$CRNC
Cerence Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020023440 Filed on May 08, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q3 2019 Q1
Revenue $86.82M $82.96M $70.30M
YoY Change 23.5% 10.08% 4.15%
Cost Of Revenue $28.73M $27.02M $24.44M
YoY Change 17.53% 21.49% 25.55%
Gross Profit $58.09M $55.94M $45.86M
YoY Change 26.67% 5.33% -4.5%
Gross Profit Margin 66.91% 67.43% 65.23%
Selling, General & Admin $18.42M $17.07M $15.49M
YoY Change 18.92% 28.64% 41.7%
% of Gross Profit 31.7% 30.51% 33.77%
Research & Development $21.35M $23.72M $22.56M
YoY Change -5.39% 4.31% 19.24%
% of Gross Profit 36.74% 42.4% 49.2%
Depreciation & Amortization $7.600M $7.300M $7.300M
YoY Change 4.11% -5.19% 43.14%
% of Gross Profit 13.08% 13.05% 15.92%
Operating Expenses $45.76M $43.91M $45.69M
YoY Change 0.15% 12.16% 46.73%
Operating Profit $12.33M $12.03M $168.0K
YoY Change 7241.67% -13.82% -99.0%
Interest Expense $6.699M $230.0K $0.00
YoY Change 360.0% -100.0%
% of Operating Profit 54.31% 1.91% 0.0%
Other Income/Expense, Net $226.0K $266.0K
YoY Change -15.04%
Pretax Income $6.105M $4.840M $434.0K
YoY Change 1306.68% -55.14% -96.33%
Income Tax -$6.707M -$90.94M -$20.00K
% Of Pretax Income -109.86% -1878.93% -4.61%
Net Earnings $12.81M $95.79M $454.0K
YoY Change 2722.03% 1011.24% -95.2%
Net Earnings / Revenue 14.76% 115.47% 0.65%
Basic Earnings Per Share $0.35 $2.63 $0.01
Diluted Earnings Per Share $0.34 $2.63 $0.01
COMMON SHARES
Basic Shares Outstanding 36.44M 36.39M 36.39M
Diluted Shares Outstanding 37.39M 36.39M 36.39M

Balance Sheet

Concept 2020 Q1 2019 Q3 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $95.60M
YoY Change
Cash & Equivalents $95.58M
Short-Term Investments
Other Short-Term Assets $18.10M $17.30M $8.700M
YoY Change 108.05%
Inventory
Prepaid Expenses
Receivables $92.27M $65.79M $72.90M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $222.9M $92.33M $81.50M
YoY Change 173.44%
LONG-TERM ASSETS
Property, Plant & Equipment $26.21M $20.11M $11.20M
YoY Change 133.98%
Goodwill $1.118B $1.119B
YoY Change -0.06%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.87M $3.444M $90.90M
YoY Change -83.64%
Total Long-Term Assets $1.430B $1.392B $1.297B
YoY Change 10.3%
TOTAL ASSETS
Total Short-Term Assets $222.9M $92.33M $81.50M
Total Long-Term Assets $1.430B $1.392B $1.297B
Total Assets $1.653B $1.484B $1.378B
YoY Change 19.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.79M $16.69M $7.300M
YoY Change 157.34%
Accrued Expenses $47.70M $13.30M $17.20M
YoY Change 177.33%
Deferred Revenue $113.1M $88.23M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.450M
YoY Change
Total Short-Term Liabilities $189.2M $129.1M $109.7M
YoY Change 72.47%
LONG-TERM LIABILITIES
Long-Term Debt $237.9M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $39.14M $21.54M $285.4M
YoY Change -86.29%
Total Long-Term Liabilities $277.1M $21.54M $285.4M
YoY Change -2.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $189.2M $129.1M $109.7M
Total Long-Term Liabilities $277.1M $21.54M $285.4M
Total Liabilities $716.9M $415.7M $395.1M
YoY Change 81.45%
SHAREHOLDERS EQUITY
Retained Earnings $733.0K
YoY Change
Common Stock $950.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $937.2M $1.068B $983.2M
YoY Change
Total Liabilities & Shareholders Equity $1.653B $1.484B $1.378B
YoY Change 19.95%

Cashflow Statement

Concept 2020 Q1 2019 Q3 2019 Q1
OPERATING ACTIVITIES
Net Income $12.81M $95.79M $454.0K
YoY Change 2722.03% 1011.24% -95.2%
Depreciation, Depletion And Amortization $7.600M $7.300M $7.300M
YoY Change 4.11% -5.19% 43.14%
Cash From Operating Activities -$10.20M $19.40M $25.60M
YoY Change -139.84% -59.83% -12.33%
INVESTING ACTIVITIES
Capital Expenditures -$6.500M -$1.600M -$2.000M
YoY Change 225.0% -11.11% 33.33%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$6.500M -$1.600M -$2.000M
YoY Change 225.0% -11.11% 33.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.000M -17.80M -23.60M
YoY Change -95.76% -61.56% -14.8%
NET CHANGE
Cash From Operating Activities -10.20M 19.40M 25.60M
Cash From Investing Activities -6.500M -1.600M -2.000M
Cash From Financing Activities -1.000M -17.80M -23.60M
Net Change In Cash -17.70M 0.000 0.000
YoY Change -100.0% -100.0%
FREE CASH FLOW
Cash From Operating Activities -$10.20M $19.40M $25.60M
Capital Expenditures -$6.500M -$1.600M -$2.000M
Free Cash Flow -$3.700M $21.00M $27.60M
YoY Change -113.41% -58.08% -10.1%

Facts In Submission

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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">Note </font><font style="color:#000000;">1. Business Overview</font></p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">History</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On October 1, 2019, (the &#8220;Distribution Date&#8221;), Nuance Communications (&#8220;Nuance&#8221;), a leading provider of speech and language solutions for businesses and consumers around the world, completed the complete legal and structural separation and distribution to its stockholders of all of the outstanding shares of our common stock, and its consolidated subsidiaries, in a tax free spin-off (which we refer to as the &#8220;Spin-Off&#8221;). The distribution was made in the amount of one share of our common stock for every eight shares of Nuance common stock (which we refer to as the &#8220;Distribution&#8221;) owned by Nuance&#8217;s stockholders as of 5:00 p.m. Eastern Time on September 17, 2019, the record date of the Distribution.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">In connection with the Distribution, on September&#160;30, 2019, we filed an Amended and Restated Certificate of Incorporation, or the Charter, with the Secretary of State of the State of Delaware, which became effective on October&#160;1, 2019. Our Amended and Restated&#160;By-laws&#160;also became effective on October&#160;1, 2019. On October&#160;2, 2019, our common stock began regular-way trading on the Nasdaq Global Select Market under the ticker symbol CRNC.</font>&#160; </p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">Business</font></p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">Cerence Inc. (referred to in this Quarterly Report on Form 10-Q as &#8220;we,&#8221; &#8220;our,&#8221; &#8220;us,&#8221; &#8220;ourselves,&#8221; the &#8220;Company&#8221; or &#8220;Cerence&#8221;) is a global, </font><font style="color:#000000;">premier provider of AI-powered assistants and innovations for connected and autonomous vehicles. Our customers include all major automobile original equipment manufacturers, or OEMs, or their tier 1 suppliers worldwide. We deliver our solutions on a white-label basis, enabling our customers to deliver customized virtual assistants with unique, branded personalities and ultimately strengthening the bond between automobile brands and end users. We generate revenue primarily by selling software licenses and cloud-connected services. In addition, we generate professional services revenue from our work with OEMs and suppliers during the design, development and deployment phases of the vehicle model lifecycle and through maintenance and enhancement projects. </font></p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">COVID-19</font><font style="color:#000000;"> Update</font></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">In December 2019, a novel strain of coronavirus, now known as COVID-19 (&#8220;COVID-19&#8221;), was reported in Wuhan, China and has since extensively impacted the global health and economic environment. In January 2020, the World Health Organization (&#8220;WHO&#8221;) declared it a Public Health Emergency of International Concern. On February 28, 2020, the WHO raised its assessment of the COVID-19 threat from high to very high at a global level due to the continued increase in the number of cases and affected countries, and on March 11, 2020, the WHO characterized COVID-19 as a pandemic. </font></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">As a result of the COVID-19 pandemic, local, state, and national governments have responded to the spread of COVID-19 by implementing various forms of social distancing and shelter-in-place orders to citizens, which have limited economic activity. These extreme measures to slow the spread of COVID-19 have negatively impacted businesses of all sizes, including the automotive industry and its suppliers. For the foreseeable future, automobile production and shipments have ceased or automotive production is not working at full capacity as manufacturing plants have closed or are not fully operating in order to ensure the safety of their workforces or because of lack of demand. As automobile production continues to be delayed, we anticipate our billings and revenues recognized from license and connected services to be negatively impacted. </font></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">Due to the macroeconomic conditions driven by the COVID-19 pandemic and the anticipated negative impact on our license and connected services revenues, we concluded that indicators of impairment were present relating to goodwill and long-lived assets as of March 31, 2020. We performed an interim assessment of goodwill and concluded that no impairment existed as the fair value of our reporting unit exceeded its carrying value as of March 31, 2020. We performed a test for recoverability of our long-lived asset group and determined the carrying amount was recoverable, resulting in no impairment of our long-lived asset group as of March 31, 2020. See Note 5 for additional details.</font></p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.13%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The full extent to which the ongoing COVID-19 pandemic adversely affects our financial performance will depend on future developments, many of which are outside of our control, are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the pandemic, its severity, the effectiveness of actions to contain the virus or treat its impact and how quickly and to what extent normal economic and operating conditions can resume. The COVID-19 pandemic could also result in additional governmental restrictions and regulations, which could adversely affect our business and financial results.&nbsp;&nbsp;In addition, a recession, depression or other sustained adverse market impact resulting from COVID-19 could materially and adversely affect our business, our access to needed capital and liquidity, and the value of our common stock. Even after the COVID-19 pandemic has lessened or subsided, we may continue to experience adverse impacts on our business and financial performance as a result of its global economic impact.</p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">Subsequent Events </font></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.17%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On April 8, 2020, in response to the COVID-19 pandemic, we committed to a cost efficiency program that encompassed a series of measures primarily intended to allow us to more efficiently operate in a leaner, more directed cost structure. These included reductions in our workforce related to the transfer of certain business processes to lower cost regions. As a result, we involuntarily terminated approximately 75 employees and anticipate recording approximately $2.6 million in restructuring charges related to employee severance during the second half of fiscal 2020.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions. These estimates, judgments and assumptions can affect the reported amounts in the financial statements and the footnotes thereto. Actual results could differ materially from these estimates. </font></p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">On an ongoing basis, we evaluate our estimates, assumptions and judgments. Significant estimates inherent to the preparation of financial statements include: revenue recognition; the allowances for doubtful accounts; accounting for deferred costs; accounting for internally developed software; the valuation of goodwill and intangible assets; accounting for business combinations; accounting for stock-based compensation; accounting for income taxes, deferred tax assets, and related valuation allowances; and loss contingencies. We base our estimates on historical experience, market participant fair value considerations, projected future cash flows, and various other factors that are believed to be reasonable under the circumstances. Actual amounts could differ significantly from these estimates.</font></p>
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IndemnificationPeriodForFormerOfficersAndMembersOfBoardsOfDirectors
P6Y
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
2060000
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-4280000
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-5068000
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-6349000
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
3717000
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
4714000
us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
2085000
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
5777000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
3227000
CY2019Q1 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
-1323000
us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
-791000
us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
-1814000
CY2020Q1 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
-9145000
CY2019Q1 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
1303000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-2983000
CY2020Q1 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
2427000
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.046
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.246
us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
-2925000
us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
2332000
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-1.163
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.161
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210

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