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Technology Stocks : Nuance Communications, Inc.
NUAN 28.80+0.9%12:30 PM EDT

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From: Jorgen Jensen11/21/2019 11:57:58 PM
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Nuance Announces Fourth Quarter andFiscal Year 2019 Results• Revenue growth at high end of range, beating operating margin and EPS guidance• Strength in Dragon Medical cloud offerings, exceeding full-year ARR guidance with 38% growth• Successful completion of October 1stAutomotive spin• Exited year as a simpler, more growth-focused companyBURLINGTON, Mass., November 20, 2019 -Nuance Communications, Inc. (NASDAQ: NUAN) today announced financial results for its fourth quarter and fiscal year ended September 30, 2019.ASC 606 Q4 2019 Performance Summary (1)• GAAP revenue of $470.7 million and GAAP earnings per diluted share of $0.37.• Non-GAAP revenue of $472.0 million and non-GAAP earnings per diluted share of $0.33.ASC 605 Q4 2019 Performance Summary (1)• ASC 605 revenue of $487.8 million and earnings per diluted share of $0.42.• Non-GAAP revenue of $489.3 million and non-GAAP earnings per diluted share $0.34.(1) As a reminder, effective October 1, 2018, Nuance adopted the ASC 606 revenue recognition standard using the modified retrospective approach. Under this adoption methodology, the Company does not recast its historical financials to reflect the implementation of ASC 606. Results will be presented for Q4 ‘19 under both ASC 605 and 606 methodologies and all relevant year-over-year financial comparisons and trends will be on an ASC 605 basis only. In addition, due to the sale of the Imaging business, the Company is presenting results on a continuing operations basis, unless otherwise noted.“We completed this transformational year on a strong footing, executing on our strategic and financial objectives,” said Mark Benjamin, Chief Executive Officer at Nuance. “We posted our sixth consecutive quarter of solid results, meeting or beating our expectations, including 38% full-year ARR growth in our Dragon Medical cloud offerings. This is a testament to the validity of our strategy and the dedication of our employees. As part of our ongoing effort to simplify our business, we successfully completed the spin-off of our Automotive business, as Cerence began trading as an independent public company on October 2. This followed our accelerated exit from our non-core Subscription Revenue Services (SRS) business. These significant steps enabled us to focus more closely on the growth opportunities, particularly in our cloud businesses, within our Healthcare and Enterprise segments and we are very excited about our progress and initiatives to drive growth moving forward.”Mr. Benjamin concluded, “We look forward to sharing more details about these plans at our upcoming Investor Day on December 10, 2019 in New York City.”
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