Cellebrite Di Ltd. · NASDAQ:CLBT
Cellebrite Di — Q3 2022 Earnings Presentation
21 slides from Cellebrite Di's earnings presentation, Nov 17, 2022
Slide 1: Q3 '22 Earnings Call
Q3 ‘22 Earnings Call 17 November 2022
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: Business Overview
2° Cellebrite Business Overview
Slide 4: Q3 '22 Results Highlights
Q3 ‘22 Results Highlights $232M $65.9M $71.7M $171M 35% 9% Sep-21 ARR Sep-22 Q3 21 Revenue Q3 22 25 129% Deals > $500K Net Retention Rate
Slide 5: Agenda
Agenda 1 Market Environment and Updates 2 Q3 ‘22 Customer Success 3 Continued Innovation
Slide 6: Market Environment and Updates
Market Environment and Updates 1 2 3 Growing Go-to-Market Executive Pipeline Organization Additions Progress
Slide 7: Go-To-Market Strategy
Go-To-Market Strategy Dedicated Account Strategic Accounts: Executives, with Technical Top 250-350 Public Sector Agencies Account Experts (TAE) Sales Directors & Technical Mid-Large Accounts Increase Wallet Pre-sales 650-750 Public Sector Agencies Share in Existing Long-tail of Accounts Sales Manage
Slide 8: Q3 '22 Customer Success
Q3 ‘22 Customer Success 1 2 3 Collect & Review Collect & Review Chainalysis Major US Federal Agency 2 Expansion Deals in UK & APAC Deal Large, multi-year expansion EMEA Partnership announced in July Added wide range of C&R Added Premium endpoints Prominence of cryptocurrency technology increasing in
Slide 9: Continued Innovation
3 Continued Innovation + + Cellebrite Cellebrite Y7/) PREMIUM x CJ) GUARDIAN
Slide 10: Financial Overview
2° Cellebrite Financial Overview
Slide 11: ARR Growth Driven by Expansion
ARR Growth Driven by Expansion +35% (9%) 35% ($14.6) +3% $60.2 +5% +1% $1.8 $5.0 $7.9 Growth % over base ARR each year $231.6 $171.3 Sep 2021 Total ARR New Price Transition Expansion Churn licenses Sep 2022 Total ARR Logo Land Increases to Term License
Slide 12: Revenue Growth Driven by Subscription
Revenue Growth Driven by Subscription Professional services Perpetual license and other Total subscription Perpetual license and other Professional services Total subscription 100% 13% 9% 12% 12% 12% 13% 12% 71.7 14% 90% 65.9 Total 9% 8.7 15% 10% 10% 7% 10% 80% 18% 14% 21% 8.0 7.4 70% 6.7 60% 50% 40
Slide 13: Gross Margin Reflects Hosting Capacity Readiness
Gross Margin Reflects Hosting Capacity Readiness Cost of Goods Sold (GAAP, $M) and gross margin as % of sales 80% 85% 14 79% 82% 82% 12 82% 80% 82% 83% 75% 82% 10 82% 85% 75% 8 14.5 12.3 13.1 6 12.0 70% 10.5 10.7 11.0 9.6 9.5 4 8.2 8.2 65% 2 0 60% Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 2
Slide 14: Investing in Our Growth
Investing in Our Growth 75% 6000% 81% 71% 79% 5000% 62% 65% 64% 4000% 66% 83% 59% 66% 3000% 54.1 Operating expenses 47.9 49.0 50.8 40.6 2000% (Non-GAAP, $M) 32.0 31.2 37.2 35.0 37.7 30.4 and % of sales 1000% 0% Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Headcount Sep-21 Headco
Slide 15: Solid Cash Position and Track Record
Solid Cash Position and Track Record Cash position Deposits 11% Marketable securities Sep 22 39% $168M Positive Adj. EBITDA Cumulative Operating Cash Flow Generated Since 2000 Cash and cash equivalents 50%
Slide 16: Financial Forecast
Financial Forecast 2022E Expectations ARR $245-260M ARR Growth (y/y) 31-39% Revenue $270-285M Revenue Growth (y/y) 10-16% Gross Margin 80-82% Adjusted EBITDA $20-27M Adjusted EBITDA Margin 7-9%
Slide 17: Q&A
2° Cellebrite Q&A
Slide 18: Appendix
2° Cellebrite Appendix
Slide 19: Financial Summary Q3 '22
Financial Summary Q3 ‘22 Sept-21 Sept-22 ($K) ARR 171,300 231,600 YOY Growth - % 41% 35% Subscriptions 51,251 55,594 Perpetual License & Others 6,657 7,407 Professional Services 7,979 8,674 Total Revenue 65,887 71,675 YOY Growth - % 24% 9% Gross Profit (Non-GAAP) 54,092 57,495 Gross Profit - % 82.1%
Slide 20: Adjusted EBITDA Reconciliation Q3 '22
Adjusted EBITDA Reconciliation Q3 ‘22 Sept-21 Sept-22 ($K) Net Income 8,139 25,092 Financial income, net (17,812) (25,422) Tax expenses 6,581 (755) Share based compensation 1,417 3,458 Issuance expenses 11,834 - Dividend participation compensation 966 - Amortization of intangible assets 541 664 Acqu
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