Cellebrite Di Ltd. · NASDAQ:CLBT
Cellebrite Di — Q1 2023 Earnings Presentation
23 slides from Cellebrite Di's earnings presentation, May 10, 2023
Slide 1: Q1 23 Results Call
2° Cellebrite Q1 23 Results Call
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Cellebrite DI Ltd. (the “Company") solely for informational purposes. It is not, and should not be assumed to be, complete. This presentation is not an offer to sell securities, nor is it a solicitation of an offer to buy securities. This presentatio
Slide 3: Agenda
2°" Cellebrite Agenda 1 Q1 ‘23 Results Highlights 2 Market Positioning and Recent Highlights 3 Customer Success 4 Healthy Market Environment 5) Outlook 6 Financial Review May 10, 2023
Slide 4: Business Overview
3." Cellebrite Business Overview otet May 10, 2023 4% e Confidential
Slide 5: Q1 '23 Results Highlights
‘| 1 '23 Results Highlights 14% 27% 30% “a "a Q1-22 Q1-23 Q1-22 Q1-23 Mar-22 Mar-23 Revenue Subscription Revenue Annual Recurring Revenue + + 21 128% Deals > $500K Net Retention Rate May 10, 2023
Slide 6: Market Positioning and Recent Highlights
2 Market Positioning and Recent Highlights ; 1 uS —) = & Market Driving Go-to-Market Leadership Innovation Execution May 10, 2023
Slide 7: Q1 '23 Customer Success
Q1 ‘23 Customer Success Digital Intelligence + Crypto 6 IM aay [ es | Latin America: Large National Agency + Expanded Premium deployment, Guardian and Pathfinder plus crypto + ARR grew 13x to $1.6M Digital Intelligence USA: Police departments for two mid-sized cities + Both add Premium plus Pathfind
Slide 8: Healthy Market Environment
4 Healthy Market Environment Powerful Trends as Tailwinds A) (@ Fe & a 90% of criminal Digital evidence has become ~2/3 of all phones Growing technology Poor or mediocre cases involve a more important than entering the lab are skills gap in policing** digital transformation digital element* physical
Slide 9: Outlook
5) outlook + On track to deliver on our FY23 targets + Confident about our ability to drive solid revenue growth and improved profitability as we further expand our business in the second half of the year. + Very enthusiastic about our prospects in FY23 and beyond May 10, 2023
Slide 10: Financial Overview
6 Financial Overview ere 0 $03
Slide 11: Total Revenue and Subscription Revenue Growth
Total Revenue +14% growth Total Subscription Revenue +27% growth * Other non-recurring revenue 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 re
Slide 12: ARR Growth Driven by Expansion
ARR Growth Driven by Expansion Growth % over base ARR each year $201 Mar 2022 Total New Price Transition Expansion Churn licenses Mar 2023 Total ARR Logo Land Increases to Term ARR License May 10, 2023 12
Slide 13: Cost of Goods Sold and Operating Expenses (Non-GAAP)
Cost of Goods Sold (Non-GAAP, $M) Operating Expenses (Non-GAAP, $M) and Gross Margin (Non-GAAP, %) and Operating Expense Margin (Non-GAAP, %) 85% 6000% 14 5000% 12 80% 10 4000% 75% 8 3000% 14.2 54.1 53.6 12.8 49.0 50.8 47.8 6 11.8 12.0 70% 10.7 2000% 4 65% 1000% 2 0 60% 0% 973
Slide 14: Cash Position and Adjusted EBITDA
Cash Position Adjusted EBITDA (Non-GAAP, $M) and Adjusted EBITDA Margin (Non-GAAP, %) +$15M from Q4 22
Slide 15: Financial Forecast 2023 Expectations
Financial Forecast 2023 U : nchanged from Expectations 9/15/23 2022A 5/10/23 ARR $249M $300M - $310M ARR Growth [y/y) +33% +21% - +25% Revenue $271M $305M - $315M Revenue Growth [y/y) +10% +13% - +$16% Gross Margin* 82% 80% - 82% Adjusted EBITDA* $25.9M $35M - $40M Adjusted EBITDA Margin* 9.6% 11% -
Slide 16: Q&A
3." Cellebrite Q&A
Slide 17: Appendix
3." Cellebrite Appendix
Slide 18: Q1 Revenue, Gross Profit and Non-GAAP Summary
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-
Slide 19: Non-GAAP Cost of Revenue and Gross Profit Reconciliation
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 $ 58,8
Slide 20: Non-GAAP Operating Expenses and Operating Income Reconciliation
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 Ma
Slide 21: Non-GAAP Net Income Reconciliation
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 (
Slide 22: Adjusted EBITDA Reconciliation
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
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