Delivers Organic Revenue Growth, Non-GAAP Revenue and
Earnings in Line with Guidance, and Strong Cash Flow from
Operations
Nuance Communications, Inc. (NASDAQ:NUAN) today announced financial
results for its second quarter fiscal year 2018, the three months
ending March 31, 2018.
“We are pleased with the progress in our business and first-half
results, especially the early returns from our investments and
focus on our growth businesses,” said Dan Tempesta, Nuance’s chief
financial officer. “This strategy is producing measurable results,
driving organic revenue growth for the second sequential quarter
and producing non-GAAP revenue and EPS in line with our guidance
for the quarter.”
During the quarter, Nuance made progress in key vertical
industries and growth businesses, including:
- Next-generation automotive interface and user experience
offerings showcased with Daimler and Toyota;
- Significant, continued growth in the Dragon Medical cloud
platform;
- Introduction of new core engine capabilities that include AI,
voice recognition and text-to-speech capabilities for human-like
dialog for Enterprise customers;
- Enhancements to its voice biometrics offerings leveraging deep
neural networks; and,
- New design wins for Nuance’s AI and virtual assistant offerings
with key customers, including AT&T, BMW, Cisco, Ford, Geely and
Wells Fargo.
“In just a few weeks, my conviction about the potential of this
company has been affirmed. There is real momentum in the core
business, making it an exciting opportunity to step in at this
pivotal moment,” said Mark Benjamin, Nuance’s chief executive
officer. “A top priority is to work with the team to take a
comprehensive look at Nuance’s entire portfolio, so we can quickly
make smart choices on how to accelerate our momentum in growth
businesses, deliver innovations for customers, and generate value
for our shareholders.”
Second Quarter Performance Highlights
On a GAAP basis:
- GAAP revenue of $514.2 million, up 3% compared to $499.6
million a year ago, with 71% of total GAAP revenue as recurring
revenue, compared to 74% a year ago.
- The Company recognized a goodwill impairment of $137.9 million
in the quarter related to two businesses, Subscriber Revenue
Services (SRS) and Devices, which affected GAAP results.
- GAAP net loss of $(164.1) million, or $(0.56) per share,
compared to a loss of $(33.8) million, or $(0.12) per share, in the
second quarter of fiscal year 2017.
- GAAP operating margin of (25.1)%, compared to 6.3% in the
second quarter of fiscal year 2017.
- Cash flow from operations of $109.3 million in the second
quarter of fiscal year 2018, compared to $125.4 million in the
second quarter of fiscal year 2017.
On a Non-GAAP basis:
- Non‑GAAP revenue of $518.3 million, up 1%, compared to $511.1
million in the second quarter of fiscal year 2017.
- Organic revenue growth of 1% compared to the prior year, led by
8% growth in Healthcare and 12% growth in Automotive.
- Net new bookings of $376.6 million, down 8%, from $410.4
million a year ago.
- Non-GAAP recurring revenue of 71% of total non-GAAP revenue,
compared to 75% a year ago.
- Non-GAAP net income of $79.1 million, or $0.27 per diluted
share, compared to non-GAAP net income of $92.8 million, or $0.32
per diluted share, in the second quarter of fiscal year
2017.
- Non‑GAAP operating margin of 24.4%, down from 30.6% in the
second quarter of fiscal year 2017.
- Cash flow from operations as a percentage of non-GAAP net
income was 138% of non-GAAP net income.
Company Discusses Changes in Business and
Outlook
Beginning this quarter, the Company is reporting results in five
segments: Healthcare, Enterprise, Automotive, Imaging and Other.
The Other segment includes Nuance’s Subscriber Revenue Services
(SRS) and Devices businesses. Nuance’s Enterprise segment now
includes Dragon TV solutions. The changes to Nuance’s reporting
segments are part of the Company’s ongoing actions to simplify the
business, more efficiently address its best market opportunities
and improve transparency for shareholders.
In the second quarter, as noted, the Company recorded goodwill
impairments of $137.9 associated with its SRS and Devices
businesses. An impairment of $102.8 million for the SRS business is
the result of reduced demand for the Company’s services among
mobile carriers, primarily in India and Brazil, due to dramatic
shifts in their business models. An impairment of $35.1 for the
Devices business is the result of an impairment evaluation,
conducted in conjunction with the reorganization of Nuance’s
reporting segments, that found the carrying value of this business
exceeded its estimated fair value.
Due primarily to the significant changes in Nuance’s SRS
business and outlook, the Company revised its fiscal year 2018
growth estimates to 2% to 4% organic growth from 3% to 5% organic
growth. Despite these changes, the Company is reiterating its
expectation for 5% to 7% growth in net new bookings in fiscal year
2018.
For a complete discussion on Nuance’s second quarter results and
business outlook, please see the Company’s Prepared Remarks
document available at http://www.nuance.com/earnings-results/
Please refer to the “Discussion of Non-GAAP Financial Measures,”
and “GAAP to Non-GAAP Reconciliations,” included elsewhere in this
release, for more information regarding the company’s use of
non-GAAP.
Conference Call and Prepared Remarks
Nuance provides prepared remarks in combination with its press
release. These remarks are offered to provide shareholders and
analysts with additional time and detail for analyzing results in
advance of the company’s quarterly conference call. The remarks
will be available at http://www.nuance.com/earnings-results/ in
conjunction with the press release.
Nuance will host an investor conference call today that will
begin at 5:00 p.m. ET and will include brief comments followed by
questions and answers. To access the live broadcast, please visit
the Investor Relations section of Nuance’s website at
http://investors.nuance.com. The call can also be heard by dialing
800-230-1074 or 612-234-9960 at least five minutes prior to the
call and referencing code 448075. A replay will be available within
24 hours of the announcement via the webcast link at
http://investors.nuance.com or by dialing 800-475-6701 or
320-365-3844 and using the access code 448075.
About Nuance Communications,
Inc.
Nuance Communications, Inc. (NASDAQ:NUAN) is the pioneer and
leader in conversational AI innovations that bring intelligence to
everyday work and life. The Company delivers solutions that
can understand, analyze and respond to human language to increase
productivity and amplify human intelligence. With
decades of domain and artificial intelligence expertise, Nuance
works with thousands of organizations – in global industries that
include healthcare, telecommunications, automotive, financial
services, and retail – to create stronger relationships and better
experiences for their customers and workforce. For more
information, please visit www.nuance.com.
Trademark reference: Nuance and the Nuance logo are registered
trademarks or trademarks of Nuance Communications, Inc. or its
affiliates in the United States and/or other countries. All other
trademarks referenced herein are the property of their respective
owners.
Safe Harbor and Forward-Looking Statements
Statements in this document regarding future performance and our
management’s future expectations, beliefs, goals, plans or
prospects constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Any
statements that are not statements of historical fact (including
statements containing the words “believes,” “plans,” “anticipates,”
“expects,” or “estimates” or similar expressions) should also be
considered to be forward-looking statements. There are a
number of important factors that could cause actual results or
events to differ materially from those indicated by such
forward-looking statements, including but not limited to:
fluctuations in demand for our existing and future products;
further unanticipated costs resulting from the FY17 malware
incident including potential costs associated with litigation or
governmental investigations that may result from the incident; our
ability to control and successfully manage our expenses and cash
position; our ability to develop and execute in a timely manner our
productivity and cost initiatives; the effects of competition,
including pricing pressure, and changing business models in the
markets and industries we serve; changes to economic conditions in
the United States and internationally; uncertainties associated
with the transition of our chief executive officer; the imposition
of tariffs or other trade measures particularly between the United
States and China; potential future impairment charges related to
our newly reorganized business reporting units; fluctuating
currency rates; possible quality issues in our products and
technologies; our ability to successfully integrate operations and
employees of acquired businesses; the conversion rate of bookings
into revenue; the ability to realize anticipated synergies from
acquired businesses; and the other factors described in our Form
10-Q for the period ended December 31, 2017. We disclaim any
obligation to update any forward-looking statements as a result of
developments occurring after the date of this document.
Definitions of Bookings and Net New
BookingsBookings. Bookings represent the
estimated gross revenue value of transactions at the time of
contract execution, except for maintenance and support offerings.
For fixed price contracts, the bookings value represents the gross
total contract value. For contracts where revenue is based on
transaction volume, the bookings value represents the contract
price multiplied by the estimated future transaction volume during
the contract term, whether or not such transaction volumes are
guaranteed under a minimum commitment clause. Actual results could
be different than our initial estimates. The maintenance and
support bookings value represents the amounts billed in the period
the customer is invoiced. Because of the inherent estimates
required to determine bookings and the fact that the actual
resultant revenue may differ from our initial bookings estimates,
we consider bookings one indicator of potential future revenue and
not as an arithmetic measure of backlog.
Net new bookings. Net new bookings represents the estimated
revenue value at the time of contract execution from new
contractual arrangements or the estimated revenue value incremental
to the portion of value that will be renewed under pre-existing
arrangements. Constant currency for net new bookings is
calculated using current period net new bookings denominated in
currencies other than United States dollars, converted into United
States dollars using the average exchange rate for those currencies
from the prior year period rather than the actual exchange rate in
effect during the current period.
Discussion of non-GAAP Financial Measures
We believe that providing the non-GAAP information to investors,
in addition to the GAAP presentation, allows investors to view the
financial results in the way management views the operating
results. We further believe that providing this information allows
investors to not only better understand our financial performance,
but more importantly, to evaluate the efficacy of the methodology
and information used by management to evaluate and measure such
performance. The non-GAAP information included in this press
release should not be considered superior to, or a substitute for,
financial statements prepared in accordance with GAAP. We utilize a
number of different financial measures, both Generally Accepted
Accounting Principles (“GAAP”) and non-GAAP, in analyzing and
assessing the overall performance of the business, for making
operating decisions and for forecasting and planning for future
periods. Our annual financial plan is prepared both on a GAAP and
non-GAAP basis, and the non-GAAP annual financial plan is approved
by our board of directors. Continuous budgeting and forecasting for
revenue and expenses are conducted on a consistent non-GAAP basis
(in addition to GAAP) and actual results on a non-GAAP basis are
assessed against the non-GAAP annual financial plan. The board of
directors and management utilize these non-GAAP measures and
results (in addition to the GAAP results) to determine our
allocation of resources. In addition, and as a consequence of the
importance of these measures in managing the business, we use
non-GAAP measures and results in the evaluation process to
establish management’s compensation. For example, our annual bonus
program payments are based upon the achievement of consolidated
non-GAAP revenue and consolidated non-GAAP earnings per share
financial targets. We consider the use of non-GAAP revenue helpful
in understanding the performance of our business, as it excludes
the purchase accounting impact on acquired deferred revenue and
other acquisition-related adjustments to revenue. We also consider
the use of non-GAAP earnings per share helpful in assessing the
organic performance of the continuing operations of our business.
By organic performance we mean performance as if we had owned an
acquired business in the same period a year ago. By constant
currency organic performance, we mean performance excluding the
effect of current foreign currency rate fluctuations. By
continuing operations, we mean the ongoing results of the business
excluding certain unplanned costs. While our management uses these
non-GAAP financial measures as a tool to enhance their
understanding of certain aspects of our financial performance, our
management does not consider these measures to be a substitute for,
or superior to, the information provided by GAAP financial
statements. Consistent with this approach, we believe that
disclosing non-GAAP financial measures to the readers of our
financial statements provides such readers with useful supplemental
data that, while not a substitute for GAAP financial statements,
allows for greater transparency in the review of our financial and
operational performance. In assessing the overall health of the
business during the three and six months ended March 31, 2018
and 2017, our management has either included or excluded items in
seven general categories, each of which is described below.
Acquisition-related revenue and cost of
revenue. We provide supplementary non-GAAP financial
measures of revenue that include revenue that we would have
recognized but for the purchase accounting treatment of acquisition
transactions. Non-GAAP revenue also includes revenue that we would
have recognized had we not acquired intellectual property and other
assets from the same customer. Because GAAP accounting requires the
elimination of this revenue, GAAP results alone do not fully
capture all of our economic activities. These non-GAAP adjustments
are intended to reflect the full amount of such revenue. We include
non-GAAP revenue and cost of revenue to allow for more complete
comparisons to the financial results of historical operations,
forward-looking guidance and the financial results of peer
companies. We believe these adjustments are useful to management
and investors as a measure of the ongoing performance of the
business because, although we cannot be certain that customers will
renew their contracts, we have historically experienced high
renewal rates on maintenance and support agreements and other
customer contracts. Additionally, although acquisition-related
revenue adjustments are non-recurring with respect to past
acquisitions, we generally will incur these adjustments in
connection with any future acquisitions.
Acquisition-related costs, net. In recent
years, we have completed a number of acquisitions, which result in
operating expenses, which would not otherwise have been incurred.
We provide supplementary non-GAAP financial measures, which exclude
certain transition, integration and other acquisition-related
expense items resulting from acquisitions, to allow more accurate
comparisons of the financial results to historical operations,
forward looking guidance and the financial results of less
acquisitive peer companies. We consider these types of costs and
adjustments, to a great extent, to be unpredictable and dependent
on a significant number of factors that are outside of our control.
Furthermore, we do not consider these acquisition-related costs and
adjustments to be related to the organic continuing operations of
the acquired businesses and are generally not relevant to assessing
or estimating the long-term performance of the acquired assets. In
addition, the size, complexity and/or volume of past acquisitions,
which often drives the magnitude of acquisition related costs, may
not be indicative of the size, complexity and/or volume of future
acquisitions. By excluding acquisition-related costs and
adjustments from our non-GAAP measures, management is better able
to evaluate our ability to utilize our existing assets and estimate
the long-term value that acquired assets will generate for us. We
believe that providing a supplemental non-GAAP measure, which
excludes these items allows management and investors to consider
the ongoing operations of the business both with, and without, such
expenses.
These acquisition-related costs fall into the following
categories: (i) transition and integration costs; (ii) professional
service fees and expenses; and (iii) acquisition-related
adjustments. Although these expenses are not recurring with respect
to past acquisitions, we generally will incur these expenses in
connection with any future acquisitions. These categories are
further discussed as follows:
(i) Transition and integration costs. Transition and
integration costs include retention payments, transitional employee
costs, and earn-out payments treated as compensation expense, as
well as the costs of integration-related activities, including
services provided by third-parties.
(ii) Professional service fees and expenses. Professional
service fees and expenses include financial advisory, legal,
accounting and other outside services incurred in connection with
acquisition activities, and disputes and regulatory matters related
to acquired entities.
(iii) Acquisition-related adjustments. Acquisition-related
adjustments include adjustments to acquisition-related items that
are required to be marked to fair value each reporting period, such
as contingent consideration, and other items related to
acquisitions for which the measurement period has ended, such as
gains or losses on settlements of pre-acquisition
contingencies.
Amortization of acquired intangible assets. We
exclude the amortization of acquired intangible assets from
non-GAAP expense and income measures. These amounts are
inconsistent in amount and frequency and are significantly impacted
by the timing and size of acquisitions. Providing a supplemental
measure which excludes these charges allows management and
investors to evaluate results “as-if” the acquired intangible
assets had been developed internally rather than acquired and,
therefore, provides a supplemental measure of performance in which
our acquired intellectual property is treated in a comparable
manner to our internally developed intellectual property. Although
we exclude amortization of acquired intangible assets from our
non-GAAP expenses, we believe that it is important for investors to
understand that such intangible assets contribute to revenue
generation. Amortization of intangible assets that relate to past
acquisitions will recur in future periods until such intangible
assets have been fully amortized. Future acquisitions may result in
the amortization of additional intangible assets.
Non-cash expenses. We provide non-GAAP
information relative to the following non-cash expenses: (i)
stock-based compensation; and (ii) non-cash interest. These
items are further discussed as follows:
(i) Stock-based compensation. Because of varying valuation
methodologies, subjective assumptions and the variety of award
types, we believe that excluding stock-based compensation allows
for more accurate comparisons of operating results to peer
companies, as well as to times in our history when stock-based
compensation was more or less significant as a portion of overall
compensation than in the current period. We evaluate performance
both with and without these measures because compensation expense
related to stock-based compensation is typically non-cash and the
options and restricted awards granted are influenced by the
Company’s stock price and other factors such as volatility that are
beyond our control. The expense related to stock-based awards is
generally not controllable in the short-term and can vary
significantly based on the timing, size and nature of awards
granted. As such, we do not include such charges in operating
plans. Stock-based compensation will continue in future
periods.
(ii) Non-cash interest. We exclude non-cash interest
because we believe that excluding this expense provides senior
management, as well as other users of the financial statements,
with a valuable perspective on the cash-based performance and
health of the business, including the current near-term projected
liquidity. Non-cash interest expense will continue in future
periods.
Other expenses. We exclude certain other
expenses that result from unplanned events outside the ordinary
course of continuing operations, in order to measure operating
performance and current and future liquidity both with and without
these expenses. By providing this information, we believe
management and the users of the financial statements are better
able to understand the financial results of what we consider to be
our organic, continuing operations. Included in these expenses are
items such as restructuring charges, asset impairments and other
charges (credits), net. These items include losses from
extinguishing our convertible debt. Other items such as
consulting and professional services fees related to assessing
strategic alternatives and our transformation program,
implementation of the new revenue recognition standard (ASC 606),
and expenses associated with the malware incident and remediation
thereof are also excluded.
Non-GAAP income tax provision. Effective Q2
2017, we changed our method of calculating our non-GAAP income tax
provision. Under the prior method, we calculated our non-GAAP tax
provision using a cash tax method to reflect the estimated amount
we expected to pay or receive in taxes related to the period, which
is equivalent to our GAAP current tax provision. Under the
new method, our non-GAAP income tax provision is determined based
on our non-GAAP pre-tax income. The tax effect of each non-GAAP
adjustment, if applicable, is computed based on the statutory tax
rate of the jurisdiction to which the adjustment relates.
Additionally, as our non-GAAP profitability is higher based on the
non-GAAP adjustments, we adjust the GAAP tax provision to remove
valuation allowances and related effects based on the higher level
of reported non-GAAP profitability. We also exclude from our
non-GAAP tax provision certain discrete tax items as they occur,
which in fiscal year 2018 also includes certain impacts from the
Tax Cuts and Jobs Act of 2017.
Contact
Information |
|
Richard Mack |
Nuance Communications,
Inc. |
Tel: 781-565-5000 |
Email:richard.mack@nuance.com |
|
|
Suzanne DuLong |
Nuance Communications,
Inc. |
Tel: 781-565-5077 |
Email:suzanne.dulong@nuance.com |
|
Financial Tables Follow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuance Communications, Inc. |
Condensed Consolidated Statements of Operations |
(in thousands, except per share amounts) |
Unaudited |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
|
March 31, |
|
March 31, |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional services and hosting |
|
$ |
274,574 |
|
|
$ |
258,690 |
|
|
$ |
533,601 |
|
|
$ |
512,107 |
|
Product
and licensing |
|
|
161,284 |
|
|
|
159,258 |
|
|
|
323,094 |
|
|
|
311,010 |
|
Maintenance and support |
|
|
78,366 |
|
|
|
81,625 |
|
|
|
159,174 |
|
|
|
164,114 |
|
Total
revenues |
|
|
514,224 |
|
|
|
499,573 |
|
|
|
1,015,869 |
|
|
|
987,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional services and hosting |
|
|
181,051 |
|
|
|
164,170 |
|
|
|
353,579 |
|
|
|
329,062 |
|
Product
and licensing |
|
|
18,966 |
|
|
|
18,790 |
|
|
|
38,035 |
|
|
|
37,168 |
|
Maintenance and support |
|
|
14,191 |
|
|
|
13,240 |
|
|
|
28,432 |
|
|
|
26,838 |
|
Amortization of intangible assets |
|
|
14,780 |
|
|
|
17,218 |
|
|
|
30,136 |
|
|
|
32,760 |
|
Total
cost of revenues |
|
|
228,988 |
|
|
|
213,418 |
|
|
|
450,182 |
|
|
|
425,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
285,236 |
|
|
|
286,155 |
|
|
|
565,687 |
|
|
|
561,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
|
74,185 |
|
|
|
66,232 |
|
|
|
147,551 |
|
|
|
132,554 |
|
Sales and
marketing |
|
|
94,187 |
|
|
|
93,674 |
|
|
|
196,147 |
|
|
|
195,190 |
|
General
and administrative |
|
|
74,288 |
|
|
|
41,518 |
|
|
|
127,180 |
|
|
|
81,308 |
|
Amortization of intangible assets |
|
|
22,670 |
|
|
|
27,912 |
|
|
|
45,734 |
|
|
|
55,771 |
|
Acquisition-related costs, net |
|
|
2,360 |
|
|
|
5,379 |
|
|
|
7,921 |
|
|
|
14,405 |
|
Restructuring and other charges, net |
|
|
8,948 |
|
|
|
19,911 |
|
|
|
23,749 |
|
|
|
26,614 |
|
Impairment of goodwill |
|
|
137,907 |
|
|
|
- |
|
|
|
137,907 |
|
|
|
- |
|
Total
operating expenses |
|
|
414,545 |
|
|
|
254,626 |
|
|
|
686,189 |
|
|
|
505,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
operations |
|
|
(129,309 |
) |
|
|
31,529 |
|
|
|
(120,502 |
) |
|
|
55,561 |
|
Other expenses,
net |
|
|
(32,200 |
) |
|
|
(56,196 |
) |
|
|
(66,300 |
) |
|
|
(93,803 |
) |
Loss before income
taxes |
|
|
(161,509 |
) |
|
|
(24,667 |
) |
|
|
(186,802 |
) |
|
|
(38,242 |
) |
Provision (benefit) for
income taxes |
|
|
2,544 |
|
|
|
9,141 |
|
|
|
(75,977 |
) |
|
|
19,494 |
|
Net loss |
|
$ |
(164,053 |
) |
|
$ |
(33,808 |
) |
|
$ |
(110,825 |
) |
|
$ |
(57,736 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.56 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.20 |
) |
Diluted |
|
$ |
(0.56 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
294,103 |
|
|
|
291,021 |
|
|
|
292,720 |
|
|
|
289,976 |
|
Diluted |
|
|
294,103 |
|
|
|
291,021 |
|
|
|
292,720 |
|
|
|
289,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuance Communications, Inc. |
|
Condensed Consolidated Balance Sheets |
|
(in thousands) |
|
Unaudited |
|
|
|
|
|
|
|
|
ASSETS |
|
March 31, 2018 |
|
September 30, 2017 |
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
468,642 |
|
$ |
592,299 |
|
|
Marketable
securities |
|
|
153,008 |
|
|
251,981 |
|
|
Accounts receivable,
net |
|
|
411,648 |
|
|
395,392 |
|
|
Prepaid expenses and
other current assets |
|
|
107,929 |
|
|
88,269 |
|
|
Total
current assets |
|
|
1,141,227 |
|
|
1,327,941 |
|
|
|
|
|
|
|
|
|
|
Marketable
securities |
|
|
27,087 |
|
|
29,844 |
|
Land,
building and equipment, net |
|
|
172,521 |
|
|
176,548 |
|
Goodwill |
|
|
3,472,849 |
|
|
3,590,608 |
|
Intangible
assets, net |
|
|
596,060 |
|
|
664,474 |
|
Other
assets |
|
|
147,016 |
|
|
142,508 |
|
|
Total
assets |
|
$ |
5,556,760 |
|
$ |
5,931,923 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Current portion of
long-term debt |
|
$ |
- |
|
$ |
376,121 |
|
|
Contingent and deferred
acquisition payments |
|
|
20,926 |
|
|
28,860 |
|
|
Accounts payable,
accrued expenses and other current liabilities |
|
|
307,447 |
|
|
340,505 |
|
|
Deferred revenue |
|
|
413,126 |
|
|
366,042 |
|
|
Total
current liabilities |
|
|
741,499 |
|
|
1,111,528 |
|
|
|
|
|
|
|
|
|
|
Long-term
debt |
|
|
2,311,484 |
|
|
2,241,283 |
|
Deferred
revenue, net of current portion |
|
|
469,575 |
|
|
423,929 |
|
Other
liabilities |
|
|
140,520 |
|
|
223,801 |
|
|
Total
liabilities |
|
|
3,663,078 |
|
|
4,000,541 |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
1,893,682 |
|
|
1,931,382 |
|
|
Total
liabilities and stockholders' equity |
|
$ |
5,556,760 |
|
$ |
5,931,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuance Communications, Inc. |
Consolidated Statements of Cash Flows |
(in thousands) |
Unaudited |
|
|
|
Three months ended |
|
Six months ended |
|
|
March 31, |
|
March 31, |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(164,053 |
) |
|
$ |
(33,808 |
) |
|
$ |
(110,825 |
) |
|
$ |
(57,736 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
52,740 |
|
|
|
58,638 |
|
|
|
107,055 |
|
|
|
116,644 |
|
Stock-based compensation |
|
|
33,749 |
|
|
|
40,348 |
|
|
|
71,735 |
|
|
|
79,478 |
|
Non-cash
interest expense |
|
|
11,854 |
|
|
|
13,732 |
|
|
|
25,195 |
|
|
|
26,771 |
|
Deferred
tax provision (benefit) |
|
|
6,895 |
|
|
|
3,637 |
|
|
|
(90,331 |
) |
|
|
5,643 |
|
Loss on
extinguishment of debt |
|
|
- |
|
|
|
18,565 |
|
|
|
- |
|
|
|
18,565 |
|
Impairment of goodwill |
|
|
137,907 |
|
|
|
- |
|
|
|
137,907 |
|
|
|
- |
|
Impairment of fixed asset |
|
|
434 |
|
|
|
10,944 |
|
|
|
1,780 |
|
|
|
10,944 |
|
Other |
|
|
1,294 |
|
|
|
487 |
|
|
|
579 |
|
|
|
2,342 |
|
Changes
in operating assets and liabilities, excluding effects of
acquisitions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
23,925 |
|
|
|
8,282 |
|
|
|
(12,415 |
) |
|
|
(1,431 |
) |
Prepaid
expenses and other assets |
|
|
(3,087 |
) |
|
|
3,704 |
|
|
|
(22,059 |
) |
|
|
(12,295 |
) |
Accounts
payable |
|
|
8,083 |
|
|
|
20,244 |
|
|
|
(3,773 |
) |
|
|
(1,000 |
) |
Accrued
expenses and other liabilities |
|
|
2,131 |
|
|
|
(16,420 |
) |
|
|
5,230 |
|
|
|
(10,579 |
) |
Deferred
revenue |
|
|
(2,612 |
) |
|
|
(2,919 |
) |
|
|
85,287 |
|
|
|
72,988 |
|
Net cash
provided by operating activities |
|
|
109,260 |
|
|
|
125,434 |
|
|
|
195,365 |
|
|
|
250,334 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures |
|
|
(12,783 |
) |
|
|
(7,388 |
) |
|
|
(25,326 |
) |
|
|
(18,787 |
) |
Payments
for business and asset acquisitions, net of cash acquired |
|
|
(4,120 |
) |
|
|
(50,041 |
) |
|
|
(12,768 |
) |
|
|
(72,990 |
) |
Purchases of marketable securities and other investments |
|
|
(60,547 |
) |
|
|
(81,054 |
) |
|
|
(92,994 |
) |
|
|
(153,851 |
) |
Proceeds
from sales and maturities of marketable securities and other
investments |
|
|
35,468 |
|
|
|
59,553 |
|
|
|
195,273 |
|
|
|
69,658 |
|
Net cash
(used in) provided by investing activities |
|
|
(41,982 |
) |
|
|
(78,930 |
) |
|
|
64,185 |
|
|
|
(175,970 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment and redemption of debt |
|
|
- |
|
|
|
(634,055 |
) |
|
|
(331,172 |
) |
|
|
(634,055 |
) |
Proceeds
from issuance of long-term debt, net of issuance costs |
|
|
- |
|
|
|
343,959 |
|
|
|
- |
|
|
|
838,959 |
|
Payments
for repurchase of common stock |
|
|
- |
|
|
|
(99,077 |
) |
|
|
- |
|
|
|
(99,077 |
) |
Acquisition payments with extended payment terms |
|
|
(47 |
) |
|
|
- |
|
|
|
(16,927 |
) |
|
|
- |
|
Proceeds
from issuance of common stock from employee stock plans |
|
|
9,354 |
|
|
|
8,553 |
|
|
|
9,360 |
|
|
|
8,598 |
|
Payments
for taxes related to net share settlement of equity awards |
|
|
(5,389 |
) |
|
|
(2,993 |
) |
|
|
(44,006 |
) |
|
|
(43,353 |
) |
Other
financing activities |
|
|
(582 |
) |
|
|
(119 |
) |
|
|
(647 |
) |
|
|
(206 |
) |
Net cash
provided by (used in) financing activities |
|
|
3,336 |
|
|
|
(383,732 |
) |
|
|
(383,392 |
) |
|
|
70,866 |
|
Effects
of exchange rate changes on cash and cash equivalents |
|
|
(433 |
) |
|
|
1,261 |
|
|
|
185 |
|
|
|
(1,210 |
) |
Net
increase (decrease) in cash and cash equivalents |
|
|
70,181 |
|
|
|
(335,967 |
) |
|
|
(123,657 |
) |
|
|
144,020 |
|
Cash and
cash equivalents at beginning of period |
|
|
398,461 |
|
|
|
961,607 |
|
|
|
592,299 |
|
|
|
481,620 |
|
Cash and
cash equivalents at end of period |
|
$ |
468,642 |
|
|
$ |
625,640 |
|
|
$ |
468,642 |
|
|
$ |
625,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuance Communications, Inc. |
|
Supplemental Financial Information - GAAP to Non-GAAP
Reconciliations |
|
(in thousands) |
|
Unaudited |
|
|
|
|
|
Three months ended |
|
Six months ended |
|
|
|
March 31, |
|
March 31, |
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
revenues |
|
$ |
514,224 |
|
|
$ |
499,573 |
|
|
$ |
1,015,869 |
|
|
$ |
987,231 |
|
|
Acquisition-related revenue adjustments: professional services and
hosting |
|
|
1,020 |
|
|
|
2,817 |
|
|
|
2,295 |
|
|
|
5,250 |
|
|
Acquisition-related revenue adjustments: product and licensing |
|
|
2,934 |
|
|
|
8,313 |
|
|
|
8,781 |
|
|
|
14,029 |
|
|
Acquisition-related revenue adjustments: maintenance and
support |
|
|
136 |
|
|
|
394 |
|
|
|
194 |
|
|
|
605 |
|
|
Non-GAAP
revenues |
|
$ |
518,314 |
|
|
$ |
511,097 |
|
|
$ |
1,027,139 |
|
|
$ |
1,007,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP cost of
revenues |
|
$ |
228,988 |
|
|
$ |
213,418 |
|
|
$ |
450,182 |
|
|
$ |
425,828 |
|
|
Cost of
revenues from amortization of intangible assets |
|
|
(14,780 |
) |
|
|
(17,218 |
) |
|
|
(30,136 |
) |
|
|
(32,760 |
) |
|
Cost of
revenues adjustments: professional services and hosting (1) |
|
|
(6,322 |
) |
|
|
(8,080 |
) |
|
|
(13,729 |
) |
|
|
(16,490 |
) |
|
Cost of
revenues adjustments: product and licensing (1) |
|
|
(112 |
) |
|
|
(102 |
) |
|
|
(378 |
) |
|
|
(194 |
) |
|
Cost of
revenues adjustments: maintenance and support (1) |
|
|
(885 |
) |
|
|
(1,010 |
) |
|
|
(2,089 |
) |
|
|
(1,987 |
) |
|
Non-GAAP cost
of revenues |
|
$ |
206,889 |
|
|
$ |
187,008 |
|
|
$ |
403,850 |
|
|
$ |
374,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit |
|
$ |
285,236 |
|
|
$ |
286,155 |
|
|
$ |
565,687 |
|
|
$ |
561,403 |
|
|
Gross
profit adjustments |
|
|
26,189 |
|
|
|
37,934 |
|
|
|
57,602 |
|
|
|
71,315 |
|
|
Non-GAAP gross
profit |
|
$ |
311,425 |
|
|
$ |
324,089 |
|
|
$ |
623,289 |
|
|
$ |
632,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP (loss)
income from operations |
|
$ |
(129,309 |
) |
|
$ |
31,529 |
|
|
$ |
(120,502 |
) |
|
$ |
55,561 |
|
|
Gross
profit adjustments |
|
|
26,189 |
|
|
|
37,934 |
|
|
|
57,602 |
|
|
|
71,315 |
|
|
Research
and development (1) |
|
|
8,396 |
|
|
|
8,398 |
|
|
|
18,092 |
|
|
|
16,888 |
|
|
Sales and
marketing (1) |
|
|
8,366 |
|
|
|
11,018 |
|
|
|
19,042 |
|
|
|
22,987 |
|
|
General
and administrative (1) |
|
|
9,668 |
|
|
|
11,740 |
|
|
|
18,405 |
|
|
|
20,932 |
|
|
Acquisition-related costs, net |
|
|
2,360 |
|
|
|
5,379 |
|
|
|
7,921 |
|
|
|
14,405 |
|
|
Amortization of intangible assets |
|
|
22,670 |
|
|
|
27,912 |
|
|
|
45,734 |
|
|
|
55,771 |
|
|
Restructuring and other charges, net |
|
|
8,948 |
|
|
|
19,911 |
|
|
|
23,749 |
|
|
|
26,614 |
|
|
Impairment of goodwill |
|
|
137,907 |
|
|
|
- |
|
|
|
137,907 |
|
|
|
- |
|
|
Other
(4) |
|
|
31,212 |
|
|
|
2,721 |
|
|
|
43,176 |
|
|
|
5,711 |
|
|
Non-GAAP income
from operations |
|
$ |
126,407 |
|
|
$ |
156,542 |
|
|
$ |
251,126 |
|
|
$ |
290,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss
before income taxes |
|
$ |
(161,509 |
) |
|
$ |
(24,667 |
) |
|
$ |
(186,802 |
) |
|
$ |
(38,242 |
) |
|
Gross
profit adjustments |
|
|
26,189 |
|
|
|
37,934 |
|
|
|
57,602 |
|
|
|
71,315 |
|
|
Research
and development (1) |
|
|
8,396 |
|
|
|
8,398 |
|
|
|
18,092 |
|
|
|
16,888 |
|
|
Sales and
marketing (1) |
|
|
8,366 |
|
|
|
11,018 |
|
|
|
19,042 |
|
|
|
22,987 |
|
|
General
and administrative (1) |
|
|
9,668 |
|
|
|
11,740 |
|
|
|
18,405 |
|
|
|
20,932 |
|
|
Acquisition-related costs, net |
|
|
2,360 |
|
|
|
5,379 |
|
|
|
7,921 |
|
|
|
14,405 |
|
|
Amortization of intangible assets |
|
|
22,670 |
|
|
|
27,912 |
|
|
|
45,734 |
|
|
|
55,771 |
|
|
Restructuring and other charges, net |
|
|
8,948 |
|
|
|
19,911 |
|
|
|
23,749 |
|
|
|
26,614 |
|
|
Impairment of goodwill |
|
|
137,907 |
|
|
|
- |
|
|
|
137,907 |
|
|
|
- |
|
|
Non-cash
interest expense |
|
|
11,854 |
|
|
|
13,732 |
|
|
|
25,195 |
|
|
|
26,771 |
|
|
Loss on
extinguishment of debt |
|
|
- |
|
|
|
18,565 |
|
|
|
- |
|
|
|
18,565 |
|
|
Other
(4) |
|
|
31,212 |
|
|
|
2,721 |
|
|
|
43,176 |
|
|
|
5,711 |
|
|
Non-GAAP income
before income taxes |
|
$ |
106,061 |
|
|
$ |
132,643 |
|
|
$ |
210,021 |
|
|
$ |
241,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Includes approximately $28 million and $38 million in
professional services costs associated with considering strategic
alternatives for certain businesses and establishing our Automotive
business as an independent reporting segment, for the three and six
months ended March 31, 2018, respectively. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuance Communications, Inc. |
Supplemental Financial Information - GAAP to Non-GAAP
Reconciliations, continued |
(in thousands, except per share amounts) |
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
|
March 31, |
|
March 31, |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP provision
(benefit) for income taxes |
|
$ |
2,544 |
|
|
$ |
9,141 |
|
|
$ |
(75,977 |
) |
|
$ |
19,494 |
|
Income
tax effect of Non-GAAP adjustments |
|
|
37,069 |
|
|
|
50,658 |
|
|
|
69,230 |
|
|
|
93,289 |
|
Removal
of valuation allowance and other items |
|
|
(20,540 |
) |
|
|
(18,254 |
) |
|
|
(34,083 |
) |
|
|
(39,001 |
) |
Removal
of discrete items (3) |
|
|
7,874 |
|
|
|
(1,675 |
) |
|
|
91,069 |
|
|
|
(1,732 |
) |
Non-GAAP
provision for income taxes |
|
$ |
26,947 |
|
|
$ |
39,870 |
|
|
$ |
50,239 |
|
|
$ |
72,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss |
|
$ |
(164,053 |
) |
|
$ |
(33,808 |
) |
|
$ |
(110,825 |
) |
|
$ |
(57,736 |
) |
Acquisition-related adjustment - revenues (2) |
|
|
4,090 |
|
|
|
11,524 |
|
|
|
11,270 |
|
|
|
19,884 |
|
Acquisition-related costs, net |
|
|
2,360 |
|
|
|
5,379 |
|
|
|
7,921 |
|
|
|
14,405 |
|
Cost of
revenue from amortization of intangible assets |
|
|
14,780 |
|
|
|
17,218 |
|
|
|
30,136 |
|
|
|
32,760 |
|
Amortization of intangible assets |
|
|
22,670 |
|
|
|
27,912 |
|
|
|
45,734 |
|
|
|
55,771 |
|
Restructuring and other charges, net |
|
|
8,948 |
|
|
|
19,911 |
|
|
|
23,749 |
|
|
|
26,614 |
|
Loss on
extinguishment of debt |
|
|
- |
|
|
|
18,565 |
|
|
|
- |
|
|
|
18,565 |
|
Impairment of goodwill |
|
|
137,907 |
|
|
|
- |
|
|
|
137,907 |
|
|
|
- |
|
Stock-based compensation (1) |
|
|
33,749 |
|
|
|
40,348 |
|
|
|
71,735 |
|
|
|
79,478 |
|
Non-cash
interest expense |
|
|
11,854 |
|
|
|
13,732 |
|
|
|
25,195 |
|
|
|
26,771 |
|
Adjustment to income tax expense |
|
|
(24,403 |
) |
|
|
(30,729 |
) |
|
|
(126,216 |
) |
|
|
(52,556 |
) |
Other
(4) |
|
|
31,212 |
|
|
|
2,721 |
|
|
|
43,176 |
|
|
|
5,711 |
|
Non-GAAP net
income |
|
$ |
79,114 |
|
|
$ |
92,773 |
|
|
$ |
159,782 |
|
|
$ |
169,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
diluted net income per share |
|
$ |
0.27 |
|
|
$ |
0.32 |
|
|
$ |
0.53 |
|
|
$ |
0.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
weighted average common shares outstanding |
|
|
296,449 |
|
|
|
293,072 |
|
|
|
299,822 |
|
|
|
293,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) As a result of the Tax Cuts and Jobs Act of 2017 (‘TCJA’),
for the six months ended March 31, 2018, we record a tax
benefit of approximately $87.0 million related to remeasuring
certain deferred tax assets and liabilities at the lower rates,
offset in part by a $2.0 million provision for the deemed
repatriation of foreign cash and earnings. For the three
months ended March 31, 2018, we recorded a tax expense of
approximately $10.0 million, as we revised our estimates of the
deferred tax benefit, offset by a cash tax benefit of $12.0 million
based on recent IRS guidance regarding the mandatory one-time
repatriation tax, reducing the original $14.0 million tax expense
recorded in the first quarter of 2018. Also for the three and six
months ended March 31, 2018, we recorded a tax benefit of $8.5
million related to the impairment of deductible goodwill in
Brazil. |
|
(4) Includes approximately $28 million and $38 million in
professional services costs associated with considering strategic
alternatives for certain businesses and establishing our Automotive
business as an independent reporting segment, for the three and six
months ended March 31, 2018, respectively. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuance Communications, Inc. |
Supplemental Financial Information - GAAP to Non-GAAP
Reconciliations, continued |
(in thousands) |
Unaudited |
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
March 31, |
|
March 31, |
|
|
2018 |
|
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
professional services and hosting |
$ |
6,322 |
|
|
$ |
8,080 |
|
$ |
13,729 |
|
$ |
16,490 |
Cost of
product and licensing |
|
112 |
|
|
|
102 |
|
|
378 |
|
|
194 |
Cost of
maintenance and support |
|
885 |
|
|
|
1,010 |
|
|
2,089 |
|
|
1,987 |
Research
and development |
|
8,396 |
|
|
|
8,398 |
|
|
18,092 |
|
|
16,888 |
Sales and
marketing |
|
8,366 |
|
|
|
11,018 |
|
|
19,042 |
|
|
22,987 |
General
and administrative |
|
9,668 |
|
|
|
11,740 |
|
|
18,405 |
|
|
20,932 |
Total |
$ |
33,749 |
|
|
$ |
40,348 |
|
$ |
71,735 |
|
$ |
79,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Acquisition-related
revenue and cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
4,090 |
|
|
$ |
11,524 |
|
$ |
11,270 |
|
$ |
19,884 |
Total |
$ |
4,090 |
|
|
$ |
11,524 |
|
$ |
11,270 |
|
$ |
19,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuance Communications, Inc. |
Supplemental Financial Information – GAAP to Non-GAAP
Reconciliations, continued |
(in millions) |
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hosting Revenues |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
FY |
|
Q1 |
|
Q2 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2018 |
|
2018 |
GAAP Revenues |
|
$ |
193.3 |
|
$ |
202.2 |
|
$ |
189.4 |
|
$ |
149.0 |
|
$ |
733.8 |
|
$ |
185.1 |
|
$ |
194.4 |
Adjustment |
|
|
2.3 |
|
|
2.7 |
|
|
3.1 |
|
|
2.0 |
|
|
10.1 |
|
|
1.2 |
|
|
1.0 |
Non-GAAP Revenues |
|
$ |
195.6 |
|
$ |
204.8 |
|
$ |
192.5 |
|
$ |
150.9 |
|
$ |
743.9 |
|
$ |
186.3 |
|
$ |
195.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance and Support Revenues |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
FY |
|
Q1 |
|
Q2 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2018 |
|
2018 |
GAAP Revenues |
|
$ |
82.5 |
|
$ |
81.6 |
|
$ |
80.5 |
|
$ |
82.5 |
|
$ |
327.1 |
|
$ |
80.8 |
|
$ |
78.4 |
Adjustment |
|
|
0.2 |
|
|
0.4 |
|
|
0.2 |
|
|
0.2 |
|
|
1.0 |
|
|
0.1 |
|
|
0.1 |
Non-GAAP Revenues |
|
$ |
82.7 |
|
$ |
82.0 |
|
$ |
80.7 |
|
$ |
82.7 |
|
$ |
328.1 |
|
$ |
80.9 |
|
$ |
78.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Perpetual Product and Licensing Revenues |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
FY |
|
Q1 |
|
Q2 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2018 |
|
2018 |
GAAP Revenues |
|
$ |
78.7 |
|
$ |
76.5 |
|
$ |
73.5 |
|
$ |
77.3 |
|
$ |
306.0 |
|
$ |
76.6 |
|
$ |
73.0 |
Adjustment |
|
|
0.7 |
|
|
0.5 |
|
|
0.9 |
|
|
0.4 |
|
|
2.4 |
|
|
0.4 |
|
|
0.3 |
Non-GAAP Revenues |
|
$ |
79.3 |
|
$ |
77.0 |
|
$ |
74.4 |
|
$ |
77.7 |
|
$ |
308.4 |
|
$ |
76.9 |
|
$ |
73.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring Product and Licensing Revenues |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
FY |
|
Q1 |
|
Q2 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2018 |
|
2018 |
GAAP Revenues |
|
$ |
73.1 |
|
$ |
82.8 |
|
$ |
80.8 |
|
$ |
92.8 |
|
$ |
329.4 |
|
$ |
85.2 |
|
$ |
88.3 |
Adjustment |
|
|
5.1 |
|
|
7.8 |
|
|
5.0 |
|
|
6.1 |
|
|
24.1 |
|
|
5.4 |
|
|
2.7 |
Non-GAAP Revenues |
|
$ |
78.2 |
|
$ |
90.6 |
|
$ |
85.8 |
|
$ |
98.9 |
|
$ |
353.5 |
|
$ |
90.7 |
|
$ |
90.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional Services Revenues |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
FY |
|
Q1 |
|
Q2 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2018 |
|
2018 |
GAAP Revenues |
|
$ |
60.1 |
|
$ |
56.5 |
|
$ |
62.1 |
|
$ |
64.3 |
|
$ |
243.1 |
|
$ |
73.9 |
|
$ |
80.2 |
Adjustment |
|
|
0.2 |
|
|
0.1 |
|
|
0.1 |
|
|
0.1 |
|
|
0.5 |
|
|
0.1 |
|
|
- |
Non-GAAP Revenues |
|
$ |
60.3 |
|
$ |
56.7 |
|
$ |
62.2 |
|
$ |
64.4 |
|
$ |
243.6 |
|
$ |
74.0 |
|
$ |
80.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Recurring Revenues |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
FY |
|
Q1 |
|
Q2 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2018 |
|
2018 |
GAAP Revenues |
|
$ |
353.0 |
|
$ |
370.2 |
|
$ |
354.5 |
|
$ |
328.6 |
|
$ |
1,406.4 |
|
$ |
355.3 |
|
$ |
365.0 |
Adjustment |
|
|
7.5 |
|
|
11.4 |
|
|
8.7 |
|
|
8.2 |
|
|
35.9 |
|
|
6.9 |
|
|
3.9 |
Non-GAAP Revenues |
|
$ |
360.5 |
|
$ |
381.7 |
|
$ |
363.2 |
|
$ |
336.8 |
|
$ |
1,442.3 |
|
$ |
362.2 |
|
$ |
368.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedules may not add due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuance Communications (NASDAQ:NUAN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Nuance Communications (NASDAQ:NUAN)
Historical Stock Chart
From Apr 2023 to Apr 2024