Cerence Inc. (NASDAQ:CRNC) Q2 2024 Earnings Conference Call May 9, 2024 8:30 AM ET

Company Participants

Rich Yerganian - SVP, Investor Relations
Stefan Ortmanns - Chief Executive Officer
Daniel Tempesta - Chief Financial Officer

Conference Call Participants

Jeff Van Rhee - Craig-Hallum
Nick Doyle - Needham & Company

Operator

Thank you for standing by. My name is Romani [ph] and I will be your conference operator today. At this time, I would like to welcome everyone to Cerence Q2 2024 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the call over to Rich Yerganian, Vice President of Investor Relations. Please go ahead.

Rich Yerganian

Thank you. Welcome to Cerence's second quarter full fiscal year 2024 conference call. Before we begin, I would like to remind you that this call may involve certain forward-looking statements. Any statements that are not statements of historical fact, including statements related to our expectations, estimates, assumptions, beliefs, outlook, strategy, goals, objectives, targets, and plans, should be considered to be forward-looking statements. Cerence makes no representations to update those statements after today.

These statements are subject to risks and uncertainties which may cause actual results to differ materially from such statements, as described in our SEC filings, including the Form 8-K with the press release preceding today's call, and our Form 10-K filed on November 29, 2023 and our most recent Form 10-Q. In addition, the company may refer to certain non-GAAP measures, key performance indicators, and pro forma financial information during this call. Please refer to today's press release for further details of the definitions, limitations, and uses of those measures, and reconciliations of non-GAAP measures to the closest GAAP equivalent. The press release is available in the IR section of our website.

Joining me on today's call are Stefan Ortmanns, CEO of Cerence, and Dan Tempesta, CFO of Cerence. As a reminder, the only authorized spokespeople for the company are Stefan, Dan, and me. Before handing the call over to Stefan, I would like to mention that we will be presenting at the Craig-Hallum Investor Conference on May 29, the Baird Global Consumer, Technology and Services conference on June 6, and the Wells Fargo Industrials Conference on June 12.

Now onto the call. Stefan?

Stefan Ortmanns

Thank you, Rich. Welcome, everyone, and thank you for joining us to discuss Cerence’s second quarter results and the outlook for the balance of the fiscal year. While Q2 delivered results better than planned or we emulated adjustments, the outlook for the full year has weakened since we last spoke. Over the next few minutes, I will update you on how we see the remainder of the fiscal year progressing, provide some comments on the multiyear plan we communicated last November, and then provide an update on the positive progress we have seen with our AI products strategy since CES.