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
- Revenue of $71.2 million, up 14% year-over-year
- Subscription revenue of $61.3 million, up 27%
year-over-year
- Annual Recurring Revenue (ARR) of $261.3 million, up 30%
year-over-year
- Recurring revenue dollar-based net retention rate (NRR) of
128%
- GAAP gross 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
- GAAP net loss of $40.6 million; Non-GAAP net income of $6.9
million
- GAAP diluted net loss per share of $(0.21); Non-GAAP diluted
EPS of $0.03
- Adjusted EBITDA and adjusted EBITDA margin of $7.3 million
and 10.3%, respectively
First-Quarter 2023 and Recent Digital Intelligence
Highlights
- Closed 21 large deals in the first quarter, each valued at
$500,000 or more. Notable deals included:
- A large national agency in Latin America expanded its Premium
licensing, added Guardian and Pathfinder, and became the first
customer in this region to integrate cryptocurrency data and
insights within its Cellebrite DI solutions. This customer’s ARR
increased by a factor of 13x to $1.6 million.
- Two police departments serving mid-sized U.S. cities added
Premium to support their digital forensic labs and began deploying
Pathfinder to accelerate their investigations and Guardian to
securely share digital evidence among examiners, investigators and
prosecutors. ARR for one of these customers quadrupled to nearly
$600,000 and ARR for the other customer increased by over 10x to
just under $300,000.
- A specialist intelligence agency in Western Europe upgraded its
digital intelligence collection capabilities by expanding its use
of Premium ES nationwide 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 investigative analytics for digital
evidence that helps law enforcement agencies resolve cases faster
and more efficiently. New Pathfinder X features include cloud
deployment options on AWS and Azure virtual private cloud, a
deployment format optimal for geographically dispersed teams and a
new user management system.
- Announced integration between Cellebrite’s LegalView Physical
Analyzer and Relativity’s RelativityOne, bringing more ease and
speed to corporate investigations in the private
sector.
- Received Frost & Sullivan’s 2022 North American Customer
Value Leadership Award for 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.”
- Full year 2023 revenue is expected to be between $305 and $315
million, representing 13-16% year-over-year
growth.
- December 2023 ARR is expected to be between $300 and $310
million, representing 21-25% year-over-year growth.
- Full year 2023 adjusted EBITDA is expected to be between $35.0
and $40.0 million, 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:
Date: |
|
Wednesday, May 10, 2023 |
Time: |
|
8:30 a.m. ET |
Call-In Number: |
|
203-518-9814 |
Conference ID: |
|
CLBTQ123 |
Event URL: |
|
https://investors.cellebrite.com/events/event-details/cellebrite-q1-23-earnings |
Webcast URL: |
|
https://edge.media-server.com/mmc/p/u58372yq |
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-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 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.
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 for fiscal year 2023 and
certain statements related to being on track to achieve our
original FY23 financial targets, being well positioned to drive
improved year-over-year profitability and strong free cash flow
over the coming quarters, and reiterating our full-year 2023
guidance. Such forward-looking statements including those with
respect to 2023 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 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 April 27, 2023 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:
Investor RelationsAndrew
KramerVice President, Investor Relationsinvestors@cellebrite.com+1
973.206.7760
MediaVictor CooperSr. Director of
Corporate Communications + Content
OperationsVictor.cooper@cellebrite.com+1 404.804.5910
|
Cellebrite DI Ltd. First-Quarter 2023
Results Summary(U.S Dollars in
thousands) |
|
|
|
For the three months ended |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Revenue |
|
|
71,234 |
|
|
|
62,385 |
|
Gross profit |
|
|
58,828 |
|
|
|
51,402 |
|
Gross margin |
|
|
82.6 |
% |
|
|
82.4 |
% |
Operating income (loss) |
|
|
136 |
|
|
|
(1,946 |
) |
Operating margin |
|
|
0.2 |
% |
|
|
(3.1 |
)% |
Net (loss) income |
|
|
(40,605 |
) |
|
|
55,438 |
|
Cash flow from operating activities |
|
|
12,476 |
|
|
|
(10,537 |
) |
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Data: |
|
|
|
|
|
|
|
|
Operating income |
|
|
5,653 |
|
|
|
2,634 |
|
Operating margin |
|
|
7.9 |
% |
|
|
4.2 |
% |
Net income |
|
|
6,899 |
|
|
|
1,420 |
|
Adjusted EBITDA |
|
|
7,304 |
|
|
|
4,082 |
|
Adjusted EBITDA margin |
|
|
10.3 |
% |
|
|
6.5 |
% |
|
Cellebrite DI Ltd. Condensed Consolidated Balance
Sheets(U.S. Dollars in
thousands) |
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
Unaudited |
|
|
Audited |
|
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
98,972 |
|
|
$ |
87,645 |
|
Short-term deposits |
|
|
54,740 |
|
|
|
51,335 |
|
Marketable securities |
|
|
48,938 |
|
|
|
44,643 |
|
Trade receivables (net of allowance for doubtful accounts of $1,264
and $1,904 as of March 31, 2023 and December 31, 2022,
respectively) |
|
|
69,594 |
|
|
|
78,761 |
|
Prepaid expenses and other current assets |
|
|
20,259 |
|
|
|
17,085 |
|
Contract acquisition costs |
|
|
6,377 |
|
|
|
6,286 |
|
Inventories |
|
|
11,405 |
|
|
|
10,176 |
|
Total current assets |
|
|
310,285 |
|
|
|
295,931 |
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
|
Other non-current assets |
|
|
2,657 |
|
|
|
1,731 |
|
Marketable securities |
|
|
18,521 |
|
|
|
22,125 |
|
Deferred tax assets, net |
|
|
11,894 |
|
|
|
12,511 |
|
Property and equipment, net |
|
|
16,725 |
|
|
|
17,259 |
|
Intangible assets, net |
|
|
10,458 |
|
|
|
11,254 |
|
Goodwill |
|
|
26,829 |
|
|
|
26,829 |
|
Operating lease right-of-use assets, net |
|
|
15,320 |
|
|
|
15,653 |
|
Total non-current assets |
|
|
102,404 |
|
|
|
107,362 |
|
Total assets |
|
$ |
412,689 |
|
|
$ |
403,293 |
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Trade payables |
|
$ |
4,918 |
|
|
$ |
4,612 |
|
Other accounts payable and accrued expenses |
|
|
37,198 |
|
|
|
45,453 |
|
Deferred revenues |
|
|
157,903 |
|
|
|
152,709 |
|
Operating lease liabilities |
|
|
4,723 |
|
|
|
5,003 |
|
Total current liabilities |
|
|
204,742 |
|
|
|
207,777 |
|
|
|
|
|
|
|
|
|
|
Long-term liabilities |
|
|
|
|
|
|
|
|
Other long term liabilities |
|
|
5,577 |
|
|
|
5,394 |
|
Deferred revenues |
|
|
48,384 |
|
|
|
42,173 |
|
Restricted Sponsor Shares liability |
|
|
28,574 |
|
|
|
17,532 |
|
Price Adjustment Shares liability |
|
|
46,126 |
|
|
|
26,184 |
|
Warrant liability |
|
|
29,824 |
|
|
|
20,015 |
|
Operating lease liabilities |
|
|
10,105 |
|
|
|
10,353 |
|
Total long-term liabilities |
|
|
168,590 |
|
|
|
121,651 |
|
Total liabilities |
|
$ |
373,332 |
|
|
$ |
329,428 |
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
Share capital |
|
* |
) |
|
* |
) |
Additional paid-in capital |
|
|
(119,061 |
) |
|
|
(125,624 |
) |
Treasury share, NIS 0.00001 par value; 41,776 ordinary shares |
|
|
(85 |
) |
|
|
(85 |
) |
Accumulated other comprehensive (loss) income |
|
|
(135 |
) |
|
|
331 |
|
Retained earnings |
|
|
158,638 |
|
|
|
199,243 |
|
Total shareholders’ equity |
|
|
39,357 |
|
|
|
73,865 |
|
Total liabilities and shareholders’ equity |
|
$ |
412,689 |
|
|
$ |
403,293 |
|
*) 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 |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Revenue: |
|
|
|
|
|
|
Subscription services |
|
$ |
47,367 |
|
|
$ |
36,361 |
|
Term-license |
|
|
13,915 |
|
|
|
11,824 |
|
Total subscription |
|
|
61,282 |
|
|
|
48,185 |
|
Other non-recurring* |
|
|
2,918 |
|
|
|
5,972 |
|
Professional services |
|
|
7,034 |
|
|
|
8,228 |
|
Total revenue |
|
|
71,234 |
|
|
|
62,385 |
|
|
|
|
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
|
|
|
Subscription services |
|
|
4,492 |
|
|
|
3,768 |
|
Term-license |
|
|
2 |
|
|
|
250 |
|
Total subscription |
|
|
4,494 |
|
|
|
4,018 |
|
Other non-recurring* |
|
|
2,981 |
|
|
|
2,207 |
|
Professional services |
|
|
4,931 |
|
|
|
4,758 |
|
Total cost of revenue |
|
|
12,406 |
|
|
|
10,983 |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
$ |
58,828 |
|
|
$ |
51,402 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
21,131 |
|
|
|
19,576 |
|
Sales and marketing |
|
|
27,601 |
|
|
|
23,259 |
|
General and administrative |
|
|
9,960 |
|
|
|
10,513 |
|
Total operating expenses |
|
$ |
58,692 |
|
|
$ |
53,348 |
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
$ |
136 |
|
|
$ |
(1,946 |
) |
Financial (expense) income, net |
|
|
(38,775 |
) |
|
|
56,400 |
|
(Loss) Income before tax |
|
|
(38,639 |
) |
|
|
54,454 |
|
Tax expense (income) |
|
|
1,966 |
|
|
|
(984 |
) |
Net (Loss) income |
|
$ |
(40,605 |
) |
|
$ |
55,438 |
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.21 |
) |
|
$ |
0.29 |
|
Diluted |
|
$ |
(0.21 |
) |
|
$ |
0.27 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
186,338,076 |
|
|
|
180,545,126 |
|
Diluted |
|
|
198,184,236 |
|
|
|
196,142,739 |
|
|
|
|
|
|
|
|
|
|
Other comprehensive (loss) income: |
|
|
|
|
|
|
|
|
Unrealized loss on hedging transactions |
|
|
(44 |
) |
|
|
(1,150 |
) |
Unrealized income (loss) on marketable securities |
|
|
177 |
|
|
|
(49 |
) |
Currency translation adjustments |
|
|
(598 |
) |
|
|
402 |
|
Total other comprehensive loss, net of tax |
|
|
(465 |
) |
|
|
(797 |
) |
Total other comprehensive (loss) income |
|
$ |
(41,070 |
) |
|
$ |
54,641 |
|
* |
Other non-recurring is composed of hardware sales, usage fees and
perpetual licenses, and was previously referred to “Perpetual
license and other.” Changing the name for this type of revenue
reflects that perpetual license revenue has declined to relatively
insignificant levels with hardware sales now representing the
majority of this type of revenue. |
|
|
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 |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Cash flow from operating activities: |
|
|
|
|
|
|
Net (loss) income |
|
$ |
(40,605 |
) |
|
$ |
55,438 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
Share based compensation and RSUs |
|
|
4,457 |
|
|
|
2,858 |
|
Amortization of premium, discount and accrued interest on
marketable securities |
|
|
(171 |
) |
|
|
17 |
|
Depreciation and amortization |
|
|
2,447 |
|
|
|
2,112 |
|
Interest income from short term deposits |
|
|
(684 |
) |
|
|
(62 |
) |
Deferred income taxes |
|
|
560 |
|
|
|
(924 |
) |
Remeasurement of warrant liability |
|
|
9,809 |
|
|
|
(17,083 |
) |
Remeasurement of Restricted Sponsor Shares |
|
|
11,042 |
|
|
|
(13,506 |
) |
Remeasurement of Price Adjustment Shares
liabilities |
|
|
19,942 |
|
|
|
(25,759 |
) |
Decrease in trade receivables |
|
|
9,627 |
|
|
|
7,015 |
|
Increase (decrease) in deferred revenue |
|
|
10,468 |
|
|
|
(5,916 |
) |
Increase in other non-current assets |
|
|
(927 |
) |
|
|
(33 |
) |
(Increase) decrease in in prepaid expenses and other current
assets |
|
|
(3,637 |
) |
|
|
750 |
|
Changes in operating lease assets |
|
|
1,367 |
|
|
|
— |
|
Changes in operating lease liability |
|
|
(1,562 |
) |
|
|
— |
|
Increase in inventories |
|
|
(1,225 |
) |
|
|
(1,347 |
) |
Increase (decrease) in trade payables |
|
|
264 |
|
|
|
(352 |
) |
Decrease in other accounts payable and accrued expenses |
|
|
(8,879 |
) |
|
|
(11,085 |
) |
Increase (decrease) in other long-term liabilities |
|
|
183 |
|
|
|
(2,660 |
) |
Net cash provided by (used in) operating activities |
|
|
12,476 |
|
|
|
(10,537 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(1,064 |
) |
|
|
(2,305 |
) |
Investment in marketable securities |
|
|
(16,352 |
) |
|
|
(29,276 |
) |
Proceeds from maturity of marketable securities |
|
|
16,073 |
|
|
|
— |
|
Investment in short term deposits |
|
|
(16,000 |
) |
|
|
(7,000 |
) |
Redemption of short term deposits |
|
|
13,279 |
|
|
|
25,181 |
|
Net cash used in investing activities |
|
|
(4,064 |
) |
|
|
(13,400 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of options to shares |
|
|
2,106 |
|
|
|
3,627 |
|
Proceeds from Employee Share Purchase Plan, net |
|
|
624 |
|
|
|
— |
|
Net cash provided by financing activities |
|
|
2,730 |
|
|
|
3,627 |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash
equivalents |
|
|
11,142 |
|
|
|
(20,310 |
) |
Net effect of Currency Translation on cash and cash
equivalents |
|
|
185 |
|
|
|
56 |
|
Cash and cash equivalents at beginning of period |
|
|
87,645 |
|
|
|
145,973 |
|
Cash and cash equivalents at end of
period |
|
$ |
98,972 |
|
|
$ |
125,719 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
|
|
|
Income taxes paid |
|
$ |
3,625 |
|
|
$ |
1,287 |
|
Non-cash activities |
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
$ |
— |
|
|
$ |
133 |
|
|
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 |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
Unaudited |
|
|
Unaudited |
|
|
|
|
|
|
|
|
Cost of revenue |
|
$ |
12,406 |
|
|
$ |
10,983 |
|
Less: |
|
|
|
|
|
|
|
|
Share based compensation |
|
|
386 |
|
|
|
246 |
|
Acquisition related costs |
|
|
13 |
|
|
|
— |
|
Non-GAAP cost of revenue |
|
$ |
12,007 |
|
|
$ |
10,737 |
|
|
|
For the three months ended |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
Unaudited |
|
|
Unaudited |
|
|
|
|
|
|
|
|
Gross profit |
|
$ |
58,828 |
|
|
$ |
51,402 |
|
Share based compensation |
|
|
386 |
|
|
|
246 |
|
Acquisition related costs |
|
|
13 |
|
|
|
- |
|
Non-GAAP gross profit |
|
$ |
59,227 |
|
|
$ |
51,648 |
|
|
|
For the three months ended |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
Unaudited |
|
|
Unaudited |
|
|
|
|
|
|
|
|
Operating expenses |
|
$ |
58,692 |
|
|
$ |
53,348 |
|
Less: |
|
|
|
|
|
|
|
|
Share based compensation |
|
|
4,071 |
|
|
|
2,612 |
|
Amortization of intangible assets |
|
|
796 |
|
|
|
664 |
|
Acquisition related costs |
|
|
251 |
|
|
|
1,058 |
|
Non-GAAP operating expenses |
|
$ |
53,574 |
|
|
$ |
49,014 |
|
|
|
For the three months ended |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
Unaudited |
|
|
Unaudited |
|
|
|
|
|
|
|
|
Operating income (loss) |
|
$ |
136 |
|
|
$ |
(1,946 |
) |
Share based compensation |
|
|
4,457 |
|
|
|
2,858 |
|
Amortization of intangible assets |
|
|
796 |
|
|
|
664 |
|
Acquisition related costs |
|
|
264 |
|
|
|
1,058 |
|
Non-GAAP operating income |
|
$ |
5,653 |
|
|
$ |
2,634 |
|
|
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 |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
Unaudited |
|
|
Unaudited |
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(40,605 |
) |
|
$ |
55,438 |
|
One time tax income |
|
|
— |
|
|
|
(1,825 |
) |
Share based compensation |
|
|
4,457 |
|
|
|
2,858 |
|
Amortization of intangible assets |
|
|
796 |
|
|
|
664 |
|
Acquisition related costs |
|
|
264 |
|
|
|
1,058 |
|
Tax expense (income) |
|
|
1,194 |
|
|
|
(425 |
) |
Finance expense (income) from financial derivatives |
|
|
40,793 |
|
|
|
(56,348 |
) |
Non-GAAP net income |
|
$ |
6,899 |
|
|
$ |
1,420 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP Earnings per share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.04 |
|
|
$ |
0.01 |
|
Diluted |
|
$ |
0.03 |
|
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
186,338,076 |
|
|
|
180,545,126 |
|
Diluted |
|
|
198,184,236 |
|
|
|
196,142,739 |
|
|
|
For the three months ended |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
Unaudited |
|
|
Unaudited |
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(40,605 |
) |
|
$ |
55,438 |
|
Financial expense (income), net |
|
|
38,775 |
|
|
|
(56,400 |
) |
Tax expense (income) |
|
|
1,966 |
|
|
|
(984 |
) |
Share based compensation |
|
|
4,457 |
|
|
|
2,858 |
|
Amortization of intangible assets |
|
|
796 |
|
|
|
664 |
|
Acquisition related costs |
|
|
264 |
|
|
|
1,058 |
|
Depreciation expenses |
|
|
1,651 |
|
|
|
1,448 |
|
Adjusted EBITDA |
|
$ |
7,304 |
|
|
$ |
4,082 |
|
Cellebrite Digital Intel... (NASDAQ:CLBT)
Historical Stock Chart
From Apr 2024 to May 2024
Cellebrite Digital Intel... (NASDAQ:CLBT)
Historical Stock Chart
From May 2023 to May 2024