Cerence Stock Plunged 30% after Mixed Q1 Earnings, Revenue Guidance Cut

Tiger Newspress2022-02-07

Cerence slipped 30% in morning trading after reporting mixed FQ1 results with FY2022 guidance cut.

The company also announced retirement of CFO Mark Gallenberger on March 11, Mitch Cohen appointed as interim CFO.

Non-GAAP gross margin rate expanded 250 bps to 77.5% and non-GAAP operating margin rate dropped 210 bps to 36.8%.

Adjusted EBITDA margin rate down 250 bps to 39.1% for the quarter.

FY2022 revenue guidance of $365M to $385M (vs. consensus of $413.61M), represented a 9% decrease at the midpoint compared to the initial FY22 guidance provided on November 22, 2021, and a 3% decrease at the mid-point compared to last year’s actual revenue of $387M.

Adjusted EPS to be in the range of $1.80 to $2.16 vs. consensus of $2.37; Adjusted EBITDA for year is expected to be in the range of approximately $119M to $139M.

For 2Q22, revenue is expected to be in the range of $82M to $86M vs. consensus of $99.9M; Adjusted EPS to be $0.31 to $0.38 vs. consensus of $0.57; Adjusted EBITDA to be in the range of approximately $22M to $26M.

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Comments

Jinhao94
2022-02-08
Jinhao94
Pls like
sh99
2022-02-07
sh99
like
SiewWeng
2022-02-07
SiewWeng
good

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