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Aspen Technology Announces Financial Results for the Fourth Quarter and Fiscal Year 2014

Aspen Technology, Inc. (NASDAQ: AZPN), a leading provider of software and services to the process industries, today announced financial results for its fourth quarter and fiscal year ended June 30, 2014.

“We are pleased to report a strong finish to fiscal 2014, with fourth quarter results that exceeded our expectations across all key financial metrics,” said Antonio Pietri, President and Chief Executive Officer of AspenTech. “During fiscal 2014 AspenTech grew total license contract value in excess of 12% year-over-year and generated $200 million of free cash flow. AspenTech continues to deliver new innovation through the aspenONE subscription software offering and we are confident about the runway for growth through increased adoption levels across our customer base.”

Fourth Quarter and Fiscal Year 2014 Business Highlights

  • The license portion of total contract value was $1.85 billion at the end of fiscal 2014, which increased 3.4% from March 31, 2014 and 12.2% compared to the end of fiscal 2013.
  • Total contract value, including the value of bundled maintenance, was $2.2 billion at the end of fiscal 2014, which increased 3.9% from March 31, 2014 and 13.7% compared to the end of fiscal 2013.
  • Annual spend, which the company defines as the annualized value of all term license and maintenance revenue contracts at the end of the quarter, was approximately $380 million at the end of fiscal 2014, which increased 3.1% from March 31, 2014 and 12.3% compared to the end of fiscal 2013.

Summary of Fourth Quarter Fiscal Year 2014 Financial Results

AspenTech’s total revenue of $101.5 million increased 21.9% from $83.3 million in the fourth quarter of the prior year.

  • Subscription and software revenue was $91.6 million in the fourth quarter of fiscal 2014, an increase from $73.8 million in the fourth quarter of fiscal 2013.
  • Services and other revenue was $10.0 million in the fourth quarter of fiscal 2014, an increase from $9.5 million in the fourth quarter of fiscal 2013.

For the quarter ended June 30, 2014, AspenTech reported income from operations of $37.4 million, compared to income from operations of $15.4 million for the quarter ended June 30, 2013.

Net income was $26.7 million for the quarter ended June 30, 2014, leading to net income per share of $0.29, compared to net income per share of $0.21 in the same period last fiscal year.

Non-GAAP income from operations, which adds back stock-based compensation expense, restructuring charges, amortization of intangibles associated with acquisitions and non-capitalized acquired technology, was $40.5 million for the fourth quarter of fiscal 2014, compared to a non-GAAP income from operations of $18.9 million in the same period last fiscal year. Non-GAAP net income was $28.7 million, or $0.31 per share, for the fourth quarter of fiscal 2014, compared to non-GAAP net income of $22.7 million, or $0.24 per share, in the same period last fiscal year.

AspenTech had cash and marketable securities of $298.4 million at June 30, 2014, an increase of $23.5 million from the end of the prior quarter. During the fourth quarter, the company generated $58.2 million in cash flow from operations. On a non-GAAP basis, cash flow from operations was $58.8 million and free cash flow was $57.4 million after taking into consideration $1.5 million in capital expenditures and capitalized software. Both non-GAAP figures include $0.6 million of excess tax benefits from stock-based compensation.

A reconciliation of GAAP to non-GAAP results is provided in the financial tables included in this press release.

Summary of Fiscal Year 2014 Financial Results

AspenTech’s total revenue of $391.5 million increased 25.7% from $311.4 million for fiscal year 2013.

  • Subscription and software revenue was $350.5 million, an increase from $276.6 million for fiscal year 2013.
  • Services and other revenue was $41.0 million, compared to $34.8 million for fiscal year 2013.

For the fiscal year ended June 30, 2014, AspenTech reported income from operations of $129.7 million, an improvement from income from operations of $55.6 million for fiscal year 2013.

Net income was $85.8 million for the fiscal year ended June 30, 2014, leading to net income per share of $0.92, compared to net income per share of $0.47 for fiscal year 2013.

Non-GAAP income from operations was $149.5 million for fiscal year 2014, an improvement compared to non-GAAP income from operations of $70.9 million for fiscal year 2013. Non-GAAP net income was $98.5 million, or $1.05 per share, for fiscal year 2014, an improvement compared to non-GAAP net income of $55.1 million, or $0.58 per share, for fiscal year 2013.

For the fiscal year ended June 30, 2014, the company generated $200.1 million in cash flow from operations, $204.7 million in non-GAAP cash flow from operations and $200 million in free cash flow. Both non-GAAP figures exclude the $3.9 million cash payment associated with the purchase of non-capitalized acquired technology and include $0.7 million of excess tax benefits from stock-based compensation.

Use of Non-GAAP Financial Measures

This press release contains “non-GAAP financial measures,” which 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 today, August 13, 2014, at 4:30 p.m. (Eastern Time), to discuss the company's financial results for the fourth quarter and fiscal year 2014 as well as the company’s business outlook.

The live dial-in number is (877) 245-0126 or (706) 634-5625, conference ID code 68139397. Interested parties may also listen to a live webcast of the call by logging on to the Investor Relations section of AspenTech’s website, http://www.aspentech.com/corporate/investor.cfm, and clicking on the “webcast” link. A replay of the call will be archived on AspenTech’s website and will also be available via telephone at (855) 859-2056 or (404) 537-3406, conference ID code 68139397, through September 13, 2014.

About AspenTech

AspenTech is a leading supplier of software that optimizes process manufacturing – for energy, chemicals, engineering and construction, and other industries that manufacture and produce products from a chemical process. With integrated aspenONE solutions, process manufacturers can implement best practices for optimizing their engineering, manufacturing and supply chain operations. As a result, AspenTech customers are better able to increase capacity, improve margins, reduce costs and become more energy efficient. To see how the world’s leading process manufacturers rely on AspenTech to achieve their operational excellence goals, visit www.aspentech.com.

Forward-Looking Statements

The second paragraph of this press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may vary significantly from AspenTech’s expectations based on a number of risks and uncertainties, including, without limitation: AspenTech’s failure to increase usage and product adoption of aspenONE offerings, and failure to continue to provide innovative, market-leading solutions; demand for, or usage of, aspenONE software declines for any reason; unfavorable economic and market conditions or a lessening demand in the market for process optimization software; and other risk factors described from time to time in AspenTech’s periodic reports filed with the Securities and Exchange Commission. AspenTech cannot guarantee any future results, levels of activity, performance, or achievements. AspenTech expressly disclaims any obligation to update forward-looking statements after the date of this press release.

© 2014 Aspen Technology, Inc. AspenTech, aspenONE and the Aspen leaf logo are registered trademarks of Aspen Technology, Inc. All rights reserved. All other trademarks are property of their respective owners.

                             
 
ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS *
(Unaudited in thousands, except per share data)
 
Three Months Ended
June 30,
Twelve Months Ended
June 30,
2014 2013 2014 2013
Revenue:
Subscription and software $ 91,570 $ 73,791 $ 350,486 $ 276,585
Services and other   9,962     9,473     40,967     34,802  
Total revenue   101,532     83,264     391,453     311,387  
Cost of revenue:
Subscription and software 5,167 4,904 20,141 20,148
Services and other   7,712     8,084     32,547     30,200  
Total cost of revenue   12,879     12,988     52,688     50,348  
Gross profit   88,653     70,276     338,765     261,039  
Operating expenses:
Selling and marketing 23,451 25,803 94,827 93,655
Research and development 15,769 15,939 68,410 62,516
General and administrative 12,072 13,149 45,819 49,273
Restructuring charges   -     2     (15 )   (5 )
Total operating expenses   51,292     54,893     209,041     205,439  
Income from operations 37,361 15,383 129,724 55,600
Interest income 155 518 1,124 3,379
Interest expense (5 ) (39 ) (37 ) (424 )
Other income (expense), net   (471 )   (765 )   (2,278 )   (1,117 )
Income before provision for (benefit from) income taxes 37,040 15,097 128,533 57,438
Provision for (benefit from) income taxes   10,362     (5,302 )   42,750     12,176  
Net income $ 26,678   $ 20,399   $ 85,783   $ 45,262  
Net income per common share:
Basic $ 0.29 $ 0.22 $ 0.93 $ 0.48
Diluted $ 0.29 $ 0.21 $ 0.92 $ 0.47
Weighted average shares outstanding:
Basic 91,916 93,680 92,648 93,586
Diluted 92,710 95,257 93,665 95,410
 

 

* Beginning with fiscal 2014, revenue from software maintenance and support (SMS) is included within subscription and software revenue in the consolidated statements of operations. Prior to fiscal 2014, SMS revenue was included within services and other revenue. Additionally, beginning with fiscal 2014, the cost of providing SMS is included within subscription and software cost of revenue. Prior to fiscal 2014, the cost of providing SMS was included within services and other cost of revenue. Corresponding line items in the consolidated statements of operations for the three and twelve months ended June 30, 2013 have been reclassified to conform to the current period presentation. Refer to the Company's Form 10-K for the fiscal year ended June 30, 2014 for additional details.

               
 
ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited in thousands, except share data)
 
June 30,
2014
June 30,
2013
 
ASSETS
 
Current assets:
Cash and cash equivalents $ 199,526 $ 132,432
Short-term marketable securities 67,619 57,015
Accounts receivable, net 38,532 36,988
Current portion of installments receivable, net 640 13,769
Unbilled services 1,656 1,965
Prepaid expenses and other current assets 10,567 9,665
Prepaid income taxes 605 288
Current deferred tax assets   10,537     33,229  
Total current assets 329,682 285,351
Long-term marketable securities 31,270 35,353
Non-current installments receivable, net 811 963
Property, equipment and leasehold improvements, net 7,588 7,829
Computer software development costs, net 1,390 1,742
Goodwill 19,276 19,132
Non-current deferred tax assets 12,765 25,250
Other non-current assets   5,190     7,128  
Total assets $ 407,972   $ 382,748  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 412 $ 846
Accrued expenses and other current liabilities 34,984 34,577
Income taxes payable 2,168 1,697
Current deferred revenue   228,940     178,341  
Total current liabilities 266,504 215,461
Non-current deferred revenue 45,942 53,012
Other non-current liabilities 11,850 12,377
Commitments and contingencies
Series D redeemable convertible preferred stock, $0.10 par value—
Authorized— 3,636 shares as of June 30, 2014 and 2013
Issued and outstanding— none as of June 30, 2014 and 2013

 

 

Stockholders’ equity:
Common stock, $0.10 par value— Authorized—210,000,000 shares
Issued— 101,033,740 shares at June 30, 2014 and 99,945,545 shares at June 30, 2013
Outstanding— 91,661,850 shares at June 30, 2014 and 93,683,769 shares

at June 30, 2013

10,103 9,995
Additional paid-in capital 591,324 575,770
Accumulated deficit (264,034 ) (349,817 )
Accumulated other comprehensive income 9,372 7,263
Treasury stock, at cost—9,371,890 shares of common stock at June 30, 2014

and 6,261,776 at June 30, 2013

  (263,089 )   (141,313 )
Total stockholders’ equity   83,676     101,898  
Total liabilities and stockholders' equity $ 407,972   $ 382,748  
 
 
                               
 
ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited in thousands)
 
Three Months Ended
June 30,
Twelve Months Ended
June 30,
2014 2013 2014 2013
Cash flows from operating activities:
Net income $ 26,678 $ 20,399 $ 85,783 $ 45,262
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 1,360 1,115 5,215 5,229
Net foreign currency loss (gain) 490 (285 ) 1,934 (952 )
Stock-based compensation 2,954 3,342 14,056 14,637
Deferred income taxes 8,769 (10,541 ) 34,596 5,127
Provision for bad debts 649 458 1,793 489
Excess tax benefits from stock-based compensation (590 ) (478 ) (727 ) (478 )
Other non-cash operating activities 489 453 1,847 818
Changes in assets and liabilities: -
Accounts receivable (8,245 ) (8,489 ) (3,179 ) (6,094 )
Unbilled services (366 ) 265 301 (380 )
Prepaid expenses, prepaid income taxes, and other assets (3,380 ) (1,061 ) 947 3,827
Installments receivable 1,674 7,054 13,607 39,419
Accounts payable, accrued expenses, and other liabilities 2,744 6,239 1,633 (4,947 )
Deferred revenue   25,016       15,467     42,325     44,605  
Net cash provided by operating activities   58,242       33,938     200,131     146,562  
Cash flows from investing activities:
Purchase of marketable securities (32,814 ) (21,884 ) (68,356 ) (97,597 )
Maturities of marketable securities 26,903 4,549 60,265 4,549
Purchase of property, equipment and leasehold improvements (1,381 ) (1,489 ) (4,011 ) (4,507 )
Insurance proceeds - - - 2,222
Purchase of technology intangibles - - (400 ) (902 )
Capitalized computer software development costs   (84 )   (563 )   (685 )   (1,156 )
Net cash used in investing activities   (7,376 )   (19,387 )   (13,187 )   (97,391 )
Cash flows from financing activities:
Exercise of stock options 1,235 5,713 8,710 21,143
Repayments of secured borrowings - - - (11,010 )
Repurchases of common stock (32,857 ) (25,426 ) (121,776 ) (84,677 )
Payment of tax withholding obligations related to restricted stock (1,896 ) (1,947 ) (7,831 ) (7,705 )
Excess tax benefits from stock-based compensation   590     478     727     478  
Net cash used in financing activities (32,928 ) (21,182 ) (120,170 ) (81,771 )
Effect of exchange rate changes on cash and cash equivalents   105     21     320     (210 )
Increase (decrease) in cash and cash equivalents 18,043 (6,610 ) 67,094 (32,810 )
Cash and cash equivalents, beginning of period   181,483     139,042     132,432     165,242  
Cash and cash equivalents, end of period $ 199,526   $ 132,432   $ 199,526   $ 132,432  
 
Supplemental disclosure of cash flow information:
Income taxes paid, net $ 1,440 $ 1,953 $ 7,157 $ 4,645
Interest paid 5 39 37 424
 
 
             
 

ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Results of Operations and Cash Flows
The following tables reflect a reconciliation of selected Aspen Technology GAAP to Non-GAAP results of operations and cash flows.

(unaudited in thousands, except per share data)

                 
Three Months Ended

June 30,

Twelve Months Ended

June 30,

2014 2013 2014 2013

Total expenses

GAAP total expenses (a) $ 64,171 $ 67,881 $ 261,729 $ 255,787
Less:
Stock-based compensation (b) (2,954 ) (3,342 ) (14,056 ) (14,637 )
Non-capitalized acquired technology (c) - - (4,856 ) -
Restructuring charges - (2 ) 15 5
Amortization of purchased technology intangibles (224 ) (199 ) (922 ) (702 )
                                         
Non-GAAP total expenses             $ 60,993         $ 64,338           $ 241,910         $ 240,453  
 

Income from operations

GAAP income from operations $ 37,361 $ 15,383 $ 129,724 $ 55,600
Plus:
Stock-based compensation (b) 2,954 3,342 14,056 14,637
Non-capitalized acquired technology (c) - - 4,856 -
Restructuring charges - 2 (15 ) (5 )
Amortization of purchased technology intangibles 224 199 922 702
                                         
Non-GAAP income from operations             $ 40,539         $ 18,926           $ 149,543         $ 70,934  
 

Net income

GAAP net income $ 26,678 $ 20,399 $ 85,783 $ 45,262
Plus:
Stock-based compensation (b) 2,954 3,342 14,056 14,637
Non-capitalized acquired technology (c) - - 4,856 -
Restructuring charges - 2 (15 ) (5 )
Amortization of purchased technology intangibles 224 199 922 702
Less:
Income tax effect on Non-GAAP items (d) (1,144 ) (1,279 ) (7,135 ) (5,536 )
                                         
Non-GAAP net income             $ 28,712         $ 22,663           $ 98,467         $ 55,060  
 

Diluted income per share

GAAP diluted income per share $ 0.29 $ 0.21 $ 0.92 $ 0.47
Plus:
Stock-based compensation (b) 0.03 0.04 0.15 0.15
Non-capitalized acquired technology (c) - - 0.05 -
Restructuring charges - - - -
Amortization of purchased technology intangibles - - 0.01 0.01
Less:
Income tax effect on Non-GAAP items (d) (0.01 ) (0.01 ) (0.08 ) (0.06 )
                                         
Non-GAAP diluted income per share             $ 0.31         $ 0.24           $ 1.05         $ 0.58  
 
Shares used in computing Non-GAAP diluted income per share 92,710 95,257 93,665 95,410
 
 
             
 

ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Results of Operations and Cash Flows

The following tables reflect a reconciliation of selected Aspen Technology GAAP to Non-GAAP results of operations and cash flows.

(unaudited in thousands, except per share data)

Three Months Ended

June 30,

      Twelve Months Ended

June 30,

2014       2013 2014       2013

Non-GAAP Cash Flows from Operating Activities and Free Cash Flow

GAAP cash flows from operating activities $ 58,242 $ 33,938 $ 200,131 $ 146,562
Plus:
Non-capitalized acquired technology (c) - - 3,856 -
Excess tax benefits from stock-based compensation (e) 590 478 727 478
                                         
Non-GAAP Cash Flows from Operating Activities             $ 58,832    

 

  $ 34,416    

 

    $ 204,714    

 

  $ 147,040  
 
Less:
Purchase of property, equipment and leasehold improvements (1,381 ) (1,489 ) (4,011 ) (4,507 )
Capitalized computer software development costs (84 ) (563 ) (685 ) (1,156 )
Plus:
Insurance proceeds - - - 2,222
                                         
Free Cash Flow             $ 57,367         $ 32,364           $ 200,018         $ 143,599  
 
(a) GAAP total expenses
Three Months Ended

June 30,

Twelve Months Ended

June 30,

2014 2013 2014 2013
Total costs of revenue $ 12,879 $ 12,988 $ 52,688 $ 50,348
Total operating expenses   51,292     54,893     209,041     205,439  
GAAP total expenses $ 64,171   $ 67,881   $ 261,729   $ 255,787  
 
(b) Stock-based compensation expense was as follows:
Three Months Ended

June 30,

Twelve Months Ended

June 30,

2014 2013 2014 2013
Cost of services and other $ 329 $ 297 $ 1,239 $ 1,281
Selling and marketing 627 947 3,280 3,890
Research and development 862 716 4,129 2,969
General and administrative   1,136     1,382     5,408     6,497  
Total stock-based compensation $ 2,954   $ 3,342   $ 14,056   $ 14,637  
 

 

(c) During fiscal 2014, the Company acquired certain technology that did not meet the accounting definition of having reached technological feasibility, and therefore, the cost of the acquired technology was expensed and is included in research and development. The Company excluded the $4.9 million expense and the $3.9 million cash payment associated with the acquired technology (non-capitalized acquired technology) from non-GAAP total expenses and non-GAAP cash flows from operating activities and free cash flow respectively to be consistent with past treatment of other transactions where the acquired assets were capitalized. Refer to the Company's Form 10-K for the fiscal year ended June 30, 2014 for additional details.

(d) The income tax effect on non-GAAP items for the three and twelve months ended June 30, 2014 and 2013 is calculated utilizing the Company's estimated federal and state tax rate of 36%.

(e) Excess tax benefits from stock-based compensation are included in non-GAAP cash flows from operating activities and free cash flow to be consistent with the treatment of other tax benefits. Refer to the Company's Form 10-K for the fiscal year ended June 30, 2014 for additional details.

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