Cerence at Global Automotive Conference: Strategic Moves in Voice AI

On Tuesday, 10 June 2025, Cerence Inc. (NASDAQ:CRNC) participated in the Global Automotive OEM, Dealer & Supplier Conference hosted by Evercore ISI. The discussion centered on Cerence’s strategic positioning in the automotive voice AI market, highlighting both opportunities and challenges. While the company maintains a strong market presence, it faces competitive pressures from big tech and evolving market dynamics.

Key Takeaways

• Cerence holds over 50% global market penetration in automotive voice AI, with over 70% excluding China.
• The company aims to increase price per unit (PPU) through enhanced AI products and connected services.
• Fixed license revenue is expected to stabilize at $20 million annually, with a strategic focus on long-term growth.
• Cerence’s new XUI platform and CALM product are pivotal for future expansion and innovation.
• Competitive challenges from big tech and DIY efforts by OEMs are acknowledged, but Cerence emphasizes its strong OEM relationships.

Financial Results

• Revenue Composition: Cerence’s revenue includes license revenue, connected revenue, and professional services.
• Pro Forma Royalties: These have remained flat over the last year, excluding fixed or prepaid license revenue.
• Fixed License Revenue: This decreased to $30 million last fiscal year, from $40 million the year before and over $60 million prior. The company targets a $20 million annual run rate.
• Price Per Unit (PPU): PPU increased from $4.50 to $4.87 in the past year, with plans to boost it further through a full platform penetration, connected car services, and high-value AI products.

Operational Updates

• Global Penetration: Cerence has achieved more than 50% global market penetration, with a significant presence outside China.
• Tariff Impact: Tariffs are expected to have a minor effect, given the European focus of Cerence’s OEM customer base.
• China Strategy: Cerence collaborates with Chinese OEMs for international operations and supports current OEMs expanding into China.
• XUI Platform: Set for rollout in the next 6-12 months, this platform integrates embedded and connected AI features, in partnership with JLR.

Future Outlook

• PPU Growth: Cerence plans to enhance PPU by increasing platform penetration and offering more connected services.
• Fixed License Revenue: The company aims to cap this at $20 million annually, balancing prepaid and amortized revenue by 2026.
• XUI Expansion: Continued rollout with OEMs will focus on improving in-car functionality and multimodal interactions.
• AI and LLMs: Development of AI and large language models remains a priority for Cerence.

Q&A Highlights

• Competition: While facing competition from big tech and OEM DIY solutions, Cerence leverages its strong OEM relationships for efficient implementation.
• Product Roadmap: Focus is on the development of the XUI and CALM products.
• Google GAS: OEMs show reluctance to adopt Google GAS, preferring to maintain their own branded experiences.

In conclusion, Cerence’s strategic initiatives and product innovations are designed to sustain its leadership in the automotive voice AI market. For more details, readers are encouraged to refer to the full transcript below.

Full transcript - Global Automotive OEM, Dealer & Supplier Conference:

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: Okay. Welcome back, everyone. Once again, Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team. Today, we are happy to host Tony Rodriguez, CFO of Cerence.

Tony, thank you for joining us today. Thanks for coming out to a rainy New York.

Tony Rodriguez, CFO, Cerence: Yeah. Thanks thanks for having us. We’re happy to be here.

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: Good. Why don’t we start off with just a brief intro of yourself, of Cerence as a company, just for any of our generalists here online who are maybe not as familiar with the story.

Tony Rodriguez, CFO, Cerence: Sure. I’ll lead with the company and I’ll give a little background on myself. So yeah, I mean, a lot of people know the Serin story but our roots go back twenty five years in kind of initial voice recognition technology. We were a spin off of Nuance Communication back in 2019, another public company that we were spun off in 2019 as effectively a pure play automotive software company in the voice arena. So that was five years ago or so, six years ago coming up.

Today, we’re the global leader in voice AI interaction in the automotive industry. We’re one of the to put out a automotive specific LLM. You know, we work with you know, one of the metrics that we we we put out every quarter is is our penetration. So we’re we’re, you know, we’ve said that we’re 50 plus percent of that the auto market, so every other car that rolls out of production has our technology in it. Of the global auto market?

Global auto market, yeah. Big number. And we’ll talk a little bit about China in a little bit, which, yeah, that includes China. And, you know, 500,000,000 plus vehicles throughout our history that have our technology implemented into it. And we’re in a unique market right now.

There’s growing need for software within the car. And we’re well positioned with our our current relationships and our our ever evolving technology in that space. So so that’s a bit of kind of the history of where where we are. We work with virtually every automotive OEM, a large OEM. Myself, I’ve, you know, I’ve been the CFO since I was the interim CFO in June of last year, so I came on board a year ago.

And then Brian Kirstenich, our new CEO, came on board in So we’re at nine thirty year end, so he came on board the week after our year end, so in the October. And then I took the permanent position in December with him.

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: Excellent. So, I’m going to start off just on the tariff question because it’s something

Chris, Analyst, Evercore ISI: we have to ask everyone. I know that

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: you are sort of one of the more unique players within the global supplier space where you have higher margins, less China exposure, things of that nature. But can you remind us of any exposure you’re going to have to the tariffs from the Trump administration as they stand right That’s

Tony Rodriguez, CFO, Cerence: a key, as they stand right now.

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: Always the asterisk.

Chris, Analyst, Evercore ISI: Ever

Tony Rodriguez, CFO, Cerence: evolving. Well, unique. So we’re a software company, so we’re not directly impacted by the tariffs. That said, of course, we were concerned about overall production and the implications of the tariffs on production. I think that as we think about our guidance for our Q3 that will come up at the June and then our September year end Q4, I think our guidance certainly plans for that the volume impact of the tariffs.

Overall, we think that it’s relatively minor to our business, given a couple of things. One is the OEMs that we work in Europe have a relatively limited amount of US internal delivery. And so if you think about that, you think about, Okay, well, they’re reciprocating tariffs. And what does that mean? Maybe they have higher domestic sales and production.

So right now, we think it’s relatively limited. But I think your lead off point about it being early is well taken.

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: Yeah. Yeah, it’s hard to understand where those puts and takes may be, just given the climate right now. So maybe we can talk about China then, because you mentioned Europe, It’s less than 10% of your revenue right now, if my number’s correct Do you see incremental opportunity in that market? Or is that a market where you think that local players, iFlyTech, some of the other in house AI applications might be too insurmountable to overcome?

Tony Rodriguez, CFO, Cerence: Yeah. So our position in China is this. We don’t do very well China within China because it’s as many vendors like us are trying to do in China. It’s very difficult to get the national competitors out placed in that region. But we do work with all of the large Chinese OEMs, primarily for China, outside of China.

So that number that we talked about, the 50 plus of global penetration, that’s if you take out the 26,000,000 or so of volume annually of China within China, were plus 70%. So it’s an interesting relationship. We work with the Chinese OEMs for their outside of China delivery and we work our current OEMs in going into China. We have natural language capabilities within the Chinese languages. So is there opportunity?

It’s going to be difficult, I think, to penetrate that China within China. But I think that those relationships that we deal China outside of China, I think that is growing as well. And so I think we have some opportunity there. And then the learnings that we have, because the Chinese are very nimble with regard to software implementation and turning out new platforms. So utilizing that relationship to help our other OEMs will be beneficial.

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: Okay. So then it’s fair to say that the growing Chinese exports that we’ve heard about from our last two panels here could be a tailwind.

Tony Rodriguez, CFO, Cerence: Yes, absolutely.

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: Okay. And then next, just looking at global production trends, given what we’ve seen with USAR, tariff induced pull ahead in March and April and maybe some of May, How have you seen your customers’ schedules and production call offs develop in this tariff environment with the uncertainty that we have right now? It sounds like things are actually okay in the half, but the half is where more of the uncertainty with just production schedules comes from.

Tony Rodriguez, CFO, Cerence: Yeah. So our quarter ended I’m trying to make sure I keep the lawyers happy with what I’m saying publicly. So our last quarter ended March 31. And so when we think about our royalty reports come out quarterly effectively. So we haven’t officially seen the production volumes for the quarter that will be ending in June.

But through our normal interactions expectations, I think that there will be, again, a relatively limited amount of production concerns for the quarter June. I think some of the other speakers today have noted that Q4, our Q4 and the calendar Q4 will be more could be more heavily impacted. But there’s also other upside opportunities. So we’re really seeing, again, relatively limited amount of concern on the production side with our specific OEMs and for our programs.

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: Okay. And then just on the pro form a royalties that you mentioned, they’ve been relatively flat over the last twelve months. Can you maybe describe the expected trajectory or growth of this KPI that those who have looked at the story have focused Yeah,

Tony Rodriguez, CFO, Cerence: just to remind that our pro form a royalties, so we have different components of revenue. We’ve got license revenue, connected revenue, and professional services. And so within our license revenue, it is the embedded license that each card that we produce that we get the fee for. So we have had in the past, and we probably will talk about this, is some of this fixed license revenue or prepaid license revenue, right? And so that is accelerated in the year that we execute those.

So what it does is it kind of the production will happen in the future and we burn off that revenue that we’ve recognized in the past. So we wanted to say, well, if we level set everything, what does our pro form a royalty look like? And so it takes into account that prepaid. And that has been relatively flat over the last twelve months or so. And I think that our approach there is this.

One is that license revenue does not include any new pricing for our upcoming XUI product. And if we think about that PPU, I think that will go up for the license once XUI comes out. And if we think about that size of penetration that we have, for us, it’s really less about that production volume and especially that license volume. And it’s really more about how are we going to achieve more PPU for each card that’s produced.

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: Yeah, and then just I wanted to talk about the fixed licenses too while we’re on there. The steady state amount and what usually flows through, it’s been between 10 and 20,000,000 a quarter for the last few quarters, but there’s some lumpiness there with the Japanese fiscal year end, which is Q2. Yes. Maybe you can just talk us through that so that we can have a better idea of

Tony Rodriguez, CFO, Cerence: how Yeah, put it annual in perspective So I mean, last year, our full fiscal year, we did about $30,000,000 in prepaid revenue. But that number has been coming down. The year before was closer to $40,000,000 I think before that it was above $60,000,000 And so the nature of what it is. Our OEMs that we have longstanding relationships know that they have this volume coming up. And so they’ve negotiated, hey, how about we prepay

And it’s nonrefundable as long as we get a discount. So we’ll prepay it, give us a little bit of a So I think the company took advantage of that ability to get that cash upfront. In the past, we’ve gotten to a point where the run rate of that we’d like is more around the $20,000,000 range. And that does a couple of things. It tells the OEMs that we’re still willing to do those type of deals, but it puts a more competitive environment so the discount will be less.

And so this year, we’ve said that we’ll do about $20,000,000 I think, mid guidance. And in this year, it all happened in our Q2. And it was primarily related to some OEMs that were coming up to their fiscal year end and wanted to execute those. So as we think about going forward, our Q3 and Q4 won’t have any material fixed license revenue expected. And then as we think about next year, I think we’re going to cap it at that same $20,000,000 range so that by the end of twenty twenty six, the impacts of that prepaid versus the amortization of that or consumption, that burn rate of that will wash out at the same time.

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: Okay, that’s helpful. That makes a lot of sense. And then you did mention PPU, I wanted to talk to that because that’s a relatively new metric. Was helpful in fiscal Q2. It grew from, my number here is four eighty seven the trailing twelve months from four fifty the prior trailing twelve months.

What’s the expectation product wise? How does that number grow over time? Should that number grow over time? And is it something that you’re going to continue speaking to?

Tony Rodriguez, CFO, Cerence: Yes, it was the time we ever put out that information. And it was a direct impact of the street really wanting to understand price and quantity. Have a little understanding of quantity, but in the GAAP financials, was too hard to distinguish what the price was primarily because of this legacy contract we had with Toyota, this prepaid revenue, all those things. Take in our GAAP revenue, it was very difficult to compare. So we said, Okay, we’ll put out a metric which will be effectively what is the technology on average, technology price per car that you’re getting.

It includes the connected excuse me, the embedded license fee, which is usually dropped down that period and the connected fee, which is amortized for GAAP purposes over a period of time. But if you when the car ships, on average, what is that number? So yeah, we put it out. The goal would be to continue that and refine it as need be and maybe potentially break it out a little bit more on what’s embedded, what’s connected. But the levers there, our goal is to continue to increase that given our penetration in the overall market.

And it’s really three levers that we have to be able to increase that. One is, we talk about that volume penetration. Remember that in that volume, it’s any car that has any of our technology. So in some cases, they don’t have our platform. They’ve got a component, our SSE product or something, which we only get a relatively small amount for.

Low content. Right. Yeah. And so on one hand, it’s taking that current penetration and increasing the penetration of that penetration to get more of our staff, more of the platform, full platform. So that increase the PPU.

The one would be more and more we’re seeing that consumers want a connected vehicle, right? And so we believe that more and more cars will be connected. If we already have the license component and can add on the connected piece, that will increase PPU as well. And the one is the value of the AI products that we’re putting in. It’s more valuable to the consumer, therefore should be more valuable to the OEM.

So the prices on both the embedded side and the connected side should increase. We’re seeing that already, but there are pricing pressures given the tariff situation. But our license fee, when the XUI comes out, they’ll have an embedded, what we call our CALM product, Serance Assistant, the large language model, which is actually a small language model, that will be embedded in the car. So that should increase our embedded price. And then the connected price with AI and LMs are also describing a higher price.

So those are the three levers to increase that. I will say that, lawyers keeping me honest, the past experience is not indicative of future expectations. So we haven’t put out guidance on what that number will be, but our goal, of course, would be to increase that PPM.

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: Yeah, that makes a lot of sense. And just while we’re on the topic, can you discuss those two, the major AI solutions that you have, Colm, and then the XUI? And what’s the differentiator, just the folks in the room who maybe aren’t So

Tony Rodriguez, CFO, Cerence: the XUI, which will roll out in the next six to twelve months, we put out a release to the JLR. That will be their kind of platform going forward when completed. And that is our full embedded and connected hybrid suite of voice interaction, AI interaction, right? A true AI agentic multimodal platform. Multimodal, we’ll get into in a Components of that are already being included in our OEMs.

So the Calm product is already out. There’s other components of that full suite that being that were backwards compatible and we’re able to. The full suite, the biggest differentiator is that the Calm product will actually be embedded into the embedded technology as opposed to having to have a connected feature. And so to have one unified voice interaction to be able to execute all the capabilities you want within the car as well as go outside for content and other information under one platform will be good. Well, we’re well received within our OEMs.

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: Yeah, super powerful for those multifaceted commands, roll down my windows 50% and direct me to the nearest Starbucks.

Tony Rodriguez, CFO, Cerence: Yeah, you know, if you think about our, again, we talked about the history when we spun off in 2019, the product was a fairly mature product and we had a great penetration, right? But it was the interaction I have a JLR product and it’s more than five years old. And I had the old technology where you hit the button and you had to be very prescriptive on what to make it do something. And so if I wanted my seat heated, could try and do it.

And some users felt comfortable going through that prescriptive methodology to get it actually, but I just hit the seat heater butt. Now to be able to say things like, my butt’s cold. And it understands that the driver, not the passenger, wants the seat heater on. And to say your point about the window, they’d say, can you crack my window? Crack means roll down a little bit.

So the understanding of this will mean more interaction. That’s the way you talk to your phone right now, right? So that interaction and you’re used to doing that on your phone outside if just connected and trying to get information. Well, if consumers have that type of expectation with the phone, they want the same outside, be able to ask those questions within the car. If they get more comfortable with they ask more questions about the capabilities within the car and it’s under one unified interface.

What we’re seeing is that the interactions do significantly increase with that product.

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: It gets the flywheel spinning. Yeah. Want to follow-up just on those three levers of growing the content per vehicle, the PPU. And I know you talked about this on your earnings call, but we discussed the possibility with your customers of a content versus price trade off. And there may be a way to sort of work with price while providing similar content to help your customers battle whatever headwinds they’re facing.

You talk a little bit about that now?

Tony Rodriguez, CFO, Cerence: Yeah, so we mentioned a little bit in the call and it was at the initial stages of OEM saying, hey, look, we’ve got this tough environment with tariffs. So we’re trying to think about how we can continue to reduce our costs. And so that was out there. And we said, all right, listen, we’re getting that type of message. So we’re going to have to work with ROMs in that regard.

So I think what Brian said is twofold. One is, yes, the newer products have a higher price. So do we have some room off an increased price to be able to give them more capabilities at a higher price but more capabilities and coming off of our rack rate a little bit? There’s that. But I think, moreover, it’s about, look, how can we help them reduce their overall cost per vehicle by increasing our stack?

Some win max on a full stack give you more capabilities outplacing a competitor and doing that at a reduced price. That way, our overall revenue increases. Our margin takes a bit of a hit, but we’re having more gross profit dollars. So those are the type of discussions. How can we help you and still increase our overall revenue?

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: Yeah. Yeah. How can we create a win win situation? The last one I’m going to ask here before we throw it to the audience for all their general AI questions, we’ve seen some great product at CES the last couple of years. I’ve been there two years prior, Chris was there last year.

Where is your excitement coming from on some of these significant developments with Agenic AI? Large language models in the car like we talked about. The VW demo is what sticks in my mind. Is there anything in particular that you are very, very excited about, whether that maybe has been talked about en masse or if it’s something that is coming down the pipeline?

Tony Rodriguez, CFO, Cerence: Well, for me, the XUI product, having again the large language model embedded in the car and that unified interface in a branded situation. So it’s not big tech with kind of that expectation in the car. It is really a branded experience for that OEM to be able to seamlessly interact with the capabilities in the car and then to go outside on the connected feature to have that and have a product that’s not only competitive but I think outpaces some of our competitors with regard to functionality and to just to continue to improve that. And so think about the multimodal, which we talked about. So part of that multimodal in the XUI is the ability to use the visual aspects of the car too.

So you pass a sign. It’s a road sign and you’re not sure what that speed limit was or what that was. Can you tell me what that sign said and it’ll react back to you. Or there’s a billboard and what was on that billboard and what’s the phone number and call that phone number. To be able to do those type of things within the car are exciting, I think, for me.

And Renault has the Reno avatar and now they use, so to think about linking it to an avatar or something to make it more interactive as well are some fun things that are out there.

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: Yeah, absolutely. I’m all for anything that keeps folks off their phone when they’re in the

Tony Rodriguez, CFO, Cerence: drive to absolutely.

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: Maybe we can see if there’s any questions. Oh, Chris, there you Tony,

Chris, Analyst, Evercore ISI: would love to, I mean, AGI product basically, it seems like, maybe if it’s not, the AI product, you know, maybe it’s not the killer app, but it’s finally this democratized app of the user interface. I’m curious, where are you seeing the most competition there for other people sort of trying to do the same? Is it other suppliers? Is it the OEM itself trying to do it internally? Or is this actually greenfield, meaning no one else is doing it so you have a little bit of a runway here?

Tony Rodriguez, CFO, Cerence: Well, so probably all of those, if I’d say it in this regard. Given our relationships and the fact that the OEMs understand that software would be more important within the car, and we’re seeing that again. The very nimble Chinese OEMs that are turning the platforms over and showing the capabilities. Think that other OEMs see that and utilize us as a trusted advisor. When we think about competitors, it’s twofold.

One is the biggest competition is probably big tech. But we’ve seen within the smaller competitors, the upstarts and big tech, is can it be implemented? And we’ve been a proven partner in that regard that we can implement and it will work. So I think those are probably the biggest things. So kind of a bit of greenfield because we have those relationships, the fact that we do have competition there but we can implement better.

And so I think that’s probably the two.

Chris, Analyst, Evercore ISI: Excellent. And then if we put together Doug’s

Tony Rodriguez, CFO, Cerence: Oh, the way, the DIY is that. So they are some are trying

Chris, Analyst, Evercore ISI: to do it themselves. Similar to the Chinese.

Tony Rodriguez, CFO, Cerence: Yeah,

Chris, Analyst, Evercore ISI: example, the Chinese are mostly doing it themselves, particularly on some of the handset, sort of now handset EV.

Tony Rodriguez, CFO, Cerence: Yeah, in iFlytek and they’ve been utilizing some national providers as well. But you’re right. So there is some DIY. Think we can do it better.

Chris, Analyst, Evercore ISI: And then Tony, the is the PPU metric, is so helpful. And even there, you said, look, it’s penetration, right? Some people are taking only the voice amplifiers, right? Which is a dollar sort of a product. Can you help us imagine sort of like the the high content car?

You have the best embedded, you got the best con connected and then some version of of the AI product. Is Can you get that number into the teens for a highly contented car? Not specific, but just an idea of what would be the end of those three sort of products.

Tony Rodriguez, CFO, Cerence: I need to be careful because we haven’t put out any guidance on what the upper end of that PPU is. But I think it’s a great question because it’s of what can you get to?

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: Yeah, what’s the goal?

Tony Rodriguez, CFO, Cerence: Yes, what’s the goal? And I don’t think I put that out there other than to say, given what I’ve said about a lot of that volume has the lower end PPU stuff, fact that not all of them are connected, and the fact that really the price increases have not taken place yet. We have some already that have rolled out on the connected side on price, but remember that that is amortized over a couple

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: of years.

Tony Rodriguez, CFO, Cerence: So we’re not seeing that in the PPU right away, those volumes. So certainly, there’s room for growth in there, significant room. But we’ll take that under advisement to say, hey, could we put out a number that says, hey, all in, it would really look like this.

Chris, Analyst, Evercore ISI: But Tony, maybe rather than a number, could you talk a little bit about what that product is at each of those three segments, embedded, connected, and AI? Meaning car on the road, this is the upper end. This is one of the best Cerence products that we have, sort of the upper end of our portfolio.

Tony Rodriguez, CFO, Cerence: Yeah, so that’s the XUI product, Yeah, for A. Will have an embedded feature technology that does not need connectivity, that has an LLM in it so that you can, without connectivity, do all the natural interactions that we just kind of described within that car and do all the in car capabilities, coupled with then a connected feature that has the same interface that uses and we are agnostic to which LLM would use on the connected piece. And why we’re agnostic is that the OEMs may want certain ones that they feel are better or their own. So it has both those features and has the multimodal capabilities as well.

Chris, Analyst, Evercore ISI: So we could look for all those XUI launches as a full stack, meaning it’s going to

Tony Rodriguez, CFO, Cerence: Yeah. If it’s an XUI launch, obviously has a connected feature. But all of our ones that have a connected feature have to have an embedded platform. So part of our connected rate, too, is to get more on the platform so that then it can be connected as well.

But yeah, that XUI product will have the full suite.

Chris, Analyst, Evercore ISI: And then just the last one, a general update. For years, there’s been discussion of Google Gas as a sort of an off the shelf product to source some momentum. Then it seems to be going the other way. Just general, where we see that sort of

Tony Rodriguez, CFO, Cerence: competitive Yeah, I think what I can say is that we’re seeing reluctancy of adoption of that product, yes. And it’s been years to say, well, they could go on both sides. But we’re seeing reluctancy. And primarily, I believe it’s OEMs not necessarily wanting big tech within as much that big tech in the vehicle and having really that branded experience themselves.

Doug Dutton, VP on the Evercore ISI Global Auto and Mobility team, Evercore ISI: Anyone else? Questions for Tony? No? Going once, twice, thrice? Okay.

Tony, thank you so much for being here with us today.

Tony Rodriguez, CFO, Cerence: Appreciate it. Yeah, thanks. Thank you.

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