Cellebrite Di Ltd. · NASDAQ:CLBT
Cellebrite Di — Q3 2021 Earnings Presentation
23 slides from Cellebrite Di's earnings presentation, Nov 10, 2021
Slide 1: Q3 21 Earnings Call
2° Cellebrite Q3 21 Earnings Call 10 November 2021
Slide 2: Disclaimer
Disclaimer Use of Non-GAAP Financial Measures This Presentation includes non-GAAP financial measures. Cellebrite believes that these non-GAAP measures are useful to investors for two principal reasons. First, Cellebrite believes these measures may assist investors in comparing performance over vario
Slide 3: Business Overview
2? Cellebrite 4 Business Overview i |
Slide 4: Q3 customer successes
Q3 21 customer successes Deals > $500K 25 2020 2021 + Largest deal in 7 16 15 the Company's 12 history, of ~$10M Qi Q2 Q3 Premium: New Licenses Premium Enterprise 2 U.S. federal agencies U.K. county police U.S. state police 2 U.S. county sheriff offices European ministry of interior affairs Customs
Slide 5: Q3 customer successes: Example
Q3 21 customer successes: Example 1 National correction facilities network Q3 21 Booking UFED Ultimate Commander Other 3% 3% % Pathfinder 4% 2020 FY Booking UFED Other Ultimate 1% Pathfinder 7%
Slide 6: Q3 customer successes: Example 2
Q3 21 customer successes: European country national police 2020 FY Booking Pathfinder Others Seeker 4% 4% 4% Responder 7% Premium 7% UFED Cloud 7% x3.5 Example 2 Q3 21 Booking Seeker Services 5% 5% Computer C&R 5% UFED Cloud 6%
Slide 7: Massive digital intelligence market - $13B+ TAM in 2023
Massive digital intelligence market - $13B+ TAM in 2023 TAM by Customer Private Sector $1.68 Federal $5.48 USD Number of agencies State & Local $6.2B Avg. spend per agency? Sources: Cellebrite proprietary research 2020. TAM by Domain 1.7B a $27 $038 | | Collection & OpenSource __ Investigative Servi
Slide 8: Cellebrite delivers a comprehensive DI software platform
Ry 7 + ANALYZE R=) Processing the data fast with So advanced analytics and Al Breaking down silos and enabling collaboration Cellebrite delivers a comprehensive DI software platform * COLLECT & REVIEW DATA SOURCES OUTCOMES Fast and Automated p approach to capturing data from digital sources ctitione
Slide 9: Cellebrite Guardian
Cellebrite Guardian First SaaS solution, more efficient and cost effective Accelerates review with in- browser reports viewing Repository for all digital and physical evidence records Enables real-time collaboration
Slide 10: Remote Mobile Collection solutions
SOLUTIONS Remote Mobile Collection Gey ENieneaise == Single solution to manage ==, remote collection of employee data aA colette omenapotnt (CAN) ENDPOINT, "<7 INSPECTOR — Collect whether on or off the Investigator Endpoint Server =) corporate network memeGagater Endpoint —— © ‘6 . . . . | Ed Design
Slide 11: Yossi Carmil Cellebrite CEO and Yossi Ofek, Digital Clues
Yossi Carmil Cellebrite CEO (left) Yossi Ofek, chairman and CEO at Digital Clues
Slide 12: Investment highlights
Investment highlights Cellebrite is the clear market leader within digital intelligence Massive $13B+ market opportunity for digital intelligence ("DI") solutions with major secular tailwinds supporting continued growth Unique mission critical end-to-end digital intelligence platform that serves the
Slide 13: Financial Overview
3° Cellebrite Financial Overview i |
Slide 14: Financial highlights
Financial highlights Best-in-class ARR & NRR 42% ARR Growth Q3 21 139% Net Retention LTM Sep-21 Note: non-GAAP metrics defined in the appendix, Top-line Growth & Scale $66M Total Revenue Q3 21 24% Revenue Growth Q3 '21 Strong Margin Profile 83% Gross Margin LTM Sep-21 21% Adj. EBITDA Margin LTM Sep-
Slide 15: 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
Slide 16: ARR growth driven by expansion
ARR growth driven by expansion | over base ' ARR each L__year_—} $121 Sep-20 New Net Sep-21 Total ARR LogoLand —Upsell/downsell Total ARR
Slide 17: Profitability expansion
Profitability expansion Gross profit ($M) and margin 81.9% 84.6% 83.0% Q120 Q220 Q320 Q121 Q221 Q321 Looking Ahead Travel Field marketing events Hiring ~60 employees R&D investment ++ + + + Public company costs Operating expenses (Non-GAAP, $M] and % of sales 61% 64% 66% Q120 Q220 320 Q121. Q221 321
Slide 18: Non-GAAP net income and share structure
Sep 20 Sep 21 (in ‘000, rounded) New Structure ($K, except EPS) GAAP Net Income 8,121 8,139 Total Company Shares Outstanding 180,000 One-time tax expense - 7,067 Cellebrite Options 18,500 Issuance expenses - 11,834 WASO, diluted 198,500 Dividend participation compensation - 966 Restricted Sponsor Sh
Slide 19: Financial forecast
Financial forecast 2021E old ARR $197M ARR Growth 44% Revenue $236M Revenue Growth 21% Adjusted EBITDA $36M Adjusted EBITDA Margin 15% * At guidance mid point 2021E new ~34% $241.5-243.5M 24%" $45.0-46.5M 19%"
Slide 20: Appendix
2 Cellebrite 4 Appendix |
Slide 21: Sep 20A vs Sep 21A: ARR, revenue, gross profit, adjusted EBITDA
Sep 20A Sep 21A ($K) ARR 120,874 171,343 YOY Growth - % 46% 42% Subscriptions 35,004 51,251 Perpetual License & Others 11,838 6,657 Professional Services 6,399 7,979 Total Revenue 53,241 65,887 YOY Growth - % 25% 24% Gross Profit 43,740 53,933 Gross Profit - % 82.2% 81.9% Adjusted EBITDA 13,888 15,0
Slide 22: Net income to adjusted EBITDA reconciliation
Sep 20A Sep 21A ($K) Net Income 8,121 8,139 Financial income, net (417) (17,811) Tax expenses 1,279 6,581 Issuance expenses - 11,834 Dividend participation compensation - 966 Share based compensation 1,825 1,417 Amortization of intangible assets 386 541 Acquisition related costs 1,391 1,802 Non-GAAP
Slide 23: Definitions
Definitions Annual Recurring Revenue: 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 co