10 unchanged sentences
The timing, declaration, amount and payment of future dividends to stockholders, if any, will fall within the discretion of our Board.
−Removed: Among the items we are considering in establishing a dividend policy are the capital needs of our business and opportunities to retain future earnings for use in the operation of our business and to fund future growth.
+Added: Among the items we would consider in establishing a dividend policy are the capital needs of our business and opportunities to retain future earnings for use in the operation of our business and to fund future growth.
Additionally, the terms of the Senior Credit Facilities limit our ability to pay cash dividends.
1 unchanged sentence
Performance Graph
−Removed: The graph below compares the cumulative total shareholder return of our common stock for the last four quarters with the Russell 2000 and the S&P Software & Services Select indices.
+Added: The graph below compares the cumulative total shareholder return of our common stock for the last two years with the S&P MidCap 400, Russell 2000 and the S&P Software & Services Select indices.
The information presented assumes an initial investment of $100 on October 2, 2019, the date our common stock began regular-way trading on the Nasdaq Global Select Market.
2 unchanged sentences
We caution that the stock price performance shown in the graph below is not necessarily indicative of, nor is it intended to forecast, the potential future performance of our common stock.
−Removed: October 2, 2019
−Removed: December 31, 2019
−Removed: March 31, 2020
−Removed: June 30, 2020
−Removed: September 30, 2020
+Added: S&P MidCap 400 (1)
+Added: Russell 2000 (1)
S&P Software & Services Select
+Added: During fiscal year 2021, our common stock was added to the S&P MidCap 400 Index.
+Added: As such, we have included the S&P MidCap 400 Index as our broad market equity index comparative and will no longer include the Russell 2000 Index.
+Added: We believe the S&P MidCap 400 Index generally includes companies with more comparable market capitalization to us.
+Added: The stock performance line graph and table includes a comparison of our cumulative total return to the selected indices ((i) the S&P MidCap 400 Index and (ii) the S&P Software and Select Services) and the discontinued index ((iii) the Russell 2000 Index).
Recent Sales of Unregistered Securities and Use of Proceeds
1 unchanged sentence
Not applicable.
−Removed: Selected Financial Data.
−Removed: The following table presents certain selected consolidated and combined financial information as of and for each of the years in the three-year period ended September 30, 2020, 2019, and 2018.
−Removed: The selected consolidated and combined financial data as of and for each of the years ended September 30, 2020, 2019, and 2018 is derived from Consolidated and Combined Financial Statements included elsewhere in this Form 10-K.
−Removed: The Consolidated and Combined Financial Statements for the fiscal year ended September 30, 2020 and 2019 have been prepared under Financial Accounting Standards Board, or FASB, Accounting Standard Codification, or ASC, Topic 606, Revenue from Contracts with Customers, or ASC 606, while the Combined Financial Statements for the fiscal years ended September 30, 2018 have been prepared under FASB ASC Topic 605, Revenue Recognition, or ASC 605.
−Removed: In our opinion, both financial statements include all adjustments, consisting of only ordinary recurring adjustments, necessary for a fair statement of the information set forth in this Form 10-K.
−Removed: ASC 606 was adopted as of October 1, 2018 using the modified retrospective approach from the previous guidance ASC 605.
−Removed: Our transition to ASC 606 represents a change in accounting policy that is reflected in our Consolidated and Combined Financial Statements for fiscal years 2020 and 2019.
−Removed: The adoption of ASC 606 limits the comparability of revenue and expenses, including cost of revenue and certain operating expenses when compared to the fiscal year 2018 and other prior reporting periods.
−Removed: The selected consolidated and combined financial data presented below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our Consolidated and Combined Financial Statements, including their respective accompanying notes thereto included elsewhere in this Form 10-K.
−Removed: For fiscal year 2019 and fiscal year 2018, our business was wholly-owned by Nuance.
−Removed: The financial information included herein may not necessarily reflect our financial position, results of operations and cash flows in the future or what our financial position, results of operations and cash flows would have been had we been an independent, publicly traded company during those periods presented.
−Removed: Further, the historical combined financial information includes allocations of certain Nuance corporate expenses, as described in Note 19 to the Consolidated and Combined Financial Statements.
−Removed: We believe the assumptions and methodologies underlying the allocation of these expenses are reasonable.
−Removed: However, such expenses may not be indicative of the actual level of expense that we would have incurred if we had operated as an independent, publicly traded company.
−Removed: Year Ended September 30,
−Removed: Total revenues
−Removed: Income from operations
−Removed: (Benefit from) provision for income taxes
−Removed: Net (loss) income
−Removed: Financial Position:
−Removed: Deferred revenue
−Removed: Total stockholders' equity
−Removed: Selected Data and Ratios:
−Removed: Net working capital (deficit)
−Removed: Depreciation of property and equipment
−Removed: Amortization of intangible assets
−Removed: Operating margin
+Added: Not applicable.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.