2024 Q4 Form 10-Q Financial Statement

#000189798224000075 Filed on November 04, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2024 Q2
Revenue $303.6M $215.9M
YoY Change 18.04% -13.41%
Cost Of Revenue $94.26M $95.45M
YoY Change -0.7% -2.66%
Gross Profit $209.3M $120.4M
YoY Change 29.01% -20.38%
Gross Profit Margin 68.95% 55.79%
Selling, General & Admin $151.7M $158.7M
YoY Change -4.18% 0.56%
% of Gross Profit 72.49% 131.75%
Research & Development $48.12M $50.00M
YoY Change -9.46% -6.85%
% of Gross Profit 22.99% 41.52%
Depreciation & Amortization $122.9M
YoY Change -0.29%
% of Gross Profit 102.01%
Operating Expenses $200.3M $216.4M
YoY Change -5.28% 2.33%
Operating Profit $8.986M -$95.97M
YoY Change -118.25% 59.38%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$8.905M $2.041M
YoY Change -172.5% -85.47%
Pretax Income $16.56M -$76.75M
YoY Change -144.57% 47.62%
Income Tax -$3.800M -$16.30M
% Of Pretax Income -22.94%
Net Earnings $20.34M -$60.46M
YoY Change -194.61% 75.13%
Net Earnings / Revenue 6.7% -28.01%
Basic Earnings Per Share $0.32 -$0.96
Diluted Earnings Per Share $0.32 -$0.96
COMMON SHARES
Basic Shares Outstanding 63.25M shares 63.25M shares 63.33M shares
Diluted Shares Outstanding 63.64M shares 63.24M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $181.8M $221.1M $237.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $133.0M $102.9M $115.5M
Other Receivables $69.67M $45.30M $78.48M
Total Short-Term Assets $893.1M $832.2M $876.1M
YoY Change 25.92% 21.61% 5.16%
LONG-TERM ASSETS
Property, Plant & Equipment $17.27M $18.09M $17.39M
YoY Change 3.07% 3.48% -79.85%
Goodwill $8.356B $8.330B $8.328B
YoY Change 0.32% 0.02% 0.34%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $38.90M $25.19M $22.27M
YoY Change 310.0% 27.73% -44.47%
Total Long-Term Assets $13.04B $13.08B $13.20B
YoY Change -3.51% -3.48% -3.35%
TOTAL ASSETS
Total Short-Term Assets $893.1M $832.2M $876.1M
Total Long-Term Assets $13.04B $13.08B $13.20B
Total Assets $13.94B $13.92B $14.07B
YoY Change -2.05% -2.27% -2.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.20M $12.05M $8.099M
YoY Change -32.18% -21.25% -60.1%
Accrued Expenses $78.72M $78.93M $81.06M
YoY Change -2.89% -0.77% -27.92%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $268.4M $267.6M $337.4M
YoY Change -27.84% -11.47% -4.26%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities $28.46M $18.80M $18.38M
YoY Change 42.23% -3.12% -82.46%
Total Long-Term Liabilities $28.46M $18.80M $18.38M
YoY Change 42.23% -3.12% -82.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $268.4M $267.6M $337.4M
Total Long-Term Liabilities $28.46M $18.80M $18.38M
Total Liabilities $296.9M $286.3M $355.8M
YoY Change -24.27% -10.97% -74.86%
SHAREHOLDERS EQUITY
Retained Earnings -$91.29M -$111.6M -$51.16M
YoY Change -6.29% 47.04% 23.61%
Common Stock $13.31B $13.29B $13.28B
YoY Change 0.51% 0.48% 0.64%
Preferred Stock
YoY Change
Treasury Stock (at cost) $427.1M $427.1M $406.6M
YoY Change 46.92% 95.38% 383.45%
Treasury Stock Shares
Shareholders Equity $12.78B $12.75B $12.81B
YoY Change
Total Liabilities & Shareholders Equity $13.94B $13.92B $14.07B
YoY Change -2.05% -2.27% -2.86%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $20.34M -$60.46M
YoY Change -194.61% 75.13%
Depreciation, Depletion And Amortization $122.9M
YoY Change -0.29%
Cash From Operating Activities -$4.397M
YoY Change -125.89%
INVESTING ACTIVITIES
Capital Expenditures $2.022M
YoY Change 115.8%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.052M
YoY Change -90.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$10.13M
YoY Change -90.7%
NET CHANGE
Cash From Operating Activities -$4.397M
Cash From Investing Activities -$2.052M
Cash From Financing Activities -$10.13M
Net Change In Cash -$13.32M
YoY Change -88.96%
FREE CASH FLOW
Cash From Operating Activities -$4.397M
Capital Expenditures $2.022M
Free Cash Flow -$6.419M
YoY Change -140.01%

Facts In Submission

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CY2024Q3 us-gaap Nature Of Operations
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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. 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. </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 113 countries during the first quarter of fiscal 2025.</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 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.</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, 2024.</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="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</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%">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.</span></div>
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