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Qaspentech Aspen Technology Announces Financial Results for the Fourth Quarter and Fiscal 2021 August 11 , 2021 BEDFORD , Mass .-- ( BUSINESS WIRE ) -- Aug . 11 , 2021-- Aspen Technology , Inc. ( NASDAQ : AZPN ) , a global leader in asset optimization software , today announced financial results for its fourth - quarter and fiscal year 2021 ended June 30 , 2021 . " AspenTech finished fiscal 2021 having generated record profitability and free cash flow , with 4.8 % annual spend growth in the midst of unprecedented challenges for many of our customers . Our ability to achieve these results reflects the mission - critical role our solutions play in supporting the sustainability and efficiency requirements of our customers across the process and other capital - intensive industries , " said Antonio Pietri , President and Chief Executive Officer of Aspen Technology . Pietri continued , " As we enter fiscal 2022 , we are optimistic about the long - term opportunity for Aspen Tech . The need for our customers to operate their assets safely , sustainably , reliably and profitably has never been greater . Our continued focus on innovation , including the recently released aspen ONE v12.1 that embeds Al capabilities across our solutions , enables even more value creation by customers . We are confident in our ability to return to double - digit annual spend growth over time as economic conditions and industry budgets normalize . " Fourth Quarter and Fiscal Year 2021 Recent Business Highlights • Annual spend , which the company defines as the annualized value of all term license and maintenance contracts at the end of the quarter , was $ 621 million at the end of the fourth quarter of fiscal 2021 , which increased 4.8 % compared to the fourth quarter of fiscal 2020 and 1.9 % sequentially . • Aspen Tech repurchased approximately 361,000 shares of its common stock for $ 50 million in fiscal year 2021 . Summary of Fourth Quarter Fiscal Year 2021 Financial Results Aspen Tech's total revenue of $ 198.0 million included : • License revenue , which represents the portion of a term license agreement allocated to the initial license , was $ 145.3 million in the fourth quarter of fiscal 2021 , compared to $ 149.9 million in the fourth quarter of fiscal 2020 . • Maintenance revenue , which represents the portion of the term license agreement related to ongoing support and the right to future product enhancements , was $ 45.6 million in the fourth quarter of fiscal 2021 , compared to $ 45.7 million in the fourth quarter of fiscal 2020 . • Services and other revenue was $ 7.0 million in the fourth quarter of fiscal 2021 , compared to $ 6.4 million in the fourth quarter of fiscal 2020 . For the quarter ended June 30 , 2021 , AspenTech reported income from operations of $ 105.9 million , compared to income from operations of $ 116.3 million in the fourth quarter of fiscal 2020 . Net income was $ 95.4 million for the quarter ended June 30 , 2021 , leading to net income per share of $ 1.39 , compared to net income per share of $ 1.39 in the same period last fiscal year . Non - GAAP income from operations was $ 118.4 million for the fourth quarter of fiscal 2021 , compared to non - GAAP income from operations of $ 125.5 million in the same period last fiscal year . Non - GAAP net income was $ 105.3 million , or $ 1.53 per share , for the fourth quarter of fiscal 2021 , compared to non - GAAP net income of $ 101.8 million , or $ 1.49 per share , in the same period last fiscal year . These non - GAAP results add back the impact of stock - based compensation expense , amortization of intangibles and acquisition - related fees . A reconciliation of GAAP to non - GAAP results is presented in the financial tables included in this press release . Aspen Tech had cash and cash equivalents of $ 379.9 million and total borrowings , net of debt issuance costs , of $ 293.2 million at June 30 , 2021 . During the fourth quarter , the company generated $ 103.2 million in cash flow from operations and $ 103.7 million in free cash flow . Free cash flow is calculated as net cash provided by operating activities adjusted for the net impact of : purchases of property , equipment and leasehold improvements ; payments for capitalized computer software development costs , and other nonrecurring items , such as acquisition - related payments . Summary of Fiscal Year 2021 Financial Results Aspen Tech's total revenue of $ 709.4 million increased 18.5 % from $ 598.7 million for fiscal year 2020 . • License revenue was $ 497.5 million , an increase from $ 388.2 million for fiscal year 2020 . • Maintenance revenue was $ 185.2 million , an increase from $ 178.1 million for fiscal year 2020 . • Services and other revenue was $ 26.7 million , a decrease from $ 32.4 million for fiscal year 2020 . For the fiscal year ended June 30 , 2021 , Aspen Tech reported income from operations of $ 358.4 million , compared to income from operations of $ 257.4 million for fiscal year 2020 . Net income was $ 319.8 million for the fiscal year ended June 30 , 2021 , leading to net income per share of $ 4.67 , compared to net income per share of