Aspen Technology, Inc. (NASDAQ: AZPN), a leading provider of software and services to the process industries, today announced financial results for its first quarter of fiscal year 2013, ended September 30, 2012.
Mark Fusco, Chief Executive Officer of AspenTech, said, “AspenTech began fiscal 2013 on a strong note, highlighted by mid-teens year-over-year growth in total license contract value. We continue to expand the capabilities of our industry leading aspenONE suite, and believe that we remain well positioned to drive increased product adoption and usage levels over the long-term. At the same time, our focus on expense management contributed to strong growth in profitability and free cash flow generation.”
First Quarter Fiscal 2013 and Recent Business Highlights
Summary of First Quarter Fiscal Year 2013 Financial Results
- The license portion of total contract value was $1.5 billion for the first quarter of fiscal 2013, which increased 2.3% sequentially and 14.7% compared to the first quarter of fiscal 2012.
- Total contract value, including the value of bundled maintenance, was $1.72 billion at the end of the first quarter of fiscal 2013, which increased 2.6% sequentially and 17.6% compared to the first quarter of fiscal 2012.
- 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 $312 million at the end of the first quarter of fiscal 2013, which increased 2.5% sequentially and 13.9% compared to the first quarter of fiscal 2012.
- The company announced today that its Board of Directors has approved a $100 million share repurchase program. This replaces the prior share repurchase program, which had approximately $49 million of remaining capacity as of the end of the first quarter.
AspenTech’s total revenue of $71.5 million increased 40% from $51.2 million in the first quarter of the prior year.
- Subscription and software revenue was $54.1 million in the first quarter of fiscal 2013, an increase from $31.9 million in the first quarter of fiscal 2012.
- Services & other revenue was $17.4 million in the first quarter of fiscal 2013, compared to $19.3 million in the first quarter of fiscal 2012.
For the quarter ended September 30, 2012, AspenTech reported income from operations of $9.0 million, compared to a loss from operations of $15.6 million for the quarter ended September 30, 2011.