CIMdata PLM Industry Summary Online Archive
1 May 2012
Financial News
Aspen Technology Announces Financial Results for the Third Quarter Fiscal 2012
Aspen Technology, Inc. today announced financial results for its third quarter of fiscal 2012, ended March 31, 2012.
Mark Fusco, Chief Executive Officer of AspenTech, said, “AspenTech delivered strong fiscal third quarter results that exceeded our guidance on all key metrics, and was highlighted by approximately 15% year-over-year growth and 3% sequential growth in total license contract value. Customers continue to embrace our subscription-based offerings, and we are seeing strong demand and product usage patterns across our product suite, key vertical markets and geographies.”
Fusco added, “The combination of solid growth, lower than expected expenses and strong working capital management contributed to record quarterly free cash flow of $54 million during the third quarter. In addition, free cash flow of approximately $81 million for the first nine months of fiscal 2012 exceeds our free cash flow guidance for the full fiscal year. We believe AspenTech is well positioned to continue driving strong cash flow, which we believe will provide us with opportunities to enhance shareholder value.”
Third Quarter Fiscal 2012 and Recent Business Highlights
- The license portion of total contract value was $1.40 billion for the third quarter of fiscal 2012, an increase of 14.5% compared to the third quarter of fiscal 2011 and 2.9% sequentially.
- Total contract value, including the value of bundled maintenance, was $1.59 billion for the third quarter of fiscal 2012, an increase of 19.0% compared to the third quarter of fiscal 2011 and 3.3% sequentially.
- 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 $292 million at the end of the third quarter, an increase of approximately 13% compared to the end of the third quarter of fiscal 2011.
AspenTech’s total revenue of $61.3 million increased 17% from $52.6 million in the third quarter of the prior year.
- Subscription and software revenue was $42.4 million in the third quarter of fiscal 2012, an increase of 38% from $30.7 million in the third quarter of fiscal 2011.
- Services & other revenue was $18.9 million in the third quarter of fiscal 2012, compared to $21.9 million in the third quarter of fiscal 2011.
For the quarter ended March 31, 2012, AspenTech reported a loss from operations of $2.8 million, compared to a loss from operations of $7.2 million for the quarter ended March 31, 2011.
Net loss was $0.5 million for the quarter ended March 31, 2012, leading to a net loss per share of $0.01, compared to a net loss per share of $0.06 in the same period last fiscal year.
Non-GAAP loss from operations, which adds back stock-based compensation expense and restructuring charges, was $0.1 million for the third quarter of fiscal 2012, compared to a non-GAAP loss from operations of $5.2 million in the same period last fiscal year. Non-GAAP net income was $1.4 million, or $0.01 per share, for the third quarter of fiscal 2012, compared to a non-GAAP net loss of $3.8 million, or ($0.04) per share, in the same period last fiscal year. A reconciliation of GAAP to non-GAAP results is included in the financial tables included in this press release.
AspenTech had a cash balance of $182.6 million at March 31, 2012, an increase of $39.3 million from the end of the prior quarter after using $11.9 million in cash to repurchase shares of common stock and reducing secured borrowings by $1.9 million. During the third quarter, the company generated $54.7 million in cash flow from operations and $54.3 million in free cash flow after taking into consideration $0.3 million in capital expenditures and capitalized software. For the nine months ended March 31, 2012, the company generated $83.0 million in cash flow from operations and $81.3 million in free cash flow after taking into consideration $1.7 million in capitalized expenditures and capitalized software.
To view an unabridged version of this press release visit:
http://www.aspentech.com/_ThreeColumnLayout.aspx?pageid=2147485680&id=15032385944
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