Aspen Technology : Q4 2022 Earnings Presentation

Q4-FY22 Results

Antonio Pietri, President and Chief Executive Officer Chantelle Breithaupt, CFO

August 8, 2022

Safe Harbor Statement

This presentation may contain forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may vary significantly from Aspen Technology's expectations based on a number of risks and uncertainties, including, without limitation, delays or reductions in demand for AspenTech solutions due to the COVID-19 pandemic; AspenTech's failure to increase usage and product adoption of aspenONE or other offerings or grow the aspenONE APM, OSI and SSE businesses, and failure to continue to provide innovative, market-leading solutions; declines in the demand for, or usage of, aspenONE software for any reason, including declines due to adverse changes in the process or other capital-intensive industries and materially reduced industry spending budgets due to the drop in demand for oil due to the COVID-19 pandemic; unfavorable economic and market conditions or a lessening demand in the market for asset process optimization software, including materially reduced industry spending budgets due to the significant drop in oil prices arising from drop in demand due to the COVID-19 pandemic; risks of foreign operations or transacting business with customers outside the United States; risks of competition; risks that acquisitions could be difficult to consummate and integrate into our operations, which could disrupt our business, dilute stockholder value or impair our financial results; and other risk factors described from time to time in AspenTech's periodic reports filed with the Securities and Exchange Commission.

Additional factors that could cause actual results relating to the transaction with Emerson to differ materially from AspenTech's plans, estimates or expectations regarding the transaction include, among others: (1) unexpected costs, charges or expenses resulting from the transaction; (2) uncertainty of the expected financial performance of the new AspenTech ("New AspenTech") following completion of the transaction; (3) failure to realize the anticipated benefits of the transaction, including as a result of delay in integrating the industrial software business of Emerson with AspenTech's business; (4) the ability of New AspenTech to implement its business strategy; (5) difficulties and delays in achieving revenue and cost synergies of New AspenTech and the risk factors described in Aspen Technology's most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q, as well as those contained in Amendment No. 4 to the Registration Statement on Form S-4, which was filed on April 14, 2022 by Emersub CX, Inc. related to a proposal to adopt the Transaction Agreement and Plan of Merger among Aspen Technology, Emerson Electric Co., EMR Worldwide Inc., Emersub CX, Inc., and Emersub CXI, Inc. and other filings, in each case as filed with the U.S. Securities and Exchange Commission. Aspen Technology cannot guarantee any future results, levels of activity, performance, or achievements. Further, Aspen Technology expressly disclaims any current intention to update any forward-looking statements after the date hereof.

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Use of Non-GAAP Financial Measures

This presentation contains "non-GAAP financial measures" under the rules of the U.S. Securities and Exchange Commission. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles. This non-GAAP information supplements and is not intended to represent a measure of performance in accordance with, disclosures required by generally accepted accounting principles, or GAAP. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP. A reconciliation of GAAP to non-GAAP results is included in the financial tables included in this press release.

Management considers both GAAP and non-GAAP financial results in managing AspenTech's business. As the result of adoption of new licensing models, management believes that a number of AspenTech's performance indicators based on GAAP, including revenue, gross profit, operating income and net income, should be viewed in conjunction with certain non-GAAP and other business measures in assessing AspenTech's performance, growth and financial condition. Accordingly, management utilizes a number of non-GAAP and other business metrics, including the non-GAAP metrics set forth in this press release, to track AspenTech's business performance. None of these non-GAAP metrics should be considered as an alternative to any measure of financial performance calculated in accordance with GAAP.

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Business highlights

Annual spend

• Heritage AspenTech annual spend of $674M at the end of Q4 FY22
• Grew +8.5% YoY, +2.8% QoQ
• Notable strength in refining and chemicals verticals
• E&C continues to improve, powered in part by sustainability

Macro

• Demand trends remain healthy
• Sustainability and operational excellence as top investment priorities
• FY23 outlook incorporates more macro uncertainty

Emerson transaction

• Completed transaction on May 16
• Timing of transaction impacts comparability of financial results
• Best-in-classglobal industrial software company, >$1B in revenue and ~$800M in ACV
• Deep domain expertise in energy, chemical, power & utilities, EPC pharmaceuticals, and other asset-intensive process end markets
• Well-positionedfor the Dual Challenge

Micromine transaction

• Leader in mining software
• Positions AspenTech as a leader in a market essential to energy transition
• Expect to close Q2 FY23, subject to regulatory approval

Heritage AspenTech business excludes the OSI and SSE businesses that were part of the transaction with Emerson Electric Co that was completed on May 16, 2022

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Heritage AspenTech Annual Spend Growth by Product Suite

FY 2020	FY 2021	FY 2022

Annual Spend Balances

Total (in millions)	$593	$621	$674

Annual Spend Pts of Growth
ENG	3.2	1.9	3.2
MSC	4.8	2.2	4.7
APM	1.6	0.6	0.6
Total	9.6	4.8	8.5

Rounded amounts used

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