Cerence Announces Record Fourth Quarter and Fiscal Year 2020 Results
Rhea-AI Impact
Rhea-AI Sentiment
Rhea-AI Summary
Cerence (NASDAQ: CRNC) reported impressive fourth-quarter results for FY2020, highlighting a record in bookings, driving its backlog to over $1.8 billion.
Q4 revenue surged by 21% quarter-over-quarter and 10% year-over-year, achieving a new quarterly record of $90.9 million. For the fiscal year, total revenue reached $329.6 million.
Furthermore, the company generated $26 million in GAAP net cash from operating activities in Q4 and an adjusted EBITDA of $40.3 million, signaling strong financial health.
Positive
- Record bookings in FY2020 increase backlog to over $1.8 billion.
- Q4 revenue of $90.9 million, up 21% from last quarter and 10% year-over-year.
- Total FY2020 revenue reached $329.6 million, surpassing pre-Covid-19 guidance.
- $26 million of GAAP cash provided by operating activities in Q4.
- Adjusted EBITDA of $40.3 million and a 44.4% adjusted EBITDA margin in Q4.
Negative
- None.
Insights
Analyzing...
Fourth Quarter and Fiscal Year Highlights
- Record bookings in FY20 drives backlog to more than
$1.8 billion - Q4 revenue increased
21% from last quarter and up10% from the prior year, setting new quarterly and full year records - Strong financial performance generated $26M of GAAP net cash provided by operating activities (CFFO) during the quarter and
$45M of CFFO for the year - Generated adjusted EBITDA of $40.3M and adjusted EBITDA margin of 44.4% in the quarter
- Financial metrics for the fiscal year met or exceeded pre-Covid-19 full year guidance
BURLINGTON, Mass., Nov. 16, 2020 (GLOBE NEWSWIRE) -- Cerence Inc. (NASDAQ: CRNC), AI for a world in motion, today reported its fourth quarter and fiscal year 2020 results for the year ended September 30, 2020.
Results Summary (1)
(in millions, except per share data)
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| GAAP Revenue | $ | 90.9 | $ | 83.0 | $ | 329.6 | $ | 303.3 | ||||||||
| GAAP Gross Margin | 71.8 | % | 67.4 | % | 67.3 | % | 67.2 | % | ||||||||
| Non-GAAP Gross Margin |
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FAQWhat were Cerence's Q4 2020 earnings results?
Cerence reported Q4 2020 revenues of $90.9 million, marking a 21% increase from the previous quarter.
How did Cerence perform in FY2020 compared to previous years?
Cerence achieved total FY2020 revenue of $329.6 million, exceeding its pre-Covid-19 guidance.
What is Cerence's adjusted EBITDA for Q4 2020?
Cerence's adjusted EBITDA for Q4 2020 was $40.3 million, with an adjusted EBITDA margin of 44.4%.
What is the current backlog for Cerence?
Cerence's backlog has grown to over $1.8 billion as of FY2020.
Cerence Inc
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CRNC Stock Data
417.82M
40.42M
7.47%
71.94%
18.31%
Software - Application
Services-prepackaged Software
United States
BURLINGTON
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