Cellebrite Di Ltd. · NASDAQ:CLBT
Cellebrite Di — Q4 2023 Earnings Presentation
22 slides from Cellebrite Di's earnings presentation, Feb 15, 2024
Slide 1: Q4 2023 Results Call
Q4 2023 RESULTS CALL February 15, 2024
Slide 2: Disclaimer
= Cellebrite 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
Slide 3: Agenda
i Cellebrite 04 2023, RESULTS GROWTH STRATEGIC PRIORITIES & OUTLOOK & FINANCIAL REVIEW HIGHLIGHTS PROSPECTS CUSTOMER SUCCESS SUMMARY February 15, 2024 3
Slide 4: Q4 2023 Results Highlights
2° Cellebrite a4 2023 RESU LTS H | G H LI G H TS » $93M +26% Rule of X Total Revenue - Q4 23 43 46 > $79M +26% rs , Subscription Revenue - Q4 23 > $316M +27% . 27% ARR - DEC 23 (1) > $23M 24% FY 22 FY 23 Adj. EBITDA & Adj. EBITDA %* - Q4 23 MARR Growth = Adj. EBITDA Margin *Non-GAAP February 15, 202
Slide 5: Growth Prospects
2° Cellebrite a4 2023 G ROWT HP ROS PE CTS February 15, 2024 °
Slide 6: Strategic Priorities & Customer Success
“couse “= STRATEGIC PRIORITIES & CUSTOMER SUCCESS STRATEGIC MOVES IN THE PRIVATE SECTOR LEADING WITH CLOUD February 15, 2024 6
Slide 7: Outlook & Summary
£2 Cellebrite ——_a«2023 OUTLOOK & SUMMARY + Expectation for another year of solid ARR and revenue expansion with good potential for incremental improvement in our operating profitability + Operation Find Them All + We move into 2024 with confidence that we have great people, products, partners and p
Slide 8: Financial Review
2° Cellebrite
Slide 9: Revenue Growth Driven by Subscription
“vane "2 REVENUE GROWTH DRIVEN BY SUBSCRIPTION ™ Total subscription mOther non-recurring* ™ Professional services @ Total subscription @ Other non- recurring* $93.0 $74.0 8.0 0, 26% Total revenue growth 0 26% Total subscription revenue growth Qi22. Q222,— 322, 422123) 223. 323) 4 23 Q4 22 lin millio
Slide 10: ARR Growth Driven by Existing Customer Expansion
Cellebrite Q4 2023 ARR GROWTH DRIVEN BY EXISTING CUSTOMER EXPANSION Dec. 2022 Total ARR Other* Existing Customer Expansion Churn Dec. 2023 Total ARR * Other represents new logo land, price increase & transition to subscription February 15, 2024 10
Slide 11: Cost and Expense Trends
14.2 14.4 54.1 53.6 54.7 57.6 12.8 12.6 12.4 49.0 50.8 52.5 11.8 12.0 47.8 10.7
Slide 12: Adjusted EBITDA & Cash Position
* calebrite ota ADJUSTED EBITDA & CASH POSITION Adjusted EBITDA (Non-GAAP, $M) and Cash Position Adjusted EBITDA Margin (Non-GAAP, %] $331.8M (12/31/23) +$48.5M from Q3 23 | +126.0M from Q4 22 24% 25% $20.8 22% 15% Cash and cash Short-term and equivalents 10% long-term 57% 1% 73 mies 1% cea ‘a 1% rn
Slide 13: Financial Forecast
<} Cellebrite 4 2023 ARR ARR Growth [y/y) Revenue Revenue Growth (y/y] Adjusted EBITDA* Adjusted EBITDA Margin* * Non-GAAP 2023A $316M +27% $325M +20% $61.9M 19.1% FINANCIAL FORECAST Q1 ‘24 EXPECTATIONS FY ‘24 EXPECTATIONS (AS OF 2/15/24) (AS OF 2/15/24) $325M - $335M $380M - $400M +24% - +28% +20%
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Slide 15: Appendix
Cellebrite APPENDIX. esesr 6 ‘ wd » ® ° ° -2se@ ° ee * ed a. o > _ _ Pr. i * - ? +s >» . . -_s
Slide 16: Financial Data Summary
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 %
Slide 17: Non-GAAP Cost of Revenues and Gross Profit
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
Slide 18: Non-GAAP Operating Expenses and Operating Income
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
Slide 19: Non-GAAP Net Income and EPS
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
Slide 20: Adjusted EBITDA Reconciliation
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) Issua
Slide 21: Definitions
i Cellebrite APPENDIX 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 contr
Slide 22: Thank You
> Cellebrite 04 2023 THANK YOU February 15, 2024