XML 16 R7.htm IDEA: XBRL DOCUMENT v3.23.3
Interim Unaudited Consolidated Financial Statements - USD ($)
$ in Millions
 3 Months Ended
Aug. 29, 2022
Sep. 30, 2023
Sep. 30, 2022
Jun. 30, 2023
Contractors [Abstract]        
Revenue from Contract with Customer, Including Assessed Tax Russia   $ 7.2 $ 10.0  
Assets Russia   $ 37.8   $ 39.7
Consideration transferred $ 87.2      
Nature of Operations   Organization and Basis of Presentation
AspenTech, together with its subsidiaries (the “Company”), is a leading industrial software company that develops solutions to address complex industrial environments where it is critical to optimize the asset design, operations and maintenance lifecycle. Through the Company’s unique combination of product capabilities, deep domain expertise and award-winning innovation, customers across diverse end markets in capital-intensive industries can improve their operational excellence while achieving sustainability goals.
The Company operates globally in 120 countries as of September 30, 2023.
Basis of Presentation
The Company has prepared the accompanying unaudited condensed consolidated financial statements as of September 30, 2023, and for the first quarters of fiscal 2024 and 2023 pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and in accordance with generally accepted accounting principles in the United States (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation.
These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023.
The preparation of financial statements and related disclosures in conformity with GAAP requires us to make judgments, assumptions, and estimates that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The actual results that the Company experiences may differ materially from these estimates.
Russia and Ukraine
The Company maintains operations in Russia and licenses software and provides related services to customers in Russia and areas of Ukraine that are not under sanction. The Company had revenues of approximately $7.2 million and $10.0 million for the three months ended September 30, 2023 and 2022, respectively, and total assets of approximately $37.8 million and $39.7 million as of September 30, 2023 and June 30, 2023, respectively, related to operations in Russia.
The Company may be required to cease or suspend operations in Russia or, should the conflict or the effects of sanctions, export control measures and business restrictions worsen, the Company may voluntarily elect to do so. For example, the Company recently has terminated all engineering services in Russia and the Company has limited its operations to contract renewals only with existing customers. While the Company continues to evaluate the impact, if any, of the various sanctions, export control measures and business restrictions imposed by the United States, other governments, and financial institutions on the ability to do business in Russia and areas of Ukraine that are not under sanction, maintain contracts with vendors and pay employees in Russia, and receive payment from customers in Russia and areas of Ukraine that are not under sanction, there is no assurance that the Company will be able to do so in the future. Any disruption to, or suspension of, the Company’s business and operations in Russia would result in the loss of revenue from the business in Russia and would negatively impact growth. The Company may also suffer reputational harm as a result of continued operations in Russia, which may adversely impact sales and other businesses in other countries.