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Nuance Announces Third Fiscal Quarter 2009 Results

Results Benefit from Growth in Mobile Care and On-Demand Revenues

BURLINGTON, MA — August 10, 2009 — Nuance Communications, Inc. (NASDAQ: NUAN) today announced financial results for the third fiscal quarter ended June 30, 2009.

Nuance reported GAAP revenue of $241.0 million in the quarter ended June 30, 2009, an 11.2% increase over GAAP revenue of $216.7 million in the quarter ended June 30, 2008. The Company reported non-GAAP revenue of approximately $251.3 million, which includes $10.3 million in revenue lost to accounting treatment in conjunction with the Company’s business and technology acquisitions. Non-GAAP revenue grew approximately 9.6% over non-GAAP revenue of $229.2 million in the same quarter last year.

Nuance recognized a GAAP net loss of $1.0 million, or $(0.00) per diluted share, in the quarter ended June 30, 2009, compared with a GAAP net loss of $9.9 million, or $(0.05) per diluted share, in the quarter ended June 30, 2008. For the period ended June 30, 2009, Nuance reported non-GAAP net income of $73.3 million, or $0.26 per diluted share, compared to non-GAAP net income of $51.3 million, or $0.22 per diluted share, in the quarter ended June 30, 2008. Nuance reported cash flow from operations of $53.7 million in the quarter ended June 30, 2009, compared to $48.1 million in the same quarter last year.

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.

"Nuance increased operating margins, operating cash flows and recurring revenue streams in what continues to be a cautious capital purchasing environment," said Paul Ricci, chairman and CEO of Nuance. “Our attention to expense controls and our growth in hosted revenue establish the foundation for continued performance improvements as we complete the fiscal year.”

Highlights from the quarter include:

Healthcare-Dictation — Non-GAAP revenue for Nuance's healthcare and dictation solutions was $108.1 million, up 27%, as reported, from the same quarter last year. Revenue in Nuance’s healthcare unit grew year-over-year, fueled by hosted, on-demand solutions, as a record number of new customers went live in Nuance’s hosted transcription services. Important contracts from the third quarter include Florida Hospital, Harvard Vanguard, HCA MountainStar, Sarasota Memorial Hospital, and UHS Binghamton.

Mobile-Enterprise — Non-GAAP revenue for Nuance's enterprise and mobile solutions was $125.5 million, up slightly, as reported, from the same quarter last year. Nuance experienced continued strength in enterprise on-demand, professional services and maintenance contracts, especially in North America, with wins at customers such as Bank of America, Cigna, TD Ameritrade and United Airlines. Nuance Mobile Care revenue grew as deployment progressed within our carrier customers. National Australia Bank Personal Banking deployed a voice biometric identification and verification function incorporating Nuance technology to improve customer experience and security. Nuance’s mobile revenue streams again reflected the challenges of reduced purchases of mobile devices worldwide. During Q3 2009, millions of new smart phones shipped with Nuance products that enable voice control of various functions. In addition, Nuance won significant new contracts at HTC, LG, MiTAC/Magellan, Samsung and Vodafone.

Imaging — Non-GAAP revenue for Nuance’s PDF and document imaging solutions was $17.7 million, down 8%, as reported, from the same quarter last year. The year-over-year decline reflects the continued weakness in Windows-based software sales, as well as reduced sales through its channels as Nuance prepared for upcoming product release launches. The Company did see a strong performance from the launch of OmniPage 17 during Q3 2009.

Operational Achievements — Nuance benefited from its focus on expense controls and accelerating synergies from recent acquisitions to significantly improve non-GAAP margins. Non-GAAP operating margins rose to 32.6%, compared to 27.5% in the third quarter 2008. Cash flows from operations were $53.7 million in the third quarter 2009, compared to $48.1 million a year ago. On a year-to-date basis, cash flows from operations were $184.3 million, compared to $130.1 for the same period in 2008. The Company’s cash balance as of June 30, 2009, was $418.6 million.

Conference Call and Prepared Remarks

Nuance is providing a copy of prepared remarks in combination with its press release. This process and these remarks are offered to provide shareholders and analysts with additional time and detail for analyzing results in advance of the Company’s quarterly conference call. The remarks will be available at www.nuance.com/earningsresults in conjunction with the press release.

As previously scheduled, the conference call will begin today, August 10, 2009 at 5:00 pm ET and will include only brief comments followed by questions and answers. The prepared remarks will not be read on the call. To access the live broadcast, please visit the Investor Relations section of Nuance’s Website at www.nuance.com. The call can also be heard by dialing (800) 288-8974 or (612) 332-0345 at least five minutes prior to the call and referencing conference code 107916. A replay will be available within 24 hours of the announcement by dialing (800) 475-6701 or (320) 365-3844 and using the access code 107916.

About Nuance Communications, Inc.

Nuance is a leading provider of speech and imaging solutions for businesses and consumers around the world. Its technologies, applications and services make the user experience more compelling by transforming the way people interact with information and how they create, share and use documents. Every day, millions of users and thousands of businesses experience Nuance’s proven applications and professional services. For more information, please visit: www.nuance.com.

Trademark reference: Nuance, the Nuance logo, Dictaphone, and OmniPage are registered trademarks or trademarks of Nuance Communications, Inc. or its affiliates in the United States and/or other countries. All other trademarks referenced herein are the property of their respective owners.

Safe Harbor and Forward-Looking Statements

Statements in this document regarding continued performance improvements and Nuance managements’ future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” or “estimates” or similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: fluctuations in demand for Nuance’s existing and future products; economic conditions in the United States and abroad; Nuance’s ability to control and successfully manage its expenses and cash position; the effects of competition, including pricing pressure; possible defects in Nuance’s products and technologies; the ability of Nuance to successfully integrate operations and employees of acquired businesses; the ability to realize anticipated synergies from acquired businesses; and the other factors described in Nuance’s annual report on Form 10-K for the fiscal year ended September 30, 2008 and Nuance’s quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. Nuance disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this document.

The information included in this press release should not be viewed as a substitute for full GAAP financial statements.

Discussion of Non-GAAP Financial Measures

Management utilizes a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of the business, for making operating decisions and for forecasting and planning for future periods. Our annual financial plan is prepared both on a GAAP and non-GAAP basis, and the non-GAAP annual financial plan is approved by our board of directors. Continuous budgeting and forecasting for revenue and expenses are conducted on a consistent non-GAAP basis (in addition to GAAP) and actual results on a non-GAAP basis are assessed against the annual financial plan. The board of directors and management utilize these non-GAAP measures and results (in addition to the GAAP results) to determine our allocation of resources. In addition and as a consequence of the importance of these measures in managing the business, we use non-GAAP measures and results in the evaluation process to establish management’s compensation. For example, our annual bonus program payments are based upon the achievement of consolidated non-GAAP revenue and consolidated non-GAAP earnings per share financial targets. We consider the use of non-GAAP revenue helpful in understanding the performance of our business, as it excludes the purchase accounting impact on acquired deferred revenue and other acquisition-related adjustments to revenue. We also consider the use of non-GAAP earnings per share helpful in assessing the organic performance of the continuing operations of our business. By organic performance we mean performance as if we had owned an acquired asset in the same period a year ago. By continuing operations we mean the ongoing results of the business excluding certain unplanned costs. While our management uses these non-GAAP financial measures as a tool to enhance their understanding of certain aspects of our financial performance, our management does not consider these measures to be a substitute for, or superior to, the information provided by GAAP revenue and earnings per share. Consistent with this approach, we believe that disclosing non-GAAP revenue and non-GAAP earnings per share to the readers of our financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP revenue and earnings per share, allows for greater transparency in the review of our financial and operational performance. In assessing the overall health of the business during the three months ended June 30, 2009 and 2008, and, in particular, in evaluating our revenue and earnings per share, our management has either included or excluded items in four general categories, each of which are described below.


Acquisition-Related Expenses.
In recent years, the Company has completed a number of acquisitions, which result in operating expenses which would not otherwise have been incurred. The Company provides supplementary non-GAAP financial measures which exclude certain transition, integration and other acquisition-related expense items resulting from acquisitions to allow more accurate comparisons of the financial results to historical operations, forward-looking guidance and the financial results of less acquisitive peer companies. The Company considers these types of expenses, to a great extent, to be unpredictable and dependent on a significant number of factors that are outside of the control of the Company. Furthermore, such costs are generally not relevant to assessing or estimating the long-term performance of the acquired assets as part of the Company. In addition, the size, complexity and/or volume of past acquisitions, which often drives the magnitude of acquisition-related expenses, may not be indicative of the size, complexity and/or volume of future acquisitions. By excluding the above referenced expenses from our non-GAAP measures, management is better able to evaluate the Company’s ability to utilize its existing assets and estimate the long-term value that acquired assets will generate for the Company.

These items are included in the following categories: (i) acquisition-related transition and integration costs; (ii) amortization of intangible assets; (iii) in-process research and development; and (iv) costs associated with regulatory matters related to acquired entities. These categories are further discussed as follows:

(i) Acquisition-related transition and integration costs. The Company excludes transition and integration costs such as retention and earnout bonuses for employees from acquisitions. The Company does not consider these expenses to be related to the organic continuing operation of its business, and believes it is useful to management and investors to understand the effects of these items on total operating expenses. Although acquisition-related transition and integration costs are not recurring with respect to past acquisitions, the Company generally will incur these expenses in connection with any future acquisitions.

(ii) Amortization of intangible assets. The Company excludes the amortization of intangible assets from non-GAAP expense and income measures. These amounts are inconsistent in amount and frequency and are significantly impacted by the timing and size of acquisitions. Providing a supplemental measure which excludes these charges allows management and investors to evaluate results “as-if” the acquired intangible assets had been developed internally rather than acquired and, therefore, provides a supplemental measure of performance in which the Company’s acquired intellectual property is treated in a comparable manner to its internally developed intellectual property. Although the Company excludes amortization of intangible assets from its non-GAAP expenses, the Company believes that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Future acquisitions may result in the amortization of additional intangible assets.

(iii) In-Process research and development. The Company excludes expenses associated with acquired in-process research and development from non-GAAP expense and income measures. These amounts are inconsistent in amount and frequency and are significantly impacted by the timing, size and nature of acquisitions. Providing a supplemental measure which excludes these charges allows management and investors to evaluate results “as-if” the acquired research and development had been conducted internally rather than acquired. Although expenses associated with acquired in-process research and development are generally not recurring with respect to past acquisitions, the Company may incur these expenses in connection with any future acquisitions.

(iv) Costs associated with regulatory matters related to acquired entities. The Company excludes expenses incurred as a result of the investigation and, if necessary, restatement of the financial results of acquired entities. The Company also incurs post-closing legal and other professional services fees for non-recurring compliance and regulatory matters associated with acquisitions. The Company does not consider these expenses to be related to the organic continuing operations of the acquired businesses, and believes that providing a supplemental non-GAAP measure which excludes these items allows management and investors to consider the ongoing operations of the business both with, and without, such expenses. Although these expenses are not recurring with respect to past acquisitions, the Company may incur these expenses in connection with any future acquisitions.

Non-Cash Expenses.
The Company provides non-GAAP information relative to the following non-cash expenses: (i) stock-based compensation; (ii) certain accrued interest; and (iii) certain accrued income taxes. These items are further discussed as follows:

(i) Stock-based compensation. Because of varying available valuation methodologies, subjective assumptions and the variety of award types, the Company believes that the exclusion of share-based payments allows for more accurate comparisons of operating results to peer companies, as well as to times in the Company’s history when share based payments were more or less significant as a portion of overall compensation than in the current period. The Company evaluates performance both with and without these measures because compensation expense related to stock-based compensation is typically non-cash and the options granted are influenced by factors such as volatility and risk-free interest rates that are beyond the Company’s control. The expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. As such, the Company does not include such charges in operating plans. Stock-based compensation will continue in future periods.

(ii and iii) Certain accrued interest and income taxes. The Company also excludes certain accrued interest and certain accrued income taxes because the Company believes that excluding these non-cash expenses provides senior management as well as other users of the financial statements, with a valuable perspective on the cash-based performance and health of the business, including the current near-term projected liquidity. These non-cash expenses will continue in future periods.

Other Expenses.
The Company excludes certain other expenses that are the result of other, unplanned events to measure operating performance as well as current and future liquidity both with and without these expenses. Included in these expenses are items such as non-acquisition-related restructuring and other charges (credits), net. These events are unplanned and arose outside of the ordinary course of continuing operations. These items also include adjustments from changes in fair value of share-based liabilities relating to the issuance of our common stock with security price guarantees payable in cash. The Company assesses operating performance with these amounts included, but also excluding these amounts; the amounts relate to costs which are unplanned, and therefore by providing this information the Company believes management and the users of the financial statements are better able to understand the financial results of what the Company considers to be organic continuing operations.

The Company believes that providing the non-GAAP information to investors, in addition to the GAAP presentation, allows investors to view the financial results in the way management views the operating results. The Company further believes that providing this information allows investors to not only better understand the Company’s financial performance but more importantly, to evaluate the efficacy of the methodology and information used by management to evaluate and measure such performance.

Financial Tables Follow

Nuance Communications, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

Nuance Communications, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

Unaudited

                     

 

         

Three months ended

 

Nine months ended

         

June 30

 

June 30

         

2009

 

2008

 

2009

 

2008

                     

 

Revenue:

                   

Product and licensing

     

$

87,387

   

$

96,396

   

$

259,987

   

$

288,587

 

Professional services and subscription and hosting

       

110,966

     

82,320

     

304,162

     

216,942

 

Maintenance and support

     

 

42,687

 

 

 

38,028

 

 

 

122,870

 

 

 

109,541

 

Total revenue

     

 

241,040

 

 

 

216,744

 

 

 

687,019

 

 

 

615,070

 

                     

 

Cost of revenue:

                   

Product and licensing

       

8,414

     

10,214

     

26,222

     

32,485

 

Professional services and subscription and hosting

       

68,321

     

55,511

     

189,584

     

156,777

 

Maintenance and support

       

7,207

     

7,912

     

21,387

     

24,266

 

Amortization of intangible assets

     

 

10,017

 

 

 

5,248

 

 

 

27,444

 

 

 

17,995

 

Total cost of revenue

     

 

93,959

 

 

 

78,885

 

 

 

264,637

 

 

 

231,523

 

                     

 

Gross profit

     

 

147,081

 

 

 

137,859

 

 

 

422,382

 

 

 

383,547

 

                     

 

Operating expenses:

                   

Research and development

       

28,584

     

27,068

     

87,363

     

85,822

 

Sales and marketing

       

50,376

     

55,526

     

161,991

     

168,299

 

General and administrative

       

28,181

     

27,323

     

86,340

     

80,631

 

Amortization of intangible assets

       

19,931

     

14,386

     

56,313

     

40,040

 

Restructuring and other charges, net

     

 

2,893

 

 

 

2,646

 

 

 

5,241

 

 

 

8,124

 

Total operating expenses

     

 

129,965

 

 

 

126,949

 

 

 

397,248

 

 

 

382,916

 

                     

 

Income from operations

       

17,116

     

10,910

     

25,134

     

631

 
                     

 

Other expense, net

     

 

(11,455

)

 

 

(11,649

)

 

 

(26,343

)

 

 

(38,191

)

                     

 

Income (loss) before income taxes

       

5,661

     

(739

)

   

(1,209

)

   

(37,560

)

                     

 

Provision for income taxes

     

 

6,670

 

 

 

9,127

 

 

 

17,283

 

 

 

14,521

 

                     

 

Net loss

     

$

(1,009

)

 

$

(9,866

)

 

$

(18,492

)

 

$

(52,081

)

                     

 

                     

 

Net loss per share:

                   

Basic and diluted

     

$

(0.00

)

 

$

(0.05

)

 

$

(0.07

)

 

$

(0.25

)

                     

 

Weighted average common shares outstanding:

                   

Basic and diluted

     

 

260,750

 

 

 

213,683

 

 

 

249,105

 

 

 

204,843

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuance Communications, Inc.

Supplement Financial Information - GAAP to Non-GAAP Reconciliations

(in thousands, except per share amounts)

Unaudited

                     

 

         

Three months ended

 

Nine months ended

         

June 30

 

June 30

         

2009

 

2008

 

2009

 

2008

                     

 

GAAP revenue

     

$

241,040

   

$

216,744

   

$

687,019

   

$

615,070

 

Acquisition-related revenue adjustments: product & licensing

       

8,264

     

10,012

     

40,217

     

33,230

 

Acquisition-related revenue adjustments: professional services and subscription and hosting

       

1,506

     

1,774

     

3,956

     

7,571

 

Acquisition-related revenue adjustments: maintenance and support

     

 

519

 

 

 

710

 

 

 

3,370

 

 

 

2,289

 

Non-GAAP revenue

     

$

251,329

 

 

$

229,240

 

 

$

734,562

 

 

$

658,160

 

                     

 

GAAP cost of revenue

     

$

93,959

   

$

78,885

   

$

264,637

   

$

231,523

 

Cost of revenue from amortization of intangible assets

       

(10,017

)

   

(5,248

)

   

(27,444

)

   

(17,995

)

Cost of revenue adjustments: product & licensing (1,2,3)

       

(2

)

   

107

     

(13

)

   

445

 

Cost of revenue adjustments: professional services and subscription and hosting (1,2,3)

       

(1,953

)

   

(1,484

)

   

(6,321

)

   

(4,474

)

Cost of revenue adjustments: maintenance & support (1,2,3)

     

 

(92

)

 

 

(218

)

 

 

(425

)

 

 

(1,239

)

Non-GAAP cost of revenue

     

$

81,895

 

 

$

72,042

 

 

$

230,434

 

 

$

208,260

 

                     

 

GAAP gross profit

     

$

147,081

   

$

137,859

   

$

422,382

   

$

383,547

 

Gross profit adjustments (1,2,3)

     

 

22,353

 

 

 

19,339

 

 

 

81,746

 

 

 

66,353

 

Non-GAAP gross profit

     

$

169,434

 

 

$

157,198

 

 

$

504,128

 

 

$

449,900

 

                     

 

GAAP income from operations

     

$

17,116

   

$

10,910

   

$

25,134

   

$

631

 

Gross profit adjustments (1,2,3)

       

22,353

     

19,339

     

81,746

     

66,353

 

Research and development (1, 2)

       

2,855

     

2,800

     

9,381

     

13,010

 

Sales and marketing (1, 2)

       

6,830

     

6,522

     

21,387

     

19,971

 

General and administrative (1, 2)

       

10,020

     

6,403

     

27,811

     

21,226

 

Amortization of intangible assets

       

19,931

     

14,386

     

56,313

     

40,040

 

Restructuring and other charges, net

     

 

2,893

 

 

 

2,646

 

 

 

5,241

 

 

 

8,124

 

Non-GAAP income from operations

     

$

81,998

 

 

$

63,006

 

 

$

227,013

 

 

$

169,355

 

                     

 

GAAP provision for income taxes

     

$

6,670

   

$

9,127

   

$

17,283

   

$

14,521

 

Non-cash taxes

     

 

(4,170

)

 

 

(7,804

)

 

 

(6,125

)

 

 

(10,864

)

Non-GAAP provision for income taxes

     

$

2,500

 

 

$

1,323

 

 

$

11,158

 

 

$

3,657

 

                     

 

GAAP net loss

     

$

(1,009

)

 

$

(9,866

)

 

$

(18,492

)

 

$

(52,081

)

Cost of revenue from amortization of intangible assets

       

10,017

     

5,248

     

27,444

     

17,995

 

Amortization of intangible assets

       

19,931

     

14,386

     

56,313

     

40,040

 

Non-cash share-based payments (1)

       

17,582

     

15,028

     

52,584

     

53,447

 

Non-cash interest expense, net

       

1,425

     

1,313

     

4,364

     

4,344

 

Change in fair value of share-based liabilities

       

3,782

     

-

     

3,782

     

-

 

Restructuring and other charges, net

       

2,893

     

2,646

     

5,241

     

8,124

 

Non-cash income taxes

       

4,170

     

7,804

     

6,125

     

10,864

 

Acquisition-related adjustment - cost of revenue (3)

       

(514

)

   

(616

)

   

(1,159

)

   

(2,908

)

Acquisition-related adjustment - revenue (3)

       

10,290

     

12,496

     

47,544

     

43,090

 

Acquisition-related expenses (2)

     

 

4,684

 

 

 

2,908

 

 

 

13,913

 

 

 

8,936

 

Non-GAAP net income

     

$

73,251

 

 

$

51,347

 

 

$

197,659

 

 

$

131,851

 

                     

 

Non-GAAP diluted net income per share

     

$

0.26

 

 

$

0.22

 

 

$

0.74

 

 

$

0.58

 

                     

 

Diluted weighted average common shares outstanding

     

 

281,151

 

 

 

237,264

 

 

 

268,699

 

 

 

229,037

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuance Communications, Inc.

Supplement Financial Information - GAAP to Non-GAAP Reconciliations, continued

(in thousands)

Unaudited

                     

 

         

Three months ended

 

Nine months ended

         

June 30

 

June 30

         

2009

 

2008

 

2009

 

2008

(1) Non-Cash Share-Based Payments

                   

Cost of product and licensing

     

$

2

   

$

2

   

$

8

   

$

16

 

Cost of professional services and subscription and hosting

       

2,402

     

1,304

     

7,329

     

6,325

 

Cost of maintenance and support

       

132

     

218

     

557

     

1,125

 

Research and development

       

2,013

     

2,517

     

7,640

     

11,621

 

Sales and marketing

       

6,687

     

5,925

     

20,246

     

17,487

 

General and administrative

     

 

6,346

 

 

 

5,062

 

 

 

16,804

 

 

 

16,873

 

Total

     

$

17,582

 

 

$

15,028

 

 

$

52,584

 

 

$

53,447

 

                     

 

(2) Acquisition-Related Expenses

                   

Cost of product and licensing

     

$

-

   

$

-

   

$

1

   

$

-

 

Cost of professional services and subscription and hosting

       

20

     

687

     

9

     

596

 

Cost of maintenance and support

       

5

     

-

     

14

     

114

 

Research and development

       

842

     

283

     

1,741

     

1,389

 

Sales and marketing

       

143

     

597

     

1,141

     

2,484

 

General and administrative

     

 

3,674

 

 

 

1,341

 

 

 

11,007

 

 

 

4,353

 

Total

     

$

4,684

 

 

$

2,908

 

 

$

13,913

 

 

$

8,936

 

                     

 

(3) Acquisition-Related Revenue and Cost of Revenue

                   

Revenue

     

$

10,290

   

$

12,496

   

$

47,544

   

$

43,090

 

Cost of product and licensing

       

-

     

(109

)

   

4

     

(461

)

Cost of professional services and subscription and hosting

       

(469

)

   

(507

)

   

(1,017

)

   

(2,447

)

Cost of maintenance and support

     

 

(45

)

 

 

-

 

 

 

(146

)

 

 

-

 

Total

     

$

9,776

 

 

$

11,880

 

 

$

46,385

 

 

$

40,182

 

 

 

 

 

 

 

 

 

 

Nuance Communications, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

Unaudited

               

 

               

 

ASSETS

     

June 30, 2009

 

September 30, 2008

               

 

Current assets:

           

Cash and cash equivalents

     

$

418,587

 

$

261,540

Marketable securities

       

-

   

56

Accounts receivable and unbilled receivables, net

       

184,738

   

217,999

Inventories, net

       

9,370

   

7,152

Prepaid expenses and other current assets

     

 

44,441

 

 

28,536

Total current assets

       

657,136

   

515,283

               

 

Land, building and equipment, net

       

51,733

   

46,485

Goodwill

       

1,869,344

   

1,655,773

Intangible assets, net

       

685,056

   

585,023

Other assets

     

 

42,984

 

 

43,635

Total assets

     

$

3,306,253

 

$

2,846,199

               

 

LIABILITIES AND STOCKHOLDERS' EQUITY

           
               

 

Current liabilities:

           

Current portion of long-term debt and capital leases

     

$

6,878

 

$

7,006

Contingent and deferred acquisition payments

       

62,711

   

113,074

Accounts payable and accrued expenses

       

151,471

   

133,616

Deferred and unearned revenue

       

138,977

   

118,902

Other short term liabilities

     

 

9,324

 

 

9,166

Total current liabilities

       

369,361

   

381,764

               

 

Long-term portion of debt and capital leases

       

889,957

   

894,184

Long-term deferred revenue

       

26,028

   

18,134

Other long term liabilities

     

 

144,273

 

 

127,209

Total liabilities

     

 

1,429,619

 

 

1,421,291

               

 

Stockholders' equity

     

 

1,876,634

 

 

1,424,908

               

 

Total liabilities and stockholders' equity

     

$

3,306,253

 

$

2,846,199

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