from those commissions.

Amortization of capitalized contract costs is included in selling and marketing expenses in our statement of operations.

Transaction Price Allocated to Remaining Performance Obligations

The following table includes the aggregate amount of the transaction price allocated as of December 31, 2021 to the performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period:


	Year Ending June 30,
	2022		2023		2024		2025		2026		Thereafter
	(Dollars in Thousands)
License	$	26,350	$	23,768	$	11,661	$	15,010	$	4,806	$	627
Maintenance	93,913		156,629		121,286		84,211		51,309		24,569
Services and other	38,799		3,735		824		611		539		238

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Subparagraph (d)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Leases (Notes)

6 Months Ended

Dec. 31, 2021

Lessor, Operating Leases [Text Block]

Leases

We have operating leases primarily for corporate offices, and other operating leases for data centers and certain equipment. We determine whether an arrangement is or contains a lease based on facts and circumstances present at the inception of the arrangement. We recognize lease expense on a straight-line basis over the lease term. Our leases have remaining lease terms of less than one year to approximately ten years, some of which include options to extend the leases for up to five years, and some of which include the option to terminate the leases upon advanced notice of 2 months or more. If we are reasonably certain we will exercise an option to extend or terminate the lease, the time period covered by the extension or termination option is included in the lease term.

Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in the lease contracts is typically not readily determinable. As such, we utilize the appropriate incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items such as incentives received. We have lease agreements with lease and non-lease components, which are accounted for separately.

Operating lease costs are recognized on a straight-line basis over the term of the lease. Total lease expenses consisted of rent and fixed fees of $2.5 million and $2.5 million for the three months ended December 31, 2021 and 2020, respectively, and rent and fixed fees of $5.0 million and $4.9 million for the six months ended December 31, 2021 and 2020, respectively.

The following table represents the weighted-average remaining lease term and discount rate information related to our operating leases as of December 31, 2021 and June 30, 2021:


	December 31, 2021		June 30, 2021
Weighted average remaining lease term	5.9 years		6.1 years
Weighted average discount rate	3.6	%	3.6	%

The following table represents the maturities of our operating lease liabilities as of December 31, 2021 and June 30, 2021:


	December 31, 2021		June 30, 2021
	(Dollars in Thousands)
Year Ending June 30,
2022	$	3,945	$	7,973
2023	8,635		8,024
2024	7,805		7,355
2025	5,447		5,353
2026	2,189		2,209
Thereafter	10,928		11,008
Total lease payments	38,949		41,922
Less: imputed interest	(4,957)		(5,472)
	$	33,992	$	36,450

Fair Value

6 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value

We determine fair value by utilizing a fair value hierarchy that ranks the quality and reliability of the information used in its determination. Fair values determined using “Level 1 inputs” utilize unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Fair values determined using “Level 2 inputs” utilize data points that are observable, such as quoted prices, interest rates and yield curves for similar assets and liabilities.

Cash equivalents are reported at fair value utilizing quoted market prices in identical markets, or “Level 1 Inputs.” Our cash equivalents consist of short-term money market instruments.

Equity method investments are reported at fair value calculated in accordance with the market approach, utilizing market consensus pricing models with quoted prices that are directly or indirectly observable, or “Level 2 Inputs.”

The following table summarizes financial assets and liabilities measured and recorded at fair value on a recurring basis in the accompanying consolidated balance sheets as of December 31, 2021 and June 30, 2021, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:


	Fair Value Measurements at Reporting Date Using,
	Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs)		Significant Other Observable Inputs (Level 2 Inputs)
	(Dollars in Thousands)
December 31, 2021:
Cash equivalents	$	1,019	$	—
Equity method investments	—		1,879
June 30, 2021:
Cash equivalents	$	1,020	$	—
Equity method investments	—		1,326

Financial instruments not measured or recorded at fair value in the accompanying consolidated financial statements consist of accounts receivable, accounts payable and accrued liabilities. The estimated fair value of these financial instruments approximates their carrying value. The estimated fair value of the borrowings under the Amended and Restated Credit Agreement (described below in Note 11, “Credit Agreement”) approximates carrying value due to the floating interest rate.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Accounts Receivable

6 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Accounts Receivable

Accounts Receivable, Net

Our accounts receivable, net of the related allowance for doubtful accounts, were as follows as of December 31, 2021 and June 30, 2021:


	December 31, 2021		June 30, 2021
	(Dollars in Thousands)
Accounts receivable, gross	$	42,369	$	61,273
Allowance for doubtful accounts	(6,673)		(8,771)
Accounts receivable, net	$	35,696	$	52,502

As of December 31, 2021, we had no customer receivable balance that individually represented 10% or more of our net accounts receivable. As of June 30, 2021, we had no customer receivable balance that individually represented 10% or more of our net accounts receivable.

Property and Equipment

6 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

Property, equipment and leasehold improvements consisted of the following as of December 31, 2021 and June 30, 2021:


	December 31, 2021		June 30, 2021
	(Dollars in Thousands)
Property, equipment and leasehold improvements, at cost:
Computer equipment	$	6,555	$	6,250
Purchased software	23,010		22,711
Furniture & fixtures	6,167		6,592
Leasehold improvements	11,236		12,982
Property, equipment and leasehold improvements, at cost	46,968		48,535
Accumulated depreciation	(42,227)		(42,925)
Property, equipment and leasehold improvements, net	$	4,741	$	5,610

Intangible Assets

6 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets We include in our amortizable intangible assets those intangible assets acquired in our business and asset acquisitions. We amortize acquired intangible assets with finite lives over their estimated economic lives, generally using the straight-line method. Each period, we evaluate the estimated remaining useful lives of acquired intangible assets to determine whether events or changes in circumstances warrant a revision to the remaining period of amortization. Acquired intangibles are removed from the accounts when fully amortized and no longer in use.

Intangible assets consisted of the following as of December 31, 2021 and June 30, 2021:


	Gross Carrying Amount		Accumulated Amortization		Effect of Currency Translation		Net Carrying Amount
	(Dollars in Thousands)
December 31, 2021:
Technology	$	55,288	$	(22,618)	$	385	$	33,055
Customer relationships	12,038		(5,532)		41		6,547
Non-compete agreements	553		(553)		—		—
Total	$	67,879	$	(28,703)	$	426	$	39,602
June 30, 2021:
Technology	$	55,288	$	(19,378)	$	911	$	36,821
Customer relationships	12,038		(4,713)		181		7,506
Non-compete agreements	553		(553)		—		—
Total	$	67,879	$	(24,644)	$	1,092	$	44,327

Total amortization expense related to intangible assets is included in cost of license revenue (for technology) and general and administrative expense (for customer relationships and non-compete agreements) and amounted to approximately $2.1 million and $1.9 million during the three months ended December 31, 2021 and 2020, respectively, and $4.1 million and $3.6 million during the six months ended December 31, 2021 and 2020, respectively.

Future amortization expense as of December 31, 2021 is expected to be as follows:


Year Ending June 30,	Amortization Expense
	(Dollars in Thousands)
2022	$	4,036
2023	8,053
2024	7,507
2025	7,420
2026	5,227
Thereafter	7,359
Total	$	39,602

Goodwill

6 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying amount of goodwill for our subscription and software reporting unit during the six months ended December 31, 2021 were as follows:


	Gross Carrying Amount		Accumulated Impairment Losses		Effect of Currency Translation		Net Carrying Amount
	(Dollars in Thousands)
June 30, 2021:	$	221,458	$	(65,569)	$	3,963	$	159,852


Foreign currency translation	—		—		(3,226)		(3,226)
December 31, 2021	$	221,458	$	(65,569)	$	737	$	156,626

We test goodwill for impairment annually (or more often if impairment indicators arise), at the reporting unit level. We first assess qualitative factors to determine whether the existence of events or circumstances indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine based on this assessment that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we perform the goodwill impairment test. The first step requires us to determine the fair value of the reporting unit and compare it to the carrying amount, including

goodwill, of such reporting unit. If the fair value exceeds the carrying amount, no impairment loss is recognized. However, if the carrying amount of the reporting unit exceeds its fair value, the goodwill of the unit is impaired.

Fair value of a reporting unit is determined using a combined weighted average of a market-based approach (utilizing fair value multiples of comparable publicly traded companies) and an income-based approach (utilizing discounted projected cash flows). In applying the income-based approach, we would be required to make assumptions about the amount and timing of future expected cash flows, growth rates and appropriate discount rates. The amount and timing of future cash flows would be based on our most recent long-term financial projections. The discount rate we would utilize would be determined using estimates of market participant risk-adjusted weighted-average costs of capital and reflect the risks associated with achieving future cash flows.

We have elected December 31 as the annual impairment assessment date. We performed our annual impairment test for the subscription and software reporting unit as of December 31, 2021 and, based upon the results of our qualitative assessment, determined that it was not likely that its fair value was less than its carrying amount. As such, we did not recognize impairment losses as a result of our analysis. If an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value, goodwill will be evaluated for impairment between annual tests.

Accrued Expenses and Other Liabilities

6 Months Ended

Dec. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Accrued Expenses and Other Liabilities

Accrued expenses and other current liabilities consisted of the following as of December 31, 2021 and June 30, 2021:


	December 31, 2021		June 30, 2021
	(Dollars in Thousands)
Compensation-related	$	25,520	$	30,539
Acquisition and integration planning related fees	4,412		—
Share repurchases	—		4,353
Royalties and outside commissions	3,189		3,642
Professional fees	2,901		2,964
Deferred acquisition payments	2,818		2,862
Uncertain tax positions	1,005		1,087
Other	4,792		5,128
Total accrued expenses and other current liabilities	$	44,637	$	50,575

Other non-current liabilities consisted of the following as of December 31, 2021 and June 30, 2021:


	December 31, 2021		June 30, 2021
	(Dollars in Thousands)

Uncertain tax positions	$	1,206	$	1,343
Deferred acquisition payments	—		1,200
Asset retirement obligations	865		947
Other	270		270
Total other non-current liabilities	$	2,341	$	3,760

Credit Agreement

6 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Credit Agreement

In December 2019, we entered into an Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, joint lead arranger and joint bookrunner, Silicon Valley Bank, as joint lead arranger, joint bookrunner and syndication agent, and the lenders and co-documentation agents named therein (the “Amended and Restated Credit Agreement”). The Amended and Restated Credit Agreement, which amends and restates the Credit Agreement we entered into as of February 26, 2016, provides for a $200.0 million secured revolving credit facility and a $320.0 million secured term loan facility.

Principal outstanding under the Amended and Restated Credit Agreement bears interest at a rate per annum equal to, at our option, either: (1) the sum of (a) the highest of (i) the rate of interest last quoted by The Wall Street Journal in the United States

as the prime rate in effect, (ii) the NYFRB Rate (as defined in the Amended and Restated Credit Agreement) plus 0.5%, and (iii) the LIBO rate (as defined in the Amended and Restated Credit Agreement) multiplied by the Statutory Reserve Rate (as defined in the Amended and Restated Credit Agreement) plus 1.0%, plus (b) a margin initially of 0.5% for the first full fiscal quarter ending after the date of the Amended and Restated Credit Agreement and thereafter based on our leverage ratio (as defined in the Amended and Restated Credit Agreement); or (2) the sum of (a) the LIBO rate multiplied by the Statutory Reserve Rate, plus (b) a margin initially of 1.5% for the first full fiscal quarter ending after the date of the Amended and Restated Credit Agreement and thereafter based on our leverage ratio. The interest rate as of December 31, 2021 was 1.60% on $288.0 million in outstanding borrowings on our term loan facility.

All borrowings under the Amended and Restated Credit Agreement are secured by liens on substantially all of our assets and the assets of our subsidiary AspenTech Canada Holdings, LLC, which has guaranteed our obligations under the Amended and Restated Credit Agreement. Additional significant subsidiaries (as determined in the Amended and Restated Credit Agreement) may be required to guarantee our obligations and to grant liens on their assets in favor of the lenders.

On December 14, 2021, we and JPMorgan Chase Bank, N.A., as administrative agent, entered into a Waiver and Second Amendment (the “Waiver and Amendment”) to the Amended and Restated Credit Agreement dated as of December 23, 2019. The Waiver and Amendment amends the Amended and Restated Credit Agreement to (i) permanently waive the specified event of default resulting from the consummation of the Transactions (as defined in Note 18) under the Transaction Agreement and Plan of Merger (the “Transaction Agreement”) with Emerson Electric Co. (“Emerson”), EMR Worldwide Inc., a wholly owned subsidiary of Emerson (“Emerson Sub”), Emersub CX, Inc., a wholly owned subsidiary of Emerson (“New AspenTech”), and Emersub CXI, Inc., a direct wholly owned subsidiary of New AspenTech (“Merger Subsidiary”); (ii) permanently waive a possible change of fiscal year event of default in the future if we change the end of our fiscal year; (iii) establish a benchmark replacement for each affected currency due to the 2021 LIBOR cessation; and (iv) make New AspenTech a loan party and guarantor of the Amended and Restated Credit Agreement, if and when the Transactions are consummated. The waivers and New AspenTech accession would become effective upon the consummation of the Transactions. The benchmark amendments became effective as of the effective date of the Waiver and Amendment.

As of December 31, 2021, our current borrowings of $24.0 million consisted of the term loan facility. Our non-current borrowings of $261.2 million consisted of $264.0 million of our term loan facility, net of $2.8 million in debt issuance costs. As of June 30, 2021, our current borrowings of $20.0 million consisted of the term loan facility. As of June 30, 2021, our non-current borrowings of $273.2 million consisted of $276.0 million of our term facility, net of $2.8 million in debt issuance costs.

The indebtedness under the revolving credit facility matures on December 23, 2024. The following table summarizes the maturities of the term loan facility:


Year Ending June 30,	Amount
	(Dollars in Thousands)
2022	$	12,000
2023	28,000
2024	36,000
2025	212,000
Total	$	288,000

The Amended and Restated Credit Agreement contains affirmative and negative covenants customary for facilities of this type, including restrictions on incurrence of additional debt, liens, fundamental changes, asset sales, restricted payments and transactions with affiliates. There are also financial covenants regarding maintenance as of the end of each fiscal quarter, commencing with the quarter ending December 31, 2019, of a maximum leverage ratio of 3.50 to 1.00 and a minimum interest coverage ratio of 2.50 to 1.00. As of December 31, 2021, we were in compliance with these covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Stock-Based Compensation

6 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

The stock-based compensation expense under all equity plans and its classification in the unaudited consolidated statements of operations for the three and six months ended December 31, 2021 and 2020 are as follows:


	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
	(Dollars in Thousands)
Recorded as expenses:
Cost of maintenance	$	149	$	122	$	354	$	438
Cost of services and other	226		351		506		801
Selling and marketing	1,774		1,612		3,637		2,856
Research and development	1,734		2,449		3,732		4,171
General and administrative	3,983		4,562		9,727		7,098
Total stock-based compensation	$	7,866	$	9,096	$	17,956	$	15,364

A summary of stock option and restricted stock unit (“RSU”) activity under all equity plans for the six months ended December 31, 2021 is as follows:


	Stock Options						Restricted Stock Units
	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in 000’s)		Shares	Weighted Average Grant Date Fair Value
Outstanding at June 30, 2021	1,285,221	$	94.18	6.93	$	56,032	362,024	$	128.66
Granted	267,136	129.79					384,108	135.22
Settled (RSUs)	—						(153,114)	128.01
Exercised (Stock options)	(147,387)	91.50					—
Cancelled / Forfeited	(30,607)	129.60					(27,307)	131.46
Outstanding at December 31, 2021	1,374,363	$	100.12	7.01	$	70,363	565,711	$	133.62
Vested and exercisable at December 31, 2021	838,972	$	81.82	5.80	$	59,045
Vested and expected to vest as of December 31, 2021	1,264,504	$	98.12	6.88	$	68,385	433,247	$	133.40

As of December 31, 2021, the RSUs expected to vest include 176,541 shares of RSUs granted during second quarter of fiscal 2022 which vest over a 12 to 18 month period contingent upon the close of the Transactions and continued service. Stock-based compensation expense associated with these awards will begin recognition at the date of the Transactions close. Accordingly, there has been no stock-based compensation expense recognized during the three and six months ended December 31, 2021 for these awards.

The weighted average estimated fair value of option awards granted was $48.52 and $37.30 during the three months ended December 31, 2021 and 2020, respectively, and $40.29 and $38.11 during the six months ended December 31, 2021 and 2020, respectively.

We utilized the Black-Scholes option valuation model with the following weighted average assumptions:


	Six Months Ended December 31,
	2021		2020
Risk-free interest rate	0.7	%	0.3	%
Expected dividend yield	0.0	%	0.0	%
Expected life (in years)	4.7		4.7
Expected volatility factor	35.3	%	34.2	%

As of December 31, 2021, the total future unrecognized compensation cost related to stock options and RSUs was $14.5 million and $51.0 million, respectively, and was expected to be recorded over a weighted average period of 2.74 years and 2.94 years, respectively. Of the $51.0 million total future unrecognized compensation cost related to RSUs, $24.5 million was associated with the awards that are contingent upon the close of the Transactions.

As of December 31, 2021, common stock reserved for future issuance under equity compensation plans was 4.9 million shares.

Stock Repurchases	6 Months Ended
Stock Repurchases	Dec. 31, 2021
Equity [Abstract]
Stockholders' Deficit	Stock Repurchases On July 22, 2020, our Board of Directors approved a share repurchase program (the “FY 2021 Program”) for up to $200.0 million of our common stock. The FY 2021 Program expired on June 30, 2021. On June 4, 2021, our Board of Directors approved a new share repurchase program (the “FY 2022 Program”) for up to $300.0 million of our common stock in our fiscal year ending June 30, 2022. The timing and amount of any shares repurchased under the FY 2022 Program are based on market conditions and other factors. All shares of our common stock repurchased have been recorded as treasury stock under the cost method. On June 14, 2021, as part of our FY 2022 Program, we entered into an accelerated share repurchase program (the “ASR Program”) with a third-party financial institution to repurchase an aggregate of $150.0 million of our common stock. Pursuant to the terms of the ASR Program, we made an upfront payment of $150.0 million on July 1, 2021 in exchange for the delivery of 872,473 initial shares of our common stock. The actual number of shares repurchased is determined at the maturity of the ASR Program based on the volume-weighted average price per share of our common stock over the term of the ASR Program, less an agreed-upon discount. The ASR Program was completed on August 20, 2021. We repurchased in total 1,066,194 shares of our common stock for $150.0 million as part of the ASR Program. These shares were recorded as an increase to treasury stock. On November 12, 2021, as part of our FY 2022 Program, we entered into another accelerated share repurchase program (the “Second ASR Program”) with a third-party financial institution to repurchase an aggregate of $75.0 million of our common stock. Pursuant to the terms of the Second ASR Program, we made an upfront payment of $75.0 million on November 16, 2021 in exchange for the delivery of 402,874 initial shares of our common stock. The actual number of shares repurchased is determined at the maturity of the program based on volume-weighted average price per share of our common stock over the term of the program, less an agreed-upon discount. The Second ASR Program has a maturity date of March 15, 2022. We recorded the $75.0 million payment to the third-party financial institution as a reduction to stockholders’ equity, consisting of a $60.0 million increase in treasury stock, which reflects the value of the initial 402,874 shares received upon initial settlement, and a $15.0 million decrease in additional paid-in capital, which reflects the value of the stock held back by the third-party financial institution pending final settlement of the program. The $15.0 million recorded in additional paid-in capital will be reclassified to treasury stock upon settlement of the Second ASR Program. Additionally, we repurchased 36,359 shares of our common stock for $4.7 million during the second quarter of fiscal 2022. As of December 31, 2021, the total remaining value under the FY 2022 Program was $85.3 million.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Net Income Per Share

6 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Income Per Share

Basic income per share is determined by dividing net income by the weighted average common shares outstanding during the period. Diluted income per share is determined by dividing net income by diluted weighted average shares outstanding during the period. Diluted weighted average shares reflect the dilutive effect, if any, of potential common shares. To the extent their effect is dilutive, employee equity awards and other commitments to be settled in common stock are included in the calculation of diluted net income per share based on the treasury stock method.

The calculations of basic and diluted net income per share and basic and dilutive weighted average shares outstanding for the three and six months ended December 31, 2021 and 2020 are as follows:


	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
	(Dollars and Shares in Thousands, Except per Share Data)
Net income	$	61,864	$	129,152	$	101,263	$	161,863

Weighted average shares outstanding	66,775		67,780		66,888		67,754

Dilutive impact from:
Employee equity awards	474		620		449		606
Dilutive weighted average shares outstanding	67,249		68,400		67,337		68,360

Income per share
Basic	$	0.93	$	1.91	$	1.51	$	2.39
Dilutive	$	0.92	$	1.89	$	1.50	$	2.37

For the three and six months ended December 31, 2021 and 2020, certain employee equity awards were anti-dilutive based on the treasury stock method. The following employee equity awards were excluded from the calculation of dilutive weighted average shares outstanding because their effect would be anti-dilutive as of December 31, 2021 and 2020:


	Three Months Ended December 31,		Six Months Ended December 31,
	2021	2020	2021	2020
	(Shares in Thousands)
Employee equity awards	529	943	618	1,063

Included in the table above are options to purchase 1,825 and 29,728 shares of our common stock during the three and six months ended December 31, 2021, which were not included in the computation of dilutive weighted average shares outstanding, because their exercise prices ranged from $144.23 per share to $167.96 per share during the six months ended December 31, 2021, and were greater than the average market price of our common stock during the period then ended. These options were outstanding as of December 31, 2021 and expire at various dates through December 13, 2031.

Income Taxes	6 Months Ended
Income Taxes	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate for the periods presented is primarily the result of income earned in the U.S. taxed at U.S. federal and state statutory income tax rates, income earned in foreign tax jurisdictions taxed at the applicable rates, as well as the impact of permanent differences between book and tax income, primarily the Foreign Derived Intangible Income (“FDII”) deduction. Assuming certain requirements are met, the FDII deduction is a benefit for U.S. companies that sell their products or services to customers outside the U.S. Our effective tax rate was 16.3% and 17.4% during the three months ended December 31, 2021 and 2020, respectively, and 15.6% and 17.3% during the six months ended December 31, 2021 and 2020, respectively. Our effective tax rate was lower in the three and six months ended December 31, 2021 due to the higher FDII deduction taken this year compared to last year due to the timing of revenue recognition for tax purposes on multi-year software license agreements as the result of the change in income tax regulations. We recognized income tax expense of $12.0 million and $27.2 million during the three months ended December 31, 2021 and 2020, respectively, and $18.8 million and $33.8 million during the six months ended December 31, 2021 and 2020. Our income tax expense was driven primarily by pre-tax profitability in our domestic and foreign operations and the impact of permanent items and discrete tax items. The permanent items are predominantly the FDII deduction, stock-based compensation expense and tax credits for research expenditures. Deferred income taxes are recognized based on temporary differences between the financial statement and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using the statutory tax rates and laws expected to apply to taxable income in the years in which the temporary differences are expected to reverse. Valuation allowances are provided against net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the timing of the temporary differences becoming deductible. Management considers, among other available information, scheduled reversals of deferred tax liabilities, projected future taxable income, limitations of availability of net operating loss carryforwards, and other matters in making this assessment.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Standby letters of credit for $2.1 million and $2.3 million secured our performance on professional services contracts, certain facility leases and potential liabilities as of December 31, 2021 and June 30, 2021, respectively. The letters of credit expire at various dates through fiscal 2025.

Segment Information

6 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

Operating segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and to assess performance. Our chief operating decision maker is our President and Chief Executive Officer.

We have two operating and reportable segments, which are consistent with our reporting units: i) subscription and software; and ii) services and other. The subscription and software segment is engaged in the licensing of process optimization and asset performance management software solutions and associated support services, and includes our license and maintenance revenue. The services and other segment includes professional services and training, and includes our services and other revenue. We do not track assets or capital expenditures by operating segments. Consequently, it is not practical to present assets, capital expenditures, depreciation or amortization by operating segments.

The following table presents a summary of our reportable segments’ profits:


	Subscription and Software		Services and Other		Total
	(Dollars in Thousands)
Three Months Ended December 31, 2021
Segment revenue	$	164,496	$	6,860	$	171,356
Segment expenses (1)	(62,736)		(8,204)		(70,940)
Segment profit (loss)	$	101,760	$	(1,344)	$	100,416

Three Months Ended December 31, 2020
Segment revenue	$	226,988	$	6,730	$	233,718
Segment expenses (1)	(55,113)		(7,949)		(63,062)
Segment profit (loss)	$	171,875	$	(1,219)	$	170,656

Six Months Ended December 31, 2021
Segment revenue	$	293,813	$	13,563	$	307,376
Segment expenses (1)	(126,098)		(16,063)		(142,161)
Segment profit (loss)	$	167,715	$	(2,500)	$	165,215

Six Months Ended December 31, 2020
Segment revenue	$	335,705	$	12,984	$	348,689
Segment expenses (1)	(109,715)		(16,515)		(126,230)
Segment profit (loss)	$	225,990	$	(3,531)	$	222,459

(1) Our reportable segments’ operating expenses include expenses directly attributable to the segments. Segment expenses include selling and marketing and research and development expenses. Segment expenses do not include allocations of general and administrative expense; interest income; interest expense; and other (expense) income, net.

Reconciliation to Income before Income Taxes

The following table presents a reconciliation of total segment profit to income before income taxes for the three and six months ended December 31, 2021 and 2020:


	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2021
	(Dollars in Thousands)
Total segment profit for reportable segments	$	100,416	$	170,656	$	165,215	$	222,459
General and administrative expense	(31,927)		(21,203)		(56,848)		(38,836)
Interest income	8,695		9,304		17,359		17,973
Interest (expense)	(1,518)		(2,049)		(3,054)		(4,144)
Other (expense), net	(1,757)		(333)		(2,629)		(1,802)
Income before income taxes	$	73,909	$	156,375	$	120,043	$	195,650

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Emerson Transaction	6 Months Ended
Emerson Transaction	Dec. 31, 2021
Business Combinations [Abstract]
Acquisitions	Transaction Agreement with Emerson Electric Co. On October 10, 2021, we entered into the Transaction Agreement with Emerson, Emerson Sub, New AspenTech, and Merger Subsidiary, pursuant to which, among other things, (i) Emerson will contribute $6,014,000,000 in cash to New AspenTech in exchange for New AspenTech common stock, (ii) Emerson Sub will contribute Emerson’s Open Systems International, Inc. and Geological Simulation Software businesses to New AspenTech in exchange for New AspenTech common stock, (iii) Merger Subsidiary will merge with and into AspenTech, with AspenTech being the surviving corporation (the“Surviving Corporation”) and becoming a wholly owned subsidiary of New AspenTech and (iv) as a result of the merger, each issued and outstanding share of our common stock (subject to certain exceptions) will be converted into the right to receive 0.42 shares of New AspenTech common stock and a per share cash consideration amount, calculated by dividing $6,014,000,000 by the number of outstanding shares of our common stock as of the closing of the transactions contemplated by the Transaction Agreement (the “Closing”) on a fully diluted basis, which per share cash consideration amount is currently estimated to be approximately $87.50 per share of our common stock. Immediately following the Closing, Emerson and Emerson Sub will collectively own 55% of the outstanding New AspenTech common stock (on a fully diluted basis) and our stockholders will own the remaining outstanding New AspenTech common stock. Following the Closing, New AspenTech and its subsidiaries will operate under the name “Aspen Technology, Inc.” The Transaction Agreement includes customary representations, warranties and covenants of the parties. Among other things and subject to certain exceptions, until the earlier of the termination of the Transaction Agreement or the Closing, we and Emerson have agreed to use reasonable best efforts to conduct our and Emerson’s respective businesses (in Emerson’s case, the contributed business) in the ordinary course consistent with past practice. The Transaction Agreement also prohibits our solicitation of proposals relating to alternative transactions and restricts our ability to furnish information to, or participate in any discussions or negotiations with, any third party with respect to any such transaction, subject to certain limited exceptions. The obligation of the parties to consummate the Transactions is subject to customary conditions, including, among other things, (i) the affirmative vote of the holders of a majority of our outstanding common stock, (ii) the approvals under applicable regulatory and competition laws, including the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (in each case, without the requirement to take actions that would be reasonably expected to materially and adversely affect Emerson and its subsidiaries or New AspenTech and its subsidiaries after giving effect of the Transactions), which approvals have been obtained and (iii) the effectiveness of the registration statement on Form S-4 filed by Emerson Sub with the SEC and the approval of the listing on Nasdaq of the shares of New AspenTech common stock to be issued in the Transactions. The Transaction Agreement contains certain termination rights for each of us and Emerson, including the right of each party to terminate the Transaction Agreement if the Transactions have not been consummated by October 10, 2022. Under the Transaction Agreement, we are required to pay a termination fee in the amount of $325,000,000 to Emerson in certain events described in the Transaction Agreement, including if Emerson terminates the Transaction Agreement in the event our Board of Directors changes its recommendation that our stockholders approve the Transaction Agreement. The Registration Statement on Form S-4 filed by Emerson Sub on January 11, 2022 relating to the Transactions contains additional details of this process.

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of Aspen Technology, Inc. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Basis of Accounting, Policy	Significant Accounting Policies Our significant accounting policies are described in Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2021. We adopted Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (“Topic 740”) - Simplifying the Accounting for Income Taxes effective July 1, 2021. Refer to Note 2(g), “New Accounting Pronouncements Adopted in Fiscal 2022,” for further information regarding the adoption of ASU 2019-12. There were no other material changes to our significant accounting policies during the three and six months ended December 31, 2021.
Loss Contingencies	Loss Contingencies We accrue estimated liabilities for loss contingencies arising from claims, assessments, litigation and other sources when it is probable that a liability has been incurred and the amount of the claim, assessment or damages can be reasonably estimated. We believe that we have sufficient accruals to cover any obligations resulting from claims, assessments or litigation that have met these criteria.
Foreign Currency Transactions	Foreign Currency Transactions Foreign currency exchange gains and losses generated from the settlement and remeasurement of transactions denominated in currencies other than the functional currency of our subsidiaries are recognized in our results of operations as incurred as a component of other (expense), net. Net foreign currency exchange (losses) were $(1.6) million and $(0.6) million during the three months ended December 31, 2021 and 2020, respectively, and $(2.3) million and $(2.1) million during the six months ended December 31, 2021 and 2020, respectively.
Research and Development Expense	Research and Development ExpenseWe charge research and development expenditures to expense as the costs are incurred. Research and development expenses consist primarily of personnel expenses related to the creation of new products, enhancements and engineering changes to existing products and costs of acquired technology prior to establishing technological feasibility. There were less than $0.1 million of capitalized direct labor costs associated with our development of software for sale during the three months ended December 31, 2021 and 2020, respectively, and less than $0.1 million and $0.7 million of capitalized direct labor costs associated with our development of software for sale during the six months ended December 31, 2021 and 2020, respectively.
Equity Method Investments [Policy Text Block]	Equity Method InvestmentsDuring fiscal 2020, we entered into a limited partnership investment fund agreement. The primary objective of this partnership is investing in equity and equity-related securities (including convertible debt) of venture growth- stage businesses. We account for the investment in accordance with Topic 323, Investments - Equity Method and Joint Ventures. Our total commitment under this partnership is 5.0 million CAD ($3.9 million). Under the conditions of the equity method investment, unfavorable future changes in market conditions could lead to a potential loss up to the full value of our 5.0 million CAD ($3.9 million) commitment. As of December 31, 2021, the fair value of this investment is $2.4 million CAD ($1.9 million), representing our payment towards the total commitment, and is recorded in non-current assets in our consolidated balance sheet.
Recently Issued Accounting Pronouncements	New Accounting Pronouncements Adopted in Fiscal 2022 In December 2019, the FASB issued ASU 2019-12, which is intended to simplify accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. ASU 2019-12 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2020. Early adoption of this standard update is permitted. We adopted ASU 2019-12 effective July 1, 2021. The adoption of ASU 2019-12 did not have a material impact on our consolidated financial statements. (h) Recently Issued Accounting Pronouncements In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU is intended to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to 1) recognition of an acquired contract liability, and 2) payment terms and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2022. Early adoption of this ASU is permitted. We are currently evaluating the impact of ASU 2021-08 on our consolidated financial statements.

Revenue from Contracts with Customers (Policies)

6 Months Ended

Dec. 31, 2021

Revenue from Contracts with Customers [Abstract]

Revenue from Contract with Customer [Policy Text Block]

Revenue from Contracts with Customers

Nature of Products and Services

We also license our software through point product term arrangements, which include our Premier Plus SMS offering for the entire term.

We determine revenue recognition through the following steps:

• Identification of the contract, or contracts, with a customer;

• Identification of the performance obligations in the contract;

• Determination of the transaction price;

• Allocation of the transaction price to the performance obligations in the contract; and

• Recognition of revenue when, or as, we satisfy a performance obligation.

Term-based Arrangements: Term-based arrangements consist of on-premise term licenses as well as maintenance.

License

License revenue consists primarily of product and related revenue from our aspenONE licensing model and point product arrangements.

Maintenance

Services and Other Revenue

Professional Services Revenue

Training Revenue

Contracts with Multiple Performance Obligations

Our contracts generally contain more than one of the products and services listed above, each of which is separately accounted for as a distinct performance obligation.

Other policies and judgments

Contract modifications

Disaggregation of Revenue

We disaggregate our revenue by region, type of performance obligation, and segment as follows:


	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
	(Dollars in Thousands)
Revenue by region:
North America	$	70,019	$	111,192	$	121,171	$	158,431
Europe	51,196		77,474		88,431		111,190
Other (1)	50,141		45,052		97,774		79,068
	$	171,356	$	233,718	$	307,376	$	348,689

Revenue by type of performance obligation:
Term licenses	$	116,111	$	180,170	$	197,215	$	242,029
Maintenance	48,385		46,818		96,598		93,676
Professional services and other	6,860		6,730		13,563		12,984
	$	171,356	$	233,718	$	307,376	$	348,689

Revenue by segment:
Subscription and software	$	164,496	$	226,988	$	293,813	$	335,705
Services and other	6,860		6,730		13,563		12,984
	$	171,356	$	233,718	$	307,376	$	348,689

(1)Other consists primarily of Asia Pacific, Latin America and the Middle East.

Contract Assets and Deferred Revenue

contract asset throughout the majority of the contract term. We record a contract asset when revenue recognized on a contract exceeds the billings.

The following table presents the change in the reserve for contract assets during the six months ended December 31, 2021:


June 30, 2021		Provision		Write-Offs, Recoveries, and Billings		December 31, 2021
(Dollars in Thousands)
$	(5,380)	$	(1,931)	$	2,934	$	(4,377)

Our total contract assets, net and deferred revenue were as follows as of December 31, 2021 and June 30, 2021:


	December 31, 2021		June 30, 2021
	(Dollars in Thousands)
Contract assets, net	$	773,041	$	715,787
Deferred revenue	(58,942)		(68,125)
	$	714,099	$	647,662

Contract assets and deferred revenue are presented net at the contract level for each reporting period.

Contract Costs

Amortization of capitalized contract costs is included in selling and marketing expenses in our statement of operations.

Transaction Price Allocated to Remaining Performance Obligations


	Year Ending June 30,
	2022		2023		2024		2025		2026		Thereafter
	(Dollars in Thousands)
License	$	26,350	$	23,768	$	11,661	$	15,010	$	4,806	$	627
Maintenance	93,913		156,629		121,286		84,211		51,309		24,569
Services and other	38,799		3,735		824		611		539		238

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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+ Details

Leases Policies (Policies)

6 Months Ended

Dec. 31, 2021

Policies [Abstract]

Lessee, Leases [Policy Text Block]

Leases

The following table represents the weighted-average remaining lease term and discount rate information related to our operating leases as of December 31, 2021 and June 30, 2021:


	December 31, 2021		June 30, 2021
Weighted average remaining lease term	5.9 years		6.1 years
Weighted average discount rate	3.6	%	3.6	%

The following table represents the maturities of our operating lease liabilities as of December 31, 2021 and June 30, 2021:


	December 31, 2021		June 30, 2021
	(Dollars in Thousands)
Year Ending June 30,
2022	$	3,945	$	7,973
2023	8,635		8,024
2024	7,805		7,355
2025	5,447		5,353
2026	2,189		2,209
Thereafter	10,928		11,008
Total lease payments	38,949		41,922
Less: imputed interest	(4,957)		(5,472)
	$	33,992	$	36,450

Intangible Assets (Policies)

6 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of the following as of December 31, 2021 and June 30, 2021:


	Gross Carrying Amount		Accumulated Amortization		Effect of Currency Translation		Net Carrying Amount
	(Dollars in Thousands)
December 31, 2021:
Technology	$	55,288	$	(22,618)	$	385	$	33,055
Customer relationships	12,038		(5,532)		41		6,547
Non-compete agreements	553		(553)		—		—
Total	$	67,879	$	(28,703)	$	426	$	39,602
June 30, 2021:
Technology	$	55,288	$	(19,378)	$	911	$	36,821
Customer relationships	12,038		(4,713)		181		7,506
Non-compete agreements	553		(553)		—		—
Total	$	67,879	$	(24,644)	$	1,092	$	44,327

Future amortization expense as of December 31, 2021 is expected to be as follows:


Year Ending June 30,	Amortization Expense
	(Dollars in Thousands)
2022	$	4,036
2023	8,053
2024	7,507
2025	7,420
2026	5,227
Thereafter	7,359
Total	$	39,602

Goodwill (Policies)

6 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying amount of goodwill for our subscription and software reporting unit during the six months ended December 31, 2021 were as follows:


	Gross Carrying Amount		Accumulated Impairment Losses		Effect of Currency Translation		Net Carrying Amount
	(Dollars in Thousands)
June 30, 2021:	$	221,458	$	(65,569)	$	3,963	$	159,852


Foreign currency translation	—		—		(3,226)		(3,226)
December 31, 2021	$	221,458	$	(65,569)	$	737	$	156,626

Revenue from Contracts with Customers (Tables)

6 Months Ended

Dec. 31, 2021

Revenue from Contracts with Customers [Abstract]

Disaggregation of Revenue [Table Text Block]

We disaggregate our revenue by region, type of performance obligation, and segment as follows:


	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
	(Dollars in Thousands)
Revenue by region:
North America	$	70,019	$	111,192	$	121,171	$	158,431
Europe	51,196		77,474		88,431		111,190
Other (1)	50,141		45,052		97,774		79,068
	$	171,356	$	233,718	$	307,376	$	348,689

Revenue by type of performance obligation:
Term licenses	$	116,111	$	180,170	$	197,215	$	242,029
Maintenance	48,385		46,818		96,598		93,676
Professional services and other	6,860		6,730		13,563		12,984
	$	171,356	$	233,718	$	307,376	$	348,689

Revenue by segment:
Subscription and software	$	164,496	$	226,988	$	293,813	$	335,705
Services and other	6,860		6,730		13,563		12,984
	$	171,356	$	233,718	$	307,376	$	348,689

(1)Other consists primarily of Asia Pacific, Latin America and the Middle East.

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

The following table presents the change in the reserve for contract assets during the six months ended December 31, 2021:


June 30, 2021		Provision		Write-Offs, Recoveries, and Billings		December 31, 2021
(Dollars in Thousands)
$	(5,380)	$	(1,931)	$	2,934	$	(4,377)

Our total contract assets, net and deferred revenue were as follows as of December 31, 2021 and June 30, 2021:


	December 31, 2021		June 30, 2021
	(Dollars in Thousands)
Contract assets, net	$	773,041	$	715,787
Deferred revenue	(58,942)		(68,125)
	$	714,099	$	647,662

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

Transaction Price Allocated to Remaining Performance Obligations


	Year Ending June 30,
	2022		2023		2024		2025		2026		Thereafter
	(Dollars in Thousands)
License	$	26,350	$	23,768	$	11,661	$	15,010	$	4,806	$	627
Maintenance	93,913		156,629		121,286		84,211		51,309		24,569
Services and other	38,799		3,735		824		611		539		238

Leases Components of Lease Expenses (Tables)

6 Months Ended

Dec. 31, 2021

Lease, Cost [Table Text Block]

The following table represents the weighted-average remaining lease term and discount rate information related to our operating leases as of December 31, 2021 and June 30, 2021:


	December 31, 2021		June 30, 2021
Weighted average remaining lease term	5.9 years		6.1 years
Weighted average discount rate	3.6	%	3.6	%

Leases Maturities of Operating Lease Liabilities (Tables)

6 Months Ended

Dec. 31, 2021

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The following table represents the maturities of our operating lease liabilities as of December 31, 2021 and June 30, 2021:


	December 31, 2021		June 30, 2021
	(Dollars in Thousands)
Year Ending June 30,
2022	$	3,945	$	7,973
2023	8,635		8,024
2024	7,805		7,355
2025	5,447		5,353
2026	2,189		2,209
Thereafter	10,928		11,008
Total lease payments	38,949		41,922
Less: imputed interest	(4,957)		(5,472)
	$	33,992	$	36,450

Fair Value Fair Value (Tables)

6 Months Ended

Dec. 31, 2021

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Option, Disclosures [Table Text Block]


	Fair Value Measurements at Reporting Date Using,
	Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs)		Significant Other Observable Inputs (Level 2 Inputs)
	(Dollars in Thousands)
December 31, 2021:
Cash equivalents	$	1,019	$	—
Equity method investments	—		1,879
June 30, 2021:
Cash equivalents	$	1,020	$	—
Equity method investments	—		1,326

Accounts Receivable (Tables)

6 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Schedule of accounts receivable, net allowance for doubtful accounts

Our accounts receivable, net of the related allowance for doubtful accounts, were as follows as of December 31, 2021 and June 30, 2021:


	December 31, 2021		June 30, 2021
	(Dollars in Thousands)
Accounts receivable, gross	$	42,369	$	61,273
Allowance for doubtful accounts	(6,673)		(8,771)
Accounts receivable, net	$	35,696	$	52,502

Property and Equipment (Tables)

6 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of property, equipment and leasehold improvements

Property, equipment and leasehold improvements consisted of the following as of December 31, 2021 and June 30, 2021:


	December 31, 2021		June 30, 2021
	(Dollars in Thousands)
Property, equipment and leasehold improvements, at cost:
Computer equipment	$	6,555	$	6,250
Purchased software	23,010		22,711
Furniture & fixtures	6,167		6,592
Leasehold improvements	11,236		12,982
Property, equipment and leasehold improvements, at cost	46,968		48,535
Accumulated depreciation	(42,227)		(42,925)
Property, equipment and leasehold improvements, net	$	4,741	$	5,610

Intangible Assets (Tables)

6 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

Intangible assets consisted of the following as of December 31, 2021 and June 30, 2021:


	Gross Carrying Amount		Accumulated Amortization		Effect of Currency Translation		Net Carrying Amount
	(Dollars in Thousands)
December 31, 2021:
Technology	$	55,288	$	(22,618)	$	385	$	33,055
Customer relationships	12,038		(5,532)		41		6,547
Non-compete agreements	553		(553)		—		—
Total	$	67,879	$	(28,703)	$	426	$	39,602
June 30, 2021:
Technology	$	55,288	$	(19,378)	$	911	$	36,821
Customer relationships	12,038		(4,713)		181		7,506
Non-compete agreements	553		(553)		—		—
Total	$	67,879	$	(24,644)	$	1,092	$	44,327

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Future amortization expense as of December 31, 2021 is expected to be as follows:


Year Ending June 30,	Amortization Expense
	(Dollars in Thousands)
2022	$	4,036
2023	8,053
2024	7,507
2025	7,420
2026	5,227
Thereafter	7,359
Total	$	39,602

Goodwill (Tables)

6 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in carrying amount of goodwill by reporting unit

The changes in the carrying amount of goodwill for our subscription and software reporting unit during the six months ended December 31, 2021 were as follows:


	Gross Carrying Amount		Accumulated Impairment Losses		Effect of Currency Translation		Net Carrying Amount
	(Dollars in Thousands)
June 30, 2021:	$	221,458	$	(65,569)	$	3,963	$	159,852


Foreign currency translation	—		—		(3,226)		(3,226)
December 31, 2021	$	221,458	$	(65,569)	$	737	$	156,626

Accrued Expenses and Other Liabilities (Tables)

6 Months Ended

Dec. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following as of December 31, 2021 and June 30, 2021:


	December 31, 2021		June 30, 2021
	(Dollars in Thousands)
Compensation-related	$	25,520	$	30,539
Acquisition and integration planning related fees	4,412		—
Share repurchases	—		4,353
Royalties and outside commissions	3,189		3,642
Professional fees	2,901		2,964
Deferred acquisition payments	2,818		2,862
Uncertain tax positions	1,005		1,087
Other	4,792		5,128
Total accrued expenses and other current liabilities	$	44,637	$	50,575

Schedule of other non-current liabilities

Other non-current liabilities consisted of the following as of December 31, 2021 and June 30, 2021:


	December 31, 2021		June 30, 2021
	(Dollars in Thousands)

Uncertain tax positions	$	1,206	$	1,343
Deferred acquisition payments	—		1,200
Asset retirement obligations	865		947
Other	270		270
Total other non-current liabilities	$	2,341	$	3,760

Credit Agreement Term Loan Maturity (Tables)

6 Months Ended

Dec. 31, 2021

Line of Credit Facility [Line Items]

Schedule of Maturities of Long-term Debt [Table Text Block]

The indebtedness under the revolving credit facility matures on December 23, 2024. The following table summarizes the maturities of the term loan facility:


Year Ending June 30,	Amount
	(Dollars in Thousands)
2022	$	12,000
2023	28,000
2024	36,000
2025	212,000
Total	$	288,000

Stock-Based Compensation (Tables)

6 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense


	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
	(Dollars in Thousands)
Recorded as expenses:
Cost of maintenance	$	149	$	122	$	354	$	438
Cost of services and other	226		351		506		801
Selling and marketing	1,774		1,612		3,637		2,856
Research and development	1,734		2,449		3,732		4,171
General and administrative	3,983		4,562		9,727		7,098
Total stock-based compensation	$	7,866	$	9,096	$	17,956	$	15,364

Schedule of stock option and RSU activity

A summary of stock option and restricted stock unit (“RSU”) activity under all equity plans for the six months ended December 31, 2021 is as follows:


	Stock Options						Restricted Stock Units
	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in 000’s)		Shares	Weighted Average Grant Date Fair Value
Outstanding at June 30, 2021	1,285,221	$	94.18	6.93	$	56,032	362,024	$	128.66
Granted	267,136	129.79					384,108	135.22
Settled (RSUs)	—						(153,114)	128.01
Exercised (Stock options)	(147,387)	91.50					—
Cancelled / Forfeited	(30,607)	129.60					(27,307)	131.46
Outstanding at December 31, 2021	1,374,363	$	100.12	7.01	$	70,363	565,711	$	133.62
Vested and exercisable at December 31, 2021	838,972	$	81.82	5.80	$	59,045
Vested and expected to vest as of December 31, 2021	1,264,504	$	98.12	6.88	$	68,385	433,247	$	133.40

Schedule of weighted average assumptions

We utilized the Black-Scholes option valuation model with the following weighted average assumptions:


	Six Months Ended December 31,
	2021		2020
Risk-free interest rate	0.7	%	0.3	%
Expected dividend yield	0.0	%	0.0	%
Expected life (in years)	4.7		4.7
Expected volatility factor	35.3	%	34.2	%

Net Income Per Share (Tables)

6 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of calculations of basic and diluted net income per share and basic and dilutive weighted average shares outstanding

The calculations of basic and diluted net income per share and basic and dilutive weighted average shares outstanding for the three and six months ended December 31, 2021 and 2020 are as follows:


	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
	(Dollars and Shares in Thousands, Except per Share Data)
Net income	$	61,864	$	129,152	$	101,263	$	161,863

Weighted average shares outstanding	66,775		67,780		66,888		67,754

Dilutive impact from:
Employee equity awards	474		620		449		606
Dilutive weighted average shares outstanding	67,249		68,400		67,337		68,360

Income per share
Basic	$	0.93	$	1.91	$	1.51	$	2.39
Dilutive	$	0.92	$	1.89	$	1.50	$	2.37

Schedule of employee equity awards excluded from the calculation of dilutive weighted average shares outstanding

The following employee equity awards were excluded from the calculation of dilutive weighted average shares outstanding because their effect would be anti-dilutive as of December 31, 2021 and 2020:


	Three Months Ended December 31,		Six Months Ended December 31,
	2021	2020	2021	2020
	(Shares in Thousands)
Employee equity awards	529	943	618	1,063

Segment Information (Tables)

6 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Summary of reportable segments' profits

The following table presents a summary of our reportable segments’ profits:


	Subscription and Software		Services and Other		Total
	(Dollars in Thousands)
Three Months Ended December 31, 2021
Segment revenue	$	164,496	$	6,860	$	171,356
Segment expenses (1)	(62,736)		(8,204)		(70,940)
Segment profit (loss)	$	101,760	$	(1,344)	$	100,416

Three Months Ended December 31, 2020
Segment revenue	$	226,988	$	6,730	$	233,718
Segment expenses (1)	(55,113)		(7,949)		(63,062)
Segment profit (loss)	$	171,875	$	(1,219)	$	170,656

Six Months Ended December 31, 2021
Segment revenue	$	293,813	$	13,563	$	307,376
Segment expenses (1)	(126,098)		(16,063)		(142,161)
Segment profit (loss)	$	167,715	$	(2,500)	$	165,215

Six Months Ended December 31, 2020
Segment revenue	$	335,705	$	12,984	$	348,689
Segment expenses (1)	(109,715)		(16,515)		(126,230)
Segment profit (loss)	$	225,990	$	(3,531)	$	222,459

Schedule of reconciliation of total segment operating profit to income before income taxes

The following table presents a reconciliation of total segment profit to income before income taxes for the three and six months ended December 31, 2021 and 2020:


	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2021
	(Dollars in Thousands)
Total segment profit for reportable segments	$	100,416	$	170,656	$	165,215	$	222,459
General and administrative expense	(31,927)		(21,203)		(56,848)		(38,836)
Interest income	8,695		9,304		17,359		17,973
Interest (expense)	(1,518)		(2,049)		(3,054)		(4,144)
Other (expense), net	(1,757)		(333)		(2,629)		(1,802)
Income before income taxes	$	73,909	$	156,375	$	120,043	$	195,650

Significant Accounting Policies - Foreign Currency Transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Foreign Currency Transactions
Net foreign currency exchange losses	$ (1.6)	$ (0.6)	$ (2.3)	$ (2.1)

Significant Accounting Policies - Research and Development Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cost, Direct Labor	$ 0.1	$ 0.1	$ 0.1	$ 0.7

Significant Accounting Policies Significant Accounting Policies (Equity Method Investments) (Details) - 6 months ended Dec. 31, 2021 $ in Millions, $ in Millions	USD ($)	CAD ($)	CAD ($)
Schedule of Equity Method Investments [Line Items]
Equity Method Investments, Committed Capital	$ 3.9
Equity Method Investments	$ 1.9
CAD
Schedule of Equity Method Investments [Line Items]
Equity Method Investments, Committed Capital		$ 5.0
Equity Method Investments			$ 2.4

Revenue from Contracts with Customers Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Total revenue	$ 171,356	$ 233,718	$ 307,376	$ 348,689
North America
Total revenue	70,019	111,192	121,171	158,431
Europe
Total revenue	51,196	77,474	88,431	111,190
Other
Total revenue	50,141	45,052	97,774	79,068
Subscription and software
Total revenue	164,496	226,988	293,813	335,705
Services and other
Total revenue	6,860	6,730	13,563	12,984
Term Licenses [Member]
Total revenue	116,111	180,170	197,215	242,029
Maintenance [Member]
Total revenue	48,385	46,818	96,598	93,676
Professional Services And Other [Member]
Total revenue	$ 6,860	$ 6,730	$ 13,563	$ 12,984

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue from Contracts with Customers Contract Balances (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Revenue recognized that was previously deferred	$ 33,000
Deferred revenue	(58,942)	$ (68,125)
Net contract assets	714,099	647,662
Contract assets	773,041	715,787
Reserve for contract assets	(4,377)	$ (5,380)
Reserve for contract assets, provision	(1,931)
Reserve for contract assets, write-offs and recoveries	$ 2,934

Revenue from Contracts with Customers Contract Costs (Details)	Dec. 31, 2021
Minimum
Capitalized contract costs, amortization period	4 years
Maximum
Capitalized contract costs, amortization period	8 years

Leases (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Leases (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2019
Operating lease costs	$ 2.5	$ 2.5	$ 5.0	$ 4.9
Minimum
Lessee, operating lease, term of contract	1 year		1 year
Lessee, Operating Lease, Option to Terminate			2 months
Maximum
Lessee, operating lease, maximum renewal term	5 years		5 years
Lessee, operating lease, term of contract	10 years		10 years

Leases Operating Lease Expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2019
Operating lease costs	$ 2.5	$ 2.5	$ 5.0	$ 4.9

Leases Operating Lease Remaining Lease Term (Details)	Dec. 31, 2021	Jun. 30, 2021
Weighted average remaining lease term	5 years 10 months 24 days	6 years 1 month 6 days
Weighted average discount rate	3.60%	3.60%

Leases Operating Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
2021	$ 3,945	$ 7,973
2022	8,635	8,024
2023	7,805	7,355
2024	5,447	5,353
2025	2,189	2,209
Thereafter	10,928	11,008
Total lease payments	38,949	41,922
Less: imputed interest	(4,957)	(5,472)
Operating lease liabilities	$ 33,992	$ 36,450

Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Level 1 Inputs
Fair Value
Cash equivalents	$ 1,019	$ 1,020
Equity method investments	0	0
Level 2 Inputs
Fair Value
Cash equivalents	0	0
Equity method investments	$ 1,879	$ 1,326

Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Accounts Receivable
Account receivable, gross	$ 42,369	$ 61,273
Allowance for doubtful accounts	(6,673)	(8,771)
Account receivable, net	$ 35,696	$ 52,502

Accounts Receivable (Details)	6 Months Ended	12 Months Ended
Accounts Receivable (Details)	Dec. 31, 2021	Jun. 30, 2021
Concentration Risk [Line Items]
Concentration risk, number of customers	no	no
Accounts Receivable \| Customer concentration risk
Concentration Risk [Line Items]
Percentage of net accounts receivable	10.00%	10.00%

Property and Equipment - Property, Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements, at cost	$ 46,968	$ 48,535
Accumulated depreciation	(42,227)	(42,925)
Property, equipment and leasehold improvements, net	4,741	5,610
Computer equipment
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements, at cost	6,555	6,250
Purchased software
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements, at cost	23,010	22,711
Furniture & fixtures
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements, at cost	6,167	6,592
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements, at cost	$ 11,236	$ 12,982

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 67,879		$ 67,879		$ 67,879
Accumulated Amortization	(28,703)		(28,703)		(24,644)
Effect of Currency Translation			426		1,092
Net Carrying Amount	39,602		39,602		44,327
Intangible asset amortization expense	2,100	$ 1,900	4,100	$ 3,600
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	55,288		55,288		55,288
Accumulated Amortization	(22,618)		(22,618)		(19,378)
Effect of Currency Translation			385		911
Net Carrying Amount	33,055		33,055		36,821
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	12,038		12,038		12,038
Accumulated Amortization	(5,532)		(5,532)		(4,713)
Effect of Currency Translation			41		181
Net Carrying Amount	6,547		6,547		7,506
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	553		553		553
Accumulated Amortization	(553)		(553)		(553)
Effect of Currency Translation			0		0
Net Carrying Amount	$ 0		$ 0		$ 0

Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset amortization expense	$ 2,100	$ 1,900	$ 4,100	$ 3,600
Amortization expense - 2021	4,036		4,036
Amortization expense - 2022	8,053		8,053
Amortization expense - 2023	7,507		7,507
Amortization expense - 2024	7,420		7,420
Amortization expense - 2025	5,227		5,227
Amortization expense - thereafter	7,359		7,359
Total future amortization expense	$ 39,602		$ 39,602

Goodwill - Goodwill, Net (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Goodwill - Goodwill, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Goodwill:
Goodwill, net, beginning balance	$ 159,852
Goodwill, net, ending balance	156,626	$ 159,852
Subscription and software
Goodwill:
Goodwill, gross, beginning balance	221,458
Accumulated impairment losses, beginning balance	(65,569)
Goodwill, net, beginning balance	159,852
Effect of currency translation	737
Goodwill, gross, ending balance	221,458	221,458
Accumulated impairment losses, ending balance	(65,569)	(65,569)
Goodwill, net, ending balance	156,626	159,852
Goodwill, effect of currency translation \| Subscription and software
Goodwill:
Effect of currency translation	$ (3,226)	$ 3,963

Goodwill - Narrative (Details) $ in Millions	6 Months Ended
Goodwill - Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($)
Goodwill [Line Items]
Goodwill, Impairment Loss	$ 0

Accrued Expenses and Other Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Accrued expenses and other current liabilities
Compensation-related	$ 25,520	$ 30,539
Acquisition and integration planning related fees	4,412	0
Share repurchases	0	4,353
Royalties and outside commissions	3,189	3,642
Professional fees	2,901	2,964
Deferred acquisition payments	2,818	2,862
Uncertain tax positions	1,005	1,087
Other	4,792	5,128
Total accrued expenses and other current liabilities	$ 44,637	$ 50,575

Accrued Expenses and Other Liabilities - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Other non-current liabilities
Uncertain tax positions	$ 1,206	$ 1,343
Deferred acquisition payments	0	1,200
Asset retirement obligations	865	947
Other	270	270
Total other non-current liabilities	$ 2,341	$ 3,760

Credit Agreement (Details) - USD ($) $ in Thousands	Dec. 23, 2019	Dec. 31, 2021	Jun. 30, 2021
Secured Debt [Member]
Credit Agreement
Principal amount	$ 320,000	$ 288,000
Effective interest rate (as a percent)		1.60%
Non-current borrowings, net		$ 264,000	$ 276,000
Principal amount		288,000
Debt issuance costs		2,800	2,800
Short-term Debt		$ 24,000	20,000
Variable rate spread (as a percent)	0.50%
Margin rate (as a percent)	0.50%
Maximum leverage ratio		3.50
Minimum interest coverage ratio		2.50
Non-current borrowings, net		$ 261,177	$ 273,162
Adjusted LIBOR
Credit Agreement
Variable rate spread (as a percent)	1.00%
Margin rate (as a percent)	1.50%
Revolving Credit Facility [Member]
Credit Agreement
Principal amount	$ 200,000

Credit Agreement Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021	Dec. 23, 2019
Debt Instrument [Line Items]
Long-term Debt	$ 261,177	$ 273,162
Total	288,000
Debt issuance costs	2,800	2,800
Short-term Debt	24,000	20,000
Secured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt	264,000	$ 276,000
2021	12,000
2022	28,000
2023	36,000
2024	212,000
Total	$ 288,000		$ 320,000

Stock-Based Compensation - Additional Disclosures (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Stock-based compensation, additional disclosures
Issuance of shares of common stock			$ 14,307	$ 3,114
Common stock reserved for future issuance or settlement (in shares)	4,900,000		4,900,000
Employee stock purchase plan, stock-based compensation	$ 7,866	$ 9,096	$ 17,956	$ 15,364
Stock Options
Stock-based compensation, additional disclosures
Employee equity awards (in shares)	1,825		29,728
Restricted Stock Units
Stock-based compensation, additional disclosures
Weighted average grant-date fair value of RSUs granted			$ 135.22
Total unrecognized compensation cost	$ 51,000		$ 51,000
Total unrecognized compensation cost, period of recognition			2 years 11 months 8 days
Performance awards, shares granted			384,108
Performance awards, shares forfeited			27,307
Stock Options
Stock-based compensation, additional disclosures
Weighted average fair value (in dollars per share)	$ 48.52	$ 37.30	$ 40.29	$ 38.11
Total unrecognized compensation cost	$ 14,500		$ 14,500
Total unrecognized compensation cost, period of recognition			2 years 8 months 26 days

Stock-Based Compensation - Stock-Based Compensation Accounting (Details) - Stock Options - $ / shares	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Stock-Based Compensation Accounting
Weighted average fair value (in dollars per share)	$ 48.52	$ 37.30	$ 40.29	$ 38.11
Risk-free interest rate (as a percent)			0.70%	0.30%
Expected dividend yield (as a percent)			0.00%	0.00%
Expected life (in years)			4 years 8 months 12 days	4 years 8 months 12 days
Expected volatility factor (as a percent)			35.30%	34.20%

Stock-Based Compensation - Stock-Based Compensation Expense and its Classification in the Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Recorded as expenses:
Total stock-based compensation	$ 7,866	$ 9,096	$ 17,956	$ 15,364
Cost of maintenance
Recorded as expenses:
Total stock-based compensation	149	122	354	438
Cost of services and other
Recorded as expenses:
Total stock-based compensation	226	351	506	801
Selling and marketing
Recorded as expenses:
Total stock-based compensation	1,774	1,612	3,637	2,856
Research and development
Recorded as expenses:
Total stock-based compensation	1,734	2,449	3,732	4,171
General and administrative
Recorded as expenses:
Total stock-based compensation	$ 3,983	$ 4,562	$ 9,727	$ 7,098

Stock-Based Compensation - Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2021

Dec. 31, 2020

Jun. 30, 2021

Aggregate Intrinsic Value

Issuance of shares of common stock

$ 14,307

$ 3,114

Stock-Based Compensation


	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
	(Dollars in Thousands)
Recorded as expenses:
Cost of maintenance	$	149	$	122	$	354	$	438
Cost of services and other	226		351		506		801
Selling and marketing	1,774		1,612		3,637		2,856
Research and development	1,734		2,449		3,732		4,171
General and administrative	3,983		4,562		9,727		7,098
Total stock-based compensation	$	7,866	$	9,096	$	17,956	$	15,364

A summary of stock option and restricted stock unit (“RSU”) activity under all equity plans for the six months ended December 31, 2021 is as follows:


	Stock Options						Restricted Stock Units
	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in 000’s)		Shares	Weighted Average Grant Date Fair Value
Outstanding at June 30, 2021	1,285,221	$	94.18	6.93	$	56,032	362,024	$	128.66
Granted	267,136	129.79					384,108	135.22
Settled (RSUs)	—						(153,114)	128.01
Exercised (Stock options)	(147,387)	91.50					—
Cancelled / Forfeited	(30,607)	129.60					(27,307)	131.46
Outstanding at December 31, 2021	1,374,363	$	100.12	7.01	$	70,363	565,711	$	133.62
Vested and exercisable at December 31, 2021	838,972	$	81.82	5.80	$	59,045
Vested and expected to vest as of December 31, 2021	1,264,504	$	98.12	6.88	$	68,385	433,247	$	133.40

We utilized the Black-Scholes option valuation model with the following weighted average assumptions:


	Six Months Ended December 31,
	2021		2020
Risk-free interest rate	0.7	%	0.3	%
Expected dividend yield	0.0	%	0.0	%
Expected life (in years)	4.7		4.7
Expected volatility factor	35.3	%	34.2	%

As of December 31, 2021, common stock reserved for future issuance under equity compensation plans was 4.9 million shares.

Stock Options

Stock options activity

Outstanding, beginning of period (in shares)

1,285,221

Granted (in shares)

267,136

Exercised (in shares)

(147,387)

Cancelled / Forfeited (in shares)

(30,607)

Outstanding, end of period (in shares)

1,374,363

1,285,221

Vested and exercisable, end of period (in shares)

838,972

Vested and expected to vest, end of period (in shares)

1,264,504

Weighted Average Exercise Price

Outstanding, beginning of period (in dollars per share)

$ 94.18

Granted (in dollars per share)

129.79

Exercised (in dollars per share)

91.50

Cancelled / Forfeited (in dollars per share)

129.60

Outstanding, end of period (in dollars per share)

$ 100.12

100.12

$ 94.18

Vested and exercisable, end of period (in dollars per share)

81.82

Vested and expected to vest, end of period (in dollars per share)

$ 98.12

Weighted Average Remaining Contractual Term

Outstanding, end of period

7 years 3 days

6 years 11 months 4 days

Vested and exercisable, end of period

5 years 9 months 18 days

Vested and expected to vest, end of period

6 years 10 months 17 days

Aggregate Intrinsic Value

Outstanding, end of period

$ 70,363

$ 56,032

Vested and exercisable, end of period

59,045

Vested and expected to vest, end of period

68,385

Total unrecognized compensation cost

$ 14,500

Total unrecognized compensation cost, period of recognition

2 years 8 months 26 days

Weighted average fair value (in dollars per share)

$ 48.52

$ 37.30

$ 40.29

$ 38.11

Restricted Stock Units

Aggregate Intrinsic Value

Total unrecognized compensation cost

$ 51,000

Total unrecognized compensation cost, period of recognition

2 years 11 months 8 days

Stock-Based Compensation - RSU Activity (Details) - Restricted Stock Units $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Restricted stock units activity
Outstanding, beginning of period (in shares)		362,024
Granted (in shares)		384,108
Settled (in shares)		153,114
Cancelled / Forfeited (in shares)		(27,307)
Outstanding, end of period (in shares)	565,711	565,711
Vested and expected to vest (in shares)	433,247	433,247
Weighted Average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share) \| $ / shares		$ 128.66
Granted (in dollars per share) \| $ / shares		135.22
Settled (RSUs) (in dollars per share) \| $ / shares		128.01
Cancelled / Forfeited (in dollars per share) \| $ / shares		131.46
Outstanding, end of period (in dollars per share) \| $ / shares	$ 133.62	$ 133.62
Vested and expected to vest, end of period (in dollars per share) \| $ / shares		133.40
Total unrecognized compensation cost \| $	$ 51.0	$ 51.0
Share-based Payment Arrangement, Employee
Weighted Average Grant Date Fair Value
Total unrecognized compensation cost \| $	$ 24.5	$ 24.5
Vested and expected to vest, end of period (in shares)	176,541	176,541
Share-based Payment Arrangement, Employee \| Minimum
Weighted Average Grant Date Fair Value
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	12 months
Share-based Payment Arrangement, Employee \| Maximum
Weighted Average Grant Date Fair Value
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	18 months

Stock Repurchases - Stock Repurchase Program (Details) - USD ($) $ in Thousands			3 Months Ended
	Nov. 16, 2021	Jul. 01, 2021	Dec. 31, 2021	Sep. 30, 2021	Jun. 04, 2021	Jul. 22, 2020
Class of Stock [Line Items]
Approved stock repurchase program, authorized amount (up to)					$ 300,000	$ 200,000
Repurchase of common stock, amount			$ (79,689)	$ (150,000)
Remaining capacity under the stock repurchase program			85,300
Additional Paid-in Capital [Member]
Class of Stock [Line Items]
Repurchase of common stock, amount			$ (15,000)
Treasury Stock [Member]
Class of Stock [Line Items]
Repurchase of common stock (in shares)			439,233	1,066,194
Repurchase of common stock, amount			$ (64,689)	$ (150,000)
FY 2022 Program
Class of Stock [Line Items]
Accelerated share repurchases, payment		$ (150,000)
Repurchase of common stock (in shares)				1,066,194
FY 2022 Program \| Initial Share Repurchase
Class of Stock [Line Items]
Repurchase of common stock (in shares)		872,473
Second ASR Program
Class of Stock [Line Items]
Accelerated share repurchases, payment	$ (75,000)
Second ASR Program \| Additional Paid-in Capital [Member]
Class of Stock [Line Items]
Repurchase of common stock, amount			15,000
Second ASR Program \| Treasury Stock [Member]
Class of Stock [Line Items]
Repurchase of common stock, amount			$ 60,000
Second ASR Program \| Initial Share Repurchase
Class of Stock [Line Items]
Repurchase of common stock (in shares)	402,874
Additional Share Repurchase
Class of Stock [Line Items]
Repurchase of common stock (in shares)			36,359
Repurchase of common stock, amount			$ (4,700)

Stock Repurchases - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Accumulated Other Comprehensive Income
Accumulated other comprehensive income	$ 4,336	$ 9,026

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Net Income Per Share - Calculations of Basic and Diluted Net Income per Share and Basic and Dilutive Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Net income	$ 61,864	$ 39,399	$ 129,152	$ 32,711	$ 101,263	$ 161,863
Weighted average shares outstanding (in shares)	66,775		67,780		66,888	67,754
Dilutive impact from:
Employee equity awards (in shares)	474		620		449	606
Dilutive weighted average shares outstanding (in shares)	67,249		68,400		67,337	68,360
Income per share
Basic (in dollars per share)	$ 0.93		$ 1.91		$ 1.51	$ 2.39
Dilutive (in dollars per share)	$ 0.92		$ 1.89		$ 1.50	$ 2.37

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Net Income Per Share - Stock Options Excluded from the Computation of Dilutive Weighted Average Shares Outstanding (Details) - $ / shares	3 Months Ended	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2021
Stock Options
Employee equity awards were excluded from the calculation of dilutive weighted average shares outstanding because their effect would be anti-dilutive
Employee equity awards (in shares)	1,825	29,728
Stock Options
Employee equity awards were excluded from the calculation of dilutive weighted average shares outstanding because their effect would be anti-dilutive
Exercise price range, low end of range (in dollars per share)		$ 144.23
Exercise price range, high end of range (in dollars per share)		$ 167.96

Net Income Per Share - Employee Equity Awards Excluded from the Calculation of Dilutive Weighted Average Shares Outstanding (Details) - shares	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Employee Equity Awards
Employee equity awards were excluded from the calculation of dilutive weighted average shares outstanding because their effect would be anti-dilutive
Employee equity awards (in shares)	529,000	943,000	618,000	1,063,000
Stock Options
Employee equity awards were excluded from the calculation of dilutive weighted average shares outstanding because their effect would be anti-dilutive
Employee equity awards (in shares)	1,825		29,728

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for income taxes	$ 12,045	$ 27,223	$ 18,780	$ 33,787
Effective income tax rate (as a percent)	16.30%	17.40%	15.60%	17.30%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Commitments and Contingencies - Standby Letters of Credit (Details) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Standby letters of credit
Operating Leases
Standby letters of credit	$ 2.1	$ 2.3

Segment Information - Summary of Reportable Segments' Profits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Summary of reportable segments' profits
Income from operations	$ 68,489	$ 149,453	$ 108,367	$ 183,623
Operating segments
Summary of reportable segments' profits
Segment revenue	171,356	233,718	307,376	348,689
Segment expenses	(70,940)	(63,062)	(142,161)	(126,230)
Income from operations	100,416	170,656	165,215	222,459
Subscription and software \| Operating segments
Summary of reportable segments' profits
Segment revenue	164,496	226,988	293,813	335,705
Segment expenses	(62,736)	(55,113)	(126,098)	(109,715)
Income from operations	101,760	171,875	167,715	225,990
Services and other \| Operating segments
Summary of reportable segments' profits
Segment revenue	6,860	6,730	13,563	12,984
Segment expenses	(8,204)	(7,949)	(16,063)	(16,515)
Income from operations	$ (1,344)	$ (1,219)	$ (2,500)	$ (3,531)

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Segment Information - Reconciliation of Total Segment Profit to Income before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Reconciliation to Income before Income Taxes
Total segment profit for reportable segments	$ 68,489	$ 149,453	$ 108,367	$ 183,623
General and administrative	(31,927)	(21,203)	(56,848)	(38,836)
Interest income	8,695	9,304	17,359	17,973
Interest (expense)	1,518	2,049	3,054	4,144
Other (expense), net	(1,757)	(333)	(2,629)	(1,802)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	73,909	156,375	120,043	195,650
Operating segments
Reconciliation to Income before Income Taxes
Total segment profit for reportable segments	100,416	170,656	165,215	222,459
Segment Reconciling Items
Reconciliation to Income before Income Taxes
General and administrative	(31,927)	(21,203)	(56,848)	(38,836)
Interest income	8,695	9,304	17,359	17,973
Interest (expense)	(1,518)	(2,049)	(3,054)	(4,144)
Other (expense), net	$ (1,757)	$ (333)	$ (2,629)	$ (1,802)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Emerson Transaction - Narrative (Details)	Oct. 10, 2021 USD ($) $ / shares shares
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Equity Interest Issued and Issuable, Entity Shares Issued Per Acquiree Share \| shares	0.42
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Cash Paid Per Acquiree Share \| $ / shares	$ 87,500
Emerson Electric Co.
Business Acquisition [Line Items]
Business Combination, Termination Fee	$ 325,000,000
Emerson Electric Co.
Business Acquisition [Line Items]
Consideration transferred	$ 6,014,000,000
Business Combination, Ownership Percentage	0.55

Label	Element	Value
Entity Common Stock, Shares Outstanding	dei_EntityCommonStockSharesOutstanding	66,661,966

Revenue from Contracts with Customers Transaction Price Allocated to Remaining Performance Obligations (Details) $ in Thousands	Dec. 31, 2021 USD ($)
License [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Transaction Price Allocated to Remaining Performance Obligations, Amount	$ 26,350
License [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Transaction Price Allocated to Remaining Performance Obligations, Amount	23,768
License [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Transaction Price Allocated to Remaining Performance Obligations, Amount	11,661
License [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Transaction Price Allocated to Remaining Performance Obligations, Amount	15,010
License [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Transaction Price Allocated to Remaining Performance Obligations, Amount	4,806
License [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Transaction Price Allocated to Remaining Performance Obligations, Amount	627
Maintenance [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Transaction Price Allocated to Remaining Performance Obligations, Amount	93,913
Maintenance [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Transaction Price Allocated to Remaining Performance Obligations, Amount	156,629
Maintenance [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Transaction Price Allocated to Remaining Performance Obligations, Amount	121,286
Maintenance [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Transaction Price Allocated to Remaining Performance Obligations, Amount	84,211
Maintenance [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Transaction Price Allocated to Remaining Performance Obligations, Amount	51,309
Maintenance [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Transaction Price Allocated to Remaining Performance Obligations, Amount	24,569
Services and other \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Transaction Price Allocated to Remaining Performance Obligations, Amount	38,799
Services and other \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Transaction Price Allocated to Remaining Performance Obligations, Amount	3,735
Services and other \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Transaction Price Allocated to Remaining Performance Obligations, Amount	824
Services and other \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Transaction Price Allocated to Remaining Performance Obligations, Amount	611
Services and other \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Transaction Price Allocated to Remaining Performance Obligations, Amount	539
Services and other \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Transaction Price Allocated to Remaining Performance Obligations, Amount	$ 238