Cellebrite Announces Fourth-Quarter 2023 Results

February 15, 2024 at 7:00 AM EST

Record ARR of $315.7 million, up 27% year-over-year;

Record Q4 revenue of $93.0 million, up 26% year-over-year primarily due to
26% growth in subscription revenue;

Record Q4 adjusted EBITDA of $22.7 million, 24.4% adjusted EBITDA margin;

Full-Year 2023 performance surpasses ‘Rule of 45’ with 27% ARR growth and 19% adjusted EBITDA margin

TYSONS CORNER, Va. and PETAH TIKVA, Israel, Feb. 15, 2024 (GLOBE NEWSWIRE) -- 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, 2023.

“Cellebrite capped an outstanding 2023 performance with excellent fourth-quarter results marked by strong top-line growth, notable improvement in our profitability and solid cash flow from operations.” said Yossi Carmil, Cellebrite’s CEO. “We exceeded the ambitious targets we set for ourselves at the start of the year, surpassing ‘Rule of 45’ status with 27% ARR growth and an adjusted EBITDA margin of 19%. Throughout the year, our team accomplished important strategic objectives, including delivering impactful, high-value innovation, expanding key customer relationships around the world and adding key talent to our organization. Cellebrite moves into 2024 well positioned to execute on its strategic priorities with an expanded Case-to-Closure platform that enables us to address the end-to-end digital investigative needs of our public and private sector customers. Our financial targets for 2024 demonstrate the durability of our growth as we plan to deliver another year of strong ARR and revenue expansion with good potential for incremental improvement in our operating profitability.”

Fourth-Quarter Financial Highlights

  • Annual Recurring Revenue (ARR) of $315.7 million, up 27% year-over-year
  • Revenue of $93.0 million, up 26% year-over-year
  • Subscription revenue was $78.6 million, a 26% year-over-year increase
  • GAAP gross profit and gross margin of $78.1 million and 84.0%, respectively; Non-GAAP gross profit and gross profit margin of $78.6 million and 84.5%, respectively
  • GAAP net loss of $(14.6) million; Non-GAAP net income of $22.0 million
  • GAAP diluted net loss per share of $(0.08); Non-GAAP diluted earnings per share of $0.11
  • Adjusted EBITDA and Adjusted EBITDA margin of $22.7 million and 24.4%, respectively

Full-Year 2023 Financial Highlights

  • Revenue of $325.1 million, up 20% year-over-year
  • Subscription revenue was $280.4 million, a 30% year-over-year increase
  • GAAP gross profit and gross margin of $271.9 million and 83.6%, respectively; Non-GAAP gross profit and gross profit margin of $273.7 million and 84.2%, respectively
  • GAAP net loss of $81.1 million; Non-GAAP net income of $60.9 million
  • GAAP diluted loss per share of $0.43; Non-GAAP diluted earnings per share of $0.28
  • Adjusted EBITDA and adjusted EBITDA margin of $61.9 million and 19.1%, respectively

Fourth-Quarter and Recent Business & Operational Highlights

Innovation

  • On January 16, 2024, Cellebrite announced Case-to-Closure (C2C), an expanded end-to-end platform for examiners and investigators that is designed to solve cases faster and more defensibly in order to accelerate justice around the world. Cellebrite’s C2C platform is composed of three flagship solutions: (1) Cellebrite Inseyets, an enhanced, automated digital forensics software solution designed to transform access, extraction and decoding of digital data across the broadest range of mobile phones and other digital sources; (2) Pathfinder, an AI-powered analytics solution that enables investigators to expedite cases by surfacing leads and identifying connections buried within mountains of structured and unstructured data across multiple digital devices; and (3) Guardian, Cellebrite’s secure, scalable SaaS-based solution for evidence sharing, review and management.

Go-to-Market

  • On December 20, 2023, Cellebrite announced that one of the 10 largest U.S. police departments significantly expanded its use of Cellebrite solutions to include advanced digital forensics software and AI-powered Pathfinder investigative analytics.
     
  • In mid-November 2023, Cellebrite sponsored and participated in Milipol, the preeminent global law enforcement and homeland security event held in Paris.

Community

  • On January 12, 2024, Cellebrite announced “Operation Find Them All,” an initiative in collaboration with the National Center of Missing and Exploited Children, The Exodus Road and Raven to reduce crimes against children and online child exploitation. By providing in-kind use of its AI-powered Pathfinder analytics solution and cloud-based Smart Search investigative tool, Cellebrite will help these organizations accelerate investigations of online crimes against children and in doing so, help law enforcement find missing children, solve crimes involving exploited minors, remove harmful online images and bring perpetrators to justice.

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 successful expansion of existing customer relationships through cross-selling and upselling underpinned strong ARR expansion and drove our top-line performance in 2023," stated Dana Gerner, Cellebrite’s CFO. “The combination of strong revenue growth, meaningful gross margin improvement and disciplined management of our cost structure enabled us to deliver higher 2023 adjusted EBITDA in both absolute dollars and on a margin basis. We move into 2024 with attractive prospects to build further momentum and expand our business. Consistent with historical trends, we expect 52% to 55% of full-year revenue to be generated in the second half of 2024 as we build momentum for customer upgrades to our new Inseyets solution. Our 2024 outlook for profitability balances the opportunity for further improvement with thoughtful investment in our go-to-market activities and key technology and innovation initiatives, which are critical for long-term success.”

The Company’s current 2024 expectations are as follows:

    First-Quarter 2024
Expectations
  Full Year 2024
Expectations
ARR   $325 million - $335 million   $380 million - $400 million
Annual Growth   24% - 28%   20% - 27%
Revenue   $83 million - $88 million   $370 million - $380 million
Annual Growth   17% - 24%   14% - 18%
Adjusted EBITDA   $12 million - $15 million   $70 million - $80 million
Adjusted EBITDA margin   15% - 17%   19% - 21%

 

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 2024 outlook. Relevant details include:

Date:   Thursday, February 15, 2024
Time:   8:30 a.m. ET
Call-In Number:   203-518-9783
Conference ID:   CLBTQ423
Event URL:   https://investors.cellebrite.com/events/event-details/cellebrite-q4-2023-fy23-financial-results-investor-call-webcast
Webcast URL:   https://edge.media-server.com/mmc/p/6krt8bot/


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.

2024 Investor Day

Cellebrite will host an Investor Day event on Wednesday, March 27 in New York City, starting at 8:30 a.m. The event will feature presentations from Cellebrite’s leadership team, multiple Q&A sessions and product demonstrations. The event is expected to conclude by 12:00 p.m., followed by an optional lunch, networking and product demonstrations. A formal invitation to register for in-person attendance will be provided to select analysts and institutional investors. Due to space limitations, the number of in-person participants is limited and advanced registration is required. A live webcast of the event will be accessible from the events section within the Cellebrite investor relations microsite at https://investors.cellebrite.com/events-presentations. Registration in advance of the live webcast is encouraged. Interested parties unable to attend in person or watch the live webcast will be able to view and listen to an archived copy of the webcast, which will be available following the conclusion of the event.

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 our website at https://investors.cellebrite.com.

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 the Company’s moving into 2024 well positioned to execute on its strategic priorities with an expanded Case-to-Closure platform that enables it to address the end-to-end digital investigative needs of public and private sector customers; its plans to deliver another year of strong ARR and revenue expansion, and the potential for incremental improvement in our operating profitability; the Company’s attractive prospects to build further momentum and expand our business around the world; the expectation that 52% to 55% of full-year revenue will be generated in the second half of 2024; and a 2024 outlook for profitability that balances the opportunity for further improvement with thoughtful investment in our go-to-market activities and key technology and innovation initiatives, which are critical for long-term success. Such forward-looking statements including those with respect to 2024 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 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; 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 April 27, 2023 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 Kramer
Vice President, Investor Relations
investors@cellebrite.com
+1 973.206.7760

Media
Victor Cooper
Sr. Director of Corporate Communications + Content Operations
Victor.cooper@cellebrite.com
+1 404 804 5910

 

Cellebrite DI Ltd.
Fourth Quarter 2023 Results Summary
(U.S. Dollars in thousands)
       
  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 %
Cash flow from operating activities 43,828   35,743   102,058   20,577
               
Non-GAAP Financial Data:              
Operating income 20,982   14,428   55,282   19,538
  Operating margin 22.6 %   19.5 %   17.0 %   7.2 %
Adjusted EBITDA 22,726   16,114   61,946   25,906
Adjusted EBITDA margin 24.4 %   21.8 %   19.1 %   9.6 %

 

Cellebrite DI Ltd.
Condensed Consolidated Balance Sheets

(U.S. Dollars in thousands)
           
  December 31,   December 31,
  2023   2022
           
Assets          
Current assets          
Cash and cash equivalents $ 189,517     $ 87,645  
Short-term deposits 74,713     51,335  
Marketable securities 38,693     44,643  
Trade receivables (net of allowance for credit losses of $1,583 and $1,904 as of December 31, 2023 and 2022, respectively) 77,269     78,761  
Prepaid expenses and other current assets 26,400     17,085  
Contract acquisition costs 5,550     6,286  
Inventories 9,940     10,176  
Total current assets 422,082     295,931  
           
Non-current assets          
Other non-current assets 7,341     1,731  
Marketable securities 28,859     22,125  
Deferred tax assets, net 7,024     12,511  
Property and equipment, net 15,896     17,259  
Operating lease right-of-use assets, net 14,260     15,653  
Intangible assets, net 10,594     11,254  
Goodwill 26,829     26,829  
Total non-current assets 110,803     107,362  
           
Total assets $ 532,885     $ 403,293  
           
Liabilities and shareholders’ equity          
           
Current Liabilities          
Trade payables $ 8,282     $ 4,612  
Other accounts payable and accrued expenses 44,845     45,453  
Deferred revenues 195,725     152,709  
Operating lease liabilities 4,972     5,003  
Total current liabilities 253,824     207,777  
           
Long-term liabilities          
Other long term liabilities 5,515     5,394  
Deferred revenues 47,098     42,173  
Restricted Sponsor Shares liability 47,247     17,532  
Price Adjustment Shares liability 81,715     26,184  
Warrant liability 54,117     20,015  
Operating lease liabilities 9,157     10,353  
Total long-term liabilities 244,849     121,651  
           
Total liabilities $ 498,673     $ 329,428  
           
Shareholders’ equity           
Share capital *)     *)  
Additional paid-in capital (84,896 )   (125,624 )
Treasury share, NIS 0.00001 par value; 41,776 ordinary shares (85 )   (85 )
Accumulated other comprehensive income 1,050     331  
Retained earnings 118,143     199,243  
Total shareholders’ equity 34,212     73,865  
           
Total liabilities and shareholders’ equity $ 532,885     $ 403,293  

 *) Less than 1 USD

 

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,
  2023   2022   2023   2022
               
Revenue:              
Subscription services $        57,722   $        43,698   $        209,751           $        153,470
Term-license         20,924           18,625           70,663                   62,487
Total subscription         78,646           62,323           280,414                   215,957
Perpetual license and related         4,486           3,666           13,561                   21,373
Professional services           9,881           8,029           31,135                   33,321
Total revenue         93,013           74,018           325,110                   270,651
               
Cost of revenue:              
Subscription services         5,179           3,681           19,219                   16,875
Term-license         —           50           6                   425
Total subscription         5,179           3,731           19,225                   17,300
Perpetual license and related         4,344           3,381           13,766                   12,987
Professional services         5,393           5,019           20,240                   20,459
Total cost of revenue         14,916           12,131           53,231                   50,746
               
Gross profit $        78,097   $        61,887   $        271,879           $        219,905
               
Operating expenses:              
Research and development         21,751           19,734           84,386                   80,620
Sales and marketing         29,594           23,669           110,813                   97,387
General and administrative         11,753           8,810           43,443                   40,854
Total operating expenses $        63,098   $        52,213   $        238,642           $        218,861
               
Operating income $        14,999   $          9,674   $          33,237           $            1,044
Financial (expense) income, net         (27,344)           (572)           (108,800)                   119,716
(Loss) income before tax         (12,345)           9,102           (75,563)                   120,760
Tax expense (income)         2,302           2,024           5,537                   (45)
Net (loss) income $      (14,647)   $          7,078   $               (81,100)   $        120,805
               
(Losses) earnings per share              
Basic $          (0.08)   $           0.04   $           (0.43)           $              0.64
Diluted $          (0.08)   $           0.04   $           (0.43)           $              0.59
               
Weighted average shares outstanding              
Basic         194,440,674           184,952,107           190,154,549                   182,693,375
Diluted         194,440,674           192,786,615           190,154,549                   195,393,558
               
Other comprehensive income:              
Unrealized income (loss) on hedging transactions         1,311           1,194           1,252                   (953)
Unrealized income (loss) on marketable securities         293           44           506                   (502)
Currency translation adjustments         (946)           (133)           (1,039)                   414
Total other comprehensive income (loss), net of tax         658           1,105           719                   (1,041)
Total other comprehensive (loss) income $        (13,989)   $        8,183   $             (80,381)   $          119,764
               
               
  For the three months ended   For the year ended
  December 31,   December 31,
  2023   2022   2023   2022
               
Cash flow from operating activities:              
               
Net (loss) income $        (14,647)   $             7,078   $        (81,100)   $        120,805
Adjustments to reconcile net income to net cash provided by operating activities:              
Share based compensation and RSU's         5,060           3,787           18,998           13,708
Amortization of premium, discount and accrued interest on marketable securities         (308)           (225)           (1,106)           (372)
Depreciation and amortization         2,615           2,520           10,011           9,194
Interest income from short term deposits         (3,495)           (318)           (7,737)           (684)
Deferred tax assets, net         2,290           (61)           5,125           (2,392)
Remeasurement of warrant liability         9,785           375           34,102           (36,463)
Remeasurement of Restricted Sponsor Shares         6,975           1,381           29,715           (27,180)
Remeasurement of Price Adjustment Shares liabilities         14,155           1,211           55,531           (53,220)
(Increase) decrease in trade receivables         (7,067)           11,242           2,271           (12,885)
Increase in deferred revenue         22,247           18,953           46,114           38,966
Decrease (Increase) in other non-current assets         231           94           (5,610)           227
Increase in prepaid expenses and other current assets         (2,175)           (4,431)           (9,211)           (5,692)
Changes in operating lease assets         224           4,667           4,362           4,667
Changes in operating lease liability         330           (5,955)           (4,196)           (5,955)
Decrease (increase) in inventories         1,281           (812)           243           (3,680)
Increase (decrease) in trade payables         321           (895)           3,691           (5,471)
Decrease (increase) in other accounts payable and accrued expenses         5,571           (2,060)           734           (8,853)
Increase (decrease) in other long-term liabilities         435           (808)           121           (4,143)
Net cash provided by operating activities $        43,828   $         35,743   $        102,058   $        20,577
               
Cash flows from investing activities:              
               
Purchases of property and equipment         (2,260)           (1,391)           (5,231)           (6,897)
Purchase of Intangible assets         (2,687)           (1,788)           (2,687)           (2,188)
Investment in marketable securities         (13,312)           (9,253)           (55,317)           (89,364)
Proceeds from maturity of marketable securities         12,279           7,445           56,336           22,277
Investment in short term deposits         (25,000)           (51,000)           (89,000)           (76,000)
Redemption of short term deposits         34,141           18,544           73,359           60,941
Net cash provided by (used in) investing activities $        3,161   $        (37,443)   $        (22,540)   $        (91,231)
               
Cash flows from financing activities:              
               
Exercise of options to shares         3,827           1,327           19,142           12,628
Proceeds from Employee Share Purchase Plan, net         703           657           2,623           1,337
Exercise of public warrants         —           —           —           5
Net cash provided by financing activities $        4,530   $             1,984   $        21,765   $          13,970
               
Net increase (decrease) in cash and cash equivalents         51,519           284           101,283           (56,684)
Net effect of Currency Translation on cash and cash equivalents         932           2,795           589           (1,644)
Cash and cash equivalents at beginning of period         137,066           84,566           87,645           145,973
Cash and cash equivalents at end of period   $    189,517   $          87,645   $        189,517   $        87,645
               
Supplemental cash flow information:              
Income taxes paid $          847   $            3,727   $        10,047   $          9,053
Non-cash activities              
Purchase of Intangible assets  $            —      $               493   $               —   $             664


 

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,
    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 the three months ended   For the year ended
  December 31,   December 31,
    2023       2022     2023       2022  
  (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Gross profit $         78,097     $         61,887   $         271,879     $         219,905  
Share based compensation           498               345             1,733               1,284  
Acquisition related costs           13                —             52               —  
Non-GAAP gross profit $         78,608     $         62,232   $         273,664     $         221,189  
               
               
  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 intangible assets           871               834             3,347               2,826  
Acquisition related costs           39               133             (7 )             1,960  
Non-GAAP operating expenses $         57,626     $         47,804   $         218,382     $         201,651  
               
               
  For the three months ended   For the year ended
  December 31,   December 31,
    2023       2022     2023       2022  
  Unaudited   Unaudited   Unaudited   Unaudited
               
Operating income $         14,999     $         9,674   $         33,237     $         1,044  
Issuance expenses           —               —             (345 )             —   
Share based compensation           5,060               3,787             18,998               13,708  
Amortization of intangible assets           871               834             3,347               2,826  
Acquisition related costs           52               133             45               1,960  
Non-GAAP operating income $         20,982     $         14,428   $         55,282     $         19,538  
               
               
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,
    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               13,708  
Amortization of intangible assets           871               834             3,347               2,826  
Acquisition related costs           52               133             45               1,960  
Tax (income) expense           (252 )             516             633               (384 )
Finance expense (income) from financial derivatives           30,915               2,967             119,348               (116,863 )
Non-GAAP net income $         21,999     $         15,315   $         60,926     $         19,684  
               
Non-GAAP Earnings per share:              
Basic $         0.12     $         0.08   $         0.31     $         0.10  
Diluted $         0.11     $         0.08   $         0.28     $         0.10  
               
Weighted average shares outstanding:              
Basic           194,440,674               184,952,107             190,154,549               182,693,375  
Diluted           207,110,826               192,786,615             206,194,081               195,393,558  
               
               
               
  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 )
Issuance expenses                 —             (345 )             —  
Share based compensation   5,060               3,787             18,998               13,708  
Amortization of intangible assets   871               834             3,347               2,826  
Acquisition related costs   52               133             45               1,960  
Depreciation expenses   1,744               1,686             6,664               6,368  
Adjusted EBITDA $ 22,726     $         16,114   $         61,946     $         25,906  


 


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