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- Cerence Inc (NASDAQ:CRNC) reported a fourth-quarter FY22 revenue decline of 40.8% year-on-year to $58.1 million, beating the consensus of $56.1 million.
- Non-GAAP EPS loss of $(0.14) beat the consensus loss of $(0.23).
- Full fiscal new bookings grew 16% Y/Y to $684 million. It included many critical program wins for some of its latest product offerings, indicating continued innovation partnerships with the world's leading automakers and transportation OEMs.
- Segments: Revenue from License fell 63% Y/Y to $19 million, Connected services decreased 29.3% Y/Y to $18.1 million, and Professional services growth was flattish Y/Y to $21.1 million.
- Margins: The non-GAAP gross margin contracted 1,920 bps to 58.9%.
- The non-GAAP operating margin loss was (9.8)% versus 37.2% a year ago due to a goodwill impairment of $213.7 million.
- The adjusted EBITDA margin loss was (5.3)% versus 39.6% a year ago.
- Cerence used $(7.98) million in free cash flow and held $115.2 million in cash and equivalents.
- Cerence will provide Q1 and FY23 guidance during the investor day presentation.
- Price Action: CRNC shares traded lower by 2.34% at $15.00 in the premarket on the last check Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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