Our Purpose and Values guide everything we do at Nuance. They are embedded in how we interact with customers, recruit and develop our employees, and engage with the communities in which we live and work. Our Purpose—Intelligence Makes Us More— defines our work and amplifies our impact. First and foremost, we make intelligent solutions. We create the logic, understanding, learning, and awareness that enable progress and advance humanity. The collective intelligence of our employees, our customers, and their customers allows us not just to do more but to be more. We faced the past year strong in our belief that by working together we can achieve anything. And when you look at what we’ve accomplished, against almost insurmountable odds, we think you’ll agree that we succeeded to the benefit of our customers, their customers, our employees, and our communities. This past year, we continued to execute our long-term strategy. To that end, we sold a non-strategic line of business and simplified our product portfolio, moved many customer solutions to the cloud, and shrank our global footprint by closing 26 offices, bringing the current total to 26. This execution came to a culmination on April 12, 2021, when Nuance announced that it had signed a definitive agreement to be acquired by Microsoft, due in part to the success of this strategic transformation. Nuance has remained committed to strategic priorities and executing against its financial objectives despite COVID-19 headwinds. The pandemic initially caused a slowdown in account activity, primarily due to the widespread disruption in healthcare and general macroeconomic uncertainty. However, after the initial slowdown in activity, we experienced a resurgence due to the critical nature of our products and the exacerbated challenges faced by both enterprises and healthcare institutions. We continue to work with Mila, the AI and machine learning research center in Montreal, to collaborate on AI research as well as the ethics of our AI work. Our partnership enables us to advance cutting-edge work in machine learning, and meaningfully enhance AI applications. This past year, we focused on the ethics of artificial intelligence and, specifically, how to ensure technology performs equally across demographics. We remain steadfast in our commitment to creating AI that has positive impacts across real-world applications. Given the increased reliance on digital channels in 2020, many of our enterprise customers enlisted our help to combat the surge in fraudulent activity. Banks reported an increase in the incidence of attacks by 200–400%. For example, preying on the vulnerability of the elderly, a criminal could acquire an older person’s name, birthdate, and social security number by offering access to a COVID-19 vaccine and then, posing as the victim, contact a bank to perpetuate fraud. Using voice authentication, Nuance solutions can determine age, gender, and dialect. If a person speaking on the phone is in their twenties, and the account holder is in their seventies, our AI detects that something is wrong and helps prevent this fraudulent activity. Nuance’s Dragon® Medical One cloud- based speech recognition platform captured top honors as the 2021 Best in KLAS: Software & Services award winner, earning praise from clinicians as the #1 conversational AI speech recognition solution helping deliver and document better patient care. In addition to the 2021 Best in KLAS Speech Recognition (Front-End EMR) award, Nuance also captured the 2021 Best in KLAS Quality Management award. This is the sixth year Nuance has ranked first for its cloud- based quality management solutions used by health systems to capture, monitor, and report hospital and physician performance data to improve care quality, patient safety, and financial integrity.