Cellebrite Di Ltd. · NASDAQ:CLBT
Cellebrite Di — Q4 2021 Earnings Presentation
24 slides from Cellebrite Di's earnings presentation, Feb 16, 2022
Slide 1: Q4 '21 Earnings Call
2°" Cellebrite Q4 ‘21 Earnings Call MLC 16 February 2022
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
2:5" Cellebrite Business Overview
Slide 4: Strong Q4 & FY 2021
Strong Q4 & FY 2021 26% $246M 19% $68M B P P - P 2020 Revenue 2021 Q4 20 Revenue Q421
Slide 5: Confident in our future
Confident in our future 2022 Outlook & Long-term Model Intact
Slide 6: Cellebrite empowers the world's leading public safety agencies and private sector corporations
Cellebrite empowers the world’s leading public safety agencies and private sector corporations Federal 100+ North American Federal Accounts 15 of 15 U.S Cabinet Executive Departments 27 of 27 member E.U. National Police State, Local & Government 2,800+ North American State and Local Accounts 50 of 5
Slide 7: Growth strategy
Growth strategy poscest =o o—o + Sel Increase Wallet Share in Continued Existing Accounts Product Innovation
Slide 8: Collect & Review, Analyze, Manage
Collect & Review Collect & Review Analyze Manage
Slide 9: Crime rates, inefficiency and siloed manual process
Inefficiency and Siloed, Crime Rates Manual Process Quantity, Variety and Complexity of Digital Available funding Evidence
Slide 10: Q4 '21 Customer success
Q4 ‘21 Customer success National Police Agency + $1.5M, multi year + Advanced Collect & Review & dozens of end-points + Up-sell, adoption of Subscription Government Entity >$11M, multi year - largest ever Collect & Review, Investigative Analytics, professional services Design partner Large State Pol
Slide 11: 2021 customer successes
2021customer successes Deals > $500K 83 63 2020 2021 Average size of deals >$500K increased 19%
Slide 12: Q4 '21 Offering enhancements
Q4 ‘21 Offering enhancements DEMS and Case Management Cellebrite Guardian oD SaaS-based Investigative Digital = Evidence Management Open-Source Intelligence Cellebrite OSINT & & oS oD SaaS-based early-stage = investigations 2 $0)
Slide 13: Q1-Q3 '21 Offering enhancements
Q1-Q3 ‘21 Offering enhancements Collect & Review Investigative Analytics Private Sector Collection Premium Enterprise Pathfinder Updates Endpoint Inspector vor Agency-wide solution to Fi Ingestion from broader Ei Manage remote collection Org scale up range of sources
Slide 14: Go to market investment
Go to market investment Advanced capabilities to the broader customer base Broadening cloud offering Streamlining the investigative workflows An Undisputed Leader Transformation in
Slide 15: Financial highlights
+ 37% ARR Growth Dec-21 +> 137% Net Retention FY 2021 Financial highlights Best-in-class retention, strong growth, high profitability —_—+>———_ 26% Revenue Growth FY '21 in 19.5% Adj. EBITDA Margin FY 2021 Note: non-GAAP metrics defined in the appendix, $246M Total Revenue FY ‘21 82.7% Gross Margin
Slide 16: Revenue growth driven by subscription
Revenue growth driven by subscription ™ Professional services ™Total subscriptions #™ Perpetual license and other ™ Professional services @ Perpetual license and other ® Total subscription 67.9 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Q1-20 Q2-20 Q3-20 Q4-20.— Q1-21 Q2-21 Q3-21 Q4-21
Slide 17: Revenue by solution
Revenue by solution Services: 11% Investigative Analytics r & Management: 5% 2021 Revenue Collect & Review : 84% va
Slide 18: ARR growth driven by expansion
ARR growth driven by expansion 137%} i Growth % | ' over base | ! ARReach | t__ year $187 Dec-20 New Price Transition Expansion Churn Dec-21 Total ARR Logo Land Increases to Term licenses Total ARR License
Slide 19: Operating expenses
Operating expenses (Non-GAAP, $M) and % of sales Adj. EBITDA ($M) and margin
Slide 20: Financial forecast
Financial forecast 2022E ARR $250-265M ARR Growth 34-42% Revenue $285-300M Revenue Growth 16-22% Gross Margin 80-82% Adjusted EBITDA $39-44M Adjusted EBITDA Margin 13-15% 20 $7"
Slide 21: Appendix
2:5" Cellebrite Appendix
Slide 22: ARR, revenue and gross profit summary
Dec 20 Dec 21 ($K) ARR 136,970 187,099 YOY Growth - % 46% 37% Subscriptions 38,050 50,087 Perpetual License & Others 11,832 9,387 Professional Services 7,286 8,438 Total Revenue 57,168 67,908 YOY Growth - % 11% 19% Gross Profit 46,648 55,572 Gross Profit - % 81.6% 81.8% Adjusted EBITDA 10,688 8,874
Slide 23: Net income to Adjusted EBITDA reconciliation
Dec 20 Dec 21 ($K) Net Income 2,954 51,871 Financial income, net (605) (49,809) Tax expenses 2,719 2,244 Share based compensation 1,540 1,661 Amortization of intangible assets 387 607 Acquisition related costs 1,859 1,177 Capital loss from FA disposal 689 - Non-GAAP EBIT 9,845 7,751 Non-GAAP EBIT -
Slide 24: 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