오른손의 좋은 세상만들기

Nuance = 뉴앙스, 누앙스, 뉘앙스

Apple의 Siri가 처음 나온것은 2011년 10월 Iphone 4S에서 부터였습니다.

Google Android의 경우 2010년 Goole I/O에서 voice recognition을 데모했었습니다. 2013년에 Google Now를 선보였고요.

2013년에 놀러갔다가 시리를 정말 잘쓰는 사람을 보고 앞으로 세상의 input은 keyboard가 아니라 voice라는 깨닮음을 얻고 Nuance를 살펴보다가 투자를 단행했습니다. 애플이랑 결별할지도 모른다는 rumor가 있었고, 주요 IT업체였던 Apple, Google, Microsoft 세 회사가 자체 voice recognition solution이 있었다는 것도 risk factor였는데 아이칸이 투자했다는 이야기에 좀더 서두르게 되서 한동한 손실에 시달렸어야 했지요. 물타기를 최저가 근처에서 많이해서 2015년 투자수익률을 NUAN가 주도하고 있습니다. 아직도 가치를 더 높게 보는 이유가

1. 매출과 순이익의 반이 Healthcare쪽에서 나오고 성장률이 상당히 높습니다.

2. IT쪽 매출과 발전이 상당히 느렸는데 smart automotive(자동차)쪽에 성장이 상당히 빠른것 같습니다. 1-2년 성장이 빠를것 같습니다. Wearable이 늘어날수록 voice 쪽 솔루션이 계속 필요합니다.

3. 라이센스 비용이 좀 비싸서 누군가 라이센스를 내는것보다 사는것이 낫다는 판단을 할 가능성이 높습니다. 헬스케어와 voice recognition solution 둘다 필요한 회사가 가장 적합하겠지요. 

4. 아직까지 돈을 못벌고 있는데 현금흐름도 좋아지고 이득도 늘고있어 주가가 폭등할 좋은 모멤텀이 쌓이고 있습니다.

Nuance의 4가지 분야는, 아래와 같고 전세계적으로 유명한 고객사를 가지고 있습니다.

Healthcare

Mobile & Consumer

Enterprise

Imaging

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KEY STATISTICS

Industry Range: Low      High Mouseover quintile for more detail

 Reuters Investment Profile Report

 

SHAREHOLDER EQUITY

Shares Outstanding	313.8 M
Institutional Ownership	79.28%
Number of Floating Shares	309.2 M
Short Interest as % of Float	4.52%

FINANCIAL STRENGTH (MRQ)

Quick Ratio	--
Current Ratio	1.81x
Debt/Equity	0.89x
Debt/Assets	0.38x

NUAN's debt to equity ratio indicates that it has been more aggressive with using debt to finance growth than 70% of its peers in the Software & Programming industry. The resultant effect on earnings would be more volatile than related companies.

VALUATION (MRQ)

Price/Earnings (TTM)	--
Price/Sales (TTM)	2.75x
Price/Book	2.23x
Price/Cash Flow	30.88x

NUAN was not profitable in its latest fiscal year, therefore the P/E Ratiois not applicable. Its Price to Cash Flow Ratio would give an alternative indication of its expense relative to the Software & Programming industry.

PROFITABILITY (TTM)

Gross Margin	56.41%
Operating Margin	0.30%
EBITDA Margin	14.05%
Net Profit Margin	-6.24%

NUAN's Gross Margin is comparable to other companies in the Software & Programming industry, which means it has relatively the same amount of cash to spend on business operations as its peers. As indicated by the Operating Margin, NUAN controls its costs and expenses better than 67% of its peers.

MANAGEMENT EFFECTIVENESS (TTM)

Return on Assets	-2.06%
Return on Equity	-4.81%
Return on Inves. Capital	-2.35%

The Return on Equity for NUAN shows that it is able to reinvest its earnings as efficiently as its competitors in the Software & Programming industry. Typically, companies that have higher return on equity values are more attractive to investors.

GROWTH RATE (TTM)

Earnings Per Share	26.9
Sales	2.1
Dividend (MRQ)	--

NUAN's EPS Growth Rate is greater than 61% of its peers in the Software & Programming industry.

DIVIDEND (TTM)

Dividend Yield	--
Payout Ratio	--
Annual Dividend	0.00

The average dividend yield for companies in the Software & Programming industry is 1.55%.

OPERATING RATIOS (TTM)

Asset Turnover	0.33%
Inventory Turnover	--
Receivables Turnover	4.93%
Effective Tax Rate	--

These ratios give an indicator of efficiency (ability to move inventory and generate sales) within a company, particularly ones with tangible goods (i.e. automotive, computer hardware) as compared to its peers.

COMPANY OFFICERS

Chairman	Paul A. Ricci
Executive Vice President - Finance	Thomas L. Beaudoin
Corporate Executive	Earl H. Devanny
Executive Vice President	William Robbins
Executive Vice President	Adam Bruce. Bowden
Lead Director	Robert J. Frankenberg
Director	Robert J. Finocchio
Independent Director	Brett M. Icahn
Independent Director	William H. Janeway

COMPANY CONTACT

Employees	14,000
Headquarters	1 Wayside Rd BURLINGTON, MA 01803-4609
Phone	781-565-5000
Fax	781-565-5001
Web Address http://www.nuance.com

 

BALANCE SHEET

• Quarterly
 
• Annual

	5 yr Trend	2010 09/30/10	2011 09/30/11	2012 09/30/12	2013 09/30/13	2014 09/30/14

ASSETS

Cash & Equivalents		517	447	1,130	808	547
Short Term Investments		5	31	0	39	41
Cash and Short Term Inv		522	478	1,130	847	588
Trade Accts Recvble, Gross		224	287	388	397	450
Prov. for Doubtful Accts		(6)	(6)	(7)	(14)	(21)
Total Receivables, Net		225	281	381	383	428
Invent. - Finished Goods		2	5	4	3	4
Inventories - Other		6	7	8	12	9
Total Inventory		9	11	11	15	12
Prepaid Expenses		62	77	91	88	80
Restricted Cash - Current		25	7	0	--	--
Deferred Income Tax		--	0	88	75	56
Other Current Assets		--	--	--	2	0
Other Curr. Assets, Total		25	7	88	77	56
Total Current Assets		842	855	1,701	1,410	1,165
Buildings		21	25	27	32	40
Land/Improvements		2	2	2	2	2
Machinery/Equipment		125	162	224	303	370
Construction in Progress		1	3	2	2	4
Prop./Plant/Equip. - Gross		149	192	255	339	417
Accumulated Depreciation		(87)	(113)	(139)	(178)	(225)
Prop./Plant/Equip. - Net		62	78	116	161	191
Goodwill, Net		2,078	2,348	2,955	3,293	3,411
Intangibles, Gross		1,059	1,227	1,484	1,586	1,632
Accum. Intangible Amort.		(373)	(496)	(577)	(633)	(716)
Intangibles, Net		686	732	907	953	915
Long Term Investments		28	--	--	--	--
Other Long Term Assets		74	83	120	142	138
Total Assets		3,770	4,095	5,799	5,959	5,820

LIABILITIES

Accounts Payable		79	83	113	91	62
Accrued Expenses		147	172	211	181	210
Notes Payable/ST Debt		0	0	0	0	0
Curr. Port. LT Dbt/Cap Ls.		8	7	380	246	5
Customer Advances		142	186	207	254	298
Income Taxes Payable		4	4	5	--	--
Deferred Income Tax		0	--	--	--	--
Other Current Liabilities		2	24	50	34	68
Other Curr. Lblts, Total		149	214	261	287	366
Total Current Liabilities		382	475	965	805	642
Total Long Term Debt		851	853	1,736	2,108	2,127
Total Debt		859	860	2,116	2,354	2,132
Deferred Income Tax		64	72	161	163	156
Other Liabilities, Total		175	202	210	244	313
Total Liabilities		1,473	1,602	3,071	3,321	3,238

SHAREHOLDER EQUITY

Pref. Stock-Non Rdmbl, Net		5	5	5	--	--
Common Stock		0	0	0	0	0
Additional Paid-In Capital		2,582	2,746	2,908	3,017	3,153
Ret. Earn.(Accum. Deficit)		(281)	(243)	(161)	(369)	(531)
Treasury Stock - Common		(17)	(17)	(17)	(17)	(17)
Unrealized Gain (Loss)		0	0	0	--	--
Cum. Trans. Adjustment		13	4	(3)	8	(20)
Min. Pension Lblty Adj.		(5)	(2)	(4)	(1)	(4)
Other Comprehensive Income		0	0	0	--	--
Other Equity, Total		8	2	(7)	7	(24)
Total Equity		2,297	2,493	2,728	2,638	2,582
Total Liabilities & Shareholders� Equity		3,770	4,095	5,799	5,959	5,820
Shr Outs.-Com. Primary Iss.		298	309	312	316	321
Shr Outs.-Com. Stk. Iss. 2		4	4	4	--	--
Ttl Comm. Shares Outs.		302	312	316	316	321
Trsy. Shrs-Comm. Primary Iss.		4	4	4	4	4
Trsy. Shrs-Comm. Iss. 2		0	0	0	--	--

() = Negative Value
Values are displayed in Millions

INCOME STATEMENT

• Quarterly
 
• Annual

	5 yr Trend	2010 09/30/10	2011 09/30/11	2012 09/30/12	2013 09/30/13	2014 09/30/14

REVENUE AND GROSS PROFIT

Total Revenue

1,119

1,319

1,652

1,855

1,923

OPERATING EXPENSES

Cost of Revenue, Total		409	500	605	767	844
Selling/Gen/Admin Expense		388	454	415	495	497
Labor & Related Expense		--	--	118	105	113
Sell/Gen/AdminExpenses,Tot		388	454	533	600	609
Research & Development		152	179	225	289	339
Depreciation/Amortization		88	88	95	105	109
Purchased R&D Written-Off		0	--	--	--	--
Restructuring Charge		18	23	8	16	19
Other Unusual Expnse (In)		31	22	59	30	24
Unusual Expense (Income)		49	45	67	46	44
Total Operating Expense		1,086	1,266	1,525	1,807	1,945
Operating Income		33	53	126	48	(21)

NON-OPERATING INCOME & EXPENSES

Inter Expse,Net Non-Operat		(41)	(37)	(85)	(138)	(133)
Inter Income, Non-Operating		1	3	2	2	2
Invest Income, Non-Operat		--	--	6	(4)	(7)
Inter/Invest Inc, Non-Oper		1	3	8	(3)	(4)
OtherNon-OperatInc (Expnse)		6	11	16	(5)	3
Other, Net		6	11	16	(5)	3
Income Before Tax		(1)	30	65	(97)	(155)

INCOME TAXES

Income Tax - Total		18	(8)	(142)	19	(5)
Income After Tax		(19)	38	207	(115)	(150)

MINORITY INTEREST AND EQUITY IN AFFILIATES

Net Inc Before Extra Items		(19)	38	207	(115)	(150)
Net Income		(19)	38	207	(115)	(150)

ADJUSTMENTS TO NET INCOME

Total Adjust to Net Income		0	0	(2)	0	0
Income Available to Common Excl. Extra. Items		(19)	38	205	(115)	(150)
Income Available to Common Incl. Extra. Items		(19)	38	205	(115)	(150)

EPS RECONCILIATION

Basic/Primary Weighted Average Shares		287	302	306	314	317
Basic/Primary EPS Excl. Extra. Items		(0.07)	0.13	0.67	(0.37)	(0.47)
Basic/Primary EPS Incl. Extra. Items		(0.07)	0.13	0.67	(0.37)	(0.47)
Dilution Adjustment		0	0	2	0	0
Diluted Weighted Average Shares		287	316	321	314	317
Diluted EPS Excl. Extra. Items		(0.07)	0.12	0.65	(0.37)	(0.47)
Diluted EPS Incl. Extra. Items		(0.07)	0.12	0.65	(0.37)	(0.47)

COMMON STOCK DIVIDENDS

Div/Share-ComStockPrimIssue		0.00	0.00	0.00	0.00	0.00
Gross Divid - Common Stock		0	0	0	0	0

PRO FORMA INCOME

Pro Forma Net Income

--

--

--

--

--

SUPPLEMENTAL ITEMS

Interest Expense, Suppl		41	37	85	138	133
Depreciat/Amort, Suppl		22	28	32	40	52

NORMALIZED INCOME

Total Special Items		49	45	67	46	44
Normalized Income Before Tax		47	75	132	(51)	(111)
EffectSpecItemsInclTax(STEC)		17	16	23	16	15
InclTaxExcl/ImpactSpecItems		35	7	(118)	35	11
Normalized Income After Tax		12	67	251	(85)	(122)
Normalized Inc Avail to Common		12	67	248	(85)	(122)
Basic Normalized EPS		0.04	0.22	0.81	(0.27)	(0.38)
Diluted Normalized EPS		0.04	0.21	0.78	(0.27)	(0.38)

() = Negative Value
Values are displayed in Millions

CASH FLOW STATEMENT

• Quarterly
 
• Annual

	5 yr Trend	2010 09/30/10	2011 09/30/11	2012 09/30/12	2013 09/30/13	2014 09/30/14

CASH FROM (USED BY) OPERATING ACTIVITIES

Net Income		(19,099)	38,238	207,135	(115,238)	(150,343)
Depreciation/Depletion		157,156	170,933	187,183	208,659	221,776
Deferred Taxes		3,742	(43,890)	(151,547)	(2,472)	(22,172)
Unusual Items		6,833	11,725	0	0	--
Other Non-Cash Items		114,670	176,298	200,368	193,597	221,957
Non-Cash Items		121,503	188,023	200,368	193,597	221,957
Cash Taxes Pd, Supplemental		14,215	15,949	13,292	18,329	15,591
Cash Interest Pd, Suppl		27,899	23,034	36,907	95,727	96,743
Accounts Receivable		(773)	(25,530)	(55,210)	25,165	(39,502)
Prepaid Expenses		(3,840)	(11,793)	13,881	10,988	(396)
Accounts Payable		4,710	(8,193)	22,645	(26,843)	(28,617)
Accrued Expenses		(6,760)	(6,775)	8,939	16,506	13,617
Changes in Working Capital		32,980	4,107	29,860	110,464	86,929
Total Cash from Operations		296,282	357,411	472,999	395,010	358,147

PLUS: CASH FROM (USED BY) INVESTING ACTIVITIES

Purchase of Fixed Assets		(25,974)	(34,907)	(62,910)	(55,588)	(60,287)
Purchase/Acq of Intangibles		(15,300)	(6,715)	--	--	--
Capital Expenditures		(41,274)	(41,622)	(62,910)	(55,588)	(60,287)
Acquisition of Business		(203,729)	(402,290)	(884,945)	(607,653)	(253,000)
Sale/Maturity of Investment		0	11,650	31,789	8,768	64,975
Purchase of Investments		(48,499)	(10,776)	(15,156)	(39,435)	(62,639)
Other Investing Cash Flow		(22,070)	17,184	6,747	0	0
OtherInvestCashFlowItms,Tot		(274,298)	(384,232)	(861,565)	(638,320)	(250,664)
Total Cash from Investing		(315,572)	(425,854)	(924,475)	(693,908)	(310,951)

PLUS: CASH FROM (USED BY) FINANCING ACTIVITIES

Financing Cash Flow Items		(13,650)	(12,527)	1,320,415	560,837	(45,407)
Sale/Issuance of Common		41,860	36,667	27,747	30,216	22,652
Repurch/Retirement Common		0	0	(199,997)	(184,388)	(26,483)
Iss (Retirmnt) of Stock,Net		41,860	36,667	(172,250)	(154,172)	(3,831)
Short Term Debt Reduction		(8,460)	(7,535)	(6,605)	(425,634)	--
Short Term Debt, Net		(8,460)	(7,535)	(6,605)	(425,634)	--
Long Term Debt, Net		(9,870)	(10,643)	(8,525)	(1,688)	(257,928)
Iss (Retirmnt) of Debt, Net		(18,330)	(18,178)	(15,130)	(427,322)	(257,928)
Total Cash From Financing		9,880	5,962	1,133,035	(20,657)	(307,166)

EQUALS: INCREASE (DECREASE) IN CASH

Foreign Exchange Effects		(998)	(6,925)	978	(2,088)	(918)
Net Change in Cash		(10,408)	(69,406)	682,537	(321,643)	(260,888)
NetCash-BeginBal/RsvdforFutUse		527,038	516,630	447,224	1,129,761	808,118
NetCash-EndBal/RsrvforFutUse		516,630	447,224	1,129,761	808,118	547,230
Depreciation, Supplemental		157,156	170,933	187,183	208,659	221,776
Cash Interest Pd, Suppl		27,899	23,034	36,907	95,727	96,743
Cash Taxes Pd, Supplemental		14,215	15,949	13,292	18,329	15,591

() = Negative Value
Values are displayed in Thousands