CerenceNASDAQ: CRNC

Cerence Inc. (NASDAQ:CRNC ) Q4 2024 Earnings Conference Call November 21, 2024 8:30 AM ET Company Participants Brian Krzanich - CEO Tony Rodriquez - Interim CFO Conference Call Participants Jeff Van Rhee - Craig-Hallum Colin Langan - Wells Fargo Nicholas Doyle - Needham & Company Aman Gupta - Goldman Sachs Operator Good day, and welcome to Cerence's Fourth Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode.

Cerence (CRNC) came out with a quarterly loss of $0.07 per share versus the Zacks Consensus Estimate of a loss of $0.32. This compares to earnings of $0.09 per share a year ago.

CRNC's fourth-quarter fiscal 2024 results are likely to suffer from sluggish demand among automotive OEMs.

CRNC's shares ride on an expanding clientele and a strong partner network. However, stiff competition and stretched valuation are concerns.

BURLINGTON, Mass., Oct. 11, 2024 (GLOBE NEWSWIRE) -- Cerence Inc. (NASDAQ: CRNC) (the “Company”), AI for a world in motion, today announced that, in connection with Brian Krzanich's recent appointment as Chief Executive Officer and President effective October 7, 2024, the Company granted Mr. Krzanich an initial equity award with a target aggregate value of $6 million, based on the average closing price of the Company's common stock over the trailing 20 trading days ending on the date of grant. Such award consists of 1,038,062 time-based restricted stock units and a target of 1,038,062 performance-based restricted stock units. The time-based restricted stock units will vest in three equal installments on each of October 7, 2025, October 7, 2026, and October 7, 2027, in each case subject to Mr. Krzanich's continued service with the Company through the applicable vesting date. The performance-based restricted stock units will be earned based on the achievement of Company performance metrics during the three fiscal-year period ending on September 30, 2027, subject to Mr. Krzanich's continued service with the Company through the date that the Company publicly issues its earnings release for fiscal year 2027. All of these awards were granted as an inducement material to Mr. Krzanich entering into employment with the Company pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.

Cerence Inc. today announced that Brian Krzanich has been appointed Chief Executive Officer and a member of the Board of Directors, effective immediately.

On September 30, 2024, Vanguard Group Inc executed a significant transaction involving the shares of Cerence Inc (CRNC, Financial), a key player in the software industry. The firm reduced its holdings by 868,183 shares, resulting in a new total of 3,112,214 shares.

Cerence (CRNC) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #1 (Strong Buy).

CRNC, PAM and MHO made it to the Zacks Rank #1 (Strong Buy) value stocks list on September 19, 2024.