Cellebrite (NASDAQ: CLBT), a global leader in premier Digital
Investigative solutions for the public and private sectors, today
announced financial results for the three months ending March 31,
2024.
“Cellebrite is off to a very solid start to 2024 as we continued
to grow wallet share with existing customers around the world,”
said Yossi Carmil, Cellebrite’s CEO. “Our strong first-quarter
performance was anchored by the further expansion of our business
around the globe, improved profitability versus the same quarter
one year ago and meaningful strategic progress. It is exciting to
see that our Case-to-Closure platform is resonating in the
marketplace, highlighted by increasing traction with our new
Inseyets digital forensics software. Looking ahead, we continue to
see customer budgets trend favorably in support of their plans to
enhance and expand their digital investigative capabilities with
our solutions over the coming quarters. We are excited about our
prospects over the coming quarters and have reaffirmed our outlook
for this year.”
First-Quarter 2024 Financial
Highlights
- Annual Recurring Revenue (ARR) of $331.8 million, up 27%
year-over-year
- Revenue of $89.6 million, up 26% year-over-year
- Subscription revenue was $79.2 million, up 29%
year-over-year
- Recurring revenue dollar-based net retention rate of 125%
- GAAP gross profit and gross margin of $76.3 million and 85.2%,
respectively; Non-GAAP gross profit and gross profit margin of
$76.8 million and 85.7%, respectively
- GAAP net loss of $(71.4) million; Non-GAAP net income of $16.9
million
- GAAP Diluted loss per share of $(0.36); Non-GAAP Diluted EPS of
$0.08
- Adjusted EBITDA and Adjusted EBITDA margin of
$17.6 million and 19.7%, respectively
First-Quarter 2024 and Recent Business
& Operational Highlights
Innovation
- On March 7, 2024, Cellebrite announced the launch of the
process to authorize its software-as-a-service offerings with the
Federal Risk and Authorization Management Program (FedRAMP®). The
authorization will enable Cellebrite’s federal customers to
leverage their use of the Company’s SaaS solutions, support faster
and more cost-effective procurement processes, eliminate
duplicative assessment efforts and ensure consistent application of
information security standards. FedRAMP authorization ensures a
standardized approach to security assessment, authorization and
continuous monitoring for cloud products and services. As part of
this process, Cellebrite selected cybersecurity services pioneer
Coalfire to support the activities required to complete this
process, which is planned to be completed within the next twelve
months.
- On March 14, 2024, Cellebrite introduced Cellebrite Endpoint
Inspector SaaS, which offers public sector customers, enterprise
customers and eDiscovery service providers next-generation digital
forensic capabilities that enable the streamlined collection and
analysis of data from diverse remote devices, all within a unified,
consent-based, secure framework.
Team
- On March 25, 2024, Cellebrite announced the appointment of
David Gee as Chief Marketing Officer. Mr. Gee, who brings more than
25 years of global sales and marketing expertise to Cellebrite,
oversees Cellebrite’s global marketing strategy and execution to
help the Company capitalize on the major growth opportunities ahead
in the digital investigations marketplace.
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 business momentum from the prior year carried into
the first quarter of 2024,” stated Dana Gerner, Cellebrite’s CFO.
“Our top-line expansion combined with prudent investment in our
technology and go-to-market initiatives enabled us to produce
another quarter of improved profitability on a year-over-year
basis. We expect to drive solid ARR and revenue expansion in the
second quarter, which we anticipate will support higher adjusted
EBITDA versus the second quarter of 2023. Although it is still
early in the year, we believe we are well positioned to achieve our
full-year 2024 targets with an expectation that we will deliver the
majority of our revenue and adjusted EBITDA in the second half of
the year.”
The Company’s current expectations are as follows:
|
Second-Quarter 2024 Expectations(as of
5/23/24) |
|
Full-Year 2024 Expectations(unchanged from
2/15/24) |
ARR |
$342 million - $350 million |
|
$380 million - $400 million |
Annual Growth |
25% - 28% |
|
20% - 27% |
Revenue |
$90 million - $94 million |
|
$370 million - $380 million |
Annual Growth |
17% - 23% |
|
14% - 18% |
Adjusted EBITDA |
$16 million - $19 million |
|
$70 million - $80 million |
Adjusted EBITDA margin |
18% - 20% |
|
19% - 21% |
|
|
|
|
First-Quarter 2024 Conference Call
Information
Cellebrite will host a live conference call and webcast later
this morning to review the Company’s financial results for the
first quarter of 2024 and discuss its 2024 outlook. Relevant
details include:
Date: |
Thursday, May 23, 2024 |
Time: |
8:30 a.m. ET |
Call-In Number: |
203-518-9783 |
Conference ID: |
CLBTQ124 |
Event URL: |
https://investors.cellebrite.com/events/event-details/cellebrite-q1-2024-financial-results-investor-call-webcast |
Webcast URL: |
https://edge.media-server.com/mmc/p/csujxde4 |
|
|
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.
A transcript of the call will be added to this page along with
access to the replay of the call later in the day.
Non-GAAP Financial Information and Key Performance
Indicators
This press release includes non-GAAP financial measures.
Cellebrite believes that the use of non-GAAP gross profit, non-GAAP
net income, non-GAAP operating income and adjusted EBITDA is
helpful to investors. These measures, which the Company refers to
as our 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 offers 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
expense;
- 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 our 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, a significant recurring expense 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 the
quarterly results section of Company’s investor relations website
at
https://investors.cellebrite.com/financial-information/quarterly-results.
A reconciliation for Adjusted EBITDA referred to in our
“Financial Outlook” is not provided because, as a forward-looking
statement, such reconciliation is not available without
unreasonable effort due to the high variability, complexity, and
difficulty of estimating certain items such as charges to
share-based compensation expense and currency fluctuations which
could have an impact on our consolidated results. The Company
believes the information provided is useful to investors because it
can be considered in the context of the Company’s historical
disclosures of this measure.
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. Term-based 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.
About Cellebrite
Cellebrite’s (Nasdaq: CLBT) mission is to enable its customers
to protect and save lives, accelerate justice and preserve privacy
in communities around the world. We are a global leader in Digital
Investigative solutions for the public and private sectors,
empowering organizations in mastering the complexities of legally
sanctioned digital investigations by streamlining intelligence
processes. Trusted by thousands of leading agencies and companies
worldwide, Cellebrite’s Digital Investigation platform and
solutions transform how customers collect, review, analyze and
manage data in legally sanctioned investigations. To learn more
visit us at www.cellebrite.com, https://investors.cellebrite.com,
or follow us on Twitter at @Cellebrite.
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, the following: estimated financial
information for fiscal year 2024 and certain statements related to
seeing customer budgets trend favorably in support of their plans
to enhance and expand their digital investigative capabilities with
our solutions over the coming quarters; we are excited about our
prospects over the coming quarters and have reaffirmed our outlook
for this year; we expect to drive solid ARR and revenue expansion
in the second quarter, which we anticipate will support higher
adjusted EBITDA versus the second quarter of 2023; and we believe
we are well positioned to achieve our full-year 2024 targets with
an expectation that we will deliver the majority of our revenue and
adjusted EBITDA in the second half of the year. Such
forward-looking statements including those with respect to 2024
second quarter and full year revenue, annual recurring revenue
(ARR) and adjusted EBITDA, 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
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; its
dependency on its customers renewing their 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 higher costs or unavailability of materials
used to create its hardware product components; fluctuations in
foreign currency exchange rates; lengthy sales cycle for some of
Cellebrite’s solutions; near term declines in new or renewed
agreements; risks associated with inability to retain qualified
personnel and senior management; the security of Cellebrite’s
operations and the integrity of its software solutions; 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 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; 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.
Contacts:
Andrew KramerVice President, Investor
Relationsinvestors@cellebrite.com+1 973.206.7760
MediaVictor CooperSr. Director of Corporate Communications +
Content OperationsVictor.cooper@cellebrite.com+1 404 804 5910
Cellebrite DI Ltd.First-Quarter 2024
Results Summary(U.S Dollars in
thousands) |
|
|
For the three months ended |
|
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Revenue |
|
89,582 |
|
|
|
71,234 |
|
Gross profit |
|
76,318 |
|
|
|
58,828 |
|
Gross margin |
|
85.2 |
% |
|
|
82.6 |
% |
Operating income |
|
9,247 |
|
|
|
136 |
|
Operating margin |
|
10.3 |
% |
|
|
0.2 |
% |
Net loss |
|
(71,372 |
) |
|
|
(40,605 |
) |
Cash flow from operating
activities |
|
10,041 |
|
|
|
12,476 |
|
|
|
|
|
|
|
|
|
Non-GAAP Financial
Data: |
|
|
|
|
|
|
|
Operating income |
|
15,879 |
|
|
|
5,653 |
|
Operating margin |
|
17.7 |
% |
|
|
7.9 |
% |
Net income |
|
16,866 |
|
|
|
6,899 |
|
Adjusted EBITDA |
|
17,632 |
|
|
|
7,304 |
|
Adjusted EBITDA margin |
|
19.7 |
% |
|
|
10.3 |
% |
|
|
|
|
|
|
|
|
Cellebrite DI Ltd.Condensed Consolidated
Balance Sheets(U.S. Dollars in
thousands) |
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
2024 |
|
|
2023 |
|
|
(Unaudited) |
|
|
(Audited) |
|
Assets |
|
|
|
|
|
Current
assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
122,432 |
|
|
$ |
189,517 |
|
Short-term deposits |
|
103,669 |
|
|
|
74,713 |
|
Marketable securities |
|
50,453 |
|
|
|
38,693 |
|
Trade receivables (net of
allowance for doubtful accounts of $1,746 and $1,583 as
of |
|
|
|
|
|
|
|
March 31, 2024 and December 31, 2023, respectively) |
|
61,643 |
|
|
|
77,269 |
|
Prepaid expenses and other
current assets |
|
25,647 |
|
|
|
26,400 |
|
Contract acquisition
costs |
|
4,957 |
|
|
|
5,550 |
|
Inventories |
|
9,259 |
|
|
|
9,940 |
|
Total current
assets |
|
378,060 |
|
|
|
422,082 |
|
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
Other non-current assets |
|
6,732 |
|
|
|
7,341 |
|
Marketable securities |
|
70,706 |
|
|
|
28,859 |
|
Deferred tax assets, net |
|
7,789 |
|
|
|
7,024 |
|
Property and equipment,
net |
|
15,583 |
|
|
|
15,896 |
|
Intangible assets, net |
|
10,417 |
|
|
|
10,594 |
|
Goodwill |
|
26,829 |
|
|
|
26,829 |
|
Operating lease right-of-use
assets, net |
|
13,021 |
|
|
|
14,260 |
|
Total non-current
assets |
|
151,077 |
|
|
|
110,803 |
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
529,137 |
|
|
$ |
532,885 |
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
Trade payables |
$ |
7,045 |
|
|
$ |
8,282 |
|
Other accounts payable and
accrued expenses |
|
36,706 |
|
|
|
44,845 |
|
Deferred revenues |
|
186,028 |
|
|
|
195,725 |
|
Operating lease
liabilities |
|
4,839 |
|
|
|
4,972 |
|
Total current
liabilities |
|
234,618 |
|
|
|
253,824 |
|
|
|
|
|
|
|
|
|
Long-term
liabilities |
|
|
|
|
|
|
|
Other long-term
liabilities |
|
6,126 |
|
|
|
5,515 |
|
Deferred revenues |
|
42,071 |
|
|
|
47,098 |
|
Restricted Sponsor Shares
liability |
|
66,132 |
|
|
|
47,247 |
|
Price Adjustment Shares
liability |
|
122,082 |
|
|
|
81,715 |
|
Warrant liability |
|
76,704 |
|
|
|
54,117 |
|
Operating lease
liabilities |
|
8,110 |
|
|
|
9,157 |
|
Total long-term
liabilities |
|
321,225 |
|
|
|
244,849 |
|
|
|
|
|
|
|
|
|
Total
liabilities |
$ |
555,843 |
|
|
$ |
498,673 |
|
|
|
|
|
|
|
|
|
Shareholders’
equity |
|
|
|
|
|
|
|
Share capital |
|
*) |
|
|
|
*) |
|
Additional paid-in
capital |
|
(74,881 |
) |
|
|
(84,896 |
) |
Treasury share, NIS 0.00001
par value; 41,776 ordinary shares |
|
(85 |
) |
|
|
(85 |
) |
Accumulated other
comprehensive income |
|
1,489 |
|
|
|
1,050 |
|
Retained earnings |
|
46,771 |
|
|
|
118,143 |
|
Total shareholders’
equity |
|
(26,706 |
) |
|
|
34,212 |
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
$ |
529,137 |
|
|
$ |
532,885 |
|
|
*) Less than
1 USD |
Cellebrite DI Ltd.Condensed Consolidated
Statements of Income (Loss)(U.S Dollars in
thousands, except share and per share data) |
|
|
For the three months ended |
|
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Revenue: |
|
|
|
|
|
Subscription services |
$ |
62,103 |
|
|
$ |
47,367 |
|
Term-license |
|
17,119 |
|
|
|
13,915 |
|
Total subscription |
|
79,222 |
|
|
|
61,282 |
|
Other non-recurring |
|
3,568 |
|
|
|
2,918 |
|
Professional services |
|
6,792 |
|
|
|
7,034 |
|
Total
revenue |
|
89,582 |
|
|
|
71,234 |
|
|
|
|
|
|
|
|
|
Cost of
revenue: |
|
|
|
|
|
|
|
Subscription services |
|
5,798 |
|
|
|
4,492 |
|
Term-license |
|
— |
|
|
|
2 |
|
Total subscription |
|
5,798 |
|
|
|
4,494 |
|
Other non-recurring |
|
3,094 |
|
|
|
2,981 |
|
Professional services |
|
4,372 |
|
|
|
4,931 |
|
Total cost of
revenue |
|
13,264 |
|
|
|
12,406 |
|
|
|
|
|
|
|
|
|
Gross
profit |
$ |
76,318 |
|
|
$ |
58,828 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Research and development |
|
23,197 |
|
|
|
21,131 |
|
Sales and marketing |
|
32,059 |
|
|
|
27,601 |
|
General and
administrative |
|
11,815 |
|
|
|
9,960 |
|
Total operating
expenses |
$ |
67,071 |
|
|
$ |
58,692 |
|
|
|
|
|
|
|
|
|
Operating
income |
$ |
9,247 |
|
|
$ |
136 |
|
Financial expense, net |
|
(78,576 |
) |
|
|
(38,775 |
) |
Loss before tax |
|
(69,329 |
) |
|
|
(38,639 |
) |
Tax expense |
|
2,043 |
|
|
|
1,966 |
|
Net Loss |
$ |
(71,372 |
) |
|
$ |
(40,605 |
) |
|
|
|
|
|
|
|
|
Loss per
share |
|
|
|
|
|
|
|
Basic |
$ |
(0.36 |
) |
|
$ |
(0.21 |
) |
Diluted |
$ |
(0.36 |
) |
|
$ |
(0.21 |
) |
|
|
|
|
|
|
|
|
Weighted average
shares outstanding |
|
|
|
|
|
|
|
Basic |
|
196,823,502 |
|
|
|
186,338,076 |
|
Diluted |
|
196,823,502 |
|
|
|
198,184,236 |
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss): |
|
|
|
|
|
|
|
Unrealized loss on hedging
transactions |
|
(524 |
) |
|
|
(44 |
) |
Unrealized (loss) income on
marketable securities |
|
(220 |
) |
|
|
177 |
|
Currency translation
adjustments |
|
1,183 |
|
|
|
(598 |
) |
Total other comprehensive
income (loss), net of tax |
|
439 |
|
|
|
(465 |
) |
Total other
comprehensive loss |
$ |
(70,933 |
) |
|
$ |
(41,070 |
) |
|
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 |
|
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Cash flow from
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(71,372 |
) |
|
$ |
(40,605 |
) |
Adjustments to reconcile net
loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
Share based compensation |
|
5,696 |
|
|
|
4,457 |
|
Amortization of premium,
discount and accrued interest on marketable securities |
|
(547 |
) |
|
|
(171 |
) |
Depreciation and
amortization |
|
2,680 |
|
|
|
2,447 |
|
Interest income from short
term deposits |
|
(2,828 |
) |
|
|
(684 |
) |
Deferred tax assets, net |
|
(626 |
) |
|
|
560 |
|
Remeasurement of Warrant
liability |
|
22,587 |
|
|
|
9,809 |
|
Remeasurement of Restricted
Sponsor Shares liability |
|
18,885 |
|
|
|
11,042 |
|
Remeasurement of Price
Adjustment Shares liabilities |
|
40,367 |
|
|
|
19,942 |
|
Decrease in trade
receivables |
|
15,258 |
|
|
|
9,627 |
|
(Decrease) increase in
deferred revenue |
|
(13,406 |
) |
|
|
10,468 |
|
Decrease (increase) in other
non-current assets |
|
609 |
|
|
|
(927 |
) |
Decrease (increase) in prepaid
expenses and other current assets |
|
1,967 |
|
|
|
(3,637 |
) |
Changes in operating lease
assets |
|
1,328 |
|
|
|
1,367 |
|
Changes in operating lease
liability |
|
(1,269 |
) |
|
|
(1,562 |
) |
Decrease (increase) in
inventories |
|
677 |
|
|
|
(1,225 |
) |
(Decrease) Increase in trade
payables |
|
(1,142 |
) |
|
|
264 |
|
Decrease in other accounts
payable and accrued expenses |
|
(9,434 |
) |
|
|
(8,879 |
) |
Increase in other long-term
liabilities |
|
611 |
|
|
|
183 |
|
Net cash provided by operating
activities |
|
10,041 |
|
|
|
12,476 |
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and
equipment |
|
(1,495 |
) |
|
|
(1,064 |
) |
Purchase of Intangible assets |
|
(625 |
) |
|
|
— |
|
Investment in marketable securities |
|
(68,392 |
) |
|
|
(16,352 |
) |
Proceeds from maturity of
marketable securities |
|
15,045 |
|
|
|
16,073 |
|
Investment in short term
deposits |
|
(43,000 |
) |
|
|
(16,000 |
) |
Redemption of short-term
deposits |
|
16,872 |
|
|
|
13,279 |
|
Net cash used in investing
activities |
|
(81,595 |
) |
|
|
(4,064 |
) |
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of options to
shares |
|
4,319 |
|
|
|
2,106 |
|
Proceeds from Employee Share
Purchase Plan, net |
|
750 |
|
|
|
624 |
|
Net cash provided by financing
activities |
|
5,069 |
|
|
|
2,730 |
|
|
|
|
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents |
|
(66,485 |
) |
|
|
11,142 |
|
Net effect of Currency
Translation on cash and cash equivalents |
|
(600 |
) |
|
|
185 |
|
Cash and cash equivalents at
beginning of period |
|
189,517 |
|
|
|
87,645 |
|
Cash and cash
equivalents at end of period |
$ |
122,432 |
|
|
$ |
98,972 |
|
|
|
|
|
|
|
|
|
Supplemental cash flow
information: |
|
|
|
|
|
|
|
Income taxes paid |
$ |
791 |
|
|
$ |
3,625 |
|
Non-cash activities |
|
|
|
|
|
|
|
Operating lease liabilities
arising from obtaining right of use assets |
$ |
89 |
|
|
$ |
1,030 |
|
|
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 |
|
March 31, |
|
2024 |
|
|
2023 |
|
(Unaudited) |
|
|
(Unaudited) |
Cost of revenues |
$ |
13,264 |
|
|
$ |
12,406 |
Less: |
|
|
|
|
|
|
Share based compensation |
|
430 |
|
|
|
386 |
Acquisition related costs |
|
2 |
|
|
|
13 |
Non-GAAP cost of revenues |
$ |
12,832 |
|
|
$ |
12,007 |
|
For the three months ended |
|
March 31, |
|
2023 |
|
2022 |
|
(Unaudited) |
|
(Unaudited) |
Gross profit |
$ |
76,318 |
|
$ |
58,828 |
Share based compensation |
|
430 |
|
|
386 |
Acquisition related costs |
|
2 |
|
|
13 |
Non-GAAP gross profit |
$ |
76,750 |
|
$ |
59,227 |
|
For the three months ended |
|
March 31, |
|
2024 |
|
2023 |
|
(Unaudited) |
|
(Unaudited) |
Operating expenses |
$ |
67,071 |
|
$ |
58,692 |
Less: |
|
|
|
|
|
Share based compensation |
|
5,266 |
|
|
4,071 |
Amortization of intangible
assets |
|
927 |
|
|
796 |
Acquisition related costs |
|
7 |
|
|
251 |
Non-GAAP operating
expenses |
$ |
60,871 |
|
$ |
53,574 |
|
For the three months ended |
|
March 31, |
|
2024 |
|
2023 |
|
(Unaudited) |
|
(Unaudited) |
Operating income |
$ |
9,247 |
|
$ |
136 |
Share based compensation |
|
5,696 |
|
|
4,457 |
Amortization of intangible
assets |
|
927 |
|
|
796 |
Acquisition related costs |
|
9 |
|
|
264 |
Non-GAAP operating income |
$ |
15,879 |
|
$ |
5,653 |
|
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 |
|
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Net loss |
$ |
(71,372 |
) |
|
$ |
(40,605 |
) |
Share based compensation |
|
5,696 |
|
|
|
4,457 |
|
Amortization of intangible
assets |
|
927 |
|
|
|
796 |
|
Acquisition related costs |
|
9 |
|
|
|
264 |
|
Tax expense, net |
|
(233 |
) |
|
|
1,194 |
|
Finance expense from financial
derivatives |
|
81,839 |
|
|
|
40,793 |
|
Non-GAAP net income |
$ |
16,866 |
|
|
$ |
6,899 |
|
|
|
|
|
|
|
|
|
Non-GAAP Earnings per
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.08 |
|
|
$ |
0.04 |
|
Diluted |
$ |
0.08 |
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
196,823,502 |
|
|
|
186,338,076 |
|
Diluted |
|
211,256,086 |
|
|
|
198,184,236 |
|
|
For the three months ended |
|
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Net loss |
$ |
(71,372 |
) |
|
$ |
(40,605 |
) |
Financial expense, net |
|
78,576 |
|
|
|
38,775 |
|
Tax expense |
|
2,043 |
|
|
|
1,966 |
|
Share based compensation |
|
5,696 |
|
|
|
4,457 |
|
Amortization of intangible
assets |
|
927 |
|
|
|
796 |
|
Acquisition related costs |
|
9 |
|
|
|
264 |
|
Depreciation expenses |
|
1,753 |
|
|
|
1,651 |
|
Adjusted EBITDA |
$ |
17,632 |
|
|
$ |
7,304 |
|
|
Cellebrite Digital Intel... (NASDAQ:CLBT)
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