- Cerence Inc 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.
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