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(Mark One)
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x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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04-2739697
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(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
200 Wheeler Road
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Burlington, Massachusetts | 01803 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a
smaller reporting company)
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Smaller reporting company
o
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Page
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PART I
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Item 1.
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4
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Item 1A.
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15
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Item 1B.
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20
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Item 2.
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20
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Item 3.
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21
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Item 4.
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22
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PART II
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||
Item 5.
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23
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Item 6.
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25
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Item 7.
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26
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Item 7A.
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51
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Item 8.
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51
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Item 9.
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51
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Item 9A.
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52
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Item 9B.
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55
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PART III
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||
Item 10.
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56
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Item 11.
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56
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Item 12.
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56
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Item 13.
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56
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Item 14.
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56
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PART IV
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Item 15.
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57
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SIGNATURES
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|
·
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Innovative products that can enhance our customers’ profitability;
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·
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Long-term customer relationships;
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·
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Large installed base of users of our software; and
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·
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Long-term license contracts with historically high renewal rates
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●
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Energy.
Our energy markets are comprised of three primary sectors: Refining and Marketing, also called “downstream”, Exploration and Production, also called “upstream”, and Gas Processing, also called “midstream”:
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●
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Companies engaged in Refining and Marketing convert crude oil through a chemical manufacturing process into end products such as gasoline, jet and diesel fuels and into intermediate products for downstream chemical manufacturing companies. These companies are characterized by high volumes and low operating margins. In order to deliver better margins, they focus on optimizing feedstock selection and product mix, maximizing throughput, and minimizing inventory, all while operating safely and in accordance with regulations.
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●
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Companies engaged in Exploration and Production explore for and produce hydrocarbons. They target reserves in increasingly diverse geographies involving greater geological, logistical and political challenges. They need to design and develop ever larger, more complex and more remote production, gathering and processing facilities as quickly as possible with the objective of optimizing production and ensuring regulatory compliance.
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●
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Companies engaged in Gas Processing gather natural gas from well heads, clean it, process it and separate it into dry natural gas and natural gas liquids in preparation for transport to downstream markets. The number of gas processing plants in North America has increased significantly in recent years to process gas extracted from shale deposits.
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●
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Chemicals.
The chemicals industry includes both bulk and specialty chemical companies:
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●
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Bulk chemical producers, which manufacture commodity chemicals, compete primarily on price, are seeking to achieve economies of scale and manage operating margin pressure by building larger, more complex plants located near feedstock sources.
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●
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Specialty chemical manufacturers, which primarily manufacture highly differentiated customer-specific products, face challenges in managing diverse product lines, multiple plants and complex supply chains.
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●
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Engineering and construction.
Engineering and construction firms must compete on a global basis in bidding on and executing complex, large-scale projects. They need a digital environment in which optimal plant designs can be produced quickly and efficiently, incorporating highly accurate cost estimation technology. In addition, these projects require software that enables significant collaboration internally, with the manufacturer, and in many cases, with other engineering and construction firms.
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●
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Globalization of markets.
Process manufacturers are expanding their operations beyond mature geographic markets in order to take advantage of growing demand and available feedstocks in emerging markets such as China, India, Russia, Latin America and the Middle East. Process manufacturers must be able to design, build and operate plants in emerging markets efficiently and economically. They also need to improve efficiency and reduce costs at their existing plants in mature markets in order to compete with new plants in emerging markets.
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●
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Volatile markets.
Process manufacturers must react quickly to frequent changes in feedstock prices, temporary or longer-term feedstock shortages, and rapid changes in finished product prices. Unpredictable commodity markets strain the manufacturing and supply chain operations of process manufacturers, which must consider, and when appropriate implement, changes in inventory levels, feedstock inputs, equipment usage and operational processes in order to remain competitive.
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|
●
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Environmental and safety regulations.
Process companies must comply with an expanding array of data maintenance and reporting requirements under governmental and regulatory mandates, and the global nature of their operations can subject them to numerous regulatory regimes. These companies often face heightened scrutiny and oversight because of the environmental, safety and other implications of their products and manufacturing processes. These companies increasingly are relying upon software applications to model potential outcomes, store operating data and develop reporting capabilities.
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|
●
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the total engineering market for all vertical industries was approximately $600 million in 2011 and is expected to grow at approximately 10% annually through 2015;
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●
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the manufacturing market addressing the energy, chemicals and pharmaceuticals verticals was approximately $1.9 billion in 2011 and is expected to grow at approximately 12% annually through 2015; and
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●
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the supply chain market addressing the energy, chemicals and pharmaceutical verticals was approximately $300 million in 2011 and is expected to grow at 8% annually through 2015.
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●
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aspenONE Engineering.
Our engineering software is used on an engineer’s desktop to design new plants, re-design existing plants, and simulate and optimize plant processes.
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●
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aspenONE Manufacturing and Supply Chain.
Our manufacturing software is designed to optimize day-to-day processing activities, enabling process manufacturers to make better, more profitable decisions and to improve plant performance. Our supply chain management software is designed to enable process manufacturers to reduce inventory levels, increase asset efficiency and optimize supply chain decisions.
|
|
●
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#1 in the market addressed by our engineering software;
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|
●
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#2 in the market addressed by our manufacturing software; and
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●
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#2 in the market addressed by our supply chain software.
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●
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Engineering.
Our engineering software applications are used during both the design and the ongoing operation of plant facilities to model and improve the way engineers develop and deploy manufacturing assets. Process manufacturers must address a variety of challenges including design, operational improvement, collaborative engineering and economic evaluation. They must, for example, determine where they should locate facilities, how they can lower manufacturing costs, what they should produce and how they can maximize plant efficiency.
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●
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Manufacturing.
Our manufacturing software products focus on optimizing day-to-day processing activities, enabling customers to make better, faster decisions that lead to improved plant performance and operating results. These solutions include desktop and server applications that help customers make real-time decisions, which can reduce fixed and variable costs and improve product yields. Process manufacturers must address a wide range of manufacturing challenges such as optimizing execution efficiency, reducing costs, selecting the right raw materials, scheduling and coordinating production processes, and identifying an appropriate balance between turnaround times, delivery schedules, cost and inventory.
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|
●
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Supply chain management.
Our supply chain management solutions include desktop and server applications that help customers optimize critical supply chain decisions in order to reduce inventory, increase asset efficiency, and respond more quickly to changing market conditions. Process manufacturers must address numerous challenges as they strive to effectively and efficiently manage raw materials inventory, production schedules and feedstock purchasing decisions. Supply chain managers face these challenges in an environment of ever-changing market prices, supply constraints and customer demands.
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aspenONE Engineering
|
||||||
Business Area
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aspenOne
Module
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Major Products
|
Product Description
|
|||
Engineering
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Engineering
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Aspen Plus
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Process modeling software for conceptual design, optimization and performance monitoring for the chemicals industry
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|||
Aspen HYSYS
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Process modeling software for conceptual design, optimization and performance monitoring for the energy industry
|
|||||
Aspen Exchanger Design and Rating
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Software used to design, simulate and optimize the performance of heat exchangers
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|||||
Aspen Economic Evaluation
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Economic evaluation software for estimating costs of conceptual process designs
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|||||
Aspen Basic Engineering
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Workflow tool that allows engineers to build, re-use and share process models and data
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|||||
aspenONE Manufacturing and Supply Chain
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||||||
Business Area
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aspenOne
Module
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Major Products
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Product Description
|
|||
Manufacturing
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Production Management & Execution
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Aspen Info Plus.21
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Data historian software that collects and stores large volumes of data for analysis and reporting
|
|||
Advanced Process Control
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Aspen DMCplus
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Multi-variable controller software capable of processing multiple constraints simultaneously
|
||||
Supply Chain
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Planning & Scheduling
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Aspen Collaborative Demand Manager
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Enterprise solution for forecasting market demand
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|||
Aspen Petroleum Scheduler
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Integrated system that supports comprehensive scheduling and optimization of refinery activities
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|||||
Aspen PIMS
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Enterprise planning software that optimizes feedstock evaluation, product slate and operational execution
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|||||
Aspen Plant Scheduler
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Plant scheduling software that optimizes production scheduling
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|||||
Aspen Supply Chain Planner
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Software for determining what to produce given product demands, inventory, and manufacturing and distribution constraints
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|||||
Supply & Distribution
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Aspen Inventory Management & Operations Scheduling
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Enterprise solution that allows users to manage their supply and demand balancing, inventory and scheduling
|
||||
Aspen Petroleum Supply Chain Planner
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Economic planning tool that solves multi-commodity, multi-period transportation optimization problems
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|||||
Aspen Fleet Optimizer
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Enterprise solution for inventory management and truck transportation optimization
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|||||
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●
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Our engineering software competes with products of businesses such as ABB Ltd., Honeywell International, Inc., Invensys plc and KBC Advanced Technologies plc.
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|
●
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Our manufacturing software competes with products of companies such as ABB Ltd., Honeywell International, Inc., Invensys plc, OSIsoft, Inc., Rockwell Automation, Inc., Siemens AG and Yokogawa Electric Corporation.
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●
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Our supply chain management software competes with products of companies such as JDA Software Group, Inc., Oracle Corporation and SAP AG.
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●
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breadth, depth and integration of software offerings;
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|
●
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domain expertise of sales and service personnel;
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●
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consistent global support;
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●
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performance and reliability;
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●
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price; and
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●
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time to market.
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●
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we retained a perpetual, irrevocable, worldwide, royalty-free non-exclusive license (with the limited rights to sublicense) to the Hyprotech engineering software and have the right to continue to develop and sell the Hyprotech engineering products; and
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●
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we retained certain agreements with third parties other than customers or distributors for HYSYS and related products.
|
2012
|
2011
|
|||||||||||||||
Period
|
Low
|
High
|
Low
|
High
|
||||||||||||
Quarter ended June 30
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$ | 19.01 | $ | 23.15 | $ | 14.38 | $ | 17.18 | ||||||||
Quarter ended March 31
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16.41 | 21.61 | 13.02 | 16.00 | ||||||||||||
Quarter ended December 31
|
14.67 | 18.66 | 10.62 | 13.28 | ||||||||||||
Quarter ended September 30
|
12.75 | 17.78 | 9.34 | 11.32 | ||||||||||||
Issuer Purchases of Equity Securities
|
||||||||||||||||
Period
|
Total Number
of Shares
Purchased
|
Average Price
Paid per Share
|
Total Number of
Shares Purchased
as Part of Publicly
Announced
Program
|
Approximate Dollar
Value of Shares that
May Yet Be
Purchased Under
the Program
|
||||||||||||
April 1 to 30, 2012
|
200,500 | $ | 19.85 | 200,500 | - | |||||||||||
May 1 to 31, 2012
|
227,600 | $ | 21.84 | 227,600 | - | |||||||||||
June 1 to 30, 2012
|
231,100 | $ | 21.72 | 231,100 | 66,398,734 | |||||||||||
659,200 | $ | 21.20 | 659,200 | $ | 66,398,734 | |||||||||||
Period
|
Number of securities to be
issued upon exercise of
outstanding options,
warrants and rights
|
Weighted-average
exercise price of
outstanding options,
warrants and rights
|
Number of securities remaining
available for future issuance under
equity compensation plans
|
|||||||||
Equity compensation plans approved by security holders
|
5,507,336 | $ | 9.92 | 5,457,721 | ||||||||
Equity compensation plans not approved by security holders
|
- | $ | - | - | ||||||||
Total
|
5,507,336 | $ | 9.92 | 5,457,721 | ||||||||
|
●
|
349,702 shares of common stock issuable under our 2005 stock incentive plan; and
|
|
●
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5,108,019 shares of common stock issuable under our 2010 equity incentive plan.
|
Fiscal Year Ended June 30,
|
||||||||||||||||||||||||
2007
|
2008
|
2009
|
2010
|
2011
|
2012
|
|||||||||||||||||||
Aspen Technology, Inc.
|
100.00 | 95.00 | 60.93 | 77.79 | 122.71 | 165.36 | ||||||||||||||||||
NASDAQ Composite
|
100.00 | 84.54 | 73.03 | 82.88 | 110.33 | 115.30 | ||||||||||||||||||
NASDAQ Computer & Data Processing
|
100.00 | 94.64 | 81.56 | 86.76 | 116.98 | 120.85 | ||||||||||||||||||
Year Ended June 30,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
(Dollars in Thousands, except per share data)
|
||||||||||||||||||||
Consolidated Statements of Operations Data:
|
||||||||||||||||||||
Revenue (1)
|
$ | 243,134 | $ | 198,154 | $ | 166,344 | $ | 311,580 | $ | 311,613 | ||||||||||
Gross profit
|
190,857 | 145,809 | 100,234 | 235,760 | 226,620 | |||||||||||||||
(Loss) income from operations
|
(15,007 | ) | (54,576 | ) | (109,370 | ) | 43,934 | 18,637 | ||||||||||||
Net (loss) income (2)
|
$ | (13,808 | ) | $ | 10,257 | $ | (107,445 | ) | $ | 52,924 | $ | 24,946 | ||||||||
Basic (loss) income per share
|
$ | (0.15 | ) | $ | 0.11 | $ | (1.18 | ) | $ | 0.59 | $ | 0.28 | ||||||||
Diluted (loss) income per share
|
$ | (0.15 | ) | $ | 0.11 | $ | (1.18 | ) | $ | 0.57 | $ | 0.27 | ||||||||
Weighted average shares outstanding—Basic
|
93,780 | 93,488 | 91,247 | 90,053 | 89,640 | |||||||||||||||
Weighted average shares outstanding—Diluted
|
93,780 | 95,853 | 91,247 | 92,578 | 94,092 | |||||||||||||||
(1)
|
In July 2009, we introduced our aspenONE licensing model under which license revenue is recognized over the term of a license contract. We previously recognized a substantial majority of our license revenue upfront, upon shipment of software. See “Item 7. Management’s Discussion and Analysis and Results of Operations—Transition to the aspenONE Licensing Model.”
|
(2)
|
Our income tax provision provided a net benefit of $54.0 million in fiscal 2011, due to the reversal of a significant portion of our U.S. valuation allowance in the fourth quarter of fiscal 2011. See Note 8 to our Consolidated Financial Statements, “Income Taxes,” for further information.
|
Year Ended June 30,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Consolidated Balance Sheet Data:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 165,242 | $ | 149,985 | $ | 124,945 | $ | 122,213 | $ | 134,048 | ||||||||||
Working capital
|
65,744 | 80,188 | 94,466 | 97,914 | 116,307 | |||||||||||||||
Accounts receivable, net
|
31,450 | 27,866 | 31,738 | 49,882 | 86,870 | |||||||||||||||
Installments receivable, net
|
47,230 | 86,476 | 128,598 | 177,921 | 134,290 | |||||||||||||||
Collateralized receivables, net
|
6,297 | 25,039 | 51,430 | 96,366 | 135,349 | |||||||||||||||
Total assets
|
368,335 | 399,794 | 393,359 | 515,976 | 554,626 | |||||||||||||||
Deferred revenue
|
187,173 | 128,943 | 87,279 | 78,871 | 106,905 | |||||||||||||||
Secured borrowings
|
10,756 | 24,913 | 76,135 | 112,096 | 147,207 | |||||||||||||||
Total stockholders' equity
|
113,592 | 157,803 | 140,970 | 229,410 | 172,813 | |||||||||||||||
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●
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Innovative products that can enhance our customers’ profitability;
|
|
●
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Long-term customer relationships;
|
|
●
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Large installed base of users of our software; and
|
|
●
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Long-term license contracts with historically high renewal rates
|
|
●
|
The majority of our license revenue is no longer recognized on an upfront basis. Since the upfront model resulted in the net present value of multiple years of future installments being recognized at the time of shipment, we do not expect to recognize levels of revenue comparable to our pre-transition levels until a significant majority of license agreements executed under our upfront revenue model (i) reach the end of their original terms and (ii) are renewed. Accordingly, our product-related revenue for fiscal 2010, 2011 and 2012 was significantly less than the level achieved in the fiscal years preceding our licensing model change.
|
|
●
|
The introduction of our aspenONE licensing model resulted in operating losses for fiscal 2010, 2011 and 2012. The change to our licensing model did not impact the incurrence or timing of our expenses, and there was no corresponding expense reduction to offset the lower revenue. As a portion of the license agreements executed under our upfront revenue model have reached the end of their original term and been renewed under our aspenONE licensing model, subscription and software revenue has steadily increased from the beginning of fiscal 2010 through fiscal 2012. To the extent the remaining term license agreements executed under our upfront revenue model expire and are renewed under our aspenONE licensing model, we expect to recognize levels of revenue and operating profit comparable to, or higher than, our pre-transition levels.
|
|
●
|
The SMS component of our services and other revenue is expected to decrease and be offset by a corresponding increase in subscription and software revenue as customers transition to our aspenONE licensing model. Under our aspenONE licensing model and for point product arrangements which include SMS for the contract term, the entire arrangement fee, including the SMS component, is included within subscription and software revenue.
|
|
●
|
Our installments receivable balance is expected to continue to decrease over time, as licenses previously executed under our upfront revenue model reach the end of their terms and are renewed under our aspenONE licensing model. Under our aspenONE licensing model and for point product arrangements with SMS included for the contract term, installment payments are not considered fixed or determinable and, as a result, are not included in installments receivable. These future payments are included in billings backlog, which is not reflected on our consolidated balance sheets.
|
|
●
|
The amount of our deferred revenue is expected to continue to increase over time as an increasing portion of revenue from our term license portfolio is recognized on a subscription or ratable basis. Under our aspenONE licensing model and for point product arrangements with
SMS included for the contract term,
installments for license transactions are deferred and recognized on a ratable basis.
|
|
● |
Software licenses.
We provide integrated process optimization software solutions designed specifically for the process industries. We license our software products, together with SMS, primarily on a term basis, and we offer extended payment options for our term license agreements that generally require annual payments, which we also refer to as installments.
|
|
●
|
SMS and training.
Our SMS business consists primarily of providing customer technical support and access to software fixes and updates. We provide customer technical support services throughout the world from our customer support centers as well as via email and through our support website. Our training business provides customers with a variety of training solutions, including on-site, Internet-based and customized training.
|
|
● |
Professional services.
We offer professional services that include implementing and integrating our technology with customers’ existing systems in order to improve their plant performance and gain better operational data. Customers who use our professional services typically engage us to provide those services over periods of up to 24 months. We charge customers for professional services on a time-and-materials or fixed-price basis.
|
|
(i)
|
aspenONE subscription arrangements, including the bundled SMS;
|
|
(ii)
|
Point product arrangements with our enhanced SMS offering included for the contract term (referred to as point product arrangements with enhanced SMS);
|
|
(iii)
|
legacy arrangements including (a) amendments to existing legacy term arrangements, (b) renewals of legacy term arrangements and (c) legacy arrangements that are being recognized over time as a result of not previously meeting one or more of the requirements for recognition under the upfront revenue model; and
|
|
(iv)
|
perpetual arrangements.
|
Revenue Classification in Income Statement
|
Revenue Recognition Methodology
|
||||||
Fiscal 2012
|
Fiscal 2011 and 2010
|
Fiscal 2012
|
Fiscal 2011 and 2010
|
||||
Type of Revenue:
|
|||||||
aspenONE subscription
|
Subscription and software
|
Subscription
|
Ratable
|
Ratable
|
|||
Point products
|
|||||||
- Software
|
Subscription and software
|
Software
|
Ratable
|
Residual method
|
|||
- Bundled SMS
|
Subscription and software
|
Services and other
|
Ratable
|
Ratable
|
|||
Other
|
|||||||
- Legacy arrangements
|
Subscription and software
|
Software
|
Residual method
|
Residual method
|
|||
- Perpetual arrangements
|
Subscription and software
|
Software
|
Residual method
|
Residual method
|
|||
|
●
|
whether the professional services arrangement was sold as a single arrangement with, or in contemplation of, a new aspenONE licensing transaction;
|
|
●
|
the number, value and rate per hour of service transactions booked during the current and preceding periods;
|
|
●
|
the number and availability of service resources actively engaged on billable projects;
|
|
●
|
the timing of milestone acceptance for engagements contractually requiring customer sign-off;
|
|
●
|
the timing of negotiating and signing maintenance renewals;
|
|
●
|
the timing of collection of cash payments when collectability is uncertain; and
|
|
●
|
the size of the installed base of license contracts.
|
|
●
|
new term license agreements with new or existing customers;
|
|
●
|
renewals or modifications of existing license agreements that result in higher license fees due to price escalation or an increase in the number of tokens (units of software usage) or products licensed; and
|
|
●
|
renewals of existing license agreements that increase the length of the license term.
|
Year Ended June 30,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Billings backlog
|
$ | 799,366 | $ | 640,988 | $ | 389,354 | ||||||
Accounts receivable, net
|
31,450 | 27,866 | 31,738 | |||||||||
Installments receivable, undiscounted (non-GAAP) (1)
|
50,680 | 95,796 | 147,315 | |||||||||
Collateralized receivables, undiscounted (non-GAAP) (1)
|
6,500 | 26,691 | 56,461 | |||||||||
Future cash collections (2)
|
$ | 887,996 | $ | 791,341 | $ | 624,868 | ||||||
|
(1)
|
Excludes unamortized discount.
|
|
(2)
|
Future cash collections and billings backlog are transitory metrics introduced at the launch of our aspenONE licensing model, to help provide increased visibility into the cash flow potential of our business. Since the adoption of the aspenONE licensing model, our net cash provided by operating activities has increased from $33.0 million in fiscal 2009 to $38.6 million in fiscal 2010, $63.3 million in fiscal 2011 and $104.6 million in fiscal 2012. As such, we believe we have demonstrated the cash flow potential of our business and will no longer disclose these metrics beyond fiscal 2012.
|
Year Ended June 30,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Installments receivable, undiscounted (non-GAAP)
|
$ | 50,680 | $ | 95,796 | $ | 147,315 | ||||||
Unamortized discount
|
(3,450 | ) | (9,320 | ) | (18,717 | ) | ||||||
Installments receivable, net
|
$ | 47,230 | $ | 86,476 | $ | 128,598 | ||||||
Collateralized receivables, undiscounted (non-GAAP)
|
$ | 6,500 | $ | 26,691 | $ | 56,461 | ||||||
Unamortized discount
|
(203 | ) | (1,652 | ) | (5,031 | ) | ||||||
Collateralized receivables, net
|
$ | 6,297 | $ | 25,039 | $ | 51,430 | ||||||
Year Ended June 30,
|
2012 Compared to 2011
|
2011 Compared to 2010
|
||||||||||||||||||||||||||
2012
|
2011
|
2010
|
$ | % | $ | % | ||||||||||||||||||||||
Total cost of revenue
|
$ | 52,277 | $ | 52,345 | $ | 66,110 | $ | (68 | ) | (0.1 | ) % | $ | (13,765 | ) | (20.8 | ) % | ||||||||||||
Total operating expenses
|
205,864 | 200,385 | 209,604 | 5,479 | 2.7 | (9,219 | ) | (4.4 | ) | |||||||||||||||||||
Total expenses
|
258,141 | 252,730 | 275,714 | 5,411 | 2.1 | % | (22,984 | ) | (8.3 | ) % | ||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||
Stock-based compensation
|
(12,406 | ) | (9,699 | ) | (15,260 | ) | (2,707 | ) | 27.9 | 5,561 | (36.4 | ) | ||||||||||||||||
Amortization of purchased intangibles
|
(142 | ) | - | - | (142 | ) | - | - | - | |||||||||||||||||||
Adjusted total costs (non-GAAP)
|
$ | 245,593 | $ | 243,031 | $ | 260,454 | $ | 2,562 | 1.1 | % | $ | (17,423 | ) | (6.7 | ) % | |||||||||||||
|
Year Ended June 30,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Net cash provided by operating activities
|
$ | 104,637 | $ | 63,330 | $ | 38,622 | ||||||
Purchase of property, equipment, and leasehold improvements
|
(4,241 | ) | (2,839 | ) | (2,652 | ) | ||||||
Capitalized computer software development costs
|
(511 | ) | (1,990 | ) | (699 | ) | ||||||
Free cash flow (non-GAAP)
|
$ | 99,885 | $ | 58,501 | $ | 35,271 | ||||||
2012
|
2011
|
|||||||||||||||||||||||||||||||
Compared to
|
Compared to
|
|||||||||||||||||||||||||||||||
Year Ended June 30,
|
2011
|
2010
|
||||||||||||||||||||||||||||||
2012
|
2011
|
2010
|
%
|
%
|
||||||||||||||||||||||||||||
Revenue:
|
||||||||||||||||||||||||||||||||
Subscription and software
|
$ | 166,688 | 68.6 | % | $ | 103,699 | 52.3 | % | $ | 53,991 | 32.5 | % | 60.7 | % | 92.1 | % | ||||||||||||||||
Services and other
|
76,446 | 31.4 | 94,455 | 47.7 | 112,353 | 67.5 | (19.1 | ) | (15.9 | ) | ||||||||||||||||||||||
Total revenue
|
243,134 | 100.0 | 198,154 | 100.0 | 166,344 | 100.0 | ||||||||||||||||||||||||||
Cost of revenue:
|
||||||||||||||||||||||||||||||||
Subscription and software
|
10,617 | 4.4 | 5,213 | 2.6 | 6,437 | 3.9 | 103.7 | (19.0 | ) | |||||||||||||||||||||||
Services and other
|
41,660 | 17.1 | 47,132 | 23.8 | 59,673 | 35.9 | (11.6 | ) | (21.0 | ) | ||||||||||||||||||||||
Total cost of revenue
|
52,277 | 21.5 | 52,345 | 26.4 | 66,110 | 39.7 | (0.1 | ) | (20.8 | ) | ||||||||||||||||||||||
Gross profit
|
190,857 | 78.5 | 145,809 | 73.6 | 100,234 | 60.3 | 30.9 | 45.5 | ||||||||||||||||||||||||
Operating expenses:
|
||||||||||||||||||||||||||||||||
Selling and marketing
|
96,400 | 39.6 | 90,771 | 45.8 | 97,002 | 58.3 | 6.2 | (6.4 | ) | |||||||||||||||||||||||
Research and development
|
56,218 | 23.2 | 50,820 | 25.6 | 48,228 | 29.0 | 10.6 | 5.4 | ||||||||||||||||||||||||
General and administrative
|
53,547 | 22.0 | 59,041 | 29.8 | 63,246 | 38.0 | (9.3 | ) | (6.6 | ) | ||||||||||||||||||||||
Restructuring charges
|
(301 | ) | (0.1 | ) | (247 | ) | (0.1 | ) | 1,128 | 0.7 | 21.9 | * | ||||||||||||||||||||
Total operating expenses
|
205,864 | 84.7 | 200,385 | 101.1 | 209,604 | 126.0 | 2.7 | (4.4 | ) | |||||||||||||||||||||||
Loss from operations
|
(15,007 | ) | (6.2 | ) | (54,576 | ) | (27.5 | ) | (109,370 | ) | (65.7 | ) | (72.5 | ) | (50.1 | ) | ||||||||||||||||
Interest income
|
7,578 | 3.1 | 13,075 | 6.6 | 19,324 | 11.6 | (42.0 | ) | (32.3 | ) | ||||||||||||||||||||||
Interest expense
|
(4,204 | ) | (1.7 | ) | (5,138 | ) | (2.6 | ) | (8,455 | ) | (5.1 | ) | (18.2 | ) | (39.2 | ) | ||||||||||||||||
Other income (expense), net
|
(3,519 | ) | (1.5 | ) | 2,919 | 1.5 | (2,407 | ) | (1.4 | ) | (220.6 | ) | (221.3 | ) | ||||||||||||||||||
Loss before income taxes
|
(15,152 | ) | (6.3 | ) | (43,720 | ) | (22.1 | ) | (100,908 | ) | (60.7 | ) | (65.3 | ) | (56.7 | ) | ||||||||||||||||
(Benefit from) provision for income taxes (1)
|
(1,344 | ) | (0.6 | ) | (53,977 | ) | (27.2 | ) | 6,537 | 3.9 | (97.5 | ) | * | |||||||||||||||||||
Net (loss) Income
|
$ | (13,808 | ) | (5.7 | ) % | $ | 10,257 | 5.2 | % | $ | (107,445 | ) | (64.6 | ) % | (234.6 | ) % | (109.5 | ) % | ||||||||||||||
*
|
Not meaningful.
|
(1)
|
Our income tax provision provided a net $54.0 million benefit in fiscal 2011, due to the reversal of a significant portion of our U.S. valuation allowance in the fourth quarter. See Note 8 to our Consolidated Financial Statements, “Income Taxes,” for further information.
|
Year Ended June 30, | Year Ended June 30, | |||||||||||||||||||||||
2012
|
2011
|
2010
|
2012 | 2011 | 2010 | |||||||||||||||||||
Subscription and software revenue:
|
||||||||||||||||||||||||
Ratable
(1)
|
$ | 144,144 | $ | 58,459 | $ | 11,071 | 86.5 | % | 56.4 | % | 20.5 | % | ||||||||||||
Residual method
(2)
|
22,544 | 45,240 | 42,920 | 13.5 | 43.6 | 79.5 | ||||||||||||||||||
Subscription and software revenue
|
$ | 166,688 | $ | 103,699 | $ | 53,991 | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||
|
(1)
|
During fisca1 2011 and 2010, the fair value of the SMS element of point product arrangements totaled $2.1 million and $0.7 million, respectively, and was presented in the consolidated statements of operations as services and other revenue.
Effective July 1, 2011, the fee attributable to the SMS in point product arrangements is no longer separable since we are unable to establish VSOE, and as a result, is included within ratable revenue.
|
(2)
|
Residual method revenue detail
|
Year Ended June 30,
|
|||||||||||
2012
|
2011
|
2010
|
||||||||||
Residual method revenue:
|
||||||||||||
Point products - Software
|
* | $ | 20,190 | $ | 9,648 | |||||||
Legacy arrangements
|
20,586 | 22,761 | 31,400 | |||||||||
Perpetual arrangements
|
1,958 | 2,289 | 1,872 | |||||||||
Total residual method revenue
|
$ | 22,544 | $ | 45,240 | $ | 42,920 | ||||||
|
* Effective July 1, 2011, the total combined arrangement fee (which includes the fee attributable to SMS) for point product arrangements with enhanced SMS is recognized on a ratable basis.
|
Year Ended June 30, | 2012 Compared to 2011 | 2011 Compared to 2010 | ||||||||||||||||||||||||||
2012
|
2011
|
2010
|
$ | % | $ | % | ||||||||||||||||||||||
Professional services revenue
|
$ | 22,421 | $ | 29,334 | $ | 37,491 | $ | (6,913 | ) | (23.6 | ) % | $ | (8,157 | ) | (21.8 | ) % | ||||||||||||
SMS and other revenue
|
54,025 | 65,121 | 74,862 | (11,096 | ) | (17.0 | ) | (9,741 | ) | (13.0 | ) | |||||||||||||||||
Services and other revenue
|
$ | 76,446 | $ | 94,455 | $ | 112,353 | $ | (18,009 | ) | (19.1 | ) % | $ | (17,898 | ) | (15.9 | ) % | ||||||||||||
As a percent of revenue
|
31.4 | % | 47.7 | % | 67.5 | % | ||||||||||||||||||||||
Year Ended June 30, | 2012 Compared to 2011 | 2011 Compared to 2010 | ||||||||||||||||||||||||||
2012
|
2011
|
2010
|
$ | % | $ | % | ||||||||||||||||||||||
Cost of subscription and software revenue
|
$ | 10,617 | $ | 5,213 | $ | 6,437 | $ | 5,404 | 103.7 | % | $ | (1,224 | ) | (19.0 | ) % | |||||||||||||
Gross margin
|
93.6 | % | 95.0 | % | 88.1 | % | ||||||||||||||||||||||
Year Ended June 30, | 2012 Compared to 2011 | 2011 Compared to 2010 | ||||||||||||||||||||||||||
2012
|
2011
|
2010
|
$ | % | $ | % | ||||||||||||||||||||||
Cost of services and other revenue
|
$ | 41,660 | $ | 47,132 | $ | 59,673 | $ | (5,472 | ) | (11.6 | ) % | $ | (12,541 | ) | (21.0 | ) % | ||||||||||||
Gross margin
|
45.5 | % | 50.1 | % | 46.9 | % | ||||||||||||||||||||||
Year Ended June 30, | 2012 Compared to 2011 | 2011 Compared to 2010 | ||||||||||||||||||||||||||
2012
|
2011
|
2010
|
$ | % | $ | % | ||||||||||||||||||||||
Selling and marketing expense
|
$ | 96,400 | $ | 90,771 | $ | 97,002 | $ | 5,629 | 6.2 | % | $ | (6,231 | ) | (6.4 | ) % | |||||||||||||
As a percent of revenue
|
39.6 | % | 45.8 | % | 58.3 | % | ||||||||||||||||||||||
Year Ended June 30, | 2012 Compared to 2011 | 2011 Compared to 2010 | ||||||||||||||||||||||||||
2012
|
2011
|
2010
|
$ | % | $ | % | ||||||||||||||||||||||
Research and development expense
|
$ | 56,218 | $ | 50,820 | $ | 48,228 | $ | 5,398 | 10.6 | % | $ | 2,592 | 5.4 | % | ||||||||||||||
As a percent of revenue
|
23.2 | % | 25.6 | % | 29.0 | % | ||||||||||||||||||||||
Year Ended June 30, | 2012 Compared to 2011 | 2011 Compared to 2010 | ||||||||||||||||||||||||||
2012
|
2011
|
2010
|
$ | % | $ | % | ||||||||||||||||||||||
General and administrative expense
|
$ | 53,547 | $ | 59,041 | $ | 63,246 | $ | (5,494 | ) | (9.3 | ) % | $ | (4,205 | ) | (6.6 | ) % | ||||||||||||
As a percent of revenue
|
22.0 | % | 29.8 | % | 38.0 | % | ||||||||||||||||||||||
Year Ended June 30,
|
2012 Compared to 2011
|
2011 Compared to 2010
|
||||||||||||||||||||||||||
2012
|
2011
|
2010
|
$ | % | $ | % | ||||||||||||||||||||||
Restructuring charges
|
$ | (301 | ) | $ | (247 | ) | $ | 1,128 | $ | (54 | ) | 21.9 | % | $ | (1,375 | ) | * | |||||||||||
As a percent of revenue
|
(0.1 | ) % | (0.1 | ) % | 0.7 | % | ||||||||||||||||||||||
* Not meaningful |
Year Ended June 30, | 2012 Compared to 2011 | 2011 Compared to 2010 | ||||||||||||||||||||||||||
2012
|
2011
|
2010
|
$ | % | $ | % | ||||||||||||||||||||||
Interest income
|
$ | 7,578 | $ | 13,075 | $ | 19,324 | $ | (5,497 | ) | (42.0 | ) % | $ | (6,249 | ) | (32.3 | ) % | ||||||||||||
As a percent of revenue
|
3.1 | % | 6.6 | % | 11.6 | % | ||||||||||||||||||||||
Year Ended June 30,
|
2012 Compared to 2011
|
2011 Compared to 2010
|
||||||||||||||||||||||||||
2012
|
2011
|
2010
|
$ | % | $ | % | ||||||||||||||||||||||
Interest expense
|
$ | (4,204 | ) | $ | (5,138 | ) | $ | (8,455 | ) | $ | 934 | (18.2 | ) % | $ | 3,317 | (39.2 | ) % | |||||||||||
As a percent of revenue
|
(1.7 | ) % | (2.6 | ) % | (5.1 | ) % | ||||||||||||||||||||||
Year Ended June 30,
|
2012 Compared to 2011
|
2011 Compared to 2010
|
||||||||||||||||||||||||||
2012
|
2011
|
2010
|
$ | % | $ | % | ||||||||||||||||||||||
Other (expense) income, net
|
$ | (3,519 | ) | $ | 2,919 | $ | (2,407 | ) | $ | (6,438 | ) | (220.6 | ) % | $ | 5,326 | (221.3 | ) % | |||||||||||
As a percent of revenue
|
(1.5 | ) % | 1.5 | % | (1.4 | ) % | ||||||||||||||||||||||
Year Ended June 30,
|
2012 Compared to 2011
|
2011 Compared to 2010
|
||||||||||||||||||||||||||
2012
|
2011
|
2010
|
$ | % | $ | % | ||||||||||||||||||||||
(Benefit from) Provision for income taxes
|
$ | (1,344 | ) | $ | (53,977 | ) | $ | 6,537 | $ | 52,633 | (97.5 | ) % | $ | (60,514 | ) | * | ||||||||||||
As a percent of revenue
|
(0.6 | ) % | (27.2 | ) % | 3.9 | % | ||||||||||||||||||||||
* Not meaningful |
Year Ended June 30,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Cash flow provided by (used in):
|
||||||||||||
Operating activities
|
$ | 104,637 | $ | 63,330 | $ | 38,622 | ||||||
Investing activities
|
(7,369 | ) | (4,829 | ) | (3,351 | ) | ||||||
Financing activities
|
(81,699 | ) | (34,264 | ) | (31,700 | ) | ||||||
Effect of exchange rates on cash balances
|
(312 | ) | 803 | (839 | ) | |||||||
Increase in cash and cash equivalents
|
$ | 15,257 | $ | 25,040 | $ | 2,732 | ||||||
Year Ended June 30,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Cash and cash equivalents
|
$ | 165,242 | $ | 149,985 | $ | 124,945 | ||||||
Treasury Stock
|
56,636 | 10,531 | 513 | |||||||||
Secured borrowings
|
10,756 | 24,913 | 76,135 | |||||||||
Amounts due to financing institutions
|
254 | 26,038 | 4,216 | |||||||||
Year Ended June 30,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Secured borrowings, beginning of fiscal year
|
$ | 24,913 | $ | 76,135 | $ | 112,096 | ||||||
Secured borrowings, end of fiscal year
|
10,756 | 24,913 | 76,135 | |||||||||
Net change in secured borrowings
|
(14,157 | ) | (51,222 | ) | (35,961 | ) | ||||||
Change in accrued expenses and other current liabilities for amounts due to financing institutions
|
(25,784 | ) | 21,822 | 1,492 | ||||||||
Impact of foreign currency
|
31 | (151 | ) | (372 | ) | |||||||
Net repayments on secured borrowings
|
$ | (39,910 | ) | $ | (29,551 | ) | $ | (34,841 | ) | |||
Payments due by Period
|
||||||||||||||||||||
Total
|
Less than
1 Year
|
1 to 3
Years
|
3 to 5
Years
|
More than
5 Years
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Contractual Cash Obligations:
|
||||||||||||||||||||
Operating leases
|
$ | 18,891 | $ | 7,895 | $ | 8,827 | $ | 2,169 | $ | - | ||||||||||
Fixed fee royalty obligations
|
5,048 | 1,960 | 2,924 | 19 | 145 | |||||||||||||||
Contractual royalty obligations
|
2,647 | 2,229 | 418 | - | - | |||||||||||||||
Other obligations
|
969 | 699 | 209 | 61 | - | |||||||||||||||
Total contractual cash obligations
|
$ | 27,555 | $ | 12,783 | $ | 12,378 | $ | 2,249 | $ | 145 | ||||||||||
Other Commercial Commitments:
|
||||||||||||||||||||
Standby letters of credit
|
$ | 3,529 | $ | 2,917 | $ | 612 | $ | - | $ | - | ||||||||||
Total commercial commitments
|
$ | 3,529 | $ | 2,917 | $ | 612 | $ | - | $ | - | ||||||||||
|
●
|
revenue recognition;
|
|
●
|
accounting for income taxes; and
|
|
●
|
loss contingencies.
|
Financial Statements:
|
|
Report of Independent Registered Public Accounting Firm
|
|
Consolidated Statements of Operations for the years ended June 30, 2012, 2011 and 2010
|
|
Consolidated Balance Sheets as of June 30, 2012 and 2011
|
|
Consolidated Statements of Stockholders’ Equity (Deficit) and Comprehensive Income (Loss) for the years ended June 30, 2012, 2011 and 2010
|
|
Consolidated Statements of Cash Flows for the years ended June 30, 2012, 2011 and 2010
|
|
Notes to Consolidated Financial Statements
|
|
•
|
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
|
|
•
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made in accordance with authorizations of management and directors of the company; and
|
|
•
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.
|
|
•
|
Ineffective controls over income tax accounting and disclosure
|
|
•
|
Inadequate and ineffective controls over income tax accounting and disclosure
|
|
·
|
Enhanced tax accounting processes and related controls, and increased capabilities of tax professionals to ensure that our accounting for income taxes and related disclosures can be completed accurately and in a timely manner;
|
|
·
|
Increased the level of review and validation of work performed by management and third-party tax professionals in the preparation of our provision for income taxes; and
|
|
·
|
Utilized third-party subject matter experts to assist us in determining the appropriate accounting for material and complex tax transactions.
|
Description
|
Page
|
|
Report of Independent Registered Public Accounting Firm
|
F-2
|
|
Consolidated Statements of Operations for the years ended June 30, 2012, 2011 and 2010
|
F-3
|
|
Consolidated Balance Sheets as of June 30, 2012 and 2011
|
F-4
|
|
Consolidated Statements of Stockholders’ Equity (Deficit) and Comprehensive Income (Loss) for the years ended June 30, 2012, 2011 and 2010
|
F-5
|
|
Consolidated Statements of Cash Flows for the years ended June 30, 2012, 2011 and 2010
|
F-6
|
|
Notes to Consolidated Financial Statements
|
F-7
|
ASPEN TECHNOLOGY, INC.
|
||
Date: August 21, 2012
|
By:
|
/s/
Mark E. Fusco
|
Mark E. Fusco
|
||
President and Chief Executive Officer
|
||
Date: August 21, 2012
|
By:
|
/s/
Mark P. Sullivan
|
Mark P. Sullivan
|
||
Executive Vice President and
|
||
Chief Financial Officer
|
Signature
|
Title
|
Date
|
||
/s/
Mark E. Fusco
|
President and Chief Executive Officer and Director
|
August 21, 2012
|
||
Mark E. Fusco
|
(Principal Executive Officer)
|
|||
/s/
Mark P. Sullivan
|
Executive Vice President and Chief Financial Officer
|
August 21, 2012
|
||
Mark P. Sullivan
|
(Principal Financial and Accounting Officer)
|
|||
/s/
Stephen M. Jennings
|
||||
Chairman of the Board of Directors | August 21, 2012 | |||
Stephen M. Jennings
|
||||
/s/
Donald P. Casey
|
||||
Director
|
August 21, 2012
|
|||
Donald P. Casey
|
||||
/s/
Gary E. Haroian
|
||||
Director
|
August 21, 2012
|
|||
Gary E. Haroian
|
||||
/s/
Joan C. McArdle
|
||||
Director
|
August 21, 2012
|
|||
Joan C. McArdle
|
||||
/s/
Simon Orebi Gann
|
||||
Director
|
August 21, 2012
|
|||
Simon Orebi Gann
|
||||
/s/
Robert M. Whelan, Jr.
|
||||
Director
|
August 21, 2012
|
|||
Robert M. Whelan, Jr.
|
Report of Independent Registered Public Accounting Firm
|
F-2
|
Consolidated Statements of Operations for the years ended June 30, 2012, 2011 and 2010
|
F-3
|
Consolidated Balance Sheets as of June 30, 2012 and 2011
|
F-4
|
Consolidated Statements of Stockholders’ Equity (Deficit) and Comprehensive Income (Loss) for the years ended June 30, 2012, 2011 and 2010
|
F-5
|
Consolidated Statements of Cash Flows for the years ended June 30, 2012, 2011 and 2010
|
F-6
|
Notes to Consolidated Financial Statements
|
F-7
|
Year Ended June 30,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
(Dollars in Thousands, except per share data)
|
||||||||||||
Revenue:
|
||||||||||||
Subscription and software
|
$ | 166,688 | $ | 103,699 | $ | 53,991 | ||||||
Services and other
|
76,446 | 94,455 | 112,353 | |||||||||
Total revenue
|
243,134 | 198,154 | 166,344 | |||||||||
Cost of revenue:
|
||||||||||||
Subscription and software
|
10,617 | 5,213 | 6,437 | |||||||||
Services and other
|
41,660 | 47,132 | 59,673 | |||||||||
Total cost of revenue
|
52,277 | 52,345 | 66,110 | |||||||||
Gross profit
|
190,857 | 145,809 | 100,234 | |||||||||
Operating expenses:
|
||||||||||||
Selling and marketing
|
96,400 | 90,771 | 97,002 | |||||||||
Research and development
|
56,218 | 50,820 | 48,228 | |||||||||
General and administrative
|
53,547 | 59,041 | 63,246 | |||||||||
Restructuring charges
|
(301 | ) | (247 | ) | 1,128 | |||||||
Total operating expenses
|
205,864 | 200,385 | 209,604 | |||||||||
Loss from operations
|
(15,007 | ) | (54,576 | ) | (109,370 | ) | ||||||
Interest income
|
7,578 | 13,075 | 19,324 | |||||||||
Interest expense
|
(4,204 | ) | (5,138 | ) | (8,455 | ) | ||||||
Other (expense) income, net
|
(3,519 | ) | 2,919 | (2,407 | ) | |||||||
Loss before (benefit from) provision for income taxes
|
(15,152 | ) | (43,720 | ) | (100,908 | ) | ||||||
(Benefit from) provision for income taxes (1)
|
(1,344 | ) | (53,977 | ) | 6,537 | |||||||
Net (loss) income (1)
|
$ | (13,808 | ) | $ | 10,257 | $ | (107,445 | ) | ||||
Net (loss) income per common share:
|
||||||||||||
Basic
|
$ | (0.15 | ) | $ | 0.11 | $ | (1.18 | ) | ||||
Diluted
|
$ | (0.15 | ) | $ | 0.11 | $ | (1.18 | ) | ||||
Weighted average shares outstanding:
|
||||||||||||
Basic
|
93,780 | 93,488 | 91,247 | |||||||||
Diluted
|
93,780 | 95,853 | 91,247 | |||||||||
(1)
|
Our income tax provision provided a net benefit of $54.0 million in fiscal 2011, due to the reversal of a significant portion of our U.S. valuation allowance in the fourth quarter of fiscal 2011. See Note 8 to our Consolidated Financial Statements, “Income Taxes,” for further information.
|
June 30,
|
||||||||
2012
|
2011
|
|||||||
ASSETS
|
(Dollars in Thousands, except share data)
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 165,242 | $ | 149,985 | ||||
Accounts receivable, net
|
31,450 | 27,866 | ||||||
Current portion of installments receivable, net
|
33,184 | 38,703 | ||||||
Current portion of collateralized receivables
|
6,297 | 15,748 | ||||||
Unbilled services
|
1,592 | 2,319 | ||||||
Prepaid expenses and other current assets
|
16,219 | 10,819 | ||||||
Prepaid income taxes
|
283 | 1,151 | ||||||
Deferred income taxes-current
|
7,196 | 7,272 | ||||||
Total current assets
|
261,463 | 253,863 | ||||||
Non-current installments receivable, net
|
14,046 | 47,773 | ||||||
Non-current collateralized receivables
|
- | 9,291 | ||||||
Property, equipment and leasehold improvements, net
|
7,037 | 6,730 | ||||||
Computer software development costs, net
|
1,689 | 2,813 | ||||||
Goodwill
|
19,399 | 18,624 | ||||||
Deferred income taxes- non-current
|
58,559 | 57,061 | ||||||
Other non-current assets
|
6,142 | 3,639 | ||||||
Total assets
|
$ | 368,335 | $ | 399,794 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current portion of secured borrowings
|
$ | 10,756 | $ | 15,756 | ||||
Accounts payable
|
2,566 | 2,099 | ||||||
Accrued expenses and other current liabilities
|
37,989 | 64,467 | ||||||
Income taxes payable
|
598 | 672 | ||||||
Deferred revenue
|
143,578 | 90,681 | ||||||
Current deferred tax liability
|
232 | - | ||||||
Total current liabilities
|
195,719 | 173,675 | ||||||
Long-term secured borrowings
|
- | 9,157 | ||||||
Long-term deferred revenue
|
43,595 | 38,262 | ||||||
Other non-current liabilities
|
15,429 | 20,897 | ||||||
Commitments and contingencies (Note 9)
|
||||||||
Series D redeemable convertible preferred stock, $0.10 par value—Authorized— 3,636 shares as of June 30, 2012 and 2011 Issued and outstanding— none as of June 30, 2012 and 2011
|
- | - | ||||||
Stockholders’ equity:
|
||||||||
Common stock, $0.10 par value— Authorized—210,000,000 shares Issued— 96,663,580 shares at June 30, 2012 and 94,939,400 shares at June 30, 2011 Outstanding— 93,465,955 shares at June 30, 2012 and 94,238,370 shares at June 30, 2011
|
9,666 | 9,494 | ||||||
Additional paid-in capital
|
547,546 | 530,996 | ||||||
Accumulated deficit
|
(395,079 | ) | (381,271 | ) | ||||
Accumulated other comprehensive income
|
8,095 | 9,115 | ||||||
Treasury stock, at cost—3,197,625 shares of common stock at June 30, 2012 and 701,030 at June 30, 2011
|
(56,636 | ) | (10,531 | ) | ||||
Total stockholders’ equity
|
113,592 | 157,803 | ||||||
Total liabilities and stockholders' equity
|
$ | 368,335 | $ | 399,794 | ||||
Common Stock
|
Additional
|
Accumulated
Other
|
Treasury Stock
|
Stockholders'
|
Total
|
|||||||||||||||||||||||||||||||
Number of
Shares
|
$0.10 Par
Value
|
Paid-in
Capital
|
Accumulated
Deficit
|
Comprehensive
Income
|
Number of
Shares
|
Cost
|
Equity
|
Comprehensive
Income (Loss)
|
||||||||||||||||||||||||||||
(Dollars in Thousands, except share data)
|
||||||||||||||||||||||||||||||||||||
Balance June 30, 2009
|
90,326,513 | $ | 9,033 | $ | 497,478 | $ | (283,593 | ) | $ | 7,005 | 233,464 | $ | (513 | ) | $ | 229,410 | ||||||||||||||||||||
Exercise of stock options
|
1,416,794 | 142 | 7,039 | - | - | - | - | 7,181 | - | |||||||||||||||||||||||||||
Issuance of restricted stock units
|
924,973 | 92 | (4,132 | ) | - | - | - | - | (4,040 | ) | - | |||||||||||||||||||||||||
Stock-based compensation
|
- | - | 15,344 | - | - | - | - | 15,344 | - | |||||||||||||||||||||||||||
Translation adjustment
|
- | - | - | - | 520 | - | - | 520 | 520 | |||||||||||||||||||||||||||
Net loss
|
- | - | - | (107,445 | ) | - | - | - | (107,445 | ) | (107,445 | ) | ||||||||||||||||||||||||
Balance June 30, 2010
|
92,668,280 | 9,267 | 515,729 | (391,038 | ) | 7,525 | 233,464 | (513 | ) | 140,970 | (106,925 | ) | ||||||||||||||||||||||||
Exercise of stock options
|
1,506,969 | 150 | 9,553 | - | - | - | - | 9,703 | - | |||||||||||||||||||||||||||
Issuance of restricted stock units
|
572,862 | 58 | (3,943 | ) | - | - | - | - | (3,885 | ) | - | |||||||||||||||||||||||||
Conversion of warrants
|
424,753 | 42 | (42 | ) | - | - | - | - | - | - | ||||||||||||||||||||||||||
Retirement of treasury stock
|
(233,464 | ) | (23 | ) | - | (490 | ) | - | (233,464 | ) | 513 | - | - | |||||||||||||||||||||||
Repurchase of common stock
|
- | - | - | - | - | 701,030 | (10,531 | ) | (10,531 | ) | - | |||||||||||||||||||||||||
Stock-based compensation
|
- | - | 9,699 | - | - | - | - | 9,699 | - | |||||||||||||||||||||||||||
Translation adjustment
|
- | - | - | - | 1,590 | - | - | 1,590 | 1,590 | |||||||||||||||||||||||||||
Net income
|
- | - | - | 10,257 | - | - | - | 10,257 | 10,257 | |||||||||||||||||||||||||||
Balance June 30, 2011
|
94,939,400 | 9,494 | 530,996 | (381,271 | ) | 9,115 | 701,030 | (10,531 | ) | 157,803 | 11,847 | |||||||||||||||||||||||||
Exercise of stock options
|
1,204,010 | 120 | 8,793 | - | - | - | - | 8,913 | - | |||||||||||||||||||||||||||
Issuance of restricted stock units
|
520,170 | 52 | (4,649 | ) | - | - | - | - | (4,597 | ) | - | |||||||||||||||||||||||||
Repurchase of common stock
|
- | - | - | - | - | 2,496,595 | (46,105 | ) | (46,105 | ) | - | |||||||||||||||||||||||||
Stock-based compensation
|
- | - | 12,406 | - | - | - | - | 12,406 | - | |||||||||||||||||||||||||||
Translation adjustment
|
- | - | - | - | (1,020 | ) | - | - | (1,020 | ) | (1,020 | ) | ||||||||||||||||||||||||
Net loss
|
- | - | - | (13,808 | ) | - | - | - | (13,808 | ) | (13,808 | ) | ||||||||||||||||||||||||
Balance June 30, 2012
|
96,663,580 | $ | 9,666 | $ | 547,546 | $ | (395,079 | ) | $ | 8,095 | 3,197,625 | $ | (56,636 | ) | $ | 113,592 | $ | (14,828 | ) | |||||||||||||||||
Year Ended June 30,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Cash flows from operating activities:
|
||||||||||||
Net (loss) income
|
$ | (13,808 | ) | $ | 10,257 | $ | (107,445 | ) | ||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
|
||||||||||||
Depreciation and amortization
|
5,278 | 5,336 | 6,551 | |||||||||
Net foreign currency loss (gain)
|
953 | (2,167 | ) | 3,227 | ||||||||
Stock-based compensation
|
12,406 | 9,699 | 15,260 | |||||||||
Deferred income taxes
|
(4,827 | ) | (64,264 | ) | (2,167 | ) | ||||||
Provision for bad debts
|
22 | (2,755 | ) | 585 | ||||||||
Write-down of investment
|
- | 600 | - | |||||||||
Other non-cash operating activities
|
(1,695 | ) | 453 | 53 | ||||||||
Changes in assets and liabilities:
|
||||||||||||
Accounts receivable
|
(4,285 | ) | 5,981 | 16,493 | ||||||||
Unbilled services
|
734 | (477 | ) | (1,573 | ) | |||||||
Prepaid expenses, prepaid income taxes, and other assets
|
(3,918 | ) | (773 | ) | 8,905 | |||||||
Installments and collateralized receivables
|
57,003 | 72,752 | 92,450 | |||||||||
Accounts payable, accrued expenses and other liabilities
|
(1,583 | ) | (12,758 | ) | (2,385 | ) | ||||||
Deferred revenue
|
58,357 | 41,446 | 8,668 | |||||||||
Net cash provided by operating activities
|
104,637 | 63,330 | 38,622 | |||||||||
Cash flows from investing activities:
|
||||||||||||
Purchase of property, equipment and leasehold improvements
|
(4,241 | ) | (2,839 | ) | (2,652 | ) | ||||||
Payments for acquisitions, net of cash acquired
|
(2,617 | ) | - | - | ||||||||
Capitalized computer software development costs
|
(511 | ) | (1,990 | ) | (699 | ) | ||||||
Net cash used in investing activities
|
(7,369 | ) | (4,829 | ) | (3,351 | ) | ||||||
Cash flows from financing activities:
|
||||||||||||
Exercise of stock options and warrants
|
8,913 | 9,703 | 7,181 | |||||||||
Proceeds from secured borrowings
|
4,982 | 2,500 | 9,501 | |||||||||
Repayments of secured borrowings
|
(44,892 | ) | (32,051 | ) | (44,342 | ) | ||||||
Repurchases of common stock
|
(46,105 | ) | (10,531 | ) | - | |||||||
Payment of tax withholding obligations related to restricted stock
|
(4,597 | ) | (3,885 | ) | (4,040 | ) | ||||||
Net cash used in financing activities
|
(81,699 | ) | (34,264 | ) | (31,700 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents
|
(312 | ) | 803 | (839 | ) | |||||||
Increase in cash and cash equivalents
|
15,257 | 25,040 | 2,732 | |||||||||
Cash and cash equivalents, beginning of year
|
149,985 | 124,945 | 122,213 | |||||||||
Cash and cash equivalents, end of year
|
$ | 165,242 | $ | 149,985 | $ | 124,945 | ||||||
Supplemental disclosure of cash flow information:
|
||||||||||||
Income tax paid (refunded), net
|
$ | 2,707 | $ | (2,112 | ) | $ | 2,541 | |||||
Interest paid
|
4,206 | 5,476 | 8,057 | |||||||||
(1)
|
Operations
|
(2)
|
Significant Accounting Policies
|
(a)
|
Principles of Consolidation
|
(b)
|
Management Estimates
|
(c)
|
Cash and Cash Equivalents
|
(d)
|
Derivative Instruments and Hedging
|
(e)
|
Property and Equipment
|
Asset Classification
|
Estimated Useful Life
|
||
Computer equipment
|
3 years
|
||
Purchased software
|
3 - 5 years
|
||
Furniture and fixtures
|
3 - 10 years
|
||
Leasehold improvements
|
Life of lease or asset, whichever is shorter
|
||
(f)
|
Revenue Recognition
|
|
●
|
The majority of our license revenue is no longer recognized on an upfront basis. Since the upfront model resulted in the net present value of multiple years of future installments being recognized at the time of shipment, we do not expect to recognize levels of revenue comparable to our pre-transition levels until a significant majority of license agreements executed under our upfront revenue model (i) reach the end of their original terms and (ii) are renewed. Accordingly, our product-related revenue for fiscal 2010, 2011 and 2012 was significantly less than the level achieved in the fiscal years preceding our licensing model change.
|
|
●
|
Under our aspenONE licensing model and for point product arrangements which include SMS for the contract term, the entire arrangement fee, including the SMS component, is included within subscription and software revenue.
|
|
●
|
The introduction of our aspenONE licensing model resulted in operating losses for fiscal 2010, 2011 and 2012. The change to our licensing model did not impact the incurrence or timing of our expenses, and there was no corresponding expense reduction to offset the lower revenue. As a portion of the license agreements executed under our upfront revenue model have reached the end of their original term and been renewed under our aspenONE licensing model, subscription and software revenue has steadily increased from the beginning of fiscal 2010 through fiscal 2012.
|
|
●
|
Under our aspenONE licensing model and for point products arrangements with SMS included for the contract term, installment payments are not considered fixed or determinable and, as a result, are not included in installments receivable. These future payments are included in billings backlog, which is not reflected on our consolidated balance sheets.
|
|
●
|
Under our aspenONE licensing model and for point product arrangements with
SMS included for the contract term,
installments for license transactions are deferred and recognized on a ratable basis.
|
|
(i)
|
aspenONE subscription arrangements, including the bundled SMS;
|
|
(ii)
|
Point product arrangements with our enhanced SMS offering included for the contract term (referred to as point product arrangements with enhanced SMS);
|
|
(iii)
|
legacy arrangements including (a) amendments to existing legacy term arrangements, (b) renewals of legacy term arrangements and (c) legacy arrangements that are being recognized over time as a result of not previously meeting one or more of the requirements for recognition under the upfront revenue model; and
|
|
(iv)
|
perpetual arrangements.
|
Revenue Classification in Income Statement | Revenue Recognition Methodology | |||||||
Fiscal 2012
|
Fiscal 2011 and 2010
|
Fiscal 2012
|
Fiscal 2011 and 2010
|
|||||
Type of Revenue:
|
||||||||
aspenONE subscription
|
Subscription and software
|
Subscription
|
Ratable
|
Ratable
|
||||
Point products
|
||||||||
- Software
|
Subscription and software
|
Software
|
Ratable
|
Residual method
|
||||
- Bundled SMS
|
Subscription and software
|
Services and other
|
Ratable
|
Ratable
|
||||
Other
|
||||||||
- Legacy arrangements
|
Subscription and software
|
Software
|
Residual method
|
Residual method
|
||||
- Perpetual arrangements
|
Subscription and software
|
Software
|
Residual method
|
Residual method
|
||||
Year Ended, | Year Ended, | |||||||||||||||||||||||
2012
|
2011
|
2010
|
2012
|
2011
|
2010
|
|||||||||||||||||||
% of Total
|
||||||||||||||||||||||||
Subscription and software revenue:
|
||||||||||||||||||||||||
Ratable
(1)
|
$ | 144,144 | $ | 58,459 | $ | 11,071 | 86.5 | % | 56.4 | % | 20.5 | % | ||||||||||||
Residual method
(2)
|
22,544 | 45,240 | 42,920 | 13.5 | 43.6 | 79.5 | ||||||||||||||||||
Subscription and software revenue
|
$ | 166,688 | $ | 103,699 | $ | 53,991 | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||
(1)
|
During fiscal 2011 and 2010, the fair value of the SMS element of point product arrangements totaled $2.1 million and $0.7 million, respectively and was presented in the consolidated statements of operations as services and other revenue. Effective July 1, 2011, the fee attributable to the SMS in point product arrangements is no longer separable since we are unable to establish VSOE, and as a result, is included within ratable revenue.
|
Year Ended, | ||||||||||||
2012
|
2011
|
2010
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Residual method revenue:
|
||||||||||||
Point products - Software
|
* | $ | 20,190 | $ | 9,648 | |||||||
Legacy arrangements
|
20,586 | 22,761 | 31,400 | |||||||||
Perpetual arrangements
|
1,958 | 2,289 | 1,872 | |||||||||
Total residual method revenue
|
$ | 22,544 | $ | 45,240 | $ | 42,920 | ||||||
(g)
|
Installments Receivable
|
Current
|
Non-current
|
Total
|
||||||||||
June 30, 2012
|
||||||||||||
Installments receivable, gross
|
$ | 34,958 | $ | 15,904 | $ | 50,862 | ||||||
Less: Unamortized discount
|
(1,617 | ) | (1,833 | ) | (3,450 | ) | ||||||
Less: Allowance for doubtful accounts
|
(157 | ) | (25 | ) | (182 | ) | ||||||
Installments receivable, net
|
$ | 33,184 | $ | 14,046 | $ | 47,230 | ||||||
June 30, 2011
|
||||||||||||
Installments receivable, gross
|
$ | 41,407 | $ | 55,277 | $ | 96,684 | ||||||
Less: Unamortized discount
|
(1,937 | ) | (7,383 | ) | (9,320 | ) | ||||||
Less: Allowance for doubtful accounts
|
(767 | ) | (121 | ) | (888 | ) | ||||||
Installments receivable, net
|
$ | 38,703 | $ | 47,773 | $ | 86,476 | ||||||
|
Current
|
Non-current
|
Total
|
|||||||||
Balance at June 30, 2010
|
$ | 1,119 | $ | 1,196 | $ | 2,315 | ||||||
Transfers to accounts receivable
|
(993 | ) | - | (993 | ) | |||||||
Transfers from non-current to current
|
757 | (757 | ) | - | ||||||||
Write-offs
|
(302 | ) | (322 | ) | (624 | ) | ||||||
Recoveries of previous write-offs
|
194 | - | 194 | |||||||||
Provision for bad debts
|
(8 | ) | 4 | (4 | ) | |||||||
Balance at June 30, 2011
|
$ | 767 | $ | 121 | $ | 888 | ||||||
Transfers to accounts receivable
|
(782 | ) | - | (782 | ) | |||||||
Transfers from non-current to current
|
127 | (127 | ) | - | ||||||||
Write-offs
|
(26 | ) | (29 | ) | (55 | ) | ||||||
Recoveries of previous write-offs
|
- | 10 | 10 | |||||||||
Provision for bad debts
|
71 | 50 | 121 | |||||||||
Balance at June 30, 2012
|
$ | 157 | $ | 25 | $ | 182 | ||||||
(h)
|
Allowance for Doubtful Accounts and Discounts
|
Year Ended June 30,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Balance, beginning of year
|
$ | 2,771 | $ | 7,000 | $ | 8,487 | ||||||
Provision for bad debts
|
(95 | ) | (2,618 | ) | 437 | |||||||
Write-offs
|
(512 | ) | (1,611 | ) | (1,924 | ) | ||||||
Balance, end of year
|
$ | 2,164 | $ | 2,771 | $ | 7,000 | ||||||
Gross
|
Unamortized
Discounts
|
Allowance
|
Net
|
|||||||||||||
June 30, 2012:
|
||||||||||||||||
Accounts Receivable
|
$ | 33,432 | $ | - | $ | 1,982 | $ | 31,450 | ||||||||
Installments Receivable
|
||||||||||||||||
Current
|
34,958 | 1,617 | 157 | 33,184 | ||||||||||||
Non-current
|
15,904 | 1,833 | 25 | 14,046 | ||||||||||||
50,862 | 3,450 | 182 | 47,230 | |||||||||||||
Collateralized Receivables
|
||||||||||||||||
Current
|
6,500 | 203 | - | 6,297 | ||||||||||||
Non-current
|
- | - | - | - | ||||||||||||
$ | 6,500 | $ | 203 | $ | - | $ | 6,297 | |||||||||
June 30, 2011:
|
||||||||||||||||
Accounts Receivable
|
$ | 29,750 | $ | - | $ | 1,884 | $ | 27,866 | ||||||||
Installments Receivable
|
||||||||||||||||
Current
|
41,407 | 1,937 | 767 | 38,703 | ||||||||||||
Non-current
|
55,277 | 7,383 | 121 | 47,773 | ||||||||||||
96,684 | 9,320 | 888 | 86,476 | |||||||||||||
Collateralized Receivables
|
||||||||||||||||
Current
|
16,371 | 623 | - | 15,748 | ||||||||||||
Non-current
|
10,320 | 1,029 | - | 9,291 | ||||||||||||
$ | 26,691 | $ | 1,652 | $ | - | $ | 25,039 | |||||||||
(i)
|
Fair Value of Financial Instruments
|
|
●
|
Level 1 Inputs— Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
|
|
●
|
Level 2 Inputs— Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.), or inputs that are derived principally from or corroborated by market data by correlation or other means.
|
|
●
|
Level 3 Inputs— Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities.
|
Fair Value Measurements at
|
||||||||
Reporting Date Using,
|
||||||||
Quoted Prices in
Active Markets
for Identical
Assets
|
Significant
Other
Observable
Inputs
|
|||||||
(Level 1)
|
(Level 2)
|
|||||||
June 30, 2012:
|
||||||||
Assets:
|
||||||||
Cash equivalents
|
$ | 144,009 | $ | - | ||||
Liabilities:
|
||||||||
Secured borrowings
|
- | 10,939 | ||||||
June 30, 2011:
|
||||||||
Assets:
|
||||||||
Cash equivalents
|
$ | 139,000 | $ | - | ||||
Liabilities:
|
||||||||
Secured borrowings
|
- | 25,964 | ||||||
(j)
|
Computer Software Development Costs
|
(k)
|
Foreign Currency Translation
|
(l)
|
Net (Loss) Income Per Share
|
Year Ended June 30,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Net (loss) income
|
$ | (13,808 | ) | $ | 10,257 | $ | (107,445 | ) | ||||
Weighted average shares outstanding
|
93,780 | 93,488 | 91,247 | |||||||||
Dilutive impact from:
|
||||||||||||
Share-based payment awards
|
- | 2,313 | - | |||||||||
Warrants
|
- | 52 | - | |||||||||
Dilutive weighted average shares outstanding
|
93,780 | 95,853 | 91,247 | |||||||||
Net (loss) income per common share
|
||||||||||||
Basic
|
$ | (0.15 | ) | $ | 0.11 | $ | (1.18 | ) | ||||
Dilutive
|
$ | (0.15 | ) | $ | 0.11 | $ | (1.18 | ) |
Year Ended June 30,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Employee equity awards
|
6,554 | 1,728 | 8,642 | |||||||||
(m)
|
Concentration of Credit Risk
|
(n)
|
Intangible Assets, Goodwill and Long-Lived Assets
|
June 30, 2012
|
||||||||||||||||||||
Gross Carrying
Amount
|
Accumulated
Amortization
|
Effect of
currency
translation
|
Net Carrying
Amount
|
Weighted
Average
Remaining
Life (in Years)
|
||||||||||||||||
Technology and patents
|
$ | 1,330 | $ | (139 | ) | $ | (84 | ) | $ | 1,107 | 2.7 | |||||||||
Total
|
$ | 1,330 | $ | (139 | ) | $ | (84 | ) | $ | 1,107 | 2.7 | |||||||||
Reporting Unit
|
||||||||||||||||
Asset Class
|
License
|
SMS, Training,
and Other
|
Professional
Services
|
Total
|
||||||||||||
Balance as of June 30, 2010
|
||||||||||||||||
Goodwill
|
$ | 68,059 | $ | 14,871 | $ | 5,102 | $ | 88,032 | ||||||||
Accumulated impairment losses
|
(65,569 | ) | - | (5,102 | ) | (70,671 | ) | |||||||||
$ | 2,490 | $ | 14,871 | $ | - | $ | 17,361 | |||||||||
Effect of currency translation
|
(10 | ) | 1,273 | - | 1,263 | |||||||||||
Balance as of June 30, 2011
|
||||||||||||||||
Goodwill
|
$ | 68,049 | $ | 16,144 | $ | 5,102 | $ | 89,295 | ||||||||
Accumulated impairment losses
|
(65,569 | ) | - | (5,102 | ) | (70,671 | ) | |||||||||
$ | 2,480 | $ | 16,144 | $ | - | $ | 18,624 | |||||||||
Acquisitions
|
$ | 1,641 | $ | - | $ | - | $ | 1,641 | ||||||||
Effect of currency translation
|
(120 | ) | (746 | ) | - | (866 | ) | |||||||||
Balance as of June 30, 2012
|
||||||||||||||||
Goodwill
|
$ | 69,570 | $ | 15,398 | $ | 5,102 | $ | 90,070 | ||||||||
Accumulated impairment losses
|
(65,569 | ) | - | (5,102 | ) | (70,671 | ) | |||||||||
$ | 4,001 | $ | 15,398 | $ | - | $ | 19,399 | |||||||||
(o)
|
Comprehensive Income (Loss)
|
(p)
|
Accounting for Stock-Based Compensation
|
(q)
|
Accounting for Transfers of Financial Assets
|
(r)
|
Income Taxes
|
(s)
|
Loss Contingencies
|
(t)
|
Advertising Costs
|
(u)
|
Research and Development Expense
|
(v)
|
Subsequent Events
|
(w)
|
Recently Adopted Accounting Pronouncements
|
(3)
|
Restructuring Charges
|
Closure/
Consolidation
of Facilities and
Contract Termination Costs
|
Employee
Severance,
Benefits, and
Related Costs
|
Total
|
||||||||||
Accrued expenses, June 30, 2009
|
$ | 11,919 | $ | 299 | $ | 12,218 | ||||||
Fiscal 2010 payments
|
(4,535 | ) | (297 | ) | (4,832 | ) | ||||||
Restructuring charge - accretion
|
420 | - | 420 | |||||||||
Change in estimate - revised assumption
|
710 | (2 | ) | 708 | ||||||||
Accrued expenses, June 30, 2010
|
$ | 8,514 | $ | - | $ | 8,514 | ||||||
Fiscal 2011 payments
|
(4,066 | ) | - | (4,066 | ) | |||||||
Restructuring charge - accretion
|
354 | - | 354 | |||||||||
Change in estimate - revised assumption
|
(601 | ) | - | (601 | ) | |||||||
Accrued expenses, June 30, 2011
|
$ | 4,201 | $ | - | $ | 4,201 | ||||||
Fiscal 2012 payments
|
(2,998 | ) | - | (2,998 | ) | |||||||
Restructuring charge - accretion
|
202 | - | 202 | |||||||||
Change in estimate - revised assumption
|
(503 | ) | - | (503 | ) | |||||||
Accrued expenses, June 30, 2012
|
$ | 902 | $ | - | $ | 902 | ||||||
(4)
|
Secured Borrowings and Collateralized Receivables
|
(5)
|
Supplemental Balance Sheet Information
|
Year Ended June 30,
|
||||||||
2012
|
2011
|
|||||||
Property, equipment and leasehold improvements - at cost
|
||||||||
Computer equipment
|
$ | 10,528 | $ | 9,764 | ||||
Purchased software
|
19,905 | 18,946 | ||||||
Furniture & fixtures
|
3,615 | 5,751 | ||||||
Leasehold improvements
|
3,044 | 3,709 | ||||||
Accumulated depreciation
|
(30,055 | ) | (31,440 | ) | ||||
Property, equipment and leasehold improvements - net
|
$ | 7,037 | $ | 6,730 | ||||
Year Ended June 30,
|
||||||||
2012
|
2011
|
|||||||
Royalties and outside commissions
|
$ | 4,875 | $ | 3,158 | ||||
Payroll and payroll-related
|
21,558 | 20,510 | ||||||
Restructuring accruals
|
814 | 3,259 | ||||||
Amounts due to financing institutions
|
254 | 26,038 | ||||||
Other
|
10,488 | 11,502 | ||||||
Total accrued expenses and other current liabilities
|
$ | 37,989 | $ | 64,467 | ||||
Year Ended June 30,
|
||||||||
2012
|
2011
|
|||||||
Restructuring accruals
|
$ | 88 | $ | 942 | ||||
Deferred rent
|
1,532 | 2,139 | ||||||
Royalties and outside commissions
|
142 | 603 | ||||||
Other *
|
13,667 | 17,213 | ||||||
Total other non-current liabilities
|
$ | 15,429 | $ | 20,897 | ||||
*
|
Other is comprised primarily of our net reserve for uncertain tax liabilities. See Note 8, “Income Taxes” for additional information.
|
(6)
|
Common Stock and Warrants
|
(7)
|
Stock-Based Compensation
|
Year Ended June 30,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Stock Option
Plans
|
Stock Option
Plans
|
Stock Option
Plans
|
||||||||||
Risk-free interest rate
|
1.1 | % | 1.3 | % | 1.4 | % | ||||||
Expected dividend yield
|
None
|
None
|
None
|
|||||||||
Expected life (in years)
|
4.6 | 4.6 | 3.4 | |||||||||
Expected volatility factor
|
50 | % | 53 | % | 57 | % | ||||||
Year Ended June 30,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Recorded as expense:
|
||||||||||||
Cost of service and other
|
$ | 1,168 | $ | 945 | $ | 1,314 | ||||||
Selling and marketing
|
4,601 | 3,603 | 5,742 | |||||||||
Research and development
|
1,334 | 1,152 | 1,880 | |||||||||
General and administrative
|
5,303 | 3,999 | 6,324 | |||||||||
Total stock-based compensation
|
$ | 12,406 | $ | 9,699 | $ | 15,260 | ||||||
Stock Options
|
Restricted Stock Units
|
|||||||||||||||||||||||
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term
|
Aggregate
Intrinsic
Value
(in 000's)
|
Shares
|
Weighted
Average
Grant
Date Fair
Value
|
|||||||||||||||||||
Outstanding at June 30, 2009
|
7,569,215 | $ | 7.61 | 150,613 | $ | 10.42 | ||||||||||||||||||
Granted
|
264,640 | 9.55 | 2,749,283 | 9.56 | ||||||||||||||||||||
Settled (RSUs)
|
- | (1,333,370 | ) | 9.63 | ||||||||||||||||||||
Exercised
|
(1,416,794 | ) | 5.07 | - | - | |||||||||||||||||||
Cancelled / Forfeited
|
(1,021,191 | ) | 13.90 | (54,263 | ) | 9.66 | ||||||||||||||||||
Outstanding at June 30, 2010
|
5,395,870 | $ | 7.19 | 1,512,263 | $ | 9.58 | ||||||||||||||||||
Granted
|
1,030,154 | 11.21 | 788,928 | 11.02 | ||||||||||||||||||||
Settled (RSUs)
|
- | (853,044 | ) | 9.91 | ||||||||||||||||||||
Exercised
|
(1,506,969 | ) | 6.44 | - | - | |||||||||||||||||||
Cancelled / Forfeited
|
(194,750 | ) | 23.15 | (109,771 | ) | 9.89 | ||||||||||||||||||
Outstanding at June 30, 2011
|
4,724,305 | $ | 7.64 | 1,338,376 | $ | 10.19 | ||||||||||||||||||
Granted
|
764,925 | 15.52 | 908,750 | 15.52 | ||||||||||||||||||||
Settled (RSUs)
|
- | - | (770,170 | ) | 11.74 | |||||||||||||||||||
Exercised
|
(1,204,010 | ) | 7.40 | - | - | |||||||||||||||||||
Cancelled / Forfeited
|
(104,955 | ) | 12.65 | (149,885 | ) | 12.12 | ||||||||||||||||||
Outstanding at June 30, 2012
|
4,180,265 | $ | 9.03 | 5.01 | $ | 59,034 | 1,327,071 | $ | 12.73 | |||||||||||||||
Vested and exercisable at June 30, 2012
|
3,214,482 | $ | 7.67 | 4.00 | $ | 49,754 | - | - | ||||||||||||||||
Vested and expected to vest at June 30, 2012
|
3,987,372 | $ | 8.81 | 4.84 | $ | 57,184 | 1,088,779 | $ | 12.75 | |||||||||||||||
(8)
|
Income Taxes
|
Year Ended June 30,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Domestic
|
$ | (14,086 | ) | $ | (50,395 | ) | $ | (96,937 | ) | |||
Foreign
|
(1,066 | ) | 6,675 | (3,971 | ) | |||||||
Loss before provision for taxes
|
$ | (15,152 | ) | $ | (43,720 | ) | $ | (100,908 | ) | |||
Year Ended June 30,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Federal —
|
||||||||||||
Current
|
$ | - | $ | - | $ | 2,586 | ||||||
Deferred
|
(3,409 | ) | (60,004 | ) | (2,490 | ) | ||||||
State —
|
||||||||||||
Current
|
191 | 132 | 170 | |||||||||
Deferred
|
33 | (1,702 | ) | - | ||||||||
Foreign —
|
||||||||||||
Current
|
3,292 | 5,446 | 5,907 | |||||||||
Deferred
|
(1,451 | ) | 2,151 | 364 | ||||||||
$ | (1,344 | ) | $ | (53,977 | ) | $ | 6,537 | |||||
Year Ended June 30,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Federal tax (benefit) provision at statutory rate
|
$ | (5,303 | ) | $ | (15,302 | ) | $ | (35,318 | ) | |||
State income taxes
|
124 | 86 | - | |||||||||
Subpart F and dividend income
|
4,189 | 1,235 | 458 | |||||||||
Foreign taxes and rate differences
|
1,001 | 2,218 | 6,445 | |||||||||
Stock-based compensation
|
2,968 | 3,338 | 1,987 | |||||||||
Tax credits
|
(3,913 | ) | (4,524 | ) | - | |||||||
Tax contingencies
|
(2,385 | ) | 7,158 | 170 | ||||||||
Return to provision adjustments
|
442 | 1,182 | - | |||||||||
Valuation allowance
|
1,431 | (48,830 | ) | 32,772 | ||||||||
Other
|
102 | (538 | ) | 23 | ||||||||
(Benefit from) Provision for income taxes
|
$ | (1,344 | ) | $ | (53,977 | ) | $ | 6,537 | ||||
Year Ended June 30,
|
||||||||
2012
|
2011
|
|||||||
Deferred tax assets:
|
||||||||
Federal and state credits
|
$ | 4,000 | $ | 7,881 | ||||
Foreign tax credits
|
38,870 | 33,805 | ||||||
Federal and state loss carryforwards
|
18,458 | 18,734 | ||||||
Foreign loss carryforwards
|
2,658 | 3,328 | ||||||
Revenue
|
3,682 | 2,123 | ||||||
Restructuring accruals
|
326 | 1,517 | ||||||
Other reserves and accruals
|
5,119 | 6,002 | ||||||
Intangible assets
|
1,037 | 1,398 | ||||||
Property and leasehold improvements
|
3,523 | 4,238 | ||||||
Other temporary differences
|
5,596 | 5,783 | ||||||
83,269 | 84,809 | |||||||
Deferred tax liabilities:
|
||||||||
Revenue
|
(714 | ) | (475 | ) | ||||
Intangible assets
|
(1,558 | ) | (1,602 | ) | ||||
Property, leasehold improvements, and other basis differences
|
(9,583 | ) | (9,612 | ) | ||||
Other temporary differences
|
(683 | ) | (743 | ) | ||||
(12,538 | ) | (12,432 | ) | |||||
Valuation allowance
|
(5,626 | ) | (8,045 | ) | ||||
Net deferred tax assets
|
$ | 65,105 | $ | 64,332 | ||||
Year Ended June 30,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Uncertain tax positions, beginning of year
|
$ | 24,835 | $ | 17,730 | $ | 19,238 | ||||||
Gross increases - tax positions in prior period
|
2,072 | 4,599 | 111 | |||||||||
Gross decreases - tax positions in prior period
|
(1,468 | ) | (1,025 | ) | (958 | ) | ||||||
Gross increases - tax positions in current period
|
- | 3,333 | 2,114 | |||||||||
Gross decreases - payments
|
- | - | (332 | ) | ||||||||
Gross decreases - lapse of statutes
|
(2,954 | ) | (517 | ) | (2,354 | ) | ||||||
Currency translation adjustment
|
(579 | ) | 715 | (89 | ) | |||||||
Uncertain tax positions, end of year
|
$ | 21,906 | $ | 24,835 | $ | 17,730 | ||||||
(9)
|
Commitments and Contingencies
|
Scheduled
|
||||||||||||
Gross
|
Sublease
|
Net
|
||||||||||
Year Ended June 30,
|
Payments
|
Payments
|
Payments
|
|||||||||
2013
|
$ | 7,895 | $ | 850 | $ | 7,045 | ||||||
2014
|
4,996 | 163 | 4,833 | |||||||||
2015
|
3,831 | 163 | 3,668 | |||||||||
2016
|
1,984 | 163 | 1,821 | |||||||||
2017
|
185 | 14 | 171 | |||||||||
Thereafter
|
- | - | - | |||||||||
Total
|
$ | 18,891 | $ | 1,353 | $ | 17,538 | ||||||
(a)
|
ATME arbitration
|
(b)
|
Other
|
(10)
|
Retirement and Profit Sharing Plans
|
(11)
|
Other Investments
|
(12)
|
Segment and Geographic Information
|
SMS,
|
||||||||||||||||
Training, and
|
Professional
|
|||||||||||||||
License
|
Other
|
Services
|
Total
|
|||||||||||||
Year Ended June 30, 2012—
|
||||||||||||||||
Segment revenue
|
$ | 166,688 | $ | 54,025 | $ | 22,421 | $ | 243,134 | ||||||||
Segment expenses
|
71,050 | 9,631 | 24,505 | 105,186 | ||||||||||||
Segment operating profit (1)
|
$ | 95,638 | $ | 44,394 | $ | (2,084 | ) | $ | 137,948 | |||||||
Year Ended June 30, 2011—
|
||||||||||||||||
Segment revenue
|
$ | 103,699 | $ | 65,121 | $ | 29,334 | $ | 198,154 | ||||||||
Segment expenses
|
66,821 | 13,495 | 25,404 | 105,720 | ||||||||||||
Segment operating profit (1)
|
$ | 36,878 | $ | 51,626 | $ | 3,930 | $ | 92,434 | ||||||||
Year Ended June 30, 2010—
|
||||||||||||||||
Segment revenue
|
$ | 53,991 | $ | 74,862 | $ | 37,491 | $ | 166,344 | ||||||||
Segment expenses
|
70,822 | 15,076 | 36,081 | 121,979 | ||||||||||||
Segment operating profit (1)
|
$ | (16,831 | ) | $ | 59,786 | $ | 1,410 | $ | 44,365 | |||||||
(1)
|
The Segment operating profits reported reflect the direct expenses of the operating segment and contain certain allocations for selling and marketing, general and administrative, development, restructuring and other corporate expenses incurred in support of the segments.
|
Year Ended June 30,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Total segment operating profit for reportable segments
|
$ | 137,948 | $ | 92,434 | $ | 44,365 | ||||||
Cost of license and amortization for technology related costs
|
(10,617 | ) | (5,213 | ) | (6,437 | ) | ||||||
Marketing
|
(13,231 | ) | (12,690 | ) | (12,897 | ) | ||||||
Research and development
|
(47,391 | ) | (41,932 | ) | (39,124 | ) | ||||||
General and administrative and overhead
|
(69,611 | ) | (77,723 | ) | (78,889 | ) | ||||||
Stock-based compensation
|
(12,406 | ) | (9,699 | ) | (15,260 | ) | ||||||
Restructuring charges
|
301 | 247 | (1,128 | ) | ||||||||
Other (expense) income, net
|
(3,519 | ) | 2,919 | (2,407 | ) | |||||||
Interest income, net
|
3,374 | 7,937 | 10,869 | |||||||||
Loss before provision for income taxes
|
$ | (15,152 | ) | $ | (43,720 | ) | $ | (100,908 | ) | |||
Year Ended June 30,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
United States
|
29.5 | % | 35.8 | % | 38.2 | % | ||||||
Europe
|
33.7 | 26.6 | 26.6 | |||||||||
Other (1)
|
36.8 | 37.6 | 35.2 | |||||||||
100.0 | % | 100.0 | % | 100.0 | % | |||||||
(1)
|
Other consists primarily of Asia Pacific, Canada, Latin America and the Middle East.
|
(13)
|
Quarterly Financial Data (Unaudited)
|
Three Months Ended
|
||||||||||||||||
June 30,
|
March 31,
|
December 31,
|
September 30,
|
|||||||||||||
2012
|
2012
|
2011
|
2011
|
|||||||||||||
Total revenue
|
$ | 64,017 | $ | 61,337 | $ | 66,555 | $ | 51,225 | ||||||||
Gross profit
|
50,916 | 48,907 | 53,630 | 37,404 | ||||||||||||
(Loss) income from operations
|
(3,609 | ) | (2,814 | ) | 7,041 | (15,625 | ) | |||||||||
Net (loss) income
|
(5,388 | ) | (520 | ) | 3,836 | (11,736 | ) | |||||||||
Net (loss) income per common share:
|
||||||||||||||||
Basic
|
$ | (0.06 | ) | $ | (0.01 | ) | $ | 0.04 | $ | (0.12 | ) | |||||
Diluted
|
$ | (0.06 | ) | $ | (0.01 | ) | $ | 0.04 | $ | (0.12 | ) | |||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
93,563 | 93,583 | 93,902 | 94,065 | ||||||||||||
Diluted
|
93,563 | 93,583 | 96,267 | 94,065 | ||||||||||||
Three Months Ended
|
||||||||||||||||
June 30,
|
March 31,
|
December 31,
|
September 30,
|
|||||||||||||
2011 | 2011 | 2010 | 2010 | |||||||||||||
Total revenue
|
$ | 52,645 | $ | 52,601 | $ | 49,808 | $ | 43,100 | ||||||||
Gross profit
|
37,495 | 42,209 | 36,253 | 29,852 | ||||||||||||
(Loss) income from operations
|
(18,324 | ) | (7,244 | ) | (9,300 | ) | (19,708 | ) | ||||||||
Net income (loss)
|
41,681 | (5,687 | ) | (10,269 | ) | (15,468 | ) | |||||||||
Net (loss) income per common share:
|
||||||||||||||||
Basic
|
$ | 0.44 | $ | (0.06 | ) | $ | (0.11 | ) | $ | (0.17 | ) | |||||
Diluted
|
$ | 0.43 | $ | (0.06 | ) | $ | (0.11 | ) | $ | (0.17 | ) | |||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
94,169 | 93,862 | 93,252 | 92,689 | ||||||||||||
Diluted
|
96,568 | 93,862 | 93,252 | 92,689 | ||||||||||||
Incorporated by Reference
|
||||||||||
Exhibit
Number
|
Description
|
Filed
with this
Form 10-K
|
Form
|
Filing Date
with SEC(1)
|
Exhibit
Number
|
|||||
3.1
|
Certificate of Incorporation of Aspen Technology, Inc., as amended
|
8-K
|
August 22, 2003
|
4
|
||||||
3.2
|
By-laws of Aspen Technology, Inc.
|
8-K
|
March 27, 1998
|
3.2
|
||||||
4.1
|
Specimen certificate for common stock, $.10 par value, of Aspen Technology, Inc.
|
8-A/A
|
June 12, 1998
|
4
|
||||||
4.2
|
Rights Agreement dated March 12, 1998 between Aspen Technology, Inc. and American Stock Transfer and Trust Company, as Rights Agent, including form of Certificate of Designation of Series A Participating Cumulative Preferred Stock and form of Rights Certificate
|
8-K
|
March 27, 1998
|
4.1
|
||||||
4.2a
|
Amendment No. 1 dated October 26, 2001 to Rights Agreement dated march 12, 1998 between Aspen Technology, Inc. and American Stock Transfer and Trust Company, as Rights Agent
|
8-A/A
|
November 8, 2001
|
4.4
|
||||||
4.3
|
Form of WD Common Stock Purchase Warrants of Aspen Technology, Inc. dated August 14, 2003
|
8-K
|
August 22, 2003
|
99.3
|
||||||
10.1
|
Lease Agreement dated January 30, 1992 between Aspen Technology, Inc. and Teachers Insurance and Annuity Association of America regarding 10 Canal Park, Cambridge, Massachusetts
|
10-K
|
April 11, 2008
|
10.1
|
||||||
10.1a
|
First Amendment to Lease Agreement dated May 5, 1997 between Aspen Technology, Inc. and Beacon Properties, L.P., successor-in-interest to Teachers Insurance and Annuity Association of America
|
10-K
|
September 28, 2000
|
10.2
|
||||||
10.1b
|
Second Amendment to Lease Agreement dated August 14, 2000 between Aspen Technology, Inc. and EOP-Ten Canal Park, L.L.C., successor-in-interest to Beacon Properties, L.P.
|
10-K
|
September 28, 2000
|
10.3
|
||||||
10.1c
|
Amendment dated September 5, 2007 to Lease Agreement dated January 30, 1992 between Aspen Technology, Inc. and MA-Ten Canal Park, L.L.C.
|
10-K
|
April 11, 2008
|
10.1c
|
||||||
10.2
|
Sublease dated September 5, 2007 between Aspen Technology, Inc. and MA-Ten Canal Park L.L.C. regarding 10 Canal Park, Cambridge, Massachusetts
|
10-K
|
April 11, 2008
|
10.2
|
10.3
|
Lease dated May 7, 2007 between Aspen Technology, Inc. and One Wheeler Road Associates regarding 200 Wheeler Road, Burlington Massachusetts
|
10-K
|
April 11, 2008
|
10.3
|
||||||
10.4
|
System License Agreement dated March 30, 1982 between Aspen Technology, Inc. and the Massachusetts Institute of Technology
|
10-K
|
April 11, 2008
|
10.4
|
||||||
10.5
|
Amendment dated March 30, 1982 to System License Agreement dated March 30, 1982 between Aspen Technology, Inc. and the Massachusetts Institute of Technology
|
10-K
|
April 11, 2008
|
10.5
|
||||||
10.6†
|
Purchase and Sale Agreement dated October 6, 2004 among Aspen Technology, Inc., Hyprotech Company, AspenTech Canada Ltd. and Hyprotech UK Ltd. and Honeywell International Inc., Honeywell Control Systems Limited and Honeywell Limited—Honeywell Limitee
|
10-Q
|
March 15, 2005
|
10.1
|
||||||
10.6a†
|
Amendment No. 1 dated December 23, 2004 to Purchase and Sale Agreement dated October 6, 2004 among Aspen Technology, Inc., Hyprotech Company, AspenTech Canada Ltd., and Hyprotech UK Ltd. and Honeywell International Inc., Honeywell Control Systems Limited and Honeywell Limited—Honeywell Limitee
|
10-Q
|
March 15, 2005
|
10.2
|
||||||
10.7†
|
Hyprotech License Agreement dated December 23, 2004 between Aspen Technology, Inc. and Honeywell International, Inc.
|
10-Q
|
March 15, 2005
|
10.3
|
||||||
10.8†
|
Hyprotech License Agreement dated December 23, 2004 between AspenTech Canada Ltd. and Honeywell Limited—Honeywell Limitee
|
10-Q
|
March 15, 2005
|
10.4
|
||||||
10.9†
|
Hyprotech License Agreement dated December 23, 2004 between Hyprotech Company and Honeywell Limited—Honeywell Limitee
|
10-Q
|
March 15, 2005
|
10.5
|
||||||
10.10†
|
Hyprotech License Agreement dated December 23, 2004 between AspenTech Ltd. and Honeywell Control Systems Limited
|
10-Q
|
March 15, 2005
|
10.6
|
||||||
10.11†
|
Hyprotech License Agreement dated December 23, 2004 between Hyprotech UK Ltd. and Honeywell Control Systems Limited
|
10-Q
|
March 15, 2005
|
10.7
|
||||||
10.12
|
Vendor Program Agreement dated March 29, 1990 between Aspen Technology, Inc. and General Electric Capital Corporation
|
10-K
|
April 11, 2008
|
10.13
|
10.12a
|
Rider No. 1 dated December 14, 1994, to Vendor Program Agreement dated March 29, 1990 between Aspen Technology, Inc. and General Electric Capital Corporation
|
10-K
|
April 11, 2008
|
10.13a
|
||||||
10.12b
|
Rider No. 2 dated September 4, 2001 to Vendor Program Agreement dated March 29, 1990 between Aspen Technology, Inc. and General Electric Capital Corporation
|
10-K
|
April 11, 2008
|
10.13b
|
||||||
10.12c
|
Waiver and Consent Agreement dated March 31, 2009
|
10-K
|
June 30, 2009
|
10.13c
|
||||||
10.13
|
Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-Q
|
February 17, 2004
|
10.1
|
||||||
10.13a
|
First Amendment dated June 30, 2004 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-K
|
April 11, 2008
|
10.15a
|
||||||
10.13b
|
Second Amendment dated September 30, 2004 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-Q
|
March 15, 2005
|
10.1
|
||||||
10.13c
|
Third Amendment dated December 31, 2004 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-Q
|
March 15, 2005
|
10.8
|
||||||
10.13d
|
Fourth Amendment dated March 8, 2005 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-K
|
April 11, 2008
|
10.15d
|
||||||
10.13e
|
Fifth Amendment dated March 31, 2005 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-Q
|
May 10, 2005
|
10.1
|
||||||
10.13f
|
Sixth Amendment dated December 29, 2005 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-K
|
April 11, 2008
|
10.15f
|
||||||
10.13g
|
Seventh Amendment dated July 17, 2006 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-K
|
April 11, 2008
|
10.15g
|
10.13h
|
Eighth Amendment dated September 15, 2006 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-K
|
April 11, 2008
|
10.15h
|
||||||
10.13i
|
Ninth Amendment dated January 12, 2007 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-Q
|
May 10, 2007
|
10.3
|
||||||
10.13j
|
Tenth Amendment dated April 13, 2007 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-K
|
April 11, 2008
|
10.15j
|
||||||
10.13k
|
Eleventh Amendment dated June 28, 2007 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-K
|
April 11, 2008
|
10.15k
|
||||||
10.13l
|
Twelfth Amendment dated October 16, 2007 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-K
|
April 11, 2008
|
10.15l
|
||||||
10.13m
|
Thirteenth Amendment dated December 12, 2007 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-K
|
April 11, 2008
|
10.15m
|
||||||
10.13n
|
Fourteenth Amendment dated December 28, 2007 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
8-K
|
January 7, 2008
|
10.2
|
||||||
10.13o
|
Fifteenth Amendment dated January 24, 2008 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-Q
|
February 19, 2009
|
10.2
|
||||||
10.13p
|
Sixteenth Amendment dated May 15, 2008 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-Q
|
February 19, 2009
|
10.3
|
10.13q
|
Seventeenth Amendment dated November 14, 2008 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-Q
|
February 19, 2009
|
10.4
|
||||||
10.13r
|
Eighteenth Amendment dated January 30, 2009 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-Q
|
February 19, 2009
|
10.5
|
||||||
10.13s
|
Nineteenth Amendment dated May 15, 2009 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-K
|
June 30, 2009
|
10.15s
|
||||||
10.13t
|
Twentieth Amendment dated November 3, 2009 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-K
|
November 9, 2009
|
10.15t
|
||||||
10.13u
|
Twenty-first Amendment dated June 7, 2010 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-Q
|
February 8, 2011
|
10.1
|
||||||
10.13v
|
Twenty-second Amendment dated December 7, 2010 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-Q
|
February 8, 2011
|
10.2
|
||||||
10.13w
|
Twenty-third Amendment dated February 16, 2011 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-Q
|
May 1, 2012
|
10.1
|
||||||
10.13x
|
Twenty-fourth Amendment dated February 15, 2012 to Non-Recourse Receivables Purchase Agreement dated December 31, 2003 between Silicon Valley Bank and Aspen Technology, Inc.
|
10-Q
|
May 1, 2012
|
10.2
|
||||||
10.14
|
Investor Rights Agreement dated August 14, 2003 among Aspen Technology, Inc. and the Stockholders named therein
|
8-K
|
August 22, 2003
|
99.1
|
||||||
10.15
|
Management Rights Letter dated August 14, 2003 among Aspen Technology, Inc. and the entities named therein.
|
8-K
|
August 22, 2003
|
99.2
|
||||||
10.16^
|
Aspen Technology, Inc. 1995 Stock Option Plan
|
S-8
|
September 9, 1996
|
4.5
|
10.17^
|
Aspen Technology, Inc. Amended and Restated 1995 Directors Stock Option Plan
|
10-K
|
April 11, 2008
|
10.37
|
||||||
10.18^
|
Aspen Technology, Inc. 1996 Special Stock Option Plan
|
10-K
|
September 29, 1997
|
10.23
|
||||||
10.19^
|
Aspen Technology, Inc. Restated 2001 Stock Option Plan
|
10-K
|
September 28, 2006
|
10.54
|
||||||
10.20^
|
Form of Terms and Conditions of Stock Option Agreement Granted under Aspen Technology, Inc. 2001 Restated Stock Option Plan
|
10-Q
|
November 14, 2006
|
10.7
|
||||||
10.21^
|
Aspen Technology, Inc. 2005 Stock Incentive Plan (as amended)
|
10-K
|
November 9, 2009
|
10.39
|
||||||
10.22^
|
Form of Terms and Conditions of Stock Option Agreement Granted under Aspen Technology, Inc. 2005 Stock Incentive Plan
|
10-Q
|
November 14, 2006
|
10.8
|
||||||
10.23^
|
Form of Restricted Stock Unit Agreement Granted under Aspen Technology, Inc. 2005 Stock Incentive Plan
|
10-Q
|
November 14, 2006
|
10.9
|
||||||
10.24^
|
Form of Restricted Stock Unit Agreement-G Granted under Aspen Technology, Inc. 2005 Stock Incentive Plan
|
10-Q
|
November 14, 2006
|
10.10
|
||||||
10.25^
|
Terms and Conditions of Restricted Stock Unit Agreement Granted under 2005 Stock Incentive Plan
|
10-K
|
November 9, 2009
|
10.43
|
||||||
10.26^
|
Aspen Technology, Inc. 2010 Equity Incentive Plan
|
8-K
|
April 21, 2010
|
10.1
|
||||||
10.27^
|
Form of Restricted Stock Unit Agreement Granted under Aspen Technology, Inc. 2010 Equity Incentive Plan
|
10-K
|
September 2, 2010
|
10.42
|
||||||
10.28^
|
Form of Terms and Conditions of Stock Option Agreement Granted under Aspen Technology, Inc. 2010 Equity Incentive Plan
|
10-K
|
September 2, 2010
|
10.43
|
||||||
10.29^
|
Form of Confidentiality and Non-Competition Agreement of Aspen Technology, Inc.
|
10-K
|
April 11, 2008
|
10.45
|
||||||
10.30^
|
Aspen Technology, Inc. Director Compensation Policy
|
S-1
|
July 30, 2010
|
10.43
|
||||||
10.31^
|
Aspen Technology, Inc. Executive Annual Incentive Bonus Plan for Fiscal 2010
|
8-K
|
September 11, 2009
|
99.1
|
||||||
10.32^
|
Form of Aspen Technology, Inc. Executive Annual Incentive Bonus Plan for Fiscal 2011
|
8-K
|
August 4, 2010
|
10.1
|
||||||
10.33^
|
Amended Annual Incentive Plan (Fiscal Year 2012)
|
10-Q
|
November 1, 2011
|
10.1
|
||||||
10.34^
|
Aspen Technology, Inc. Executive Annual Incentive Bonus Plan (Fiscal Year 2013)
|
8-K
|
July 26, 2012
|
10.1
|
||||||
10.35^
|
Amended and Restated Employment Agreement effective October 3, 2007, between Aspen Technology, Inc. and Mark Fusco
|
10-K
|
April 11, 2008
|
10.1
|
10.36^
|
Form of Executive Retention Agreement entered into by Aspen Technology, Inc. and each executive officer of Aspen Technology, Inc. (other than Mark E. Fusco)
|
10-Q
|
February 9, 2010
|
10.1
|
||||||
10.37^
|
Amendment Number 1 dated December 29, 2006 to Stock Option Agreement granted to Manolis E. Kotzabasakis on or about August 18, 2003 under Aspen Technology, Inc. 1995 Stock Option Plan, as amended (Award Identification No. P040380)
|
8-K
|
January 5, 2007
|
10.1
|
||||||
10.38^
|
Amendment Number 1 dated December 29, 2006 to Stock Option Agreement granted to Manolis E. Kotzabasakis on or about August 18, 2003 under Aspen Technology, Inc. 2001 Stock Option Plan, as amended (Award Identification No. P040002)
|
8-K
|
January 5, 2007
|
10.2
|
||||||
10.39^
|
Amendment Number 1 dated December 29, 2006 to the Stock Option Agreement granted to Manolis E. Kotzabasakis on or about August 18, 2003 under Aspen Technology, Inc. 2001 Stock Option Plan, as amended (Award Identification No. P0405621)
|
8-K
|
January 5, 2007
|
10.3
|
||||||
10.40^
|
Offer letter dated June 24, 2009 by and between Aspen Technology, Inc. and Mark P. Sullivan
|
S-1
|
July 30, 2010
|
10.52
|
||||||
10.41^
|
Aspen Technology, Inc. Executive Annual Incentive Bonus Plan (Fiscal Year 2012)
|
8-K
|
July 20, 2011
|
10.1
|
||||||
21.1
|
Subsidiaries of Aspen Technology, Inc.
|
S-1
|
July 30, 2010
|
21.1
|
||||||
Consent of KPMG LLP
|
X
|
|||||||||
Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
X
|
|||||||||
Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
X
|
|||||||||
Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
X
|
(1)
|
The SEC File No. is 000-24786, other than Exhibit 10.14 (SEC File No. 333-11651), Exhibit 10.17 (SEC File No. 333-42536) and Exhibit 10.24 (001-34630).
|
†
|
Confidential treatment requested as to certain portions
|
^
|
Management contract or compensatory plan or arrangement
|
*
|
The certification attached as Exhibit 32.1 that accompanies this Form 10-K is not deemed filed with the SEC and is not to be incorporated by reference into any filing of Aspen Technology, Inc. under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date of this Form 10-K, irrespective of any general incorporation language contained in such filing.
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Customer name | Ticker |
---|---|
Quanta Services, Inc. | PWR |
No Suppliers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|