0001897982-24-000075 | 10-Q | XBRL Viewer

Net Income Per Share

3 Months Ended

Sep. 30, 2024

Net Loss Per Share

The calculations of basic and diluted net loss per share and basic and diluted weighted average shares outstanding for the three months ended September 30, 2024 and 2023 are as follows:


	Three Months Ended September 30,
	2024		2023

	(Dollars and Shares in Thousands, Except per Share Data)
Net loss	$	(60,464)	$	(34,525)

Basic weighted average shares outstanding	63,244		64,319



Dilutive weighted average shares outstanding	63,244		64,319

Net loss per share
Basic	$	(0.96)	$	(0.54)
Dilutive	$	(0.96)	$	(0.54)

For the three months ended September 30, 2024, and 2023, certain employee equity awards were anti-dilutive due to the Company’s net loss. The following employee equity awards were excluded from the calculation of diluted weighted average shares outstanding because their effect would be anti-dilutive as of September 30, 2024 and 2023:


	Three Months Ended September 30,
	2024	2023

	(Shares in Thousands)
Employee equity awards	1,032	1,449

Intangible Assets (Policies)

3 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consist of the following as of September 30, 2024 and June 30, 2024:


	Developed Technology		Trademarks		Customer Relationships and Backlog		Capitalized Software and Other		Total

September 30, 2024	(Dollars in Thousands)
Gross carrying amount	$	1,903,599	$	464,400	$	3,082,541	$	24,026	$	5,474,566
Less: Accumulated amortization	(585,236)		(18,900)		(796,521)		(10,057)		(1,410,714)
Net carrying amount	$	1,318,363	$	445,500	$	2,286,020	$	13,969	$	4,063,852

	Developed Technology		Trademarks		Customer Relationships and Backlog		Capitalized Software and Other		Total

June 30, 2024	(Dollars in Thousands)
Gross carrying amount	$	1,903,599	$	464,400	$	3,082,541	$	24,026	$	5,474,566
Less: Accumulated amortization	(537,492)		(17,931)		(724,270)		(10,123)		(1,289,816)
Net carrying amount	$	1,366,107	$	446,469	$	2,358,271	$	13,903	$	4,184,750

Of the total intangible assets net carrying amount of $4.1 billion as of September 30, 2024, $430.0 million relates to the registered trademarks associated with the Transaction (as defined in Note 15, “Related-Party Transactions”) that are not subject to amortization. Total intangible asset amortization expense was $121.8 million and $121.7 million during the three months ended September 30, 2024 and 2023, respectively.

Stock Repurchases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Aug. 06, 2024
Stock Transactions, Parenthetical Disclosure [Abstract]
Treasury Stock, Value, Acquired, Cost Method	$ 20,487	$ 114,224
Treasury Stock, Common
Stock Transactions, Parenthetical Disclosure [Abstract]
Treasury Stock, Shares, Acquired	92,819	686,843
Treasury Stock, Value, Acquired, Cost Method	$ (20,487)	$ (134,434)
Additional Paid-in Capital [Member]
Stock Transactions, Parenthetical Disclosure [Abstract]
Treasury Stock, Value, Acquired, Cost Method		$ 20,210
Aug 1 Share Repurchase Authorization Program
Stock Transactions, Parenthetical Disclosure [Abstract]
Treasury Stock, Shares, Acquired	92,819
Treasury Stock, Value, Acquired, Cost Method	$ 20,500
Approved stock repurchase program, authorized amount (up to)			$ 100,000
Remaining capacity under the stock repurchase program	$ 79,500

Restructuring and Related Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Costs	$ 7,726	$ 0
Restructuring Reserve	$ 1,078		$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (60,464)	$ (34,525)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	122,856	123,219
Reduction in the carrying amount of right-of-use assets	3,961	3,562
Net foreign currency (gains) losses	(2,120)	5,894
Stock-based compensation	14,814	16,699
Deferred income taxes	(32,448)	(51,080)
Provision for uncollectible receivables	491	1,788
Other non-cash operating activities	(258)	19
Changes in assets and liabilities:
Accounts receivable	12,887	29,417
Contract assets	(18,851)	(24,062)
Contract costs	1,285	(1,163)
Lease liabilities	(3,041)	(3,770)
Prepaid expenses, prepaid income taxes, and other assets	(5,956)	(22,487)
Accounts payable, accrued expenses, income taxes payable and other liabilities	(37,052)	10,200
Contract liabilities	(501)	(36,730)
Net cash (used in) provided by operating activities	(4,397)	16,981
Cash flows from investing activities:
Purchases of property, equipment and leasehold improvements	(2,022)	(937)
Payments for business acquisitions, net of cash acquired	0	(8,273)
Payments to Acquire Equity Method Investments	30	98
Payments for Software	0	(12,500)
Net cash used in investing activities	(2,052)	(21,808)
Cash flows from financing activities:
Issuance of shares of common stock, net of taxes	6,262	3,285
Payments for Repurchase of Common Stock	(20,487)	(114,224)
Payment of tax withholding obligations related to restricted stock	(4,635)	(1,938)
Net transfers from Parent Company	(8,836)	(3,890)
Payments of Debt Issuance Costs	(107)	0
Net cash used in financing activities	(10,131)	(108,987)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3,264	(6,855)
Decrease in cash, cash equivalents and restricted cash	(13,316)	(120,669)
Cash, cash equivalents and restricted cash, beginning of period	236,970
Cash, cash equivalents and restricted cash, end of period	221,093	120,540
Restricted Cash	14,059	0
Supplemental disclosure of non-cash activities:
Change in purchases of property, equipment and leasehold improvements included in accounts payable and accrued expenses	150	249
Lease liabilities arising from obtaining right-of-use assets	2,098	397
Supplemental disclosure of cash flow information:
Income taxes paid, net	32,945	31,842
Interest paid	702	663
Reconciliation to amounts within the unaudited consolidated balance sheets: [Abstract]
Cash, cash equivalents, and restricted cash, end of period	$ 235,152	$ 120,540

Regulated Operations

3 Months Ended

Sep. 30, 2024

Regulated Operations [Abstract]

Supplemental Balance Sheet Disclosures [Text Block]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheets consist of the following:


	September 30, 2024		June 30, 2024

	(Dollars in Thousands)
Compensation-related	$	50,610	$	61,976
Professional fees	5,661		4,987
Accrued taxes	5,146		10,991
Acquisition related	1,475		1,804
Restructuring	1,078		—
Other	14,956		20,409
Total accrued expenses and other current liabilities	$	78,926	$	100,167

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Benefit for income taxes	$ (16,284)	$ (17,467)
Effective income tax rate (as a percent)	21.20%	33.60%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases (Tables)

3 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Lease Cost

Operating lease costs are recognized on a straight-line basis over the term of the lease. The components of total lease expense for the three months ended September 30, 2024 and 2023 were as follows:


	Three Months Ended September 30,
	2024		2023

	(Dollars in Thousands)
Operating lease expense	$	4,977	$	4,466
Variable lease expense	$	404	$	223
Short term lease expense	$	136	$	157

The following table summarizes the balances of the Company’s operating lease right-of-use assets and operating lease liabilities as of September 30, 2024 and June 30, 2024:


	September 30, 2024		June 30, 2024

	(Dollars in Thousands)
Operating lease right-of-use assets	$	95,001	$	96,034
Current operating lease liabilities	$	12,172	$	13,125
Non-current operating lease liabilities	$	85,676	$	84,875

Lessee, Operating Lease, Liability, Maturity

The following table represents the future maturities of the Company’s operating lease liabilities as of September 30, 2024:


Year Ending June 30,	(Dollars in Thousands)
2025	$	10,219
2026	11,019
2027	14,416
2028	14,015
2029	13,125
Thereafter	91,950
Total lease payments	154,744
Less: imputed interest	(32,073)
Less: leasehold improvement incentives to be utilized	(24,823)
Total lease maturities	$	97,848

Comprehensive Text Block List

3 Months Ended

Sep. 30, 2024

Text Block [Abstract]

Related Party Transactions Disclosure

Related-Party Transactions

On October 10, 2021, Emerson Electric Co. (“Emerson”) entered into a definitive agreement (the “Transaction Agreement”) with AspenTech Corporation (f/k/a Aspen Technology, Inc.) (“Heritage AspenTech”) to contribute the Emerson industrial software business (the “Industrial Software Business”), along with $6.014 billion in cash, to create AspenTech (the “Transaction”). The Industrial Software Business included the DGM business and the SSE business. The Transaction closed on May 16, 2022 (“Closing Date”). Emerson owned approximately 56% of AspenTech on a fully diluted basis as of September 30, 2024.

The Company utilizes some aspects of Emerson’s centralized treasury function to manage the working capital and financing needs of its business operations. This function oversees a cash pooling arrangement which sweeps certain Company cash accounts into pooled Emerson cash accounts on a daily basis which are reflected as receivables from related parties in the condensed consolidated balance sheets. Conversely, any cash funded to the Company from these pooled Emerson cash accounts are reflected as due to related parties in the condensed consolidated balance sheets. The aggregate net activity between the Company and Emerson associated with the cash pooling arrangement is reflected within cash flows from financing activities as net transfers from parent within the condensed consolidated statements of cash flows.

Before the closing of the Transaction, the Industrial Software Business was charged for costs directly attributable to the DGM and SSE businesses and was allocated a portion of Emerson’s costs, including general corporate costs, information technology costs, insurance and other benefit costs, and shared service and other costs. All of these costs are reflected in the Company’s condensed consolidated financial statements. Management believes the methodologies and assumptions used to allocate these costs are reasonable.

At the closing of the Transaction, Emerson and the Company entered into a transition service agreement (the “Transition Service Agreement”) for the provision of certain transitionary services from Emerson to the Company. Pursuant to the Transition Service Agreement, Emerson provides the Company with certain services, including information technology, human resources and other specified services, as well as access to certain of Emerson’s existing facilities. Transition Service Agreement related activities have been recorded as cost of goods sold or operating expenses from related parties and resulting balances have been presented as receivable from or due to related parties in the condensed consolidated financial statements. The Transition Services Agreement expires on December 31, 2024.

In connection with the closing of the Transaction, the Company entered into a registration rights agreement (the “Registration Rights Agreement”) and a tax matters agreement (the “Tax Matters Agreement”) with Emerson. The Registration Rights Agreement grants Emerson certain market registration rights, including demand registration rights and piggyback registration rights, with respect to its registrable securities. The Company has agreed to pay out-of-pocket fees and expenses in connection with such registration, subject to certain exceptions. The Tax Matters Agreement governs the rights and obligations that the Company and Emerson have with respect to taxes of the Company and certain Emerson subsidiaries. In addition, under the terms of the Tax Matters Agreement, the Company agreed to indemnify Emerson and its affiliates against any and all tax-related liabilities incurred by them relating to the Transaction and certain related business reorganizations to the extent such tax-related liabilities are caused by any action taken by the Company.

Receivables from related parties and due to related parties reported in the condensed consolidated balance sheets as of September 30, 2024 and June 30, 2024 include the following:


	September 30, 2024		June 30, 2024

	(Dollars in Thousands)
Interest bearing receivables from related parties	$	45,119	$	78,278
Trade receivables from related parties	181		205
Receivables from related parties	$	45,300	$	78,483

Interest bearing payables to related parties	$	24,661	$	47,315
Trade payables to related parties	318		134
Due to related parties	$	24,979	$	47,449

Allocations and charges from Emerson are as follows:


	Three Months Ended September 30,
	2024		2023

	(Dollars in Thousands)

Information technology	$	194	$	975

Shared services and other	$	162	$	374

Corporate costs, human resources, and insurance and other benefits are recorded in general and administrative expenses and information technology, facility charges, and shared services and other are allocated to cost of goods sold and operating expenses based on systemic methods.

Before the closing of the Transaction, the DGM and SSE businesses engaged in various transactions to sell software and purchase goods in the ordinary course of business with affiliates of Emerson. At the closing, the Company and Emerson entered into a commercial agreement to allow Emerson to distribute software and services from the Company (the “Commercial Agreement”). Pursuant to the Commercial Agreement as amended from time to time in accordance with the Stockholders Agreement (as defined below), AspenTech grants Emerson the right to distribute, on a non-exclusive basis, certain (i) existing Heritage AspenTech products, (ii) existing Emerson products transferred to AspenTech pursuant to the Transaction Agreement and (iii) future AspenTech products as mutually agreed upon, in each case, to end-users through Emerson acting as an agent, reseller or original equipment manufacturer. Commercial Agreement-related activities have been recorded as revenues and expenses from related parties and resulting trade balances have been presented as trade receivables from related parties in the condensed consolidated financial statements. Revenue and purchases from Emerson affiliates for the three months ended September 30, 2024 and 2023 are as follows:


	Three Months Ended September 30,
	2024		2023

	(Dollars in Thousands)
Revenue from Emerson affiliates	$	987	$	313

Purchases from Emerson affiliates	$	75	$	68

Emerson Share Maintenance Rights

Immediately following the closing of the Transaction, Emerson beneficially owned 55% of the fully diluted shares of AspenTech common stock. At the Closing Date, the Company and Emerson entered into a stockholders agreement (the “Stockholders Agreement”), which sets forth, among other matters, the right of Emerson to nominate directors to AspenTech’s board of directors, the right of Emerson to nominate the chair of AspenTech’s board of directors, the composition of the committees of AspenTech’s board of directors, certain consent rights of Emerson to certain material actions taken by the Company and consent rights with respect to modifications or changes to the Company’s business strategy. Under the Stockholders Agreement, Emerson also has the right to acquire additional equity securities of AspenTech pursuant to pre-agreed procedures and rights in order to maintain its ownership interest. No additional shares of common stock, or any other equity securities of AspenTech, were issued by the Company to Emerson subsequent to the closing of the Transaction through September 30, 2024.

Plantweb Optics Analytics

On July 28, 2023, the Company entered into the Plantweb Optics Analytics Assignment and License Agreement with Emerson for the purchase of Emerson’s Plantweb Optics Analytics software and the perpetual and royalty-free licensing of other Emerson intellectual property for $12.5 million in the aggregate.

The Company is currently integrating the purchased software and licensed intellectual property with its existing asset performance management product suite and accordingly has capitalized the full purchase price in accordance with ASC 985-20, “Costs of Software to be Sold, Leased, or Marketed.”

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset amortization expense	$ 121,800	$ 121,700
Intangible assets, net	$ 4,063,852		$ 4,184,750

Stock-Based Compensation

3 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The stock-based compensation expense under all equity plans and its classification in the condensed consolidated statements of operations for the three months ended September 30, 2024 and 2023 are as follows:


	Three Months Ended September 30,
	2024		2023

	(Dollars in Thousands)
Cost of license and solutions	$	551	$	680
Cost of maintenance	887		488
Cost of services and other	1,045		498
Selling and marketing	2,930		2,942
Research and development	3,000		4,553
General and administrative	6,401		7,538
Total stock-based compensation	$	14,814	$	16,699

Stock Options

The table below summarizes activities related to stock options for the three months ended September 30, 2024:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(1)
				(in years)	(in thousands)
Outstanding as of June 30, 2024	760,088	$	160.82	5.61	$	43,132
Exercised	(50,006)	$	140.67
Cancelled / Forfeited	(28,323)	$	175.33
Outstanding as of September 30, 2024	681,759	$	159.47	5.62	$	65,611
Exercisable as of September 30, 2024	562,878	$	133.36	5.18	$	59,369
Vested and expected to vest as of September 30, 2024	675,824	$	142.10	5.61	$	65,386

__________

(1) The aggregate intrinsic value in this table represents any excess of the closing market price of the Company’s common stock as of September 30, 2024 ($238.82) over the exercise price of the underlying options.

Restricted Stock Units and Performance Stock Units

Restricted stock units and performance stock units are not included in issued and outstanding common stock until the units are vested and the underlying shares are settled. The table below summarizes activities related to restricted stock units and performance stock units for the three months ended September 30, 2024:


	Number of Shares Underlying Performance Stock Units		Weighted Average Grant-Date Fair Value PSUs		Number of Shares Underlying Restricted Stock Units		Weighted Average Grant-Date Fair Value RSUs

	(Dollars in Thousands, except per share data)
Outstanding as of June 30, 2024	82,656		$	194.03	288,887		$	193.98
Granted	87,945		$	234.14	159,878		$	231.06
Settled	—		—		(62,272)		$	196.29
Forfeited	(13,289)		$	194.10	(28,652)		$	198.05
Outstanding as of September 30, 2024	157,312		$	216.45	357,841		$	210.23
Weighted average remaining recognition period of outstanding units (in years)	2.58				2.16
Unrecognized stock-based compensation expense of outstanding units	$	22,753			$	62,714
Aggregate intrinsic value of outstanding units	$	29,282			$	83,133

Net Income Per Share - Employee Equity Awards Excluded from the Calculation of Dilutive Weighted Average Shares Outstanding (Details) - shares	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
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)	1,032,000	1,449,000

Stock-Based Compensation (Tables)

3 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense


	Three Months Ended September 30,
	2024		2023

	(Dollars in Thousands)
Cost of license and solutions	$	551	$	680
Cost of maintenance	887		488
Cost of services and other	1,045		498
Selling and marketing	2,930		2,942
Research and development	3,000		4,553
General and administrative	6,401		7,538
Total stock-based compensation	$	14,814	$	16,699

Schedule of activities related to stock options

The table below summarizes activities related to stock options for the three months ended September 30, 2024:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(1)
				(in years)	(in thousands)
Outstanding as of June 30, 2024	760,088	$	160.82	5.61	$	43,132
Exercised	(50,006)	$	140.67
Cancelled / Forfeited	(28,323)	$	175.33
Outstanding as of September 30, 2024	681,759	$	159.47	5.62	$	65,611
Exercisable as of September 30, 2024	562,878	$	133.36	5.18	$	59,369
Vested and expected to vest as of September 30, 2024	675,824	$	142.10	5.61	$	65,386

__________

Schedule of activities related to restricted stock units and performance stock units

The table below summarizes activities related to restricted stock units and performance stock units for the three months ended September 30, 2024:


	Number of Shares Underlying Performance Stock Units		Weighted Average Grant-Date Fair Value PSUs		Number of Shares Underlying Restricted Stock Units		Weighted Average Grant-Date Fair Value RSUs

	(Dollars in Thousands, except per share data)
Outstanding as of June 30, 2024	82,656		$	194.03	288,887		$	193.98
Granted	87,945		$	234.14	159,878		$	231.06
Settled	—		—		(62,272)		$	196.29
Forfeited	(13,289)		$	194.10	(28,652)		$	198.05
Outstanding as of September 30, 2024	157,312		$	216.45	357,841		$	210.23
Weighted average remaining recognition period of outstanding units (in years)	2.58				2.16
Unrecognized stock-based compensation expense of outstanding units	$	22,753			$	62,714
Aggregate intrinsic value of outstanding units	$	29,282			$	83,133

Intangible Assets (Tables)

3 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

Intangible assets consist of the following as of September 30, 2024 and June 30, 2024:


	Developed Technology		Trademarks		Customer Relationships and Backlog		Capitalized Software and Other		Total

September 30, 2024	(Dollars in Thousands)
Gross carrying amount	$	1,903,599	$	464,400	$	3,082,541	$	24,026	$	5,474,566
Less: Accumulated amortization	(585,236)		(18,900)		(796,521)		(10,057)		(1,410,714)
Net carrying amount	$	1,318,363	$	445,500	$	2,286,020	$	13,969	$	4,063,852

	Developed Technology		Trademarks		Customer Relationships and Backlog		Capitalized Software and Other		Total

June 30, 2024	(Dollars in Thousands)
Gross carrying amount	$	1,903,599	$	464,400	$	3,082,541	$	24,026	$	5,474,566
Less: Accumulated amortization	(537,492)		(17,931)		(724,270)		(10,123)		(1,289,816)
Net carrying amount	$	1,366,107	$	446,469	$	2,358,271	$	13,903	$	4,184,750

Revenue from Contracts with Customers (Notes)

3 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue from Contracts with Customers

Contract Assets and Contract Liabilities

The Company’s contract assets and contract liabilities were as follows as of September 30, 2024 and June 30, 2024:


	September 30, 2024		June 30, 2024

	(Dollars in Thousands)
Contract assets	$	944,949	$	924,283
Contract liabilities	(151,337)		(151,824)
Net contract assets	$	793,612	$	772,459

The majority of the Company’s contract balances are related to arrangements where revenue is recognized at a point in time and payments are made according to a contractual billing schedule. The change in the net contract asset balance during the three months ended September 30, 2024 was primarily due to greater revenue recognition as compared to billings. Revenue recognized during the first quarter of fiscal 2024 included $38.0 million that was included in the beginning contract liability balance.

Transaction Price Allocated to Remaining Performance Obligations

The following table includes the aggregate amount of the transaction price allocated as of September 30, 2024 to the performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period:


	Year Ended June 30,
	2025		2026		2027		2028		2029		Thereafter		Total

	(Dollars in Thousands)
License and solutions	$	158,801	$	57,595	$	19,618	$	10,301	$	5,063	$	182	$	251,560
Maintenance	246,297		234,058		172,742		114,627		67,181		34,640		869,545
Services and other	84,300		52,695		18,142		7,809		571		77		163,594
Total	$	489,398	$	344,348	$	210,502	$	132,737	$	72,815	$	34,899	$	1,284,699

Disaggregated Revenue Information

The table below reflects disaggregated revenues by business for the three months ended September 30, 2024 and 2023:


	Three Months Ended September 30,
	2024		2023

	(Dollars in Thousands)
Heritage AspenTech	$	150,043	$	175,743
Subsurface Science & Engineering (“SSE”)	20,310		24,081
Digital Grid Management (“DGM”)	45,524		49,484
Total	$	215,877	$	249,308

The Company did not have any customers that accounted for 10 percent or more of the Company’s revenues for the three months ended September 30, 2024 and 2023, respectively.

- 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
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Credit Agreement (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 27, 2024
Credit Agreement
Letters of Credit Outstanding, Amount	$ 5.5
Revolving Credit Facility [Member]
Credit Agreement
Principal amount	$ 194.5
Second Amended and Restated Credit Agreement
Credit Agreement
Principal amount		$ 200.0

Subsequent Events (Details) - Open Grid Systems Ltd - Subsequent Event $ in Millions	Oct. 25, 2024 USD ($)
Subsequent Events [Abstract]
Consideration transferred	$ 45
Subsequent Event [Line Items]
Consideration transferred	$ 45

Organization and Basis of Presentation (Details) $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($) countries	Jun. 30, 2024 USD ($)
Contractors [Abstract]
us-gaap_NumberOfCountriesInWhichEntityOperates \| countries	113
Restricted Cash Held in Russia \| $	$ 14.0	$ 11.5

Goodwill - Goodwill, Net (Details) $ in Thousands	3 Months Ended
Goodwill - Goodwill, Net (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill:
Balance, June 30, 2024	$ 8,328,201
Foreign currency translation	1,923
Balance, September 30, 2024	$ 8,330,124

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Section 55
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+ Details

Goodwill (Tables)

3 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in carrying amount of goodwill by reporting unit

The changes in the carrying amount of goodwill during the three months ended September 30, 2024 were as follows:


	Carrying Value
	(Dollars in Thousands)
Balance, June 30, 2024	$	8,328,201
Foreign currency translation	1,923
Balance, September 30, 2024	$	8,330,124

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Fair Value

3 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value

The Company determines 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 the Company has 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.” The Company’s 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 condensed consolidated balance sheets as of September 30, 2024 and June 30, 2024, 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)
September 30, 2024
Money market funds (cash equivalents)	$	106,187	$	—
Equity method investments	$	—	$	2,467


June 30, 2024
Money market funds (cash equivalents)	$	129,710	$	—
Equity method investments	$	—	$	2,437

Financial instruments not measured or recorded at fair value in the accompanying condensed consolidated financial statements consist of accounts receivable, accounts payable and accrued liabilities. The estimated fair value of these financial instruments approximates its carrying value. The estimated fair value of the borrowings under the Second Amended and Restated Credit Agreement (described below in Note 10, “Debt”) approximates its 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Net Income Per Share (Tables)

3 Months Ended

Sep. 30, 2024

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 loss per share and basic and diluted weighted average shares outstanding for the three months ended September 30, 2024 and 2023 are as follows:


	Three Months Ended September 30,
	2024		2023

	(Dollars and Shares in Thousands, Except per Share Data)
Net loss	$	(60,464)	$	(34,525)

Basic weighted average shares outstanding	63,244		64,319



Dilutive weighted average shares outstanding	63,244		64,319

Net loss per share
Basic	$	(0.96)	$	(0.54)
Dilutive	$	(0.96)	$	(0.54)

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 diluted weighted average shares outstanding because their effect would be anti-dilutive as of September 30, 2024 and 2023:


	Three Months Ended September 30,
	2024	2023

	(Shares in Thousands)
Employee equity awards	1,032	1,449

Stock-Based Compensation - Stock-Based Compensation Expense and its Classification in the Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Recorded as expenses:
Total stock-based compensation	$ 14,814	$ 16,699
License and solutions
Recorded as expenses:
Total stock-based compensation	551	680
Cost of maintenance
Recorded as expenses:
Total stock-based compensation	887	488
Cost of services and other
Recorded as expenses:
Total stock-based compensation	1,045	498
Selling and marketing
Recorded as expenses:
Total stock-based compensation	2,930	2,942
Research and development
Recorded as expenses:
Total stock-based compensation	3,000	4,553
General and administrative
Recorded as expenses:
Total stock-based compensation	$ 6,401	$ 7,538

Regulated Operations (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Regulated Operations [Abstract]
Compensation-related	$ 50,610	$ 61,976
Deferred acquisition payments	1,475	1,804
Accrued Professional Fees, Current	5,661	4,987
Accrued Income Taxes	5,146	10,991
Restructuring Reserve	1,078	0
Other Accrued Liabilities, Current	14,956	20,409
Accrued expenses and other current liabilities	$ 78,926	$ 100,167

Restructuring and Related Activities	3 Months Ended
Restructuring and Related Activities	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure	Restructuring Costs The Company records liabilities for costs associated with exit or disposal activities in the period in which the liability is incurred. Employee severance costs are accrued when the restructuring actions have been determined and communicated to the employee. Costs for one-time termination benefits in which the employee is required to render service until termination in order to receive the benefits are recognized ratably over the future service period. In August 2024, the Company announced a reorganization of its corporate structure, resulting in the elimination of certain roles as it continues to seek additional opportunities to streamline expenses and increase efficiencies. Additionally, due to the expansion of sanctions by the United States government on commercial activity in Russia, the Company will be closing certain facilities, and terminating or relocating substantially all employees based in Russia during fiscal 2025. As a result of these actions, the Company has incurred and will continue to incur restructuring costs during fiscal 2025 consisting primarily of severance expenditures, one-time benefits and other contract termination costs. Restructuring costs were $7.7 million for the three months ended September 30, 2024, and there were no restructuring costs for the three months ended September 30, 2023. As of September 30, 2024, the liability associated with unpaid restructuring costs was $1.1 million, which is included within accrued expenses and other current liabilities on the condensed consolidated balance sheets.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Net loss	$ (60,464)	$ (34,525)
Other comprehensive income (loss):
Foreign currency translation adjustments	5,202	(11,201)
Total other comprehensive income (loss)	5,202	(11,201)
Comprehensive loss	$ (55,262)	$ (45,726)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

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+ 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
	Sep. 30, 2024	Sep. 30, 2023
Net loss	$ (60,464)	$ (34,525)
Weighted Average Number of Shares Outstanding, Basic	63,244	64,319
Basic	$ (0.96)	$ (0.54)
Earnings Per Share, Diluted	$ (0.96)	$ (0.54)
Dilutive impact from:
Dilutive weighted average shares outstanding (in shares)	63,244	64,319

- Definition

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

+ References

+ 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

+ Details

- Definition

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

+ References

+ Details

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Current assets:
Cash and cash equivalents	$ 221,093	$ 236,970
Accounts receivable, net	102,867	115,533
Current contract assets, net	426,387	409,177
Prepaid expenses and other current assets	33,670	27,441
Receivables from related parties	45,300	78,483
Prepaid income taxes	2,909	8,462
Total current assets	832,226	876,066
Property, equipment and leasehold improvements, net	18,093	17,389
Goodwill	8,330,124	8,328,201
Finite-Lived Intangible Assets, Net	4,063,852	4,184,750
Non-current contract assets, net	518,562	515,106
Contract costs	26,265	24,903
Operating lease right-of-use assets	95,001	96,034
Deferred income tax assets	7,627	6,989
Other non-current assets	25,189	22,269
Total assets	13,916,939	14,071,707
Current liabilities:
Accounts payable	12,050	8,099
Accrued expenses and other current liabilities	78,926	100,167
Due to related parties	24,979	47,449
Current operating lease liabilities	12,172	13,125
Income taxes payable	21,656	44,249
Current contract liabilities	117,768	124,312
Total current liabilities	267,551	337,401
Non-current contract liabilities	33,569	27,512
Deferred income tax liabilities	758,389	790,687
Non-current operating lease liabilities	85,676	84,875
Other non-current liabilities	18,795	18,377
Stockholders' equity:
Common Stock, Value, Issued	7	7
Additional paid-in capital	13,293,704	13,277,851
Accumulated deficit	(111,626)	(51,162)
Accumulated other comprehensive loss	$ (2,059)	$ (7,261)
Treasury Stock, Common, Shares	2,208,483	2,115,664
Treasury Stock, Value	$ (427,067)	$ (406,580)
Total stockholders’ equity	12,752,959	12,812,855
Total liabilities and stockholders’ equity	$ 13,916,939	$ 14,071,707
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized	600,000,000	600,000,000
Common stock, issued	65,453,489	65,367,159
Common stock, outstanding	63,245,006	63,251,495

Stock-Based Compensation - Stock-Based Compensation Accounting (Details)

3 Months Ended

Sep. 30, 2024

Stock-Based Compensation Accounting

Schedule of activities related to restricted stock units and performance stock units

The table below summarizes activities related to restricted stock units and performance stock units for the three months ended September 30, 2024:


	Number of Shares Underlying Performance Stock Units		Weighted Average Grant-Date Fair Value PSUs		Number of Shares Underlying Restricted Stock Units		Weighted Average Grant-Date Fair Value RSUs

	(Dollars in Thousands, except per share data)
Outstanding as of June 30, 2024	82,656		$	194.03	288,887		$	193.98
Granted	87,945		$	234.14	159,878		$	231.06
Settled	—		—		(62,272)		$	196.29
Forfeited	(13,289)		$	194.10	(28,652)		$	198.05
Outstanding as of September 30, 2024	157,312		$	216.45	357,841		$	210.23
Weighted average remaining recognition period of outstanding units (in years)	2.58				2.16
Unrecognized stock-based compensation expense of outstanding units	$	22,753			$	62,714
Aggregate intrinsic value of outstanding units	$	29,282			$	83,133

Comprehensive Text Block List (Tables)

3 Months Ended

Sep. 30, 2024

Text Block [Abstract]

Restructuring and Related Costs

Allocations and charges from Emerson are as follows:


	Three Months Ended September 30,
	2024		2023

	(Dollars in Thousands)

Information technology	$	194	$	975

Shared services and other	$	162	$	374

Investments in and Advances to Affiliates


	Three Months Ended September 30,
	2024		2023

	(Dollars in Thousands)
Revenue from Emerson affiliates	$	987	$	313

Purchases from Emerson affiliates	$	75	$	68

Schedule of Accounts Payable and Accrued Liabilities

Receivables from related parties and due to related parties reported in the condensed consolidated balance sheets as of September 30, 2024 and June 30, 2024 include the following:


	September 30, 2024		June 30, 2024

	(Dollars in Thousands)
Interest bearing receivables from related parties	$	45,119	$	78,278
Trade receivables from related parties	181		205
Receivables from related parties	$	45,300	$	78,483

Interest bearing payables to related parties	$	24,661	$	47,315
Trade payables to related parties	318		134
Due to related parties	$	24,979	$	47,449

Revenue from Contracts with Customers Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Total revenue	$ 215,877	$ 249,308
License and solutions
Total revenue	101,659	148,648
Maintenance
Total revenue	90,686	84,968
Services and other
Total revenue	$ 23,532	$ 15,692

- Definition

Amount, including 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

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+ Details

Stock-Based Compensation - RSU Activity (Details) - USD ($)	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024
Restricted Stock Units
Restricted stock units activity
Granted (in shares)	159,878
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 231.06
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	357,841	288,887
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	2 years 1 month 28 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period	(62,272)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(28,652)
Total unrecognized compensation cost	$ 62,714
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 83,133
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 210.23	$ 193.98
Settled (RSUs) (in dollars per share)	196.29
Cancelled / Forfeited (in dollars per share)	$ 198.05
Performance Shares [Member]
Restricted stock units activity
Granted (in shares)	87,945
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 234.14
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	157,312	82,656
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	2 years 6 months 29 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(13,289)
Total unrecognized compensation cost	$ 22,753
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 29,282
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 216.45	$ 194.03
Settled (RSUs) (in dollars per share)	0
Cancelled / Forfeited (in dollars per share)	$ 194.10

Cover Page - shares	3 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-41400
Entity Registrant Name	ASPEN TECHNOLOGY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-3100817
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, $0.0001 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	0001897982
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Document Period End Date	Sep. 30, 2024
Entity Common Stock, Shares Outstanding		63,249,719

Leases

3 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

Operating lease costs are recognized on a straight-line basis over the term of the lease. The components of total lease expense for the three months ended September 30, 2024 and 2023 were as follows:


	Three Months Ended September 30,
	2024		2023

	(Dollars in Thousands)
Operating lease expense	$	4,977	$	4,466
Variable lease expense	$	404	$	223
Short term lease expense	$	136	$	157

The following table summarizes the balances of the Company’s operating lease right-of-use assets and operating lease liabilities as of September 30, 2024 and June 30, 2024:


	September 30, 2024		June 30, 2024

	(Dollars in Thousands)
Operating lease right-of-use assets	$	95,001	$	96,034
Current operating lease liabilities	$	12,172	$	13,125
Non-current operating lease liabilities	$	85,676	$	84,875

The weighted-average remaining lease term for operating leases was eleven years and eleven years, and the weighted-average discount rate was 4.2% and 4.0% as of September 30, 2024 and June 30, 2024, respectively.

The following table represents the future maturities of the Company’s operating lease liabilities as of September 30, 2024:


Year Ending June 30,	(Dollars in Thousands)
2025	$	10,219
2026	11,019
2027	14,416
2028	14,015
2029	13,125
Thereafter	91,950
Total lease payments	154,744
Less: imputed interest	(32,073)
Less: leasehold improvement incentives to be utilized	(24,823)
Total lease maturities	$	97,848

Stock Repurchases	3 Months Ended
Stock Repurchases	Sep. 30, 2024
Equity [Abstract]
Treasury Stock	Stock Repurchases On August 6, 2024, the Company announced that its Board of Directors approved a share repurchase authorization (the “Fiscal 2025 Share Repurchase Authorization”) pursuant to which an aggregate amount of $100.0 million of its common stock may be repurchased, by means of open market transactions, block transactions, privately negotiated purchase transactions or any other purchase techniques, including 10b5-1 trading plans. The timing and amount of any shares repurchased under the Fiscal 2025 Share Repurchase Authorization are based on market conditions and other factors. All shares of the Company’s common stock repurchased have been recorded as treasury stock under the cost method. The Company reflects share repurchases in its condensed consolidated financial statements once the transaction is settled. As of September 30, 2024, a total of 92,819 shares have been repurchased under the Fiscal 2025 Share Repurchase Authorization for $20.5 million, with the total remaining value available for repurchase being $79.5 million.

Subsequent Events	3 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 25, 2024, the Company entered into a definitive agreement to acquire Open Grid Systems Limited (“OGS”). OGS is a global provider of network model management technology and a pioneer in developing model-driven applications supporting open access to data through industry standards. The Company has agreed to pay $45.0 million, plus the value of any cash acquired and any necessary net working capital adjustments. The Company currently intends to finance the transaction through cash on hand. The acquisition is expected to close in the second fiscal quarter of 2025, subject to receipt of regulatory approvals.

Comprehensive Text Block List (Details) - USD ($) $ in Thousands		3 Months Ended
	Oct. 10, 2021	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Jul. 28, 2023
Payment for Plantweb Optics Analytics					$ 12,500
Receivables from related parties		$ 45,300		$ 78,483
Due to related parties		24,979		47,449
Receivables from related parties		45,300		78,483
Due to related parties		24,979		47,449
Heritage AspenTech
Consideration transferred	$ 6,014,000
Emerson Electric Co.
Text Block [Abstract]
Purchases from Emerson affiliates		75	$ 68
Revenue from Emerson affiliates		987	313
Purchases from Emerson affiliates		75	68
Revenue from Emerson affiliates		$ 987	313
Emerson Electric Co. \| Heritage AspenTech
Text Block [Abstract]
Business Acquisition, Percentage of Voting Interests Acquired		56.00%
Business Acquisition, Percentage of Voting Interests Acquired		56.00%
Information technology
Payments of Distributions to Affiliates		$ 194	975
Shared services and other
Payments of Distributions to Affiliates		162	$ 374
Related Party
Financing Receivable, after Allowance for Credit Loss		45,119		78,278
Accounts Receivable, after Allowance for Credit Loss		181		205
Accounts Payable		318		134
Notes Payable		24,661		47,315
Receivables from related parties		45,300		78,483
Due to related parties		24,979		47,449
Financing Receivable, after Allowance for Credit Loss		45,119		78,278
Accounts Receivable, after Allowance for Credit Loss		181		205
Notes Payable		24,661		47,315
Accounts Payable		318		134
Receivables from related parties		45,300		78,483
Due to related parties		$ 24,979		$ 47,449

Interim Unaudited Consolidated Financial Statements	3 Months Ended
Interim Unaudited Consolidated Financial Statements	Sep. 30, 2024
Contractors [Abstract]
Nature of Operations	Organization and Basis of Presentation AspenTech, together with its subsidiaries (the “Company”), is a leading industrial software company that develops solutions to address complex industrial environments where it is critical to optimize the asset design, operations and maintenance lifecycle. Through the Company’s unique combination of product capabilities, deep domain expertise and award-winning innovation, customers across diverse end markets in asset-intensive industries can improve their operational excellence while achieving sustainability goals. The Company had revenue from customers in 113 countries during the first quarter of fiscal 2025. Basis of Presentation The Company has prepared the accompanying unaudited condensed consolidated financial statements as of September 30, 2024, and for the first quarter of fiscal 2025 and 2024 pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and in accordance with generally accepted accounting principles in the United States (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated and combined financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024. The preparation of financial statements and related disclosures in conformity with GAAP requires us to make judgments, assumptions, and estimates that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The actual results that the Company experiences may differ materially from these estimates. Russia In June 2024, the United States government announced new expanded restrictions that prohibit the sale, service, maintenance, and support (such as bug fixes and updates) of enterprise management software and design and manufacturing software in the Russian market. As a result, the Company announced that it had suspended all commercial activities in Russia in the fourth quarter of fiscal 2024. This includes the discontinuation of the following activities: all commercial discussions with customers, initiating or processing renewals, providing proposals to customers or selling products or services. In addition, the Company has written-off certain assets that are related to its operations in Russia, and will be closing certain facilities, and terminating or relocating substantially all employees based in Russia during fiscal 2025. Beginning with the consolidated balance sheet as of June 30, 2024, the Company classifies cash balances that are both held in Russia and in excess of what it estimates will be required to wind down its operations in Russia as restricted cash due to current restrictions impacting the Company’s ability to transfer funds from bank accounts located in Russia to other countries. As of September 30, 2024 and June 30, 2024, the restricted cash held in Russia was $14.0 million and $11.5 million, respectively, which is included within other non-current assets on the condensed consolidated balance sheets.

Stock-Based Compensation - Stock Option Activity (Details) - USD ($)

3 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Jun. 30, 2024

Aggregate Intrinsic Value

Issuance of shares of common stock, net of taxes

$ 6,262,000

$ 3,285,000

Share Price

$ 238.82

Stock-Based Compensation


	Three Months Ended September 30,
	2024		2023

	(Dollars in Thousands)
Cost of license and solutions	$	551	$	680
Cost of maintenance	887		488
Cost of services and other	1,045		498
Selling and marketing	2,930		2,942
Research and development	3,000		4,553
General and administrative	6,401		7,538
Total stock-based compensation	$	14,814	$	16,699

Stock Options

The table below summarizes activities related to stock options for the three months ended September 30, 2024:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(1)
				(in years)	(in thousands)
Outstanding as of June 30, 2024	760,088	$	160.82	5.61	$	43,132
Exercised	(50,006)	$	140.67
Cancelled / Forfeited	(28,323)	$	175.33
Outstanding as of September 30, 2024	681,759	$	159.47	5.62	$	65,611
Exercisable as of September 30, 2024	562,878	$	133.36	5.18	$	59,369
Vested and expected to vest as of September 30, 2024	675,824	$	142.10	5.61	$	65,386

__________

Restricted Stock Units and Performance Stock Units


	Number of Shares Underlying Performance Stock Units		Weighted Average Grant-Date Fair Value PSUs		Number of Shares Underlying Restricted Stock Units		Weighted Average Grant-Date Fair Value RSUs

	(Dollars in Thousands, except per share data)
Outstanding as of June 30, 2024	82,656		$	194.03	288,887		$	193.98
Granted	87,945		$	234.14	159,878		$	231.06
Settled	—		—		(62,272)		$	196.29
Forfeited	(13,289)		$	194.10	(28,652)		$	198.05
Outstanding as of September 30, 2024	157,312		$	216.45	357,841		$	210.23
Weighted average remaining recognition period of outstanding units (in years)	2.58				2.16
Unrecognized stock-based compensation expense of outstanding units	$	22,753			$	62,714
Aggregate intrinsic value of outstanding units	$	29,282			$	83,133

Stock Options

Stock options activity

Outstanding, beginning of period (in shares)

760,088

Exercised (in shares)

(50,006)

Outstanding, end of period (in shares)

681,759

Weighted Average Exercise Price

Outstanding, beginning of period (in dollars per share)

$ 160.82

Exercised (in dollars per share)

140.67

Outstanding, end of period (in dollars per share)

$ 159.47

Aggregate Intrinsic Value

Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures and Expirations in Period

(28,323)

Cancelled / Forfeited (in dollars per share)

$ 175.33

Outstanding, end of period

$ 65,611

$ 43,132

Vested and exercisable, end of period (in shares)

562,878

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

$ 133.36

Vested and exercisable, end of period

5 years 2 months 4 days

Vested and exercisable, end of period

$ 59,369

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

675,824

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

$ 142.10

Vested and expected to vest, end of period

5 years 7 months 9 days

Vested and expected to vest, end of period

$ 65,386

Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term

5 years 7 months 13 days

5 years 7 months 9 days

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 248,468,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 241,209,000

Segment Information - Summary of Reportable Segments' Profits (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Summary of reportable segments' profits
Loss from operations	$ (95,965)	$ (60,211)
Property, equipment and leasehold improvements, net	18,093		$ 17,389
Revenue from Contract with Customer, Excluding Assessed Tax	215,877	249,308
Americas
Summary of reportable segments' profits
Property, equipment and leasehold improvements, net	13,906		13,643
Revenue from Contract with Customer, Excluding Assessed Tax	111,866	133,016
Asia, Middle East and Africa
Summary of reportable segments' profits
Property, equipment and leasehold improvements, net	2,452		2,011
Revenue from Contract with Customer, Excluding Assessed Tax	52,269	57,685
Europe
Summary of reportable segments' profits
Property, equipment and leasehold improvements, net	1,735		1,735
Revenue from Contract with Customer, Excluding Assessed Tax	51,742	58,607
North America
Summary of reportable segments' profits
Property, equipment and leasehold improvements, net	11,500		$ 11,200
Revenue from Contract with Customer, Excluding Assessed Tax	$ 83,400	$ 96,000

- 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

+ Details

Credit Agreement Schedule of Long-Term Debt (Details) $ in Millions	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount	$ 5.5
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 194.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized that was previously deferred	$ 38,000
Revenue from Contract with Customer, Excluding Assessed Tax	$ 215,877	$ 249,308
Segment Reporting, Disclosure of Major Customers	not	not
Revenue recognized that was previously deferred	$ 38,000
OSI Inc.
Revenue from Contract with Customer, Excluding Assessed Tax	45,524	$ 49,484
SSE
Revenue from Contract with Customer, Excluding Assessed Tax	20,310	24,081
Heritage AspenTech
Revenue from Contract with Customer, Excluding Assessed Tax	$ 150,043	$ 175,743

- Definition

+ References

+ Details

Segment Information (Tables)

3 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Revenue from External Customers by Geographic Areas

Summarized below is information about the Company’s geographic operations:


	Revenue by Destination
	Three Months Ended September 30,
	2024		2023

	(Dollars in Thousands)
Americas	$	111,866	$	133,016
Asia, Middle East and Africa	52,269		57,685
Europe	51,742		58,607
Total	$	215,877	$	249,308

Property, Plant and Equipment [Table Text Block]


	Property, Equipment, and
	Leasehold Improvements, Net
	September 30, 2024		June 30, 2024

	(Dollars in Thousands)
Americas	$	13,906	$	13,643
Asia, Middle East and Africa	2,452		2,011
Europe	1,735		1,735
Total	$	18,093	$	17,389

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 215,877	$ 249,308
Cost of revenue:
Total cost of revenue	95,447	98,060
Gross profit	120,430	151,248
Operating expenses:
Selling and marketing	125,661	122,378
Research and development	50,000	53,676
General and administrative	33,008	35,405
Restructuring Costs	7,726	0
Total operating expenses	216,395	211,459
Loss from operations	(95,965)	(60,211)
Other income (expense), net	2,041	(5,830)
Interest income, net	17,176	14,049
Loss before benefit for income taxes	(76,748)	(51,992)
Benefit for income taxes	(16,284)	(17,467)
Net loss	$ (60,464)	$ (34,525)
Earnings Per Share [Abstract]
Basic	$ (0.96)	$ (0.54)
Diluted	$ (0.96)	$ (0.54)
Weighted average shares outstanding:
Basic	63,244	64,319
Diluted	63,244	64,319
License and solutions
Revenue:
Total revenue	$ 101,659	$ 148,648
Cost of revenue:
Total cost of revenue	63,654	71,578
Maintenance
Revenue:
Total revenue	90,686	84,968
Cost of revenue:
Total cost of revenue	10,688	10,200
Services and other
Revenue:
Total revenue	23,532	15,692
Cost of revenue:
Total cost of revenue	$ 21,105	$ 16,282

Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Level 1 Inputs
Fair Value
Money market funds (cash equivalents)	$ 106,187	$ 129,710
Level 2 Inputs
Fair Value
Equity method investments	$ 2,467	$ 2,437

Revenue from Contracts with Customers Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024
Revenue recognized that was previously deferred	$ 38,000
Deferred revenue	(151,337)	$ (151,824)
Contract assets	944,949	924,283
Net Contract Assets (Liabilities)	$ 793,612	$ 772,459

Stock-Based Compensation - Additional Disclosures (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Stock-based compensation, additional disclosures
Issuance of shares of common stock, net of taxes	$ 6,262	$ 3,285
Employee stock purchase plan, stock-based compensation	$ 14,814	$ 16,699
Restricted Stock Units
Stock-based compensation, additional disclosures
Weighted average grant-date fair value of RSUs granted	$ 231.06
Performance awards, shares granted	159,878
Performance Shares [Member]
Stock-based compensation, additional disclosures
Weighted average grant-date fair value of RSUs granted	$ 234.14
Performance awards, shares granted	87,945

Credit Agreement	3 Months Ended
Credit Agreement	Sep. 30, 2024
Debt Disclosure [Abstract]
Credit Agreement	Debt Second Amended and Restated Credit Agreement On June 27, 2024, the Company entered into a new Second Amended and Restated Credit Agreement (the “Second Amended and Restated Credit Agreement”) with JPMorgan Chase Bank, National Association with an expiration date of June 27, 2029 that provides for aggregate borrowing commitments of $200.0 million. As of September 30, 2024, the Company was in compliance with the covenants associated with the Second Amended and Restated Credit Agreement, and, after considering eligible outstanding letters of credit allowable in the aggregate amount of $5.5 million, the Company had $194.5 million available for borrowing. For a more detailed description of the Second Amended and Restated Credit Agreement, see Note 12, “Debt” to the consolidated and combined financial statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Income Per Share - Stock Options Excluded from the Computation of Dilutive Weighted Average Shares Outstanding (Details) - shares	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
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)	1,032,000	1,449,000

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Leases [Abstract]
Operating lease expense	$ 4,977	$ 4,466
Variable lease costs	404	223
Short-Term Lease, Cost	136	$ 157
Operating lease right-of-use assets	95,001		$ 96,034
Current operating lease liabilities	12,172		13,125
Non-current operating lease liabilities	$ 85,676		$ 84,875
Weighted average remaining lease term	11 years		11 years
Weighted average discount rate	4.20%		4.00%
2025	$ 10,219
2026	11,019
2027	14,416
2028	14,015
2029	13,125
Thereafter	91,950
Total lease payments	154,744
Less: imputed interest	(32,073)
Leasehold Improvements, Gross	(24,823)
Operating lease liabilities	$ 97,848

Revenue from Contracts with Customers (Tables)

3 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

The table below reflects disaggregated revenues by business for the three months ended September 30, 2024 and 2023:


	Three Months Ended September 30,
	2024		2023

	(Dollars in Thousands)
Heritage AspenTech	$	150,043	$	175,743
Subsurface Science & Engineering (“SSE”)	20,310		24,081
Digital Grid Management (“DGM”)	45,524		49,484
Total	$	215,877	$	249,308

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

The Company’s contract assets and contract liabilities were as follows as of September 30, 2024 and June 30, 2024:


	September 30, 2024		June 30, 2024

	(Dollars in Thousands)
Contract assets	$	944,949	$	924,283
Contract liabilities	(151,337)		(151,824)
Net contract assets	$	793,612	$	772,459

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


	Year Ended June 30,
	2025		2026		2027		2028		2029		Thereafter		Total

	(Dollars in Thousands)
License and solutions	$	158,801	$	57,595	$	19,618	$	10,301	$	5,063	$	182	$	251,560
Maintenance	246,297		234,058		172,742		114,627		67,181		34,640		869,545
Services and other	84,300		52,695		18,142		7,809		571		77		163,594
Total	$	489,398	$	344,348	$	210,502	$	132,737	$	72,815	$	34,899	$	1,284,699

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Developed Technology	$ 5,474,566		$ 5,474,566
Trademarks	(1,410,714)		(1,289,816)
Intangible assets, net	4,063,852		4,184,750
Intangible asset amortization expense	121,800	$ 121,700
Heritage AspenTech
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	430,000
Gross carrying amount
Finite-Lived Intangible Assets [Line Items]
Developed Technology	1,903,599		1,903,599
Trademarks	(585,236)		(537,492)
Intangible assets, net	1,318,363		1,366,107
Less: Accumulated amortization
Finite-Lived Intangible Assets [Line Items]
Developed Technology	3,082,541		3,082,541
Trademarks	(796,521)		(724,270)
Intangible assets, net	2,286,020		2,358,271
Trademarks
Finite-Lived Intangible Assets [Line Items]
Developed Technology	464,400		464,400
Trademarks	(18,900)		(17,931)
Intangible assets, net	445,500		446,469
Purchased software
Finite-Lived Intangible Assets [Line Items]
Developed Technology	24,026		24,026
Trademarks	(10,057)		(10,123)
Intangible assets, net	$ 13,969		$ 13,903

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Our significant accounting policies are described in Note 2, “Significant Accounting Policies,” to the consolidated and combined financial statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024. There were no material changes to our significant accounting policies during the three months ended September 30, 2024. (a) Recently Issued Accounting Standards Not Yet Adopted In October 2023, the FASB issued Accounting Standards Updated (“ASU”) 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 was issued to modify the disclosure or presentation requirements of a variety of topics in the codification. The effective date for each amendment will be the date on which the SEC removal of the related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company does not expect the adoption of ASU 2023-06 to have a material impact on its financial position or results of operations. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 expands segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The disclosures required under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for the Company’s first fiscal year beginning after December 15, 2023 and for interim periods within the Company’s first fiscal year beginning after December 15, 2024, with early adoption permitted. The Company does not expect the adoption of ASU 2023-07 to have a material impact on its financial position or results of operations. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for the Company’s first fiscal year beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its financial position or results of operations.

Goodwill (Policies)

3 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying amount of goodwill during the three months ended September 30, 2024 were as follows:


	Carrying Value
	(Dollars in Thousands)
Balance, June 30, 2024	$	8,328,201
Foreign currency translation	1,923
Balance, September 30, 2024	$	8,330,124

Segment Information

3 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

Segment and Geographic Information

The Company operates in one operating and reportable segment. The Company’s chief operating decision maker is its President and Chief Executive Officer, who makes operating decisions, assesses performance and allocates resources on a consolidated basis.

Geographic Information

Summarized below is information about the Company’s geographic operations:


	Revenue by Destination
	Three Months Ended September 30,
	2024		2023

	(Dollars in Thousands)
Americas	$	111,866	$	133,016
Asia, Middle East and Africa	52,269		57,685
Europe	51,742		58,607
Total	$	215,877	$	249,308

Americas included revenue in the United States of $83.4 million and $96.0 million for the three months ended September 30, 2024 and 2023, respectively.


	Property, Equipment, and
	Leasehold Improvements, Net
	September 30, 2024		June 30, 2024

	(Dollars in Thousands)
Americas	$	13,906	$	13,643
Asia, Middle East and Africa	2,452		2,011
Europe	1,735		1,735
Total	$	18,093	$	17,389

Property, equipment, and leasehold improvements, net located in the United States were $11.5 million and $11.2 million as of September 30, 2024 and June 30, 2024, respectively.

- 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.

+ References

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+ Details

Fair Value Fair Value (Tables)

3 Months Ended

Sep. 30, 2024

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)
September 30, 2024
Money market funds (cash equivalents)	$	106,187	$	—
Equity method investments	$	—	$	2,467


June 30, 2024
Money market funds (cash equivalents)	$	129,710	$	—
Equity method investments	$	—	$	2,437

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, Common
Common stock, issued		64,952,868				487,626
Additional paid-in capital			$ 13,194,028
Accumulated deficit				$ (41,391)
Accumulated other comprehensive loss					$ 2,436
Total stockholders’ equity	$ 13,070,929	$ 6				$ (84,150)
Net loss	(34,525)			(34,525)
Total other comprehensive income (loss)	(11,201)				(11,201)
Issuance of shares of common stock (in shares)		29,644
Issuance of shares of common stock, amount	3,826		3,826
Issuance of restricted stock units and net share settlement related to withholding taxes (in shares)		47,896
Issuance of restricted stock units and net share settlement related to withholding taxes, amount	(4,585)		(4,585)
Repurchase of common stock, amount	(114,224)		(20,210)			$ 134,434
Stock-based compensation	16,699		16,699
Treasury Stock, Shares, Acquired						686,843
Common stock, issued		65,030,408				1,174,469
Additional paid-in capital			13,230,178
Accumulated deficit				(75,916)
Accumulated other comprehensive loss					(8,765)
Total stockholders’ equity	$ 12,926,919	$ 6				$ (218,584)
Common stock, issued	65,367,159	65,367,159				2,115,664
Additional paid-in capital	$ 13,277,851		13,277,851
Accumulated deficit	(51,162)			(51,162)
Accumulated other comprehensive loss	(7,261)				(7,261)
Total stockholders’ equity	12,812,855	$ 7				$ (406,580)
Net loss	(60,464)			(60,464)
Total other comprehensive income (loss)	5,202				5,202
Issuance of shares of common stock (in shares)		48,326
Issuance of shares of common stock, amount	6,662		6,662
Issuance of restricted stock units and net share settlement related to withholding taxes (in shares)		38,004
Issuance of restricted stock units and net share settlement related to withholding taxes, amount	(5,623)		(5,623)
Repurchase of common stock, amount	(20,487)					$ 20,487
Stock-based compensation	$ 14,814		14,814
Treasury Stock, Shares, Acquired						92,819
Common stock, issued	65,453,489	65,453,489				2,208,483
Additional paid-in capital	$ 13,293,704		$ 13,293,704
Accumulated deficit	(111,626)			$ (111,626)
Accumulated other comprehensive loss	(2,059)				$ (2,059)
Total stockholders’ equity	$ 12,752,959	$ 7				$ (427,067)

Intangible Assets

3 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consist of the following as of September 30, 2024 and June 30, 2024:


	Developed Technology		Trademarks		Customer Relationships and Backlog		Capitalized Software and Other		Total

September 30, 2024	(Dollars in Thousands)
Gross carrying amount	$	1,903,599	$	464,400	$	3,082,541	$	24,026	$	5,474,566
Less: Accumulated amortization	(585,236)		(18,900)		(796,521)		(10,057)		(1,410,714)
Net carrying amount	$	1,318,363	$	445,500	$	2,286,020	$	13,969	$	4,063,852

	Developed Technology		Trademarks		Customer Relationships and Backlog		Capitalized Software and Other		Total

June 30, 2024	(Dollars in Thousands)
Gross carrying amount	$	1,903,599	$	464,400	$	3,082,541	$	24,026	$	5,474,566
Less: Accumulated amortization	(537,492)		(17,931)		(724,270)		(10,123)		(1,289,816)
Net carrying amount	$	1,366,107	$	446,469	$	2,358,271	$	13,903	$	4,184,750

Income Taxes	3 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Benefit for Income Taxes The Company computes its tax benefit for interim periods by applying the estimated annual effective tax rate (“AETR”) to year-to-date income from operations and adjusting for discrete items arising in that quarter. However, if the Company is unable to make a reliable estimate of its AETR, then the actual effective tax rate for the year-to-date period may be the best estimate. For both the three months ended September 30, 2024 and September 30, 2023 the Company recorded the actual effective tax rate as it was determined that the AETR approach was not the most appropriate estimate. Benefit for income taxes was $16.3 million and $17.5 million for the three months ended September 30, 2024 and 2023, respectively, resulting in effective tax rates of 21.2% and 33.6%, respectively. Income tax benefit decreased primarily due to the lower Foreign-Derived Intangible Income (“FDII”) deduction taken this year compared to last year resulting from lower taxable income in the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024. The first quarter of fiscal 2024 included a significant temporary item that increased taxable income relating to a change in the methodology for recording revenue for tax purposes on multi-year software licenses. There was no such temporary item in the first quarter of fiscal 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Goodwill

3 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying amount of goodwill during the three months ended September 30, 2024 were as follows:


	Carrying Value
	(Dollars in Thousands)
Balance, June 30, 2024	$	8,328,201
Foreign currency translation	1,923
Balance, September 30, 2024	$	8,330,124

Revenue from Contracts with Customers Transaction Price Allocated to Remaining Performance Obligations (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Transaction Price Allocated to Remaining Performance Obligations, Amount	$ 1,284,699
FY24
Transaction Price Allocated to Remaining Performance Obligations, Amount	489,398
FY25
Transaction Price Allocated to Remaining Performance Obligations, Amount	344,348
FY26
Transaction Price Allocated to Remaining Performance Obligations, Amount	210,502
FY27
Transaction Price Allocated to Remaining Performance Obligations, Amount	132,737
FY28
Transaction Price Allocated to Remaining Performance Obligations, Amount	72,815
FY29
Transaction Price Allocated to Remaining Performance Obligations, Amount	34,899
License and solutions
Transaction Price Allocated to Remaining Performance Obligations, Amount	251,560
License and solutions \| FY24
Transaction Price Allocated to Remaining Performance Obligations, Amount	158,801
License and solutions \| FY25
Transaction Price Allocated to Remaining Performance Obligations, Amount	57,595
License and solutions \| FY26
Transaction Price Allocated to Remaining Performance Obligations, Amount	19,618
License and solutions \| FY27
Transaction Price Allocated to Remaining Performance Obligations, Amount	10,301
License and solutions \| FY28
Transaction Price Allocated to Remaining Performance Obligations, Amount	5,063
License and solutions \| FY29
Transaction Price Allocated to Remaining Performance Obligations, Amount	182
Maintenance
Transaction Price Allocated to Remaining Performance Obligations, Amount	869,545
Maintenance \| FY24
Transaction Price Allocated to Remaining Performance Obligations, Amount	246,297
Maintenance \| FY25
Transaction Price Allocated to Remaining Performance Obligations, Amount	234,058
Maintenance \| FY26
Transaction Price Allocated to Remaining Performance Obligations, Amount	172,742
Maintenance \| FY27
Transaction Price Allocated to Remaining Performance Obligations, Amount	114,627
Maintenance \| FY28
Transaction Price Allocated to Remaining Performance Obligations, Amount	67,181
Maintenance \| FY29
Transaction Price Allocated to Remaining Performance Obligations, Amount	34,640
Services and other
Transaction Price Allocated to Remaining Performance Obligations, Amount	163,594
Services and other \| FY24
Transaction Price Allocated to Remaining Performance Obligations, Amount	84,300
Services and other \| FY25
Transaction Price Allocated to Remaining Performance Obligations, Amount	52,695
Services and other \| FY26
Transaction Price Allocated to Remaining Performance Obligations, Amount	18,142
Services and other \| FY27
Transaction Price Allocated to Remaining Performance Obligations, Amount	7,809
Services and other \| FY28
Transaction Price Allocated to Remaining Performance Obligations, Amount	571
Services and other \| FY29
Transaction Price Allocated to Remaining Performance Obligations, Amount	$ 77