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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Nuance Communications has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Nuance Communications's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Nuance Communications was 8. The lowest was 3. And the median was 5.
The historical data trend for Nuance Communications's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Nuance Communications Annual Data | |||||||||||||||||||||
Trend | Sep12 | Sep13 | Sep14 | Sep15 | Sep16 | Sep17 | Sep18 | Sep19 | Sep20 | Sep21 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 3.00 | 4.00 | 6.00 | 6.00 | 5.00 |
Nuance Communications Quarterly Data | ||||||||||||||||||||
Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | |
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 5.00 | 4.00 | 5.00 | 4.00 |
For the Software - Application subindustry, Nuance Communications's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Software industry and Technology sector, Nuance Communications's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Nuance Communications's Piotroski F-Score falls into.
How is the Piotroski F-Score calculated?
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Dec21) TTM: | Last Year (Dec20) TTM: |
Net Income was -3.634 + -26.267 + -11.72 + -57.559 = $-99 Mil. Cash Flow from Operations was 88.432 + 47.841 + 50.178 + 13.85 = $200 Mil. Revenue was 346.977 + 336.582 + 333.067 + 321.435 = $1,338 Mil. Gross Profit was 220.338 + 206.654 + 192.421 + 181.558 = $801 Mil. Average Total Assets from the begining of this year (Dec20) to the end of this year (Dec21) was (3647.685 + 3594.076 + 3467.527 + 3386.653 + 3236.557) / 5 = $3466.4996 Mil. Total Assets at the begining of this year (Dec20) was $3,648 Mil. Long-Term Debt & Capital Lease Obligation was $576 Mil. Total Current Assets was $476 Mil. Total Current Liabilities was $841 Mil. |
Net Income was -20.006 + 16.662 + -23.945 + 14.895 = $-12 Mil. Revenue was 315.924 + 298.62 + 307.739 + 345.753 = $1,268 Mil. Gross Profit was 191.867 + 178.32 + 180.798 + 213.975 = $765 Mil. Average Total Assets from the begining of last year (Dec19) to the end of last year (Dec20) was (3785.737 + 3756.75 + 3546.086 + 3593.332 + 3647.685) / 5 = $3665.918 Mil. Total Assets at the begining of last year (Dec19) was $3,786 Mil. Long-Term Debt & Capital Lease Obligation was $596 Mil. Total Current Assets was $784 Mil. Total Current Liabilities was $1,596 Mil. |
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Nuance Communications's current Net Income (TTM) was -99.
==> Negative ==> Score 0.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Nuance Communications's current Cash Flow from Operations (TTM) was 200.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Score 1 if it's higher, 0 if it's lower.
ROA (This Year) | = | Net Income | / | Total Assets (Dec20) |
= | -99.18 | / | 3647.685 | |
= | -0.02718985 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec19) |
= | -12.394 | / | 3785.737 | |
= | -0.00327387 |
Nuance Communications's return on assets of this year was -0.02718985. Nuance Communications's return on assets of last year was -0.00327387.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Score 1 if CFROA > ROA, 0 if CFROA <= ROA.
Nuance Communications's current Net Income (TTM) was -99. Nuance Communications's current Cash Flow from Operations (TTM) was 200.
==> 200 > -99 ==> CFROA > ROA ==> Score 1.
Funding
Question 5. Change in Gearing or Leverage
Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.
Score 0 if this year's gearing is higher, 1 otherwise.
Gearing (This Year: Dec21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec20 to Dec21 |
= | 575.629 | / | 3466.4996 | |
= | 0.16605483 |
Gearing (Last Year: Dec20) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec19 to Dec20 |
= | 596.316 | / | 3665.918 | |
= | 0.16266485 |
Nuance Communications's gearing of this year was 0.16605483. Nuance Communications's gearing of last year was 0.16266485.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Current Ratio (This Year: Dec21) | = | Total Current Assets | / | Total Current Liabilities |
= | 475.804 | / | 841.163 | |
= | 0.56565018 |
Current Ratio (Last Year: Dec20) | = | Total Current Assets | / | Total Current Liabilities |
= | 784.202 | / | 1596.08 | |
= | 0.49133001 |
Nuance Communications's current ratio of this year was 0.56565018. Nuance Communications's current ratio of last year was 0.49133001.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Nuance Communications's number of shares in issue this year was 317.359. Nuance Communications's number of shares in issue last year was 314.21.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 800.971 | / | 1338.061 | |
= | 0.59860574 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 764.96 | / | 1268.036 | |
= | 0.60326363 |
Nuance Communications's gross margin of this year was 0.59860574. Nuance Communications's gross margin of last year was 0.60326363.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Dec20) |
= | 1338.061 | / | 3647.685 | |
= | 0.36682471 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec19) |
= | 1268.036 | / | 3785.737 | |
= | 0.3349509 |
Nuance Communications's asset turnover of this year was 0.36682471. Nuance Communications's asset turnover of last year was 0.3349509.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 0 | + | 1 | + | 0 | + | 1 | + | 0 | + | 1 | + | 0 | + | 0 | + | 1 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Nuance Communications has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Nuance Communications (NAS:NUAN) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Thank you for viewing the detailed overview of Nuance Communications's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Lloyd Carney | director | C/O MICROMUSE INC, 139 TOWNSEND ST, SAN FRANCISCO CA 94107 |
Robert Dahdah | officer: Executive Vice President and C | C/O NUANCE COMMUNICATIONS, INC. ONE WAYSIDE ROAD BURLINGTON MA 01803 |
Mark D Benjamin | director, officer: Chief Executive Officer | NUANCE COMMUNICATIONS, INC., 1 WAYSIDE ROAD, BURLINGTON MA 01803 |
Robert Weideman | officer: EVP & GM, Enterprise Division | C/O SCANSOFT INC 9 CENTENNIAL DR PEABODY MA 01960 |
Daniel David Tempesta | officer: EVP & Chief Financial Officer | ONE WAYSIDE ROAD, BURLINGTON MA 01803 |
Sanjay Vaswani | director | |
Joseph Carl Petro | officer: Executive Vice President & Chi | THREE RAVINIA DRIVE ATLANTA 2Q 30346 |
Arthur G. Giterman | officer: SVP & Chief Accounting Officer | 26 ELDRED STREET LEXINGTON MA 02420 |
Wendy Cassity | officer: EVP & Chief Legal Officer | C/O XPO, INC., FIVE AMERICAN LANE, GREENWICH CT 06831 |
Thomas L Beaudoin | officer: EVP, Business Transformation | NUANCE COMMUNICATIONS, INC., 1 WAYSIDE ROAD, BURLINGTON MA 01803 |
Mark R Laret | director | VARIAN MEDICAL SYSTEMS INC 3100 HANSEN WAY MAIL STOP E327 PALO ALTO CA 94304 |
Daniel J. Brennan | director | BOSTON SCIENTIFIC CORPORATION, 300 BOSTON SCIENTIFIC WAY, MARLBOROUGH MA 01752-1234 |
Robert J Finocchio | director | C/O ALTERA CORP 101 INNOVATION DRIVE SAN JOSE CA 95134 |
Thomas D Ebling | director | C/O DEMANDWARE, INC. 5 WALL STREET BURLINGTON MA 01803 |
Laura S. Kaiser | director | 10101 WOODFIELD LANE, ST. LOUIS MO 63132 |
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