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Aspen Technology Announces Financial Results For The First Quarter Of Fiscal 2014

Stocks in this article: AZPN

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 2014, ended September 30, 2013.

Antonio Pietri, President and Chief Executive Officer of AspenTech, said, “AspenTech’s performance in the first quarter was a strong start to fiscal 2014 and was highlighted by low-teens year-over-year growth in total license contract value. We continue to experience positive adoption trends for our industry leading aspenONE suite on a worldwide basis. As we look ahead to the remainder of the fiscal year, we believe that AspenTech is well positioned to continue driving an attractive combination of solid growth along with strong profitability and free cash flow.”

First Quarter Fiscal 2014 and Recent Business Highlights

  • The license portion of total contract value was $1.69 billion at the end of the first quarter of fiscal 2014, which increased 13.2% compared to the first quarter of fiscal 2013 and 2.5% sequentially.
  • Total contract value, including the value of bundled maintenance, was $1.98 billion at the end of the first quarter of fiscal 2014, which increased 15.3% compared to the first quarter of fiscal 2013 and 2.8% 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 $346 million at the end of the first quarter of fiscal 2014, which increased 11.0% compared to the first quarter of fiscal 2013 and 2.5% sequentially.

Summary of First Quarter Fiscal Year 2014 Financial Results

AspenTech’s total revenue of $87.6 million increased 22.5% from $71.5 million in the first quarter of the prior year.

  • Subscription and software revenue was $78.7 million in the first quarter of fiscal 2014, an increase from $63.8 million in the first quarter of fiscal 2013.
  • Services & other revenue was $8.9 million in the first quarter of fiscal 2014, compared to $7.7 million in the first quarter of fiscal 2013.

For the quarter ended September 30, 2013, AspenTech reported income from operations of $24.8 million, compared to income from operations of $9.0 million for the quarter ended September 30, 2012.

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