Business
Cerence Announces Second Quarter Fiscal Year 2022 Results
Headlines First half bookings total $448 million, up 53% compared to 1HFY21Bookings include a significant business increase with a North American OEMSeveral
About this update from Cerence Inc.
[{"type":"text","content":"Headlines First half bookings total $448 million, up 53% compared to 1HFY21Bookings include a significant business increase with a North American OEMSeveral Chinese EV makers adopt Cerence technology for global expansionWon four more two-wheeler customers during 1HFY22Maintain full fiscal year 2022 guidance BURLINGTON, Mass., May 10, 2022 (GLOBE NEWSWIRE) -- Cerence Inc. (NASDAQ: CRNC), AI for a world in motion, today reported its second quarter fiscal year 2022 results for the quarter ended March 31, 2022. Results Summary (1) (in millions, except per share data) Three Months Ended Six Months Ended March 31, March 31, 2022 2021 2022 2021GAAP Revenue $86.3 $98.7 $180.7 $192.3GAAP Gross Margin 71.8% 73.4% 73.1% 72.4%Non-GAAP Gross Margin 74.7% 77.0% 76.2% 76.0%GAAP Operating Margin 7.3% 17.6% 16.2% 18.1%Non-GAAP Operating Margin 25.2% 37.6% 31.2% 38.2%GAAP Net (Loss) Income ($0.5) $11.2 $18.6 $32.1Non-GAAP Net Income $13.6 $29.1 $39.0 $52.7Adjusted EBITDA $24.0 $39.3 $60.9 $78.3Adjusted EBITDA Margin 27.9% 39.9% 33.7% 40.7%GAAP Net (Loss) Income per Share - diluted ($0.01) $0.28 $0.47 $0.82Non-GAAP Net Income per Share - diluted $0.33 $0.69 $0.93 $1.25 (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. Stefan Ortmanns, Chief Executive Officer at Cerence, commented, “We generated solid financial results fueled by deepened relationships with long-term customers, new wins with innovative EV makers, and expansion in newer areas like heavy trucking and two-wheelers. Despite the headwinds facing the global automotive industry, we continue to deliver on expectations as the world’s leading automakers turn to Cerence as their innovation partner.” Ortmanns continued, “With a talented and tenured leadership team firmly in place and a strong pipeline of opportunities for the second half of the fiscal year, we believe we have the momentum to drive long-term, sustainable growth. As we look to Cerence’s next phase, we are advancing our strategic roadmap to deliver AI-powered innovations that will transform the digital cabin experience and be integral to the future of mobility.” Cerence Key Performance Indicators To help investors gain further ins...