Nuance Announces First Quarter Fiscal 2014 Results

Nuance Communications, Inc. (NASDAQ: NUAN) today announced financial results for the first quarter of fiscal 2014, ended December 31, 2013.

In the first quarter of fiscal 2014, Nuance reported GAAP revenue of $470.0 million, compared to $462.3 million in the first quarter of fiscal 2013. Nuance reported non-GAAP revenue of $490.1 million, which includes $20.1 million in revenue lost to accounting treatment in conjunction with acquisitions, compared to $492.4 million in the first quarter of fiscal 2013. In the first quarter of fiscal 2014, Nuance reported bookings of $637.3 million, up 26.2% from $504.9 million in the first quarter of fiscal 2013.

In the first quarter of fiscal 2014, Nuance recognized GAAP net loss of ($55.4) million, or ($0.18) per share, compared with GAAP net loss of ($22.1) million, or ($0.07) per share, in the first quarter of fiscal 2013. In the first quarter of fiscal 2014, Nuance reported non-GAAP net income of $76.6 million, or $0.24 per diluted share, compared to non-GAAP net income of $113.0 million, or $0.35 per diluted share, in the first quarter of fiscal 2013. Nuance’s first quarter fiscal 2014 non-GAAP operating margin was 21.6%, down from 29.2% in the first quarter of fiscal 2013. Nuance reported cash flow from operations of $78.2 million in the first quarter of fiscal 2014, down from $122.9 million in the first quarter of fiscal 2013. Nuance ended the first quarter of fiscal 2014 with total deferred revenue of $484.3 million, compared to $376.3 million a year ago. Nuance ended the first quarter of fiscal 2014 with a balance of cash, cash equivalents and marketable securities of $775.1 million. As of December 31, 2013, Nuance had repurchased 10.988 million shares of common stock at an average price per share of $18.57, for a total amount of $204.1 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.

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