Business
Cellebrite Announces Second Quarter 2022 Results
ARR of $214 million, up 35% year-over-year Second Quarter revenue of $62.6 million, increase 6% year-over-year PETAH TIKVA, ISRAEL and TYSONS CORNER, Va.,
About this update from Cellebrite Di Ltd.
[{"type":"text","content":"ARR of $214 million, up 35% year-over-year Second Quarter revenue of $62.6 million, increase 6% year-over-year PETAH TIKVA, ISRAEL and TYSONS CORNER, Va., Aug. 11, 2022 (GLOBE NEWSWIRE) -- Cellebrite (NASDAQ: CLBT), a global leader in Digital Intelligence (“DI”) solutions for the public and private sectors, today announced financial results for the three and six months ending June 30, 2022. “We continue to see a healthy market in adoption of digital intelligence solutions. This enabled us to continue delivering robust ARR growth and consistent high retention rates,” said Yossi Carmil, Cellebrite’s CEO. “Yet, revenues in the second quarter of the year were lower than expected mainly due to some longer sales cycles that impacted our ability to close some larger deals in the timeframe anticipated; the faster than planned transition from perpetual to subscription which resulted in a short-term impact to our results, but ultimately creates a potential long-term incentive to increase customer spending; as well as some hiring issues in our go-to-market organization which have been properly addressed. We therefore decided to recalibrate our expectations for the second half of 2022 to a level that reflects the internal initiatives we are undertaking. This recalibration has no impact on our long-term view of our business. The need to address the massive growth in digital evidence and to modernize the investigation process, combined with our commitment to continue to provide law enforcement agencies with the broadest, deepest, and most innovative Digital Intelligence suite of solutions, gives us confidence in our long-term success, growth, and profitability,” Carmil concluded. Second Quarter Financial Highlights Revenue of $62.6 million, up 6% year-over-year, of which subscription revenue was $49.8 million, up 20% year-over-yearAnnual Recurring Revenue (ARR) of $214 million, up 35% year-over-yearRecurring revenue dollar-based net retention rate of 128%GAAP gross profit and gross margin of $49.5 million and 79.1%, respectivelyGAAP net income of $33.2 million; Non-GAAP net loss of $0.03 millionGAAP Diluted EPS of $0.17; Non-GAAP Diluted EPS of $)0.0001) Adjusted EBITDA and Adjusted EBITDA margin of $0.7 million and 1%, respectively Second Quarter and Recent Digital Intelligence Highlights Closed 29 deals valued at $500,000 or more. Launched ...