Cerence Announces Record Fourth Quarter and Fiscal Year 2020 Results

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.

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.

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

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.