Business
Cerence Announces Record Fourth Quarter and Fiscal Year 2020 Results
Fourth Quarter and Fiscal Year Highlights Record bookings in FY20 drives backlog to more than $1.8 billionQ4 revenue increased 21% from last quarter and up
About this update from Cerence Inc.
[{"type":"text","content":"Fourth Quarter and Fiscal Year Highlights\n Record bookings in FY20 drives backlog to more than $1.8 billionQ4 revenue increased 21% from last quarter and up 10% from the prior year, setting new quarterly and full year recordsStrong financial performance generated $26M of GAAP net cash provided by operating activities (CFFO) during the quarter and $45M of CFFO for the yearGenerated adjusted EBITDA of $40.3M and adjusted EBITDA margin of 44.4% in the quarterFinancial 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 75.7% 70.8% 71.5% 70.7%GAAP Operating Margin 15.5% 5.6% 5.9% 3.6%Non-GAAP Operating Margin 41.9% 31.3% 32.1% 28.7%GAAP net income (loss) $6.8 $95.8 $(20.6) $100.3 Non-GAAP net income $25.7 $19.1 $64.3 $62.7 GAAP net income (loss) per share - diluted $0.17 $2.63 $(0.57) $2.76 Non-GAAP net income per share - diluted $0.61 $0.52 $1.68 $1.72 Adjusted EBITDA $40.3 $27.8 $114.9 $94.7 Adjusted EBITDA margin 44.4% 33.6% 34.9% 31.2% (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. Sanjay Dhawan, Chief Executive Officer of Cerence, stated, “Our Q4 financial performance exceeded our expectations for every metric and delivered record revenue, record gross margin and record EBITDA. Cerence’s first year as a stand-alone business established the company as a major player in conversational AI for the car. We had to separate the business from Nuance and deal with the economic impact of Covid-19, but we did so while at the same time continuing a relentless introduction of new products and upgraded technologies. We’re more agile and more aggressive in our approach to innovation and more dedicated to the success of our customers than ever. I’m especially proud of th...