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 twelve months ending
December 31, 2023.
“Cellebrite capped an outstanding 2023 performance with
excellent fourth-quarter results marked by strong top-line growth,
notable improvement in our profitability and solid cash flow from
operations.” said Yossi Carmil, Cellebrite’s CEO. “We exceeded the
ambitious targets we set for ourselves at the start of the year,
surpassing ‘Rule of 45’ status with 27% ARR growth and an adjusted
EBITDA margin of 19%. Throughout the year, our team accomplished
important strategic objectives, including delivering impactful,
high-value innovation, expanding key customer relationships around
the world and adding key talent to our organization. Cellebrite
moves into 2024 well positioned to execute on its strategic
priorities with an expanded Case-to-Closure platform that enables
us to address the end-to-end digital investigative needs of our
public and private sector customers. Our financial targets for 2024
demonstrate the durability of our growth as we plan to deliver
another year of strong ARR and revenue expansion with good
potential for incremental improvement in our operating
profitability.”
Fourth-Quarter
Financial Highlights
- Annual Recurring Revenue (ARR) of
$315.7 million, up 27% year-over-year
- Revenue of $93.0 million, up 26%
year-over-year
- Subscription revenue was $78.6
million, a 26% year-over-year increase
- GAAP gross profit and gross margin
of $78.1 million and 84.0%, respectively; Non-GAAP gross profit and
gross profit margin of $78.6 million and 84.5%, respectively
- GAAP net loss of $(14.6) million;
Non-GAAP net income of $22.0 million
- GAAP diluted net loss per share of
$(0.08); Non-GAAP diluted earnings per share of $0.11
- Adjusted EBITDA and Adjusted
EBITDA margin of $22.7 million and 24.4%, respectively
Full-Year 2023 Financial
Highlights
- Revenue of $325.1 million, up 20%
year-over-year
- Subscription
revenue was $280.4 million, a 30% year-over-year increase
- GAAP gross
profit and gross margin of $271.9 million and 83.6%, respectively;
Non-GAAP gross profit and gross profit margin of $273.7 million and
84.2%, respectively
- GAAP net loss of
$81.1 million; Non-GAAP net income of $60.9 million
- GAAP diluted
loss per share of $0.43; Non-GAAP diluted earnings per share of
$0.28
- Adjusted EBITDA
and adjusted EBITDA margin of $61.9 million and 19.1%,
respectively
Fourth-Quarter and
Recent Business & Operational Highlights
Innovation
- On January 16,
2024, Cellebrite announced Case-to-Closure (C2C), an expanded
end-to-end platform for examiners and investigators that is
designed to solve cases faster and more defensibly in order to
accelerate justice around the world. Cellebrite’s C2C platform is
composed of three flagship solutions: (1) Cellebrite Inseyets, an
enhanced, automated digital forensics software solution designed to
transform access, extraction and decoding of digital data across
the broadest range of mobile phones and other digital sources; (2)
Pathfinder, an AI-powered analytics solution that enables
investigators to expedite cases by surfacing leads and identifying
connections buried within mountains of structured and unstructured
data across multiple digital devices; and (3) Guardian,
Cellebrite’s secure, scalable SaaS-based solution for evidence
sharing, review and management.
Go-to-Market
- On December 20, 2023, Cellebrite
announced that one of the 10 largest U.S. police departments
significantly expanded its use of Cellebrite solutions to include
advanced digital forensics software and AI-powered Pathfinder
investigative analytics.
- In mid-November 2023, Cellebrite
sponsored and participated in Milipol, the preeminent global law
enforcement and homeland security event held in Paris.
Community
- On January 12, 2024, Cellebrite
announced “Operation Find Them All,” an initiative in collaboration
with the National Center of Missing and Exploited Children, The
Exodus Road and Raven to reduce crimes against children and online
child exploitation. By providing in-kind use of its AI-powered
Pathfinder analytics solution and cloud-based Smart Search
investigative tool, Cellebrite will help these organizations
accelerate investigations of online crimes against children and in
doing so, help law enforcement find missing children, solve crimes
involving exploited minors, remove harmful online images and bring
perpetrators to justice.
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“Cellebrite’s
successful expansion of existing customer relationships through
cross-selling and upselling underpinned strong ARR expansion and
drove our top-line performance in 2023," stated Dana Gerner,
Cellebrite’s CFO. “The combination of strong revenue growth,
meaningful gross margin improvement and disciplined management of
our cost structure enabled us to deliver higher 2023 adjusted
EBITDA in both absolute dollars and on a margin basis. We move into
2024 with attractive prospects to build further momentum and expand
our business. Consistent with historical trends, we expect 52% to
55% of full-year revenue to be generated in the second half of 2024
as we build momentum for customer upgrades to our new Inseyets
solution. Our 2024 outlook for profitability balances the
opportunity for further improvement with thoughtful investment in
our go-to-market activities and key technology and innovation
initiatives, which are critical for long-term success.”
The Company’s current 2024 expectations are as follows:
|
|
First-Quarter 2024 Expectations |
|
Full Year 2024 Expectations |
ARR |
|
$325
million - $335 million |
|
$380
million - $400 million |
Annual Growth |
|
24% -
28% |
|
20% -
27% |
Revenue |
|
$83
million - $88 million |
|
$370
million - $380 million |
Annual Growth |
|
17% -
24% |
|
14% -
18% |
Adjusted
EBITDA |
|
$12
million - $15 million |
|
$70
million - $80 million |
Adjusted EBITDA margin |
|
15% -
17% |
|
19% -
21% |
Conference Call
InformationCellebrite will host a live conference call and
webcast later this morning to review the Company’s financial
results for the fourth quarter of 2024 and discuss its 2024
outlook. Relevant details include:
Date: |
|
Thursday, February 15, 2024 |
Time: |
|
8:30 a.m. ET |
Call-In Number: |
|
203-518-9783 |
Conference ID: |
|
CLBTQ423 |
Event URL: |
|
https://investors.cellebrite.com/events/event-details/cellebrite-q4-2023-fy23-financial-results-investor-call-webcast |
Webcast URL: |
|
https://edge.media-server.com/mmc/p/6krt8bot/ |
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.
2024 Investor Day
Cellebrite will host an Investor Day event on
Wednesday, March 27 in New York City, starting at 8:30 a.m. The
event will feature presentations from Cellebrite’s leadership team,
multiple Q&A sessions and product demonstrations. The event is
expected to conclude by 12:00 p.m., followed by an optional lunch,
networking and product demonstrations. A formal invitation to
register for in-person attendance will be provided to select
analysts and institutional investors. Due to space limitations, the
number of in-person participants is limited and advanced
registration is required. A live webcast of the event will be
accessible from the events section within the Cellebrite investor
relations microsite at
https://investors.cellebrite.com/events-presentations. Registration
in advance of the live webcast is encouraged. Interested parties
unable to attend in person or watch the live webcast will be able
to view and listen to an archived copy of the webcast, which will
be available following the conclusion of the event.
Non-GAAP Financial Information and Key
Performance Indicators
This press release includes non-GAAP financial
measures. Cellebrite believes that the use of non-GAAP gross
profit, 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 into 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 expense;
- 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, a significant recurring expense 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.
A reconciliation for Adjusted EBITDA referred to
in our “Financial Outlook” is not provided because, as a
forward-looking statement, such reconciliation is not available
without unreasonable effort due to the high variability,
complexity, and difficulty of estimating certain items such as
charges to share-based compensation expense and currency
fluctuations which could have an impact on our consolidated
results. The Company believes the information provided is useful to
investors because it can be considered in the context of the
Company’s historical disclosures of this measure.
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.
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.
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, but are not limited to, the following: estimated financial
information for fiscal year 2024 and certain statements related to
the Company’s moving into 2024 well positioned to execute on its
strategic priorities with an expanded Case-to-Closure platform that
enables it to address the end-to-end digital investigative needs of
public and private sector customers; its plans to deliver another
year of strong ARR and revenue expansion, and the potential for
incremental improvement in our operating profitability; the
Company’s attractive prospects to build further momentum and expand
our business around the world; the expectation that 52% to 55% of
full-year revenue will be generated in the second half of 2024; and
a 2024 outlook for profitability that balances the opportunity for
further improvement with thoughtful investment in our go-to-market
activities and key technology and innovation initiatives, which are
critical for long-term success. Such forward-looking statements
including those with respect to 2024 revenue, annual recurring
revenue (ARR) and adjusted EBITDA, 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 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 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:
Andrew 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. Fourth Quarter 2023
Results Summary(U.S. Dollars in thousands) |
|
|
|
|
|
For the three months ended |
|
For the Year ended |
|
December 31, |
|
December 31, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
Revenue |
93,013 |
|
74,018 |
|
325,110 |
|
270,651 |
Gross profit |
78,097 |
|
61,887 |
|
271,879 |
|
219,905 |
Gross
margin |
84.0 % |
|
83.6 % |
|
83.6 % |
|
81.3 % |
Operating
income |
14,999 |
|
9,674 |
|
33,237 |
|
1,044 |
Operating
margin |
16.1 % |
|
13.1 % |
|
10.2 % |
|
0.4 % |
Cash flow from
operating activities |
43,828 |
|
35,743 |
|
102,058 |
|
20,577 |
|
|
|
|
|
|
|
|
Non-GAAP
Financial Data: |
|
|
|
|
|
|
|
Operating
income |
20,982 |
|
14,428 |
|
55,282 |
|
19,538 |
Operating
margin |
22.6 % |
|
19.5 % |
|
17.0 % |
|
7.2 % |
Adjusted
EBITDA |
22,726 |
|
16,114 |
|
61,946 |
|
25,906 |
Adjusted EBITDA
margin |
24.4 % |
|
21.8 % |
|
19.1 % |
|
9.6 % |
Cellebrite DI Ltd.Condensed Consolidated Balance
Sheets(U.S. Dollars in thousands) |
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
2023 |
|
2022 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
Current
assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
189,517 |
|
|
$ |
87,645 |
|
Short-term deposits |
74,713 |
|
|
51,335 |
|
Marketable securities |
38,693 |
|
|
44,643 |
|
Trade receivables (net of
allowance for credit losses of $1,583 and $1,904 as
of December 31, 2023 and 2022, respectively) |
77,269 |
|
|
78,761 |
|
Prepaid expenses and other
current assets |
26,400 |
|
|
17,085 |
|
Contract acquisition
costs |
5,550 |
|
|
6,286 |
|
Inventories |
9,940 |
|
|
10,176 |
|
Total current
assets |
422,082 |
|
|
295,931 |
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
Other non-current assets |
7,341 |
|
|
1,731 |
|
Marketable securities |
28,859 |
|
|
22,125 |
|
Deferred tax assets, net |
7,024 |
|
|
12,511 |
|
Property and equipment,
net |
15,896 |
|
|
17,259 |
|
Operating lease right-of-use
assets, net |
14,260 |
|
|
15,653 |
|
Intangible assets, net |
10,594 |
|
|
11,254 |
|
Goodwill |
26,829 |
|
|
26,829 |
|
Total non-current
assets |
110,803 |
|
|
107,362 |
|
|
|
|
|
|
|
Total
assets |
$ |
532,885 |
|
|
$ |
403,293 |
|
|
|
|
|
|
|
Liabilities and
shareholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
Trade payables |
$ |
8,282 |
|
|
$ |
4,612 |
|
Other accounts payable and
accrued expenses |
44,845 |
|
|
45,453 |
|
Deferred revenues |
195,725 |
|
|
152,709 |
|
Operating lease
liabilities |
4,972 |
|
|
5,003 |
|
Total current
liabilities |
253,824 |
|
|
207,777 |
|
|
|
|
|
|
|
Long-term
liabilities |
|
|
|
|
|
Other long term
liabilities |
5,515 |
|
|
5,394 |
|
Deferred revenues |
47,098 |
|
|
42,173 |
|
Restricted Sponsor Shares
liability |
47,247 |
|
|
17,532 |
|
Price Adjustment Shares
liability |
81,715 |
|
|
26,184 |
|
Warrant liability |
54,117 |
|
|
20,015 |
|
Operating lease
liabilities |
9,157 |
|
|
10,353 |
|
Total long-term
liabilities |
244,849 |
|
|
121,651 |
|
|
|
|
|
|
|
Total
liabilities |
$ |
498,673 |
|
|
$ |
329,428 |
|
|
|
|
|
|
|
Shareholders’
equity |
|
|
|
|
|
Share capital |
*) |
|
|
*) |
|
Additional paid-in
capital |
(84,896 |
) |
|
(125,624 |
) |
Treasury share, NIS 0.00001
par value; 41,776 ordinary shares |
(85 |
) |
|
(85 |
) |
Accumulated other
comprehensive income |
1,050 |
|
|
331 |
|
Retained earnings |
118,143 |
|
|
199,243 |
|
Total shareholders’
equity |
34,212 |
|
|
73,865 |
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
$ |
532,885 |
|
|
$ |
403,293 |
|
*) Less than 1 USD
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 year
ended |
|
December 31, |
|
December 31, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
Subscription
services |
$ 57,722 |
|
$ 43,698 |
|
$ 209,751 |
|
$ 153,470 |
Term-license |
20,924 |
|
18,625 |
|
70,663 |
|
62,487 |
Total
subscription |
78,646 |
|
62,323 |
|
280,414 |
|
215,957 |
Perpetual
license and related |
4,486 |
|
3,666 |
|
13,561 |
|
21,373 |
Professional
services |
9,881 |
|
8,029 |
|
31,135 |
|
33,321 |
Total revenue |
93,013 |
|
74,018 |
|
325,110 |
|
270,651 |
|
|
|
|
|
|
|
|
Cost
of revenue: |
|
|
|
|
|
|
|
Subscription
services |
5,179 |
|
3,681 |
|
19,219 |
|
16,875 |
Term-license |
— |
|
50 |
|
6 |
|
425 |
Total
subscription |
5,179 |
|
3,731 |
|
19,225 |
|
17,300 |
Perpetual
license and related |
4,344 |
|
3,381 |
|
13,766 |
|
12,987 |
Professional
services |
5,393 |
|
5,019 |
|
20,240 |
|
20,459 |
Total cost of revenue |
14,916 |
|
12,131 |
|
53,231 |
|
50,746 |
|
|
|
|
|
|
|
|
Gross profit |
$ 78,097 |
|
$ 61,887 |
|
$ 271,879 |
|
$ 219,905 |
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Research and
development |
21,751 |
|
19,734 |
|
84,386 |
|
80,620 |
Sales and
marketing |
29,594 |
|
23,669 |
|
110,813 |
|
97,387 |
General and
administrative |
11,753 |
|
8,810 |
|
43,443 |
|
40,854 |
Total operating expenses |
$ 63,098 |
|
$ 52,213 |
|
$ 238,642 |
|
$ 218,861 |
|
|
|
|
|
|
|
|
Operating income |
$ 14,999 |
|
$
9,674 |
|
$
33,237 |
|
$
1,044 |
Financial
(expense) income, net |
(27,344) |
|
(572) |
|
(108,800) |
|
119,716 |
(Loss)
income before tax |
(12,345) |
|
9,102 |
|
(75,563) |
|
120,760 |
Tax expense
(income) |
2,302 |
|
2,024 |
|
5,537 |
|
(45) |
Net
(loss) income |
$ (14,647) |
|
$ 7,078 |
|
$
(81,100) |
|
$ 120,805 |
|
|
|
|
|
|
|
|
(Losses) earnings per share |
|
|
|
|
|
|
|
Basic |
$
(0.08) |
|
$
0.04 |
|
$
(0.43) |
|
$
0.64 |
Diluted |
$
(0.08) |
|
$
0.04 |
|
$
(0.43) |
|
$
0.59 |
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
Basic |
194,440,674 |
|
184,952,107 |
|
190,154,549 |
|
182,693,375 |
Diluted |
194,440,674 |
|
192,786,615 |
|
190,154,549 |
|
195,393,558 |
|
|
|
|
|
|
|
|
Other comprehensive income: |
|
|
|
|
|
|
|
Unrealized
income (loss) on hedging transactions |
1,311 |
|
1,194 |
|
1,252 |
|
(953) |
Unrealized
income (loss) on marketable securities |
293 |
|
44 |
|
506 |
|
(502) |
Currency
translation adjustments |
(946) |
|
(133) |
|
(1,039) |
|
414 |
Total other
comprehensive income (loss), net of tax |
658 |
|
1,105 |
|
719 |
|
(1,041) |
Total other comprehensive (loss) income |
$ (13,989) |
|
$ 8,183 |
|
$
(80,381) |
|
$ 119,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three months ended |
|
For the year
ended |
|
December
31, |
|
December 31, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
Cash flow from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ (14,647) |
|
$
7,078 |
|
$ (81,100) |
|
$ 120,805 |
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
Share based compensation and RSU's |
5,060 |
|
3,787 |
|
18,998 |
|
13,708 |
Amortization of premium, discount and accrued interest on
marketable securities |
(308) |
|
(225) |
|
(1,106) |
|
(372) |
Depreciation and amortization |
2,615 |
|
2,520 |
|
10,011 |
|
9,194 |
Interest income from short term deposits |
(3,495) |
|
(318) |
|
(7,737) |
|
(684) |
Deferred tax assets, net |
2,290 |
|
(61) |
|
5,125 |
|
(2,392) |
Remeasurement of warrant liability |
9,785 |
|
375 |
|
34,102 |
|
(36,463) |
Remeasurement of Restricted Sponsor Shares |
6,975 |
|
1,381 |
|
29,715 |
|
(27,180) |
Remeasurement of Price Adjustment Shares liabilities |
14,155 |
|
1,211 |
|
55,531 |
|
(53,220) |
(Increase) decrease in trade receivables |
(7,067) |
|
11,242 |
|
2,271 |
|
(12,885) |
Increase in deferred revenue |
22,247 |
|
18,953 |
|
46,114 |
|
38,966 |
Decrease (Increase) in other non-current assets |
231 |
|
94 |
|
(5,610) |
|
227 |
Increase in prepaid expenses and other current assets |
(2,175) |
|
(4,431) |
|
(9,211) |
|
(5,692) |
Changes in operating lease assets |
224 |
|
4,667 |
|
4,362 |
|
4,667 |
Changes in operating lease liability |
330 |
|
(5,955) |
|
(4,196) |
|
(5,955) |
Decrease (increase) in inventories |
1,281 |
|
(812) |
|
243 |
|
(3,680) |
Increase (decrease) in trade payables |
321 |
|
(895) |
|
3,691 |
|
(5,471) |
Decrease (increase) in other accounts payable and accrued
expenses |
5,571 |
|
(2,060) |
|
734 |
|
(8,853) |
Increase (decrease) in other long-term liabilities |
435 |
|
(808) |
|
121 |
|
(4,143) |
Net cash provided by operating activities |
$ 43,828 |
|
$ 35,743 |
|
$ 102,058 |
|
$ 20,577 |
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
(2,260) |
|
(1,391) |
|
(5,231) |
|
(6,897) |
Purchase of
Intangible assets |
(2,687) |
|
(1,788) |
|
(2,687) |
|
(2,188) |
Investment in
marketable securities |
(13,312) |
|
(9,253) |
|
(55,317) |
|
(89,364) |
Proceeds from maturity of marketable securities |
12,279 |
|
7,445 |
|
56,336 |
|
22,277 |
Investment in short term deposits |
(25,000) |
|
(51,000) |
|
(89,000) |
|
(76,000) |
Redemption of short term deposits |
34,141 |
|
18,544 |
|
73,359 |
|
60,941 |
Net cash provided by (used in) investing activities |
$ 3,161 |
|
$ (37,443) |
|
$ (22,540) |
|
$ (91,231) |
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of options to shares |
3,827 |
|
1,327 |
|
19,142 |
|
12,628 |
Proceeds from Employee Share Purchase Plan, net |
703 |
|
657 |
|
2,623 |
|
1,337 |
Exercise of public warrants |
— |
|
— |
|
— |
|
5 |
Net cash provided by financing activities |
$ 4,530 |
|
$ 1,984 |
|
$ 21,765 |
|
$ 13,970 |
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash
equivalents |
51,519 |
|
284 |
|
101,283 |
|
(56,684) |
Net effect of Currency Translation on cash and cash
equivalents |
932 |
|
2,795 |
|
589 |
|
(1,644) |
Cash and cash equivalents at beginning of period |
137,066 |
|
84,566 |
|
87,645 |
|
145,973 |
Cash and cash equivalents at end of period |
$ 189,517 |
|
$ 87,645 |
|
$ 189,517 |
|
$ 87,645 |
|
|
|
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
|
|
|
|
Income taxes paid |
$ 847 |
|
$
3,727 |
|
$ 10,047 |
|
$ 9,053 |
Non-cash activities |
|
|
|
|
|
|
|
Purchase of Intangible assets |
$ — |
|
$
493 |
|
$ — |
|
$ 664 |
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 year
ended |
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Cost of
revenues |
$ |
14,916 |
|
|
$ |
12,131 |
|
$ |
53,231 |
|
|
$ |
50,746 |
|
Less: |
|
|
|
|
|
|
|
Share based
compensation |
|
498 |
|
|
|
345 |
|
|
1,733 |
|
|
|
1,284 |
|
Acquisition
related costs |
|
13 |
|
|
|
— |
|
|
52 |
|
|
|
— |
|
Non-GAAP
cost of revenues |
$ |
14,405 |
|
|
$ |
11,786 |
|
$ |
51,446 |
|
|
$ |
49,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three months ended |
|
For the year
ended |
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Gross
profit |
$ |
78,097 |
|
|
$ |
61,887 |
|
$ |
271,879 |
|
|
$ |
219,905 |
|
Share based
compensation |
|
498 |
|
|
|
345 |
|
|
1,733 |
|
|
|
1,284 |
|
Acquisition
related costs |
|
13 |
|
|
|
— |
|
|
52 |
|
|
|
— |
|
Non-GAAP
gross profit |
$ |
78,608 |
|
|
$ |
62,232 |
|
$ |
273,664 |
|
|
$ |
221,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three months ended |
|
For the year
ended |
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Operating
expenses |
$ |
63,098 |
|
|
$ |
52,213 |
|
$ |
238,642 |
|
|
$ |
218,861 |
|
Less: |
|
|
|
|
|
|
|
Issuance
expenses |
|
— |
|
|
|
— |
|
|
(345 |
) |
|
|
— |
|
Share based
compensation |
|
4,562 |
|
|
|
3,442 |
|
|
17,265 |
|
|
|
12,424 |
|
Amortization
of intangible assets |
|
871 |
|
|
|
834 |
|
|
3,347 |
|
|
|
2,826 |
|
Acquisition
related costs |
|
39 |
|
|
|
133 |
|
|
(7 |
) |
|
|
1,960 |
|
Non-GAAP
operating expenses |
$ |
57,626 |
|
|
$ |
47,804 |
|
$ |
218,382 |
|
|
$ |
201,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three months ended |
|
For the year
ended |
|
December 31, |
|
December
31, |
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
Operating
income |
$ |
14,999 |
|
|
$ |
9,674 |
|
$ |
33,237 |
|
|
$ |
1,044 |
|
Issuance
expenses |
|
— |
|
|
|
— |
|
|
(345 |
) |
|
|
— |
|
Share based
compensation |
|
5,060 |
|
|
|
3,787 |
|
|
18,998 |
|
|
|
13,708 |
|
Amortization
of intangible assets |
|
871 |
|
|
|
834 |
|
|
3,347 |
|
|
|
2,826 |
|
Acquisition
related costs |
|
52 |
|
|
|
133 |
|
|
45 |
|
|
|
1,960 |
|
Non-GAAP
operating income |
$ |
20,982 |
|
|
$ |
14,428 |
|
$ |
55,282 |
|
|
$ |
19,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 year
ended |
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
Net (loss)
income |
$ |
(14,647 |
) |
|
$ |
7,078 |
|
$ |
(81,100 |
) |
|
$ |
120,805 |
|
One time tax
income |
|
— |
|
|
|
— |
|
|
— |
|
|
|
(2,368 |
) |
Issuance
expenses |
|
— |
|
|
|
— |
|
|
(345 |
) |
|
|
— |
|
Share based
compensation |
|
5,060 |
|
|
|
3,787 |
|
|
18,998 |
|
|
|
13,708 |
|
Amortization
of intangible assets |
|
871 |
|
|
|
834 |
|
|
3,347 |
|
|
|
2,826 |
|
Acquisition
related costs |
|
52 |
|
|
|
133 |
|
|
45 |
|
|
|
1,960 |
|
Tax (income)
expense |
|
(252 |
) |
|
|
516 |
|
|
633 |
|
|
|
(384 |
) |
Finance
expense (income) from financial derivatives |
|
30,915 |
|
|
|
2,967 |
|
|
119,348 |
|
|
|
(116,863 |
) |
Non-GAAP net
income |
$ |
21,999 |
|
|
$ |
15,315 |
|
$ |
60,926 |
|
|
$ |
19,684 |
|
|
|
|
|
|
|
|
|
Non-GAAP Earnings per share: |
|
|
|
|
|
|
|
Basic |
$ |
0.12 |
|
|
$ |
0.08 |
|
$ |
0.31 |
|
|
$ |
0.10 |
|
Diluted |
$ |
0.11 |
|
|
$ |
0.08 |
|
$ |
0.28 |
|
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
194,440,674 |
|
|
|
184,952,107 |
|
|
190,154,549 |
|
|
|
182,693,375 |
|
Diluted |
|
207,110,826 |
|
|
|
192,786,615 |
|
|
206,194,081 |
|
|
|
195,393,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three months ended |
|
For the year
ended |
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
Net (loss)
income |
$ |
(14,647 |
) |
|
$ |
7,078 |
|
$ |
(81,100 |
) |
|
$ |
120,805 |
|
Financial
expense (income), net |
|
27,344 |
|
|
|
572 |
|
|
108,800 |
|
|
|
(119,716 |
) |
Tax expense
(income) |
|
2,302 |
|
|
|
2,024 |
|
|
5,537 |
|
|
|
(45 |
) |
Issuance
expenses |
|
— |
|
|
|
— |
|
|
(345 |
) |
|
|
— |
|
Share based
compensation |
|
5,060 |
|
|
|
3,787 |
|
|
18,998 |
|
|
|
13,708 |
|
Amortization
of intangible assets |
|
871 |
|
|
|
834 |
|
|
3,347 |
|
|
|
2,826 |
|
Acquisition
related costs |
|
52 |
|
|
|
133 |
|
|
45 |
|
|
|
1,960 |
|
Depreciation
expenses |
|
1,744 |
|
|
|
1,686 |
|
|
6,664 |
|
|
|
6,368 |
|
Adjusted
EBITDA |
$ |
22,726 |
|
|
$ |
16,114 |
|
$ |
61,946 |
|
|
$ |
25,906 |
|
Cellebrite Digital Intel... (NASDAQ:CLBT)
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From Sep 2024 to Oct 2024
Cellebrite Digital Intel... (NASDAQ:CLBT)
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From Oct 2023 to Oct 2024