News Column

Nuance Announces Third Quarter Fiscal 2014 Results

August 30, 2014



By a News Reporter-Staff News Editor at Journal of Transportation -- Nuance Communications, Inc. (NASDAQ: NUAN) announced financial results for the third quarter of fiscal 2014, ended June 30, 2014.

In the third quarter of fiscal 2014, Nuance reported GAAP revenue of $475.5 million, compared to $469.8 million in the third quarter of fiscal 2013. Nuance reported non-GAAP revenue of $486.8 million, which includes $11.3 million in revenue lost to accounting treatment in conjunction with acquisitions, compared to $490.8 million in the third quarter of fiscal 2013. In the third quarter of fiscal 2014, Nuance reported bookings of $547.0 million, up 16.7% from $468.8 million in the third quarter of fiscal 2013. Year-to-date, Nuance reported bookings of $1,822.4 million, up 28.4% from $1,418.8 million through the first three quarters of fiscal 2013.

In the third quarter of fiscal 2014, Nuance recognized GAAP net loss of $(54.2) million, or $(0.17) per share, compared with GAAP net loss of $(35.0) million, or $(0.11) per share, in the third quarter of fiscal 2013. In the third quarter of fiscal 2014, Nuance reported non-GAAP net income of $87.6 million, or $0.27 per diluted share, compared to non-GAAP net income of $109.5 million, or $0.34 per diluted share, in the third quarter of fiscal 2013. Nuance's third quarter fiscal 2014 non-GAAP operating margin was 23.5%, down from 28.1% in the third quarter of fiscal 2013. Nuance reported cash flow from operations of $97.0 million in the third quarter of fiscal 2014, up 13.5% compared to $85.5 million in the third quarter of fiscal 2013. Nuance ended the third quarter of fiscal 2014 with total deferred revenue of $523.4 million, up 32.0% compared to $396.5 million a year ago. Nuance ended the third quarter of fiscal 2014 with a balance of cash, cash equivalents and marketable securities of $888.5 million.

Please refer to the "Discussion of Non-GAAP Financial Measures" and to the "GAAP to Non-GAAP Reconciliations," included elsewhere in this release, for more information regarding the company's use of non-GAAP measures. Third Quarter and Year-to-Date Highlights In the third quarter of fiscal 2014, Nuance delivered year-over-year bookings growth of 17% and deferred revenue growth of 32%. Through the first three quarters of the fiscal year, total bookings have grown 28%, exceeding guidance, and the growth rate for on-demand bookings was materially higher. Bookings strength in the quarter was led by healthcare on-demand, Dragon Medical, automotive, Enterprise OnDemand and MFP printing solutions.

In the third fiscal quarter of fiscal 2014, GAAP and non-GAAP revenue were each slightly below the Company's guidance range. Revenue was strong for Nuance's Dragon Medical, Diagnostics, automotive and Enterprise OnDemand solutions, but this strength was outweighed by faster than expected transition in the revenue model, lower than expected contribution from acquisitions and underperformance in the Imaging business unit.

Keywords for this news article include: Automobiles, Transportation, Investment and Finance, Nuance Communications Inc..

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Source: Journal of Transportation


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