$AZPN
Aspen Technology, Inc.

2024 Q2 Form 10-Q Financial Statement

#000189798224000029 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $278.1M
YoY Change 20.98%
Cost Of Revenue $92.94M
YoY Change -0.91%
Gross Profit $185.2M
YoY Change 36.07%
Gross Profit Margin 66.58%
Selling, General & Admin $155.1M
YoY Change -3.35%
% of Gross Profit 83.78%
Research & Development $49.33M
YoY Change -8.72%
% of Gross Profit 26.64%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $204.5M
YoY Change -4.7%
Operating Profit -$19.29M
YoY Change -75.41%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $13.72M
YoY Change -203.33%
Pretax Income -$7.559M
YoY Change -90.76%
Income Tax -$9.100M
% Of Pretax Income
Net Earnings $1.556M
YoY Change -102.7%
Net Earnings / Revenue 0.56%
Basic Earnings Per Share $0.02
Diluted Earnings Per Share $0.02
COMMON SHARES
Basic Shares Outstanding 63.33M shares 63.55M shares
Diluted Shares Outstanding 63.80M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $237.0M $177.6M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $115.5M $140.5M
Other Receivables $78.48M $69.10M
Total Short-Term Assets $876.1M $794.8M
YoY Change 5.16% -9.28%
LONG-TERM ASSETS
Property, Plant & Equipment $17.39M $16.41M
YoY Change -79.85% -10.46%
Goodwill $8.328B $8.329B
YoY Change 0.34% 0.02%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $22.27M $8.529M
YoY Change -44.47% -10.72%
Total Long-Term Assets $13.20B $13.31B
YoY Change -3.35% -2.75%
TOTAL ASSETS
Total Short-Term Assets $876.1M $794.8M
Total Long-Term Assets $13.20B $13.31B
Total Assets $14.07B $14.11B
YoY Change -2.86% -3.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.099M $9.876M
YoY Change -60.1% -14.35%
Accrued Expenses $81.06M $81.84M
YoY Change -27.92% -14.14%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $337.4M $342.3M
YoY Change -4.26% -3.62%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities $18.38M $19.73M
YoY Change -82.46% 16.88%
Total Long-Term Liabilities $18.38M $19.73M
YoY Change -82.46% 16.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $337.4M $342.3M
Total Long-Term Liabilities $18.38M $19.73M
Total Liabilities $355.8M $362.0M
YoY Change -74.86% -2.69%
SHAREHOLDERS EQUITY
Retained Earnings -$51.16M -$95.86M
YoY Change 23.61% 39.52%
Common Stock $13.28B $13.26B
YoY Change 0.64% 0.53%
Preferred Stock
YoY Change
Treasury Stock (at cost) $406.6M $347.4M
YoY Change 383.45%
Treasury Stock Shares
Shareholders Equity $12.81B $12.81B
YoY Change
Total Liabilities & Shareholders Equity $14.07B $14.11B
YoY Change -2.86% -3.14%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $1.556M
YoY Change -102.7%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $185.0M
YoY Change 41.14%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities $185.0M
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash $185.0M
YoY Change -219.33%
FREE CASH FLOW
Cash From Operating Activities $185.0M
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Nature Of Operations
NatureOfOperations
Organization and Basis of Presentation<div style="margin-bottom:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. The Company’s unique combination of product capabilities, deep domain expertise and award-winning innovation helps customers across diverse end markets in capital-intensive industries improve their operational excellence while achieving sustainability goals. </span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company had revenue from customers in 116 countries during fiscal 2024.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Basis of Presentation</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has prepared the accompanying unaudited condensed consolidated financial statements as of March 31, 2024, and for the third quarter of fiscal 2024 and 2023 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.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, 2023.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Russia</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:27pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company maintains operations in Russia and licenses software and provides related services to customers in Russia</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. The Company had revenue in Russia of approximately $13.7 million and $7.3 million for the three months ended March 31, 2024 and 2023, respectively, and $27.7 million and $34.0 million for the nine months ended March 31, 2024 and 2023, respectively. The Company had total assets in Russia of approximately $45.8 million and $39.7 million as of March 31, 2024 and June 30, 2023, respectively, related to operations in Russia. </span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:27pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company may be required to cease or suspend operations in Russia or we may voluntarily elect to do so, whether as a result of new sanctions and export-control measure packages or otherwise. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There is also a risk that the Company may not be able to continue its business in Russia because it is unable to conduct banking activities in Russia.</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The Company no longer provides engineering services in Russia, and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">has limited its operations to contract renewals only with existing customers.</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> While the Company continues to evaluate the impact of the various sanctions and restrictions on its ability to conduct business in Russia, access cash held in Russia, maintain contracts with and pay vendors in Russia, pay employees in Russia, and receive payment from customers in Russia, there is no assurance that the Company will be able to do so in the future. Any disruption to, or suspension of, the Company</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">’</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">s business and operations in Russia would result in the loss of revenue or access to cash balances from business in Russia and would negatively impact our growth and profitability. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company may also suffer reputational harm as a result of continued operations in Russia, which may adversely impact sales and other businesses in other countries.</span></div>
azpn Number Of Countries
NumberOfCountries
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azpn Revenue From Contract With Customer Including Assessed Tax Russia
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CY2024Q1 us-gaap Letters Of Credit Outstanding Amount
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CY2024Q1 azpn Line Of Credit Facility Covenants Maximum Leverage Ratio
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3.50
CY2024Q1 azpn Line Of Credit Facility Covenants Minimum Interest Coverage Ratio
LineOfCreditFacilityCovenantsMinimumInterestCoverageRatio
2.50
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12907000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22843000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
45817000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
64020000 usd
CY2024Q1 us-gaap Share Price
SharePrice
213.28
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-57635000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-57635000 usd
us-gaap Net Income Loss
NetIncomeLoss
-54469000 usd
us-gaap Net Income Loss
NetIncomeLoss
-135076000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63508000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
64796000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63844000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
64622000 shares
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
294000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63802000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
64796000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63844000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
64622000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.89
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.85
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.09
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.89
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.85
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.09
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1242000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1441000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1192000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1367000 shares
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-9100000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-24200000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.206
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.295
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-42200000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-68100000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.437
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.335
CY2023Q3 azpn Payment For Plantweb Optics Analytics
PaymentForPlantwebOpticsAnalytics
12500000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
278106000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
229878000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
784577000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
723535000 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16414000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
18670000 usd

Files In Submission

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