Aspen Technology, Inc. (AspenTech) (NASDAQ: AZPN), a global
leader in industrial software, today announced financial results
for its third quarter of fiscal 2023, ended March 31, 2023.
“AspenTech’s third quarter performance was highlighted by a
return to double-digit ACV growth, driven by ongoing strength in
several of our key markets. We believe this performance, in the
midst of an uncertain economic environment, is an important
indication of the strategic importance of AspenTech’s solutions to
our customers,” said Antonio Pietri, President and Chief Executive
Officer of AspenTech.
“We have made significant progress on our integration and
transformation initiatives that have combined OSI, SSE and heritage
AspenTech together to create a much larger, diversified and faster
growing industrial software leader,” Pietri added. “We believe
AspenTech is well-positioned to generate attractive, long-term
growth and profitability given the positive demand trends in our
end-markets as customers increase their technology investments to
meet their sustainability and operational excellence
objectives.”
Third Quarter and Fiscal Year 2023 Recent Business
Highlights
- Annual contract value, which we define as the estimate of the
annual value of our portfolio of term license and software
maintenance and support, or SMS, contracts, the annual value of SMS
agreements purchased with perpetual licenses and the annual value
of standalone SMS agreements purchased with certain legacy term
license agreements, which have become an immaterial part of our
business, was $854.6 million at the end of the third quarter of
fiscal 2023, which increased 11.2% compared to the third quarter of
fiscal 2022.
- Annual spend for heritage AspenTech, which the company defines
as the annualized value of all term license and maintenance
contracts at the end of the quarter for the businesses other than
OSI and SSE, was $712.0 million at the end of the third quarter of
fiscal 2023, which increased 8.6% compared to the third quarter of
fiscal 2022 and 2.1% sequentially.
Summary of Third Quarter Fiscal Year 2023 Financial
Results
As a result of the transaction between AspenTech and Emerson
Electric Co.(“Emerson”), EmerSubCX, the subsidiary Emerson created
as part of the transaction, became the surviving entity when the
transaction closed on May 16, 2022. The comparable periods shown in
the financial statements below for fiscal year 2022 reflect only
the historical results of the OSI and SSE businesses that were
contributed to new AspenTech.
AspenTech’s total revenue of $229.9 million included:
- License and solutions revenue, which represents the
portion of a term license agreement allocated to the initial
license and OSI revenue where software and professional services
are recognized as one performance obligation, was $136.3 million in
the third quarter of fiscal 2023, compared to $50.8 million in the
third quarter of fiscal 2022.
- Maintenance revenue, which represents the portion of
customer agreements related to ongoing support and the right to
future product enhancements, was $77.3 million in the third quarter
of fiscal 2023, compared to $27.3 million in the third quarter of
fiscal 2022.
- Services and other revenue was $16.3 million in the
third quarter of fiscal 2023, compared to $6.5 million in the third
quarter of fiscal 2022.
For the quarter ended March 31, 2023, AspenTech reported loss
from operations of $78.5 million, compared to loss from operations
of $2.7 million in the third quarter of fiscal 2022.
Net loss was $57.6 million for the quarter ended March 31, 2023,
leading to net loss per share of $0.89, compared to net loss per
share of $0.09 in the same period of last fiscal year.
Non-GAAP income from operations was $66.8 million for the third
quarter of fiscal 2023. Non-GAAP net income was $69.1 million, or
$1.06 per share, for the third quarter of fiscal 2023. These
non-GAAP results add back the impact of stock-based compensation
expense, amortization of intangibles, fees related to acquisitions
and integration planning and unrealized loss less realized gain on
derivatives associated with acquisitions. A reconciliation of GAAP
to non-GAAP results is presented in the financial tables included
in this press release.
AspenTech had cash and cash equivalents of $286.7 million and no
borrowings as of March 31, 2023.
During the third quarter, AspenTech generated $131.0 million in
cash flow from operations and $129.3 million in free cash flow.
Free cash flow1 is calculated as net cash provided by operating
activities adjusted for the net impact of: purchases of property,
equipment and leasehold improvements and payments for capitalized
computer software development costs.
Business Outlook
Based on information as of today, April 26, 2023, AspenTech is
issuing the following guidance for fiscal year 2023. Please note
this guidance does not include any contribution from the
acquisition of Micromine, which is pending final regulatory
approval.
- Annual Contract Value (“ACV”) growth of 11.0-12.0%
year-over-year.
- GAAP operating cash flow of at least $324 million
- Free cash flow1 of at least $315 million
- Total bookings of $1.03 to $1.06 billion
- Total revenue of $1.04 to $1.06 billion
- GAAP total expense of $1,219 to $1,224 million
- Non-GAAP total expense of $642 to $647 million
- GAAP operating loss of $179 to $164 million
- Non-GAAP operating income of $398 to $413 million
- GAAP net loss of $110 to $97 million
- Non-GAAP net income of $372 to $385 million
- GAAP net loss per share of $1.68 to $1.48
- Non-GAAP net income per share of $5.63 to $5.83
These statements are forward-looking and actual results may
differ materially. Refer to the Forward-Looking Statements safe
harbor below for information on the factors that could cause
AspenTech’s actual results to differ materially from these
forward-looking statements.
1. Effective January 1, 2023, we no longer exclude acquisition
and integration planning related payments from our computation of
free cash flow. Free cash flow for all prior periods presented has
been revised to the current period computation methodology.
Use of Non-GAAP Financial Measures
This press release contains “non-GAAP financial measures” under
the rules of the U.S. Securities and Exchange Commission (the
"SEC"). Non-GAAP financial measures are not based on a
comprehensive set of accounting rules or principles. This non-GAAP
information supplements, and is not intended to represent a measure
of performance in accordance with, disclosures required by
generally accepted accounting principles, or GAAP. Non-GAAP
financial measures should be considered in addition to, not as a
substitute for or superior to, financial measures determined in
accordance with GAAP. A reconciliation of GAAP to non-GAAP results
is included in the financial tables included in this press
release.
Management considers both GAAP and non-GAAP financial results in
managing AspenTech’s business. As the result of adoption of new
licensing models, management believes that a number of AspenTech’s
performance indicators based on GAAP, including revenue, gross
profit, operating income and net income, should be viewed in
conjunction with certain non-GAAP and other business measures in
assessing AspenTech’s performance, growth and financial condition.
Accordingly, management utilizes a number of non-GAAP and other
business metrics, including the non-GAAP metrics set forth in this
press release, to track AspenTech’s business performance. None of
these non-GAAP metrics should be considered as an alternative to
any measure of financial performance calculated in accordance with
GAAP.
Conference Call and Webcast
AspenTech will host a conference call and webcast presentation
on April 26, 2023, at 4:30 p.m. ET to discuss its financial
results, business outlook, and related corporate and financial
matters. A live webcast of the call will be available on
AspenTech's Investor Relations website, http://ir.aspentech.com/,
via its "Webcasts" page. To access the call by phone, please go to
the following registration link and you will be provided with
dial-in details. To avoid delays, we encourage participants to dial
into the conference call fifteen minutes ahead of the scheduled
start time. A replay of the webcast will also be available for a
limited time at http://ir.aspentech.com/.
About AspenTech
Aspen Technology, Inc. (NASDAQ: AZPN) is a global software
leader helping industries at the forefront of the world’s dual
challenge meet the increasing demand for resources from a rapidly
growing population in a profitable and sustainable manner.
AspenTech solutions address complex environments where it is
critical to optimize the asset design, operation and maintenance
lifecycle. Through our unique combination of deep domain expertise
and innovation, customers in capital-intensive industries can run
their assets safer, greener, longer and faster to improve their
operational excellence. To learn more, visit AspenTech.com.
Forward-Looking Statements
Statements in this press release that are not strictly
historical may be “forward-looking” statements for purposes of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, which involve risks and uncertainties, and AspenTech
undertakes no obligation to update any such statements to reflect
later developments. In some cases, you can identify forward-looking
statements by the following words: “may,” “will,” “could,” “would,”
“should,” “expect,” “intend,” “plan,” “strategy,”
“anticipate,” “believe,” “estimate,” “predict,” “project,”
“potential,” “continue,” “ongoing,” “opportunity” or the negative
of these terms or other comparable terminology, although not all
forward-looking statements contain these words. These risks and
uncertainties include, without limitation: the failure to realize
the anticipated benefits of our transaction with Emerson Electric
Co.; risks resulting from our status as a controlled company;
AspenTech’s ability to successfully complete on the terms and
conditions contemplated, and the financial impact of, the proposed
Micromine transaction; the scope, duration and ultimate impacts of
the COVID-19 pandemic and the Russia-Ukraine conflict; as well as
economic and currency conditions, market demand, including related
to the pandemic and adverse changes in the process or other
capital-intensive industries such as materially reduced spending
budgets due to oil and gas price declines and volatility, pricing,
protection of intellectual property, cybersecurity, natural
disasters, tariffs, sanctions, competitive and technological
factors, inflation; and others, as set forth in AspenTech’s most
recent Annual Report on Form 10-KT and subsequent reports filed
with the Securities and Exchange Commission. The outlook contained
herein represents AspenTech’s expectation for its consolidated
results, other than as noted herein.
© 2023 Aspen Technology, Inc. AspenTech, aspenONE, asset
optimization and the Aspen leaf logo are trademarks of Aspen
Technology, Inc. All rights reserved. All other trademarks are
property of their respective owners.
ASPEN TECHNOLOGY, INC. AND
SUBSIDIARIES
CONSOLIDATED AND COMBINED
STATEMENTS OF OPERATIONS
(Unaudited in Thousands, Except
per Share Data)
Three Months Ended
March 31,
Nine Months Ended
March 31,
2023
2022
2023
2022
Revenue:
License and solutions
$
136,292
$
50,838
$
446,360
$
143,544
Maintenance
77,283
27,313
234,277
78,120
Services and other
16,303
6,450
42,898
21,727
Total revenue
229,878
84,601
723,535
243,391
Cost of revenue:
License and solutions
68,980
35,546
209,326
103,155
Maintenance
9,020
4,296
27,804
12,604
Services and other
15,799
3,959
40,897
13,139
Total cost of revenue
93,799
43,801
278,027
128,898
Gross profit
136,079
40,800
445,508
114,493
Operating expenses:
Selling and marketing
120,035
18,899
356,260
61,894
Research and development
54,046
15,462
153,741
46,400
General and administrative
40,471
9,139
124,557
22,792
Restructuring costs
—
43
—
288
Total operating expenses
214,552
43,543
634,558
131,374
(Loss) from operations
(78,473
)
(2,743
)
(189,050
)
(16,881
)
Other (expense), net
(13,281
)
(2,685
)
(33,270
)
(5,463
)
Interest income (expense), net
9,969
(28
)
19,112
(320
)
(Loss) before provision for income
taxes
(81,785
)
(5,456
)
(203,208
)
(22,664
)
(Benefit) for income taxes
(24,150
)
(2,176
)
(68,132
)
(7,422
)
Net (loss)
$
(57,635
)
$
(3,280
)
$
(135,076
)
$
(15,242
)
Net (loss) per common share:
Basic
$
(0.89
)
$
(0.09
)
$
(2.09
)
$
(0.42
)
Diluted
$
(0.89
)
$
(0.09
)
$
(2.09
)
$
(0.42
)
Weighted average shares
outstanding:
Basic
64,796
36,308
64,622
36,308
Diluted
64,796
36,308
64,622
36,308
ASPEN TECHNOLOGY, INC. AND
SUBSIDIARIES
CONSOLIDATED AND COMBINED
BALANCE SHEETS
(Unaudited in Thousands, Except
Share and Per Share Data)
March 31,
2023
June 30,
2022
ASSETS
Current assets:
Cash and cash equivalents
$
286,736
$
449,725
Accounts receivable, net
115,362
111,027
Current contract assets, net
399,388
428,833
Prepaid expenses and other current
assets
22,951
23,461
Receivables from related parties
43,998
16,941
Prepaid income taxes
7,603
17,503
Total current assets
876,038
1,047,490
Property, equipment and leasehold
improvements, net
18,332
17,148
Goodwill
8,328,210
8,266,809
Intangible assets, net
4,780,644
5,112,781
Non-current contract assets, net
471,397
428,232
Contract costs
11,174
5,473
Operating lease right-of-use assets
69,173
78,286
Deferred tax assets
2,388
4,937
Other non-current assets
9,553
8,766
Total assets
$
14,566,909
$
14,969,922
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
11,531
$
21,416
Accrued expenses and other current
liabilities
95,319
90,123
Liability from foreign currency forward
contract
40,454
—
Due to related parties
16,103
4,111
Current operating lease liabilities
12,683
7,191
Income taxes payable
24,729
6,768
Current borrowings
—
28,000
Current contract liabilities
154,313
143,327
Total current liabilities
355,132
300,936
Non-current contract liabilities
27,654
21,081
Deferred income tax liabilities
990,461
1,145,408
Non-current operating lease
liabilities
57,706
71,933
Non-current borrowings, net
—
245,647
Other non-current liabilities
16,877
15,560
Stockholders’ equity:
Common stock, $0.0001 par value
Authorized—600,000,000 shares
Issued— 64,858,598 shares at March 31,
2023 and 64,425,378 shares at June 30, 2022
Outstanding— 64,858,598 shares at March
31, 2023 and 64,425,378 shares at June 30, 2022
6
6
Additional paid-in capital
13,188,678
13,107,570
Retained (deficit) earnings
(68,707
)
66,369
Accumulated other comprehensive (loss)
(898
)
(4,588
)
Total stockholders’ equity
13,119,079
13,169,357
Total liabilities and stockholders’
equity
$
14,566,909
$
14,969,922
ASPEN TECHNOLOGY, INC. AND
SUBSIDIARIES
CONSOLIDATED AND COMBINED
STATEMENTS OF CASH FLOWS
(Unaudited in Thousands)
Three Months Ended
March 31,
Nine Months Ended
March 31,
2023
2022
2023
2022
Cash flows from operating
activities:
Net (loss)
$
(57,635
)
$
(3,280
)
$
(135,076
)
$
(15,242
)
Adjustments to reconcile net (loss) to net
cash provided by operating activities:
Depreciation and amortization
123,165
23,251
368,266
77,335
Reduction in the carrying amount of
right-of-use assets
3,901
1,173
10,463
4,240
Net foreign currency (gain) losses
(1,033
)
2,752
3,711
5,765
Realized gain on settlement of foreign
currency forward contracts
(10,821
)
—
(10,821
)
—
Stock-based compensation
22,843
519
64,020
1,345
Deferred income taxes
(49,661
)
(3,801
)
(156,046
)
(11,848
)
Provision for uncollectible
receivables
716
810
3,944
852
Other non-cash operating activities
1,698
83
1,108
167
Changes in assets and
liabilities:
Accounts receivable
22,630
29,423
(11,060
)
(17,637
)
Contract assets
67,192
(1,735
)
(10,672
)
(14,769
)
Contract costs
(1,810
)
—
(5,357
)
—
Lease liabilities
(3,694
)
(1,335
)
(10,303
)
(3,146
)
Prepaid expenses, prepaid income taxes,
and other assets
(6,536
)
505
27,641
(662
)
Liability from foreign currency forward
contract
25,135
—
40,454
—
Accounts payable, accrued expenses, income
taxes payable and other liabilities
(10,548
)
5,177
(12,038
)
(7,628
)
Contract liabilities
5,494
(9,437
)
17,416
1,349
Net cash provided by operating
activities
131,036
44,105
185,650
20,121
Cash flows from investing
activities:
Purchases of property, equipment and
leasehold improvements
(1,671
)
(442
)
(4,515
)
(3,831
)
Proceeds from settlement of foreign
currency forward contracts
10,821
—
10,821
—
Payments for business acquisitions, net of
cash acquired
2,449
—
(72,498
)
(1,065
)
Payments for equity method investments
(211
)
—
(676
)
—
Payments for capitalized computer software
development costs
(18
)
—
(347
)
—
Purchases of other assets
(1,000
)
4
(1,000
)
(287
)
Net cash provided by (used in) investing
activities
10,370
(438
)
(68,215
)
(5,183
)
Cash flows from financing
activities:
Issuance of shares of common stock
5,937
—
31,542
—
Payment of tax withholding obligations
related to restricted stock
(2,708
)
—
(14,406
)
—
Deferred business acquisition payments
—
—
(1,363
)
—
Repayments of amounts borrowed under term
loan
(264,000
)
—
(276,000
)
—
Net transfers to Parent Company
(35,621
)
(50,104
)
(5,749
)
(17,249
)
Payments of debt issuance costs
—
—
(2,375
)
—
Net cash (used in) financing
activities
(296,392
)
(50,104
)
(268,351
)
(17,249
)
Effect of exchange rate changes on cash
and cash equivalents
(4,366
)
(852
)
(12,073
)
(986
)
(Decrease) in cash and cash
equivalents
(159,352
)
(7,289
)
(162,989
)
(3,297
)
Cash and cash equivalents, beginning of
period
446,088
27,651
449,725
23,659
Cash and cash equivalents, end of
period
$
286,736
$
20,362
$
286,736
$
20,362
ASPEN TECHNOLOGY, INC. AND
SUBSIDIARIES
Reconciliation of GAAP to
Non-GAAP Results of Operations and Cash Flows
(Unaudited in Thousands, Except
per Share Data)
Three Months Ended
March 31,
Nine Months Ended
March 31,
2023
2022
2023
2022
Total
expenses
GAAP total expenses (a)
$
308,351
$
87,344
$
912,585
$
260,272
Less:
Stock-based compensation (b)
(22,843
)
(519
)
(64,020
)
(1,345
)
Amortization of intangibles (c)
(121,639
)
(22,397
)
(363,960
)
(73,382
)
Acquisition and integration planning
related fees
(761
)
—
(7,030
)
(54
)
Non-GAAP total expenses
$
163,108
$
64,428
$
477,575
$
185,491
Income from
operations
GAAP (loss) from operations
$
(78,473
)
$
(2,743
)
$
(189,050
)
$
(16,881
)
Plus:
Stock-based compensation (b)
22,843
519
64,020
1,345
Amortization of intangibles (c)
121,639
22,397
363,960
73,382
Acquisition and integration planning
related fees
761
—
7,030
54
Non-GAAP income from operations
$
66,770
$
20,173
$
245,960
$
57,900
Net
income
GAAP net (loss)
$
(57,635
)
$
(3,280
)
$
(135,076
)
$
(15,242
)
Plus (less):
Stock-based compensation (b)
22,843
519
64,020
1,345
Amortization of intangibles (c)
121,639
22,397
363,960
73,382
Acquisition and integration planning
related fees
761
—
7,030
54
Unrealized loss on foreign currency
forward contract
25,135
—
40,454
—
Realized gain on foreign currency forward
contract
(10,821
)
—
(10,821
)
—
Less:
Income tax effect on Non-GAAP items
(d)
(32,776
)
(5,209
)
(95,666
)
(17,252
)
Non-GAAP net income
$
69,146
$
14,427
$
233,901
$
42,287
Diluted loss per
share
GAAP diluted (loss) per share
$
(0.89
)
$
(0.09
)
$
(2.09
)
$
(0.42
)
Plus (less):
Stock-based compensation (b)
0.35
0.01
0.98
0.04
Amortization of intangibles (c)
1.87
0.62
5.59
2.02
Acquisition and integration planning
related fees
0.01
—
0.11
—
Unrealized loss on foreign currency
forward contract
0.39
—
0.62
—
Realized gain on foreign currency forward
contract
(0.17
)
—
(0.17
)
—
Impact of diluted shares
—
—
0.02
—
Less:
Income tax effect on Non-GAAP items
(d)
(0.50
)
(0.14
)
(1.47
)
(0.48
)
Non-GAAP diluted income per share
$
1.06
$
0.40
$
3.59
$
1.16
Shares used in computing Non-GAAP diluted
income per share
65,195
36,308
65,125
36,308
Three Months Ended
March 31,
Nine Months Ended
March 31,
2023
2022
2023
2022
Free Cash
Flow (1)
Net cash provided by operating activities
(GAAP)
$
131,036
$
44,105
$
185,650
$
20,121
Purchases of property, equipment and
leasehold improvements
(1,671
)
(442
)
(4,515
)
(3,831
)
Payments for capitalized computer software
development costs
(18
)
—
(347
)
—
Free cash flow (non-GAAP)
$
129,347
$
43,663
$
180,788
$
16,290
(1) Effective January 1, 2023, we no
longer exclude acquisition and integration planning related
payments from our computation of free cash flow. Free cash flow for
all prior periods presented has been revised to the current period
computation methodology.
(a) GAAP total expenses
Three Months Ended
March 31,
Nine Months Ended
March 31,
2023
2022
2023
2022
Total costs of revenue
$
93,799
$
43,801
$
278,027
$
128,898
Total operating expenses
214,552
43,543
634,558
131,374
GAAP total expenses
$
308,351
$
87,344
$
912,585
$
260,272
(b) Stock-based compensation expense was
as follows:
Three Months Ended
March 31,
Nine Months Ended
March 31,
2023
2022
2023
2022
Cost of license and solutions
$
832
$
—
$
2,752
$
—
Cost of maintenance
427
—
1,462
—
Cost of services and other
599
—
1,457
—
Selling and marketing
3,695
—
10,886
—
Research and development
5,972
—
13,831
—
General and administrative
11,318
519
33,632
1,345
Total stock-based compensation
$
22,843
$
519
$
64,020
$
1,345
(c) Amortization of intangible assets was
as follows:
Three Months Ended
March 31,
Nine Months Ended
March 31,
2023
2022
2023
2022
Cost of license and solutions
$
48,035
$
13,192
$
143,377
$
39,577
Selling and marketing
73,604
9,205
220,583
33,805
Total amortization of intangible
assets
$
121,639
$
22,397
$
363,960
$
73,382
(d) The income tax effect on non-GAAP items for the three and nine
months ended March 31, 2023 and 2022, respectively, is calculated
utilizing the Company's combined US federal and state statutory tax
rate as following:
Three Months Ended
March 31,
Nine Months Ended
March 31,
2023
2022
2023
2022
U.S. Statutory Rate
21.79
%
22.73
%
21.79
%
23.07
%
ASPEN TECHNOLOGY, INC. AND
SUBSIDIARIES
Reconciliation of
Forward-Looking Guidance Range
(Unaudited in Thousands,
Except per Share Data)
Twelve Months Ended June 30,
2023 (a)
Range
Low
High
Guidance - Total expenses
GAAP expectation - total expenses
$
1,219,000
$
1,224,000
Less:
Stock-based compensation
(84,000
)
(84,000
)
Amortization of intangible assets
(486,000
)
(486,000
)
Acquisition and integration planning
related fees
(7,000
)
(7,000
)
Non-GAAP expectation - total expenses
$
642,000
$
647,000
Guidance - Income from
operations
GAAP expectation - (loss) from
operations
$
(179,000
)
$
(164,000
)
Plus:
Stock-based compensation
84,000
84,000
Amortization of intangible assets
486,000
486,000
Acquisition and integration planning
related fees
7,000
7,000
Non-GAAP expectation - income from
operations
$
398,000
$
413,000
Guidance - Net income and diluted
income per share
GAAP expectation - net (loss) and diluted
(loss) per share
$
(110,000
)
$
(1.68
)
$
(97,000
)
$
(1.48
)
Plus (less):
Stock-based compensation
84,000
84,000
Amortization of intangible assets
486,000
486,000
Acquisition and integration planning
related fees
7,000
7,000
Unrealized loss on foreign currency
forward contract
40,500
40,500
Realized gain on foreign currency forward
contract
(10,800
)
(10,800
)
Less:
Income tax effect on Non-GAAP items
(b)
(125,000
)
(125,000
)
Non-GAAP expectation - net income and
diluted income per share
$
371,700
$
5.63
$
384,700
$
5.83
Shares used in computing guidance for
Non-GAAP diluted income per share
66,000
66,000
Guidance - Free Cash Flow (1)
GAAP expectation - Net cash provided by
operating activities
$
323,500
Less:
Purchases of property, equipment and
leasehold improvements
(8,000
)
Payments for capitalized computer software
development costs
(500
)
Free cash flow expectation (non-GAAP)
$
315,000
(1) Free cash flow guidance has been
updated to reflect a change in methodology to calculate free cash
flow. The change in free cash flow calculation methodology does not
represent a change in management's expectations. Effective January
1, 2023, we no longer exclude acquisition and integration planning
related payments from our computation of free cash flow. We have
updated our guidance computation for free cash flow to reflect that
such payments are no longer excluded from free cash flow.
(a) Rounded amount used, except per share
data.
(b) The income tax effect on non-GAAP
items for the twelve months ended June 30, 2023 is calculated
utilizing the Company's statutory tax rate of 21.79 percent.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230426005675/en/
Media Len Dieterle Aspen Technology +1 781-221-4291
len.dieterle@aspentech.com
Investors Brian Denyeau ICR for Aspen Technology +1
646-277-1251 brian.denyeau@icrinc.com
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