סלברייט מודיעה על תוצאות הרבעון הרביעי של 2022

סלברייט מודיעה על תוצאות הרבעון הרביעי של 2022

 

Cellebrite (נאסד"ק: CLBT), מובילה עולמית בפתרונות בינה דיגיטלית ("DI") למגזר הציבורי והפרטי, הודיעה היום על התוצאות הכספיות לשלושת ו-12 החודשים שהסתיימו ב-31 בדצמבר 2022.

Cellebrite Announces Fourth Quarter 2022 Results

ARR of $249 million, up 33% year-over-year

Fourth-quarter revenue of $74.0 million, Increase 9% year-over-year

Fourth-quarter adjusted EBITDA of $16.1 million, 21.8% adjusted EBITDA margin

PETAH TIKVA and TYSONS CORNER, Va., Feb. 15, 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 and twelve months ending December 31, 2022.

“We ended 2022 with solid quarterly results fueled by our industry-leading technology in a healthy Digital Intelligence market. Our market leadership remains strong as a result of the tangible progress and investments we have made in innovating across our platforms and executing on our go-to-market strategy,” said Yossi Carmil, Cellebrite’s CEO. “As data volumes are surging, data complexity is increasing and scrutiny around ethics and accountability are mounting, we are committed to helping customers modernize their investigations by digitizing the evidence workflows end-to-end. We enter 2023 well positioned to accelerate our revenue growth rate and drive improved profitability as we continue to capitalize on the strong demand we see for our offerings.”

Fourth Quarter Financial Highlights

Full Year Financial Highlights

Fourth Quarter and Recent Digital Intelligence Highlights

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

“With a strong 33% annual growth in ARR during 2022 and 84% of our fourth-quarter 2022 revenue coming from subscription software licenses, Cellebrite has largely completed a successful, multi-year transition to subscription software,” said Dana Gerner, Chief Financial Officer of Cellebrite. “Looking ahead, we are well positioned to increase our revenue growth rate and sustain solid ARR momentum in 2023 as we continue expanding wallet share with existing customers, complemented by winning new logos. We anticipate that the combination of our top-line growth and prudent investment in our operations will enable us to drive improvement in our profitability during 2023, and keep us on track to reach our original long-term EBITDA margin target of 20% or greater.”

Conference Call Information
Today, February 15, 2023, at 8:30 a.m. ET, Cellebrite will host a conference call and webcast to discuss the Company‘s financial results for the fourth quarter 2022. The call details are below:

Telephone participants are advised to register in advance at:
https://register.vevent.com/register/BIa98ecd8f02c04567a1515497e1f850c8.

Upon registration, participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique registrant ID.

The live conference call will be webcast in listen-only mode at: https://edge.media-server.com/mmc/p/6j7zngzy.

The webcast will remain available after the call at: https://investors.cellebrite.com/events-presentations

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 offers investors and management greater visibility to the underlying performance of its business. Mainly:

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.

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. Term-based 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.

Caution Regarding Forward Looking Statements

This document includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “will,” “appear,” “approximate,” “foresee,” “might,” “possible,” “potential,” “believe,” “could,” “predict,” “should,” “could,” “continue,” “expect,” “estimate,” “may,” “plan,” “outlook,” “future” and “project” and other similar expressions that predict, project or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include estimated financial information. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects, and other aspects of Cellebrite’s business are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. These factors include, but are not limited to: Cellebrite’s ability to keep pace with technological advances and evolving industry standards; Cellebrite’s material dependence on the acceptance of its solutions by law enforcement and government agencies; real or perceived errors, failures, defects or bugs in Cellebrite’s DI solutions; Cellebrite’s failure to maintain the productivity of sales and marketing personnel, including relating to hiring, integrating and retaining personnel; uncertainties regarding the impact of macroeconomic and/or global conditions, including COVID-19 and military actions involving Russia and Ukraine; intense competition in all of Cellebrite’s markets; the inadvertent or deliberate misuse of Cellebrite’s solutions; political and reputational factors related to Cellebrite’s business or operations; risks relating to estimates of market opportunity and forecasts of market growth; Cellebrite’s ability to properly manage its growth; risks associated with Cellebrite’s credit facilities and liquidity; Cellebrite’s reliance on third-party suppliers for certain components, products, or services; challenges associated with large transactions and long sales cycle; risks that Cellebrite’s customers may fail to honor contractual or payment obligations; risks associated with a significant amount of Cellebrite’s business coming from government customers around the world; risks related to Cellebrite’s intellectual property; security vulnerabilities or defects, including cyber-attacks, information technology system breaches, failures or disruptions; the mishandling or perceived mishandling of sensitive or confidential information; the complex and changing regulatory environments relating to Cellebrite’s operations and solutions; the regulatory constraints to which we are subject; risks associated with different corporate governance requirements applicable to Israeli companies and risks associated with being a foreign private issuer and an emerging growth company; market volatility in the price of Cellebrite’s shares; changing tax laws and regulations; risks associated with joint, ventures, partnerships and strategic initiatives; risks associated with Cellebrite’s significant international operations; risks associated with Cellebrite’s failure to comply with anti-corruption, trade compliance, anti-money-laundering and economic sanctions laws and regulations; risks relating to the adequacy of Cellebrite’s existing systems, processes, policies, procedures, internal controls and personnel for Cellebrite’s current and future operations and reporting needs; and other factors, risks and uncertainties set forth in the section titled “Risk Factors” in Cellebrite’s annual report on Form 20-F filed with the SEC on March 29, 2022,as amended on April 14, 2022 and in other documents filed by Cellebrite with the U.S. Securities and Exchange Commission (“SEC”), which are available free of charge at www.sec.gov. You are cautioned not to place undue reliance upon any forward looking statements, which speak only as of the date made, in this communication or elsewhere. Cellebrite undertakes no obligation to update its forward looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

Contacts:

Investors
Investor Relations
investors@cellebrite.com

Media
Victor Cooper
Public Relations and Corporate Communications Director
+1 404 804 5910
Victor.cooper@cellebrite.com

 

Cellebrite DI Ltd.
Fourth Quarter 2022 Results Summary
(U.S Dollars in thousands)

 

For the three months ended

 

For the Year ended

 

December 31,

 

December 31,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

Revenue

74,018

 

 

67,908

 

 

270,651

 

 

246,246

 

Gross profit

61,887

 

 

55,572

 

 

219,905

 

 

203,689

 

Gross margin

83.6

%

 

81.8

%

 

81.3

%

 

82.7

%

Operating income

9,674

 

 

4,306

 

 

1,044

 

 

13,822

 

Operating margin

13.1

%

 

6.3

%

 

0.4

%

 

5.6

%

Cash flow from operating activities

35,743

 

 

29,792

 

 

20,577

 

 

36,052

 

 

 

 

 

 

 

 

 

Non-GAAP Financial Data:

 

 

 

 

 

 

 

Operating income

14,428

 

 

7,751

 

 

19,538

 

 

42,869

 

Operating margin

19.5

%

 

11.4

%

 

7.2

%

 

17.4

%

Adjusted EBITDA

16,114

 

 

8,874

 

 

25,906

 

 

47,905

 

Adjusted EBITDA margin

21.8

%

 

13.1

%

 

9.6

%

 

19.5

%

 


Cellebrite DI Ltd.
Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands)

 

 

December 31,

 

December 31,

 

 

 

2022

 

 

 

2021

 

 

 

 

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

87,645

 

 

$

145,973

 

Short-term deposits

 

 

51,335

 

 

 

35,592

 

Marketable securities

 

 

44,643

 

 

 

 

Trade receivables (net of allowance for doubtful accounts of $1,904 and $1,040 as of December 31, 2022 and 2021, respectively)

 

 

78,761

 

 

 

67,505

 

Prepaid expenses and other current assets

 

 

17,085

 

 

 

12,818

 

Contract acquisition costs

 

 

6,286

 

 

 

4,813

 

Inventories

 

 

10,176

 

 

 

6,511

 

Total current assets

 

 

295,931

 

 

 

273,212

 

 

 

 

 

 

Non-current assets

 

 

 

 

Other non-current assets

 

 

1,731

 

 

 

1,958

 

Marketable securities

 

 

22,125

 

 

 

 

Deferred tax assets, net

 

 

12,511

 

 

 

9,800

 

Property and equipment, net

 

 

17,259

 

 

 

16,756

 

Intangible assets, net

 

 

11,254

 

 

 

11,228

 

Goodwill

 

 

26,829

 

 

 

26,829

 

Operating lease right-of-use assets, net

 

 

15,653

 

 

 

 

Total non-current assets

 

 

107,362

 

 

 

66,571

 

 

 

 

 

 

Total assets

 

$

403,293

 

 

$

339,783

 

 

 

 

 

 

Liabilities and shareholders’ equity (deficiency)

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

Trade payables

 

$

4,612

 

 

$

9,546

 

Other accounts payable and accrued expenses

 

 

45,453

 

 

 

54,044

 

Deferred revenues

 

 

152,709

 

 

 

122,983

 

Operating lease liabilities

 

 

5,003

 

 

 

 

Total current liabilities

 

 

207,777

 

 

 

186,573

 

 

 

 

 

 

Long-term liabilities

 

 

 

 

Other long term liabilities

&n