In a release issued under the same headline on Wednesday, November
6th by Cellebrite (NASDAQ: CLBT), please note that the dial-in
number was corrected. The corrected release follows:
Cellebrite (NASDAQ: CLBT), a global leader in
premier Digital Investigative solutions for the public and private
sectors, today announced financial results for the three and nine
months ending September 30, 2024.
Yossi Carmil, Cellebrite’s CEO, stated, “We
delivered a strong third-quarter performance that exceeded our
expectations thanks to increasing traction with our AI-driven
Case-to-Closure platform, the impact of our ongoing investment in
market-leading innovation and solid execution on all fronts. We
produced notable ARR growth, surpassed $100 million in quarterly
revenue for the first time in company history and generated
outstanding profitability. Our customers are increasingly
recognizing the value of how Cellebrite’s powerful end-to-end
solutions can enable them to efficiently and effectively address
major pain points in the digital investigative lifecycle. Against
the backdrop of a healthy market, we anticipate a positive fourth
quarter finish to our year and have updated our full-year outlook
accordingly.”
Third-Quarter 2024
Financial Highlights
- Revenue of $106.9 million, up 27% year-over-year
- Subscription revenue was $93.4 million, up 27%
year-over-year
- Annual Recurring Revenue (ARR) of $370.8 million, up 26%
year-over-year
- Recurring revenue dollar-based net retention rate of 124%
- GAAP gross profit and gross margin of $91.4 million and 85.5%,
respectively; Non-GAAP gross profit and gross profit margin of
$92.0 million and 86.1%, respectively
- GAAP net loss of $207.1 million; Non-GAAP net income of $31.8
million
- GAAP diluted loss per share of $(0.99); Non-GAAP diluted EPS of
$0.14
- Adjusted EBITDA and Adjusted EBITDA margin of $31.3 million and
29.3%, respectively
Third-Quarter 2024 and Recent Business
& Operational Highlights
Innovation
- On September
15, 2024, Cellebrite announced Pathfinder in the Cloud with Amazon
Web Services (AWS), allowing customers to access Cellebrite’s
industry-leading investigative analytics solution, Pathfinder,
through the secure Amazon Virtual Private Cloud (VPC). Pathfinder
in the Cloud with AWS, part of Cellebrite’s Case-to-Closure (C2C)
platform, helps agencies of all sizes eliminate both the need to
purchase and maintain physical servers as well as the common
reliance on dedicated server rooms and sensitive compartmented
information facility (SCIF) secure rooms. With this update,
customers can now quickly scale storage and resources based on
demand, while preserving resources as they only pay for what is
needed.
- On September
24, 2024, Cellebrite announced that it received a patent for Remote
Mobile Collection, which equips corporate investigators with
immediate, targeted remote data collection – saving them time and
money. In today’s hybrid work environment, Cellebrite’s SaaS
platforms Endpoint Mobile Now and Endpoint Inspector leverage this
newly patented technology to deliver high value, supporting rapid
data collection and offer greater convenience to the device’s
consenting owner, who can keep their devices during collection
rather than returning them to a corporate office.
Go to Market
- On October 29,
2024, Cellebrite announced that its inaugural Case-to-Closure (C2C)
User Summit, the premier event for digital investigations being
held from March 31 to April 3, 2025, in Washington, D.C., will
feature Tim Tebow as the keynote speaker. Tim Tebow is a two-time
national football champion, Heisman Trophy winner, first-round NFL
draft pick and a former professional baseball player who is also
known for his extensive advocacy work to protect children through
his namesake foundation. At the C2C User Summit, Tim Tebow will
address his foundation’s global fight against human trafficking,
complementing Cellebrite’s Operation Find Them All (OFTA)
initiative, a landmark commitment to accelerating investigations of
online crimes against children.
Capital Markets
- Cellebrite’s
efforts to drive value creation for shareholders underpinned three
major milestones:
- On September
16, 2024, Cellebrite disclosed that 5.0 million Price Adjustment
Shares will be issued and 3.0 million Restricted Sponsored Shares
vested after the dollar volume-weighted average price of the
Company’s ordinary shares was greater than or equal to $15.00 per
share for the 20th trading day within a 30 trading-day period. This
is the second triggering event to occur, following the one that was
announced by the Company on August 15, 2024.
- On September
18, 2024, Cellebrite announced the results of the completed
redemption of all of its outstanding Public and Private Warrants.
Nearly all of the 20.0 million Public Warrants and 100% of the 9.7
million Private Warrants outstanding of August 15, 2024 were
exercised on a cashless basis in exchange for an aggregate of
approximately 10.1 million Ordinary Shares.
- On November 4,
2024, Cellebrite disclosed that 5.0 million Price Adjustment Shares
will be issued after the dollar volume-weighted average price of
the Company’s ordinary shares was greater than or equal to $17.50
per share for the 20th trading day within a 30 trading-day period.
This is the third triggering event to occur, leaving 1.5 million
Restricted Stock Shares that will vest when the dollar
volume-weighted average price of the Company’s ordinary shares is
greater than or equal to $30.00 per share for 20 trading days
within a 30 trading-day period.
Annual General Meeting
- On September
17, 2024, Cellebrite held its 2024 Annual General Meeting of
Shareholders (the “Meeting”). As subsequently disclosed,
shareholders approved all of the proposals brought forth during the
Meeting by the respective requisite majority in accordance with the
Israeli Companies Law, 5759-1999, and the Company’s articles of
association, as described in the Proxy Statement which was
furnished to the Securities and Exchange Commission on August 13,
2024, and sent to shareholders in connection with the Meeting.
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“We delivered
a very strong third-quarter performance, highlighted by strong
top-line execution, prudent spending and outstanding cash
generation,” stated Dana Gerner, Cellebrite’s CFO. “The
completion of our broad warrant redemption program, combined with
our strong stock price performance over the past several months
that resulted in multiple triggering events, enable us to move
forward with a more optimized capital structure, an increased stock
float and simplified financial reporting. As we look ahead, based
on our results for the first three quarters of the year and our
assessment of the near-term opportunities, we have raised our 2024
revenue and adjusted EBITDA ranges and increased the low end of our
full-year ARR range.”
The Company’s updated 2024 expectations are as follows:
|
|
Fourth-Quarter 2024 Expectations(as of
11/06/24) |
|
Full-Year 2024
Expectations(as of 11/06/24) |
| ARR |
-- |
|
$390 million – $400 million |
| Annual Growth |
-- |
|
23% – 27% |
| Revenue |
$105 million – $109 million |
|
$397 million – $401 million |
| Annual Growth |
13% – 17% |
|
22% – 23% |
| Adjusted EBITDA |
$25 million – $29 million |
|
$94 million – $100 million |
| Adjusted EBITDA margin |
24% – 27% |
|
24% – 25% |
Conference Call
InformationCellebrite will host a live conference call and
webcast later this morning to review the Company’s financial
third-quarter 2024 results and discuss its full-year 2024 outlook.
Pertinent details include:
| Date: |
|
Tuesday, November 6, 2024 |
| Time: |
|
8:30 a.m. ET |
| Call-In Number: |
|
203-518-9783 / 800-267-6316 |
| Conference ID: |
|
CLBTQ324 |
| Event URL: |
|
https://investors.cellebrite.com/events/event-details/cellebrite-q3-2024-financial-results-investor-call-webcast |
| Webcast URL: |
|
https://edge.media-server.com/mmc/p/skb7gjeh |
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.
Non-GAAP Financial Information and Key
Performance IndicatorsThis press release includes non-GAAP
financial measures. Cellebrite believes that the use of non-GAAP
cost of revenue, non-GAAP gross profit, non-GAAP operating
expenses, non-GAAP operating income, non-GAAP net income, non-GAAP
EPS 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-based compensation expenses
utilize varying available valuation methodologies, subjective
assumptions and a variety of equity instruments that can impact a
company's non-cash expenses;
- Acquired intangible assets are
valued at the time of acquisition and are amortized over an
estimated useful life after the acquisition, and
acquisition-related expenses are unrelated to current operations
and neither are comparable to the prior period nor predictive of
future results;
- To the extent that the above
adjustments have an effect on tax (income) expense, such an effect
is excluded in the non-GAAP adjustment to net income;
- Tax expense, depreciation and
amortization expense vary for many reasons that are often unrelated
to our underlying performance and make period-to-period comparisons
more challenging; and
- Financial instruments are
remeasured according to GAAP and vary for many reasons that are
often unrelated to the Company’s current operations and affect
financial 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 IndicatorsThis 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 Investigative
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 Investigation 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, https://investors.cellebrite.com, or follow us
on Twitter at @Cellebrite.
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.
References to Websites and Social Media
PlatformsReferences to information included on, or
accessible through, websites and social media platforms do not
constitute incorporation by reference of the information contained
at or available through such websites or social media platforms,
and you should not consider such information to be part of this
press release.
Caution Regarding Forward Looking
StatementsThis 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 for the fourth quarter of
2024 and full-year 2024, and certain statements such as our
customers are increasingly recognizing the value of how
Cellebrite’s powerful end-to-end solutions can enable them to
efficiently and effectively address major pain points in the
digital investigative lifecycle; we anticipate a positive fourth
quarter finish to our year and have updated our full-year outlook
accordingly; the completion of our broad warrant redemption
program, combined with our strong stock price performance over the
past several months that resulted in multiple triggering events,
enable us to move forward with a more optimized capital structure,
an increased stock float and simplified financial reporting; and we
have raised our 2024 revenue and adjusted EBITDA ranges and
increased the mid-point of our ARR range. Such forward-looking
statements including those with respect to fourth-quarter and
full-year 2024 revenue and annual recurring revenue, profitability
and earnings as well as commentary associated with future
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 purchase, acceptance and
use 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; intense competition in all of
Cellebrite’s markets; the inadvertent or deliberate misuse of
Cellebrite’s solutions; failure to manage its growth effectively;
Cellebrite’s ability to introduce new solutions and add-ons; its
dependency on its customers renewing their subscriptions; the low
volume of business Cellebrite conducts via e-commerce; risks
associated with the use of artificial intelligence; the risk of
requiring additional capital to support the growth of its business;
risks associated with higher costs or unavailability of materials
used to create its hardware product components; fluctuations in
foreign currency exchange rates; lengthy sales cycle for some of
Cellebrite’s solutions; near term declines in new or renewed
agreements; risks associated with inability to retain qualified
personnel and senior management; the security of Cellebrite’s
operations and the integrity of its software solutions; risks
associated with the negative publicity related to Cellebrite’s
business and use of its products; risks related to Cellebrite’s
intellectual property; the regulatory constraints to which
Cellebrite is subject; risks associated with Cellebrite’s
operations in Israel, including the ongoing Israel-Hamas war, the
increased tension between Israel and Iran and its proxies, in
particular the ongoing hostilities between Israel and
Hezbollah, and the risk of a greater regional conflict; 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
21, 2024 and as amended on April 12, 2024, 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 RelationsAndrew KramerVice President,
Investor Relationsinvestors@cellebrite.com +1 973.206.7760
Media Victor CooperSr. Director of Corporate
Communications + Content
OperationsVictor.cooper@cellebrite.com +1 404.804.5910
|
Cellebrite DI Ltd. |
|
Third-Quarter 2024 Results Summary |
|
(U.S Dollars in thousands) |
| |
| |
For the three months ended |
|
For the nine months ended |
| |
September 30, |
|
September 30, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
Revenue |
106,858 |
|
|
84,179 |
|
|
292,154 |
|
|
232,097 |
|
| Gross profit |
91,414 |
|
|
71,301 |
|
|
247,185 |
|
|
193,782 |
|
| Gross margin |
85.5 |
% |
|
84.7 |
% |
|
84.6 |
% |
|
83.5 |
% |
| Operating income |
19,445 |
|
|
13,479 |
|
|
41,179 |
|
|
18,238 |
|
| Operating margin |
18.2 |
% |
|
16.0 |
% |
|
14.1 |
% |
|
7.9 |
% |
| Net (loss) income |
(207,093 |
) |
|
6,500 |
|
|
(302,276 |
) |
|
(66,453 |
) |
| Cash flow from operating
activities |
41,650 |
|
|
29,178 |
|
|
66,204 |
|
|
58,230 |
|
| |
|
|
|
|
|
|
|
| Non-GAAP Financial
Data: |
|
|
|
|
|
|
|
| Operating income |
29,506 |
|
|
19,252 |
|
|
65,191 |
|
|
34,300 |
|
| Operating margin |
27.6 |
% |
|
22.9 |
% |
|
22.3 |
% |
|
14.8 |
% |
| Net income |
31,847 |
|
|
21,313 |
|
|
71,638 |
|
|
38,927 |
|
| Adjusted EBITDA |
31,334 |
|
|
20,792 |
|
|
70,584 |
|
|
39,220 |
|
| Adjusted EBITDA margin |
29.3 |
% |
|
24.7 |
% |
|
24.2 |
% |
|
16.9 |
% |
|
Cellebrite DI Ltd. |
|
Condensed Consolidated Balance Sheets |
|
(U.S Dollars in thousands) |
| |
| |
|
September 30, |
|
December 31, |
| |
|
2024 |
|
2023 |
| |
|
(Unaudited) |
|
|
| Assets |
|
|
|
|
| Current
assets |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
136,349 |
|
|
$ |
189,517 |
|
| Short-term deposits |
|
|
143,372 |
|
|
|
74,713 |
|
| Marketable securities |
|
|
91,042 |
|
|
|
38,693 |
|
| Trade receivables (net of
allowance for credit losses of $2,095 and $1,583 as of September
30, 2024 and December 31, 2023, respectively) |
|
|
93,728 |
|
|
|
77,269 |
|
| Prepaid expenses and other
current assets |
|
|
20,668 |
|
|
|
26,400 |
|
| Contract acquisition
costs |
|
|
6,570 |
|
|
|
5,550 |
|
| Inventories |
|
|
9,725 |
|
|
|
9,940 |
|
| Total current
assets |
|
|
501,454 |
|
|
|
422,082 |
|
| |
|
|
|
|
| Non-current
assets |
|
|
|
|
| Other non-current assets |
|
|
7,635 |
|
|
|
7,341 |
|
| Marketable securities |
|
|
42,834 |
|
|
|
28,859 |
|
| Deferred tax assets, net |
|
|
9,292 |
|
|
|
7,024 |
|
| Property and equipment,
net |
|
|
15,918 |
|
|
|
15,896 |
|
| Intangible assets, net |
|
|
11,319 |
|
|
|
10,594 |
|
| Operating lease right-of-use
assets, net |
|
|
12,080 |
|
|
|
14,260 |
|
| Goodwill |
|
|
28,714 |
|
|
|
26,829 |
|
| Total non-current
assets |
|
|
127,792 |
|
|
|
110,803 |
|
| Total
assets |
|
$ |
629,246 |
|
|
$ |
532,885 |
|
| |
|
|
|
|
| Liabilities and
shareholders’ equity |
|
|
|
|
| |
|
|
|
|
| Current
Liabilities |
|
|
|
|
| Trade payables |
|
$ |
7,276 |
|
|
$ |
8,282 |
|
| Other accounts payable and
accrued expenses |
|
|
54,484 |
|
|
|
44,845 |
|
| Deferred revenues |
|
|
206,682 |
|
|
|
195,725 |
|
| Operating lease
liabilities |
|
|
4,478 |
|
|
|
4,972 |
|
| Total current
liabilities |
|
|
272,920 |
|
|
|
253,824 |
|
| |
|
|
|
|
| Long-term
liabilities |
|
|
|
|
| Other long-term
liabilities |
|
|
7,882 |
|
|
|
5,515 |
|
| Deferred revenues |
|
|
42,333 |
|
|
|
47,098 |
|
| Restricted Sponsor Shares
liability |
|
|
— |
|
|
|
47,247 |
|
| Price Adjustment Shares
liability |
|
|
— |
|
|
|
81,715 |
|
| Derivative warrant
liabilities |
|
|
— |
|
|
|
54,117 |
|
| Operating lease
liabilities |
|
|
7,795 |
|
|
|
9,157 |
|
| Total long-term
liabilities |
|
|
58,010 |
|
|
|
244,849 |
|
| Total
liabilities |
|
|
330,930 |
|
|
|
498,673 |
|
| |
|
|
|
|
| Shareholders’
equity |
|
|
|
|
| Share capital |
|
*) |
|
*) |
| Additional paid-in
capital |
|
|
482,118 |
|
|
|
(84,896 |
) |
| Treasury share, NIS 0.00001
par value; 41,776 ordinary shares |
|
|
(85 |
) |
|
|
(85 |
) |
| Accumulated other
comprehensive income |
|
|
416 |
|
|
|
1,050 |
|
| (Accumulated deficit) Retained
earnings |
|
|
(184,133 |
) |
|
|
118,143 |
|
| Total shareholders’
equity |
|
|
298,316 |
|
|
|
34,212 |
|
| Total liabilities and
shareholders’ equity |
|
$ |
629,246 |
|
|
$ |
532,885 |
|
*) Less than 1 USD
|
Cellebrite DI Ltd. |
|
Condensed Consolidated Statements of Income |
|
(U.S Dollars in thousands, except share and per share
data) |
| |
| |
|
For the three months ended |
|
For the nine months ended |
| |
|
September 30, |
|
September 30, |
| |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
| Revenue: |
|
|
|
|
|
|
|
|
|
Subscription services |
|
$ |
69,339 |
|
|
$ |
54,150 |
|
|
$ |
197,180 |
|
|
$ |
152,029 |
|
| Term-license |
|
|
24,038 |
|
|
|
19,130 |
|
|
|
60,787 |
|
|
|
49,739 |
|
| Total subscription |
|
|
93,377 |
|
|
|
73,280 |
|
|
|
257,967 |
|
|
|
201,768 |
|
| Other non-recurring |
|
|
3,938 |
|
|
|
4,185 |
|
|
|
10,992 |
|
|
|
9,075 |
|
| Professional services
|
|
|
9,543 |
|
|
|
6,714 |
|
|
|
23,195 |
|
|
|
21,254 |
|
| Total
revenue |
|
|
106,858 |
|
|
|
84,179 |
|
|
|
292,154 |
|
|
|
232,097 |
|
| |
|
|
|
|
|
|
|
|
| Cost of
revenue: |
|
|
|
|
|
|
|
|
| Subscription services |
|
|
6,651 |
|
|
|
4,602 |
|
|
|
18,848 |
|
|
|
14,040 |
|
| Term-license |
|
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
6 |
|
| Total subscription |
|
|
6,651 |
|
|
|
4,606 |
|
|
|
18,848 |
|
|
|
14,046 |
|
| Other non-recurring |
|
|
3,415 |
|
|
|
3,515 |
|
|
|
11,335 |
|
|
|
9,422 |
|
| Professional services |
|
|
5,378 |
|
|
|
4,757 |
|
|
|
14,786 |
|
|
|
14,847 |
|
| Total cost of
revenue |
|
|
15,444 |
|
|
|
12,878 |
|
|
|
44,969 |
|
|
|
38,315 |
|
| |
|
|
|
|
|
|
|
|
| Gross
profit |
|
$ |
91,414 |
|
|
$ |
71,301 |
|
|
$ |
247,185 |
|
|
$ |
193,782 |
|
| |
|
|
|
|
|
|
|
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
| Research and development |
|
|
25,926 |
|
|
|
20,451 |
|
|
|
72,816 |
|
|
|
62,635 |
|
| Sales and marketing |
|
|
32,486 |
|
|
|
26,873 |
|
|
|
96,865 |
|
|
|
81,219 |
|
| General and
administrative |
|
|
13,557 |
|
|
|
10,498 |
|
|
|
36,325 |
|
|
|
31,690 |
|
| Total operating
expenses |
|
$ |
71,969 |
|
|
$ |
57,822 |
|
|
$ |
206,006 |
|
|
$ |
175,544 |
|
| |
|
|
|
|
|
|
|
|
| Operating
income |
|
$ |
19,445 |
|
|
$ |
13,479 |
|
|
$ |
41,179 |
|
|
$ |
18,238 |
|
| Financial expense, net |
|
|
(223,982 |
) |
|
|
(6,630 |
) |
|
|
(337,060 |
) |
|
|
(81,456 |
) |
| (Loss) income before tax |
|
|
(204,537 |
) |
|
|
6,849 |
|
|
|
(295,881 |
) |
|
|
(63,218 |
) |
| Tax expense |
|
|
2,556 |
|
|
|
349 |
|
|
|
6,395 |
|
|
|
3,235 |
|
| Net (loss)
income |
|
$ |
(207,093 |
) |
|
$ |
6,500 |
|
|
$ |
(302,276 |
) |
|
$ |
(66,453 |
) |
| |
|
|
|
|
|
|
|
|
| (Losses) earnings per
share |
|
|
|
|
|
|
|
|
| Basic |
|
$ |
(0.99 |
) |
|
$ |
0.03 |
|
|
$ |
(1.50 |
) |
|
$ |
(0.35 |
) |
| Diluted |
|
$ |
(0.99 |
) |
|
$ |
0.03 |
|
|
$ |
(1.50 |
) |
|
$ |
(0.35 |
) |
| |
|
|
|
|
|
|
|
|
| Weighted average
shares outstanding |
|
|
|
|
|
|
|
|
| Basic |
|
|
208,705,089 |
|
|
|
191,567,601 |
|
|
|
201,488,572 |
|
|
|
188,697,934 |
|
| Diluted |
|
|
208,705,089 |
|
|
|
204,394,330 |
|
|
|
201,488,572 |
|
|
|
188,697,934 |
|
| |
|
|
|
|
|
|
|
|
| Other comprehensive
(loss) income: |
|
|
|
|
|
|
|
|
| Unrealized income (loss) on
hedging transactions |
|
|
102 |
|
|
|
(85 |
) |
|
|
(748 |
) |
|
|
(59 |
) |
| Unrealized income on
marketable securities |
|
|
844 |
|
|
|
87 |
|
|
|
524 |
|
|
|
213 |
|
| Currency translation
adjustments |
|
|
(1,780 |
) |
|
|
873 |
|
|
|
(410 |
) |
|
|
(93 |
) |
| Total other comprehensive
(loss) income, net of tax |
|
|
(834 |
) |
|
|
875 |
|
|
|
(634 |
) |
|
|
61 |
|
| Total other
comprehensive (loss) income |
|
$ |
(207,927 |
) |
|
$ |
7,375 |
|
|
$ |
(302,910 |
) |
|
$ |
(66,392 |
) |
| |
|
|
|
|
|
|
|
|
|
Cellebrite DI Ltd. |
|
Condensed Consolidated Statements of Cash
Flow |
|
(U.S Dollars in thousands, except share and per share
data) |
| |
| |
|
For the three months ended |
|
For the nine months ended |
| |
|
September 30, |
|
September 30, |
| |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
| Cash flow from
operating activities: |
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(207,093 |
) |
|
$ |
6,500 |
|
|
$ |
(302,276 |
) |
|
$ |
(66,453 |
) |
| Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
| Share-based compensation and
RSU's |
|
|
9,055 |
|
|
|
4,881 |
|
|
|
21,306 |
|
|
|
13,938 |
|
| Amortization of premium,
discount and accrued interest on marketable securities |
|
|
(736 |
) |
|
|
(337 |
) |
|
|
(2,038 |
) |
|
|
(798 |
) |
| Depreciation and
amortization |
|
|
2,622 |
|
|
|
2,380 |
|
|
|
7,878 |
|
|
|
7,396 |
|
| Interest income from
short-term deposits |
|
|
(2,430 |
) |
|
|
(1,845 |
) |
|
|
(7,900 |
) |
|
|
(4,242 |
) |
| Deferred tax assets, net |
|
|
(634 |
) |
|
|
2,373 |
|
|
|
(2,202 |
) |
|
|
2,835 |
|
| Remeasurement of warrant
liability |
|
|
71,271 |
|
|
|
2,054 |
|
|
|
110,664 |
|
|
|
24,317 |
|
| Remeasurement of Restricted
Sponsor Shares |
|
|
37,906 |
|
|
|
2,647 |
|
|
|
65,889 |
|
|
|
22,740 |
|
| Remeasurement of Price
Adjustment Shares liabilities |
|
|
120,008 |
|
|
|
4,779 |
|
|
|
173,051 |
|
|
|
41,376 |
|
| (Increase) decrease in trade
receivables |
|
|
(22,113 |
) |
|
|
(8,779 |
) |
|
|
(16,092 |
) |
|
|
9,338 |
|
| Increase in deferred
revenue |
|
|
20,117 |
|
|
|
13,312 |
|
|
|
5,062 |
|
|
|
23,867 |
|
| Decrease (increase) in other
non-current assets |
|
|
589 |
|
|
|
(4,779 |
) |
|
|
(294 |
) |
|
|
(5,841 |
) |
| Decrease (increase) in prepaid
expenses and other current assets |
|
|
3,334 |
|
|
|
(1,412 |
) |
|
|
6,086 |
|
|
|
(7,036 |
) |
| Changes in operating lease
assets |
|
|
1,244 |
|
|
|
1,438 |
|
|
|
3,885 |
|
|
|
4,138 |
|
| Changes in operating lease
liability |
|
|
(1,019 |
) |
|
|
(1,564 |
) |
|
|
(3,561 |
) |
|
|
(4,526 |
) |
| (Increase) decrease in
inventories |
|
|
(915 |
) |
|
|
(396 |
) |
|
|
236 |
|
|
|
(1,038 |
) |
| Increase (decrease) in trade
payables |
|
|
429 |
|
|
|
2,989 |
|
|
|
(1,162 |
) |
|
|
3,370 |
|
| Increase (decrease) in other
accounts payable and accrued expenses |
|
|
9,184 |
|
|
|
4,904 |
|
|
|
5,864 |
|
|
|
(4,837 |
) |
| Increase (decrease) in other
long-term liabilities |
|
|
831 |
|
|
|
33 |
|
|
|
1,808 |
|
|
|
(314 |
) |
| Net cash provided by operating
activities |
|
|
41,650 |
|
|
|
29,178 |
|
|
|
66,204 |
|
|
|
58,230 |
|
| |
|
|
|
|
|
|
|
|
| Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Purchases of property and
equipment |
|
|
(1,820 |
) |
|
|
(1,082 |
) |
|
|
(5,388 |
) |
|
|
(2,971 |
) |
|
Cash paid in conjunction with acquisitions, net of acquired
cash |
|
|
(2,748 |
) |
|
|
— |
|
|
|
(2,748 |
) |
|
|
— |
|
|
Purchase of intangible assets |
|
|
— |
|
|
|
— |
|
|
|
(904 |
) |
|
|
— |
|
|
Investment in marketable securities |
|
|
(13,428 |
) |
|
|
(15,000 |
) |
|
|
(112,710 |
) |
|
|
(42,005 |
) |
| Proceeds from maturity of
marketable securities |
|
|
13,550 |
|
|
|
14,550 |
|
|
|
48,986 |
|
|
|
44,057 |
|
| Investment in short-term
deposits |
|
|
(46,000 |
) |
|
|
(10,000 |
) |
|
|
(168,000 |
) |
|
|
(64,000 |
) |
| Redemption of short-term
deposits |
|
|
31,781 |
|
|
|
637 |
|
|
|
107,240 |
|
|
|
39,218 |
|
| Net cash used in investing
activities |
|
|
(18,665 |
) |
|
|
(10,895 |
) |
|
|
(133,524 |
) |
|
|
(25,701 |
) |
| |
|
|
|
|
|
|
|
|
| Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Exercise of options to
shares |
|
|
4,622 |
|
|
|
8,130 |
|
|
|
11,509 |
|
|
|
15,315 |
|
| Proceeds from Employee Share
Purchase Plan |
|
|
864 |
|
|
|
686 |
|
|
|
2,370 |
|
|
|
1,920 |
|
| Exercise of warrants |
|
|
53 |
|
|
|
— |
|
|
|
53 |
|
|
|
— |
|
| Redemption of warrants |
|
|
(11 |
) |
|
|
— |
|
|
|
(11 |
) |
|
|
— |
|
| Net cash provided by financing
activities |
|
|
5,528 |
|
|
|
8,816 |
|
|
|
13,921 |
|
|
|
17,235 |
|
| |
|
|
|
|
|
|
|
|
| Net increase
(decrease) in cash and cash equivalents |
|
|
28,513 |
|
|
|
27,099 |
|
|
|
(53,399 |
) |
|
|
49,764 |
|
| Net effect of Currency
Translation on cash and cash equivalents |
|
|
880 |
|
|
|
(535 |
) |
|
|
231 |
|
|
|
(343 |
) |
| Cash and cash equivalents at
beginning of period |
|
|
106,956 |
|
|
|
110,502 |
|
|
|
189,517 |
|
|
|
87,645 |
|
| Cash and cash
equivalents at end of period |
|
$ |
136,349 |
|
|
$ |
137,066 |
|
|
$ |
136,349 |
|
|
$ |
137,066 |
|
| |
|
|
|
|
|
|
|
|
| Supplemental cash flow
information: |
|
|
|
|
|
|
|
|
| Income taxes paid |
|
$ |
1,348 |
|
|
$ |
673 |
|
|
$ |
3,905 |
|
|
$ |
9,200 |
|
| Non-cash activities |
|
|
|
|
|
|
|
|
|
Operating lease liabilities arising from obtaining right of use assets |
|
$ |
1,616 |
|
|
$ |
— |
|
|
$ |
1,831 |
|
|
$ |
1,258 |
|
| Reclassification of derivative
warrants from liability to equity |
|
$ |
164,770 |
|
|
$ |
— |
|
|
$ |
164,770 |
|
|
$ |
— |
|
| Reclassification of Restricted
Sponsor Shares from liability to equity |
|
$ |
113,136 |
|
|
$ |
— |
|
|
$ |
113,136 |
|
|
$ |
— |
|
| Reclassification of Price
Adjustment Shares from liability to equity |
|
$ |
254,766 |
|
|
$ |
— |
|
|
$ |
254,766 |
|
|
$ |
— |
|
|
Cellebrite DI Ltd. |
|
Reconciliation of GAAP to Non-GAAP Financial
Information |
|
(U.S Dollars in thousands, except share and per share
data) |
| |
| |
For the three months ended |
|
For the nine months ended |
| |
September 30 |
|
September 30 |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
Cost of revenue |
$ |
15,444 |
|
|
$ |
12,878 |
|
|
$ |
44,969 |
|
|
$ |
38,315 |
|
| Less: |
|
|
|
|
|
|
|
| Share-based compensation |
|
559 |
|
|
|
435 |
|
|
|
1,652 |
|
|
|
1,235 |
|
| Acquisition-related costs |
|
— |
|
|
|
12 |
|
|
|
2 |
|
|
|
39 |
|
| Non-GAAP cost of revenue |
$ |
14,885 |
|
|
$ |
12,431 |
|
|
$ |
43,315 |
|
|
$ |
37,041 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
For the three months ended |
|
For the nine months ended |
| |
September 30 |
|
September 30 |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
| Gross profit |
$ |
91,414 |
|
|
$ |
71,301 |
|
|
$ |
247,185 |
|
|
$ |
193,782 |
|
| Share-based compensation |
|
559 |
|
|
|
435 |
|
|
|
1,652 |
|
|
|
1,235 |
|
| Acquisition-related costs |
|
— |
|
|
|
12 |
|
|
|
2 |
|
|
|
39 |
|
| Non-GAAP gross profit |
$ |
91,973 |
|
|
$ |
71,748 |
|
|
$ |
248,839 |
|
|
$ |
195,056 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
For the three months ended |
|
For the nine months ended |
| |
September 30 |
|
September 30 |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
| Operating expenses |
$ |
71,969 |
|
|
$ |
57,822 |
|
|
$ |
206,006 |
|
|
$ |
175,544 |
|
| Less: |
|
|
|
|
|
|
|
| Issuance expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(345 |
) |
| Share-based compensation |
|
8,496 |
|
|
|
4,446 |
|
|
|
19,654 |
|
|
|
12,703 |
|
| Amortization of intangible
assets |
|
794 |
|
|
|
840 |
|
|
|
2,485 |
|
|
|
2,476 |
|
| Acquisition-related costs |
|
212 |
|
|
|
40 |
|
|
|
219 |
|
|
|
(46 |
) |
| Non-GAAP operating
expenses |
$ |
62,467 |
|
|
$ |
52,496 |
|
|
$ |
183,648 |
|
|
$ |
160,756 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
For the three months ended |
|
For the nine months ended |
| |
September 30 |
|
September 30 |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
| Operating income |
$ |
19,445 |
|
|
$ |
13,479 |
|
|
$ |
41,179 |
|
|
$ |
18,238 |
|
| Issuance expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(345 |
) |
| Share-based compensation |
|
9,055 |
|
|
|
4,881 |
|
|
|
21,306 |
|
|
|
13,938 |
|
| Amortization of intangible
assets |
|
794 |
|
|
|
840 |
|
|
|
2,485 |
|
|
|
2,476 |
|
| Acquisition-related costs |
|
212 |
|
|
|
52 |
|
|
|
221 |
|
|
|
(7 |
) |
| Non-GAAP operating income |
$ |
29,506 |
|
|
$ |
19,252 |
|
|
$ |
65,191 |
|
|
$ |
34,300 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
For the three months ended |
|
For the nine months ended |
| |
September 30 |
|
September 30 |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
| Net (loss) income |
$ |
(207,093 |
) |
|
$ |
6,500 |
|
|
$ |
(302,276 |
) |
|
$ |
(66,453 |
) |
| Issuance expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(345 |
) |
| Share-based compensation |
|
9,055 |
|
|
|
4,881 |
|
|
|
21,306 |
|
|
|
13,938 |
|
| Amortization of intangible
assets |
|
794 |
|
|
|
840 |
|
|
|
2,485 |
|
|
|
2,476 |
|
| Acquisition-related costs |
|
212 |
|
|
|
52 |
|
|
|
221 |
|
|
|
(7 |
) |
| Tax (income) expense |
|
(306 |
) |
|
|
(440 |
) |
|
|
298 |
|
|
|
885 |
|
| Finance expense from financial
derivatives |
|
229,185 |
|
|
|
9,480 |
|
|
|
349,604 |
|
|
|
88,433 |
|
| Non-GAAP net income |
$ |
31,847 |
|
|
$ |
21,313 |
|
|
$ |
71,638 |
|
|
$ |
38,927 |
|
| |
|
|
|
|
|
|
|
| Non-GAAP Earnings per
share: |
|
|
|
|
|
|
|
| Basic |
$ |
0.15 |
|
|
$ |
0.10 |
|
|
$ |
0.34 |
|
|
$ |
0.19 |
|
| Diluted |
$ |
0.14 |
|
|
$ |
0.09 |
|
|
$ |
0.32 |
|
|
$ |
0.18 |
|
| |
|
|
|
|
|
|
|
| Weighted average shares
outstanding: |
|
|
|
|
|
|
|
| Basic |
|
208,705,089 |
|
|
|
191,567,601 |
|
|
|
201,488,572 |
|
|
|
188,697,934 |
|
| Diluted |
|
226,882,633 |
|
|
|
204,394,330 |
|
|
|
215,424,847 |
|
|
|
202,899,131 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
For the three months ended |
|
For the nine months ended |
| |
September 30 |
|
September 30 |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
| Net (loss) income |
$ |
(207,093 |
) |
|
$ |
6,500 |
|
|
$ |
(302,276 |
) |
|
$ |
(66,453 |
) |
| Financial expense, net |
|
223,982 |
|
|
|
6,630 |
|
|
|
337,060 |
|
|
|
81,456 |
|
| Tax expense |
|
2,556 |
|
|
|
349 |
|
|
|
6,395 |
|
|
|
3,235 |
|
| Issuance expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(345 |
) |
| Share-based compensation |
|
9,055 |
|
|
|
4,881 |
|
|
|
21,306 |
|
|
|
13,938 |
|
| Amortization of intangible
assets |
|
794 |
|
|
|
840 |
|
|
|
2,485 |
|
|
|
2,476 |
|
| Acquisition-related costs |
|
212 |
|
|
|
52 |
|
|
|
221 |
|
|
|
(7 |
) |
| Depreciation expenses |
|
1,828 |
|
|
|
1,540 |
|
|
|
5,393 |
|
|
|
4,920 |
|
| Adjusted EBITDA |
$ |
31,334 |
|
|
$ |
20,792 |
|
|
$ |
70,584 |
|
|
$ |
39,220 |
|
Cellebrite Digital Intel... (NASDAQ:CLBT)
Historical Stock Chart
From Oct 2024 to Nov 2024
Cellebrite Digital Intel... (NASDAQ:CLBT)
Historical Stock Chart
From Nov 2023 to Nov 2024
