Cerence Inc Stock Price, News & Analysis

Cerence (NASDAQ: CRNC) has expanded into the global two-wheeler market, signing a key agreement with 70mai, a Chinese smart car electronics company, to integrate AI-driven voice recognition technology into its A1 Pro Smart Electric Scooters. This move aligns with rising consumer demand for sustainable transportation options, particularly in the wake of COVID-19. A report predicts over 261 million two-wheelers will be produced from 2020-2024, presenting significant growth opportunities for Cerence, leveraging its automotive expertise in innovative transportation solutions.

Cerence (NASDAQ: CRNC) will host a virtual event on September 24, 2020, from 10:00 a.m. to 11:30 a.m. Eastern Time. This event aims to provide insights into Cerence's product and technology leadership, featuring presentations from key leaders in engineering and product teams. A notable fireside chat will include Charan Lota, Chief Engineer of Connected Technologies at Toyota North America. Participants can join via the company’s website or by dialing in, with a replay available within 24 hours.

BURLINGTON, Mass., Sept. 09, 2020 – Cerence (NASDAQ: CRNC) will present at the Jefferies 2020 Software Conference on September 14, 2020, at 5:00 p.m. ET, and at the RBC Capital Markets Global Industrials Conference on September 15, 2020, at 3:40 p.m. ET. Both presentations will feature CEO Sanjay Dhawan in a fireside chat format. Webcasts of these events will be available on Cerence's website under the 'Events & Resources' section. A replay will also be accessible post-presentation.

For more information, visit www.cerence.com.

Cerence (NASDAQ: CRNC) has launched Cerence Pay, aiming to provide a secure, voice-powered payment experience in vehicles. This system integrates with future Audi cars and facilitates various services like parking and fuel payments. Initial partners include Arrive and Parkopedia. With the rise of contactless payments, driven by the COVID-19 pandemic, Cerence Pay seeks to enhance convenience and safety for drivers. Visa has also joined as a payment partner for Central Europe, highlighting the growing trend of in-car payments.

Cerence, a leader in automotive AI, has successfully refinanced its senior secured term loan B and revolving credit facility. This was achieved through the sale of $175 million in convertible senior notes and a new $125 million term loan A facility. The refinancing is expected to save the company approximately $5.7 million in cash interest expenses in the first half of fiscal 2020, translating to a 53% savings, enhancing non-GAAP net income by 16%. The complete payoff of term loan B will significantly reduce future interest costs.

Cerence plans to offer $150 million in convertible senior notes due 2025, with an option for an additional $25 million. The notes will bear interest semi-annually and will be convertible into cash, shares, or a combination. The proceeds are intended to repay part of its senior secured term loan. The offering is available only to qualified institutional buyers under Rule 144A. The final terms will be set at pricing, and the notes rank senior to subordinated debts but junior to secured liabilities.

Cerence Inc. (NASDAQ: CRNC) announced the launch of its Cerence Drive platform, enhancing Audi's next-generation voice assistant. This integrated system leverages advanced technologies, including speech recognition and natural language understanding, to create a conversational experience for drivers. The hybrid model ensures quick access to features like navigation and entertainment, even in low-connectivity zones. The platform is available in several Audi models, allowing for a deeply integrated user experience.

Cerence Inc. reported its Q2 FY2020 results, achieving a record $533M in bookings and $86.5M in GAAP revenue, a 23% year-over-year increase. The GAAP EPS rose to $0.33 and adjusted EBITDA increased by 55% to $29.0M. The company secured major contracts with notable clients like Geely and FCA. However, due to COVID-19's impact, Cerence withdrew its guidance for fiscal Q3 and the year. CEO Sanjay Dhawan emphasized the company’s strong growth prospects despite current challenges in the automotive market.