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Aspen Technology Inc. (AZPN-0.04%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing details a merger agreement with Emerson Electric Co., where Emerson's subsidiary will acquire all outstanding shares of Aspen Technology at $265 per share in cash. The merger is subject to customary closing conditions and is expected to be completed in the first half of 2025.
Aspen Technology reported total revenue of $303.6 million for the quarter, up from $257.2 million in the same quarter the previous year. License and solutions revenue increased to $188.2 million from $152.5 million.
The company reported a net income of $20.3 million for the quarter, compared to a net loss of $21.5 million in the previous year. The improvement is attributed to increased revenue and decreased operating expenses.
Operating expenses for the quarter were $200.3 million, down from $211.5 million in the previous year. The decrease is primarily due to lower selling, marketing, and research and development expenses.
Aspen Technology completed the acquisition of Open Grid Systems, Ltd. for $48.9 million, recognizing $31.8 million in goodwill and $19.7 million in intangible assets.
The company announced a share repurchase authorization of up to $100 million but suspended repurchases in the second quarter of fiscal 2025 after repurchasing 92,819 shares for $20.5 million.
Aspen Technology has suspended all commercial activities in Russia due to expanded U.S. government sanctions, impacting its operations and financial reporting.
The company reported cash and cash equivalents of $181.8 million as of December 31, 2024, with $194.5 million available for borrowing under its credit agreement.
Aspen Technology's management has identified risks related to the ongoing conflict in the Middle East and potential impacts on its operations and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aspen Technology Inc. quarterly 10-Q report dated February 4, 2025. To report an error, please email earnings@qz.com.