Financial Data and Key Metrics Changes - Annual contract value (ACV) was $936 million in Q3, increasing 2.4% quarter-over-quarter and 9.5% year-over-year, including a large delayed renewal agreement [7][27] - Free cash flow was $137 million in Q3, compared to $129 million in the same quarter last year [29] - Total bookings were $301 million in Q3, increasing 30% year-over-year, while total revenue was $278 million, increasing 21% year-over-year [27][28] - Non-GAAP operating income was $116 million in Q3, representing a 41.8% non-GAAP operating margin, up from 29% a year ago [28] Business Line Data and Key Metrics Changes - Digital Grid Management (DGM) suite saw strong demand, contributing approximately 2.5 points of growth for fiscal year 2024, with expectations of around 40% growth for the year [10][38] - Subsurface Science & Engineering (SSE) had a softer quarter, with expectations of approximately 1 point of growth for fiscal year 2024 [12][13] - Heritage AspenTech Suites experienced a slowdown, particularly in Engineering, with many deals pushed out of the quarter [14] - Asset Performance Management (APM) performed below expectations, with no expected contribution to ACV growth in fiscal 2024 [17] Market Data and Key Metrics Changes - Customers' budgets are generally consistent with those of calendar 2023, but spending intent has been cautious due to macroeconomic uncertainties [8][42] - The procurement process for utility customers is materially different and longer than for older customer segments, impacting sales timelines [12] Company Strategy and Development Direction - The company is focused on driving efficiencies and productivity across the organization to achieve best-in-class profitability and free cash flow [21][63] - Continued investment in strategically important areas, particularly in DGM, is planned due to strong growth opportunities [21][22] - The company aims to enhance its sales execution and align its expanded sales team to capitalize on long-term growth opportunities [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term strength of end markets despite Q3 performance not meeting expectations [22][32] - The company is actively engaging with customers to confirm spending plans and ensure a successful Q4 outcome [32] - Management noted that the dynamics observed in Q3 were surprising and broad-based across regions and product suites [33][55] Other Important Information - The company announced the appointment of a new Chief Financial Officer, David Baker, and a new Board member, David Henshall [23][24] - The upcoming software update, Version 14.3, will include significant enhancements and new features aimed at improving operational outcomes [18][19] Q&A Session Summary Question: What specifically changed in the Heritage business? - Management noted that engagement with customers was strong until mid-March, but the last two weeks saw a decline in deal closures due to extended timelines and cautious spending [33] Question: What is the outlook for Q4 guidance? - The guidance reflects confirmed customer budgets and intent to spend, with a strong pipeline of business expected to close [35] Question: Can you provide more color around DGM's pipeline? - DGM is expected to contribute significantly to growth, with a mix of long and short sales cycles, and the pipeline continues to grow [39] Question: Is attrition trending as expected? - Attrition is in line with guidance at about 5%, with some large deals affecting the overall numbers [66] Question: Have there been improvements since March? - The company has seen good business closed in April, with many deals pushed from Q3 to Q4, indicating a positive outlook [69]

Exhibit 99.1 Media Contact Investor Contact Len Dieterle Brian Denyeau Aspen Technology ICR for Aspen Technology +1 781-221-4291 +1 646-277-1251 len.dieterle@aspentech.com ir@aspentech.com Contacts: Aspen Technology Announces Financial Results for the Third Quarter of Fiscal 2024 Bedford, Mass. – May 7, 2024 - Aspen Technology, Inc. (AspenTech) (NASDAQ: AZPN), a global leader in industrial software, today announced financial results for its third quarter in fiscal 2024, ended March 31, 2024. Antonio Pietri, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________ Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Common stock, $0.0001 par value per share AZPN Nasdaq Global Select Market ____________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period en ...

Financial Data and Key Metrics Changes - Annual contract value (ACV) was $914 million, increasing by 9.6% year-over-year and 1.8% quarter-over-quarter [7][28] - Total bookings were $233.4 million, decreasing by 3.9% year-over-year [28] - Total revenue was $257 million, up 5.9% year-over-year [28] - Non-GAAP operating income was $89 million, representing a 34% non-GAAP operating margin, compared to $87 million and 36% a year ago [28][29] - Non-GAAP net income was $88 million, or $1.37 per share, compared to $23 million or $0.35 per share a year ago [29] Business Line Data and Key Metrics Changes - Digital Grid Management (DGM) suite saw significant growth, with a 500% increase in term software pipeline over the last 12 months [39] - Subsurface Science & Engineering (SSE) suite performed well, closing a large deal with a national oil company in Asia [13] - Engineering suite experienced strong demand, winning a large-scale deal with a new EPC logo in the Middle East [15] - Manufacturing and Supply Chain (MSC) suite faced challenges due to weakness in the chemicals market but is expected to perform better in the second half of the year [17] Market Data and Key Metrics Changes - Utilities are in the early stages of a significant investment cycle to expand the electrical grid and enhance cybersecurity capabilities [10] - CapEx spending in oil and gas is expected to remain consistent with last year, with a slight increase of 5% to 10% in some segments [58] - Utilities are increasingly targeting CapEx towards global electrification and renewable energy integration [59] Company Strategy and Development Direction - The company is focused on capturing opportunities in energy transition and sustainability [6] - Continued investment in expanding sales channels and enhancing product offerings to drive growth [9][25] - Commitment to achieving net zero emissions by 2045, with a decarbonization plan to be developed [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving at least 11.5% ACV growth for the full fiscal year, supported by a strong pipeline and favorable macro environment [25][31] - The delayed renewal of a large customer agreement is expected to close in Q3, contributing positively to future growth [7][28] - Management highlighted the importance of strong performance in the second half of the fiscal year to meet growth targets [34] Other Important Information - The company has made significant advancements in product upgrades and sustainability-related use cases [9] - The recent V14 software update introduced enhancements that are expected to drive growth [23] Q&A Session Summary Question: What gives confidence in the back-half ramp for ACV? - Management noted a 30% growth in the total pipeline over the last 12 months and successful transformation initiatives in DGM and SSE [38][39] Question: Impact of Aramco's production cut on CapEx? - Management stated that the relationship with Aramco remains strong and that global oil and gas companies need to maintain production levels, ensuring continued CapEx [44] Question: Details on the slipped renewal contract? - Management confirmed the renewal was delayed due to internal issues with the customer, not market demand, and expects it to close in Q3 [54][71] Question: Implementation capacity for DGM? - Management expressed confidence in their ability to meet demand through the expansion of their implementation services partner network [50] Question: CapEx rates for the year? - Management indicated that CapEx rates are in line with last year, with healthy spending in oil and gas and refining sectors [58][59]

Q2-FY24 Results Antonio Pietri, President and Chief Executive Officer Christopher Stagno, Interim Chief Financial Officer February 6, 2024 Forward-Looking Statements Safe Harbor Statement Statements in this presentation and our commentary and responses to questions that are not strictly historical may be "forward-looking" statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties, and AspenTech undertakes no obligation ...

Financial Performance - As of December 31, 2023, the Annual Contract Value (ACV) grew by approximately 9.6%, from $833.7 million in 2022 to $914.1 million in 2023[120]. - The Total Contract Value (TCV) increased to $3.8 billion as of December 31, 2023, compared to $3.4 billion in 2022[121]. - Bookings for the three months ended December 31, 2023, were $233.4 million, a decrease from $242.8 million in the same period of 2022[122]. - Total revenue increased by $14.3 million, or 5.9%, to $257.2 million for the three months ended December 31, 2023, compared to the same period in the prior fiscal year[133]. - Total revenue increased by $12.8 million, or 2.6%, to $506.5 million for the six months ended December 31, 2023, compared to $493.7 million in the same period of 2022[152]. - Net loss decreased by $44.7 million, or 67.5%, to $21.5 million for the three months ended December 31, 2023[145]. Revenue Breakdown - License and solutions revenue rose by $2.6 million, or 1.7%, primarily due to new term license orders[134]. - Maintenance revenue grew by $6.4 million, or 8.2%, driven by an increase in the base of arrangements[135]. - Services and other revenue surged by $5.3 million, or 36.7%, attributed to the timing and volume of professional services engagements[136]. - License and solutions revenue decreased by $9.0 million, or 2.9%, to $301.1 million, primarily due to the timing of renewals and new contracts[153]. - Maintenance revenue increased by $13.0 million, or 8.3%, to $170.0 million, driven by growth in the base of arrangements[154]. - Services and other revenue increased by $8.7 million, or 32.9%, to $35.3 million, due to increased professional services engagements[155]. Costs and Expenses - Total cost of revenue increased by $1.8 million, or 2.0%, mainly due to higher compensation costs and headcount[137]. - Total cost of revenue increased by $8.8 million, or 4.8%, to $193.0 million, primarily due to increased compensation costs and headcount[156]. - Selling and marketing expenses rose by $4.3 million, or 3.6%, due to higher compensation costs related to expanding sales capacity[141]. - Selling and marketing expenses increased by $8.4 million, or 3.6%, to $244.6 million, mainly due to higher compensation costs[161]. - Research and development expenses increased by $3.2 million, or 6.4%, primarily due to higher compensation costs[142]. - Research and development expenses increased by $7.1 million, or 7.1%, to $106.8 million, primarily due to higher compensation costs[162]. Cash Flow and Investments - Free cash flow (non-GAAP) for the six months ended December 31, 2023, was $45.2 million, down from $51.4 million in 2022[124]. - Net cash provided by operating activities decreased by $7.8 million, primarily due to unfavorable changes in working capital[170]. - Free cash flow decreased by $6.2 million during the six-month period, driven by the decrease in net cash provided by operating activities[173]. - Net cash provided by operating activities for the six months ended December 31, 2023, was $46.8 million, a decrease of 14.5% from $54.6 million in 2022[174]. - As of December 31, 2023, standby letters of credit amounted to $31.5 million, compared to $39.0 million as of June 30, 2023[175]. - The company's total commitment under a limited partnership investment fund is $5.0 million CAD (approximately $3.7 million USD)[182]. - As of December 31, 2023, the fair value of the investment in the partnership was $3.2 million CAD (approximately $2.4 million USD)[182]. Foreign Currency and Interest Rates - Approximately 85% of the company's ACV was denominated in U.S. dollars as of December 31, 2023[119]. - During the three months ended December 31, 2023, 12.1% of total revenue was denominated in foreign currencies, up from 8.3% in the same period of 2022[179]. - Net foreign currency exchange losses for the three months ended December 31, 2023, were $0.3 million, a significant decrease from $3.6 million in 2022[180]. - A hypothetical 10% change in foreign currency exchange rates could have impacted results of operations by approximately $3.0 million for the three months ended December 31, 2023[180]. - A hypothetical 100 basis point change in interest rates would not have a material impact on the fair value of the company's investment portfolio[181]. - Interest income, net increased by $8.2 million, or 198.1%, due to higher interest income on cash and cash equivalents[146]. Strategic Focus - The company aims to support energy transition and a net zero future through new processes such as green hydrogen and carbon capture technologies[113]. - The company is focused on optimizing asset lifecycle management to enhance operational excellence and sustainability for its customers[112]. - The company expects higher levels of amortization of intangible assets following the transaction with Emerson, impacting future financial results[128]. Inflation Impact - Inflation has not materially impacted the company's business or operating results, but may affect future acquisition strategies[176].

Aspen Technology, Inc. (NASDAQ:AZPN) Q1 2024 Earnings Conference Call November 6, 2023 4:30 AM ET Company Participants Brian Denyeau - ICR Antonio Pietri - President and CEO Chantelle Breithaupt - CFO Conference Call Participants Matthew Pfau - William Blair Rob Oliver - Baird David Ridley-Lane - Bank of America Devin - with KeyBanc Arsenije Matovic - Wolfe Research Mark Schappel - Loop Capital Markets Nay Soe Naing - Berenberg Operator Ladies and gentlemen, thank you for standing by, and welcome to the Asp ...

Q1-FY24 Results Antonio Pietri, President and Chief Executive Officer Chantelle Breithaupt, Chief Financial Officer Forward-Looking Statements Safe Harbor Statement Use of Non-GAAP Financial Measures Statements in this presentation and our commentary and responses to questions that In this presentation we will discuss some non-GAAP measures used by our are not strictly historical may be “forward-looking” statements for purposes of the safe management in talking about our company’s performance, and the recon ...

Financial Performance - As of September 30, 2023, the Annual Contract Value (ACV) grew approximately 10.9% from $809.6 million to $897.6 million compared to the previous year[106]. - Total Contract Value (TCV) increased from $3.3 billion to $3.7 billion year-over-year as of September 30, 2023[107]. - Bookings for the three months ended September 30, 2023, were $211.8 million, a decrease from $224.0 million in the same period of 2022[107]. - Total revenue decreased by $1.5 million, or 0.6%, to $249.3 million for the three months ended September 30, 2023, compared to $250.8 million in the same period last year[119]. - License and solutions revenue fell by $11.6 million, or 7.2%, primarily due to the timing of contract renewals[120]. - Maintenance revenue increased by $6.6 million, or 8.4%, driven by growth in the base of arrangements[121]. - Services and other revenue rose by $3.5 million, or 28.3%, due to the timing and volume of professional services engagements[122]. - Gross profit decreased by $8.4 million, or 5.3%, with a gross profit margin of 60.7%, down from 63.7% in the prior year[127]. - Non-GAAP income from operations for the three months ended September 30, 2023, was $77.8 million, compared to $92.6 million in the same period of 2022[112]. Cash Flow and Investments - Free cash flow (non-GAAP) for the three months ended September 30, 2023, was $16.0 million, up from $3.7 million in the same period of 2022[109]. - Net cash provided by operating activities increased by $11.9 million, driven by favorable changes in working capital[135]. - Total free cash flow increased by $12.4 million, primarily due to cash flows from operating activities and a decrease in capital expenditures[137]. - Net cash provided by operating activities for the three months ended September 30, 2023, was $16,981 thousand, with free cash flow reported at $16,044 thousand[142]. - The company no longer excludes acquisition and integration planning related payments from free cash flow calculations starting January 1, 2023[142]. - The company has a total commitment of $5.0 million CAD (approximately $3.7 million USD) in a limited partnership investment fund, with a fair value of $3.6 million CAD (approximately $2.7 million USD) as of September 30, 2023[145]. Shareholder Actions - The company repurchased 579,798 shares for $114.2 million under the Share Repurchase Authorization, with a remaining value of $185.8 million as of September 30, 2023[100]. Operational Focus - The company’s operational focus includes optimizing asset lifecycle management to enhance efficiency and sustainability in asset-intensive industries[96]. Currency and Interest Rate Impact - Approximately 85% of the company's ACV is denominated in U.S. dollars, providing stability against currency fluctuations[105]. - For the three months ended September 30, 2023, 7.1% of total revenue was denominated in foreign currencies, down from 11.7% in the same period of 2022[140]. - Net foreign currency exchange losses for the three months ended September 30, 2023, were $5.9 million, compared to $8.3 million in 2022[141]. - A hypothetical 10% change in foreign currency exchange rates could have impacted results by approximately $4.7 million in 2023 and $2.4 million in 2022[141]. - A hypothetical 100 basis point change in interest rates would not materially impact the fair value of the investment portfolio as of September 30, 2023[144]. - Interest income increased by $9.0 million, or 179.7%, primarily from higher interest earned on cash and cash equivalents[130]. Agreements and Terminations - The company entered into a $12.5 million agreement with Emerson for the purchase of Plantweb Optics Analytics software[98]. - The agreement to purchase Micromine was terminated due to unclear regulatory approval timelines[98]. Cost and Expense Management - Total cost of revenue increased by $6.9 million, or 7.6%, primarily due to increased compensation costs and headcount[124]. - Selling and marketing expenses rose by $4.1 million, or 3.5%, mainly due to higher compensation costs[128].

Part I [Business](index=4&type=section&id=Item%201.%20Business) The company provides industrial software to optimize asset lifecycles and address sustainability challenges - The company's core mission is to help asset-intensive industries address the **"Dual Challenge"** of meeting resource demand while operating sustainably[10](index=10&type=chunk) - Following the Emerson transaction, the portfolio expanded to **five product suites**: Performance Engineering (ENG), Manufacturing and Supply Chain (MSC), Asset Performance Management (APM), Digital Grid Management (DGM), and Subsurface Science & Engineering (SSE)[12](index=12&type=chunk) - The business model relies on **recurring revenue** from term software contracts and a flexible tokenization usage model[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) - As of June 30, 2023, the company had approximately **3,900 employees**, with 1,875 located in the United States[92](index=92&type=chunk)[98](index=98&type=chunk) - The company's intellectual property is protected by **394 issued patents** and pending applications worldwide as of June 30, 2023[99](index=99&type=chunk)[100](index=100&type=chunk) [Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from its Emerson transaction, operational challenges, and cybersecurity threats - **Emerson's control (~55% ownership)** presents risks, as its interests may differ from other stockholders[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) - The integration of Heritage AspenTech with Emerson's OSI and SSE businesses presents **significant challenges**, including risks of not achieving synergies and diverting management attention[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - Ongoing operations in Russia expose the company to geopolitical risks, with **$44.6 million in net sales** related to Russia in fiscal 2023[147](index=147&type=chunk)[150](index=150&type=chunk) - **Cybersecurity breaches** pose a material risk to the company's R&D, customer data, and operations[185](index=185&type=chunk)[189](index=189&type=chunk)[191](index=191&type=chunk) - The market for asset optimization software is **highly competitive**, with rivals including software companies and large industrial automation firms[108](index=108&type=chunk)[171](index=171&type=chunk) [Unresolved Staff Comments](index=32&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[204](index=204&type=chunk) [Properties](index=32&type=section&id=Item%202.%20Properties) The company leases all its properties, with its principal executive offices in Bedford, Massachusetts - The company's principal executive offices are in a leased facility in Bedford, Massachusetts, with the lease expiring in **March 2025**[204](index=204&type=chunk) - The company **does not own any real property** and believes its leased facilities are adequate for its future needs[205](index=205&type=chunk) [Legal Proceedings](index=32&type=section&id=Item%203.%20Legal%20Proceedings) The company reports no material legal proceedings - None[205](index=205&type=chunk) [Mine Safety Disclosures](index=32&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[205](index=205&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=55&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's stock trades on Nasdaq, with no dividends paid and active share repurchase programs in place - The company's common stock trades on The Nasdaq Global Select Market under the symbol **"AZPN"**[208](index=208&type=chunk) - The company has **never declared or paid cash dividends** and does not foresee paying them in the future, with payments also restricted by credit agreements[210](index=210&type=chunk)[211](index=211&type=chunk) - On August 1, 2023, the Board approved a new share repurchase authorization for up to **$300.0 million** of its common stock[215](index=215&type=chunk) Q4 2023 Share Repurchases | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 1-30, 2023 | — | — | | May 1-31, 2023 | 487,626 | $172.57 | | June 1-30, 2023 | — | — | | **Total** | **487,626** | **$172.57** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=58&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Financial results were significantly impacted by the Emerson transaction, driving revenue growth but also a net loss due to amortization - The Emerson transaction is treated as a **reverse acquisition**, making historical financial results not directly comparable[221](index=221&type=chunk) - The increase in total revenue of **$561.9 million** was primarily due to the Heritage AspenTech acquisition, which contributed $760.8 million of revenue[270](index=270&type=chunk) - The operating loss of **$183.1 million** was primarily driven by high operating expenses, including $485.5 million in amortization of intangible assets[264](index=264&type=chunk)[280](index=280&type=chunk) - The company ended fiscal 2023 with **$241.2 million in cash** and cash equivalents after paying off its $264.0 million term loan facility[289](index=289&type=chunk)[293](index=293&type=chunk) Key Financial Results (Twelve Months Ended June 30) | Metric | 2023 | 2022 (unaudited) | % Change | | :--- | :--- | :--- | :--- | | Total Revenue | $1,044.2 M | $482.3 M | 116.5% | | Gross Profit | $670.6 M | $282.4 M | 137.5% | | (Loss) from Operations | $(183.1) M | $22.3 M | (922.0)% | | Net (Loss) Income | $(107.8) M | $41.9 M | (356.9)% | Key Business Metrics | Metric | As of/For the Year Ended June 30, 2023 | | :--- | :--- | | Annual Contract Value (ACV) | $884.9 million (up 11.8% pro forma) | | Total Contract Value (TCV) | $3.6 billion | | Bookings | $1.078 billion | | Free Cash Flow (non-GAAP) | $292.3 million | [Quantitative and Qualitative Disclosures About Market Risk](index=86&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are foreign currency exchange rates and interest rates - Approximately **9% of total revenue** in fiscal 2023 was denominated in a currency other than the U.S. dollar[327](index=327&type=chunk) - A hypothetical **10% change in foreign currency exchange rates** could have impacted consolidated results of operations by approximately $14.3 million for fiscal 2023[328](index=328&type=chunk) - The company's exposure to **interest rate risk is considered minimal**, with a 100 basis point change not expected to materially impact its investments[329](index=329&type=chunk) [Financial Statements and Supplementary Data](index=88&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section references the company's consolidated financial statements and the independent auditor's report - This item references the location of the company's audited financial statements and the auditor's report within the Form 10-K[332](index=332&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=88&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no disagreements with its accountants on accounting and financial disclosure - None[333](index=333&type=chunk) [Controls and Procedures](index=88&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal controls over financial reporting were effective - Management concluded that the company's **disclosure controls and procedures were effective** as of June 30, 2023[333](index=333&type=chunk) - Based on the COSO framework, management concluded that **internal control over financial reporting was effective** as of June 30, 2023[336](index=336&type=chunk) - There were **no material changes** in internal control over financial reporting during the fourth fiscal quarter[337](index=337&type=chunk) Part III [Directors, Executive Officers, Corporate Governance, Compensation, and Other Matters](index=91&type=section&id=Items%2010-14) Required disclosures on governance and compensation are incorporated by reference from the forthcoming proxy statement - Information regarding Directors, Executive Officers, Executive Compensation, and other governance matters is **incorporated by reference** from the company's definitive proxy statement[340](index=340&type=chunk)[342](index=342&type=chunk)[343](index=343&type=chunk)[344](index=344&type=chunk)[345](index=345&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=93&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section contains the audited financial statements and the independent auditor's report from KPMG LLP - This part includes the company's audited **Consolidated and Combined Financial Statements** and related notes[348](index=348&type=chunk) - The independent auditor, KPMG LLP, issued an **unqualified opinion** on the financial statements and the effectiveness of internal control over financial reporting[353](index=353&type=chunk) - A critical audit matter was the audit evidence over **term software license and maintenance revenue** related to the Heritage AspenTech business[360](index=360&type=chunk)[361](index=361&type=chunk) [Form 10-K Summary](index=153&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable - None[553](index=553&type=chunk)