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99.1 | Press Release dated November 16, 2015 by Nuance Communications, Inc. | ||
99.2 | Supplemental Financial Information | ||
NUANCE COMMUNICATIONS, INC. | ||||||
Date: November 16, 2015 | By: | /s/ Daniel D. Tempesta | ||||
Daniel D. Tempesta Executive Vice President and Chief Financial Officer |
99.1 | Press Release dated November 16, 2015 by Nuance Communications, Inc. | ||
99.2 | Supplemental Financial Information | ||
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Press release |
© 2015 Nuance Communications, Inc. All rights reserved. |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Press release |
© 2015 Nuance Communications, Inc. All rights reserved. |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Press release |
© 2015 Nuance Communications, Inc. All rights reserved. |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Press release |
© 2015 Nuance Communications, Inc. All rights reserved. |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Press release |
© 2015 Nuance Communications, Inc. All rights reserved. |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Press release |
For Press and Investors Richard Mack Nuance Communications, Inc. Tel: 781-565-5000 Email: richard.mack@nuance.com |
© 2015 Nuance Communications, Inc. All rights reserved. |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Press release |
Three months ended September 30, | Twelve months ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenues: | ||||||||||||||||
Product and licensing | $ | 189,345 | $ | 189,508 | $ | 696,290 | $ | 710,988 | ||||||||
Professional services and hosting | 234,552 | 233,557 | 919,479 | 910,916 | ||||||||||||
Maintenance and support | 80,222 | 79,249 | 315,367 | 301,547 | ||||||||||||
Total revenues | 504,119 | 502,314 | 1,931,136 | 1,923,451 | ||||||||||||
Cost of revenues: | ||||||||||||||||
Product and licensing | 23,341 | 22,952 | 91,839 | 97,550 | ||||||||||||
Professional services and hosting | 157,692 | 157,644 | 619,880 | 633,248 | ||||||||||||
Maintenance and support | 13,363 | 14,020 | 54,514 | 52,553 | ||||||||||||
Amortization of intangible assets | 17,108 | 15,447 | 63,646 | 60,989 | ||||||||||||
Total cost of revenues | 211,504 | 210,063 | 829,879 | 844,340 | ||||||||||||
Gross profit | 292,615 | 292,251 | 1,101,257 | 1,079,111 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 73,939 | 86,355 | 310,332 | 338,543 | ||||||||||||
Sales and marketing | 107,093 | 107,575 | 410,882 | 424,544 | ||||||||||||
General and administrative | 45,178 | 52,773 | 182,456 | 184,663 | ||||||||||||
Amortization of intangible assets | 26,104 | 27,733 | 104,630 | 109,063 | ||||||||||||
Acquisition-related cost, net | 677 | 5,508 | 14,379 | 24,218 | ||||||||||||
Restructuring and other charges, net | 10,966 | 2,265 | 23,669 | 19,443 | ||||||||||||
Total operating expenses | 263,957 | 282,209 | 1,046,348 | 1,100,474 | ||||||||||||
Income (loss) from operations | 28,658 | 10,042 | 54,909 | (21,363) | ||||||||||||
Other expense, net | (28,553 | ) | (32,506 | ) | (135,381 | ) | (133,657) | |||||||||
Income (loss) before income taxes | 105 | (22,464 | ) | (80,472 | ) | (155,020) | ||||||||||
Provision (benefit) for income taxes | 11,132 | (21,008 | ) | 34,538 | (4,677) | |||||||||||
Net loss | $ | (11,027 | ) | $ | (1,456 | ) | $ | (115,010 | ) | $ | (150,343 | ) | ||||
Net loss per share: | ||||||||||||||||
Basic | $ | (0.04 | ) | $ | (0.00 | ) | $ | (0.36 | ) | $ | (0.47 | ) | ||||
Diluted | $ | (0.04 | ) | $ | (0.00 | ) | $ | (0.36 | ) | $ | (0.47 | ) | ||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 309,281 | 318,725 | 317,028 | 316,936 | ||||||||||||
Diluted | 309,281 | 318,725 | 317,028 | 316,936 |
© 2015 Nuance Communications, Inc. All rights reserved. |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Press release |
September 30, 2015 | September 30, 2014 | ||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 479,449 | $ | 547,230 | |||||
Marketable securities | 57,237 | 40,974 | |||||||
Accounts receivable, net | 373,162 | 428,266 | |||||||
Prepaid expenses and other current assets | 134,086 | 148,030 | |||||||
Total current assets | 1,043,934 | 1,164,500 | |||||||
Marketable securities | 32,099 | — | |||||||
Land, building and equipment, net | 186,007 | 191,411 | |||||||
Goodwill | 3,378,334 | 3,410,893 | |||||||
Intangible assets, net | 796,285 | 915,483 | |||||||
Other assets | 148,686 | 137,997 | |||||||
Total assets | $ | 5,585,345 | $ | 5,820,284 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Current liabilities: | |||||||||
Current portion of long-term debt | $ | 4,834 | $ | 4,834 | |||||
Contingent and deferred acquisition payments | 15,651 | 35,911 | |||||||
Accounts payable and accrued expenses | 281,190 | 303,039 | |||||||
Deferred revenue | 324,709 | 298,225 | |||||||
Total current liabilities | 626,384 | 642,009 | |||||||
Long-term portion of debt | 2,118,821 | 2,127,392 | |||||||
Deferred revenue, net of current portion | 343,452 | 249,879 | |||||||
Other liabilities | 231,436 | 219,012 | |||||||
Total liabilities | 3,320,093 | 3,238,292 | |||||||
Stockholders' equity | 2,265,252 | 2,581,992 | |||||||
Total liabilities and stockholders' equity | $ | 5,585,345 | $ | 5,820,284 |
© 2015 Nuance Communications, Inc. All rights reserved. |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Press release |
Three months ended | Twelve months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net loss | $ | (11,027 | ) | $ | (1,456 | ) | $ | (115,010 | ) | $ | (150,343 | ) | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||||
Depreciation and amortization | 58,753 | 56,496 | 230,645 | 221,776 | ||||||||||||
Stock-based compensation | 56,804 | 45,423 | 176,776 | 192,964 | ||||||||||||
Non-cash interest expense | 7,300 | 8,532 | 29,378 | 36,719 | ||||||||||||
Deferred tax provision (benefit) | 9,161 | (24,523 | ) | 16,690 | (22,172 | ) | ||||||||||
Loss on extinguishment of debt | — | — | 17,714 | — | ||||||||||||
Other | 4,203 | (3,432 | ) | 9,843 | (7,726 | ) | ||||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | ||||||||||||||||
Accounts receivable | (9,333 | ) | (34,796 | ) | 41,657 | (39,502 | ) | |||||||||
Prepaid expenses and other assets | 10,778 | 9,057 | (3,931 | ) | (396 | ) | ||||||||||
Accounts payable | 11,429 | (3,614 | ) | (3,218 | ) | (28,617 | ) | |||||||||
Accrued expenses and other liabilities | (4,952 | ) | 9,983 | (48,118 | ) | 13,617 | ||||||||||
Deferred revenue | 18,491 | 34,264 | 135,151 | 141,827 | ||||||||||||
Net cash provided by operating activities | 151,607 | 95,934 | 487,577 | 358,147 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (9,880 | ) | (18,928 | ) | (58,039 | ) | (60,287 | ) | ||||||||
Payments for business and technology acquisitions, net of cash acquired | (1,244 | ) | (116,817 | ) | (83,278 | ) | (253,000 | ) | ||||||||
Purchases of marketable securities and other investments | (33,932 | ) | (43,026 | ) | (148,697 | ) | (62,639 | ) | ||||||||
Proceeds from sales and maturities of marketable securities and other investments | 34,386 | 32,124 | 83,867 | 64,975 | ||||||||||||
Net cash used in investing activities | (10,670 | ) | (146,647 | ) | (206,147 | ) | (310,951 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||||||
Payments of debt | (1,208 | ) | (251,183 | ) | (261,051 | ) | (255,038 | ) | ||||||||
Proceeds from long-term debt, net of issuance costs | (2,988 | ) | — | 253,224 | — | |||||||||||
Payments for repurchase of common stock | (60,076 | ) | — | (298,279 | ) | (26,483 | ) | |||||||||
Payments on other long-term liabilities | (620 | ) | (674 | ) | (3,003 | ) | (2,890 | ) | ||||||||
Payments for settlement of share-based derivatives, net | — | — | (340 | ) | (5,286 | ) | ||||||||||
Proceeds from issuance of common stock from employee stock plans | 13,441 | 9,127 | 25,776 | 22,652 | ||||||||||||
Cash used to net share settle employee equity awards | (4,287 | ) | (4,803 | ) | (57,560 | ) | (40,121 | ) | ||||||||
Net cash used in financing activities | (55,738 | ) | (247,533 | ) | (341,233 | ) | (307,166 | ) | ||||||||
Effects of exchange rate changes on cash and cash equivalents | (2,866 | ) | (1,460 | ) | (7,978 | ) | (918 | ) | ||||||||
Net increase (decrease) in cash and cash equivalents | 82,333 | (299,706 | ) | (67,781 | ) | (260,888 | ) | |||||||||
Cash and cash equivalents at beginning of period | 397,116 | 846,936 | 547,230 | 808,118 | ||||||||||||
Cash and cash equivalents at end of period | $ | 479,449 | $ | 547,230 | $ | 479,449 | $ | 547,230 |
© 2015 Nuance Communications, Inc. All rights reserved. |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Press release |
Three months ended | Twelve months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
GAAP revenue | $ | 504,119 | $ | 502,314 | $ | 1,931,136 | $ | 1,923,451 | ||||||||
Acquisition-related revenue adjustments: product and licensing | 6,026 | 12,914 | 32,923 | 37,298 | ||||||||||||
Acquisition-related revenue adjustments: professional services and hosting | 2,843 | 4,346 | 13,142 | 23,117 | ||||||||||||
Acquisition-related revenue adjustments: maintenance and support | 332 | 679 | 1,868 | 3,219 | ||||||||||||
Non-GAAP revenue | $ | 513,320 | $ | 520,253 | $ | 1,979,069 | $ | 1,987,085 | ||||||||
GAAP cost of revenue | $ | 211,504 | $ | 210,063 | $ | 829,879 | $ | 844,340 | ||||||||
Cost of revenue from amortization of intangible assets | (17,108 | ) | (15,447 | ) | (63,646 | ) | (60,989 | ) | ||||||||
Cost of revenue adjustments: product and licensing (1,2) | 140 | 939 | 1,021 | 2,171 | ||||||||||||
Cost of revenue adjustments: professional services and hosting (1,2) | (10,494 | ) | (7,402 | ) | (29,735 | ) | (30,804 | ) | ||||||||
Cost of revenue adjustments: maintenance and support (1,2) | (1,413 | ) | (946 | ) | (3,989 | ) | (3,426 | ) | ||||||||
Non-GAAP cost of revenue | $ | 182,629 | $ | 187,207 | $ | 733,530 | $ | 751,292 | ||||||||
GAAP gross profit | $ | 292,615 | $ | 292,251 | $ | 1,101,257 | $ | 1,079,111 | ||||||||
Gross profit adjustments | 38,076 | 40,795 | 144,282 | 156,682 | ||||||||||||
Non-GAAP gross profit | $ | 330,691 | $ | 333,046 | $ | 1,245,539 | $ | 1,235,793 | ||||||||
GAAP income (loss) from operations | $ | 28,658 | $ | 10,042 | $ | 54,909 | $ | (21,363 | ) | |||||||
Gross profit adjustments | 38,076 | 40,795 | 144,282 | 156,682 | ||||||||||||
Research and development (1) | 12,651 | 10,436 | 39,038 | 44,139 | ||||||||||||
Sales and marketing (1) | 18,134 | 14,338 | 50,310 | 53,448 | ||||||||||||
General and administrative (1) | 13,638 | 12,462 | 51,955 | 59,164 | ||||||||||||
Amortization of intangible assets | 26,104 | 27,733 | 104,630 | 109,063 | ||||||||||||
Costs associated with IP collaboration agreements | 2,000 | 4,937 | 10,500 | 19,748 | ||||||||||||
Acquisition-related costs, net | 677 | 5,508 | 14,379 | 24,218 | ||||||||||||
Restructuring and other charges, net | 10,966 | 2,265 | 23,669 | 19,443 | ||||||||||||
Other | 4,342 | 6,124 | 24,933 | 7,185 | ||||||||||||
Non-GAAP income from operations | $ | 155,246 | $ | 134,640 | $ | 518,605 | $ | 471,727 | ||||||||
GAAP provision (benefit) for income taxes | $ | 11,132 | $ | (21,008 | ) | $ | 34,538 | $ | (4,677 | ) | ||||||
Non-cash taxes | (6,621 | ) | 24,853 | (15,199 | ) | 22,172 | ||||||||||
Non-GAAP provision for income taxes | $ | 4,511 | $ | 3,845 | $ | 19,339 | $ | 17,495 | ||||||||
GAAP net loss | $ | (11,027 | ) | $ | (1,456 | ) | $ | (115,010 | ) | $ | (150,343 | ) | ||||
Acquisition-related adjustment - revenue (2) | 9,201 | 17,939 | 47,933 | 63,634 | ||||||||||||
Acquisition-related adjustment - cost of revenue (2) | (614 | ) | (778 | ) | (2,770 | ) | (4,154 | ) | ||||||||
Acquisition-related costs, net | 677 | 5,508 | 14,379 | 24,218 | ||||||||||||
Cost of revenue from amortization of intangible assets | 17,108 | 15,447 | 63,646 | 60,989 | ||||||||||||
Amortization of intangible assets | 26,104 | 27,733 | 104,630 | 109,063 | ||||||||||||
Restructuring and other charges, net | 10,966 | 2,265 | 23,669 | 19,443 | ||||||||||||
Non-cash stock-based compensation (1) | 56,804 | 45,423 | 176,776 | 192,964 | ||||||||||||
Non-cash interest expense | 7,300 | 8,532 | 29,378 | 36,719 | ||||||||||||
Non-cash income taxes | 6,621 | (24,853 | ) | 15,199 | (22,172 | ) | ||||||||||
Costs associated with IP collaboration agreements | 2,000 | 4,937 | 10,500 | 19,748 | ||||||||||||
Change in fair value of share-based instruments | — | 787 | 204 | 4,358 | ||||||||||||
Loss on extinguishment of debt | — | — | 17,714 | — | ||||||||||||
Other | 4,507 | 6,124 | 25,362 | 5,670 | ||||||||||||
Non-GAAP net income | $ | 129,647 | $ | 107,608 | $ | 411,610 | $ | 360,137 | ||||||||
Non-GAAP diluted net income per share | $ | 0.41 | $ | 0.33 | $ | 1.27 | $ | 1.12 | ||||||||
Diluted weighted average common shares outstanding | 317,443 | 327,062 | 323,940 | 322,816 | ||||||||||||
© 2015 Nuance Communications, Inc. All rights reserved. |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Press release |
Three months ended September 30, | Twelve months ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(1) Non-Cash Stock-Based Compensation | |||||||||||||||
Cost of product and licensing | $ | 185 | $ | (476 | ) | $ | 516 | $ | 724 | ||||||
Cost of professional services and hosting | 10,783 | 7,717 | 30,968 | 32,063 | |||||||||||
Cost of maintenance and support | 1,413 | 946 | 3,989 | 3,426 | |||||||||||
Research and development | 12,651 | 10,436 | 39,038 | 44,139 | |||||||||||
Sales and marketing | 18,134 | 14,338 | 50,310 | 53,448 | |||||||||||
General and administrative | 13,638 | 12,462 | 51,955 | 59,164 | |||||||||||
Total | $ | 56,804 | $ | 45,423 | $ | 176,776 | $ | 192,964 | |||||||
(2) Acquisition-Related Revenue and Cost of Revenue | |||||||||||||||
Revenue | $ | 9,201 | $ | 17,939 | $ | 47,933 | $ | 63,634 | |||||||
Cost of product and licensing | (325 | ) | (463 | ) | (1,537 | ) | (2,895 | ) | |||||||
Cost of professional services and hosting | (289 | ) | (315 | ) | (1,233 | ) | (1,259 | ) | |||||||
Total | $ | 8,587 | $ | 17,161 | $ | 45,163 | $ | 59,480 | |||||||
© 2015 Nuance Communications, Inc. All rights reserved. |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Press release |
Perpetual Product and Licensing Revenue | FY | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | 2015 | ||||||||||||||||||||||||||||||||||||
GAAP Revenue | $584.1 | $578.1 | $123.3 | $121.1 | $116.7 | $135.5 | $496.6 | $117.0 | $121.3 | $108.1 | $115.9 | $462.1 | |||||||||||||||||||||||||||||||||||
Adjustment | $73.9 | $45.7 | $7.8 | $4.3 | $2.9 | $6.7 | $21.7 | $2.2 | $4.6 | $3.6 | $2.4 | $13.0 | |||||||||||||||||||||||||||||||||||
Non-GAAP Revenue | $658.0 | $623.8 | $131.1 | $125.4 | $119.6 | $142.2 | $518.3 | $119.2 | $125.9 | $111.7 | $118.3 | $475.2 | |||||||||||||||||||||||||||||||||||
Recurring Product and Licensing Revenue | FY | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | 2015 | ||||||||||||||||||||||||||||||||||||
GAAP Revenue | $156.6 | $175.6 | $55.2 | $53.7 | $51.5 | $54.0 | $214.4 | $52.7 | $53.2 | $54.7 | $73.5 | $234.1 | |||||||||||||||||||||||||||||||||||
Adjustment | $0.0 | $24.4 | $3.7 | $3.0 | $2.7 | $6.2 | $15.6 | $8.4 | $4.6 | $3.5 | $3.6 | $20.1 | |||||||||||||||||||||||||||||||||||
Non-GAAP Revenue | $156.6 | $200.0 | $58.9 | $56.7 | $54.2 | $60.2 | $230.0 | $61.1 | $57.8 | $58.2 | $76.9 | $254.0 | |||||||||||||||||||||||||||||||||||
Professional Services Revenue | FY | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | 2015 | ||||||||||||||||||||||||||||||||||||
GAAP Revenue | $183.1 | $208.1 | $50.8 | $55.4 | $56.3 | $58.3 | $220.7 | $54.8 | $51.2 | $51.2 | $52.9 | $210.0 | |||||||||||||||||||||||||||||||||||
Adjustment | $0.7 | $17.9 | $3.4 | $2.3 | $1.5 | $0.3 | $7.5 | $0.4 | $0.4 | $0.4 | $0.3 | $1.5 | |||||||||||||||||||||||||||||||||||
Non-GAAP Revenue | $183.8 | $226.0 | $54.2 | $57.7 | $57.8 | $58.6 | $228.2 | $55.2 | $51.6 | $51.6 | $53.2 | $211.5 | |||||||||||||||||||||||||||||||||||
Hosting Revenue | FY | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | 2015 | ||||||||||||||||||||||||||||||||||||
GAAP Revenue | $490.9 | $624.3 | $167.3 | $172.2 | $175.4 | $175.3 | $690.2 | $171.4 | $173.3 | $183.1 | $181.7 | $709.5 | |||||||||||||||||||||||||||||||||||
Adjustment | $5.3 | $9.3 | $4.3 | $3.9 | $3.4 | $4.0 | $15.6 | $3.4 | $2.9 | $2.8 | $2.4 | $11.5 | |||||||||||||||||||||||||||||||||||
Non-GAAP Revenue | $496.2 | $633.6 | $171.6 | $176.1 | $178.8 | $179.3 | $705.8 | $174.8 | $176.2 | $185.9 | $184.2 | $721.2 | |||||||||||||||||||||||||||||||||||
Maintenance and Support Revenue | FY | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | 2015 | ||||||||||||||||||||||||||||||||||||
GAAP Revenue | $236.8 | $269.2 | $73.4 | $73.3 | $75.6 | $79.2 | $301.6 | $78.2 | $76.1 | $80.9 | $80.2 | $315.4 | |||||||||||||||||||||||||||||||||||
Adjustment | $6.7 | $5.1 | $0.9 | $0.8 | $0.8 | $0.7 | $3.2 | $0.6 | $0.5 | $0.4 | $0.3 | $1.8 | |||||||||||||||||||||||||||||||||||
Non-GAAP Revenue | $243.5 | $274.3 | $74.3 | $74.1 | $76.4 | $80.0 | $304.8 | $78.8 | $76.6 | $81.3 | $80.6 | $317.1 | |||||||||||||||||||||||||||||||||||
Total Recurring Revenue | FY | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | 2015 | ||||||||||||||||||||||||||||||||||||
GAAP Revenue | $896.7 | $1,087.4 | $300.5 | $305.7 | $307.3 | $314.8 | $1,228.4 | $308.9 | $307.5 | $323.6 | $340.5 | $1,280.5 | |||||||||||||||||||||||||||||||||||
Adjustment | $12.2 | $40.2 | $9.2 | $8.0 | $7.0 | $10.9 | $34.9 | $12.7 | $8.1 | $6.8 | $6.5 | $34.1 | |||||||||||||||||||||||||||||||||||
Non-GAAP Revenue | $908.8 | $1,127.6 | $309.6 | $313.7 | $314.3 | $325.7 | $1,263.3 | $321.7 | $315.6 | $330.4 | $347.0 | $1,314.7 |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
1 |
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
2 |
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | |
Net New Bookings (millions) | $321.5 | $419.8 | $330.4 | $328.8 | $303.8 | $304.7 | $484.4 | $357.4 |
Estimated 3-Year Value of Total On-Demand Contracts (millions) | $2,224.6 | $2,195.6 | $2,259.3 | $2,246.1 | $2,227.2 | $2,177.9 | $2,312.6 | $2,299.1 |
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
3 |
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | |
Annualized line run-rate in healthcare on-demand business (in billions)* | 5.070 | 5.491 | 5.538 | 5.421 | 5.433 | 5.395 | 5.471 | 5.278 |
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
4 |
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
5 |
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | FY 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | FY 2015 | |||
Healthcare | $227.3 | $237.0 | $240.1 | $238.3 | $ 942.7 | $231.0 | $228.6 | $236.9 | $241.2 | $ | 937.6 | |
Yr/yr. Organic Growth* | 1% | 1% | (2)% | 3% | 1% | (0)% | (4)% | (1)% | 1% | (1 | )% | |
Mobile & Consumer | $112.5 | $107.3 | $107.0 | $114.4 | $ 441.0 | $107.3 | $116.7 | $108.6 | $121.8 | $ | 454.4 | |
Yr/yr. Organic Growth* | (15)% | (6)% | (1)% | 7% | (5)% | (1)% | 10% | (5)% | (1)% | 1 | % | |
Enterprise | $ 92.0 | $ 89.7 | $ 87.3 | $ 98.1 | $ 367.1 | $ 90.6 | $ 83.3 | $ 87.0 | $88.4 | $ | 349.3 | |
Yr/yr. Organic Growth* | (7)% | 3% | (9)% | (10)% | (6)% | (4)% | (7)% | (0)% | (10)% | (5 | )% | |
Imaging | $ 58.3 | $ 56.0 | $ 52.4 | $ 69.5 | $ 236.3 | $ 60.1 | $ 59.5 | $ 56.3 | $61.9 | $ | 237.7 | |
Yr/yr. Organic Growth* | (6)% | (9)% | (11)% | 9% | (5) % | (9)% | (7)% | (8)% | __(11)% | (9 | )% | |
Total revenue | $490.1 | $490.0 | $486.8 | $520.3 | $1,987.1 | $489.0 | $488.1 | $488.7 | $513.3 | $ | 1,979.1 | |
Yr/yr. Organic Growth* | (6)% | (2)% | (4)% | 2% | (2)% | (2)% | (2)% | (3)% | (3)% | (2 | )% |
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | FY 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | FY 2015 | |
Healthcare | $78.5 | $91.5 | $84.9 | $85.2 | $340.1 | $78.3 | $79.8 | $81.8 | $93.7 | $333.6 |
Segment Profit as % of Segment Revenue | 35% | 39% | 35% | 36% | 36% | 34% | 35% | 35% | 39% | 36% |
Mobile & Consumer | $12.1 | $16.7 | $19.7 | $27.3 | $75.8 | $11.7 | $33.8 | $27.0 | $42.7 | $115.1 |
Segment Profit as % of Segment Revenue | 11% | 16% | 18% | 24% | 17% | 11% | 29% | 25% | 35% | 25% |
Enterprise | $22.4 | $18.2 | $18.3 | $29.2 | $88.1 | $24.7 | $19.3 | $24.9 | $23.5 | $92.4 |
Segment Profit as % of Segment Revenue | 24% | 20% | 21% | 30% | 24% | 27% | 23% | 29% | 27% | 26% |
Imaging | $22.7 | $20.7 | $16.9 | $28.8 | $89.1 | $19.9 | $22.1 | $21.8 | $25.5 | $89.3 |
Segment Profit as % of Segment Revenue | 39% | 37% | 32% | 41% | 38% | 33% | 37% | 39% | 41% | 38% |
Total segment profit | $135.7 | $147.1 | $139.8 | $170.5 | $593.1 | $134.6 | $155.0 | $155.5 | $185.4 | $630.5 |
Total segment profit as % of total segment revenue | 28% | 30% | 29% | 33% | 30% | 28% | 32% | 32% | 36% | 32% |
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
6 |
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | FY 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | FY 2015 | |
Perpetual Product and Licensing | $131.1 | $125.4 | $119.6 | $142.2 | $518.3 | $119.2 | $125.9 | $111.7 | $118.4 | $475.2 |
% of Revenue | 27% | 25% | 25% | 27% | 26% | 24% | 26% | 23% | 23% | 24% |
Recurring Product and Licensing * | $58.9 | $56.7 | $54.2 | $60.2 | $230.0 | $61.1 | $57.8 | $58.2 | $76.9 | $254.0 |
% of Revenue | 12% | 12% | 11% | 12% | 12% | 13% | 12% | 12% | 15% | 13% |
Professional Services | $ 54.2 | $ 57.7 | $ 57.8 | $ 58.6 | $228.2 | $ 55.2 | $ 51.6 | $ 51.6 | $53.2 | $211.5 |
% of Revenue | 11% | 12% | 12% | 11% | 11% | 11% | 11% | 11% | 10% | 11% |
On-demand | $171.6 | $176.1 | $178.8 | $179.3 | $705.8 | $174.8 | $176.2 | $185.8 | $184.2 | $721.2 |
% of Revenue | 35% | 36% | 37% | 35% | 36% | 36% | 36% | 38% | 36% | 36% |
Maintenance and Support | $ 74.3 | $ 74.1 | $ 76.4 | $ 80.0 | $304.8 | $ 78.8 | $ 76.6 | $ 81.3 | $80.6 | $317.1 |
% of Revenue | 15% | 15% | 15% | 15% | 15% | 16% | 16% | 17% | 16% | 16% |
Total revenue | $490.1 | $490.0 | $486.8 | $520.3 | $1,987.1 | $489.0 | $488.1 | $488.7 | $513.3 | $1,979.1 |
Total Recurring Revenue * | $309.6 | $313.7 | $314.3 | $325.7 | $1,263.3 | $321.7 | $315.6 | $330.4 | $347.0 | $1,314.7 |
% of Revenue | 63% | 64% | 65% | 63% | 64% | 66% | 65% | 68% | 68% | 66% |
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
7 |
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | |
Total Deferred Revenue (in millions) | $484.3 | $504.9 | $523.4 | $548.1 | $621.1 | $637.8 | $647.6 | $668.2 |
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
8 |
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | |
Cash Flow from Operations (in millions) | $78.2 | $87.0 | $97.0 | $95.9 | $95.7 | $119.9 | $120.3 | 151.6 |
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | |
Days Sales Outstanding | 74 | 72 | 74 | 76 | 78 | 74 | 69 | 67 |
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
9 |
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
10 |
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
11 |
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
12 |
(i) | Transition and integration costs. Transition and integration costs include retention payments, transitional employee costs, earn-out payments treated as compensation expense, as well as the costs of integration-related services, including services provided by third parties. |
(ii) | Professional service fees. Professional service fees include third party costs related to the acquisition, and legal and other professional service fees associated with 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. |
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
13 |
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
14 |
Three months ended September 30, | Twelve months ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenues: | ||||||||||||||||
Product and licensing | $ | 189,345 | $ | 189,508 | $ | 696,290 | $ | 710,988 | ||||||||
Professional services and hosting | 234,552 | 233,557 | 919,479 | 910,916 | ||||||||||||
Maintenance and support | 80,222 | 79,249 | 315,367 | 301,547 | ||||||||||||
Total revenues | 504,119 | 502,314 | 1,931,136 | 1,923,451 | ||||||||||||
Cost of revenues: | ||||||||||||||||
Product and licensing | 23,341 | 22,952 | 91,839 | 97,550 | ||||||||||||
Professional services and hosting | 157,692 | 157,644 | 619,880 | 633,248 | ||||||||||||
Maintenance and support | 13,363 | 14,020 | 54,514 | 52,553 | ||||||||||||
Amortization of intangible assets | 17,108 | 15,447 | 63,646 | 60,989 | ||||||||||||
Total cost of revenues | 211,504 | 210,063 | 829,879 | 844,340 | ||||||||||||
Gross profit | 292,615 | 292,251 | 1,101,257 | 1,079,111 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 73,939 | 86,355 | 310,332 | 338,543 | ||||||||||||
Sales and marketing | 107,093 | 107,575 | 410,882 | 424,544 | ||||||||||||
General and administrative | 45,178 | 52,773 | 182,456 | 184,663 | ||||||||||||
Amortization of intangible assets | 26,104 | 27,733 | 104,630 | 109,063 | ||||||||||||
Acquisition-related cost, net | 677 | 5,508 | 14,379 | 24,218 | ||||||||||||
Restructuring and other charges, net | 10,966 | 2,265 | 23,669 | 19,443 | ||||||||||||
Total operating expenses | 263,957 | 282,209 | 1,046,348 | 1,100,474 | ||||||||||||
Income (loss) from operations | 28,658 | 10,042 | 54,909 | (21,363) | ||||||||||||
Other expense, net | (28,553 | ) | (32,506 | ) | (135,381 | ) | (133,657) | |||||||||
Income (loss) before income taxes | 105 | (22,464 | ) | (80,472 | ) | (155,020) | ||||||||||
Provision (benefit) for income taxes | 11,132 | (21,008 | ) | 34,538 | (4,677) | |||||||||||
Net loss | $ | (11,027 | ) | $ | (1,456 | ) | $ | (115,010 | ) | $ | (150,343 | ) | ||||
Net loss per share: | ||||||||||||||||
Basic | $ | (0.04 | ) | $ | (0.00 | ) | $ | (0.36 | ) | $ | (0.47 | ) | ||||
Diluted | $ | (0.04 | ) | $ | (0.00 | ) | $ | (0.36 | ) | $ | (0.47 | ) | ||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 309,281 | 318,725 | 317,028 | 316,936 | ||||||||||||
Diluted | 309,281 | 318,725 | 317,028 | 316,936 |
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
15 |
September 30, 2015 | September 30, 2014 | ||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 479,449 | $ | 547,230 | |||||
Marketable securities | 57,237 | 40,974 | |||||||
Accounts receivable, net | 373,162 | 428,266 | |||||||
Prepaid expenses and other current assets | 134,086 | 148,030 | |||||||
Total current assets | 1,043,934 | 1,164,500 | |||||||
Marketable securities | 32,099 | — | |||||||
Land, building and equipment, net | 186,007 | 191,411 | |||||||
Goodwill | 3,378,334 | 3,410,893 | |||||||
Intangible assets, net | 796,285 | 915,483 | |||||||
Other assets | 148,686 | 137,997 | |||||||
Total assets | $ | 5,585,345 | $ | 5,820,284 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Current liabilities: | |||||||||
Current portion of long-term debt | $ | 4,834 | $ | 4,834 | |||||
Contingent and deferred acquisition payments | 15,651 | 35,911 | |||||||
Accounts payable and accrued expenses | 281,190 | 303,039 | |||||||
Deferred revenue | 324,709 | 298,225 | |||||||
Total current liabilities | 626,384 | 642,009 | |||||||
Long-term portion of debt | 2,118,821 | 2,127,392 | |||||||
Deferred revenue, net of current portion | 343,452 | 249,879 | |||||||
Other liabilities | 231,436 | 219,012 | |||||||
Total liabilities | 3,320,093 | 3,238,292 | |||||||
Stockholders' equity | 2,265,252 | 2,581,992 | |||||||
Total liabilities and stockholders' equity | $ | 5,585,345 | $ | 5,820,284 |
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
16 |
Three months ended September 30, | Twelve months ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net loss | $ | (11,027 | ) | $ | (1,456 | ) | $ | (115,010 | ) | $ | (150,343 | ) | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||||
Depreciation and amortization | 58,753 | 56,496 | 230,645 | 221,776 | ||||||||||||
Stock-based compensation | 56,804 | 45,423 | 176,776 | 192,964 | ||||||||||||
Non-cash interest expense | 7,300 | 8,532 | 29,378 | 36,719 | ||||||||||||
Deferred tax provision (benefit) | 9,161 | (24,523 | ) | 16,690 | (22,172 | ) | ||||||||||
Loss on extinguishment of debt | — | — | 17,714 | — | ||||||||||||
Other | 4,203 | (3,432 | ) | 9,843 | (7,726 | ) | ||||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | ||||||||||||||||
Accounts receivable | (9,333 | ) | (34,796 | ) | 41,657 | (39,502 | ) | |||||||||
Prepaid expenses and other assets | 10,778 | 9,057 | (3,931 | ) | (396 | ) | ||||||||||
Accounts payable | 11,429 | (3,614 | ) | (3,218 | ) | (28,617 | ) | |||||||||
Accrued expenses and other liabilities | (4,952 | ) | 9,983 | (48,118 | ) | 13,617 | ||||||||||
Deferred revenue | 18,491 | 34,264 | 135,151 | 141,827 | ||||||||||||
Net cash provided by operating activities | 151,607 | 95,934 | 487,577 | 358,147 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (9,880 | ) | (18,928 | ) | (58,039 | ) | (60,287 | ) | ||||||||
Payments for business and technology acquisitions, net of cash acquired | (1,244 | ) | (116,817 | ) | (83,278 | ) | (253,000 | ) | ||||||||
Purchases of marketable securities and other investments | (33,932 | ) | (43,026 | ) | (148,697 | ) | (62,639 | ) | ||||||||
Proceeds from sales and maturities of marketable securities and other investments | 34,386 | 32,124 | 83,867 | 64,975 | ||||||||||||
Net cash used in investing activities | (10,670 | ) | (146,647 | ) | (206,147 | ) | (310,951 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||||||
Payments of debt | (1,208 | ) | (251,183 | ) | (261,051 | ) | (255,038 | ) | ||||||||
Proceeds from long-term debt, net of issuance costs | (2,988 | ) | — | 253,224 | — | |||||||||||
Payments for repurchase of common stock | (60,076 | ) | — | (298,279 | ) | (26,483 | ) | |||||||||
Payments on other long-term liabilities | (620 | ) | (674 | ) | (3,003 | ) | (2,890 | ) | ||||||||
Payments for settlement of share-based derivatives, net | — | — | (340 | ) | (5,286 | ) | ||||||||||
Proceeds from issuance of common stock from employee stock plans | 13,441 | 9,127 | 25,776 | 22,652 | ||||||||||||
Cash used to net share settle employee equity awards | (4,287 | ) | (4,803 | ) | (57,560 | ) | (40,121 | ) | ||||||||
Net cash used in financing activities | (55,738 | ) | (247,533 | ) | (341,233 | ) | (307,166 | ) | ||||||||
Effects of exchange rate changes on cash and cash equivalents | (2,866 | ) | (1,460 | ) | (7,978 | ) | (918 | ) | ||||||||
Net increase (decrease) in cash and cash equivalents | 82,333 | (299,706 | ) | (67,781 | ) | (260,888 | ) | |||||||||
Cash and cash equivalents at beginning of period | 397,116 | 846,936 | 547,230 | 808,118 | ||||||||||||
Cash and cash equivalents at end of period | $ | 479,449 | $ | 547,230 | $ | 479,449 | $ | 547,230 |
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
17 |
Three months ended | Twelve months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
GAAP revenue | $ | 504,119 | $ | 502,314 | $ | 1,931,136 | $ | 1,923,451 | ||||||||
Acquisition-related revenue adjustments: product and licensing | 6,026 | 12,914 | 32,923 | 37,298 | ||||||||||||
Acquisition-related revenue adjustments: professional services and hosting | 2,843 | 4,346 | 13,142 | 23,117 | ||||||||||||
Acquisition-related revenue adjustments: maintenance and support | 332 | 679 | 1,868 | 3,219 | ||||||||||||
Non-GAAP revenue | $ | 513,320 | $ | 520,253 | $ | 1,979,069 | $ | 1,987,085 | ||||||||
GAAP cost of revenue | $ | 211,504 | $ | 210,063 | $ | 829,879 | $ | 844,340 | ||||||||
Cost of revenue from amortization of intangible assets | (17,108 | ) | (15,447 | ) | (63,646 | ) | (60,989 | ) | ||||||||
Cost of revenue adjustments: product and licensing (1,2) | 140 | 939 | 1,021 | 2,171 | ||||||||||||
Cost of revenue adjustments: professional services and hosting (1,2) | (10,494 | ) | (7,402 | ) | (29,735 | ) | (30,804 | ) | ||||||||
Cost of revenue adjustments: maintenance and support (1,2) | (1,413 | ) | (946 | ) | (3,989 | ) | (3,426 | ) | ||||||||
Non-GAAP cost of revenue | $ | 182,629 | $ | 187,207 | $ | 733,530 | $ | 751,292 | ||||||||
GAAP gross profit | $ | 292,615 | $ | 292,251 | $ | 1,101,257 | $ | 1,079,111 | ||||||||
Gross profit adjustments | 38,076 | 40,795 | 144,282 | 156,682 | ||||||||||||
Non-GAAP gross profit | $ | 330,691 | $ | 333,046 | $ | 1,245,539 | $ | 1,235,793 | ||||||||
GAAP income (loss) from operations | $ | 28,658 | $ | 10,042 | $ | 54,909 | $ | (21,363 | ) | |||||||
Gross profit adjustments | 38,076 | 40,795 | 144,282 | 156,682 | ||||||||||||
Research and development (1) | 12,651 | 10,436 | 39,038 | 44,139 | ||||||||||||
Sales and marketing (1) | 18,134 | 14,338 | 50,310 | 53,448 | ||||||||||||
General and administrative (1) | 13,638 | 12,462 | 51,955 | 59,164 | ||||||||||||
Amortization of intangible assets | 26,104 | 27,733 | 104,630 | 109,063 | ||||||||||||
Costs associated with IP collaboration agreements | 2,000 | 4,937 | 10,500 | 19,748 | ||||||||||||
Acquisition-related costs, net | 677 | 5,508 | 14,379 | 24,218 | ||||||||||||
Restructuring and other charges, net | 10,966 | 2,265 | 23,669 | 19,443 | ||||||||||||
Other | 4,342 | 6,124 | 24,933 | 7,185 | ||||||||||||
Non-GAAP income from operations | $ | 155,246 | $ | 134,640 | $ | 518,605 | $ | 471,727 | ||||||||
GAAP provision (benefit) for income taxes | $ | 11,132 | $ | (21,008 | ) | $ | 34,538 | $ | (4,677 | ) | ||||||
Non-cash taxes | (6,621 | ) | 24,853 | (15,199 | ) | 22,172 | ||||||||||
Non-GAAP provision for income taxes | $ | 4,511 | $ | 3,845 | $ | 19,339 | $ | 17,495 | ||||||||
GAAP net loss | $ | (11,027 | ) | $ | (1,456 | ) | $ | (115,010 | ) | $ | (150,343 | ) | ||||
Acquisition-related adjustment - revenue (2) | 9,201 | 17,939 | 47,933 | 63,634 | ||||||||||||
Acquisition-related adjustment - cost of revenue (2) | (614 | ) | (778 | ) | (2,770 | ) | (4,154 | ) | ||||||||
Acquisition-related costs, net | 677 | 5,508 | 14,379 | 24,218 | ||||||||||||
Cost of revenue from amortization of intangible assets | 17,108 | 15,447 | 63,646 | 60,989 | ||||||||||||
Amortization of intangible assets | 26,104 | 27,733 | 104,630 | 109,063 | ||||||||||||
Restructuring and other charges, net | 10,966 | 2,265 | 23,669 | 19,443 | ||||||||||||
Non-cash stock-based compensation (1) | 56,804 | 45,423 | 176,776 | 192,964 | ||||||||||||
Non-cash interest expense | 7,300 | 8,532 | 29,378 | 36,719 | ||||||||||||
Non-cash income taxes | 6,621 | (24,853 | ) | 15,199 | (22,172 | ) | ||||||||||
Costs associated with IP collaboration agreements | 2,000 | 4,937 | 10,500 | 19,748 | ||||||||||||
Change in fair value of share-based instruments | — | 787 | 204 | 4,358 | ||||||||||||
Loss on extinguishment of debt | — | — | 17,714 | — | ||||||||||||
Other | 4,507 | 6,124 | 25,362 | 5,670 | ||||||||||||
Non-GAAP net income | $ | 129,647 | $ | 107,608 | $ | 411,610 | $ | 360,137 | ||||||||
Non-GAAP diluted net income per share | $ | 0.41 | $ | 0.33 | $ | 1.27 | $ | 1.12 | ||||||||
Diluted weighted average common shares outstanding | 317,443 | 327,062 | 323,940 | 322,816 | ||||||||||||
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
18 |
Three months ended September 30, | Twelve months ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
GAAP operating expenses | $ | 263,957 | $ | 282,209 | $ | 1,046,348 | $ | 1,100,474 | |||||||
Research and development (1) | (12,651 | ) | (10,436 | ) | (39,038 | ) | (44,139 | ) | |||||||
Sales and marketing (1) | (18,134 | ) | (14,338 | ) | (50,310 | ) | (53,448 | ) | |||||||
General and administrative (1) | (13,638 | ) | (12,462 | ) | (51,955 | ) | (59,164 | ) | |||||||
Amortization of intangible assets | (26,104 | ) | (27,733 | ) | (104,630 | ) | (109,063 | ) | |||||||
Costs associated with IP collaboration agreements | (2,000 | ) | (4,937 | ) | (10,500 | ) | (19,748 | ) | |||||||
Acquisition-related costs, net | (677 | ) | (5,508 | ) | (14,379 | ) | (24,218 | ) | |||||||
Restructuring and other charges, net | (10,966 | ) | (2,265 | ) | (23,669 | ) | (19,443 | ) | |||||||
Other | (4,342 | ) | (6,124 | ) | (24,933 | ) | (7,185 | ) | |||||||
Non-GAAP operating expenses | $ | 175,445 | $ | 198,406 | $ | 726,934 | $ | 764,066 | |||||||
GAAP research and development expense | $ | 73,939 | $ | 86,355 | $ | 310,332 | $ | 338,543 | |||||||
Non-cash stock-based compensation (1) | (12,651 | ) | (10,436 | ) | (39,038 | ) | (44,139 | ) | |||||||
Costs associated with IP collaboration agreements | — | (4,937 | ) | (2,500 | ) | (19,748 | ) | ||||||||
Non-GAAP research and development expense | $ | 61,288 | $ | 70,982 | $ | 268,794 | $ | 274,656 | |||||||
GAAP sales and marketing expense | $ | 107,093 | $ | 107,575 | $ | 410,882 | $ | 424,544 | |||||||
Non-cash stock-based compensation (1) | (18,134 | ) | (14,338 | ) | (50,310 | ) | (53,448 | ) | |||||||
Costs associated with IP collaboration agreements | (2,000 | ) | — | (8,000 | ) | — | |||||||||
Other | (1,131 | ) | — | (2,578 | ) | — | |||||||||
Non-GAAP sales and marketing expense | $ | 85,828 | $ | 93,237 | $ | 349,994 | $ | 371,096 | |||||||
GAAP general and administrative expense | $ | 45,178 | $ | 52,773 | $ | 182,456 | $ | 184,663 | |||||||
Non-cash stock-based compensation (1) | (13,638 | ) | (12,462 | ) | (51,955 | ) | (59,164 | ) | |||||||
Other | (3,211 | ) | (6,124 | ) | (22,355 | ) | (7,185 | ) | |||||||
Non-GAAP general and administrative expense | $ | 28,329 | $ | 34,187 | $ | 108,146 | $ | 118,314 | |||||||
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
19 |
Three months ended September 30, | Twelve months ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(1) Non-Cash Stock-Based Compensation | |||||||||||||||
Cost of product and licensing | $ | 185 | $ | (476 | ) | $ | 516 | $ | 724 | ||||||
Cost of professional services and hosting | 10,783 | 7,717 | 30,968 | 32,063 | |||||||||||
Cost of maintenance and support | 1,413 | 946 | 3,989 | 3,426 | |||||||||||
Research and development | 12,651 | 10,436 | 39,038 | 44,139 | |||||||||||
Sales and marketing | 18,134 | 14,338 | 50,310 | 53,448 | |||||||||||
General and administrative | 13,638 | 12,462 | 51,955 | 59,164 | |||||||||||
Total | $ | 56,804 | $ | 45,423 | $ | 176,776 | $ | 192,964 | |||||||
(2) Acquisition-Related Revenue and Cost of Revenue | |||||||||||||||
Revenue | $ | 9,201 | $ | 17,939 | $ | 47,933 | $ | 63,634 | |||||||
Cost of product and licensing | (325 | ) | (463 | ) | (1,537 | ) | (2,895 | ) | |||||||
Cost of professional services and hosting | (289 | ) | (315 | ) | (1,233 | ) | (1,259 | ) | |||||||
Total | $ | 8,587 | $ | 17,161 | $ | 45,163 | $ | 59,480 | |||||||
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
20 |
Total Revenue | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||||||||||||||||||||
2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||||||||||||||||||
GAAP Revenue | $470.0 | $475.7 | $475.5 | $502.3 | $1,923.5 | $474.0 | $475.1 | $477.9 | $504.1 | $1,931.1 | ||||||||||||||||||||||||||||||
Adjustment | $20.1 | $14.3 | $11.3 | $17.9 | $63.6 | $15.0 | $13.0 | $10.8 | $9.2 | $47.9 | ||||||||||||||||||||||||||||||
Non-GAAP Revenue | $490.1 | $490.0 | $486.8 | $520.3 | $1,987.1 | $489.0 | $488.1 | $488.7 | $513.3 | $1,979.1 | ||||||||||||||||||||||||||||||
Healthcare | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||||||||||||||||||||
2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||||||||||||||||||
GAAP Revenue | $221.6 | $232.5 | $236.2 | $235.1 | $925.4 | $227.9 | $225.5 | $234.4 | $239.0 | $926.8 | ||||||||||||||||||||||||||||||
Adjustment | $5.7 | $4.5 | $3.9 | $3.2 | $17.3 | $3.1 | $3.1 | $2.4 | $2.1 | $10.7 | ||||||||||||||||||||||||||||||
Non-GAAP Revenue | $227.3 | $237.0 | $240.1 | $238.3 | $942.7 | $231.0 | $228.6 | $236.8 | $241.2 | $937.6 | ||||||||||||||||||||||||||||||
Mobile & Consumer | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||||||||||||||||||||
2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||||||||||||||||||
GAAP Revenue | $109.7 | $104.5 | $104.9 | $112.3 | $431.3 | $105.5 | $115.0 | $106.9 | $120.2 | $447.6 | ||||||||||||||||||||||||||||||
Adjustment | $2.8 | $2.8 | $2.1 | $2.0 | $9.7 | $1.8 | $1.7 | $1.7 | $1.6 | $6.8 | ||||||||||||||||||||||||||||||
Non-GAAP Revenue | $112.5 | $107.3 | $107.0 | $114.4 | $441.0 | $107.3 | $116.7 | $108.5 | $121.8 | $454.4 | ||||||||||||||||||||||||||||||
Enterprise | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||||||||||||||||||||
2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||||||||||||||||||
GAAP Revenue | $89.4 | $87.8 | $85.7 | $96.9 | $359.8 | $89.8 | $82.6 | $86.4 | $87.9 | $346.7 | ||||||||||||||||||||||||||||||
Adjustment | $2.6 | $1.9 | $1.6 | $1.2 | $7.3 | $0.9 | $0.7 | $0.6 | $0.5 | $2.7 | ||||||||||||||||||||||||||||||
Non-GAAP Revenue | $92.0 | $89.7 | $87.3 | $98.1 | $367.1 | $90.6 | $83.3 | $87.0 | $88.4 | $349.3 | ||||||||||||||||||||||||||||||
Imaging | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||||||||||||||||||||
2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||||||||||||||||||
GAAP Revenue | $49.3 | $50.9 | $48.8 | $58.0 | $207.0 | $50.8 | $52.0 | $50.2 | $57.0 | $210.0 | ||||||||||||||||||||||||||||||
Adjustment | $9.0 | $5.1 | $3.7 | $11.5 | $29.3 | $9.2 | $7.5 | $6.1 | $4.9 | $27.7 | ||||||||||||||||||||||||||||||
Non-GAAP Revenue | $58.3 | $56.0 | $52.4 | $69.5 | $236.3 | $60.1 | $59.5 | $56.3 | $61.9 | $237.7 | ||||||||||||||||||||||||||||||
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
21 |
Perpetual Product and Licensing Revenue | FY | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||||||||||||||||||||||||
GAAP Revenue | $584.1 | $578.1 | $123.3 | $121.1 | $116.7 | $135.5 | $496.6 | $117.0 | $121.3 | $108.1 | $115.9 | $462.1 | ||||||||||||||||||||||||||||||||||||
Adjustment | $73.9 | $45.7 | $7.8 | $4.3 | $2.9 | $6.7 | $21.7 | $2.2 | $4.6 | $3.6 | $2.4 | $13.0 | ||||||||||||||||||||||||||||||||||||
Non-GAAP Revenue | $658.0 | $623.8 | $131.1 | $125.4 | $119.6 | $142.2 | $518.3 | $119.2 | $125.9 | $111.7 | $118.3 | $475.2 | ||||||||||||||||||||||||||||||||||||
Recurring Product and Licensing Revenue | FY | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||||||||||||||||||||||||
GAAP Revenue | $156.6 | $175.6 | $55.2 | $53.7 | $51.5 | $54.0 | $214.4 | $52.7 | $53.2 | $54.7 | $73.5 | $234.1 | ||||||||||||||||||||||||||||||||||||
Adjustment | $0.0 | $24.4 | $3.7 | $3.0 | $2.7 | $6.2 | $15.6 | $8.4 | $4.6 | $3.5 | $3.6 | $20.1 | ||||||||||||||||||||||||||||||||||||
Non-GAAP Revenue | $156.6 | $200.0 | $58.9 | $56.7 | $54.2 | $60.2 | $230.0 | $61.1 | $57.8 | $58.2 | $76.9 | $254.0 | ||||||||||||||||||||||||||||||||||||
Professional Services Revenue | FY | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||||||||||||||||||||||||
GAAP Revenue | $183.1 | $208.1 | $50.8 | $55.4 | $56.3 | $58.3 | $220.7 | $54.8 | $51.2 | $51.2 | $52.9 | $210.0 | ||||||||||||||||||||||||||||||||||||
Adjustment | $0.7 | $17.9 | $3.4 | $2.3 | $1.5 | $0.3 | $7.5 | $0.4 | $0.4 | $0.4 | $0.3 | $1.5 | ||||||||||||||||||||||||||||||||||||
Non-GAAP Revenue | $183.8 | $226.0 | $54.2 | $57.7 | $57.8 | $58.6 | $228.2 | $55.2 | $51.6 | $51.6 | $53.2 | $211.5 | ||||||||||||||||||||||||||||||||||||
Hosting Revenue | FY | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||||||||||||||||||||||||
GAAP Revenue | $490.9 | $624.3 | $167.3 | $172.2 | $175.4 | $175.3 | $690.2 | $171.4 | $173.3 | $183.1 | $181.7 | $709.5 | ||||||||||||||||||||||||||||||||||||
Adjustment | $5.3 | $9.3 | $4.3 | $3.9 | $3.4 | $4.0 | $15.6 | $3.4 | $2.9 | $2.8 | $2.4 | $11.5 | ||||||||||||||||||||||||||||||||||||
Non-GAAP Revenue | $496.2 | $633.6 | $171.6 | $176.1 | $178.8 | $179.3 | $705.8 | $174.8 | $176.2 | $185.9 | $184.2 | $721.2 | ||||||||||||||||||||||||||||||||||||
Maintenance and Support Revenue | FY | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||||||||||||||||||||||||
GAAP Revenue | $236.8 | $269.2 | $73.4 | $73.3 | $75.6 | $79.2 | $301.6 | $78.2 | $76.1 | $80.9 | $80.2 | $315.4 | ||||||||||||||||||||||||||||||||||||
Adjustment | $6.7 | $5.1 | $0.9 | $0.8 | $0.8 | $0.7 | $3.2 | $0.6 | $0.5 | $0.4 | $0.3 | $1.8 | ||||||||||||||||||||||||||||||||||||
Non-GAAP Revenue | $243.5 | $274.3 | $74.3 | $74.1 | $76.4 | $80.0 | $304.8 | $78.8 | $76.6 | $81.3 | $80.6 | $317.1 | ||||||||||||||||||||||||||||||||||||
Total Recurring Revenue | FY | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||||||||||||||||||||||||
GAAP Revenue | $896.7 | $1,087.4 | $300.5 | $305.7 | $307.3 | $314.8 | $1,228.4 | $308.9 | $307.5 | $323.6 | $340.5 | $1,280.5 | ||||||||||||||||||||||||||||||||||||
Adjustment | $12.2 | $40.2 | $9.2 | $8.0 | $7.0 | $10.9 | $34.9 | $12.7 | $8.1 | $6.8 | $6.5 | $34.1 | ||||||||||||||||||||||||||||||||||||
Non-GAAP Revenue | $908.8 | $1,127.6 | $309.6 | $313.7 | $314.3 | $325.7 | $1,263.3 | $321.7 | $315.6 | $330.4 | $347.0 | $1,314.7 | ||||||||||||||||||||||||||||||||||||
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
22 |
Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||||||||||||||||||||||||||
2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||||||||||||||||||
Total segment revenues | $ | 490.1 | $ | 490.0 | $ | 486.8 | $ | 520.3 | $1,987.1 | $ | 489.0 | $ | 488.1 | $ | 488.7 | $ | 513.3 | $1,979.1 | ||||||||||||||||||||||
Acquisition-related revenues | (20.1 | ) | (14.3 | ) | (11.3 | ) | (17.9 | ) | (63.6 | ) | (15.0 | ) | (13.0 | ) | (10.8 | ) | (9.2 | ) | (47.9 | ) | ||||||||||||||||||||
Total consolidated revenues | $ | 470.0 | $ | 475.7 | $ | 475.5 | $ | 502.3 | $1,923.5 | $ | 474.0 | $ | 475.1 | $ | 477.9 | $ | 504.1 | $1,931.1 | ||||||||||||||||||||||
Total segment profit | $ | 135.7 | $ | 147.1 | $ | 139.8 | $ | 170.5 | $593.1 | $ | 134.6 | $ | 155.0 | $ | 155.5 | $ | 185.4 | $630.5 | ||||||||||||||||||||||
Corporate expenses and other, net | (31.3 | ) | (30.1 | ) | (25.3 | ) | (42.0 | ) | (128.5 | ) | (35.7 | ) | (35.5 | ) | (31.2 | ) | (34.4 | ) | (136.8 | ) | ||||||||||||||||||||
Acquisition-related revenues and costs of revenue adjustment | (18.8 | ) | (13.0 | ) | (10.5 | ) | (17.2 | ) | (59.5 | ) | (14.3 | ) | (12.1 | ) | (10.2 | ) | (8.6 | ) | (45.2 | ) | ||||||||||||||||||||
Non-cash stock-based compensation | (47.2 | ) | (44.9 | ) | (55.4 | ) | (45.4 | ) | (193.0 | ) | (47.4 | ) | (30.9 | ) | (41.7 | ) | (56.8 | ) | (176.8 | ) | ||||||||||||||||||||
Amortization of intangible assets | (42.7 | ) | (41.9 | ) | (42.3 | ) | (43.2 | ) | (170.1 | ) | (42.0 | ) | (41.0 | ) | (42.1 | ) | (43.2 | ) | (168.3 | ) | ||||||||||||||||||||
Acquisition-related costs, net | (2.8 | ) | (6.8 | ) | (9.1 | ) | (5.5 | ) | (24.2 | ) | (4.8 | ) | (6.5 | ) | (2.4 | ) | (0.7 | ) | (14.4 | ) | ||||||||||||||||||||
Restructuring and other charges, net | (3.8 | ) | (4.7 | ) | (8.6 | ) | (2.3 | ) | (19.4 | ) | (2.2 | ) | 0.3 | (10.8 | ) | (11.0 | ) | (23.7 | ) | |||||||||||||||||||||
Costs associated with IP collaboration agreements | (4.9 | ) | (4.9 | ) | (4.9 | ) | (4.9 | ) | (19.7 | ) | (2.9 | ) | (2.9 | ) | (2.6 | ) | (2.0 | ) | (10.5 | ) | ||||||||||||||||||||
Other expense, net | (36.6 | ) | (33.5 | ) | (31.0 | ) | (32.5 | ) | (133.7 | ) | (30.1 | ) | (29.5 | ) | (47.2 | ) | (28.6 | ) | (135.4 | ) | ||||||||||||||||||||
(Loss) income before income taxes | ($52.4 | ) | ($32.8 | ) | ($47.3 | ) | ($22.5 | ) | ($155.0 | ) | ($44.7 | ) | ($3.0 | ) | ($32.9 | ) | $0.1 | ($80.5 | ) | |||||||||||||||||||||
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
23 |
Three months ended December 31, 2015 | |||||||
Low | High | ||||||
GAAP revenue | $ | 477,800 | $ | 489,800 | |||
Acquisition-related adjustment - revenue | 8,200 | 8,200 | |||||
Non-GAAP revenue | $ | 486,000 | $ | 498,000 | |||
GAAP net loss per share | $ | (0.05 | ) | $ | (0.03 | ) | |
Acquisition-related adjustment - revenue | 0.03 | 0.03 | |||||
Acquisition-related adjustment - cost of revenue | (0.00) | (0.00) | |||||
Acquisition-related costs, net | 0.01 | 0.01 | |||||
Cost of revenue from amortization of intangible assets | 0.05 | 0.05 | |||||
Amortization of intangible assets | 0.08 | 0.08 | |||||
Non-cash stock-based compensation | 0.13 | 0.13 | |||||
Non-cash interest expense | 0.02 | 0.02 | |||||
Non-cash income taxes | 0.00 | 0.00 | |||||
Costs associated with IP collaboration agreements | 0.01 | 0.01 | |||||
Restructuring and other charges, net | 0.02 | 0.02 | |||||
Other | 0.01 | 0.01 | |||||
Non-GAAP net income per share | $ | 0.31 | $ | 0.33 | |||
Shares used in computing GAAP and non-GAAP net income per share: | |||||||
Weighted average common shares: basic | 310,500 | 310,500 | |||||
Weighted average common shares: diluted | 317,500 | 317,500 |
© 2015 Nuance Communications, Inc. All rights reserved |
2015 fourth quarter and fiscal year results | November 16, 2015 | |
Prepared remarks | ||
24 |
Twelve months ended September 30, 2016 | |||||||
Low | High | ||||||
GAAP revenue | $ | 1,952,500 | $ | 2,002,500 | |||
Acquisition-related adjustment - revenue | 27,500 | 27,500 | |||||
Non-GAAP revenue | $ | 1,980,000 | $ | 2,030,000 | |||
GAAP net loss per share | $ | (0.02 | ) | $ | 0.08 | ||
Acquisition-related adjustment - revenue | 0.09 | 0.09 | |||||
Acquisition-related adjustment - cost of revenue | (0.00) | (0.00) | |||||
Acquisition-related costs, net | 0.03 | 0.03 | |||||
Cost of revenue from amortization of intangible assets | 0.19 | 0.19 | |||||
Amortization of intangible assets | 0.34 | 0.34 | |||||
Non-cash stock-based compensation | 0.53 | 0.53 | |||||
Non-cash interest expense | 0.09 | 0.09 | |||||
Non-cash income taxes | 0.03 | 0.03 | |||||
Costs associated with IP collaboration agreements | 0.01 | 0.01 | |||||
Restructuring and other charges, net | 0.02 | 0.02 | |||||
Other | 0.04 | 0.04 | |||||
Non-GAAP net income per share | $ | 1.35 | $ | 1.45 | |||
Shares used in computing GAAP and non-GAAP net income per share: | |||||||
Weighted average common shares: basic | 311,500 | 311,500 | |||||
Weighted average common shares: diluted | 318,000 | 318,000 |
© 2015 Nuance Communications, Inc. All rights reserved |
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