Aspen Technology, Inc. (AZPN) Q3 2022 Earnings Call Transcript

For the period ending March 31, 2022

April 27, 2022 4:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and thank you for standing by. Welcome to the Aspen Technology Fiscal Quarter 2022 Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. Please be advised that today's conference is being recorded. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Mr. Brian Denyeau. You may begin.

Brian Denyeau

Thank you. Good afternoon, everyone, and thank you for joining us to discuss our financial results for the third quarter of fiscal 2022 ending March 31, 2022. With me on the call today are Antonio Pietri, AspenTech's President and CEO; and Chantelle Breithaupt, the CFO of AspenTech.

Before we begin, I will make the safe harbor statement that during the course of this call, we may make projections or other forward-looking statements about the financial performance of the Company that involve risks and uncertainties. The Company's actual results may differ materially from such projections or statements. Factors that might cause such differences include, but are not limited to, those discussed in today's call and contained in our most recently filed Form 10-Q. Also, please note that the following information relates to our current business conditions and our outlook as of today, April 27, 2022. Consistent with our prior practice, we expressly disclaim any obligation to update this information.

The structure of today's call will be as follows. Antonio will discuss business highlights from the third quarter and our pending transaction with Emerson and then Chantelle will review our financial results and discuss our guidance for fiscal year 2022.

With that, let me turn the call over to Antonio. Antonio?

Antonio Pietri

Thanks, Brian, and thanks to all of you for joining us today. AspenTech's strong third quarter results were driven by further improvement in our key end market and continued strong execution by our sales team with the support of the rest of the organization. As we have mentioned previously, we expected the new budget year for our customers to lead to a better spending environment for AspenTech, considering the positive macro indicators coming into the year. I am pleased to say that this is what occurred during the third quarter.

We also remain optimistic about our ability to drive further improvement in annual spend growth over time, considering the continued positive macro environment and growing strategic importance of operational efficiency and sustainability to our customers. We are also excited to be approaching the completion of our proposed transaction with Emerson. The registration statement on Form S-4 has been declared effective by the SEC and we have filed our proxy statement and set a May 16 date for the special meeting of the stockholders to approve the transaction.