$CRNC
Cerence Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021025918 Filed on May 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $98.66M $93.64M $86.82M
YoY Change 13.64% 20.51% 23.5%
Cost Of Revenue $26.22M $26.89M $28.73M
YoY Change -8.74% 3.68% 17.53%
Gross Profit $72.44M $66.76M $58.09M
YoY Change 24.7% 28.94% 26.67%
Gross Profit Margin 73.42% 71.29% 66.91%
Selling, General & Admin $22.51M $20.52M $18.42M
YoY Change 22.22% 5.61% 18.92%
% of Gross Profit 31.07% 30.73% 31.7%
Research & Development $28.86M $24.09M $21.35M
YoY Change 35.2% 2.47% -5.39%
% of Gross Profit 39.84% 36.09% 36.74%
Depreciation & Amortization $7.300M $7.600M $7.600M
YoY Change -3.95% 2.7% 4.11%
% of Gross Profit 10.08% 11.38% 13.08%
Operating Expenses $54.56M $49.21M $45.76M
YoY Change 19.23% -8.23% 0.15%
Operating Profit $17.88M $17.54M $12.33M
YoY Change 44.97% -1047.81% 7241.67%
Interest Expense -$3.460M $3.799M $6.699M
YoY Change -151.65% -44.12%
% of Operating Profit -19.35% 21.65% 54.31%
Other Income/Expense, Net $3.500M -$2.237M $226.0K
YoY Change 1448.67% 1432.19% -15.04%
Pretax Income $17.38M $11.53M $6.105M
YoY Change 184.67% -235.38% 1306.68%
Income Tax $6.200M -$9.400M -$6.707M
% Of Pretax Income 35.68% -81.55% -109.86%
Net Earnings $11.16M $20.94M $12.81M
YoY Change -12.87% -285.6% 2722.03%
Net Earnings / Revenue 11.31% 22.36% 14.76%
Basic Earnings Per Share $0.30 $0.56 $0.35
Diluted Earnings Per Share $0.28 $0.53 $0.34
COMMON SHARES
Basic Shares Outstanding 37.74M 37.18M 36.44M
Diluted Shares Outstanding 39.18M 43.36M 37.39M

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $136.6M $127.4M $95.60M
YoY Change 42.89% 12.35%
Cash & Equivalents $119.5M $110.4M $95.58M
Short-Term Investments $17.10M $17.10M
Other Short-Term Assets $21.00M $17.00M $18.10M
YoY Change 16.02% -13.27% 108.05%
Inventory
Prepaid Expenses
Receivables $59.09M $60.43M $92.27M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $254.0M $239.3M $222.9M
YoY Change 13.96% 8.34% 173.44%
LONG-TERM ASSETS
Property, Plant & Equipment $48.70M $50.30M $26.21M
YoY Change 85.84% 108.97% 133.98%
Goodwill $1.131B $1.136B $1.118B
YoY Change 1.16% 1.2%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $19.28M $16.58M $14.87M
YoY Change 29.65% 21.47% -83.64%
Total Long-Term Assets $1.436B $1.461B $1.430B
YoY Change 0.39% 1.42% 10.3%
TOTAL ASSETS
Total Short-Term Assets $254.0M $239.3M $222.9M
Total Long-Term Assets $1.436B $1.461B $1.430B
Total Assets $1.690B $1.701B $1.653B
YoY Change 2.22% 2.34% 19.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.002M $4.806M $18.79M
YoY Change -78.7% -68.47% 157.34%
Accrued Expenses $60.20M $57.00M $47.70M
YoY Change 26.21% 1.79% 177.33%
Deferred Revenue $90.40M $104.6M $113.1M
YoY Change -20.08% -8.12%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.250M $6.250M $9.450M
YoY Change -33.86% -33.48%
Total Short-Term Liabilities $161.3M $174.1M $189.2M
YoY Change -14.75% -10.48% 72.47%
LONG-TERM LIABILITIES
Long-Term Debt $265.7M $266.0M $237.9M
YoY Change 11.67% 11.29%
Other Long-Term Liabilities $34.14M $34.99M $39.14M
YoY Change -12.77% -10.93% -86.29%
Total Long-Term Liabilities $299.8M $301.0M $277.1M
YoY Change 8.21% 8.16% -2.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $161.3M $174.1M $189.2M
Total Long-Term Liabilities $299.8M $301.0M $277.1M
Total Liabilities $686.5M $707.6M $716.9M
YoY Change -4.24% -3.82% 81.45%
SHAREHOLDERS EQUITY
Retained Earnings $13.79M $1.007M $733.0K
YoY Change 1781.04% -108.56%
Common Stock $984.0M $974.3M $950.3M
YoY Change 3.55% 3.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.003B $995.7M $937.2M
YoY Change
Total Liabilities & Shareholders Equity $1.690B $1.701B $1.653B
YoY Change 2.22% 2.34% 19.95%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income $11.16M $20.94M $12.81M
YoY Change -12.87% -285.6% 2722.03%
Depreciation, Depletion And Amortization $7.300M $7.600M $7.600M
YoY Change -3.95% 2.7% 4.11%
Cash From Operating Activities $16.20M $10.81M -$10.20M
YoY Change -258.82% 14.31% -139.84%
INVESTING ACTIVITIES
Capital Expenditures -$2.800M $2.369M -$6.500M
YoY Change -56.92% -34.41% 225.0%
Acquisitions
YoY Change
Other Investing Activities -$2.300M -$6.400M
YoY Change
Cash From Investing Activities -$5.100M -$8.727M -$6.500M
YoY Change -21.54% 141.61% 225.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $26.60M
YoY Change 18761.7%
Debt Paid & Issued, Net $1.563M
YoY Change
Cash From Financing Activities -2.200M -28.78M -1.000M
YoY Change 120.0% -126.8% -95.76%
NET CHANGE
Cash From Operating Activities 16.20M 10.81M -10.20M
Cash From Investing Activities -5.100M -8.727M -6.500M
Cash From Financing Activities -2.200M -28.78M -1.000M
Net Change In Cash 8.900M -25.71M -17.70M
YoY Change -150.28% -122.67%
FREE CASH FLOW
Cash From Operating Activities $16.20M $10.81M -$10.20M
Capital Expenditures -$2.800M $2.369M -$6.500M
Free Cash Flow $19.00M $8.440M -$3.700M
YoY Change -613.51% 44.42% -113.41%

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IncreaseDecreaseInAccountsPayable
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
2700000
crnc Payments To Acquire Equity Securities Without Readily Determinable Fair Value Amount
PaymentsToAcquireEquitySecuritiesWithoutReadilyDeterminableFairValueAmount
2563000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-264000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-13847000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6700000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.635
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10145000
crnc Net Transaction With Parent
NetTransactionWithParent
-13513000
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
152978000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
249705000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
520000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5045000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-31039000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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1356000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-16521000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
136067000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1446000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
627000
us-gaap Interest Paid Net
InterestPaidNet
5403000
us-gaap Interest Paid Net
InterestPaidNet
8997000
us-gaap Nature Of Operations
NatureOfOperations
<p style="margin-top:6pt;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;"><span style="Background-color:#FFFFFF;">Note </span><span style="color:#000000;">1. Business Overview</span></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 “Distribution Date”), Nuance Communications, Inc. (“Nuance”), a leading provider of speech and language solutions for businesses and consumers around the world, completed the 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 “Spin-Off”). The distribution was made in the amount of one share of our common stock for every <span style="-sec-ix-hidden:F_000450">eight</span> shares of Nuance common stock (which we refer to as the “Distribution”) owned by Nuance’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;"><span style="Background-color:#FFFFFF;">In connection with the Distribution, on September 30, 2019, we filed an Amended and Restated Certificate of Incorporation (the “Charter”) with the Secretary of State of the State of Delaware, which became effective on October 1, 2019. Our Amended and Restated By-laws also became effective on October 1, 2019. On October 2, 2019, our common stock began regular-way trading on the Nasdaq Global Select Market under the ticker symbol CRNC.</span>  </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;"><span style="Background-color:#FFFFFF;">Business</span></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;"><span style="Background-color:#FFFFFF;">Cerence Inc. (referred to in this Quarterly Report on Form 10-Q as “we,” “our,” “us,” “ourselves,” the “Company” or “Cerence”) is a global, </span><span 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 (“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. </span></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;"><span style="Background-color:#FFFFFF;">COVID-19</span><span style="color:#000000;"> Update</span></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;"><span style="Background-color:#FFFFFF;">In December 2019, a novel strain of coronavirus, now known as COVID-19 (“COVID-19”), was reported in Wuhan, China and has since extensively impacted the global health and economic environment. In January 2020, the World Health Organization (“WHO”) 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. In an effort to contain COVID-19 or slow its spread, governments around the world have enacted various measures, some of which have been subsequently rescinded, modified or reinstated, including orders to close all businesses not deemed “essential,” isolate residents to their homes or places of residence, and practice social distancing. </span></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;"><span style="Background-color:#FFFFFF;">We have taken numerous steps in our approach to addressing the COVID-19 pandemic, as fully described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2020. We continue to closely monitor ongoing developments in connection with the COVID-19 pandemic and its impact on our business. </span></p> <p style="margin-top:6pt;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 scope of the pandemic, its severity, the emergence of new variants of the virus, the development and availability of effective treatments and vaccines, the speed at which vaccines are administered, 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. 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:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;"> </p>
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2019-10-01
us-gaap Use Of Estimates
UseOfEstimates
<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;"><span 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. </span></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;"><span 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; allowance for credit losses; 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; accounting for leases; accounting for convertible debt; 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.</span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Concentration of Risk</span></p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.17%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Financial instruments that potentially subject us to significant concentrations of credit risk primarily consist of trade accounts receivable. We perform ongoing credit evaluations of our customers’ financial condition and limit the amount of credit extended when deemed appropriate. Two customers accounted for 21.6% and 11.6% of our accounts receivable, net balance at March 31, 2021. Two customers accounted for 14.8% and 10.9% of our accounts receivable, net balance at September 30, 2020.</span></p>
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
98662000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
86823000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
192305000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
164528000
crnc Contract Acquisition Costs
ContractAcquisitionCosts
5800000
crnc Contract Acquisition Cost Amortization
ContractAcquisitionCostAmortization
600000
crnc Contract Acquisition Cost Impairment
ContractAcquisitionCostImpairment
0
CY2021Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
41700000
CY2021Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
3100000
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
5300000
us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2020Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
30277000
crnc Contract With Customer Asset Amount Recognized But Unbilled
ContractWithCustomerAssetAmountRecognizedButUnbilled
35323000
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
27842000
CY2021Q1 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
37758000
CY2021Q1 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss
ContractWithCustomerAssetAccumulatedAllowanceForCreditLoss
489000
CY2021Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
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CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
324729000
crnc Contract With Customer Liability Amounts Billed But Not Recognized
ContractWithCustomerLiabilityAmountsBilledButNotRecognized
55547000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
78475000
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
301801000
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
176161000
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
22300000
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
348817000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1529000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
11163000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12812000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
32104000
us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
3614000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
35718000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1529000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37583000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1470000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39177000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37392000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43730000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36693000
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.35
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.85
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.34
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.82
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2021Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
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CY2020Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
113099000
CY2020Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
0
CY2020Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
0
CY2021Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
2600000
crnc Accounts Receivable And Contract With Customer Assets Allowance For Credit Loss Expense Recovery
AccountsReceivableAndContractWithCustomerAssetsAllowanceForCreditLossExpenseRecovery
378000
crnc Accounts Receivable And Contract With Customer Assets Allowance For Credit Loss Write Offs
AccountsReceivableAndContractWithCustomerAssetsAllowanceForCreditLossWriteOffs
118000
crnc Accounts Receivable And Contract With Customer Assets Allowance For Credit Loss Foreign Exchange Impact
AccountsReceivableAndContractWithCustomerAssetsAllowanceForCreditLossForeignExchangeImpact
107000
CY2021Q1 crnc Accounts Receivable And Contract With Customer Assets Allowance For Credit Loss
AccountsReceivableAndContractWithCustomerAssetsAllowanceForCreditLoss
1027000
CY2020Q3 crnc Accounts Receivable And Contract With Customer Assets Allowance For Credit Loss
AccountsReceivableAndContractWithCustomerAssetsAllowanceForCreditLoss
1394000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020Q3 us-gaap Goodwill
Goodwill
1128198000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
2304000
CY2021Q1 us-gaap Goodwill
Goodwill
1130502000
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2021Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
201758000
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
166222000
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
35536000
CY2020Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
201170000
CY2020Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
155554000
CY2020Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
45616000
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5100000
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5400000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10100000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10600000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
10100000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
6207000
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
Some of our leases include options to extend or terminate the lease prior to the end of the agreed upon lease term. For purposes of calculating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise such options.
us-gaap Lessee Operating Lease Option To Terminate
LesseeOperatingLeaseOptionToTerminate
Some of our leases include options to extend or terminate the lease prior to the end of the agreed upon lease term. For purposes of calculating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise such options.
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.070
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2021Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.044
CY2020Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.044
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
73000
CY2020Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
33000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
214000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
69000
CY2021Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
17000
CY2020Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
32000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1869000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1960000
us-gaap Operating Lease Cost
OperatingLeaseCost
3940000
us-gaap Operating Lease Cost
OperatingLeaseCost
3850000
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
292000
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
365000
us-gaap Variable Lease Cost
VariableLeaseCost
470000
us-gaap Variable Lease Cost
VariableLeaseCost
674000
CY2021Q1 us-gaap Sublease Income
SubleaseIncome
51000
CY2020Q1 us-gaap Sublease Income
SubleaseIncome
55000
us-gaap Sublease Income
SubleaseIncome
104000
us-gaap Sublease Income
SubleaseIncome
110000
CY2021Q1 us-gaap Lease Cost
LeaseCost
2200000
CY2020Q1 us-gaap Lease Cost
LeaseCost
2305000
us-gaap Lease Cost
LeaseCost
4552000
us-gaap Lease Cost
LeaseCost
4485000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1900000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1900000
us-gaap Operating Lease Payments
OperatingLeasePayments
4100000
us-gaap Operating Lease Payments
OperatingLeasePayments
3600000
CY2021Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
100000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
200000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
100000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3542000
CY2021Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
330000
CY2021Q1 crnc Lessee Lease Liability Payment Due Remaining Fiscal Year
LesseeLeaseLiabilityPaymentDueRemainingFiscalYear
3872000
CY2021Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
417000
CY2021Q1 crnc Lessee Lease Liability Payment Due Next Twelve Months
LesseeLeaseLiabilityPaymentDueNextTwelveMonths
6624000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4042000
CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
417000
CY2021Q1 crnc Lessee Lease Liability Payment Due Year Two
LesseeLeaseLiabilityPaymentDueYearTwo
4459000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3711000
CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
365000
CY2021Q1 crnc Lessee Lease Liability Payment Due Year Three
LesseeLeaseLiabilityPaymentDueYearThree
4076000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2287000
CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
310000
CY2021Q1 crnc Lessee Lease Liability Payment Due Year Four
LesseeLeaseLiabilityPaymentDueYearFour
2597000
CY2021Q1 crnc Lessee Operating Lease Liability Payment Due After Year Four
LesseeOperatingLeaseLiabilityPaymentDueAfterYearFour
2998000
CY2021Q1 crnc Finance Lease Liability Payment Due After Year Four
FinanceLeaseLiabilityPaymentDueAfterYearFour
14000
CY2021Q1 crnc Lessee Lease Liability Payment Due After Year Four
LesseeLeaseLiabilityPaymentDueAfterYearFour
3012000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
22787000
CY2021Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1853000
CY2021Q1 crnc Lessee Lease Liability Payment Due
LesseeLeaseLiabilityPaymentDue
24640000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3198000
CY2021Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
177000
CY2021Q1 crnc Lessee Leases Liability Undiscounted Excess Amount
LesseeLeasesLiabilityUndiscountedExcessAmount
3375000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
19589000
CY2021Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
1676000
CY2021Q1 crnc Leases Liability
LeasesLiability
21265000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5602000
CY2021Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
476000
CY2021Q1 crnc Leases Liability Current
LeasesLiabilityCurrent
6078000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
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CY2021Q1 us-gaap Finance Lease Liability Noncurrent
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us-gaap Immaterial Error Correction
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  • During the first quarter of fiscal 2021, we recognized an immaterial amount of connected services revenue which related to fiscal year 2020.     • During the first quarter of fiscal 2021, the estimated achievement percentage relating to our long-term incentive plan increased. We did not originally record the corresponding cumulative adjustment to stock-based compensation during the three months ended December 31, 2020.     • During the fourth quarter of fiscal 2020, we recorded a restructuring accrual relating to the closure of a facility under ASC 420 Exit or Disposal Cost Obligation when ASC 842 Leases should have been applied. During the three months ended December 31, 2020, a partial true up was recorded to the restructuring accrual.  
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