secwatch.observer — SEC 8-K summary
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Issuer:     Cerence Inc. (CRNC)
CIK:        0001768267
Form:       8-K
Filed at:   2024-05-09T23:59:59+00:00
Accession:  0000950170-24-056266
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1768267/000095017024056266/0000950170-24-056266-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1768267/000095017024056266/crnc-20240509.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-056266

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer