Cellebrite Di Ltd. · NASDAQ:CLBT
Cellebrite Di — Q3 2023 Earnings Presentation
22 slides from Cellebrite Di's earnings presentation, Nov 14, 2023
Slide 1: Q3 '23 Results Call
2." Cellebrite Q3 ‘23 Results Call November 14, 2023
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 ita solicitation of an offer to buy securities, This presentation
Slide 3: Agenda
Agenda 1 Q3 23 Results Highlights 2 Growth Drivers 3 Strategic Priorities & Q3 ‘23 Customer Success 4 ~~ Qutlook i 5 Financial Review
Slide 4: Q3 '23 Results Highlights
Q3 ‘23 Results Highlights Revenue Subscription Revenue Annual Recurring Revenue Adj. EBITDA & Adjusted EBITDA Margin 25% 0, 9 27% 17% a 32% J J - Peon | Q3 22 Q3 23 Q3 22 Q3 23 Sep-22 Sep-23 Q3 22 Q3 23 + + 29 125% Deals > $500K Net Retention Rate
Slide 5: Growth Drivers
Growth Drivers Go-to-Market Execution | \ @) Healthy Market Environment Existing Customer Growth New Logos Price Increases Private Sector Expansion
Slide 6: Strategic Priorities & Q3 '23 Customer Success
Strategic Priorities & Q3 ‘23 Customer Success Extend Leadership in Digital Forensic Units ah Large U.S. Federal Agency ¢ Differentiated capabilities support significant Premium expansion * ARR grew by 80% to $6.5 million Accelerate Growth within Investigative Units Q Major U.S. state police departm
Slide 7: * Defined as ARR growth rate + adjusted EBITDA margin
* Defined as ARR growth rate + adjusted EBITDA margin
Slide 8: Financial Review
7 iF Cellebrite FINANCIAL REVIEW
Slide 9: Total Revenue and Subscription Revenue
90 75 Total Revenue +17% growth 60 45 30 Total Subscription Revenue +32% growth 15 0 * 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
Slide 10: * Numbers may not total due to rounding
* Numbers may not total due to rounding
Slide 11: 14.2 54.1 53.6 54.7 52.5 12.8 12.6 12.4 49.0 50.8 47.8 11.8 12.0 10.7
14.2 54.1 53.6 54.7 52.5 12.8 12.6 12.4 49.0 50.8 47.8 11.8 12.0 10.7 1,005 1,004 989
Slide 12: Adjusted EBITDA & Cash Position
Adjusted EBITDA & Cash Position Adjusted EBITDA (Non-GAAP, $M) and Adjusted EBITDA Margin (Non-GAAP, %) 25% 22% 15% 10% 7% 1% Q2 22 Q3 22 Qé4 22 Q1 23 Q2 23 Q3 23 Cash Position 9/30/23 $283M +$39M from Q2 23 12 See
Slide 13: Financial Forecast
Financial Forecast 2022A Prior 2023 Expectations (as of 8/8/23) Updated 2023 Expectations (as of 11/14/23) Revenue Revenue Growth [y/y) ARR ARR Growth l[y/y) Gross Margin* Adjusted EBITDA* Adjusted EBITDA Margin* $271M +10% $249M +33% 82% $25.9M 9.6% $310M - $320M +15% - +$18% $303M - $313M +22% - +
Slide 14: iF Cellebrite
iF Cellebrite
Slide 15: Appendix
iF Cellebrite APPENDIX
Slide 16: GAAP and Non-GAAP Financial Data
For the three months ended For the nine months ended September 30, September 30, 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue 84,179 71,675 232,097 196,633 Gross profit 71,301 57,141 193,782 158,018 Gross margin 84.7% 79.7% 83.5% 80.4% Operating income (loss) 13,479 (1
Slide 17: Non-GAAP Cost of Revenues and Gross Profit
For the three months ended For the nine months ended September 30, September 30, 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Cost of revenues $ 12,878 $ 14,534 $ 38,315 $ 38,615 Less: Share based compensation 435 355 1,235 940 Acquisition related costs 12 — 39 — Non-GAAP cost
Slide 18: Non-GAAP Operating Expenses and Operating Income
For the three months ended For the nine months ended September 30, September 30, 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Operating expenses $ 57,822 $ 58,226 $ 175,544 $ 166,648 Less: Issuance expenses — — (345) — Share based compensation 4,446 3,102 12,703 8,980 Amortiza
Slide 19: Non-GAAP Net Income and EPS
For the three months ended For the nine months ended September 30, September 30, 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net (loss) income $ 6,500 $ 25,092 $ (66,453) $ 113,727 Issuance expenses — — (345) — One time tax income — (543) — (2,368) Share based compensation 4,
Slide 20: Adjusted EBITDA Reconciliation
For the three months ended For the nine months ended September 30, September 30, 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net (loss) income $ 6,500 $ 25,092 $ (66,453) $ 113,727 Issuance expenses Financial expense (income), net 6,630 (25,422) 81,456 (120,288) Tax expense (
Slide 21: Definitions
Definitions 1. 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
Slide 22: Thank you
2° Cellebrite Thank you