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Cerence Inc. (CRNC) SEC Filing 10-Q Quarterly Report for the period ending Friday, December 31, 2021

SEC Filings

Cerence Inc.

CIK: 1768267 Ticker: CRNC

Exhibit 99.1

 

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Cerence Announces First Quarter Fiscal Year 2022 Results

Headlines

 

   

Delivered second largest bookings quarter in the Company’s history

 

   

Exceeded most profitability metrics for the quarter

 

   

Secured initial revenue contribution from fitness products, a new mobility market

 

   

Won another China-based two-wheeler customer

 

   

Company lowers FY2022 guidance

BURLINGTON, Mass., February 7, 2022 – Cerence Inc. (NASDAQ: CRNC), AI for a world in motion, today reported its first quarter fiscal year 2022 results for the quarter ended December 31, 2021.

 

 

Results Summary (1)

(in millions, except per share data)

 

     Three Months Ended
December 31,
 
     2021     2020  

GAAP Revenue

   $ 94.4     $ 93.6  

GAAP Gross Margin

     74.3     71.3

Non-GAAP Gross Margin

     77.5     75.0

GAAP Operating Margin

     24.3     18.7

Non-GAAP Operating Margin

     36.8     38.9

GAAP Net Income

   $ 19.0     $ 20.9  

Non-GAAP Net Income

   $ 25.3     $ 23.6  

Adjusted EBITDA

   $ 36.9     $ 39.0  

Adjusted EBITDA Margin

     39.1     41.6

GAAP Net Income per Share—diluted

   $ 0.47     $ 0.53  

Non-GAAP Net Income per Share—diluted

   $ 0.59     $ 0.57  

 

(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.

Stefan Ortmanns, Chief Executive Officer at Cerence commented, “We had a strong start to the fiscal year. Our results underscore the strength of our business and reinforces Cerence as the global leader in unique, moving experiences for the mobility world. We’ve delivered important innovations and leading AI mobility solutions to customers in key markets, and our employees have demonstrated great commitment to supporting our customers and each other.”

Ortmanns continued, “We remain focused on the markets, customers, and products that will deliver long-term sustainable growth and that everything we do reinforces our vision of leadership in AI for mobility. We are intensely focused on bold innovation and executing at speed for our customers.”

Cerence. All rights reserved


The following information was filed by Cerence Inc. (CRNC) on Monday, February 7, 2022 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Cerence Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Consolidated Statements Of Stockholders' Equity (Unaudited)
Accrued Expenses And Other Liabilities
Accrued Expenses And Other Liabilities (Tables)
Accrued Expenses And Other Liabilities -Accrued Expenses And Other Current Liabilities (Details)
Business Overview
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Details)
Derivative Financial Instruments - Summary Of Fair Value And Presentation In Condensed Consolidated Balance Sheet For Derivative Instruments (Details)
Derivative Financial Instruments - Summary Of Income (Loss) Related To Foreign Forward Currency Contracts (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Details)
Earnings Per Share - Schedule Of Reconciliation Of Basic Shares To Diluted Shares (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Summary Of Financial Assets That Are Measured At Fair Value And Indicates The Fair Value Hierarchy Of The Valuation Inputs (Details)
Fair Value Measurements - Summary Of Financial Assets That Are Measured At Fair Value And Indicates The Fair Value Hierarchy Of The Valuation Inputs (Parenthetical) (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Changes In Carrying Amount Of Goodwill (Details)
Goodwill And Other Intangible Assets - Goodwill - Additional Information (Details)
Goodwill And Other Intangible Assets - Intangible Assets, Net - Additional Information (Details)
Goodwill And Other Intangible Assets - Summary Of Gross Carrying Amounts And Accumulated Amortization Of Intangible Assets By Major Class (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Components Of Income Before Income Taxes (Details)
Income Taxes - Components Of The Provision For (Benefit From) Income Taxes (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Summary Of Lease Expense (Details)
Leases - Summary Of Lease Term And Incremental Borrowing Rates For Leases (Details)
Leases - Summary Of Undiscounted Future Minimum Lease Payments Under Non-Cancelable Leases (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Additional Information (Details)
Long-Term Debt - Schedule Of Interest Expense Related To Notes (Details)
Long-Term Debt - Schedule Of Long-Term Debt (Details)
Long-Term Debt - Schedule Of Long-Term Debt (Parenthetical) (Details)
Long-Term Debt - Summary Of Maturities Of Borrowing Obligations (Details)
Restructuring And Other Costs, Net
Restructuring And Other Costs, Net (Tables)
Restructuring And Other Costs, Net - Additional Information (Details)
Restructuring And Other Costs, Net - Schedule Of Accrual Activity Relating To Restructuring Reserves (Details)
Restructuring And Other Costs, Net - Schedule Of Restructuring And Other Costs, Net (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Additional Information (Details)
Revenue Recognition - Summary Of Estimated Revenue Expected To Be Recognized In Future Related To Performance Obligations Unsatisfied Or Partially Unsatisfied (Details 1)
Revenue Recognition - Summary Of Estimated Revenue Expected To Be Recognized In Future Related To Performance Obligations Unsatisfied Or Partially Unsatisfied (Details)
Revenue Recognition - Summary Of Revenues Classified By Major Geographic Region (Details)
Revenue Recognition - Summary Of Significant Changes In Contract Assets (Details)
Revenue Recognition - Summary Of Significant Changes In Deferred Revenue (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Additional Information (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Details)
Stockholders' Equity - Schedule Of Non-Vested Restricted Stock Units (Details)
Stockholders' Equity - Schedule Of Stock-Based Compensation (Details)
Summary Of Significant Accounting Policies - Summary Of Change In Allowance For Credit Losses (Details)
Ticker: CRNC
CIK: 1768267
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-22-004129
Submitted to the SEC: Mon Feb 07 2022 6:43:09 PM EST
Accepted by the SEC: Tue Feb 08 2022
Period: Friday, December 31, 2021
Industry: Prepackaged Software

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