Core Insights - Emerson Electric Co. (EMR) is experiencing strong momentum in its Intelligent Devices and Software and Control segments, with expectations of a 3.5% year-over-year increase in net sales for fiscal 2025 [1][8] Group 1: Business Performance - The Intelligent Devices segment shows strength in the Final Control business, driven by robust demand in power end markets [1] - The Measurement & Analytical business is supported by strong growth in the Americas and Asia, Middle East & Africa regions [1] - The Software and Control segment benefits from AspenTech's growth and strength in power and process end markets [1][8] Group 2: Acquisitions and Portfolio Expansion - Emerson acquired all outstanding shares of Aspen Technology, increasing its stake to 57%, which will enhance its automation portfolio and market reach [2] - The acquisitions of Afag and Flexim in Q4 fiscal 2023 improved Emerson's capabilities in factory automation and flow measurement [3] Group 3: Shareholder Returns - In the first nine months of fiscal 2025, Emerson paid out $895 million in dividends and repurchased $1.15 billion in common stocks [4] - The company plans to repurchase shares worth $1.1 billion and pay out dividends of $1.2 billion in fiscal 2025 [4] Group 4: Market Performance - Over the past year, Emerson's shares have gained 30.2%, outperforming the industry's growth of 20.3% [7] Group 5: Challenges - There is softness in the Safety & Productivity, Discrete Automation, and Test & Measurement businesses, particularly in Europe and Asia [9]

Core Insights - Emerson is enhancing industrial automation through advanced AI solutions, aiming to optimize autonomous operations for manufacturers across various industries [1][9] - The company addresses the limitations of public generative AI technologies by offering local, industry-specific models that ensure reliability and safety in mission-critical environments [2][3][4] AI Portfolio and Solutions - Emerson's AI portfolio includes local models that are based on first principles, providing trustworthy results without exposing sensitive data to public cloud systems [3][4] - The AspenTech Optiplant® AI Equipment Layout tool utilizes generative AI to generate multiple design options for industrial plants, facilitating efficient decision-making for engineers [4][5] - DeltaV™ Revamp employs AI to streamline the transition from legacy control systems to modern DeltaV systems, enhancing speed and accuracy through data analysis from past projects [5] Sustainability and Strategic Planning - AspenTech Strategic Planning for Sustainability Pathways™ uses generative AI to assist companies in developing long-term decarbonization strategies [6] - The Aspen Virtual Advisor (AVA) provides operational guidance to users, leveraging deep knowledge of planning and process control software to identify bottlenecks and achieve specific goals [7] Digital Transformation Initiatives - Emerson announced Project Beyond, a software-defined digital platform designed to manage its suite of AI applications, combining industrial AI with contextualized data across various automation environments [10] - This initiative aims to enhance flexibility, safety, sustainability, and performance in industrial automation, marking a significant advancement in the technology stack [10] Company Overview - Emerson is a global leader in industrial technology, providing advanced automation solutions that optimize business performance through intelligent devices and control systems [11]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41400 ASPEN TECHNOLOGY, INC. (Exact name of registrant as specified in its charter) Delaware 87-3100817 (State or other juri ...

Exhibit 99.1 Contacts: | Media | Contact | Investor Contact | | --- | --- | --- | | Len | Dieterle | William Dyke | | Aspen | Technology | Aspen Technology | | +1 | 781-221-4291 | +1 781-221-5571 | | len.dieterle@aspentech.com | | ir@aspentech.com | Aspen Technology Announces Financial Results for the Second Quarter of Fiscal 2025 Bedford, Mass. – February 4, 2025 - Aspen Technology, Inc. ("AspenTech" or the "Company") (NASDAQ: AZPN), a global leader in industrial software, today announced financial results ...

Financial Data and Key Metrics Changes - Annual contract value (ACV) was $941 million in Q1, increasing 0.9% quarter-over-quarter and 9.4% year-over-year, aligning with expectations due to timing of renewals and attrition [9][38] - Free cash flow was negative $6 million in Q1, slightly below expectations due to timing of collections [10][41] - Total bookings and revenue were $151 million and $216 million respectively in Q1, compared to $212 million and $249 million a year ago [38] Business Line Data and Key Metrics Changes - Digital Grid Management (DGM) suite showed robust demand, particularly in North America and internationally, driven by rising electricity demand and grid complexity [13][14] - Subsurface Science & Engineering (SSE) suite saw solid upstream demand, with growing interest in optimizing digital tools [17] - Heritage AspenTech suite continued to experience strong demand from both owner-operators and EPCs, with notable wins in sustainability-related projects [19] - Manufacturing and Supply Chain (MSC) suite performed well, with customers focusing on efficiency and sustainability [22] Market Data and Key Metrics Changes - Demand remained strong across most end markets, particularly in utilities, refining, and upstream sectors [11][12] - The chemicals industry is working through supply-and-demand imbalances, focusing on efficiency to meet margin objectives [23] - Increasing interest from upstream operators to leverage digitalization for operational efficiencies and CO2 reduction [27] Company Strategy and Development Direction - The company announced the acquisition of Open Grid Systems to enhance its DGM suite, addressing the complexity of utility operations globally [6][7][30] - The focus remains on a $14 billion to $15 billion total addressable market within industrial software, driven by digitalization, sustainability, and energy transition [34] - The company aims for annual ACV growth of approximately 9% and free cash flow generation of approximately $340 million for fiscal 2025 [12][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the year 2025 guidance, citing strong execution and a solid foundation built over the past two years [12][37] - The management noted that macroeconomic uncertainties are expected to decrease, creating a more favorable investment environment [52] - The company is optimistic about growth opportunities across end markets, particularly in digitalization and sustainability [49][86] Other Important Information - The company reported a non-GAAP operating income of $49 million in Q1, representing a 22.5% non-GAAP operating margin [40] - The balance sheet showed approximately $221 million in cash and cash equivalents with no debt [41] - The company purchased approximately 93,000 shares for $20 million under its share repurchase authorization [43] Q&A Session Summary Question: How are customers thinking about their software budget into year-end? - Management noted that uncertainty plays a significant role in budget considerations, but conditions are expected to improve as economic factors stabilize [52] Question: What is the receptivity of the microgrid solution? - The microgrid solution is expected to expand into non-utility customers, with significant opportunities in chemicals and refining sectors [55] Question: How is the deal pipeline for grid management business evolving? - Management indicated that demand in Europe is strong, with long sales cycles expected to yield results in fiscal years 2025 and 2026 [70][72] Question: What are the challenges with collections in certain geographies? - The challenges were attributed to administrative processes in specific regions, but management is confident in improving collection timing through better coordination with sales teams [73][75] Question: How should ACV growth be expected for Q2? - Management expects ACV growth to align with historical trends, despite the complexities of renewal timings and attrition [82][84]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________ 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 ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41400 ASPEN TECHNOLOGY, INC. (Exact name of registrant as specified in its cha ...

Exhibit 99.1 Media Contact Investor Contact Len Dieterle William Dyke Aspen Technology Aspen Technology +1 781-221-4291 +1 781-221-5571 len.dieterle@aspentech.com ir@aspentech.com Contacts: Aspen Technology Announces Financial Results for the First Quarter of Fiscal 2025 Bedford, Mass. – November 4, 2024 - Aspen Technology, Inc. ("AspenTech" or the "Company") (NASDAQ: AZPN), a global leader in industrial software, today announced financial results for its first quarter in fiscal 2025, ended September 30, 20 ...

Corporate Transactions and Partnerships - The transaction between AspenTech and Emerson Electric Co. was completed on May 16, 2022, with a change in fiscal year end from September 30 to June 30 starting fiscal year 2022[7]. - The partnership with Emerson Electric Co. aims to identify cross-selling opportunities and expand into new markets, including pharmaceuticals and green hydrogen[58][59]. - AspenTech's partnership with Emerson includes both OEM and joint solution development, enhancing opportunities for portfolio expansion[75]. Energy Transition and Sustainability - Global energy investment is projected to exceed $3 trillion in 2024, with $2 trillion allocated for clean energy technologies and infrastructure[16]. - The International Energy Agency forecasts a potential 40-fold increase in lithium demand and a 25-fold increase in cobalt demand by 2040 due to electrification and energy transition[20]. - The United Nations Climate Change convention COP28 aims to double energy efficiency improvements and triple renewable energy capacity by 2030[18]. - AspenTech is collaborating with Saudi Aramco to develop a new integrated modeling and optimization solution for CCUS decision-making and sustainability strategy investments[24]. - The company is focused on building partner ecosystems to enhance energy transition strategies and innovate on sustainability pathways[23]. - AspenTech has developed several sustainability pathways to assist customers in energy transition and decarbonization, optimizing for economics and reliability[82]. - The company’s sustainability strategy focuses on reducing emissions and advancing diversity, equity, and inclusion within its workforce[39]. Digitalization and Automation - The company emphasizes the importance of digitalization and automation to support operational excellence amid a generational workforce transition, with over 45% of industry personnel expected to retire between 2025 and 2027[22]. - The company introduced the latest version of aspenONE, V14.3, in May 2024, enhancing planning and scheduling capabilities with Industrial AI for higher optimization levels[37]. - The Industrial Data Fabric, acquired from inmation Software GmbH in August 2022, supports data management across product suites, enabling operational data lakes for better data security and integration[46]. Financial Performance and Revenue Model - The company’s revenue model primarily consists of software licenses and maintenance contracts, with a focus on transitioning the Digital Grid Management suite to a term software model for predictable cash flows[47][48]. - The company utilizes key financial metrics such as Annual Contract Value (ACV) and Total Contract Value (TCV) to assess business performance, alongside non-GAAP metrics like Free Cash Flow[52]. - The sales and marketing team comprised 876 employees as of June 30, 2024, focusing on strategic engagement with asset-intensive industries[55]. - The software maintenance and support service includes access to over 30,000 knowledge base articles as of June 30, 2024, enhancing customer support and satisfaction[63]. Workforce and Training - AspenTech University trains approximately 17,000 individuals annually through over 1,800 classes, including 20 courses focused on sustainability[66]. - As of June 30, 2024, there were 1,187 employees in customer support, professional services, and training groups[68]. - The Emerging Leaders Program has seen over half of its participants promoted since 2018, improving employee retention[94]. - As of June 30, 2024, AspenTech had 3,937 employees globally, with 1,821 located in the United States[89][95]. Market Challenges and Risks - The competitive landscape includes large global industrial automation companies and start-ups, some of which may have greater resources than AspenTech[105]. - The company faces challenges in increasing product adoption and usage across its five product suites, which is critical for its growth strategy[143]. - Economic uncertainty and reduced demand in asset-intensive industries could adversely affect the company's operating results[150]. - The ongoing Israeli-Hamas conflict may lead to reduced capital expenditures from customers in the region, adversely affecting sales[136]. - The company faces significant climate-related transition risks that may adversely affect its business and financial condition due to the need to adapt to decarbonization and electrification efforts[152]. - New legal and regulatory requirements related to ESG measures may increase operating expenses and expose the company to potential liabilities and reputational damage[155]. Cybersecurity and Data Privacy - Cybersecurity threats and data privacy breaches pose risks to the company's operations, potentially leading to significant revenue loss and increased costs for protection measures[175]. - Cybersecurity incidents could lead to significant financial loss, reputational damage, and increased costs for cybersecurity protection and remediation[179]. Foreign Operations and Currency Risks - A significant portion of the company's revenue is derived from operations outside the United States, making it vulnerable to various foreign risks, including regulatory changes and economic instability[130]. - Approximately 14.0%, 9.0%, and 17.0% of total revenue for the twelve months ended June 30, 2024, 2023, and the nine months ended June 30, 2022, respectively, was denominated in currencies other than the U.S. dollar[328]. - Net foreign currency exchange losses were recorded at $9.1 million, $4.1 million, and $(0.3) million for the twelve months ended June 30, 2024, 2023, and the nine months ended June 30, 2022, respectively[329]. Strategic Transactions and Integration - The integration of Heritage AspenTech, DGM, and SSE businesses may face challenges that could delay anticipated benefits[110]. - Transaction-related costs incurred during the integration of DGM and SSE businesses may reduce expected cost synergies in the near term[112]. - Strategic transactions, such as acquisitions, may disrupt operations and dilute shareholder value, with risks including unanticipated costs and challenges in integration[162]. Intellectual Property and Competition - The company holds 430 issued patents and pending patent applications worldwide as of June 30, 2024[97]. - Intellectual property infringement claims could result in substantial costs and damage to the company's business, as defending such claims can be time-consuming and expensive[168]. - The competitive landscape is challenging, with established vendors and new entrants potentially offering lower prices and better products, which could pressure the company's margins[157].

Financial Data and Key Metrics Changes - ACV reached $968 million in Q4 2024, reflecting a 9.4% year-over-year growth and a 3.5% sequential growth [9][30] - Free cash flow for fiscal 2024 was $335 million, with $153 million generated in Q4 [9][33] - GAAP net income for Q4 was $151 million, or $2.37 per share, compared to $138 million or $2.13 per share a year ago [31] - Non-GAAP operating income for Q4 was $173 million, representing a 50.6% non-GAAP operating margin [31] Business Line Data and Key Metrics Changes - The Digital Grid Management (DGM) suite grew approximately 40% in fiscal 2024, contributing 2.5 points to overall growth [13] - The Subsurface Science and Engineering (SSE) suite contributed 1 point of growth in fiscal 2024, benefiting from strong execution and customer reception [16] - The Heritage AspenTech suites contributed 6 points of growth, outperforming expectations [17] - The Manufacturing & Supply Chain (MSC) suite contributed 2.6 points of growth, despite challenges in the chemicals sector [19] - The Asset Performance Management (APM) suite remained flat year-over-year, with a focus on targeted market segments [21] Market Data and Key Metrics Changes - The exit from the Russian market resulted in a write-off of approximately $35 million in ACV, adjusting the total ACV balance to $933 million [10] - Attrition in fiscal 2024 was 5.6% when including Russia ACV, compared to 4.7% when excluding it [10] Company Strategy and Development Direction - The company aims for approximately 9% ACV growth in fiscal 2025, with a focus on maintaining flat expenses year-over-year [25][27] - Continued investment in strategic growth areas, particularly in the DGM business, is planned [12] - The company is committed to driving efficiency and productivity across the organization [12] Management's Comments on Operating Environment and Future Outlook - Management noted a dynamic macro environment with cautious customer spending impacting growth expectations [25] - The company expects continued strength in utilities and energy markets, but muted growth in chemicals and sustainability CapEx [25] - Management expressed confidence in achieving the targeted growth despite the uncertain economic environment [45] Other Important Information - The company announced a workforce reduction of approximately 5% in Q1 of fiscal 2025, including actions related to the exit from Russia [27] - A new microgrid solution is set to be released as part of the V14.4 update, targeting downstream chemicals and refining markets [24] Q&A Session Summary Question: Update on sales execution issues from last quarter - Management expressed confidence in addressing previous sales execution issues and emphasized the importance of executing with excellence moving forward [41] Question: Clarification on attrition rates and confidence in achieving targets - Management explained that higher attrition in Q1 is due to the timing of renewals and expressed confidence in reducing attrition rates throughout the year [42][43] Question: Factors influencing ACV growth guidance for fiscal '25 - Management cited cautious expectations for sustainability CapEx and refining demand as factors influencing the growth guidance [45] Question: Competitive wins in the DGM market - Management highlighted the modern technology and capabilities of the DGM suite as key factors in achieving competitive wins [60] Question: Clarification on Q4 bookings performance - Management noted that Q4 bookings outperformed expectations due to early renewals and larger transactions [66]

[Financial Results Overview](index=1&type=section&id=Financial%20Results%20Overview) The company demonstrated strong FY2024 performance with significant ACV and cash flow growth, alongside increased Q4 revenue and profitability [Fiscal Year 2024 and Recent Business Highlights](index=1&type=section&id=Fiscal%20Year%202024%20and%20Recent%20Business%20Highlights) AspenTech reported strong FY2024 execution, highlighted by a 9.4% year-over-year increase in Annual Contract Value **FY2024 Key Performance Indicators** | Metric | Value | YoY Change | Note | | :--- | :--- | :--- | :--- | | ACV (pre-write-off) | $968.4 million | +9.4% | Excludes $35.5M Russia write-off | | ACV (post-write-off) | $932.9 million | - | Adjusted for Russia, growth was 10.0% YoY | | Cash Flow from Operations | $339.9 million | +13.6% | - | | Free Cash Flow | $335.3 million | +14.7% | - | - The Board of Directors has approved a new share repurchase authorization of up to **$100.0 million** for fiscal 2025, following the completion of the $300.0 million authorization in fiscal 2024[3](index=3&type=chunk) - The company suspended all commercial activities in Russia due to expanded sanctions, resulting in a write-off of approximately **$35.5 million in ACV**[3](index=3&type=chunk) [Summary of Fourth Quarter and Fiscal Year 2024 Financial Results](index=2&type=section&id=Summary%20of%20Fourth%20Quarter%20and%20Fiscal%20Year%202024%20Financial%20Results) In Q4 FY2024, total revenue grew to $342.9 million, with significant year-over-year increases in net income **Q4 FY2024 vs Q4 FY2023 Revenue Breakdown (in millions)** | Revenue Stream | Q4 FY2024 | Q4 FY2023 | | :--- | :--- | :--- | | License and solutions | $231.0 | $222.8 | | Maintenance | $89.2 | $82.6 | | Services and other | $22.7 | $15.2 | | **Total Revenue** | **$342.9** | **$320.6** | **Q4 FY2024 vs Q4 FY2023 Profitability (in millions, except EPS)** | Metric | Q4 FY2024 | Q4 FY2023 | | :--- | :--- | :--- | | GAAP Income from Operations | $39.2 | $6.0 | | Non-GAAP Income from Operations | $173.4 | $148.9 | | GAAP Net Income | $44.7 | $27.3 | | Non-GAAP Net Income | $150.7 | $138.2 | | GAAP EPS (Diluted) | $0.70 | $0.42 | | Non-GAAP EPS (Diluted) | $2.37 | $2.13 | - Cash and cash equivalents stood at **$237.0 million** as of June 30, 2024, with **$153.0 million in free cash flow** generated in Q4 FY2024[7](index=7&type=chunk) [Recent Developments](index=2&type=section&id=Recent%20Developments) The company ceased operations in Russia and initiated key corporate actions including a workforce reduction and a new share repurchase program [Russia Business Exit](index=2&type=section&id=Russia%20Business%20Exit) AspenTech suspended all Russian commercial activities, resulting in a $35.5 million ACV write-off and a $5.5 million revenue reversal - The company suspended all commercial activities in Russia, including sales, service, maintenance, and support, due to new U.S. sanctions[8](index=8&type=chunk) - The exit resulted in a write-off of **$35.5 million in Russia-based ACV** and a reversal of **$5.5 million of revenue** in Q4 FY2024[9](index=9&type=chunk) - Cash balances held in Russia amounting to **$11.5 million** have been classified as restricted cash as of June 30, 2024[9](index=9&type=chunk) [Corporate Actions](index=3&type=section&id=Corporate%20Actions) The company initiated a workforce reduction, a new $100 million share repurchase program, and renewed its credit facility - A workforce reduction of approximately **5%** was implemented in Q1 FY2025, with expected restructuring expenses of **$7.0 million to $9.0 million**[10](index=10&type=chunk) - The company completed its **$300.0 million** share repurchase authorization in FY2024 and the Board has approved a new authorization of up to **$100.0 million** for FY2025[11](index=11&type=chunk) - On June 27, 2024, AspenTech entered into a new Second Amended and Restated Credit Agreement, providing a **$200.0 million** revolving credit facility[12](index=12&type=chunk) [Fiscal Year 2025 Business Outlook](index=3&type=section&id=Fiscal%20Year%202025%20Business%20Outlook) The company projects approximately 9% ACV growth and provides detailed revenue, profitability, and cash flow guidance for fiscal year 2025 [FY2025 Guidance](index=3&type=section&id=FY2025%20Guidance) AspenTech projects 9.0% ACV growth, $1.19 billion in revenue, and non-GAAP EPS of approximately $7.47 for FY2025 **Fiscal Year 2025 Guidance** | Metric | Guidance (approx.) | | :--- | :--- | | ACV Growth | ~9.0% YoY | | Total Revenue | ~$1.19 billion | | GAAP Operating Loss | ~($24) million | | Non-GAAP Operating Income | ~$514 million | | GAAP Net Income per Share | ~$0.81 | | Non-GAAP Net Income per Share | ~$7.47 | | Free Cash Flow | ~$340 million | - The fiscal 2025 ACV guidance is based on the adjusted ACV balance of **$932.9 million** as of June 30, 2024, which reflects the impact of the Russia business write-off[14](index=14&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) The consolidated financial statements detail the company's revenue growth, asset composition, and cash flow generation for fiscal year 2024 [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Total revenue increased to $1.13 billion in FY2024, while the company reported an improved GAAP net loss of $9.8 million **Fiscal Year 2024 vs 2023 Statement of Operations (in thousands)** | Metric | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Total Revenue | $1,127,482 | $1,044,178 | | Gross Profit | $744,906 | $670,589 | | Income (Loss) from Operations | $(89,540) | $(183,065) | | Net Income (Loss) | $(9,771) | $(107,760) | | Diluted EPS | $(0.15) | $(1.67) | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets were $14.07 billion, with goodwill and intangible assets representing the majority **Balance Sheet Summary (in thousands)** | Account | June 30, 2024 | June 30, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $236,970 | $241,209 | | Goodwill | $8,328,201 | $8,330,811 | | Intangible assets, net | $4,184,750 | $4,659,657 | | Total Assets | $14,071,707 | $14,486,052 | | Total Liabilities | $1,258,852 | $1,415,123 | | Total Stockholders' Equity | $12,812,855 | $13,070,929 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The company generated $339.9 million in net cash from operations in FY2024, with significant cash used for stock repurchases **Fiscal Year 2024 vs 2023 Cash Flow Summary (in thousands)** | Cash Flow Category | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $339,886 | $299,209 | | Net cash used in investing activities | $(25,706) | $(107,317) | | Net cash used in financing activities | $(294,273) | $(383,771) | [Non-GAAP Financial Measures and Reconciliations](index=12&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section reconciles GAAP financial results to non-GAAP measures, highlighting adjustments for items like amortization and stock-based compensation [Reconciliation of GAAP to Non-GAAP Results](index=12&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Results) For FY2024, non-GAAP net income was $422.1 million, a significant adjustment from the GAAP net loss of $9.8 million **FY2024 GAAP to Non-GAAP Net Income Reconciliation (in thousands)** | Description | Amount | | :--- | :--- | | **GAAP net loss** | **$(9,771)** | | Stock-based compensation | $57,311 | | Amortization of intangibles | $486,490 | | Acquisition and integration planning related fees | $1,947 | | Income tax effect on Non-GAAP items | $(113,923) | | **Non-GAAP net income** | **$422,054** | **FY2024 Free Cash Flow Reconciliation (in thousands)** | Description | Amount | | :--- | :--- | | Net cash provided by operating activities (GAAP) | $339,886 | | Purchases of property, equipment and leasehold improvements | $(4,432) | | Payments for capitalized computer software development costs | $(183) | | **Free cash flow (non-GAAP)** | **$335,271** | [Reconciliation of Forward-Looking Guidance](index=15&type=section&id=Reconciliation%20of%20Forward-Looking%20Guidance) The company reconciles its FY2025 GAAP net income guidance of $52 million to a non-GAAP expectation of $478 million **FY2025 Guidance Reconciliation for Net Income (in thousands)** | Description | Amount | | :--- | :--- | | **GAAP expectation - net income** | **$52,000** | | Stock-based compensation | $56,000 | | Amortization of intangibles | $474,000 | | Restructuring | $8,000 | | Income tax effect on Non-GAAP items | $(112,000) | | **Non-GAAP expectation - net income** | **$478,000** |