$CRNC
Cerence Inc.

2021 Q4 Form 10-Q Financial Statement

#000156459022004129 Filed on February 08, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $94.43M $98.08M $93.64M
YoY Change 0.84% 7.92% 20.51%
Cost Of Revenue $24.23M $24.13M $26.89M
YoY Change -9.9% -5.68% 3.68%
Gross Profit $70.20M $73.95M $66.76M
YoY Change 5.16% 13.25% 28.94%
Gross Profit Margin 74.34% 75.4% 71.29%
Selling, General & Admin $13.41M $29.00M $20.52M
YoY Change -34.65% 34.89% 5.61%
% of Gross Profit 19.1% 39.22% 30.73%
Research & Development $25.79M $28.71M $24.09M
YoY Change 7.06% 30.48% 2.47%
% of Gross Profit 36.74% 38.82% 36.09%
Depreciation & Amortization $7.210M $7.385M $7.600M
YoY Change -5.13% 1.16% 2.7%
% of Gross Profit 10.27% 9.99% 11.38%
Operating Expenses $42.35M $60.88M $49.21M
YoY Change -13.94% 30.44% -8.23%
Operating Profit $27.85M $13.07M $17.54M
YoY Change 58.73% -29.82% -1047.81%
Interest Expense -$3.337M -$3.387M $3.799M
YoY Change -187.84% -8.21% -44.12%
% of Operating Profit -11.98% -25.91% 21.65%
Other Income/Expense, Net -$252.0K $131.0K -$2.237M
YoY Change -88.73% -104.47% 1432.19%
Pretax Income $19.34M $7.502M $11.53M
YoY Change 67.82% 0.16% -235.38%
Income Tax $300.0K -$489.0K -$9.400M
% Of Pretax Income 1.55% -6.52% -81.55%
Net Earnings $19.04M $7.991M $20.94M
YoY Change -9.06% 17.22% -285.6%
Net Earnings / Revenue 20.17% 8.15% 22.36%
Basic Earnings Per Share $0.49 $0.56
Diluted Earnings Per Share $0.47 $201.0K $0.53
COMMON SHARES
Basic Shares Outstanding 38.84M 37.18M
Diluted Shares Outstanding 44.37M 43.36M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $145.1M $158.9M $127.4M
YoY Change 13.93% 7.56% 12.35%
Cash & Equivalents $117.2M $128.4M $110.4M
Short-Term Investments $27.91M $30.44M $17.10M
Other Short-Term Assets $20.77M $23.48M $17.00M
YoY Change 22.15% 10.76% -13.27%
Inventory
Prepaid Expenses
Receivables $115.2M $45.56M $60.43M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $281.2M $287.0M $239.3M
YoY Change 17.48% 14.77% 8.34%
LONG-TERM ASSETS
Property, Plant & Equipment $50.96M $46.41M $50.30M
YoY Change 1.32% -6.44% 108.97%
Goodwill $1.126B $1.129B $1.136B
YoY Change -0.94% 0.03% 1.2%
Intangibles
YoY Change
Long-Term Investments $7.720M $7.339M
YoY Change
Other Assets $19.09M $20.08M $16.58M
YoY Change 15.14% 34.43% 21.47%
Total Long-Term Assets $1.411B $1.419B $1.461B
YoY Change -3.43% -1.31% 1.42%
TOTAL ASSETS
Total Short-Term Assets $281.2M $287.0M $239.3M
Total Long-Term Assets $1.411B $1.419B $1.461B
Total Assets $1.692B $1.706B $1.701B
YoY Change -0.49% 1.07% 2.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.322M $11.64M $4.806M
YoY Change 73.16% 37.75% -68.47%
Accrued Expenses $55.33M $68.60M $57.00M
YoY Change -2.94% -4.46% 1.79%
Deferred Revenue $71.22M $78.39M $104.6M
YoY Change -31.9% -30.1% -8.12%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.250M $6.250M $6.250M
YoY Change 0.0% 0.0% -33.48%
Total Short-Term Liabilities $141.5M $165.3M $174.1M
YoY Change -18.73% -16.78% -10.48%
LONG-TERM LIABILITIES
Long-Term Debt $264.8M $265.1M $266.0M
YoY Change -0.45% -0.67% 11.29%
Other Long-Term Liabilities $30.17M $32.82M $34.99M
YoY Change -13.79% 3.71% -10.93%
Total Long-Term Liabilities $295.0M $297.9M $301.0M
YoY Change -2.0% -0.2% 8.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $141.5M $165.3M $174.1M
Total Long-Term Liabilities $295.0M $297.9M $301.0M
Total Liabilities $642.9M $673.8M $707.6M
YoY Change -9.14% -7.39% -3.82%
SHAREHOLDERS EQUITY
Retained Earnings $46.62M $27.58M $1.007M
YoY Change 4529.69% -250.56% -108.56%
Common Stock $1.007B $1.003B $974.3M
YoY Change 3.32% 2.88% 3.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.050B $1.032B $995.7M
YoY Change
Total Liabilities & Shareholders Equity $1.692B $1.706B $1.701B
YoY Change -0.49% 1.07% 2.34%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income $19.04M $7.991M $20.94M
YoY Change -9.06% 17.22% -285.6%
Depreciation, Depletion And Amortization $7.210M $7.385M $7.600M
YoY Change -5.13% 1.16% 2.7%
Cash From Operating Activities $5.145M $23.32M $10.81M
YoY Change -52.4% -10.99% 14.31%
INVESTING ACTIVITIES
Capital Expenditures -$4.410M -$3.992M $2.369M
YoY Change -286.15% 37.66% -34.41%
Acquisitions
YoY Change
Other Investing Activities -$559.0K -$2.923M -$6.400M
YoY Change -91.27% -75.02%
Cash From Investing Activities -$1.738M -$6.915M -$8.727M
YoY Change -80.08% -52.64% 141.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $32.14M $26.60M
YoY Change 20.85% 18761.7%
Debt Paid & Issued, Net $1.563M $1.563M
YoY Change 0.0%
Cash From Financing Activities -14.15M -8.563M -28.78M
YoY Change -50.83% -0.43% -126.8%
NET CHANGE
Cash From Operating Activities 5.145M 23.32M 10.81M
Cash From Investing Activities -1.738M -6.915M -8.727M
Cash From Financing Activities -14.15M -8.563M -28.78M
Net Change In Cash -11.19M 7.843M -25.71M
YoY Change -56.46% 161.43% -122.67%
FREE CASH FLOW
Cash From Operating Activities $5.145M $23.32M $10.81M
Capital Expenditures -$4.410M -$3.992M $2.369M
Free Cash Flow $9.555M $27.31M $8.440M
YoY Change 13.21% -6.14% 44.42%

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<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;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;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:12pt;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 March 2020, the World Health Organization 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 described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2021. 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, such as Omicron, 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 has resulted in, and may continue to result in, additional governmental restrictions and regulations, which has adversely affected, and may continue to adversely affect our business and financial results. For example, we have seen, and anticipate that we will continue to see, supply chain challenges in the automotive industry related to semiconductor devices that are used in automobiles. The current macroeconomic conditions have also increased competition for qualified employees in our industry, particularly for members of our professional service teams, and we, along with automotive OEMs, face significant competition in hiring and retaining them. 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>
CY2021Q4 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;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-size:10pt;font-family:Times New Roman;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-size:10pt;font-family:Times New Roman;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>
CY2021Q4 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-top:12pt;margin-bottom:0pt;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;">Concentration of Risk</span></p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.13%;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;">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</span><span style="color:#000000;"> </span><span style="Background-color:#FFFFFF;">11.1</span>% and 10.3%<span style="color:#000000;"> </span><span style="Background-color:#FFFFFF;">of our Accounts receivable, net balance at December 31, 2021. One customer accounted for 12.1% of our Accounts receivable, net balance at September 30, 2021.</span></p>
CY2021Q3 crnc Accounts Receivable And Contract With Customer Assets Allowance For Credit Loss
AccountsReceivableAndContractWithCustomerAssetsAllowanceForCreditLoss
-879000
CY2021Q4 crnc Accounts Receivable And Contract With Customer Assets Provision For Credit Loss
AccountsReceivableAndContractWithCustomerAssetsProvisionForCreditLoss
-431000
CY2021Q4 crnc Accounts Receivable And Contract With Customer Assets Allowance For Credit Loss Write Offs Net Of Recoveries
AccountsReceivableAndContractWithCustomerAssetsAllowanceForCreditLossWriteOffsNetOfRecoveries
14000
CY2021Q4 crnc Accounts Receivable And Contract With Customer Assets Allowance For Credit Loss Foreign Exchange Impact
AccountsReceivableAndContractWithCustomerAssetsAllowanceForCreditLossForeignExchangeImpact
-33000
CY2021Q4 crnc Accounts Receivable And Contract With Customer Assets Allowance For Credit Loss
AccountsReceivableAndContractWithCustomerAssetsAllowanceForCreditLoss
-429000
CY2021Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
94426000
CY2020Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
93643000
CY2021Q4 crnc Contract Acquisition Costs
ContractAcquisitionCosts
6500000
CY2021 crnc Contract Acquisition Costs
ContractAcquisitionCosts
6900000
CY2021Q4 crnc Contract Acquisition Cost Amortization
ContractAcquisitionCostAmortization
600000
CY2020Q4 crnc Contract Acquisition Cost Amortization
ContractAcquisitionCostAmortization
400000
CY2021Q4 crnc Contract Acquisition Cost Impairment
ContractAcquisitionCostImpairment
0
CY2021Q4 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
2800000
CY2020Q4 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
4300000
CY2021Q4 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2021Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
59143000
CY2021Q4 crnc Contract With Customer Asset Amount Recognized But Unbilled
ContractWithCustomerAssetAmountRecognizedButUnbilled
36425000
CY2021Q4 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
18087000
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
276737000
CY2021Q4 crnc Contract With Customer Liability Amounts Billed But Not Recognized
ContractWithCustomerLiabilityAmountsBilledButNotRecognized
23881000
CY2021Q4 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
35960000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
264658000
CY2021Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
125457000
CY2021Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
163626000
CY2021Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
20298000
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
19044000
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
20941000
CY2021Q4 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
1911000
CY2020Q4 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
1831000
CY2021Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
20955000
CY2020Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
22772000
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38839000
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37180000
CY2021Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
854000
CY2020Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1506000
CY2021Q4 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
4677000
CY2020Q4 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
4677000
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44370000
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43363000
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.56
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.47
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.53
CY2021Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2020Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
116676000
CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
79051000
CY2021Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
35625000
CY2021Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
118612000
CY2021Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
78838000
CY2021Q3 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
37774000
CY2021Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
3100000
CY2021Q4 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q4 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2021Q4 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2021Q3 us-gaap Goodwill
Goodwill
1128511000
CY2021Q4 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-2863000
CY2021Q4 us-gaap Goodwill
Goodwill
1125648000
CY2021Q4 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
200327000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
180189000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
20138000
CY2021Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
201223000
CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
175875000
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
25348000
CY2021Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5000000.0
CY2020Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5000000.0
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
9600000
CY2020Q4 crnc Restructuring Charges Reversal
RestructuringChargesReversal
500000
CY2020Q4 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
15000
CY2021Q4 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.
CY2021Q4 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.
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.045
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.051
CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.044
CY2021Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.044
CY2021Q4 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
109000
CY2020Q4 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
141000
CY2021Q4 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
14000
CY2021Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
1558000
CY2020Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
2071000
CY2021Q4 us-gaap Variable Lease Cost
VariableLeaseCost
877000
CY2020Q4 us-gaap Variable Lease Cost
VariableLeaseCost
178000
CY2021Q4 us-gaap Sublease Income
SubleaseIncome
48000
CY2020Q4 us-gaap Sublease Income
SubleaseIncome
53000
CY2021Q4 us-gaap Lease Cost
LeaseCost
2510000
CY2020Q4 us-gaap Lease Cost
LeaseCost
2352000
CY2021Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
1600000
CY2020Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
2300000
CY2021Q4 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
200000
CY2020Q4 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
100000
CY2021Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3100000
CY2020Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2000000.0
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4772000
CY2021Q4 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
312000
CY2021Q4 crnc Lessee Lease Liability Payment Due Remaining Fiscal Year
LesseeLeaseLiabilityPaymentDueRemainingFiscalYear
5084000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5219000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
417000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
468000
CY2021Q4 crnc Lessee Lease Liability Payment Due Next Twelve Months
LesseeLeaseLiabilityPaymentDueNextTwelveMonths
5687000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4570000
CY2021Q4 crnc Lessee Lease Liability Payment Due Year Two
LesseeLeaseLiabilityPaymentDueYearTwo
4987000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2368000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
362000
CY2021Q4 crnc Lessee Lease Liability Payment Due Year Three
LesseeLeaseLiabilityPaymentDueYearThree
2730000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1518000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
53000
CY2021Q4 crnc Lessee Lease Liability Payment Due Year Four
LesseeLeaseLiabilityPaymentDueYearFour
1571000
CY2021Q4 crnc Lessee Operating Lease Liability Payment Due After Year Four
LesseeOperatingLeaseLiabilityPaymentDueAfterYearFour
1520000
CY2021Q4 crnc Lessee Lease Liability Payment Due After Year Four
LesseeLeaseLiabilityPaymentDueAfterYearFour
1520000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
19967000
CY2021Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1612000
CY2021Q4 crnc Lessee Lease Liability Payment Due
LesseeLeaseLiabilityPaymentDue
21579000
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1583000
CY2021Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
102000
CY2021Q4 crnc Lessee Leases Liability Undiscounted Excess Amount
LesseeLeasesLiabilityUndiscountedExcessAmount
1685000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
18384000
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
1510000
CY2021Q4 crnc Leases Liability
LeasesLiability
19894000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5386000
CY2021Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
370000
CY2021Q4 crnc Leases Liability Current
LeasesLiabilityCurrent
5756000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
12998000
CY2021Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
1140000
CY2021Q4 crnc Leases Liability Noncurrent
LeasesLiabilityNoncurrent
14138000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
18384000
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
1510000
CY2021Q4 crnc Leases Liability
LeasesLiability
19894000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
22002000
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
39536000
CY2021Q4 crnc Sales And Other Taxes Payable Current
SalesAndOtherTaxesPayableCurrent
8996000
CY2021Q3 crnc Sales And Other Taxes Payable Current
SalesAndOtherTaxesPayableCurrent
8574000
CY2021Q4 crnc Accrued Cost Of Revenue Related Liabilities Current
AccruedCostOfRevenueRelatedLiabilitiesCurrent
5422000
CY2021Q3 crnc Accrued Cost Of Revenue Related Liabilities Current
AccruedCostOfRevenueRelatedLiabilitiesCurrent
4634000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3705000
CY2021Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3604000
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
610000
CY2021Q3 us-gaap Interest Payable Current
InterestPayableCurrent
1919000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9574000
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6200000
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
50309000
CY2021Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
64467000
CY2021Q3 us-gaap Restructuring Reserve
RestructuringReserve
5035000
CY2021Q4 crnc Restructuring Charges Reversal
RestructuringChargesReversal
4915000
CY2021Q4 crnc Restructuring Reserve Settled Without Cash Adjustment
RestructuringReserveSettledWithoutCashAdjustment
4151000
CY2021Q4 crnc Proceeds From Payments For Restructuring
ProceedsFromPaymentsForRestructuring
-2027000
CY2021Q4 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
2000
CY2021Q4 us-gaap Restructuring Reserve
RestructuringReserve
3774000
CY2021Q4 crnc Restructuring Charges Reversal
RestructuringChargesReversal
4915000
CY2020Q4 crnc Restructuring Charges Reversal
RestructuringChargesReversal
480000
CY2021Q4 crnc Restructuring Charges Reversal
RestructuringChargesReversal
4900000
CY2019Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
6350000
CY2019Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Other Increases Decreases In Period Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOtherIncreasesDecreasesInPeriodDescription
The shares available for issuance will automatically increase on January 1st of each year, by the lesser of (A) three percent (3%) of the number of shares of Common Stock outstanding as of the close of business on the immediately preceding December 31st; and (B) the number of shares of Common Stock determined by the Board on or prior to such date for such year.
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
0.03
CY2021Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
2135000
CY2020Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
8212000
CY2021Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
19343000
CY2020Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
11526000
CY2021Q4 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
1437000
CY2020Q4 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
-438000
CY2021Q4 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
-1138000
CY2021Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5841000
CY2020Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13325000
CY2021Q4 crnc Indemnification Period For Former Officers And Members Of Boards Of Directors
IndemnificationPeriodForFormerOfficersAndMembersOfBoardsOfDirectors
P6Y
CY2021Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
17208000
CY2020Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
3314000
CY2020Q4 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
-8977000
CY2021Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
299000
CY2020Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-9415000
CY2021Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.015
CY2020Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.817
CY2021Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.015
CY2020Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.817
CY2021Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
300000
CY2021Q4 crnc Change In Income Tax Expense Benefit
ChangeInIncomeTaxExpenseBenefit
9700000
CY2020Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-9400000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
271081000
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
271343000
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
6250000
CY2021Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
6250000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
264831000
CY2021Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
265093000
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
4688000
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
10938000
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
12500000
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
262500000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
290626000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
19545000
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
6250000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
264831000

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