סלברייט מודיעה על תוצאות הרבעון הראשון של 2023

Cellebrite (נאסד"ק: CLBT), מובילה עולמית בפתרונות בינה דיגיטלית ("DI") למגזר הציבורי והפרטי, הודיעה היום על תוצאותיה הכספיות לשלושת החודשים שהסתיימו ב-31 במרץ 2023.

Cellebrite Announces First-Quarter 2023 Results

Revenue of $71.2 million, 14% year-over-year increase due primarily to
27% growth in subscription revenue;

ARR of $261.3 million, up 30% year-over-year;

Adjusted EBITDA of $7.3 million, 10.3% adjusted EBITDA margin

PETAH TIKVA, Israel and TYSONS CORNER, Va., May 10, 2023 (GLOBE NEWSWIRE):

Cellebrite (NASDAQ: CLBT), a global leader in Digital Intelligence ("DI") solutions for the public and private sectors, today announced financial results for the three months ending March 31, 2023.

"Our first-quarter results demonstrate that we are off to a strong start in 2023 as we work closely with our customers to help them modernize their investigative workflows," said Yossi Carmil, Cellebrite’s CEO. "During the quarter, we made tangible progress with key strategic initiatives aimed at advancing innovation by delivering important breakthroughs with our Collect and Review capabilities. It is gratifying to see customers increasingly turn to Cellebrite for our powerful digital intelligence software solutions, which is translating into higher usage of our Collect and Review solutions and increasing traction for additional growth engines such as our Investigative Analytics and our Case and Evidence Management offerings. As a result, we move forward with solid momentum in a healthy marketplace, which is reflected in our ARR and NRR metrics. With a strong first quarter behind us and attractive opportunities ahead, we believe that we are on track to achieve our original FY23 financial targets."

First-Quarter 2023 Financial Highlights

• Revenueof $71.2 million, up 14% year-over-year
• Subscriptionrevenue of $61.3 million, up 27% year-over-year
• AnnualRecurring Revenue (ARR) of $261.3 million, up 30% year-over-year
• Recurringrevenue dollar-based net retention rate (NRR) of 128%
• GAAPgross profit and gross margin of $58.8 million and 82.6%, respectively;Non-GAAP gross profit and gross profit margin of $59.2 million and 83.1%,respectively
• GAAPnet loss of $40.6 million; Non-GAAP net income of $6.9 million
• GAAPdiluted net loss per share of $(0.21); Non-GAAP diluted EPS of $0.03
• AdjustedEBITDA and adjusted EBITDA margin of $7.3 million and 10.3%,respectively

First-Quarter 2023 and Recent Digital Intelligence Highlights

• Closed21 large deals in the first quarter, each valued at $500,000 or more.Notable deals included:
  
  • Alarge national agency in Latin America expanded its Premium licensing,added Guardian and Pathfinder, and became the first customer in this regionto integrate cryptocurrency data and insights within its Cellebrite DIsolutions. This customer’s ARR increased by a factor of 13x to $1.6million.
  • Twopolice departments serving mid-sized U.S. cities added Premium to supporttheir digital forensic labs and began deploying Pathfinder to acceleratetheir investigations and Guardian to securely share digital evidenceamong examiners, investigators and prosecutors. ARR for one of thesecustomers quadrupled to nearly $600,000 and ARR for the other customerincreased by over 10x to just under $300,000.
  • Aspecialist intelligence agency in Western Europe upgraded its digitalintelligence collection capabilities by expanding its use of Premium ESnationwide while also renewing the licenses for other Collect &Review offerings. As a result, this customer’s ARR increased by over 60%to $1.2 million.
• Launched Pathfinder X,an elevated suite of artificial intelligence (AI)-enabled investigativeanalytics for digital evidence that helps law enforcement agencies resolvecases faster and more efficiently. New Pathfinder X features include clouddeployment options on AWS and Azure virtual private cloud, a deploymentformat optimal for geographically dispersed teams and a new usermanagement system.
• Announced integration betweenCellebrite’s LegalView Physical Analyzer and Relativity’s RelativityOne,bringing more ease and speed to corporate investigations in the privatesector.
• Received Frost &Sullivan’s 2022 North American Customer Value Leadership Awardfor its digital intelligence solutions.

Supplemental financial information can be found on the Investor Relations section of our website at https://investors.cellebrite.com/financial-information/quarterly-results.

Financial Outlook

"Having largely completed our transition to subscription software, we are starting to see our subscription software and ARR growth rates converge, which is consistent with our prior expectations," said Dana Gerner, Chief Financial Officer of Cellebrite. "Looking ahead, we anticipate continued success in increasing wallet share from existing customers and further expanding our global customer base with new logo wins. Based on our results to date and the opportunities we see to drive top-line growth, in combination with our prudent spending plans, Cellebrite is well positioned to drive improved year-over-year profitability and strong free cash flow over the coming quarters. We reiterate our full-year 2023 guidance."

• Fullyear 2023 revenue is expected to be between $305 and $315 million,representing 13-16% year-over-year growth.
• December2023 ARR is expected to be between $300 and $310 million, representing21-25% year-over-year growth.
• Fullyear 2023 adjusted EBITDA is expected to be between $35.0 and $40.0million, representing 11-13% margin.

Conference Call Information

Cellebrite will host a live conference call and webcast later this morning to review the Company’s financial results for the first quarter of 2023 and discuss its full-year 2023 outlook. Pertinent details include:

In conjunction with the conference call and webcast, historical financial tables and supplemental data will be available on the quarterly results section of Company’s investor relations website at https://investors.cellebrite.com/financial-information/quarterly-results. A transcript of the call will be added to this page along with access to the replay of the call later in the day.

Non-GAAP Financial Information

This press release includes non-GAAP financial measures. Cellebrite believes that the use of non-GAAP net income, non-GAAP operating income and Adjusted EBITDA is helpful to investors. These measures, which the Company refers to as our non-GAAP financial measures, are not prepared in accordance with GAAP.

The Company believes that the non-GAAP financial measures provide a more meaningful comparison of its operational performance from period to period, and offer investors and management greater visibility to the underlying performance of its business. Mainly:

• Share-basedcompensation expenses utilize varying available valuation methodologies,subjective assumptions and a variety of equity instruments that can impacta company’s non-cash expenses;
• Acquiredintangible assets are valued at the time of acquisition and are amortizedover an estimated useful life after the acquisition, andacquisition-related expenses are unrelated to current operations andneither are comparable to the prior period nor predictive of futureresults;
• Tothe extent that the above adjustments have an effect on tax (income)expense, such an effect is excluded in the non-GAAP adjustment to netincome;
• Taxexpense, depreciation and amortization expense vary for many reasons thatare often unrelated to our underlying performance and makeperiod-to-period comparisons more challenging; and
• Financialinstruments are remeasured according to GAAP and vary for many reasonsthat are often unrelated to the Company’s current operations and affectfinancial income.

Each of our non-GAAP financial measures is an important tool for financial and operational decision making and for evaluating our own operating results over different periods of time. The non-GAAP financial measures do not represent our financial performance under U.S. GAAP and should not be considered as alternatives to operating income or net income or any other performance measures derived in accordance with GAAP. Non-GAAP measures should not be considered in isolated from, or as an alternative to, financial measures determined in accordance with GAAP. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, and exclude expenses that may have a material impact on our reported financial results. Further, share-based compensation expense has been, and will continue to be for the foreseeable future, significant recurring expenses in our business and an important part of the compensation provided to our employees. In addition, the amortization of intangible assets is expected recurring expense over the estimated useful life of the underlying intangible asset and acquisition-related expenses will be incurred to the extent acquisitions are made in the future. Furthermore, foreign exchange rates may fluctuate from one period to another, and the Company does not estimate movements in foreign currencies.

A reconciliation of each of these non-GAAP financial measures to their most comparable GAAP measure is set forth in a table included at the end of this press release, which is also available on our website at https://investors.cellebrite.com.

In regard to forward-looking non-GAAP guidance, we are not able to reconcile the forward-looking Adjusted EBITDA measure to the closest corresponding GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items including, but not limited to, fair value movements, share-based payments for future awards, tax expense, depreciation and amortization expense, and certain financing and tax items.

Key Performance Indicators

This press release also includes key performance indicators, including annual recurring revenue and dollar-based retention rate.

Annual recurring revenue ("ARR") is defined as the annualized value of active term-based subscription license contracts and maintenance contracts related to perpetual licenses in effect at the end of that period. Subscription license contracts and maintenance contracts for perpetual licenses are annualized by multiplying the revenue of the last month of the period by 12. The annualized value of contracts is a legal and contractual determination made by assessing the contractual terms with our customers. The annualized value of maintenance contracts is not determined by reference to historical revenue, deferred revenue or any other GAAP financial measure over any period. ARR is not a forecast of future revenues, which can be impacted by contract start and end dates and renewal rates.

Dollar-based net retention rate ("NRR") is calculated by dividing customer recurring revenue by base revenue. We define base revenue as recurring revenue we recognized from all customers with a valid license at the last quarter of the previous year period, during the four quarters ended one year prior to the date of measurement. We define our customer revenue as the recurring revenue we recognized during the four quarters ended on the date of measurement from the same customer base included in our measure of base revenue, including recurring revenue resulting from additional sales to those customers.

About Cellebrite

Cellebrite’s (NASDAQ: CLBT) mission is to enable its customers to protect and save lives, accelerate justice, and preserve privacy in communities around the world. We are a global leader in Digital Intelligence solutions for the public and private sectors, empowering organizations in mastering the complexities of legally sanctioned digital investigations by streamlining intelligence processes. Trusted by thousands of leading agencies and companies worldwide, Cellebrite’s Digital Intelligence platform and solutions transform how customers collect, review, analyze and manage data in legally sanctioned investigations. To learn more, visit us at www.cellebrite.com and https://investors.cellebrite.com.

Note: References to our website and the websites of third parties mentioned in this press release are inactive textual references only, and information contained therein or connected thereto is not incorporated into this press release.

Contacts:

Investor Relations
Andrew Kramer
Vice President, Investor Relations
[email protected]
+1 973.206.7760

Media
Victor Cooper
Sr. Director of Corporate Communications + Content Operations
[email protected]
+1 404.804.5910

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