Nuance Announces Fiscal 2012 and Fourth Quarter Results
32% Operating Cash Flow Growth and 25% Revenue Growth in FY 12 Driven by Strength in Mobile and Healthcare
BURLINGTON, Mass.--( BUSINESS WIRE)-- Nuance Communications, Inc. (NAS: NUAN) today announced financial results for its fiscal 2012 and fourth quarter, ended September 30, 2012.
Nuance reported GAAP revenue of $1,651.5 million in fiscal 2012, a 25.2% increase over GAAP revenue of $1,318.7 million in fiscal 2011. Nuance reported non-GAAP revenue of $1,738.1 million, which includes $86.6 million in revenue lost to accounting treatment in conjunction with acquisitions. Fiscal 2012 non-GAAP revenue grew 24.7% over non-GAAP revenue of $1,393.9 million in fiscal 2011.
In fiscal 2012, Nuance recognized GAAP net income of $207.1 million, or $0.65 per diluted share, compared with GAAP net income of $38.2 million, or $0.12 per diluted share, in fiscal 2011. In fiscal 2012, Nuance reported non-GAAP net income of $555.9 million, or $1.73 per diluted share, compared to non-GAAP net income of $430.7 million, or $1.36 per diluted share, in fiscal 2011. Nuance's fiscal 2012 non-GAAP operating margin was 35.8%, up from 33.9% in fiscal 2011. Nuance reported cash flow from operations of $473.0 million in fiscal 2012, a 32.3% increase over $357.4 million in fiscal 2011. Nuance ended fiscal 2012 with a balance of cash and cash equivalents of $1,129.8 million.
Nuance reported GAAP revenue of $468.8 million in the fourth quarter of fiscal 2012, a 27.7% increase over GAAP revenue of $367.0 million in the fourth quarter of fiscal 2011. Nuance reported non-GAAP revenue of $490.1 million, which includes $21.3 million in revenue lost to accounting treatment in conjunction with acquisitions. Fourth quarter fiscal 2012 non-GAAP revenue grew 22.7% over non-GAAP revenue of $399.5 million in the same quarter last year.
In the fourth quarter of fiscal 2012, Nuance recognized GAAP net income of $117.6 million, or $0.36 per diluted share, compared with GAAP net loss of ($5.1) million, or ($0.02) per share, in the fourth quarter of fiscal 2011. In the fourth quarter of fiscal 2012, Nuance reported non-GAAP net income of $164.9 million, or $0.51 per diluted share, compared to non-GAAP net income of $133.5 million, or $0.42 per diluted share, in the fourth quarter of fiscal 2011. Nuance's fourth quarter fiscal 2012 non-GAAP operating margin was 37.2%, up from 36.1% in the fourth quarter of fiscal 2011. Nuance reported cash flow from operations of $141.5 million in the fourth quarter of fiscal 2012, a 44.5% increase over $97.9 million in the fourth quarter of fiscal 2011.
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.
"In fiscal 2012, Nuance delivered its strongest year ever, led by 25% revenue growth and 32% operating cash flow growth," said Tom Beaudoin, Nuance executive vice president and CFO. "Design wins and partnerships with global leaders such as Cerner, Intel and Samsung are extending Nuance technology into new solutions and expanding our addressable markets. Across our markets, Nuance's ability to deliver customized voice and natural language solutions that understand user intent drove record bookings in fiscal 2012 and continues to drive unprecedented customer interest, positioning us well for growth in fiscal 2013." |
