Cellebrite (NASDAQ: CLBT), a global leader in premier Digital
Investigative solutions for the public and private sectors, today
announced financial results for the three and twelve months ending
December 31, 2024.
“Cellebrite delivered a solid fourth-quarter performance to cap
an excellent 2024 in which we exceeded our original revenue and
adjusted EBITDA targets and delivered at the higher end of our ARR
expectations,” stated Thomas E. Hogan, Cellebrite’s interim chief
executive officer. “We enjoyed continued success in expanding our
share-of-wallet across our global installed base and converting
that top-line growth into meaningful year-over improvement in our
profitability and free cash flow. As a result, we produced a Rule
of 50 performance in 2024 with 25% ARR growth and 25% adjusted
EBITDA margins. With multiple macro tailwinds that we believe show
no signs of dissipating, we move into 2025 with plans to advance
our market and technology leadership, sustain our top-line
expansion and continue generating attractive profit margins and
robust free cash flow.”
Fourth-Quarter 2024 Financial
Highlights
- Revenue of $109.0 million, up 17%
year-over-year
- Subscription revenue was $95.1
million, up 21% year-over-year
- Annual Recurring Revenue (ARR) of
$395.9 million, up 25% year-over-year
- Recurring revenue dollar-based net
retention rate of 124%
- GAAP gross profit and gross margin
of $91.4 million and 83.8%, respectively; Non-GAAP gross profit and
gross profit margin of $92.0 million and 84.4%, respectively
- GAAP net income of $19.3 million;
Non-GAAP net income of $26.1 million
- GAAP diluted earnings per share of
$0.08; Non-GAAP diluted earnings per share of $0.10
- Adjusted EBITDA and Adjusted EBITDA
margin of $28.8 million and 26.4%, respectively
Full-Year 2024 Financial
Highlights
- Revenue of $401.2 million, up 23%
year-over-year
- Subscription revenue was $353.0
million, a 26% year-over-year increase
- GAAP gross profit and gross margin
of $338.6 million and 84.4%, respectively; Non-GAAP gross profit
and gross profit margin of $340.8 million and 85.0%,
respectively
- GAAP net loss of $283.0 million;
Non-GAAP net income of $97.8 million
- GAAP diluted loss per share of
$1.35; Non-GAAP diluted earnings per share of $0.42
- Adjusted EBITDA and adjusted EBITDA
margin of $99.4 million and 24.8%, respectively
Fourth-Quarter 2024 and Recent Business
& Operational Highlights
Board Governance
- On January 6, 2025, Cellebrite
announced a series of Board updates to support the Company’s
continued growth into 2025 and beyond:
- Thomas E. Hogan, previously
Cellebrite’s executive chairman, was appointed interim chief
executive officer and will remain on the Company’s Board of
Directors.
- Adam H. Clammer, Managing Partner of
True Wind Capital Management and Cellebrite’s current lead
independent director, succeeded Hogan as board chairman. It is
expected that Hogan will revert to board chairman upon the eventual
appointment of a new CEO.
- Michael D. Capellas, a distinguished
executive with extensive leadership experience across a range of
CIO, CEO and board chairman and director positions at a number of
the world’s most successful software and technology companies, has
been appointed to Cellebrite’s Board of Directors as a Class II
director and will serve as the Board’s lead independent
director.
Go-to-Market
- On February 11, 2025, Cellebrite
published its sixth annual 2025 Industry Trends Survey,
highlighting how public safety professionals use and apply powerful
digital investigative solutions to uncover digital evidence in
criminal investigations and revealing widespread appetite for
artificial intelligence and cloud solutions.
Innovation
- On February 12, 2025, Cellebrite
announced that its Cellebrite Government Cloud platform has
achieved FedRAMP High Ready designation by the Federal Risk and
Authorization Management Program (FedRAMP). This milestone, which
marks the initial stage in the compliance process, reinforces
Cellebrite’s commitment to equipping and empowering its U.S.
federal customers with industry-leading cloud security when
utilizing the Company’s Software-as-a-Service-based digital
investigative solutions.
- On February 6, 2025, Cellebrite
announced the general availability of Generative Artificial
Intelligence (GenAI) capabilities within Guardian, Cellebrite’s
SaaS-based evidence management solution.
- On November 20, 2024, as part of an
exclusive technology and go-to-market partnership with Relativity,
Cellebrite announced that it had integrated its mobile collection
solutions, Endpoint Inspector and Endpoint Mobile Now, into the
RelativityOne platform.
Supplemental financial information can be found
on the Investor Relations section of our website at
https://investors.cellebrite.com/financial-information/quarterly-results.
Financial Outlook
“Cellebrite’s 2024 financial results reflect a balanced mix of
top-line growth and strong profitability,” stated Dana Gerner,
Cellebrite’s Chief Financial Officer. “Redeeming our warrants and
hitting various stock price triggers in 2024 enabled us to optimize
our capital structure, support healthy trading liquidity and
simplify our 2025 financial reporting. As we look ahead, our
outlook for 2025 is aligned with our long-term objective of
consistently delivering a Rule of X performance between 45 and
50.”
The Company’s first-quarter and full-year expectations for 2025
are as follows:
|
|
First-Quarter 2025 Expectations(as of
2/13/25) |
|
Full-Year 2025 Expectations(as of 2/13/25) |
ARR |
|
$406 million - $411 million |
|
$480 million - $495 million |
Annual growth |
|
22% - 24% |
|
21% - 25% |
Revenue |
|
$107 million - $112 million |
|
$480 million - $490 million |
Annual growth |
|
19% - 25% |
|
20% - 22% |
Adjusted EBITDA |
|
$22 million - $24 million |
|
$113 million - $123 million |
Adjusted EBITDA margin |
|
~21% |
|
24% - 25% |
Conference Call Information
Cellebrite will host a live conference call and webcast later
this morning to review the Company’s financial results for the
fourth quarter of 2024 and discuss its outlook for 2025. Pertinent
details include:
Date: |
|
Thursday, February 13, 2025 |
Time: |
|
8:30 a.m. ET |
Call-In Number: |
|
203-518-9783 /
800-267-6316 |
Conference ID: |
|
CLBTQ424 |
Event URL: |
|
https://investors.cellebrite.com/events/event-details/cellebrite-q4-2024-fy-2024-financial-results-investor-call-webcast |
Webcast URL: |
|
https://edge.media-server.com/mmc/p/2oayuote |
In conjunction with the conference call and webcast, historical
financial tables and supplemental data will be available on the
quarterly results section of Company’s investor relations website
at
https://investors.cellebrite.com/financial-information/quarterly-results.
Non-GAAP Financial Information and Key
Performance Indicators
This press release includes non-GAAP financial measures.
Cellebrite believes that the use of non-GAAP cost of revenue,
non-GAAP gross profit, non-GAAP operating expenses, non-GAAP
operating income, non-GAAP net income, non-GAAP EPS and Adjusted
EBITDA is helpful to investors. These measures, which the Company
refers to as its non-GAAP financial measures, are not prepared in
accordance with GAAP.
The Company believes that the non-GAAP financial measures
provide a more meaningful comparison of its operational performance
from period to period, and offer investors and management greater
visibility into the underlying performance of its business.
Mainly:
- Share-based
compensation expenses utilize varying available valuation
methodologies, subjective assumptions and a variety of equity
instruments that can impact a company's non-cash expenses;
- Acquired
intangible assets are valued at the time of acquisition and are
amortized over an estimated useful life after the acquisition, and
acquisition-related expenses are unrelated to current operations
and neither are comparable to the prior period nor predictive of
future results;
- To the extent
that the above adjustments have an effect on tax (income) expense,
such an effect is excluded in the non-GAAP adjustment to net
income;
- Tax expense,
depreciation and amortization expense vary for many reasons that
are often unrelated to the Company’s underlying performance and
make period-to-period comparisons more challenging; and
- Financial
instruments are remeasured according to GAAP and vary for many
reasons that are often unrelated to the Company’s current
operations and affect financial income.
Each of our non-GAAP financial measures is an important tool for
financial and operational decision making and for evaluating our
own operating results over different periods of time. The non-GAAP
financial measures do not represent our financial performance under
U.S. GAAP and should not be considered as alternatives to operating
income or net income or any other performance measures derived in
accordance with GAAP. Non-GAAP measures should not be considered in
isolated from, or as an alternative to, financial measures
determined in accordance with GAAP. Non-GAAP financial measures may
not provide information that is directly comparable to that
provided by other companies in our industry, as other companies in
our industry may calculate non-GAAP financial results differently,
particularly related to non-recurring, unusual items. In addition,
there are limitations in using non-GAAP financial measures because
the non-GAAP financial measures are not prepared in accordance with
GAAP, and exclude expenses that may have a material impact on our
reported financial results. Further, share-based compensation
expense has been, and will continue to be for the foreseeable
future, significant recurring expenses in our business and an
important part of the compensation provided to our employees. In
addition, the amortization of intangible assets is expected
recurring expense over the estimated useful life of the underlying
intangible asset and acquisition-related expenses will be incurred
to the extent acquisitions are made in the future. Furthermore,
foreign exchange rates may fluctuate from one period to another,
and the Company does not estimate movements in foreign
currencies.
A reconciliation of each of these non-GAAP
financial measures to their most comparable GAAP measure is set
forth in a table included at the end of this press release, which
is also available on our website at
https://investors.cellebrite.com.
In regard to forward-looking non-GAAP guidance, we are not able
to reconcile the forward-looking Adjusted EBITDA measure to the
closest corresponding GAAP measure without unreasonable efforts
because we are unable to predict the ultimate outcome of certain
significant items including, but not limited to, fair value
movements, share-based payments for future awards, tax expense,
depreciation and amortization expense, and certain financing and
tax items.
This press release also includes key performance indicators,
including annual recurring revenue and dollar-based retention
rate.
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 contracts for perpetual licenses are annualized by
multiplying the revenue of the last month of the period by 12. The
annualized value of contracts is a legal and contractual
determination made by assessing the contractual terms with our
customers. The annualized value of maintenance contracts is not
determined by reference to historical revenue, deferred revenue or
any other GAAP financial measure over any period. ARR is not a
forecast of future revenues, which can be impacted by contract
start and end dates and renewal rates.
Dollar-based net retention rate (“NRR”) is calculated by
dividing customer recurring revenue by base revenue. We define base
revenue as recurring revenue we recognized from all customers with
a valid license at the last quarter of the previous year period,
during the four quarters ended one year prior to the date of
measurement. We define our customer revenue as the recurring
revenue we recognized during the four quarters ended on the date of
measurement from the same customer base included in our measure of
base revenue, including recurring revenue resulting from additional
sales to those customers.
References to Websites and Social Media
Platforms
References to information included on, or accessible through,
websites and social media platforms do not constitute incorporation
by reference of the information contained at or available through
such websites or social media platforms, and you should not
consider such information to be part of this press release.
Caution Regarding Forward Looking
Statements
This document includes “forward-looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward looking
statements may be identified by the use of words such as
“forecast,” “intend,” “seek,” “target,” “anticipate,” “will,”
“appear,” “approximate,” “foresee,” “might,” “possible,”
“potential,” “believe,” “could,” “predict,” “should,” “could,”
“continue,” “expect,” “estimate,” “may,” “plan,” “outlook,”
“future” and “project” and other similar expressions that predict,
project or indicate future events or trends or that are not
statements of historical matters. Such forward-looking statements
include, but are not limited to, estimated financial information
for the first quarter of 2025 and for fiscal year 2025 and certain
statements such as, multiple macro tailwinds that the Company
believes show no signs of dissipating; the Company moves into 2025
with plans to advance its market and technology leadership, sustain
its top-line expansion and continue generating attractive profit
margins and robust free cash flow; and the Company’s outlook for
2025 being aligned with its long-term objective of consistently
delivering a Rule of X performance between 45 and 50. Such
forward-looking statements including those with respect to 2025
revenue and annual recurring revenue, profitability and earnings as
well as commentary associated with future performance, strategies,
prospects, and other aspects of Cellebrite’s business are based on
current expectations that are subject to risks and uncertainties. A
number of factors could cause actual results or outcomes to differ
materially from those indicated by such forward-looking statements.
These factors include, but are not limited to: Cellebrite’s ability
to keep pace with technological advances and evolving industry
standards; Cellebrite’s material dependence on the purchase,
acceptance and use of its solutions by law enforcement and
government agencies; real or perceived errors, failures, defects or
bugs in Cellebrite’s DI solutions; Cellebrite’s failure to maintain
the productivity of sales and marketing personnel, including
relating to hiring, integrating and retaining personnel; intense
competition in all of Cellebrite’s markets; the inadvertent or
deliberate misuse of Cellebrite’s solutions; failure to manage its
growth effectively; Cellebrite’s ability to introduce new solutions
and add-ons; Cellebrite’s dependency on its customers renewing
their subscriptions and purchasing new subscriptions; the low
volume of business Cellebrite conducts via e-commerce; risks
associated with the use of artificial intelligence; the risk of
requiring additional capital to support the growth of its business;
risks associated with Cellebrite’s dependency on third parties for
supplying components or services and with higher costs or
unavailability of materials used to create its hardware product
components; lengthy sales cycle for some of Cellebrite’s solutions;
near term declines in new or renewed agreements; risks associated
with inability to recruit, train and retain qualified personnel and
senior management; the security of Cellebrite’s operations and the
integrity of its software solutions against cyber-attacks,
information technology system breaches or disruptions; risks
associated with the negative publicity related to Cellebrite’s
business and use of its products; risks related to Cellebrite’s
intellectual property; the regulatory constraints to which
Cellebrite is subject; risks associated with Cellebrite’s
operations in Israel, including the ongoing Israel-Hamas war, the
increased tension between Israel and Iran and its proxies,
including the ongoing hostilities between Israel and Hezbollah, and
the risk of a greater regional conflict; risks associated with
different corporate governance requirements applicable to Israeli
companies and risks associated with being a foreign private issuer
and an emerging growth company; market volatility in the price of
Cellebrite’s shares; changing tax laws and regulations; risks
associated with joint, ventures, partnerships and strategic
initiatives; risks associated with Cellebrite’s significant
international operations, including due to fluctuations in foreign
currency exchange rates, rising global inflation and exposure to
regions subject to political or economic instability; risks
associated with Cellebrite’s failure to comply with
anti-corruption, trade compliance, anti-money-laundering and
economic sanctions laws and regulations; risks relating to the
adequacy of Cellebrite’s existing systems, processes, policies,
procedures, internal controls and personnel for Cellebrite’s
current and future operations and reporting needs; and other
factors, risks and uncertainties set forth in the section titled
“Risk Factors” in Cellebrite’s annual report on Form 20-F filed
with the SEC on March 21, 2024 and as amended on April 12, 2024,
and in other documents filed by Cellebrite with the U.S. Securities
and Exchange Commission (“SEC”), which are available free of charge
at www.sec.gov. You are cautioned not to place undue reliance upon
any forward-looking statements, which speak only as of the date
made, in this communication or elsewhere. Cellebrite undertakes no
obligation to update its forward-looking statements, whether as a
result of new information, future developments or otherwise, should
circumstances change, except as otherwise required by securities
and other applicable laws.
About Cellebrite
Cellebrite’s (Nasdaq: CLBT) mission is to enable
its global customers to protect and save lives by enhancing digital
intelligence and accelerating justice in communities around the
world. Cellebrite’s AI-powered Case-to-Closure (C2C) platform
enables customers to lawfully access, collect, analyze and share
digital evidence in legally sanctioned investigations while
preserving data privacy. Thousands of public safety organizations,
intelligence agencies and businesses rely on the Company’s
cloud-ready digital forensic and investigative solutions to close
cases faster and safeguard communities. To learn more, visit us at
www.cellebrite.com, https://investors.cellebrite.com and find us on
social media @Cellebrite.
Contacts:
Investors RelationsAndrew KramerVice President,
Investor Relationsinvestors@cellebrite.com+1 973.206.7760
Media Victor CooperSr. Director of Corporate
Communications + Content OperationsVictor.cooper@cellebrite.com+1
404.804.5910
Cellebrite DI Ltd. Fourth-Quarter 2024
Results Summary (U.S Dollars in
thousands) |
|
|
For the three months ended |
|
For the year ended |
|
December 31, |
|
December 31, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
Revenue |
109,049 |
|
|
93,013 |
|
|
401,203 |
|
|
325,110 |
|
Gross profit |
91,425 |
|
|
78,097 |
|
|
338,610 |
|
|
271,879 |
|
Gross margin |
83.8 |
% |
|
84.0 |
% |
|
84.4 |
% |
|
83.6 |
% |
Operating income |
15,727 |
|
|
14,999 |
|
|
56,906 |
|
|
33,237 |
|
Operating margin |
14.4 |
% |
|
16.1 |
% |
|
14.2 |
% |
|
10.2 |
% |
Net income (loss) |
19,269 |
|
|
(14,647 |
) |
|
(283,007 |
) |
|
(81,100 |
) |
Cash flow from operating
activities |
65,967 |
|
|
43,828 |
|
|
132,171 |
|
|
102,058 |
|
|
|
|
|
|
|
|
|
Non-GAAP Financial
Data: |
|
|
|
|
|
|
|
Operating income |
26,928 |
|
|
20,982 |
|
|
92,119 |
|
|
55,282 |
|
Operating margin |
24.7 |
% |
|
22.6 |
% |
|
23.0 |
% |
|
17.0 |
% |
Net income |
26,123 |
|
|
21,999 |
|
|
97,761 |
|
|
60,926 |
|
Adjusted EBITDA |
28,793 |
|
|
22,726 |
|
|
99,377 |
|
|
61,946 |
|
Adjusted EBITDA margin |
26.4 |
% |
|
24.4 |
% |
|
24.8 |
% |
|
19.1 |
% |
Cellebrite DI Ltd. Condensed Consolidated
Balance Sheets (U.S. Dollars in
thousands) |
|
|
|
December 31, |
|
December 31, |
|
|
2024 |
|
2023 |
Assets |
|
|
|
|
Current
assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
191,659 |
|
|
$ |
189,517 |
|
Short-term deposits |
|
|
153,746 |
|
|
|
74,713 |
|
Marketable securities |
|
|
101,818 |
|
|
|
38,693 |
|
Trade receivables (net of
allowance for credit losses of $594 and $1,583 as of December 31,
2024 and December 31, 2023, respectively) |
|
|
82,358 |
|
|
|
77,269 |
|
Prepaid expenses and other
current assets |
|
|
23,246 |
|
|
|
26,400 |
|
Contract acquisition
costs |
|
|
5,827 |
|
|
|
5,550 |
|
Inventories |
|
|
8,939 |
|
|
|
9,940 |
|
Total current
assets |
|
|
567,593 |
|
|
|
422,082 |
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
Other non-current assets |
|
|
7,682 |
|
|
|
7,341 |
|
Marketable securities |
|
|
36,601 |
|
|
|
28,859 |
|
Deferred tax assets, net |
|
|
11,072 |
|
|
|
7,024 |
|
Property and equipment,
net |
|
|
16,995 |
|
|
|
15,896 |
|
Intangible assets, net |
|
|
11,306 |
|
|
|
10,594 |
|
Operating lease right-of-use
assets, net |
|
|
10,604 |
|
|
|
14,260 |
|
Goodwill |
|
|
28,714 |
|
|
|
26,829 |
|
Total non-current
assets |
|
|
122,974 |
|
|
|
110,803 |
|
Total
assets |
|
$ |
690,567 |
|
|
$ |
532,885 |
|
|
|
|
|
|
Liabilities and
shareholders’ equity |
|
|
|
|
Current
Liabilities |
|
|
|
|
Trade payables |
|
$ |
11,077 |
|
|
$ |
8,282 |
|
Other accounts payable and
accrued expenses |
|
|
63,330 |
|
|
|
44,845 |
|
Deferred revenues |
|
|
216,970 |
|
|
|
195,725 |
|
Operating lease
liabilities |
|
|
4,125 |
|
|
|
4,972 |
|
Total current
liabilities |
|
|
295,502 |
|
|
|
253,824 |
|
|
|
|
|
|
Long-term
liabilities |
|
|
|
|
Other long-term
liabilities |
|
|
6,954 |
|
|
|
5,515 |
|
Deferred revenues |
|
|
45,247 |
|
|
|
47,098 |
|
Restricted Sponsor Shares
liability |
|
|
— |
|
|
|
47,247 |
|
Price Adjustment Shares
liability |
|
|
— |
|
|
|
81,715 |
|
Derivative warrant
liabilities |
|
|
— |
|
|
|
54,117 |
|
Operating lease
liabilities |
|
|
6,844 |
|
|
|
9,157 |
|
Total long-term
liabilities |
|
|
59,045 |
|
|
|
244,849 |
|
Total
liabilities |
|
|
354,547 |
|
|
|
498,673 |
|
|
|
|
|
|
Shareholders’
equity |
|
|
|
|
Share capital |
|
|
* |
) |
|
|
* |
) |
Additional paid-in
capital |
|
|
498,883 |
|
|
|
(84,896 |
) |
Treasury share, NIS 0.00001
par value; 41,776 ordinary shares |
|
|
(85 |
) |
|
|
(85 |
) |
Accumulated other
comprehensive income |
|
|
2,086 |
|
|
|
1,050 |
|
(Accumulated deficit) retained
earnings |
|
|
(164,864 |
) |
|
|
118,143 |
|
Total shareholders’
equity |
|
|
336,020 |
|
|
|
34,212 |
|
Total liabilities and
shareholders’ equity |
|
$ |
690,567 |
|
|
$ |
532,885 |
|
|
*) Less than 1
USD |
Cellebrite DI Ltd. Condensed Consolidated
Statements of Income (U.S Dollars in thousands,
except share and per share data) |
|
|
|
For the three months ended |
|
For the year ended |
|
|
December 31, |
|
December 31, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
Subscription services |
|
$ |
73,848 |
|
|
$ |
57,722 |
|
|
$ |
271,028 |
|
|
$ |
209,751 |
|
Term-license |
|
|
21,220 |
|
|
|
20,924 |
|
|
|
82,007 |
|
|
|
70,663 |
|
Total subscription |
|
|
95,068 |
|
|
|
78,646 |
|
|
|
353,035 |
|
|
|
280,414 |
|
Other non-recurring |
|
|
6,293 |
|
|
|
4,486 |
|
|
|
17,285 |
|
|
|
13,561 |
|
Professional services |
|
|
7,688 |
|
|
|
9,881 |
|
|
|
30,883 |
|
|
|
31,135 |
|
Total
revenue |
|
|
109,049 |
|
|
|
93,013 |
|
|
|
401,203 |
|
|
|
325,110 |
|
|
|
|
|
|
|
|
|
|
Cost of
revenue: |
|
|
|
|
|
|
|
|
Subscription services |
|
|
7,156 |
|
|
|
5,179 |
|
|
|
26,004 |
|
|
|
19,219 |
|
Term-license |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6 |
|
Total subscription |
|
|
7,156 |
|
|
|
5,179 |
|
|
|
26,004 |
|
|
|
19,225 |
|
Other non-recurring |
|
|
4,865 |
|
|
|
4,344 |
|
|
|
16,200 |
|
|
|
13,766 |
|
Professional services |
|
|
5,603 |
|
|
|
5,393 |
|
|
|
20,389 |
|
|
|
20,240 |
|
Total cost of
revenue |
|
|
17,624 |
|
|
|
14,916 |
|
|
|
62,593 |
|
|
|
53,231 |
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
$ |
91,425 |
|
|
$ |
78,097 |
|
|
$ |
338,610 |
|
|
$ |
271,879 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
25,599 |
|
|
|
21,751 |
|
|
|
98,415 |
|
|
|
84,386 |
|
Sales and marketing |
|
|
35,524 |
|
|
|
29,594 |
|
|
|
132,389 |
|
|
|
110,813 |
|
General and
administrative |
|
|
14,575 |
|
|
|
11,753 |
|
|
|
50,900 |
|
|
|
43,443 |
|
Total operating
expenses |
|
$ |
75,698 |
|
|
$ |
63,098 |
|
|
$ |
281,704 |
|
|
$ |
238,642 |
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
$ |
15,727 |
|
|
$ |
14,999 |
|
|
$ |
56,906 |
|
|
$ |
33,237 |
|
Financial income (expense),
net |
|
|
4,170 |
|
|
|
(27,344 |
) |
|
|
(332,890 |
) |
|
|
(108,800 |
) |
Income (loss) before tax |
|
|
19,897 |
|
|
|
(12,345 |
) |
|
|
(275,984 |
) |
|
|
(75,563 |
) |
Tax expense |
|
|
628 |
|
|
|
2,302 |
|
|
|
7,023 |
|
|
|
5,537 |
|
Net income
(loss) |
|
$ |
19,269 |
|
|
$ |
(14,647 |
) |
|
$ |
(283,007 |
) |
|
$ |
(81,100 |
) |
|
|
|
|
|
|
|
|
|
Earnings (losses) per
share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.08 |
|
|
$ |
(0.08 |
) |
|
$ |
(1.35 |
) |
|
$ |
(0.43 |
) |
Diluted |
|
$ |
0.08 |
|
|
$ |
(0.08 |
) |
|
$ |
(1.35 |
) |
|
$ |
(0.43 |
) |
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
233,248,045 |
|
|
|
194,440,674 |
|
|
|
209,471,827 |
|
|
|
190,154,549 |
|
Diluted |
|
|
247,353,640 |
|
|
|
194,440,674 |
|
|
|
209,471,827 |
|
|
|
190,154,549 |
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income: |
|
|
|
|
|
|
|
|
Unrealized income (loss) on
hedging transactions |
|
|
261 |
|
|
|
1,311 |
|
|
|
(487 |
) |
|
|
1,252 |
|
Unrealized (loss) income on
marketable securities |
|
|
(411 |
) |
|
|
293 |
|
|
|
113 |
|
|
|
506 |
|
Currency translation
adjustments |
|
|
1,820 |
|
|
|
(946 |
) |
|
|
1,410 |
|
|
|
(1,039 |
) |
Total other comprehensive
income, net of tax |
|
|
1,670 |
|
|
|
658 |
|
|
|
1,036 |
|
|
|
719 |
|
Total other
comprehensive income (loss) |
|
$ |
20,939 |
|
|
$ |
(13,989 |
) |
|
$ |
(281,971 |
) |
|
$ |
(80,381 |
) |
Cellebrite DI Ltd. Condensed Consolidated
Statements of Cash Flow (U.S Dollars in thousands,
except share and per share data) |
|
|
|
For the three months ended |
|
For the year ended |
|
|
December 31, |
|
December 31, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
Cash flow
from operating activities: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
19,269 |
|
|
$ |
(14,647 |
) |
|
$ |
(283,007 |
) |
|
$ |
(81,100 |
) |
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
Share-based
compensation and RSU's |
|
|
9,269 |
|
|
|
5,060 |
|
|
|
30,575 |
|
|
|
18,998 |
|
Amortization of
premium, discount and accrued interest on marketable
securities |
|
|
(866 |
) |
|
|
(308 |
) |
|
|
(2,904 |
) |
|
|
(1,106 |
) |
Depreciation and
amortization |
|
|
2,729 |
|
|
|
2,615 |
|
|
|
10,607 |
|
|
|
10,011 |
|
Interest income
from short-term deposits |
|
|
(2,836 |
) |
|
|
(3,495 |
) |
|
|
(10,736 |
) |
|
|
(7,737 |
) |
Deferred tax
assets, net |
|
|
(1,813 |
) |
|
|
2,290 |
|
|
|
(4,015 |
) |
|
|
5,125 |
|
Remeasurement of
warrant liability |
|
|
— |
|
|
|
9,785 |
|
|
|
110,664 |
|
|
|
34,102 |
|
Remeasurement of
Restricted Sponsor Shares |
|
|
— |
|
|
|
6,975 |
|
|
|
65,889 |
|
|
|
29,715 |
|
Remeasurement of
Price Adjustment Shares liabilities |
|
|
— |
|
|
|
14,155 |
|
|
|
173,051 |
|
|
|
55,531 |
|
Decrease
(increase) in trade receivables |
|
|
10,263 |
|
|
|
(7,067 |
) |
|
|
(5,829 |
) |
|
|
2,271 |
|
Increase in
deferred revenue |
|
|
17,255 |
|
|
|
22,247 |
|
|
|
22,317 |
|
|
|
46,114 |
|
(Increase)
decrease in other non-current assets |
|
|
(47 |
) |
|
|
231 |
|
|
|
(341 |
) |
|
|
(5,610 |
) |
(Increase)
decrease in prepaid expenses and other current assets |
|
|
(2,885 |
) |
|
|
(2,175 |
) |
|
|
3,201 |
|
|
|
(9,211 |
) |
Changes in
operating lease assets |
|
|
1,450 |
|
|
|
224 |
|
|
|
5,335 |
|
|
|
4,362 |
|
Changes in
operating lease liability |
|
|
(1,278 |
) |
|
|
330 |
|
|
|
(4,839 |
) |
|
|
(4,196 |
) |
Decrease in
inventories |
|
|
746 |
|
|
|
1,281 |
|
|
|
982 |
|
|
|
243 |
|
Increase in trade
payables |
|
|
3,917 |
|
|
|
321 |
|
|
|
2,755 |
|
|
|
3,691 |
|
Increase in other
accounts payable and accrued expenses |
|
|
11,722 |
|
|
|
5,571 |
|
|
|
17,586 |
|
|
|
734 |
|
(Decrease)
increase in other long-term liabilities |
|
|
(928 |
) |
|
|
435 |
|
|
|
880 |
|
|
|
121 |
|
Net cash provided
by operating activities |
|
|
65,967 |
|
|
|
43,828 |
|
|
|
132,171 |
|
|
|
102,058 |
|
|
|
|
|
|
|
|
|
|
Cash flows
from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of
property and equipment |
|
|
(3,178 |
) |
|
|
(2,260 |
) |
|
|
(8,566 |
) |
|
|
(5,231 |
) |
Cash paid in conjunction with acquisitions, net of acquired
cash |
|
|
— |
|
|
|
— |
|
|
|
(2,748 |
) |
|
|
— |
|
Purchase of Intangible assets |
|
|
(1,139 |
) |
|
|
(2,687 |
) |
|
|
(2,043 |
) |
|
|
(2,687 |
) |
Investment in marketable securities |
|
|
(15,079 |
) |
|
|
(13,312 |
) |
|
|
(127,789 |
) |
|
|
(55,317 |
) |
Proceeds from
maturity of marketable securities |
|
|
10,985 |
|
|
|
12,279 |
|
|
|
59,971 |
|
|
|
56,336 |
|
Investment in
short-term deposits |
|
|
(39,000 |
) |
|
|
(25,000 |
) |
|
|
(207,000 |
) |
|
|
(89,000 |
) |
Redemption of
short-term deposits |
|
|
31,462 |
|
|
|
34,141 |
|
|
|
138,702 |
|
|
|
73,359 |
|
Net cash (used in)
provided by investing activities |
|
|
(15,949 |
) |
|
|
3,161 |
|
|
|
(149,473 |
) |
|
|
(22,540 |
) |
|
|
|
|
|
|
|
|
|
Cash flows
from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of
options to shares |
|
|
5,756 |
|
|
|
3,827 |
|
|
|
17,265 |
|
|
|
19,142 |
|
Proceeds from
Employee Share Purchase Plan |
|
|
974 |
|
|
|
703 |
|
|
|
3,344 |
|
|
|
2,623 |
|
Exercise of
Warrants |
|
|
— |
|
|
|
— |
|
|
|
53 |
|
|
|
— |
|
Redemption of
Warrants |
|
|
— |
|
|
|
— |
|
|
|
(11 |
) |
|
|
— |
|
Net cash provided
by financing activities |
|
|
6,730 |
|
|
|
4,530 |
|
|
|
20,651 |
|
|
|
21,765 |
|
|
|
|
|
|
|
|
|
|
Net
increase in cash and cash equivalents |
|
|
56,748 |
|
|
|
51,519 |
|
|
|
3,349 |
|
|
|
101,283 |
|
Net effect of
Currency Translation on cash and cash equivalents |
|
|
(1,438 |
) |
|
|
932 |
|
|
|
(1,207 |
) |
|
|
589 |
|
Cash and cash
equivalents at beginning of period |
|
|
136,349 |
|
|
|
137,066 |
|
|
|
189,517 |
|
|
|
87,645 |
|
Cash and
cash equivalents at end of period |
|
$ |
191,659 |
|
|
$ |
189,517 |
|
|
$ |
191,659 |
|
|
$ |
189,517 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
|
|
|
|
|
Income taxes
paid |
|
$ |
3,801 |
|
|
$ |
847 |
|
|
$ |
7,706 |
|
|
$ |
10,047 |
|
Non-cash
activities |
|
|
|
|
|
|
|
|
Operating lease liabilities arising from obtaining right of use assets |
|
$ |
53 |
|
|
$ |
3,105 |
|
|
$ |
1,884 |
|
|
$ |
4,363 |
|
Reclassification
of derivative warrants from liability to equity |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
164,770 |
|
|
$ |
— |
|
Reclassification
of Restricted Sponsor Shares from liability to equity |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
113,136 |
|
|
$ |
— |
|
Reclassification
of Price Adjustment Shares from liability to equity |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
254,766 |
|
|
$ |
— |
|
Cellebrite DI Ltd. Reconciliation of GAAP
to Non-GAAP Financial Information (U.S Dollars in
thousands, except share and per share data) |
|
|
|
|
|
For the three months ended |
|
For the year ended |
|
December 31, |
|
December 31, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Cost of revenue |
$ |
17,624 |
|
|
$ |
14,916 |
|
|
$ |
62,593 |
|
|
$ |
53,231 |
|
Less: |
|
|
|
|
|
|
|
Share-based compensation |
|
575 |
|
|
|
498 |
|
|
|
2,227 |
|
|
|
1,733 |
|
Acquisition-related costs |
|
— |
|
|
|
13 |
|
|
|
2 |
|
|
|
52 |
|
Non-GAAP cost of revenue |
$ |
17,049 |
|
|
$ |
14,405 |
|
|
$ |
60,364 |
|
|
$ |
51,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the year ended |
|
December 31, |
|
December 31, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Gross profit |
$ |
91,425 |
|
|
$ |
78,097 |
|
|
$ |
338,610 |
|
|
$ |
271,879 |
|
Share-based compensation |
|
575 |
|
|
|
498 |
|
|
|
2,227 |
|
|
|
1,733 |
|
Acquisition-related costs |
|
— |
|
|
|
13 |
|
|
|
2 |
|
|
|
52 |
|
Non-GAAP gross profit |
$ |
92,000 |
|
|
$ |
78,608 |
|
|
$ |
340,839 |
|
|
$ |
273,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the year ended |
|
December 31, |
|
December 31, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Operating expenses |
$ |
75,698 |
|
|
$ |
63,098 |
|
|
$ |
281,704 |
|
|
$ |
238,642 |
|
Less: |
|
|
|
|
|
|
|
Issuance expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(345 |
) |
Share-based compensation |
|
8,694 |
|
|
|
4,562 |
|
|
|
28,348 |
|
|
|
17,265 |
|
Amortization of intangible
assets |
|
864 |
|
|
|
871 |
|
|
|
3,349 |
|
|
|
3,347 |
|
Acquisition-related costs |
|
— |
|
|
|
39 |
|
|
|
219 |
|
|
|
(7 |
) |
One-time expense |
|
1,068 |
|
|
|
— |
|
|
|
1,068 |
|
|
|
— |
|
Non-GAAP operating
expenses |
$ |
65,072 |
|
|
$ |
57,626 |
|
|
$ |
248,720 |
|
|
$ |
218,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the year ended |
|
December 31, |
|
December 31, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Operating income |
$ |
15,727 |
|
|
$ |
14,999 |
|
|
$ |
56,906 |
|
|
$ |
33,237 |
|
Issuance expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(345 |
) |
Share-based compensation |
|
9,269 |
|
|
|
5,060 |
|
|
|
30,575 |
|
|
|
18,998 |
|
Amortization of intangible
assets |
|
864 |
|
|
|
871 |
|
|
|
3,349 |
|
|
|
3,347 |
|
Acquisition-related costs |
|
— |
|
|
|
52 |
|
|
|
221 |
|
|
|
45 |
|
One-time expense |
|
1,068 |
|
|
|
— |
|
|
|
1,068 |
|
|
|
— |
|
Non-GAAP operating income |
$ |
26,928 |
|
|
$ |
20,982 |
|
|
$ |
92,119 |
|
|
$ |
55,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the year ended |
|
December 31, |
|
December 31, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Net income (loss) |
$ |
19,269 |
|
|
$ |
(14,647 |
) |
|
$ |
(283,007 |
) |
|
$ |
(81,100 |
) |
Issuance expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(345 |
) |
Share-based compensation |
|
9,269 |
|
|
|
5,060 |
|
|
|
30,575 |
|
|
|
18,998 |
|
Amortization of intangible
assets |
|
864 |
|
|
|
871 |
|
|
|
3,349 |
|
|
|
3,347 |
|
Acquisition-related costs |
|
— |
|
|
|
52 |
|
|
|
221 |
|
|
|
45 |
|
Tax (income) expense |
|
(4,347 |
) |
|
|
(252 |
) |
|
|
(4,049 |
) |
|
|
633 |
|
Finance expense from financial
derivatives |
|
— |
|
|
|
30,915 |
|
|
|
349,604 |
|
|
|
119,348 |
|
One-time expense |
|
1,068 |
|
|
|
— |
|
|
|
1,068 |
|
|
|
— |
|
Non-GAAP net income |
$ |
26,123 |
|
|
$ |
21,999 |
|
|
$ |
97,761 |
|
|
$ |
60,926 |
|
|
|
|
|
|
|
|
|
Non-GAAP Earnings per
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.11 |
|
|
$ |
0.12 |
|
|
$ |
0.45 |
|
|
$ |
0.31 |
|
Diluted |
$ |
0.10 |
|
|
$ |
0.11 |
|
|
$ |
0.42 |
|
|
$ |
0.28 |
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
233,248,045 |
|
|
|
194,440,674 |
|
|
|
209,471,827 |
|
|
|
190,154,549 |
|
Diluted |
|
250,539,405 |
|
|
|
207,110,826 |
|
|
|
227,258,731 |
|
|
|
206,194,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the year ended |
|
December 31, |
|
December 31, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Net income (loss) |
$ |
19,269 |
|
|
$ |
(14,647 |
) |
|
$ |
(283,007 |
) |
|
$ |
(81,100 |
) |
Financial (income) expense,
net |
|
(4,170 |
) |
|
|
27,344 |
|
|
|
332,890 |
|
|
|
108,800 |
|
Tax expense |
|
628 |
|
|
|
2,302 |
|
|
|
7,023 |
|
|
|
5,537 |
|
Issuance expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(345 |
) |
Share-based compensation |
|
9,269 |
|
|
|
5,060 |
|
|
|
30,575 |
|
|
|
18,998 |
|
Amortization of intangible
assets |
|
864 |
|
|
|
871 |
|
|
|
3,349 |
|
|
|
3,347 |
|
Acquisition-related costs |
|
— |
|
|
|
52 |
|
|
|
221 |
|
|
|
45 |
|
Depreciation expenses |
|
1,865 |
|
|
|
1,744 |
|
|
|
7,258 |
|
|
|
6,664 |
|
One-time expense |
|
1,068 |
|
|
|
— |
|
|
|
1,068 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
28,793 |
|
|
$ |
22,726 |
|
|
$ |
99,377 |
|
|
$ |
61,946 |
|
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