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Cerence Announces Record Fourth Quarter and Fiscal Year 2020 Results

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
earnings

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.

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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.

News Market Reaction

+9.94%
1 alert
+9.94% News Effect

On the day this news was published, CRNC gained 9.94%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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 up 10% 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 {"@context":"https://schema.org","@type":"FAQPage","name":"Cerence Announces Record Fourth Quarter and Fiscal Year 2020 Results FAQs","mainEntity":[{"@type":"Question","name":"What were Cerence's Q4 2020 earnings results?","acceptedAnswer":{"@type":"Answer","text":"Cerence reported Q4 2020 revenues of $90.9 million, marking a 21% increase from the previous quarter."}},{"@type":"Question","name":"How did Cerence perform in FY2020 compared to previous years?","acceptedAnswer":{"@type":"Answer","text":"Cerence achieved total FY2020 revenue of $329.6 million, exceeding its pre-Covid-19 guidance."}},{"@type":"Question","name":"What is Cerence's adjusted EBITDA for Q4 2020?","acceptedAnswer":{"@type":"Answer","text":"Cerence's adjusted EBITDA for Q4 2020 was $40.3 million, with an adjusted EBITDA margin of 44.4%."}},{"@type":"Question","name":"What is the current backlog for Cerence?","acceptedAnswer":{"@type":"Answer","text":"Cerence's backlog has grown to over $1.8 billion as of FY2020."}}]}

FAQ

What 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.
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Cerence Inc

NASDAQ:CRNC

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496.08M
43.52M
7.47%
71.94%
18.31%
Software - Application
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United States
BURLINGTON

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