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①aspentech Aspen Technology Announces Financial Results for the First Quarter of Fiscal 2022 October 27 , 2021 BEDFORD , Mass .-- ( BUSINESS WIRE ) -- Oct . 27 , 2021-- Aspen Technology , Inc. ( AspenTech ) ( NASDAQ : AZPN ) , a global leader in asset optimization software , today announced financial results for its first - quarter of fiscal year 2022 ended September 30 , 2021 . " Aspen Tech's first quarter results reflected a notable improvement in customer demand , particularly among refining customers . While the macro environment remains fluid , we continue to see positive interest from our customers , who recognize the critical value AspenTech's solutions can provide in supporting their strategic sustainability and efficiency investments , " said Antonio Pietri , President and Chief Executive Officer of Aspen Tech . Pietri continued , " The recent announcement of our definitive agreement with Emerson Electric is a transformational moment for us . After the Emerson transaction , Aspen Tech will be an industrial software leader with an expanded product portfolio and broader market reach that will extend our ability to help customers improve safety , sustainability , reliability , and efficiency . We believe this transaction will position Aspen Tech to deliver significant growth and high levels of profitability while generating near- and long - term value for our shareholders . " First Quarter and Fiscal Year 2022 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 $ 630 million at the end of the first quarter of fiscal 2022 , which increased 5.6 % compared to the first quarter of fiscal 2021 and 1.4 % sequentially . • AspenTech repurchased approximately 1.1 million shares of its common stock for $ 150 million in the first quarter of fiscal 2022 . • Emerson Electric ( NYSE : EMR ) and AspenTech entered into a definitive agreement to contribute Emerson's industrial software businesses - OSI Inc. and the Geological Simulation Software business – to AspenTech ( " New AspenTech " ) . Summary of First Quarter Fiscal Year 2022 Financial Results Aspen Tech's total revenue of $ 136.0 million included : • License revenue , which represents the portion of a term license agreement allocated to the initial license , was $ 81.1 million in the first quarter of fiscal 2022 , compared to $ 61.9 million in the first quarter of fiscal 2021 . • Maintenance revenue , which represents the portion of the term license agreement related to ongoing support and the right to future product enhancements , was $ 48.2 million in the first quarter of fiscal 2022 , compared to $ 46.9 million in the first quarter of fiscal 2021 . • Services and other revenue was $ 6.7 million in the first quarter of fiscal 2022 , compared to $ 6.3 million in the first quarter of fiscal 2021 . For the quarter ended September 30 , 2021 , Aspen Tech reported income from operations of $ 39.9 million , compared to income from operations of $ 34.2 million in the first quarter of fiscal 2021 . Net income was $ 39.4 million for the quarter ended September 30 , 2021 , leading to net income per share of $ 0.58 , compared to net income per share of $ 0.48 in the same period last fiscal year . Non - GAAP income from operations was $ 55.4 million for the first quarter of fiscal 2022 , compared to non - GAAP income from operations of $ 42.7 million in the same period last fiscal year . Non - GAAP net income was $ 51.6 million , or $ 0.77 per share , for the first quarter of fiscal 2022 , compared to non - GAAP net income of $ 39.5 million , or $ 0.58 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 $ 248.0 million and total borrowings , net of debt issuance costs , of $ 289.4 million at September 30 , 2021 . During the first quarter , the company generated $ 32.7 million in cash flow from operations and $ 33.0 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 . Business Outlook Based on information as of today , October 27 , 2021 , Aspen Tech is issuing the following guidance for fiscal year 2022 : • Annual spend growth of 5-7 % year - over - year • Free cash flow of $ 275 to $ 285 million • Total bookings of $ 766 to $ 819 million • Total revenue of $ 702 to $ 737 million