Exhibit 99.1

 

 

 

 

Press Release

November 22, 2021

 

Cerence Announces Fourth Quarter and Fiscal Year 2021 Results

Fourth Quarter and Fiscal Year Highlights

 

Strong bookings of $590M in FY21 increases backlog to approximately $2 billion 

 

Momentum for new products leads to orders representing nearly 20% of total bookings 

 

Won first major customer in the building mobility market for the connected elevator of the future 

 

VinFast, Vietnam’s first domestic car company and a leader in electric vehicle innovation worldwide, selected Cerence to power conversational AI across its lineup of smart EVs 

 

Cerence Pay receives coveted Automotive News PACE Award, the industry benchmark for innovation 

 

Quarterly revenue grew 7.5% year over year, full year revenue grew 17% 

 

Met or exceeded nearly all profitability metrics for the quarter and fiscal year 

BURLINGTON, Mass., November 22, 2021Cerence Inc. (NASDAQ: CRNC), AI for a world in motion, today reported its fourth quarter and fiscal year 2021 results for the year ended September 30, 2021.

 

Results Summary (1)

(in millions, except per share data)

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

GAAP Revenue

 

$

98.1

 

 

$

91.2

 

 

$

387.2

 

 

$

331.0

 

GAAP Gross Margin

 

 

75.4

%

 

 

72.0

%

 

 

73.9

%

 

 

67.4

%

Non-GAAP Gross Margin

 

 

78.1

%

 

 

75.8

%

 

 

77.3

%

 

 

71.6

%

GAAP Operating Margin

 

 

11.0

%

 

 

17.8

%

 

 

15.7

%

 

 

6.8

%

Non-GAAP Operating Margin

 

 

37.2

%

 

 

42.1

%

 

 

37.8

%

 

 

32.3

%

GAAP Net Income (Loss)

 

$

8.0

 

 

$

8.2

 

 

$

45.9

 

 

$

(18.3

)

Non-GAAP Net Income

 

$

28.4

 

 

$

26.0

 

 

$

107.2

 

 

$

65.3

 

Adjusted EBITDA

 

$

38.8

 

 

$

40.7

 

 

$

155.9

 

 

$

116.2

 

Adjusted EBITDA Margin

 

 

39.6

%

 

 

44.6

%

 

 

40.3

%

 

 

35.1

%

GAAP Net Income (Loss) per Share - diluted

 

$

0.20

 

 

$

0.21

 

 

$

1.17

 

 

$

(0.50

)

Non-GAAP Net Income per Share - diluted

 

$

0.66

 

 

$

0.62

 

 

$

2.53

 

 

$

1.70

 

 

(1)

Please refer to the “Discussion of Non-GAAP Financial Measures” and “Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures” included elsewhere in this release for more information regarding our use of non-GAAP financial measures.

Sanjay Dhawan, Chief Executive Officer of Cerence, stated, “We finished the year strong, especially considering the production challenges our customers are facing due to semiconductor shortages. Our total company revenue grew 17% compared to the auto production growth of 9% over the same time-period, which is testament to the secular tailwinds, as well as, the innovative products and services we continue to bring to market.” 

Dhawan continued, “We had another strong year for bookings at $590 million of which 20% were for our new products. These bookings included some key strategic wins, such as VinFast, and included multiple competitive takeaways. We also signed a contract with one of the top elevator manufacturers in the world to deliver voice AI technology and connected services creating the elevator of the future. This represents a key opportunity for

 

 

Cerence. All rights reserved

 


The following information was filed by Cerence Inc. (CRNC) on Monday, November 22, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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