Cerence Q2 revenue beat goodwill $252M charge; lowers FY24 guidance, withdraws multi-year plan

Cerence Inc.

2024-Q2 EPS reported -$6.13 revenue$206,160,000

GAAP revenue $67.8M (above high end of guidance), vs $68.4M YoY; GAAP net loss $278M ($6.66/sh) due to ~$252M goodwill impairment.
Non-GAAP net loss $3.6M ($0.09/sh) vs $1.7M loss YoY; adjusted EBITDA -$0.3M.
H1 FY24 revenue $206.2M (incl. $86.6M Toyota legacy) vs $152.1M; non-GAAP net income $50.7M ($1.07/sh).
Company lowering FY24 revenue and profit guidance; withdrawing multi-year financial outlook.
Secured six generative AI design wins; early validation of next-gen platform.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Cerence Inc. reported Second quarter fiscal year 2024 ended March 31, 2024 results: revenue $67.8 million, net income GAAP net loss of $(278.0) million, EPS $(6.66) GAAP net loss per share - diluted. Guidance lowered.

Period: Second quarter fiscal year 2024 ended March 31, 2024
Revenue: $67.8 million
Net income: GAAP net loss of $(278.0) million
EPS: $(6.66) GAAP net loss per share - diluted
Guidance: lowered
Result: reported results

Exact text from the filing

Cerence Inc. (NASDAQ: CRNC), AI for a world in motion, today reported its second quarter fiscal year 2024 results for the quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0000950170-24-056266

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