secwatch.observer — SEC 8-K summary
======================================

Issuer:     Cerence Inc. (CRNC)
CIK:        0001768267
Form:       8-K
Filed at:   2022-02-07T23:59:59+00:00
Accession:  0001193125-22-029093
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cerence Q1 revenue $94.4M, adj. EBITDA $36.9M; lowers FY2022 guide; CFO retiring
--------------------------------------------------------------------------------

- GAAP revenue $94.4M (+0.9% YoY); GAAP net income $19.0M ($0.47 EPS) vs $20.9M ($0.53) prior year.
- Non-GAAP net income $25.3M ($0.59 EPS) vs $23.6M ($0.57); adjusted EBITDA $36.9M (39.1% margin).
- Recorded second largest bookings quarter; initial revenue from fitness products; won new China two-wheeler customer.
- Company lowers FY2022 guidance (full details not provided in release).
- CFO Mark Gallenberger to retire March 11, 2022; will remain as advisor through Nov 15, 2022; search for successor commenced.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1768267/000119312522029093/0001193125-22-029093-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1768267/000119312522029093/d219536d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-029093

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