Aspen Technology Inc (AZPN) 2024 Q4 法說會逐字稿

Good day. Thank you for standing by. Welcome to Aspen Tech’s fourth-quarter 2024 earnings conference call. (Operator Instructions) Please note that the conference is being recorded.

再會。謝謝你的支持。歡迎參加 Aspen Tech 2024 年第四季財報電話會議。（操作員說明）請注意，會議正在錄製中。

I will now hand the conference over your speaker host, Brian Denyeau. Please go ahead.

現在我將把會議交給演講主持人布萊恩·丹尼奧 (Brian Denyeau)。請繼續。

Thank you, Olivia. Good afternoon, everyone, and thank you for joining us to discuss our financial results for the fourth-quarter of fiscal 2024 ending June 30, 2024. With me on the call today are Antonio Pietri, Aspen Tech’s President and CEO; and Dave Baker, Aspen Tech’s CFO.

謝謝你，奧莉維亞。大家下午好，感謝您與我們一起討論截至 2024 年 6 月 30 日的 2024 財年第四季的財務業績。今天與我一起參加電話會議的是 Aspen Tech 總裁兼執行長 Antonio Pietri；以及 Aspen Tech 財務長 Dave Baker。

Please note we have posted an earnings presentation on our IR website. This includes an explanation regarding the impact of ASC Topic 606 on our financial results. It also includes definitions of annual contract value, or ACV, bookings and free cash flow, among other metrics. We ask that investors refer to this presentation in conjunction with today’s call.

請注意，我們已在 IR 網站上發布了收益報告。其中包括有關 ASC 主題 606 對我們財務表現影響的解釋。它還包括年度合約價值（ACV）、預訂和自由現金流等指標的定義。我們要求投資者在今天的電話會議中參考本簡報。

Starting on slide 2, I want to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements.

從投影片 2 開始，我想藉此機會提醒您，我們今天的言論將包括前瞻性陳述。實際結果可能與這些前瞻性陳述預期的結果有重大差異。

Factors that could cause these results to differ materially are set forth in today’s press release and in our annual report on Form 10-K and other subsequent filings made with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

今天的新聞稿以及我們向 SEC 提交的 10-K 表格年度報告以及其他後續文件中列出了可能導致這些結果出現重大差異的因素。我們在本次電話會議中所做的任何前瞻性陳述均基於截至目前的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

During this presentation, we’ll present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today’s earnings press release and investor presentation, both of which are available on our Investor Relations website.

在本次示範中，我們將介紹 GAAP 和某些非 GAAP 財務指標。今天的收益新聞稿和投資者介紹中包含了 GAAP 與非 GAAP 衡量標準的調節，兩者均可在我們的投資者關係網站上取得。

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

現在，讓我把電話轉給安東尼奧。安東尼奧？

Thanks, Brian. Welcome to everyone joining us today. Aspen Tech delivered a strong fourth quarter to finish fiscal 2024. We achieved these results on the strength of our innovation and focused execution on a solid pipeline of business.

謝謝，布萊恩。歡迎大家今天加入我們。Aspen Tech 在 2024 財年第四季表現強勁。我們取得這些成果的原因在於我們的創新實力以及對穩固業務管道的專注執行。

Despite the persistence of a dynamic macro environment and cautious customer spending in some of our end markets. We were also pleased to see the benefits of our efficiency and productivity initiatives in the second half of fiscal 2024 come to fruition, delivering a favorable expense outcome for the full fiscal year.

儘管動態的宏觀環境持續存在，而且我們的一些終端市場的客戶支出仍然謹慎。我們也很高興看到我們的效率和生產力計劃在 2024 財年下半年取得成果，為整個財年帶來了有利的支出結果。

Our Q4 performance is a demonstration of what’s possible as a result of our efforts over the past two years to integrate the Heritage Aspen Tech, DGM and SSE businesses, while also transforming the DGM and SSE businesses.

我們第四季的表現證明了我們在過去兩年中努力整合 Heritage Aspen Tech、DGM 和 SSE 業務以及改造 DGM 和 SSE 業務的結果。

We believe these efforts are now largely completed, which coupled with our broad portfolio of mission-critical products, position AspenTech well to execute and deliver on an attractive combination of ACV growth and best-in-class profitability going forward. Additionally, we continue to make good progress in our commercial relationship with Emerson, and we expect these efforts to lead to further benefits in fiscal 2025 and beyond.

我們相信這些努力現在已基本完成，再加上我們廣泛的關鍵任務產品組合，使 AspenTech 能夠很好地執行和實現 ACV 增長和一流盈利能力的有吸引力的組合。此外，我們與艾默生的商業關係持續取得良好進展，我們預計這些努力將在 2025 財年及以後帶來更多利益。

Turning to slide 3 for our Q4 and fiscal 2024 results. ACV was $968 million in the fourth quarter, representing 9.4% year-over-year growth and 3.5% sequential growth. Free cash flow was $335 million in fiscal 2024, slightly below our guidance and $153 million in the fourth quarter.

請參閱投影片 3，以了解我們的第四季和 2024 財年業績。第四季 ACV 為 9.68 億美元，年增 9.4%，季增 3.5%。2024 財年自由現金流為 3.35 億美元，略低於我們的指導值和第四季的 1.53 億美元。

I would also like to provide an update on our exit from Russia announced earlier today. We’re exiting Russia following the US Government’s recent announcement of expanded sanctions in the country prohibiting among other actions, the sales, service, maintenance and support of enterprise management software and design and manufacturing software in the Russian market.

我還想提供有關我們今天早些時候宣布的退出俄羅斯的最新消息。在美國政府最近宣布擴大對俄羅斯的製裁後，我們將退出俄羅斯，禁止在俄羅斯市場上銷售、服務、維護和支援企業管理軟體以及設計和製造軟體。

As a result of these measures and our exit from the Russian market, we have written off certain assets that are related to our operations in the country. From an ACV perspective, we have written off all Russia ACV for a reduction of approximately $35 million in our total ACV balance as of the end of fiscal 2024. Our new ACV balance is $933 million after adjusting to reflect the impact of this reduction. We have included tables in the appendix of our earnings presentations to help bridge these numbers for investors. Dave will address the other related areas in his remarks.

由於這些措施以及我們退出俄羅斯市場，我們已經註銷了與我們在該國業務相關的某些資產。從 ACV 角度來看，我們已註銷所有俄羅斯 ACV，截至 2024 財年末，我們的 ACV 總餘額減少了約 3,500 萬美元。經過調整以反映此次削減的影響後，我們新的 ACV 餘額為 9.33 億美元。我們在收益報告的附錄中包含了一些表格，以幫助投資人了解這些數字。戴夫將在演講中討論其他相關領域。

As you will remember, we moved to renewals only in Russia in fiscal 2024. The contribution from this business in fiscal 2023 made it apparent that it -- was no longer going to be material to our overall growth profile resulting from the continued expansion of sanctions on the country.

您還記得，我們​​在 2024 財年僅在俄羅斯進行了續訂。該業務在 2023 財年的貢獻表明，由於對該國制裁的持續擴大，它不再對我們的整體成長狀況產生重大影響。

When removing all Russia ACV from our results, our fiscal 2023 growth rate improved 60 basis points from 11.8% to 12.4% year-over-year, while our fiscal 2024 growth rate also improved 60 basis points from 9.4% to 10% year-over-year. Relatedly, attrition in fiscal 2024 was 5.6% when including Russia ACV compared to 4.7% in the same period when removing Russia ACV.

從我們的結果中剔除所有俄羅斯ACV 後，我們2023 財年的增長率同比提高了60 個基點，從11.8% 提高到12.4%，而我們2024 財年的增長率也同比提高了60 個基點，從9.4% 提高到10% -年。與此相關的是，如果納入俄羅斯 ACV，2024 財年的員工流動率為 5.6%，而剔除俄羅斯 ACV 後，同期的員工流動率為 4.7%。

Now returning to our results, I would like to emphasize the following regarding our Q4 and fiscal 2024 outcomes. First, as I mentioned at the start, our performance in Q4 demonstrates the benefit of our transformation and integration efforts to bring together Heritage AspenTech, DGM and SSE and investments made over the past two years.

現在回到我們的結果，我想強調以下有關我們第四季和 2024 財年結果的內容。首先，正如我在開頭提到的，我們第四季度的業績證明了我們將 Heritage AspenTech、DGM 和 SSE 以及過去兩年的投資結合在一起的轉型和整合努力的好處。

The outcome achieved was execution-driven leveraging the platform built. We were also pleased to see the initial benefits from the sales expansion efforts made across the portfolio as we continue to advance and mature our business in these areas. Second, our innovation remains highly relevant and mission critical to customers in asset-intensive industries.

所取得的成果是利用所建構的平台執行驅動的。隨著我們繼續推進和成熟我們在這些領域的業務，我們也很高興看到整個產品組合的銷售擴張努力所帶來的初步效益。其次，我們的創新對於資產密集型產業的客戶仍然具有高度相關性和關鍵使命。

Throughout fiscal 2024, we work collaboratively with many leading players across our end markets to advance our product offerings and develop new solutions. By working alongside our customers and remaining focused on accelerating their operational excellence, we continue to be a key strategic partner, helping them to meet their efficiency and sustainability goals while navigating a dynamic macro environment.

在整個 2024 財年，我們與終端市場的許多領導企業合作，推動我們的產品供應並開發新的解決方案。透過與客戶合作並繼續專注於加速他們的卓越運營，我們繼續成為關鍵的策略合作夥伴，幫助他們在動態的宏觀環境中實現效率和永續發展目標。

Third and final, we remain committed to driving increased efficiency and productivity across organization. With this focus, we have delivered lower expenses in the second half of fiscal 2024 relative to the first half of fiscal 2024.

第三也是最後一點，我們仍然致力於提高整個組織的效率和生產力。憑藉這一重點，我們在 2024 財年下半年的支出低於 2024 財年上半年。

Looking ahead, we’re confident in our ability to maintain expenses at current levels. We’ll also continue to invest in strategic growth areas, including our DGM business.

展望未來，我們對將支出維持在當前水準的能力充滿信心。我們也將繼續投資於策略性成長領域，包括我們的 DGM 業務。

Turning to slide 4. I will now provide an update on our suite performances in Q4 and fiscal 2024. Please note that all ACV growth figures referenced for suites will be based on our 9.4% year-over-year growth rate in fiscal 2024, which does not reflect the impact of the write-off related to the suspension of commercial activities in Russia.

轉到投影片 4。我現在將提供有關我們第四季度和 2024 財年套件表現的最新資訊。請注意，套房引用的所有 ACV 成長數據均基於 2024 財年 9.4% 的年成長率，這並未反映與俄羅斯商業活動暫停相關的沖銷影響。

The digital grid management suite or DGM, grew by approximately 40% in fiscal 2024 to contribute 2.5 points of growth in line with our expectation. This outcome is a testament to the strength of our DGM suite and products and the early benefits from building out DGM’s go-to-market capabilities to date. It also underscores how we remain well positioned to be a prime beneficiary of the substantial CapEx tailwinds to modernize, expand and cybersecure grids around the world.

數位網格管理套件（DGM）在 2024 財年增長了約 40%，貢獻了 2.5 個百分點的成長，符合我們的預期。這一結果證明了我們 DGM 套件和產品的實力以及迄今為止構建 DGM 上市能力所帶來的早期收益。它也強調了我們如何保持良好的地位，成為全球電網現代化、擴展和網路安全的巨大資本支出順風車的主要受益者。

Our outages, such as those recently experienced by the city of Houston, due to Hurricane Beryl highlight the need to create a more resilient grid in the face of more frequent and impactful weather events, including the capability to recover faster from them.

我們的停電（例如休士頓市最近因颶風貝裡爾而經歷的停電）突顯了我們需要創造一個更具彈性的電網來應對更頻繁和更具影響力的天氣事件，包括更快地從中恢復的能力。

These are the use cases that are recently launched AspenTech OSI outage management system was developed for and is now being deployed by utilities in North America. We also saw good momentum with utilities outside of North America as part of our Q4 success.

這些是最近推出的用例 AspenTech OSI 斷電管理系統是為其開發的，目前正在由北美的公用事業公司部署。作為我們在第四季度成功的一部分，我們也看到了北美以外公用事業的良好勢頭。

In Europe, we signed our largest term software deal ever for the region to upgrade national grid operators existing SCADA and EMS solution while displacing a competitor. This utility was in the market for a solution that is modern, adaptable and most importantly, capable of helping them to ensure reliable real-time operations in the face of rapid renewables growth.

在歐洲，我們簽署了該地區有史以來最大的定期軟體協議，以升級國家電網營運商現有的 SCADA 和 EMS 解決方案，同時取代競爭對手。該公用事業公司正在市場上尋求一種現代化、適應性強的解決方案，最重要的是，能夠幫助他們在面對再生能源快速成長的情況下確保可靠的即時運作。

In South America, we completed a significant term license deal with a long-standing customer that is also one of the region’s largest transmission utility. With networks across multiple countries that continue to grow in complexity, this customer highly values our grid management capabilities and trusts our ability to help them navigate an evolving landscape after more than a decade of working together.

在南美洲，我們與一位長期客戶達成了一項重要的長期許可協議，該客戶也是該地區最大的輸電公用事業公司之一。隨著跨越多個國家的網路日益複雜，該客戶高度評價我們的網格管理能力，並相信我們有能力幫助他們在十多年的合作後應對不斷變化的環境。

These are just a few of the successes we saw with DGM in international markets in Q4. As a core driver of this suites growth, we’re excited to build upon our successes globally going forward.

這些只是我們第四季在國際市場上看到的 DGM 成功的一小部分。作為該套件成長的核心驅動力，我們很高興能夠在全球範圍內取得成功。

The Subsurface Science and Engineering suite or SSE, contributed 1 point of growth in fiscal 2024, in line with our expectations. SSE had a strong Q4 as it benefited from solid execution as well as customers’ positive reception to the tokenization of our SSE products.

地下科學與工程套件（SSE）在 2024 財年貢獻了 1 個百分點的成長，符合我們的預期。上交所第四季的強勁表現得益於紮實的執行力以及客戶對我們上交所產品代幣化的積極接受。

We continue to see solid demand across the upstream market. During the quarter, for example, we further expanded our business with a national oil company in Asia for our advanced petrophysical analysis capabilities, in areas such as formation evaluation and reservoir characterization while also converting them from their prepared to a licensing arrangement to term software and tokens.

我們持續看到上游市場的強勁需求。例如，在本季度，我們進一步擴大了與亞洲一家國家石油公司的業務，以利用我們先進的石油物理分析能力，在地層評估和油藏表徵等領域，同時將其從準備好的許可安排轉變為長期軟體和代幣。

This customer now has access to the full set of product capabilities in the SSE suite, which we expect will lead to use of other products, resulting in increased usage and spend with AspenTech.

該客戶現在可以存取 SSE 套件中的全套產品功能，我們預計這將導致其他產品的使用，從而增加 AspenTech 的使用量和支出。

Turning to slide 5. Our Heritage AspenTech suites contributed 6 points of growth in fiscal 2024, outperforming our expectations for 5.5 points of growth. The engineering suite represented 3.4 points of this total growth.

轉到投影片 5。我們的 Heritage AspenTech 套件在 2024 財年貢獻了 6 個百分點的成長，超出了我們 5.5 個成長點的預期。工程套件佔總成長的 3.4 個百分點。

Consistent with SSE, customer interest in our offerings remain solid in the upstream market. For example, we continue to expand our relationship with an upstream gas producer in Latin America that is leveraging our engineering suite capabilities to increase production from their gas fields by debottlenecking and optimizing their gas processing facilities. This equates to hundreds of millions of dollars in CapEx savings resulting in one of the most important ongoing value creation use cases in our customer base.

與上交所的情況一致，上游市場客戶對我們產品的興趣依然濃厚。例如，我們繼續擴大與拉丁美洲一家上游天然氣生產商的關係，該生產商利用我們的工程套件能力，透過消除瓶頸和優化天然氣加工設施來增加其氣田的產量。這相當於節省數億美元的資本支出，從而成為我們客戶群中最重要的持續價值創造用例之一。

EPCs in particular are benefiting from growing backlogs driven by CapEx strength in traditional energy and sustainability. In Q4, for example, we won a large seven-figure deal with a long-standing EPC customer. By expanding access to the engineering suite, this customer can now further optimize our engineering man-hour costs, streamline their facilities design processes and provide their customers with even more highly relevant asset design options, thereby improving their overall bidding prospects success.

EPC 尤其受惠於傳統能源和永續發展資本支出實力推動的積壓訂單不斷增加。例如，在第四季度，我們與一位長期 EPC 客戶贏得了七位數的大筆交易。透過擴大對工程套件的訪問，該客戶現在可以進一步優化我們的工程工時成本，簡化其設施設計流程，並為其客戶提供更相關的資產設計選項，從而提高其整體投標成功的前景。

We also signed important sustainability related wins in Q4, even as growth in this area moderated relative to the first half of the year. As an example, we expanded our business with a leading sustainable aviation fuel company that is using our engineering suite to meet its operational performance objectives while scaling up. We’re excited about the opportunity to continue partnering with this company going forward as it continues to grow and explore additional AspenTech offerings.

我們還在第四季度簽署了與永續發展相關的重要勝利，儘管該領域的成長相對於上半年有所放緩。例如，我們與一家領先的永續航空燃料公司擴展了業務，該公司正在使用我們的工程套件來實現其營運績效目標，同時擴大規模。隨著該公司不斷發展並探索更多 AspenTech 產品，我們很高興有機會繼續與該公司合作。

The Manufacturing & Supply Chain suite or MSC, contributed the other 2.6 points of HAT growth in fiscal 2024. Customers continue to see our MSC suite capabilities as essential to improving operational and financial performance and achieving their sustainability goals.

製造和供應鏈套件 (MSC) 貢獻了 2024 財年 HAT 成長的另外 2.6 個百分點。客戶繼續認為我們的 MSC 套件功能對於提高營運和財務績效以及實現永續發展目標至關重要。

As a result, we saw solid uptake across MSC in the second half of fiscal 2024 and especially in Q4, despite this suite experiencing the most pronounced impact from the extended downturn in chemicals. In Q4, we won several deals for our new Aspen Unified Planning and Scheduling Solution and leading multi-unit optimization product GDOT.

因此，我們看到 MSC 在 2024 財年下半年，特別是在第四季度得到了強勁的採用，儘管該套件受到了化學品長期低迷的最明顯影響。第四季度，我們贏得了新的 Aspen 統一規劃和調度解決方案以及領先的多單元優化產品 GDOT 的多項交易。

For example, we signed a mid-seven figure deal with a leading refiner in North America based on the strength of our technology, domain expertise and dedication to co-innovation to support them in increasing operational efficiencies and creating a standardization and real-time visibility across their value chain in their next phase of their digitalization journey.

例如，基於我們的技術實力、領域專業知識和共同創新的奉獻精神，我們與北美一家領先的煉油廠簽署了一份七位數的協議，以支持他們提高運營效率並創建標準化和實時可見性在數位化之旅的下一階段跨越其價值鏈。

We also signed a large deal with a leading refiner in Europe. This represents a continuation of a deeply collaborative relationship with the customer, who is now in the process of transforming their business from traditional refining to biofuels. Our ability to support biocomponent optimization through Unified was a key driver of our further expansion with this customer.

我們也與歐洲一家領先的煉油商簽署了一項大協議。這代表了與客戶深度合作關係的延續，客戶目前正在將其業務從傳統煉油轉向生物燃料。我們透過 Unified 支援生物成分優化的能力是我們與該客戶進一步擴展的關鍵驅動力。

Finally, the Asset Performance Management suite or APM, performed as expected remaining flat year-over-year. As I mentioned last quarter, we have simplified APM’s go-to-market strategy and are increasing our focus on certain market segments where the use cases lead to significant value capture for customers and produce high-quality ACV for AspenTech.

最後，資產績效管理套件（APM）的表現符合預期，與去年同期持平。正如我上季度提到的，我們簡化了APM 的上市策略，並加強對某些細分市場的關注力度，這些細分市場的用例可為客戶帶來重大價值，並為AspenTech 生產高品質的ACV。

As a validation of our strategy calibration, we saw meaningful ACV growth contribution from these market segments in the Q4 quarter, which mitigated the attrition experienced from customers in market where we no longer focus on. We’re in the early stages of our new strategy and plan for some moderate sales head count investment focused on APM sales in the market segments targeted going forward.

作為對我們策略校準的驗證，我們在第四季度看到這些細分市場對 ACV 成長做出了有意義的貢獻，這減輕了我們不再關注的市場中客戶的流失。我們正處於新策略的早期階段，並計劃進行一些適度的銷售人員投資，重點關注未來目標細分市場的 APM 銷售。

On slide 6, I would now like to provide an update on our innovation. As I highlighted on our last call, we held a successful OPTIMIZE user conference in early May. With a robust turnout, OPTIMIZE 24 was an excellent forum to reconnect with our users, align on shared visions of the future, and drive further collaboration and co-innovation opportunities.

在幻燈片 6 上，我現在想提供有關我們創新的最新資訊。正如我在上次電話會議中所強調的那樣，我們在 5 月初成功舉辦了 OPTIMIZE 用戶會議。OPTIMIZE 24 的參與人數眾多，是一個與用戶重新建立聯繫、就未來的共同願景達成一致並推動進一步合作和共同創新機會的絕佳論壇。

We were excited to have received lots of positive feedback from customers about the event, our strategy and the Aspen technician leading to additional engagement opportunities in the quarter and adding to our existing pipeline of business.

我們很高興收到客戶對此活動、我們的策略和阿斯彭技術人員的大量正面回饋，從而在本季度帶來了更多的參與機會，並增加了我們現有的業務管道。

After OPTIMIZE, we continue to engage with customers around industrial AI which is how we refer to our unique plan of artificial intelligence, domain expertise and first principles based innovation. With a well-established track record in the field, we’re seeing an acceleration of the interest from customers around our ability to deliver tangible value through our approach.

在優化之後，我們繼續圍繞工業人工智慧與客戶進行互動，這就是我們對人工智慧、領域專業知識和基於第一原則的創新的獨特計劃的稱呼。憑藉在該領域的良好業績記錄，我們看到客戶對我們透過我們的方法提供有形價值的能力越來越感興趣。

This includes better modeling and optimization, decision support, predictive maintenance and more. As we drive further innovation around industrial AI, we believe that it will continue to serve as an important contributor to our growth.

這包括更好的建模和優化、決策支援、預測性維護等。隨著我們推動工業人工智慧的進一步創新，我們相信它將繼續為我們的成長做出重要貢獻。

Finally, I’m also excited to announce that we plan to release our new microgrid solution under general availability this quarter as part of our V14.4 update. While this solution is part of the DGM suite, we see a significant opportunity to expand it into downstream chemicals and refining markets, where there’s increasing focus on ensuring resilient and reliable power supply as renewable energy is incorporated into their electrical networks.

最後，我還很高興地宣布，我們計劃在本季正式發布新的微電網解決方案，作為 V14.4 更新的一部分。雖然該解決方案是DGM 套件的一部分，但我們看到了將其擴展到下游化學品和煉油市場的重大機會，隨著再生能源併入其電網，這些市場越來越關注確保彈性和可靠的電力供應。

Turning to slide 7. I would now like to close with guidance. We started this year with a solid pipeline of business and a strong foundation from the integration and transformation work over the past two years. With this phase of work now largely completed, our teams will be able to focus on capturing the opportunity in front of us.

轉到投影片 7。我現在想在指導下結束。今年伊始，我們的業務管道已經很紮實，兩年來的整合轉型工作也打下了堅實的基礎。隨著這一階段的工作現在已基本完成，我們的團隊將能夠專注於抓住我們面前的機會。

For fiscal 2025, we’re targeting ACV growth of approximately 9%. This is based on a total ACV balance of $933 million as of the end of fiscal 2024, which reflects the removal of all Russia ACV. At the suite level, this includes expectations for approximately 5.5 points of growth from HAT, approximately 2.5 points of growth from DGM and approximately 1 point of growth from SSE.

2025 財年，我們的目標是 ACV 成長約 9%。這是基於截至 2024 財政年度結束時的 ACV 總餘額為 9.33 億美元，反映了所有俄羅斯 ACV 的取消。在套件層面，這包括對 HAT 約 5.5 個百分點的增長、DGM 約 2.5 個百分點的增長以及 SSE 約 1 個百分點的增長的預期。

We also expect attrition to be approximately 4.5% in fiscal 2025, which improved on our ex-Russia attrition rate of 4.7% in fiscal 2024. This guidance reflects the following macro assumptions. First, we expect end market demand trends to remain largely similar to what we saw in the second half of fiscal 2024. This includes continued strength with utilities and energy, muted growth in chemicals and a more moderate sustainability CapEx environment.

我們也預期 2025 財年的員工流動率約為 4.5%，較 2024 財年 4.7% 的俄羅斯以外員工流動率有所改善。本指引反映了以下宏觀假設。首先，我們預期終端市場需求趨勢將與 2024 財年下半年的情況基本相似。這包括公用事業和能源的持續強勁、化學品的溫和成長以及更溫和的永續資本支出環境。

Second, we expect the macro environment in fiscal 2025 to remain dynamic. This includes expectations for the continuation of cautious customer spending in the face of an uncertain economic environment.

其次，我們預期2025財年的宏觀環境將保持活力。這包括在經濟環境不確定的情況下，客戶支出將繼續保持謹慎的預期。

For free cash flow, we expect approximately $340 million in fiscal 2025. I would note that we expect underlying free cash flow growth in fiscal 2025 to be meaningfully stronger than our guidance indicates due to several one-time factors that Dave will address in a moment.

對於自由現金流，我們預計 2025 財年約為 3.4 億美元。我要指出的是，由於 Dave 稍後將解決的幾個一次性因素，我們預計 2025 財年的基本自由現金流成長將明顯強於我們的指引。

Finally, we aim to deliver flat expenses year-over-year. As I touched on at the beginning, we established solid traction in this area in the second half of fiscal 2024. And this fiscal 2025 expense plan further emphasizes our commitment to leading a best-in-class profitability business.

最後，我們的目標是年比實現固定支出。正如我一開始提到的，我們在 2024 財年下半年在這一領域建立了堅實的牽引力。這項 2025 財年支出計畫進一步強調了我們對引領一流獲利業務的承諾。

As part of these efforts, we have identified additional opportunities to further streamline the organization and align resources across AspenTech.

作為這些努力的一部分，我們已經確定了更多進一步簡化組織並協調 AspenTech 資源的機會。

Today, we announced a workforce reduction of approximately 5% in the first quarter of fiscal 2025, including actions related to our Russia exit. We are supporting the departing employees with appropriate severance packages and other services to help them in their transition to new opportunities. These type of decisions are never easy to make. And on behalf of the company, I want to thank all impacted employees for their service and contributions to AspenTech over the years.

今天，我們宣布 2025 財年第一季裁員約 5%，其中包括與退出俄羅斯相關的行動。我們為離職員工提供適當的遣散費和其他服務，以幫助他們過渡到新的機會。做出此類決定絕非易事。我謹代表公司感謝所有受影響的員工多年來為 AspenTech 提供的服務和貢獻。

With that, I will turn it over to Dave for a review of our financial results. Dave?

這樣，我將把它交給戴夫來審查我們的財務表現。戴夫？

Thank you, Antonio. And hello, everyone. It is a pleasure to join my first call with AspenTech. I’d like to start by thanking Chris Stagno for his excellent work in serving as the interim CFO role and working with the team to deliver a strong finish to our fiscal 2024.

謝謝你，安東尼奧。大家好。很高興參加我與 AspenTech 的第一次通話。首先，我要感謝 Chris Stagno 在擔任臨時財務長期間所做的出色工作，並與團隊合作為我們的 2024 財年取得了圓滿成功。

I’m excited to join such a talented team and to partner with Antonio, Chris, our finance leaders and the broader executive team to continue to drive value and focused execution for AspenTech. I look forward to speaking with many of you in the days ahead.

我很高興能加入這樣一個才華橫溢的團隊，並與 Antonio、Chris、我們的財務主管和更廣泛的執行團隊合作，繼續為 AspenTech 創造價值並專注於執行。我期待在未來的日子裡與你們中的許多人交談。

Turning to slide 8 to review our Q4 and fiscal 2024 results. We grew ACV 9.4% year-over-year in fiscal 2024 and 3.5% quarter-over-quarter in Q4. This outcome was 40 basis points above our guidance for fiscal 2024, as we benefited from strong execution on a solid pipeline of business to close out the year.

轉向投影片 8 回顧我們的第四季和 2024 財年業績。2024 財年，我們的 ACV 年比成長 9.4%，第四季較上季成長 3.5%。這一結果比我們對 2024 財年的指導高出 40 個基點，因為我們受益於在年底結束時對穩定業務管道的強有力執行。

Total bookings were $416 million in Q4 and $1.16 billion in fiscal 2024, while revenue was $343 million in Q4 and $1.13 billion in fiscal 2024. Please note that our revenue is recognized under ASC Topic 606 and bookings and revenue are heavily impacted by contract renewal timing. Also, under our ASC Topic 606, the impact of additional sanctions on Russia resulted in a modification of all existing contracts with customers in the country.

第四季的總預訂量為 4.16 億美元，2024 財年的預訂總額為 11.6 億美元，第四季的營收為 3.43 億美元，2024 財年的營收為 11.3 億美元。請注意，我們的收入是根據 ASC 主題 606 確認的，預訂量和收入很大程度上受到合約續約時間的影響。此外，根據我們的 ASC 主題 606，對俄羅斯的額外制裁的影響導致與該國客戶的所有現有合約發生修改。

For a net reduction of $5.5 million in Q4 revenue. For profitability, on a non-GAAP basis, we reported operating income of $173 million in Q4, representing a 50.6% non-GAAP operating margin. For fiscal 2024, we reported non-GAAP operating income of $456 million, representing a non-GAAP operating margin of 40.5%.

第四季營收淨減少 550 萬美元。就獲利能力而言，根據非 GAAP 基準，我們第四季的營業收入為 1.73 億美元，相當於 50.6% 的非 GAAP 營業利潤率。2024 財年，我們公佈的非 GAAP 營業收入為 4.56 億美元，非 GAAP 營業利潤率為 40.5%。

As Antonio noted, we saw strong traction on cost savings in the second half of our fiscal 2024, following more elevated expense outlays in the first half of fiscal 2024 to fuel our long-term growth. Net GAAP net income was $151 million in the quarter or $2.37 per share, compared to $138 million or $2.13 per share a year ago. Non-GAAP income was $422 million or $6.59 per share in fiscal 2024.

正如安東尼奧指出的那樣，在 2024 財年上半年為推動我們的長期成長而增加的費用支出之後，我們在 2024 財年下半年看到了成本節約的強勁動力。本季 GAAP 淨利為 1.51 億美元，即每股 2.37 美元，去年同期為 1.38 億美元，即每股 2.13 美元。2024 財年非 GAAP 營收為 4.22 億美元，即每股 6.59 美元。

Turning to our balance sheet. We ended fiscal 2024 with approximately $237 million of cash and cash equivalents and no debt. As of quarter end, we had approximately $23 million of cash in Russia, that we are unable to transfer to other countries due to sanctions and their impact on banking in the country.

轉向我們的資產負債表。截至 2024 財年，我們擁有約 2.37 億美元的現金和現金等價物，沒有債務。截至季末，我們在俄羅斯擁有約 2,300 萬美元現金，由於制裁及其對該國銀行業的影響，我們無法將其轉移到其他國家。

We plan to use roughly half of this amount as we wind down our Russia operations in fiscal 2025, mostly in Q1, with the remainder staying on our balance sheet as restricted cash in non-current assets. We also entered into a new five year $200 million credit facility in Q4.

我們計劃在 2025 財年（主要是第一季）關閉俄羅斯業務時使用大約一半的資金，其餘資金則作為非流動資產中的限制性現金保留在我們的資產負債表上。我們也在第四季簽訂了一項新的五年期 2 億美元信貸額度。

On share repurchases, we completed our $300 million share repurchase authorization in Q4, repurchasing an additional 278,000 shares for $57 million. We also announced today that our Board of Directors has approved a share repurchase authorization for up to $100 million in fiscal 2025. We believe this is a prudent authorization amount that provides us flexibility to pursue M&A opportunities, which remains our top capital allocation priority while also returning capital to shareholders.

在股票回購方面，我們在第四季度完成了 3 億美元的股票回購授權，以 5,700 萬美元的價格額外回購了 278,000 股股票。我們今天也宣布，董事會已批准 2025 財年最多 1 億美元的股票回購授權。我們相信這是一個審慎的授權金額，可以讓我們靈活地尋求併購機會，這仍然是我們資本配置的首要任務，同時也向股東返還資本。

On cash flows, we generated $155 million of cash flow from operations and $153 million of free cash flow in Q4. For the full year, we generated $340 million of cash flow from operations and $335 million of free cash flow, slightly below our expectations due to higher cash tax.

在現金流方面，第四季我們產生了 1.55 億美元的營運現金流和 1.53 億美元的自由現金流。全年，我們產生了 3.4 億美元的營運現金流和 3.35 億美元的自由現金流，由於現金稅上漲，略低於我們的預期。

Turning to slide 9. I would like to now close with guidance. Consistent with prior fiscal years, we will continue to provide guidance on an annual basis. For fiscal 2025, we expect total ACV growth of approximately 9% year-over-year from our base of $933 million as of the end of fiscal 2024.

轉到投影片 9。我現在想在指導下結束。與先前的財政年度一致，我們將繼續每年提供指導。對於 2025 財年，我們預計 ACV 總額在截至 2024 財年末的 9.33 億美元基礎上年增約 9%。

This includes expectations for attrition of approximately 4.5% and market conditions that are largely similar to what we experienced in the second half of fiscal 2024, as Antonio mentioned. We expect that total bookings of $1.17 billion, revenue of approximately $1.19 billion, GAAP net income of approximately $52 million and non-GAAP net income of approximately $478 million.

正如安東尼奧所提到的，這包括對約 4.5% 的人員流失的預期，以及與我們在 2024 財年下半年經歷的市場狀況基本相似的市場狀況。我們預計總預訂量為 11.7 億美元，營收約 11.9 億美元，GAAP 淨利潤約為 5,200 萬美元，非 GAAP 淨利潤約為 4.78 億美元。

From a cash flow perspective, we expect operating cash flows of approximately $357 million and free cash flow of approximately $340 million. This includes expectations for cash tax payments of $135 million and higher capital expenditures related to office buildouts.

從現金流角度來看，我們預計營運現金流約為 3.57 億美元，自由現金流約為 3.4 億美元。這包括預計 1.35 億美元的現金稅款以及與辦公室擴建相關的更高資本支出。

Turning to slide 10. We have included a chart to help bridge our free cash flow guidance for investors. This includes two important considerations. First, we estimate that Russia free cash flow represented approximately $25 million in fiscal 2024. Second, we expect to use an additional $10 million in cash related to our Russia exit as well as $8 million in cash related to our restructuring charge.

轉到投影片 10。我們提供了一個圖表，以幫助為投資者提供自由現金流指導。這包括兩個重要的考慮因素。首先，我們估計 2024 財年俄羅斯自由現金流約為 2,500 萬美元。其次，我們預計將使用與退出俄羅斯相關的額外 1000 萬美元現金以及與重組費用相關的 800 萬美元現金。

Adjusting for these one-time items, we expect to grow underlying free cash flow by 15% in fiscal 2025. For a complete review of our updated fiscal year 2025 guidance, please refer to our earnings presentation slides now available on our IR website.

在這些一次性項目進行調整後，我們預計 2025 財年基本自由現金流將成長 15%。有關我們更新的 2025 財年指引的完整回顧，請參閱我們的 IR 網站上現已提供的收益簡報投影片。

Turning to slide 11, I will now address our linearity expectations for the year. First, for ACV, we expect the cadence of new ACV to be similar to what we have seen historically. We also expect our Q1 sequential growth rate to be softer than we have seen in the past due to higher-than-normal concentration of attrition in the quarter.

轉向幻燈片 11，我現在將討論我們今年的線性預期。首先，對於 ACV，我們預計新 ACV 的節奏將與我們歷史上看到的類似。我們也預計，由於本季的人員流失率高於正常水平，我們第一季的環比成長率將低於過去的水平。

Second, the workforce reduction Antonio referenced earlier will impact our financials in the following ways. First, we expect to realize approximately $25 million in annualized cost savings from this action. This is aligned with our goal to keep costs flat, while also investing in strategic growth areas. Second, we expect the restructuring charge to be between $7 million to $9 million and for the majority of this charge to occur in the first quarter of fiscal 2025.

其次，安東尼奧先前提到的勞動力減少將透過以下方式影響我們的財務狀況。首先，我們預計透過這項行動每年可節省約 2,500 萬美元的成本。這符合我們維持成本穩定、同時投資於策略成長領域的目標。其次，我們預計重組費用將在 700 萬至 900 萬美元之間，其中大部分費用將發生在 2025 財年第一季。

On free cash flow, we expect to generate the substantial majority of our free cash flow in the second half of our fiscal year, consistent with our historical results. We also expect free cash flow to be near breakeven in the first quarter, which is consistent with our historical results and also due to the timing of one-off items related to our restructuring in Russia exit. Finally, we expect bookings of $681 million up for renewal in fiscal 2025, with $85 million up for renewal in Q1.

在自由現金流方面，我們預計將在本財年下半年產生大部分自由現金流，這與我們的歷史結果一致。我們也預期第一季的自由現金流將接近盈虧平衡，這與我們的歷史業績一致，也是由於與我們在俄羅斯退出重組相關的一次性項目的時間表。最後，我們預計 2025 財年的續約預訂量將達到 6.81 億美元，其中第一季的續約預訂量將增加 8,500 萬美元。

In closing, we delivered a strong Q4 to finish our fiscal year. Looking to fiscal 2025, we remain focused on driving further productivity and efficiency across the organization in line with our targets for solid topline ACV growth and profitability improvements. Additionally, with a strong foundation in place for our expanded portfolio, we are confident in our ability to deliver value for customers while also navigating the current dynamic macro environment.

最後，我們在第四季度取得了強勁的業績，結束了我們的財年。展望 2025 財年，我們仍專注於進一步提高整個組織的生產力和效率，以實現 ACV 收入穩健成長和獲利能力提高的目標。此外，憑藉擴大的產品組合奠定了堅實的基礎，我們對在當前動態宏觀環境中為客戶提供價值的能力充滿信心。

With that, I will turn the call back to Antonio for his closing remarks. Antonio?

接下來，我將把電話轉回給安東尼奧，讓他發表閉幕詞。安東尼奧？

Thanks, Dave. Before we open it up to Q&A, I would like to announce that we will be holding an Investor Day on Tuesday, September 17, near our headquarters in Boston, Massachusetts. With two full years since our strategic transaction with Emerson and experience in operating our expanded portfolio, we’re excited to come together for a more comprehensive discussion of what we have accomplished, as well as how we’re positioned for long-term growth.

謝謝，戴夫。在我們進行問答之前，我想宣布，我們將於 9 月 17 日星期二在馬薩諸塞州波士頓總部附近舉辦投資者日。自從我們與艾默生進行戰略交易以來已經整整兩年了，並且在運營我們擴大的產品組合方面積累了豐富的經驗，我們很高興能夠聚在一起更全面地討論我們所取得的成就以及我們如何為長期發展做好準備生長。

For those interested in attending, please reach out to our Investor Relations team for additional information. We will also webcast the event live for those who are unable to make the trip.

對於有興趣參加的人士，請聯絡我們的投資者關係團隊以獲取更多資訊。我們還將為那些無法前往的人們現場直播這項活動。

With that, we will open it up to questions. Operator?

至此，我們將開放提問。操作員？

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Rob Oliver, Baird.

羅布·奧利弗，貝爾德。

Hi, good afternoon. Hi, Antonio. Hi, Dave. I had two questions. Antonio, one for you and then one for Dave. So Antonio, I wanted to ask about some of the sales issues from last quarter, which you had cited, that there were some sort of sales execution issues, I think largely pertaining to the Heritage AspenTech business, but correct me if I’m wrong there.

嗨，下午好。嗨，安東尼奧。嗨，戴夫。我有兩個問題。安東尼奧，一份給你，一份給戴夫。安東尼奧，我想問您提到的上個季度的一些銷售問題，即存在某種銷售執行問題，我認為主要與 Heritage AspenTech 業務有關，但如果我是這樣，請糾正我那裡錯了。

I just wanted to get an update from you now heading into the new fiscal year where you guys stand relative to the kind of sales, sales leadership and your confidence in the ability to drive that organization? And then I had a follow-up. Thanks. (Technical Difficulty)

我只是想從你們那裡得到最新的信息，現在進入新的財政年度，你們在銷售類型、銷售領導力以及你們對推動該組織的能力的信心方面的情況如何？然後我進行了跟進。謝謝。（技術難度）

Well, let me look, I’m very confident (Technical Difficulty) address all the execution issues that we saw in Q3. And moving forward is about executing with excellence. We quickly did an analysis after the end of Q3 to understand where we had some of the challenges. Of course, there was a much deeper review of deals and strategies to close those deals. And the results that we achieved in the quarter are a demonstration of what’s possible here.

好吧，讓我看看，我非常有信心（技術難度）解決我們在第三季看到的所有執行問題。前進的關鍵在於卓越執行。第三季結束後，我們很快就進行了分析，以了解我們在哪些方面遇到了挑戰。當然，對交易和完成這些交易的策略進行了更深入的審查。我們在本季取得的成果證明了這裡的可能性。

And then, Dave, if you’ll allow me, just a two-parter for you. One on the, I know you mentioned the attrition will be slightly higher in Q1 when you walked us through the linearity. Why is that? And the attrition is coming down for the year and what gives you the confidence that you can achieve that?

然後，戴夫，如果你允許的話，就為你準備一個兩人份的節目。一方面，我知道您提到當您向我們介紹線性時，第一季的損耗會略高。這是為什麼？今年的人員流失率正在下降，是什麼讓您有信心實現這一目標？

And then the second is just more of an open question, you’ve been in your seat now for a quarter and wanted to get a sense from you of kind of where you see, you mentioned in your prepared remarks about value creation, and I would just love to hear where you, what gets you most excited now that you have a sense of the organization? Thank you very much. (Technical Difficulty)

第二個問題更多的是一個懸而未決的問題，你已經坐在你的座位上四分之一了，想從你那裡了解你所看到的情況，你在準備好的關於價值創造的評論中提到過，以及我很想聽聽您對組織有了一定的了解，什麼讓您最興奮？非常感謝。（技術難度）

So the attrition question first with Q1, it really is just the timing of the renewals and when they land in the year and this year, there are more renewals land in Q1. And we are confident that we will see the attrition coming down just one with the exit from Russia, that helps. And then secondly, just based on the renewals that we have and we could scope out. We have good line of sight there and are confident in being able to deliver that.

因此，首先是第一季的損耗問題，這實際上只是續約的時間，當它們在今年和今年落地時，第一季有更多的續約。我們相信，隨著退出俄羅斯，我們將看到人員流失僅減少一分，這會有所幫助。其次，僅根據我們現有的續約，我們就可以確定範圍。我們在那裡擁有良好的視線，並且有信心能夠實現這一點。

And then secondly, the first couple of months, it’s been a lot of learning and working on partnering with Antonio, the executive team as well as finance to really understand. And as you look at going forward, it really is continued focus on the execution that we saw in Q4 and there’s still work for us to do around bringing some of the back-office systems together, as well as, some of the footprint consolidations and then just generally working with the team as we look at our operations and how we can continue to drive efficiency there across the entire organization.

其次，在最初的幾個月裡，我們需要大量學習並與安東尼奧、執行團隊以及財務人員合作才能真正理解。當你展望未來時，確實會繼續關注我們在第四季度看到的執行情況，並且我們仍然需要努力將一些後台系統以及一些足跡整合，然後與團隊一起研究我們的運營以及如何繼續提高整個組織的效率。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Hi, this is David Ridley-Lane on for Andrew. Look, I think ACV growth rate ex-Russia seems to have kind of bottomed you or stabilized with both third quarter and fourth quarter, up 10% year-over-year. I guess with easier comparisons ahead, what factors are you kind of seeing or baking into guidance to have that slowing ACV growth for fiscal 2025?

大家好，我是安德魯的大衛·里德利-萊恩。看，我認為除俄羅斯外的 ACV 成長率似乎已經觸底或穩定在第三季和第四季，比去年同期成長 10%。我想透過未來更簡單的比較，您會看到哪些因素或將哪些因素納入指導，以使 2025 財年 ACV 成長放緩？

Well, let me look, as we said in our prepared remarks. Certainly, we still believe that there’s an uncertain macro environment out in the marketplace. But equally, we’re more cautious on the demand that we would expect to see from sustainability CapEx. We had a strong first half of the year in fiscal 2024. We had a slower benefit from sustainability CapEx in the second half of fiscal 2024.

好吧，讓我看看，正如我們在準備好的演講中所說的那樣。當然，我們仍然認為市場宏觀環境存在不確定性。但同樣，我們對永續資本支出的預期需求更加謹慎。2024 財年上半年我們表現強勁。2024 財年下半年，我們從永續發展資本支出中獲得的收益放緩。

I think, our assumption is that we’ll continue to see that sort of environment in the second half of fiscal 2024 into fiscal 2025. Therefore, there’s sort of a half year impact there. And considering some of the reports that we’ve seen and uncertainty around demand, I think we’re being more cautious around the refining demand.

我認為，我們的假設是，從 2024 財年下半年到 2025 財年，我們將繼續看到這種環境。因此，那裡有半年的影響。考慮到我們看到的一些報告以及需求的不確定性，我認為我們對煉油需求更加謹慎。

We saw very strong demand from refining in the second half of fiscal 2024. We’ve seen reports of compressed margins in refining. But overall, it’s just a slightly lower expectation around refining demand. But overall, look, where we sit today, we feel very good about that 9%, and we’ll certainly execute throughout the year to exceed that number.

我們看到 2024 財年下半年的煉油需求非常強勁。我們已經看到煉油業利潤被壓縮的報導。但整體而言，只是煉油需求預期略低。但總的來說，看看我們今天所處的位置，我們對這 9% 感覺非常好，我們肯定會全年執行以超過這個數字。

And then just touching on the commercial relationship with Emerson. As you went through the year, did the kind of ACV contribution that you’ve got through that channel improve? And how are you thinking about that within the fiscal 2025 guidance? Thank you.

然後談談與艾默生的商業關係。在這一年中，您透過該管道獲得的 ACV 貢獻是否有所改善？您在 2025 財年指導方針中如何看待這一點？謝謝。

Look, certainly, now that we’ve closed out fiscal 2024, we can see that some of the adjustments that we made on our joint go-to-market activities at the beginning of fiscal 2024 started to pay off, especially in the second half of the fiscal year.

當然，現在我們已經結束了 2024 財年，我們可以看到，我們在 2024 財年年初對聯合上市活動所做的一些調整開始取得成效，特別是在第二財年。

And now even here into Q1 fiscal 2025, we see some solid opportunities that are resulting from our joint go-to-market activities, and we would expect to see a greater benefit from really, what is a developing comfort between the two companies on how we need to be operating in the marketplace, the strengths of each other and how we can leverage each other’s capabilities and technology to create a one-plus, one equaling three.

現在，即使到了 2025 財年第一季度，我們也看到了我們聯合上市活動帶來的一些堅實的機會，我們預計兩家公司之間在如何發展的舒適度方面將獲得更大的利益。在市場中運作，發揮彼此的優勢，以及如何利用彼此的能力和技術來創造一加，一等於三。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Thanks for taking the question. Nice job. Maybe first for Antonio, you called out a customer realizing $100 million-plus in CapEx savings, pretty significant, obviously ROI here. I wonder despite kind of a challenging macro backdrop you’re seeing, how those customers are pairing the potential savings around some of their decisioning efforts, particularly if large kind of capital projects maybe are a bit more challenged to kick off throughout fiscal 2025?

感謝您提出問題。幹得好。也許首先對 Antonio 來說，您稱一位客戶實現了超過 1 億美元的資本支出節省，這是相當可觀的，顯然是這裡的投資回報率。我想知道，儘管您看到的是充滿挑戰的宏觀背景，但這些客戶如何將潛在的節省與他們的一些決策工作結合起來，特別是如果大型資本項目在2025 財年啟動可能面臨更大的挑戰？

Well, let me look, this is the beauty of our technology in that, the use case that I referenced and it’s hundreds of millions. I won’t give you the specific number because it’s actually these customers did present at OPTIMIZE, and I know you were there, Dylan. But, and he presented this specific use case.

好吧，讓我看看，這就是我們技術的美妙之處，我引用的用例有數億個。我不會告訴你具體的數字，因為實際上這些客戶確實出席了 OPTIMIZE，而且我知道你在那裡，迪倫。但是，他介紹了這個特定的用例。

In the face of challenge CapEx, this customer is using our technology to find ways to debottleneck their existing gas processing facilities and optimize them for throughput. And therefore, they are generating incremental throughput through those facilities that saves them building a new facility that would cost them in the hundreds of millions of dollars. And that’s how that use case comes about. So look, there’s different ways that our customers innovate and use our software to create value. And I think this is a great example of what’s possible with our technology.

面對資本支出的挑戰，該客戶正在使用我們的技術來尋找方法來消除其現有氣體處理設施的瓶頸並優化其吞吐量。因此，他們透過這些設施產生增量吞吐量，從而節省了建造新設施的成本，而這將花費他們數億美元。這就是該用例的產生方式。因此，我們的客戶可以透過不同的方式進行創新並使用我們的軟體來創造價值。我認為這是我們技術的一個很好的例子。

And maybe somewhat for Dave, but maybe Antonio, you’ve been here for a while too, calling for the significant kind of operating leverage growth on the back of some flat expenses. You’ve done this in the past, right?

也許對戴夫（Dave）有一定的幫助，但也許對安東尼奧（Antonio）來說，您也已經在這裡有一段時間了，呼籲在一些固定費用的支持下實現經營槓桿的大幅增長。您過去曾經這樣做過，對嗎？

So how should we think about kind of where that leverage is coming from? Sales efficiencies, synergies and maybe how to think about the potential balance here between that margin leverage and the ability, as you guys kind of called out to optionally reinvest or use that as an optionality lever, if you will in the potential situation where the environment does improve throughout the balance of the year? Thanks.

那我們該如何思考這種槓桿作用從何而來呢？銷售效率、協同效應，以及如何考慮利潤槓桿和能力之間的潛在平衡，正如你們呼籲選擇性地再投資或將其用作選擇性槓桿，如果您願意在環境中的潛在情況下在這一年的餘下時間是否有改善？謝謝。

Well, let me first speak to look to my experience and Dave can chime in. Look, I’ve always believed, and we know that one of the great strength of AspenTech is the leverage that we have in the model to increase sales with very little incremental spend as long as we’re driving innovation into the market.

好吧，讓我先談談我的經驗，戴夫可以插話。看，我一直相信，我們知道 AspenTech 的強大優勢之一是我們在模型中所擁有的槓桿作用，只要我們將創新推向市場，就可以以很少的增量支出來增加銷售。

So we continue to see that, and I would argue, I mean, Q4 had a big component of that. If you look at the DGM outcome that we achieved in the fiscal year and in Q4, a lot of the incremental ACV, the growth in ACV came from aftermarket sales to customers were that already had an installed SCADA system from DGM the monarch system and an EMS solution, so the ability to expand sales with those customers.

所以我們繼續看到這一點，我認為，我的意思是，第四季有很大一部分。如果你看一下我們在本財年和第四季取得的 DGM 結果，你會發現很多增量 ACV，ACV 的成長來自向客戶的售後銷售，因為已經安裝了 DGM 的 SCADA 系統、君主系統和EMS 解決方案，因此能夠擴大與這些客戶的銷售。

So ultimately, I think our relationship with customers, innovation and the token licensing model in that any innovation or new products that we develop or acquire and we can put into the suite and immediately it’s available to every customer of AspenTech, create a highly leverageable go-to-market model. And that’s the basis for our belief that we can run a best-in-class profitability business here, over time as we scale the DGM, SSE and we continue to grow the AspenTech business.

因此，最終，我認為我們與客戶、創新和代幣許可模式的關係，我們開發或獲得的任何創新或新產品都可以放入套件中，並立即提供給 AspenTech 的每個客戶，創建一個高槓桿的上市模式。這就是我們信念的基礎：隨著時間的推移，隨著我們擴大 DGM、SSE 並繼續發展 AspenTech 業務，我們可以在這裡經營一流的獲利業務。

Devin Au, KeyBanc Capital Markets.

Devin Au，KeyBanc 資本市場。

This is actually Jason. I was able to make it. Maybe a couple of clarifying questions. So if we look at the growth in Q4, Russia, with Russia and without Russia, it looks like Russia is a tailwind, excluding the tailwind is that just because Russia just wasn’t growing and kind of a drag?

這實際上是傑森。我能夠做到。也許有幾個澄清的問題。因此，如果我們看看俄羅斯第四季的成長，無論有俄羅斯還是沒有俄羅斯，俄羅斯似乎都是順風，排除順風只是因為俄羅斯沒有成長並且有點拖累？

As we said, I mean, -- we said in the remarks, in fiscal 2023, it was clear that Russia wasn’t going to be a contributor to growth based on the outcome that we achieved. And the fact is more or less the same outcome was experienced in fiscal 2024.

正如我們所說，我的意思是，我們在演講中說過，根據我們所取得的成果，在 2023 財年，俄羅斯顯然不會為成長做出貢獻。事實上，2024 財年的結果或多或少是相同的。

The benefit to the growth rate is when you take out the ACV that existed in Russia, then your denominator becomes smaller and therefore, your numerator produces a larger number, which is a faster or greater growth rate. That’s the benefit of that.

對成長率的好處是，當你取出俄羅斯現有的ACV時，你的分母會變小，因此，你的分子會產生一個更大的數字，這是更快或更大的成長率。這就是這樣做的好處。

-- And then the restructuring, is that only impacting maybe your employees in Russia or is that restructuring other areas, just wanted to clarify?

——然後，重組是否只影響您在俄羅斯的員工，還是重組其他領域，只是想澄清一下？

No, this is broad-based across the company. The fact is that the Russia component is small. This is across every function and region.

不，這是在整個公司範圍內廣泛存在的。事實上，俄羅斯的成分很小。這涉及每個職能和區域。

Nay Soe Naing, Berenberg

Nay Soe Naing, 貝倫貝格

Hi, thank you for giving the questions. I’ve got a couple, if I may. Firstly, starting with the chemicals vertical, please, it will be great to get an update on the macro dynamics there. We have now hit anniversary of when you guys started, the macro cycle started affecting your numbers. So it would be great to understand or if you feel like the balance cycle is now ahead of trough there going forward?

您好，感謝您提出問題。如果可以的話，我有一對。首先，從化學品垂直產業開始，很高興能了解那裡宏觀動態的最新情況。現在已經是你們開始的周年紀念日了，宏觀週期開始影響你們的數字。因此，如果您覺得平衡週期現在已經領先於未來的低谷，那麼理解會很好嗎？

And then secondly, this is now a few quarters that you’re able to call out competitive wins in DGM. So it would be great to hear from you how you are able to achieve these competitive wins in this product market? That will be great. Thank you.

其次，現在已經是幾個季度了，您可以在 DGM 中取得競爭性勝利。因此，很高興收到您的來信，您是如何在這個產品市場上取得這些競爭優勢的？那太好了。謝謝。

Alright. Well, let me first address the first question. Look, the chemicals market continues to be from an OpEx standpoint, continues to be depressed going through the trough. We have seen a couple of positive announcements from chemical companies where they’re starting to see a pickup in demand, but a very preliminary.

好吧。嗯，我先回答第一個問題。從營運支出的角度來看，化學品市場持續低迷，正在經歷低谷。我們已經看到化學公司發布了一些正面的公告，他們開始看到需求的回升，但這只是初步的。

And doesn’t and in our opinion, doesn’t change the trajectory of what we expect to see in fiscal 2025, which is more of the same that we saw in fiscal 2024. So our assumption for the fiscal year is that we will see little contribution from chemicals.

我們認為，這並沒有改變我們預期在 2025 財年看到的軌跡，這與我們在 2024 財年看到的軌跡基本相同。因此，我們對本財年的假設是化學品的貢獻很小。

And I just want to point out, I mean, chemicals is about 22% of our total ACV, which means that in a normal year, we would probably see about 20% of our growth coming from chemicals. So there’s a significant component of our growth that is not producing of our business that is not producing. And when it starts to pick up, we would expect to see that benefit in a meaningful manner to our overall growth rate.

我只想指出，我的意思是，化學品約占我們總 ACV 的 22%，這意味著在正常年份，我們可能會看到約 20% 的成長來自化學物質。因此，我們的成長的一個重要組成部分不是我們沒有生產的業務。當它開始回升時，我們預計會看到這種對我們整體成長率產生有意義的影響。

When it comes to DGM, hey look, in a way, the OSI business prior to Emerson and AspenTech, even though it was a 30 year old business, it was a new kid on the block, and they developed a very contemporaneous technology with great capabilities, modern technology, a great cybersecurity, that when it’s compared to the technology of the incumbents, it certainly outshines them from a capabilities, deployability, configurability, ease of use and so on and so forth.

說到DGM，嘿，從某種程度上看，OSI 業務早於艾默生和AspenTech，儘管它是一家已有30 年曆史的業務，但它是一個新來的孩子，他們開發了一種非常同步的技術，具有出色的性能。

I have been in many controlled rooms of our customers in DGM over the last 18, 24 months. And you can see how happy these customers are with the dashboard and the user interfaces and everything that they use around DGM. So basically, it’s just more contemporaneous technology, more modern, more cybersecure, more applications on top of the base data system.

在過去的 18、24 個月裡，我去過 DGM 客戶的許多控制室。您可以看到這些客戶對儀表板、使用者介面以及他們在 DGM 周圍使用的所有內容感到多麼滿意。所以基本上，它只是更同步的技術、更現代、更網路安全、更多基於基礎資料系統的應用程式。

In my remarks, I referenced outage management, which is a new application that is becoming incredibly important for utilities in order to be able to pinpoint outages and recover from them faster. There is also capabilities around distributed energy resources, especially the use case around energy battery storage or renewable energy.

在我的發言中，我提到了停電管理，這是一個新的應用程序，對於公用事業公司來說變得非常重要，以便能夠查明停電並更快地從中恢復。還有圍繞分散式能源的功能，特別是圍繞能源電池儲存或再生能源的用例。

So it’s a combination of factors. And I just want to point out that when these utilities go out for – to upgrade their systems, they’re either upgrading their system with the incumbent or they are choosing someone else that, therefore, results in a displacement and it is in those situations, where an OSI is chosen that we displaced because we are building our business, we are building our installed base and that will take many more years to accomplish, but it is the opportunity that we have ahead of us here.

所以這是多種因素綜合作用的結果。我只想指出，當這些公用事業公司出去升級他們的系統時，他們要么與現有的公司一起升級他們的系統，要么他們選擇其他人，因此，導致了位移，這是在這種情況下，我們選擇了OSI，因為我們正在建立我們的業務，我們正在建立我們的安裝基礎，這將需要很多年才能完成，但這是我們面前的機會。

Joshua Tilton, Wolfe Research

約書亞‧蒂爾頓，沃爾夫研究中心

Hi. This is Arsenije on for Josh. So, I just wanted to understand the 4Q bookings coming ahead, I think of expectations. What drove that? And then on the flat bookings guidance for 2025 on a reported basis, not adjusting for Russia in 2024 bookings and your renewal bookings $100 million higher than 2024, does the guidance embed any conservatism in new bookings in addition to reflecting the impact of discontinuing Russia operations, and just a quick follow-up?

你好。這是阿塞尼傑替補約什。所以，我只是想了解即將到來的第四季的預訂情況，我想到了預期。是什麼推動了這一點？然後，根據報告的2025 年公寓預訂指南，不針對2024 年俄羅斯預訂進行調整，並且您的續訂預訂比2024 年高出1 億美元，除了反映停止俄羅斯業務的影響之外，該指南是否在新預訂中嵌入了任何保守主義，然後只是快速跟進？

Well, let me, that the guidance for fiscal 2025 assumes the discontinuation of Russian operations and the write-off of the ACV, which also means we are writing off equivalent amount of bookings associated with that ACV. So, you have to adjust for that. I also want to remind you that our, the profile, our bookings year-to-year is not consistent. It’s a mountain range.

好吧，讓我說一下，2025 財年的指導假設停止俄羅斯業務並註銷 ACV，這也意味著我們正在註銷與該 ACV 相關的等量預訂。所以，你必須對此進行調整。我還想提醒您，我們的資料、我們的預訂量每年都不一致。這是一座山脈。

And this year, we have coming up, we have the bookings that we have. We have a concentration of bookings in Q1. But the important thing to note is that just because we have a certain amount of bookings doesn’t mean necessarily that those bookings generate an equal and proportional amount of growth in ACV.

今年，我們即將到來，我們已經收到了預訂。我們的預訂集中在第一季。但需要注意的重要一點是，僅僅因為我們有一定數量的預訂，並不一定意味著這些預訂會產生等量且成比例的 ACV 成長。

In the bookings, there is a combination of attrition. There is a combination of flat renewals and there is a combination of growth from some of those bookings. And depending on the contracts that are coming up for renewal is we produce a certain outcome from the bookings that are coming up from renewal.

在預訂中，存在著磨損的組合。既有單位續訂的組合，也有其中一些預訂的增長。根據即將續約的合同，我們會從續約的預訂中產生一定的結果。

And then we have to go generate incremental growth from the existing contracts that are not coming up for renewal. And the fact is that most of the growth that we experienced in any given year is from contracts that are in the middle of the contract as opposed to coming up for renewal. I don’t know, if that answered your question.

然後我們必須從不再續約的現有合約中創造增量成長。事實上，我們在任何一年中經歷的大部分增長都來自合約中期的合同，而不是即將續約的合約。我不知道這是否回答了你的問題。

That said on the forward bookings estimate. But just in terms of 4Q bookings, I think it was above expectations, unless I misunderstood something from the presentations. Why don’t you clarify that, what drove that outperformance?

這就是關於遠期預訂的估計。但就第四季度的預訂而言，我認為這超出了預期，除非我對演示中的某些內容產生了誤解。為什麼不澄清一下，是什麼推動了這種出色的表現呢？

The Q4 outperformance, let me look. So, this is a thing about giving you all the bookings number, whether it’s in a quarter or for the year. The fact of the matter is that we can also do early renewals of contracts that are in the future. And there was a contract that wasn’t supposed to renew until this fiscal year 2025 that was accelerated into Q4 as part of a bigger transaction for growth that was signed in the Q4 quarter. So, there was a repackaged incremental growth with an early renewal of a large contract, which then generated a larger amount of bookings that were not expected in the initial number that we gave you.

第四季表現出色，讓我看看。因此，這是為您提供所有預訂數量的問題，無論是季度還是全年。事實是，我們還可以提前續約未來的合約。還有一份合約原本應該在 2025 財年之前續簽，但作為第四季度簽署的更大增長交易的一部分，該合約被加速到第四季度。因此，透過提前續簽一份大型合同，出現了重新包裝的增量增長，從而產生了更多的預訂量，這在我們給您的最初數量中是沒有預料到的。

Thank you. And as there are no further questions in the Q&A queue at this time. I will now turn the call back over to Mr. Antonio Pietri for any closing remarks.

謝謝。由於此時問答隊列中沒有其他問題。我現在將把電話轉回給安東尼奧·皮特里先生，讓他發表結束語。

Thank you, operator, and thank you to everyone for joining the call today. We will be attending the Piper Sandler Growth Conference in the second week of September. As I mentioned earlier, we will also be holding an Investor Day on September 17, please reach out to our Investor Relations team for more information on this event. And we look forward to catching up with many of you soon. Thank you everyone for joining and we will see you on the road. Thanks.

謝謝接線員，也謝謝大家今天加入通話。我們將參加 9 月第二週舉行的 Piper Sandler 成長會議。正如我之前提到的，我們還將在 9 月 17 日舉辦投資者日，請聯繫我們的投資者關係團隊以獲取有關此活動的更多資訊。我們期待很快能與你們中的許多人取得聯繫。感謝大家的加入，我們路上見。謝謝。

That does conclude our conference for today. Thank you for your participation and you may now disconnect.

我們今天的會議到此結束。感謝您的參與，您現在可以斷開連接。