Cellebrite DI Ltd. Q1 2023 Earnings Call

May 10, 2023

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Welcome to the celebrate first quarter 2023 financial results conference call. At this time, all participants have been placed on a listen only mode and the floor will be opened for your questions. Following the presentation.

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Thank you Shelby good morning, everybody.

Celebrates first quarter 2023 financial results conference call. Joining me today are Yossi Carmel celebrate CEO and Donna Garner celebrate CFO there.

There is a slide presentation that accompanies our prepared remarks, and you can advance the slides in the webcast viewer to follow our commentary we will be sure to call out the slide number we are referring to in our remarks. This call is being recorded and a replay of the recording will be made available on our website shortly after the call.

Let's start with slide number two a copy of today's press release and financial statements, including the GAAP to non-GAAP reconciliations this slide presentation.

All of that is available on the company's Investor Relations website.

At investors, Doug celebrate dot Com. Please note that the quarterly financial tables and supplemental.

Data for the first quarter and each quarter for the past two years will be posted to our Investor Relations website.

After this call concludes.

Also unless stated otherwise our first quarter 2023 financial metrics as well as the financial metrics provided in our outlook that will be discussed on today's conference call will be on a non-GAAP basis only all historical comparisons are with the first quarter of 2022, unless otherwise noted. In addition, please note that the statements made during this call.

And are not statements of historical facts constitute forward looking statements. All forward looking statements are subject to risks and uncertainties and other factors that could cause matters expressed or implied by those forward looking statements not to occur. They could also cause the actual results to differ materially from historical results <unk> from forecasts.

Some of these forward looking statements are discussed under the heading risk factors and elsewhere in the Companys annual report on form 20-F filed with the SEC on April 27, 2023, the company does not take.

Undertake to update any forward looking statements to reflect future events or circumstances.

Slide number three provides the agenda for todays call as you'll hear we are pleased with our Q1 financial performance and strategic progress and we are focused on delivering on our full year 2023 targets.

And with that said I'll now turn the call over to Yossi caramel celebrate CEO .

Thank you and thank you all for joining us today.

As reflected on slide five our celebrate first quarter results and <unk> demonstrates a strong start to 2023.

The first quarter was 23 was also marked by celebrate continued progress with key strategic initiatives.

Aimed at advancing innovation and expanding our customer relationships.

It is really rewarding to see customers increasingly turn to celebrate four powerful digital intelligence software solutions that will help them modernize their investigative workflow.

This is translating into higher usage for collecting review solutions and increasing traction for additional growth engines like our investigative analytics in our case evidence management offerings, all of which is helping grow wallet share within our installed customer base and capture new logos.

As a result, we move forward with a solid momentum and a healthy marketplace.

Before I share some observations about our market positioning highlights from the quarter the market environment and our outlook for the reminder of 2023 I will briefly review, our first quarter results and other select metrics.

Q1 revenue of $71 $2 million grew 14% over the prior year with subscription software revenue growing 27%.

Our IRR.

3% to $261 million.

We delivered another quarter with dollar based and our greater than 120%.

We closed 21 large deals each valued at greater than half a million U S. Dollar.

We reported Q1, adjusted EBITDA of $7 3 million for a margin of 10% and non-GAAP EPS of <unk> <unk>.

And we generated more than $12 million in cash from operations and ended Q1 with cash and investments totaling just over $221 million and no outstanding debt.

Turning to slide six.

Hello, Blake is recognized by public and private sector customers industry experts and investors as a market leader in digital intelligence software solution.

The cornerstone of our business continues to be our collect some of your offerings that are trusted by customers around the globe to locally extract the code and revenue and review digital evidence.

No these offerings, which represents more than 80% of Q1 'twenty three revenue augmented by our investigative analytics encase and evidence management solution, which are still at the early stage of customer adoption.

In addition to Eagle Ford with.

We deliver high value professional services, including training certification and advanced services that customers use to reduce the backlog of devices by outsourcing digital evidence collection to our experts.

During the first quarter, we executed well on our product Roadmaps and go to market initiatives.

And collect some review the substantial investments we've made in recent years to expand our mobile research capabilities continued to pay off earlier this spring we.

We delivered an industry first capability on our premium solution for the latest iPhone and iOS version.

Our leadership in iPhone and iOS is complemented by our extensive coverage of Android based smartphones, which commands more than 70% of the global smartphone market.

Looking ahead. We are also excited about our near term plans to further elevate the value proposition of you fit our basic collective of your offering used by tens of thousands of examine it was around the globe.

In terms of other notable development progress, we continued to enhance our physical analyzer and pathfinder investigative analytics by leveraging our ongoing investment in artificial intelligence to further differentiate these offerings.

These solutions enable law enforcement professionals to quickly leverage powerful timely insights into digital evidence ultimately time consuming manual tasks and advancing mitigation faster and more efficiently.

We've also continued in advance Guardian, our SaaS based platform for case management and evidence management.

From a go to market perspective, we are gaining solid momentum.

The actions, we took last year to enhance our strategic account management in EMEA in the USA as well, bringing new private sector leadership are making a tangible difference in closing new business and building a stronger high quality pipeline of opportunities.

This is reflected in several ways.

Our first quarter MLR of 128% was the 17th consecutive quarter above 120%.

Revenue in the Americas grew 20% while revenue in EMEA increased 14% its best quarter of top line expansion in the past year.

Our flagship collection review suite of solution, you said premium and physical analyzer, where at the foundation of the vast majority of our Q1 large deals as expected.

Two thirds of these large deals included more than our mobile data forensic solutions, such as computer cloud data collection, Pathfinder and audiences as well as training and advanced services.

We're also pleased that our revenue growth rate within the private sector has accelerated into the high teens.

We are moving forward focused on driving further enterprise expansion through our direct sales or service provider channels and other high value partnership.

Our IRR growth of 30% primarily reflects our success in expanding wallet share with existing customers.

Geographically, we continue to produce significant expansion in the Americas led by continued strength in our U.

State and local government sales group.

We achieved this AOR growth, even as we have stopped our new sales activities in dozens of countries as part of our ongoing commitment to operate our business with the highest ethical and professional standards at Donlin.

We will share additional insights on this topic in a moment.

Okay.

Moving to slide seven.

I will highlight several Q1 deals.

This demonstrates our R&D and go to market focus and success.

In Latin America, we are helping a large national agencies evolve and upgrade the motive operation in the face of more crime that involves digital evidence including financial crime.

Customer.

Benefiting from expanded premium licensing as well as Guardian and Pathfinder just it's noteworthy. This is the first customer in this region for US are digital intelligence offering that integrates crypto currency data and insights.

With this deal this customer DLR increase substantially by 13 times to one $6 million.

In our USA state local government accounts.

Two notable Q1 wins that showcase our ongoing success in growing our wallet share with police department, serving midsized cities.

And we both cities violent crime, especially homeless eyes have been on the rise.

To help law enforcement to foster both customer not only added premium, but they also began deploying pathfinder to accelerate investigations and guardian to securely share digital evidence among examiners investigators and prosecutors.

For one of these customers increased by four times to nearly 600000 million $600000 and the other customer is also a great example of our success in harvesting smaller long tail Prime accounts now.

Now with this deal in place.

This customer increased by over 10 times to just under $300000.

We were also pleased to see that especially intelligence agency in Western Europe expanded its use of our premium solution nation of nationwide. While also renewing the licenses for our other collection review to accelerate the cyber investigation and safeguard our citizens as.

As a result, these customers increased by over 60% to $1 2 million.

And last in the private sector.

Two notable deals in Q1 with our service provider partners, who typically generate approximately half of our quarterly enterprise revenue.

One service provider in our central European country made its initial purchase of mobile and limit our on Prem enterprise solution for collecting digital evidence from advanced smartphones and.

And other service providers West Coast Office, maybe first purchase of our endpoint Inspector software remote data collection, we believe that the breadth and depth of our product portfolio for the private sector leaves us well positioned to continue expanding our service provider relationship going forward.

So.

Turning.

On slide eight.

As we move into the second quarter with solid momentum and a healthy marketplace that is benefiting from multiple <unk> wins.

With <unk>.

90% of criminal cases involving digital element.

Law enforcement agencies are in clean increasingly recognizing that the muscle then as they are investigating workflow and of all the current mode of operation.

Our own industry research mass late last year and further support to this and here are some additional effect.

Most law enforcement professionals and prosecutors beneath that digital evidence is more important than physical evidence and DNA to successfully prosecute cases.

Approximately two thirds of all phones entering the lab our locks.

Nearly 75% of agency managers agree that there is a growing technology skill gap in policing, making it even tougher for police forces to collect manage analyze store and.

And use the digital evidence required to win convictions and lost.

As it relates to digital transformation almost half of the police Chiefs and agency managers describe current strategies as poor to mediocre.

Slide nine addresses our outlook more.

More specifically based on our performance to date.

And the opportunities we see going forward. We believe we are on track to deliver on our 2023 financial targets.

I would like to close by reiterating that celebrate made important strategic progress during the first quarter and executed well against the top priorities that we outlined on our last quarter's call.

Now these include bringing impactful innovation to the marketplace.

When you're collecting between leadership and broadening our reach into new buying centers that can benefit from our high value investigative analytics and powerful case management solution.

Our team remains very enthusiastic about the company's prospects in 2023 and beyond.

And we work together to deliver powerful digital intelligence solution that will help our customers around the globe to protect and save lives accelerate justice and ensure data privacy and with that said I'll be lots Donna to begin her financial review done at please.

Let's begin our review on slide 11.

Total revenue of $71 $2 million for the first quarter was up 14%. This was driven primarily by 27% growth in subscription revenue.

As detailed on the slide 86% of our total quarterly revenue came from software subscription up from 77% one year ago.

Slide 12 details our AOR growth, which is an important forward looking kpis for sandbox sales momentum and the trajectory of future revenue.

As noted AOR grew 30% year on year.

Reaching $261 million at the end of Q1, primarily as a result of continued expansion with existing customers. We've.

We've seen this category, we produced shrunk alcohol for a connected with your solution, mainly due to further penetration of premium <unk> Colby.

This expansion is augmented by faster growth from our peers further investigative underneath and garden case management solution, a rebate on much smaller base.

And Matt I'd like to brief to.

To briefly elaborate on Sharon, which reflect the impact of license reductions and consolidations, Sharon with 10% in the first quarter.

Approximately two percentage points of the churn is directly tied to erosion from customers in countries, where we have discontinued new sales activity and are no longer pursuing license renewals we.

We anticipate that the impact from voluntary Sharon we'd like to remain at current levels throughout 2023, and gradually lessen as we move into the latter part of 2024.

Slide 13 details the historical trend for our non-GAAP gross margins and non-GAAP operating expenses, which exclude share based compensation amortization of intangible assets and acquisition related expenses.

Our first quarter 2003 gross margin was 83, 1%, which was up slightly from 82, 8% in the same period one year ago.

Gross margin performance in Q1 reflects the positive impact from the sustained growth we have delivered in higher margin software sale.

In terms of operating expenses first quarter operating expenses were $53 5 million, which reflects disciplined spending nor head count on a personal cost and to a lesser extent favorable changes in foreign exchange rates.

We ended March with 973 employees down 3% from Q4 and up 6% from the same period last year, we expect head count to return to year end 'twenty two levels over the next quarter or two.

Turning to slide 14, our adjusted EBITDA in the quarter was $7 3 million or 10, 3% on a margin basis.

This was due to the combination of our strong revenue performance and disciplined spending those same factors contributed to non-GAAP operating income of $5 $7 million non.

non-GAAP net income in Q1 was $6 9 million and non-GAAP fully diluted EPS was <unk> <unk>.

I am pleased with our cash generation to start the year, we generated cash from operations in the first quarter of $12 $5 million due primarily to our strong operating results in excellent condition collection efforts.

We finished the first quarter, we still $121 $2 million of cash cash equivalents and investments at $15 4 million from the end of 2022, despite meaningful cash outflows.

I know the bond payment.

Fourth quarter commissions and $6 million for the final payments associated with the company's acquisition of <unk> technologies in early 2020.

Let's move to slide 15.

Based on our results, thus far and the opportunities ahead of US we are on track to achieve our original financial outlook for 2023, and reiterate our full year 2023 guidance, which is displayed on the slide.

And in terms of AUR, we expect ongoing convergence between our subscription revenue and our AOR growth rate as we move through the rest of the year.

On a related note, we expect that our total revenue growth rate will continue today's our subscription revenue growth rate due to slower growth in professional services and the expected decline for either nonrecurring revenue perpetual license revenue has now reached relatively insignificant levels.

In closing in two weeks celebrate is off to a strong start in 2023.

Have continued to deliver compelling innovation to the marketplace, which has been critical for sustaining our commercial progress in expanding wallet share within existing accounts and winning new customers.

We also demonstrated our commitment to convert solid revenue growth into improved profitability, even as we made meaningful strategic investments to expand our business and deliver value to customers.

What are you seeing early in the year, we move forward on track to achieve our 2023 financial targets. We are confident that executing on our plans over the coming quarters will drive value creation for shareholders customers partners and employees that concludes our prepared remarks, and how do we turn the call back to our operator.

For Q&A.

Thank you the floor is now open for questions.

At this time, if you have a question or comment please press star one on your telephone keypad.

Is there any point. Your question is answered you may remove yourself from the queue by pressing star two.

Again, we ask that you pick up your handset when posing your questions to provide optimal sound quality. Thank you.

We will take our first question from Jonathan Ho with William Blair.

Hi, good morning, and congratulations on the strong results.

Just wanted to I guess get a little bit more color on the decision to voluntarily stop selling in some regions could.

Could you maybe give us a sense of how large the customer base is in the <unk>.

These areas.

And maybe what changed that caused you to stop selling in these areas now.

Shall I take Cardona Keith.

So first of all I would say nothing changed in that base that.

All the elements of <unk>.

Making sure that.

The technology, we have.

The aim to do who goes to the right places and being used in the right manner.

It is part of our business for years by now.

Obviously human rights and data security and data privacy are important to us.

I am just too.

Maybe refresh 2021, we found on ethics, and integrity Committee, which advised the board.

Regarding that policy. So that was basically something that <unk> been strengths are existing compliance and ethical practices within the company.

So within that parts.

We did over the last past years, where we stopped new sales activities in dozens of countries, we decided to add.

Additional countries.

As part of that ongoing effort I would say to first of all make sure. We have the right operation that we focus on the right areas, where we can be sure.

And the way our products are being operated are in the right manner.

And that means Jonathan basically we are getting we always been cautious about that we are getting better with us and we are in time based on our ongoing ongoing ethics compliance we are upgrading our.

Activity in that respect blocking or getting out of additional countries.

Does it answer your question.

It does I mean, the first part of the question was sort of the size.

The customer bases in these countries that you're exiting.

Maybe I'll kick off.

So in principle, we are really looking at a very very long okay.

Customer base in these regions we've done.

Every insignificant business.

So this does not have a substantial impact on our.

Revenue growth or arable if basically if I alluded to in my heart and we expect it to be almost not have you seen a year and a half.

Got it got it and then.

You mentioned AI.

Sort of win rates or drive additional upsell opportunities just wanted to get a little bit more.

Detail around that AI opportunity.

Yeah with pleasure.

Really exciting in that context first of all.

We invest in AI as you probably remember.

Use it as part of the technological assets, we've put into our investigative analytics Pathfinder and also in the Pea.

We continue to invest here, because we see AI capabilities I would say on physical analyze and pathfinder as something that enable our customers to use it and quickly leverage insights, which is by the way classic helpful for digital evidence and especially investigative world.

We will move forward with AI.

We will see that it will play a bigger role in an important role.

You can think about it like that in the investigative world. What we can help an offer is basically.

With technology improvement of motive operation for the investigators around creating investigative scenarios and help with classifications of major location images et cetera et cetera.

As you probably understand that will.

Be a differentiator creates obviously increased business opportunities into the future and especially in those two areas that I've mentioned, one collective review with physical analyzer and second the ongoing interest which is related to pathfinder investigative analytics.

So definitely its technological benefit with an ongoing ongoing business opportunity for us.

Fantastic. Thank you.

And we will take our next question from <unk> <unk> with PD Cowen.

Thank you.

Good afternoon, Youll see Donna Andy Ah Congrats good to see the ongoing stability in the business great progress also on the governance front.

My first question Youll see us actually on the pipeline how would you characterize the pipeline.

Is it close to record levels.

So did most of the slippage.

For the past year.

Did that already come back.

M I would say the following first of all it's a healthy market Joel This is Juan.

Second.

The pipeline is healthy.

Especially as we look forward, even beyond Q2, Q3, and Q4 and I would even say that.

In the perspective of 2023 and beyond.

We feel very confident right now in something that I can say is scalable can grow as we expected.

And Leigh relying among others on a very stable pipeline.

When it comes to what we were facing in the past.

I fiddled with on the market <unk>.

And we had to upgrade and correct some elements, which are related to our go to market.

We did.

In the USA in EMEA.

And we feel I would say also very comfortable in the combination between the existing pipeline the pipeline health and our ability to execute with our go to market organization.

Understood understood. Thank you for this color.

My second question so.

Magnets forensics since we all know that.

It was merged with Great ship Thoma Bravo pursuit.

Both these transactions.

I know it could be early data youll see but have you witnessed any change within the competitive landscape.

No major change in the competitive landscape.

Specifically to.

Magnets and gracious as spoken last quarter one.

Thats merge anticipated actually right now practical happening merger is good for the market.

The attractiveness of the market it was not a surprise for us those entities were standalone collaborating with each other at the past.

I would also say that the marriage reflects actually the value will celebrate because it was among others based on the importance of the mobile portal as part of the entire scheme back to the question about the changes. So no change is not there and not in general we continue to see smaller competitors from time to time that attempt to.

Mitch elements of our product strategy.

Our investment in innovation I would say the strong customer relationship that we have and our ability to scale our position we need to continue with our plan.

Sure.

We believe that <unk> will be.

An important progress in that respect we've with our competition, we need to do our thing.

Understood. Thank you for the congrats.

Thank you.

Next question, operator, and we'll take our next question from Cal Biyani with Bank of America.

Hi.

Good morning.

Yeah.

Private sector, you mentioned, new sales initiative and.

Growth in the private sector can you give us a little bit more details first of all on your efforts to drive growth and opportunities et cetera.

So.

<unk> <unk>.

Obviously.

Look private sector.

Private sector revenue and celebrate.

Was and still slightly below the 10% of our total quarterly revenue.

We.

Believes that the current growth rates.

Or is substantially.

With good potential.

And we have the ability to accelerate based on the current offering that we have again.

Collection.

Remote collection and there is also.

Some moved to three are doing in order to collaborate with additional.

Partners.

Within the industry.

I would say that maybe a little bit about what drive deals over there on the deal side.

In the public sector by the way similar to the public and the private similar to the public deal size for the private sector customers. These functional products, which are needed in the numbers of licenses.

And even with a larger corporate customers will generally require far less licenses for their IP and legal teams involved in conducting investigation. So the largest enterprise our stocks similar to the forensic lab or I would say by the small to mid sized customer in the public and as such what I wanted to stay with us.

You will continue to see weak, we'll continue to see the growth its not the pace of growth.

We've seen the public but one we are satisfied with what we see.

As I mentioned that we upgraded the sales team sales leadership over there and we've got right now it seem that can scale. This up it will stay around the 10% of our activity into the future as long as we operate organically.

But it is good because the entire pie of growth in the <unk>.

Pie of the private sector as part of our activity globally.

Got it.

I have a second question with their permission you talked about.

In the last two quarters, you've talked about deal slippage. This quarter is very strong are you still seeing slippage of deals and can you speak generally about how macroeconomics conditions are impacting projects since crude oil projects.

I'll start with the second part we do not see.

Any macroeconomics elements, which are disturbing the business at the moment.

Yeah.

I would say on the contrary, we spoke in the past about fear from defunding now the context.

When funding to refunding police.

The slippery deals were mentioned last year.

Jim.

It was in the context of our ability to close and bring it to the hand in timely manner, especially by large deals which tends to be lumpy.

I believe that right now I don't believe so I'm sure that right now as we look at it we're in a much better shape.

Maybe to emphasize his last statement the reasonable dependency and celebrate on that big large deal.

That's a big project, we have a very good balance.

Very good for us in terms of business or risk management and business. There are increasing there is an increasing number of large deals.

But those are not mega size deals, which creates dependency on the entire quarter and they improve side by side with our ability to.

Continue growing with these transactional business baidu thousands of long tail prime customers.

In the state and local government so less lumpiness.

Diversify environment and small dependencies on Mega large deals in order to.

To meet the targets.

We're in a good shape there.

Great. Thank you.

And we will take our next question from Doug <unk> with J P. Morgan.

Hey, good morning, and thanks for taking my question. So looking at your <unk> licensing that growth over the past year really driven almost entirely by expansion revenue what products and services are you seeing the most strength in for that expansion component.

Well, maybe I'll take it.

Predominantly from the podium enduro perspective.

The correction, if you will being a major installed base is driving most of the growth. We further penetration of our advanced data collection capabilities in the shape of premium.

<unk> solutions.

Do see faster AOR growth for investigative analytics in the Guardian solution.

They are coming from a smaller basis.

The impact on the total dollar amount.

The MX and the <unk>.

Average <unk>.

Gross margin currently.

Great. That's all for me thank you.

Okay.

And we'll take our next question from Jamie Shelton with Deutsche Bank.

Okay.

Good morning, and thanks for taking my question and congrats on the solid execution great launches.

You've touched on it briefly but if you could talk to recent.

So and that momentum.

Theres any additional color around contribution of growth today, and I guess more importantly, where do you think this could go over the next few years.

Follow up thank you.

Thank you and thank you for the question.

Now we think it may be at least four stars.

<unk>.

Look although past fine, though has been available for several years.

It is only with the past I would say two years that the product has achieved the level of functionality to gain traction within customers.

And.

We've closed dozens of pathfinder deals over the past year as we all would say cross sell and up sell this offering in our installed base.

In Q1 by the way.

Realized at three customers deal that included the Pathfinder.

Pathfinder physician celebrate very strongly and although some kind of <unk>.

Also offering when it comes to the investigative world. It is.

<unk>, which is dedicated to the weight.

An investigator operates it is also a great opportunity to take the.

There should be an unique way data has been collected with our collection of Europe , and then analyze large amounts of data in order to get to the evidenced as quick as possible.

Now it will we anticipate that it will boom in the future in a positive context of significant growth.

These involve selling that is involved with longer sales cycle. It is involved with changing sometimes the motive operation of the customer plus as I look at it we continue to look at it as a.

Significant growth opportunity for the investigative segment.

And definitely a relative advantage for us.

Okay great.

Great and just a quick follow up can you provide us what percent of your you said base is now connected to premium enterprise.

Got it.

So I would say that we are.

At the mid teens in a region.

Right.

Okay. Thank you understood.

Okay.

And once again, if you do have a question you May press star one on your telephone keypad at this time.

We'll take our next question from Louie Dipalma with William Blair.

Yossi Donna and Andy Good morning.

Good morning.

Following on my colleague Jonathan's question is.

There is a potential for you to forge commercial partnerships with some of the generative AI vendors like open AI or Google too.

Great.

Those systems with your physical analyzer, and perhaps like upsell that like AI capability to your car.

Current installed base.

Looking general collaborations are always.

Possible.

One needs to.

Remember that we are dealing with <unk>.

Investigators.

And we are dealing with investigative data.

It is important for US also to let's say to keep some other gene and make sure that we are giving something which is reliable closed.

Then stable enough.

The investment that we do in AI has been primarily focused on developing our machine learning models, including those for let's say midyear and topic classification.

And obviously, we will continue to explore ways that I would say open source based our models can complement our own capabilities in let's say further enhance and support the solution. So yes for the option.

But.

We'll see into the future.

Great that makes total sense.

And another question many vendors in public safety have implemented price increases over the past year in this inflationary environment did you increase the pricing on any of your key products or is there the potential for you to do so.

The future to add to the <unk>.

Existing.

Core growth.

Yeah.

So.

First of all.

Yes, there is an option for an ongoing price increase.

In addition, we actually just now increased the prices in the public sector.

For our collection of view an investigative analytics.

In the beginning of Q2, so the activity in Q1, Didnt basically was not affected by that.

<unk> is by the way valent valid mainly for the U S or the Americas because in the beginning of the year. We did some modifications in the pricing to Europe based on.

On a currency exchange currency currency rates.

Into the future and since you are talking to a company which is.

Facing its growth mainly on.

Growing within the existing accounts existing logos and focusing on strategic meet the high and the large federals.

We intend or we think that we can see.

Continuous price increasing for the value that we bring into our solutions. So it is also part of the strategy for the future to come.

And to sum it up for <unk>.

Thanks, Joe.

Thanks, everyone.

This concludes the Q&A portion of today's call I would now like to turn the floor over to celebrate CEO <unk> for additional or closing remarks.

Okay. So.

Thank you again, everyone for joining us thank you for the questions and.

Thank you, especially for the celebrate employees for a great Q1, and good luck to us and the rest for the rest of the year. Thank you have a great day.

Thank you. This concludes today's celebrate first quarter 2023 financial results Conference call. Please disconnect. Your line at this time and have a wonderful day.

[music].

Hum.

[music].

Hum.

Okay.

[music].

If you would like to ask a question at that time. Please press star one on your telephone keypad.

At any point. Your question has been answered you may remove yourself from the queue by pressing star two.

So others can hear your questions clearly, we ask that you pick up your handset for best sound quality.

Lastly, if you should require operator assistance. Please press star Zero I would now like to turn the call over to your first speaker today, Mr. Andrew Kramer Mr. Kramer the floor is yours.

Thank you Shelby good morning, everybody.

Celebrates first quarter 2023 financial results conference call. Joining me today are Yossi Carmel celebrate CEO and Donna Garner celebrate CFO .

Let's start with slide number two a copy of today's press release and financial statements, including the GAAP to non-GAAP reconciliations the slide presentation.

All of that is available on the company's Investor Relations website.

Investors, Doug celebrate dot com. Please note that the quarterly financial tables and supplemental.

Data for the first quarter and each quarter for the past two years will be posted to our Investor Relations website.

After this call concludes.

And not statements of historical facts constitute forward looking statements. All forward looking statements are subject to risks and uncertainties and other factors that could cause matters expressed or implied by those forward looking statements not to occur. They could also cause the actual results to differ materially from historical results <unk> from forecasts. Some of these forward looking statements are dis.

Because under the heading risk factors and elsewhere in the Companys annual report on form 20-F filed with the SEC on April 27, 2023, the company does not take us.

Undertake to update any forward looking statements to reflect future events or circumstances.

And with that said I'll now turn the call over to Yossi caramel celebrates CEO .

Thank you and again, thank you all for joining us today.

As reflected on slide five.

Celebrate first quarter results and keep the eyes demonstrates a strong start to 2023.

The first quarter was 23 was also marked by celebrate continued progress with key strategic initiatives.

Aimed at advancing innovation and expanding our customer relationships.

It is really rewarding to see customers increasingly turn to celebrate four powerful digital intelligence software solutions that will help them modernize their investigative workflow.

This is translating into higher usage for collectively solutions and increasing traction for additional growth engines like our investigative analytics in our case evidence management offerings, all of which is helping grow wallet share within our installed customer base and capture new logos.

As a result, we move forward with a solid momentum and a healthy marketplace.

Before I share some observations about our market positioning highlights from the quarter the market environment and our outlook for the reminder of 2023.

I'll briefly review, our first quarter results and other selected metrics.

The Q1 revenue of $71 $2 million grew 14% over the prior year with subscription software revenue growing 27%.

Our IRR.

80%.

<unk> hundred $61 million.

We delivered another quarter with dollar based and our greater than 120%.

We closed 21 large deals each valued at greater than half a million U S. Dollar.

We reported Q1, adjusted EBITDA of $7 3 million for a margin of 10% and non-GAAP EPS of <unk>.

And we generated more than $12 million in cash from operations and ended Q1 with cash and investments totaling just over $221 million and no outstanding debt.

Yeah.

Turning to slide six.

Hello, Blake is recognized by public and private sector customers industry experts and investors as a market leader in digital intelligence software solution.

The cornerstone of our business continues to be our collect some of your offerings that are trusted by customers around the globe to locally extract the code and revenue.

Digital evidence.

Now these offerings, which represents more than 80% of Q1 'twenty three revenue are augmented by our investigative analytics encase and evidence management solutions, which are still at the early stage of customer adoption.

In addition to Eagle Ford.

During the first quarter, we executed well on our product roadmap and go to market initiatives.

And collection review the substantial investments we've made in recent years to expand our mobile research capabilities continued to pay off earlier this spring.

An industry first capability on our premium solution for the latest iPhone and iOS version.

Our leadership in iPhone and iOS is complemented by our extensive coverage of Android based smartphones, which commands more than 70% of the global smartphone market.

Looking ahead. We are also excited about our near term plans to further elevate the value proposition of you fit our basic collect some of your offering used by tens of thousands of examiner was around the globe.

In terms of other multiple development progress, we continue to enhance our physical analyzer and pathfinder investigative analytics by leveraging our ongoing investments in artificial intelligence to further differentiate these offerings.

These solutions enable law enforcement professionals.

Quickly leverage powerful timely insights into digital evidence also made time from human Austin manual tasks and advance investigation faster and more efficiently.

We've also continued to advance Guardian, our SaaS based platform for case management and evidence management.

From a go to market perspective, we are gaining solid momentum.

The actions, we took last year to enhance our strategic account management in EMEA in the USA as well, bringing new private sector sales leadership are making a tangible difference in closing new business and building a stronger high quality pipeline of opportunities.

This is reflected in several ways.

Our first quarter MLR of 128% was the 17th consecutive quarter above 120%.

Revenue in the Americas grew 20% while revenue in EMEA increased 14% its best quarter of top line expansion in the past year.

Our flagship collection review suite of solution, you will fit premium and physical analyzer, whereas the foundation of the vast majority of our Q1 large deals as expected it.

Two thirds of these large deals included more than our mobile data forensic solutions, such as computer Consolidator collection, Pathfinder and audiences as well as training and advanced services.

We're also pleased to out that our revenue growth rate within the private sector has accelerated into the high teens.

We are moving forward focused on driving further enterprise expansion through our direct sale or service provider channels and other high value partnerships.

Our AOR growth of 30% primarily reflects our success in expanding wallet share with existing customers.

Geographically, we will continue to produce significant expansion in the Americas led by continued strength in our U S state and local government sales group.

Or can share additional insights on this topic in a moment.

Okay.

Moving to slide seven.

I will highlight several Q1 deals the best.

To demonstrate our R&D and go to market focus on for Chris.

In Latin America, we are helping a large national agency evolve and upgrade their mode of operation in the face of more crime that involves digital evidence, including financial crime. These.

These customer.

No benefiting from expanded premium licensing as well as Guardian and Pathfinder Justice noteworthy. This is the first customer in this region for US are digital intelligence offering that integrates crypto currency data and insights with this deal.

Customers increased substantially by 13 times to one 6 million.

In our USA state local government accounts there were two notable Q1 wins that showcase our ongoing success in growing our wallet share with police department, serving midsized cities.

Both cities violent crime, especially homeless side has been on the rise.

So to help law enforcement foster both customer not only at a premium but they also began deploying pathfinder to accelerated investigations and guardians to securely share digital evidenced among examiner.

The Gators and prosecutors.

One of these customers increased by four times to nearly 600000 million $600000.

And the other customer is also a great example of our success in harvesting smaller long tail of prime accounts.

Now with this deal in place.

So this customer increased by over 10 times to just under $300000.

We were also pleased to see that our specialist intelligence agency in Western Europe expanded its use of our premium solution nation of nationwide. While also renewing the licenses for our other collection review to accelerate the cyber investigation and safeguard their future events.

As a result, these customers increased by over 60% to $1 $2 million.

And last in the private sector. There were two notable deals in Q1 with our service provider partners, who typically generate approximately half of our quarterly enterprise revenue.

One service provider in our central European country made its initial purchase of mobile you may meet our on Prem enterprise solution for collecting digital evidence from advanced smartphones and.

And other service providers West Coast Office, maybe first purchase of our endpoint. Thanks, Thanks, Doug software for remote data collection, we believe that the breadth and depth of our product portfolio for the private sector leaves us well positioned to continue extending our service provider relationship going forward.

So turning.

On slide eight.

We move into the second quarter with solid momentum and a healthy marketplace that is benefiting from multiple tailwind.

<unk>.

90% of criminal cases involving digital element.

Law enforcement agencies are include increasingly recognizing that they must more than as they are investigating workflow and of all the current mode of operation.

Our own industry research.

Late last year and further support to this and here are some additional facts.

Most law enforcement professionals and prosecutors believes that digital evidence is more important than physical evidence and DNA to successfully prosecute cases.

Approximately two thirds of all phones entering the lab our locks.

Nearly 75% of agency managers agree that there is a growing technology skill gap in policing, making it tougher for police forces to collect manage analyze store and use the digital evidence required to win convictions.

Last.

As it relates to digital transformation almost half of the police Chiefs and agency managers describe current strategies toward two mediocre.

Slide nine addresses our outlook.

Specifically based on our performance to date.

And the opportunities we see going forward. We believe we are on track to deliver on our 2023 financial targets.

I'd like to close by reiterating that celebrate made important strategic progress during the first quarter and executed well against the top priorities that we outlined on our last quarter's call.

Now these include bringing impactful innovation to the marketplace.

<unk> are a collection of his leadership and broadening our reach into new buying centers that can benefit from our high value investigative analytics and powerful case management solution.

Our team remains very enthusiastic about the company's prospects in 2023 and beyond.

And we work together to deliver powerful digital intelligence solution that.

We'll help our customers around the globe to protect and save lives accelerate justice and ensure data privacy and with that said I will ask Diana to begin her financial review Donna. Please thanks.

Thank you Yossi.

To begin our review on slide 11.

Total revenue of $71 $2 million for the first quarter was up 14%. This was driven primarily by 27% growth in subscription revenue.

Details on the slide 86% of our total quarterly revenue came from Celsius subscription up from 77% one year ago.

Slide 12 details our AOR growth, which is an important forward looking kpis for sandbox sales momentum and the trajectory of future revenue.

You have noted.

30%.

Reaching $261 million at the end of Q1, primarily as a result of continued expansion.

<unk> customers.

We've seen this category, we produced strong AOR growth for our collected review solution, mainly due to further penetration of premium installing colby.

This expansion is augmented by faster growth from our Pathfinder investigative analytics and Garden case management solution, a rebate on Max Motor Baker.

And Matt I'd like to brief.

Can you elaborate on Sharon with reflect the impact of license reductions and consolidations.

Sharon with 10% in the first quarter.

Approximately two percentage points of churn is directly tied to erosion from customers in countries, where we have discontinued new sales activities and are no longer pursuing license renewals.

We anticipate that the impact on voluntary churn would likely remain at current levels throughout 2023, and gradually lessen as we move into the latter part of 2024.

Our first quarter 'twenty three gross margin was 83, 1%, which was up slightly from 82, 8% in the same period one year ago.

Our gross margin performance in Q1 reflects the positive impact from the sustained growth we have delivered in higher margin software sales.

In terms of operating expenses first quarter operating expenses were $53 5 million, which reflects disciplined spending lower head count on a personal cost and to a lesser extent favorable changes in foreign exchange rates.

We ended March with 973 employees down 3% from Q4 and up 6% from the same period last year, we expect head count to return to year end 2002 levels over the next quarter or two.

Turning to slide 14, our adjusted EBITDA in the quarter was $7 3 million or 10, 3% on a margin basis.

This was due to the combination of our strong revenue performance and disciplined spending those same factors contributed to non-GAAP operating income of $5 $7 million non.

non-GAAP net income in Q1 with $6 9 million and non-GAAP fully diluted EPS was <unk> <unk>.

I am pleased with our cash generation to start the year, we generated cash from operations in the first quarter of $12 $5 million due primarily to our strong operating results and extra escalation prediction efforts.

We finished the first quarter, we still hundred $21 $2 million of cash cash equivalents and investments at $15 $4 million from the end of 2022, despite meaningful cash outflow basis.

With annual bonus payments.

Fourth quarter commissions and $6 million for the final payments associated with the company's acquisition of <unk> technologies in early 2020.

Let's move to slide 15.

In terms of AUR, we expect ongoing convergence between our subscription revenue and our AOR growth rate as we move through the rest of the year.

On a related note we expect our total revenue growth rate will continue today's our subscription revenue growth rate due to stronger growth in professional services and the expected decline for either nonrecurring revenue Echo perpetual license revenue has now reached relatively insignificant levels.

In closing given the weaker celebrate is off to a strong start in 2023.

You see it early in the year, we move forward on track to achieve our 2023 financial targets. We are confident that executing on our plans over the coming quarters will drive value creation for shareholders customers partners and employees that.

That concludes our prepared remarks, and I'll turn the call back to our operator for Q&A.

Thank you the floor is now open for questions.

At this time, if you have a question or comment please press star one on your telephone keypad.

Is there any point. Your question is answered you may remove yourself from the queue by pressing star two.

Again, we ask that you pick up your handset.

Your questions to provide optimal sound quality. Thank you.

We'll take our first question from Jonathan Ho with William Blair.

Hi, good morning, and congratulations on the strong results.

Just wanted to I guess get a little bit more color on the decision to voluntarily stop selling in some regions could.

Could you maybe give us a sense of how large the customer base is.

These areas.

And maybe what changed to cause you to stop selling into these areas now.

Shall I take Cardona Keith.

So first of all I would say nothing changed in that base that.

All the elements of.

Making sure that.

The technology, which is aimed to do good goes to the right places and being used in the right manner.

As part of our business for years by now and obviously human rights and data security and data privacy are important to us.

Just to maybe refresh 2021 reformed ethics, and integrity Committee, which advised the board rigs.

Regarding that policy. So that was basically something that happens claims are existing compliance and ethical practices within the company.

So.

Within that box as we did over the last past years, where we stopped new sales activities in dozens of countries, we decided to Ed.

Additional countries.

As part of that ongoing effort I would say to first of all make sure we have the right operation that we foresee.

On the right areas, where we can be sure of that.

And the way our products are being operated are in the right manner.

And that means Jonathan basically we are getting we always been cautious about that we are getting better with that.

We are in time based on our ongoing ongoing ethics compliance we are upgrading our.

Activity in that respect blocking or getting out of additional countries.

Does it answer your question.

It does.

The first part of the question was sort of the size of the customer basis.

These countries that you're exiting.

Maybe I'll take go ahead. So in principle, we are really looking at a very very long schedule fee.

The customer base.

Regions, we've done very insignificant business.

So this will does not have a substantial impact on our.

Revenue growth or AOR growth basically as I alluded to in my part and we expect it to be almost now do we see in a year and a half.

Got it got it and then you mentioned AI.

Part of the enhancements that you're putting into your products can you give us a little bit more detail in terms of what that opportunity looks like longer term and can that maybe change either the competitive sort of win rates or drive additional upsell opportunities I just wanted to get a little bit more.

Detail around AI opportunity.

Yes with pleasure.

Really exciting in that context first of all.

We invest in AI as you, probably remember and use it as part of the technological assets, we've put into our investigative analytics Pathfinder and also in the Pea.

Luke.

We continue to invest here, because we see AI capabilities I would say on physical analyzer, and pathfinder as something that enable our customers to use it and quickly leverage insights, which is by the way classic helpful for digital evidence and especially investigative world.

They will move forward with AI.

We will see that it will play a bigger role in an important role and you can think about it like that in the investigative world. What we can help an offer is basically.

With technology improvement of motive operation for the investigators around creating investigative scenarios and.

Help with classifications of it may be.

Location images.

Sure.

As a result, as you probably understand that will be.

So definitely its technological benefit with an ongoing ongoing business opportunity for us.

Fantastic. Thank you.

And we'll take our next question from Shaul Eyal with TD Cowen.

Thank you.

Good afternoon, Youll see Donna Andy Congrats good to see the ongoing stability in the business great progress also on the governance.

<unk>.

My first question Youll see us actually on the pipeline.

How would you characterize the pipeline.

Is it close to record levels.

Also did most of the slippage.

For the past 40 year did.

Did that already come back.

I would say the following first of all it's a healthy market Joel This is Juan.

Hey, Ken.

The pipeline is healthy.

Especially as we look forward, even beyond Q2, Q3, and Q4 and I would even say that.

In the perspective of 2023 and beyond.

We feel very confident right now in something that I can say is scalable can grow as we expected.

And Lon relying among others on a very stable pipeline.

Yes.

When it comes to what we were facing in the past.

I fiddled with on the market is healthy.

And we had to upgrade and correct some element which are related to our go to market.

We did.

In the USA in EMEA.

And we feel I would say also very comfortable in the combination between the existing pipeline the pipeline health and our ability to execute with our go to market organization.

Understood understood. Thank you for this color and.

My second question so.

Magnets forensics as we all know.

I was married with great shape Thoma Bravo pursuit.

Both of these transactions I know it could be early Dave DLC, but have you witnessed any change within the competitive landscape.

No major change in the competitive landscape.

Specifically to.

Magnets Ingratiation has spoken last quarter.

One.

Thats merge anticipated actually right now practical happening merger is good for the market. It shows the attractiveness of the market. It was not a surprise for those entities were standalone collaborating with each other at the past.

I would also say that the merge reflects actually the value will celebrate because it was among others based on the importance of the mobile portal as part of the entire scheme back to the question about the changes. So no change is not there and not in general we continue to see smaller competitors from time to time that attempt.

To match elements of our product strategy.

Our investment in innovation I would say the strong customer relationship that we have and our ability to scale our position we need to continue with our plan and.

We believe that <unk> will be.

An important progress in that respect we've with our competition, we need to do our thing.

Understood. Thank you for that congrats.

Thank you.

Next question, operator, and we'll take our next question from Kyle Liana with Bank of America.

Hi.

Good morning.

Yeah.

Private sector, you mentioned, new sales initiatives and growth in the private sector can you give us a little bit more details first of all on your efforts to drive growth and opportunities et cetera.

So.

Obviously.

Tim.

Look private fixed or I would say private sector revenue and celebrate.

<unk> was and still slightly below the 10% of our total quarterly revenue.

We.

Believes that the current growth rates.

Lower ease substantially.

With good potential.

And we have the ability to accelerate based on the current offering that we have again.

Collection.

Remote collection and there is also.

Some move but we are doing in order to collaborate with additional.

Partners.

Within the industry.

I will take that.

Maybe a little bit about what drive deals over there on the deal side. So.

In the public sector by the way similar to that in the private similar to the public deal size for the private sector customers as the functional products, which are needed in the numbers of licenses and even with a larger corporate customers will generally require far less licenses for the IP.

And legal teams involved in conducting investigation, so the largest enterprise our staff similar to the forensic lab or we'd say by the small to mid sized customer in the public and as such what I want to say with US you will continue to see weak we'll continue to see the growth its not the pace of growth.

But we've seen the public but one we are satisfied with what we see.

Phil mentioned that we upgraded the sales team sales leadership over there and we've got right now it seems that can scale lease up it will stay around 10% of our activity into the future as long as we operate organically, but it's good because the entire pie grows.

Pie of the private sector as part of our activity globally.

Got it.

I have a second question with your permission you talked about in the last two quarters, you've talked about deal slippage. This quarter is very strong are you still seeing slippage of deals and can you speak generally about how macroeconomics conditions are impacting projects since crude new projects.

I'll start with the second part we do not see.

Any macroeconomics elements, which are disturbing the business at the moment.

Okay.

I would say on the contrary.

In the past about fear from defunding now the context.

When funding to refunding police.

The slippery dealers were mentioned last year.

Jim.

It was in the context of our ability to close and bringing it to the hand in timely manner, especially by and large deals which tends to be lumpy.

I believe that right now I don't believe so I'm sure that right now as we look at it we're in a much better shape.

Maybe to emphasize that last statement, the reasonable dependency and celebrate on that big large deal.

That big project, we have a very good balance.

Very good for us in terms of business for risk management and business. There are increasing there is an increasing number of large deals.

But those are not mega size deals, which grid dependency on the entire quarter and they improve side by side with our ability to.

Continue growing with these transactional business by the thousands of long tail prime customers.

In the state and local government so less lumpiness.

Diversify environment.

Small dependence haynesville and Mega large deals in order to.

To meet the targets.

We're in a good shape.

Great. Thank you.

And we will take our next question from Doug <unk> with J P. Morgan.

Hey, good morning, and thanks for taking my question. So looking at your <unk> slide and seeing that growth over the past year really driven almost entirely by expansion revenue what products and services are you seeing the most strength in for that expansion component.

Well, maybe I'll take it.

Predominantly from the podium enduro perspective.

The correction review being our major installed base, it's driving most of the growth. We further penetration of our advanced collection capabilities in the shape of premium.

Solutions.

We do see faster AOR growth for investigative analytics in the Guardian solution, but.

They are coming from a smaller basis.

The impact on the total dollar amount.

The MX and the <unk>.

Average.

Our growth is marginal currency.

Great. That's all for me thank you.

Welcome.

And we'll take our next question from Jamie Shelton with Deutsche Bank.

Okay.

Good morning, and thanks for taking my question and congrats on the solid execution.

So the launches.

You've touched on it briefly but if you could talk to recent pathfinder momentum.

Is there any additional color around contribution of growth today, and I guess more importantly, what do you think this could go over the next few years.

Quick follow up thank you.

Thank you and thank you for the question.

So Dan I will take it maybe at least towards start.

<unk>.

Look although pathfinder has been available for several years.

It is only with the past I would say two years that the product has achieved the level of functionality gained traction within customers.

And.

We've closed dozens of pathfinder deals over the past year.

I would say cross sell and up sell this offering in our install base and.

In Q1 by the way.

Highlights at three customers deal that included Pathfinder.

The Pathfinder physician celebrates very strongly and although some kind of.

Also offering when it comes to the investigative world. It is.

<unk>, which is dedicated to the weight.

An investigator operates.

It is also a great opportunity to take the.

Special and unique way data has been collected with our collection of Europe , and then analyze large amounts of data in order to get to the evidenced as quick as possible now it will we anticipate that it will boom in the future in a positive context of significant growth.

Is <unk>.

Involve selling that is involved with longer sales cycle. It is involved with changing sometimes the mode of operation of the customer plus as I look at it we continue to look at it.

Significant growth opportunity for the investigative segment.

Definitely a relative advantage for us.

Okay great.

Great and just a quick follow up can you provide us what percent of your you said base is now connected to premium enterprise.

Youre welcome.

I'll take it so I would say that we are.

At the mid teen range of connected enterprise.

Enterprise.

Thank you understood.

Okay.

Yes.

And once again, if you do have a question you May press star one on your telephone keypad at this time.

We'll take our next question from Louie Dipalma with William Blair.

Yossi Donna and Andy Good morning.

Good morning.

Following on my colleague Jonathan's question is.

There is a potential for you to forge commercial partnerships with some of the generative AI vendors like open AI or Google too.

Integrate.

Those systems with your physical analyzer, and perhaps like upsell that like AI capability to your <unk>.

Current installed base.

Look in general collaborations are always.

Possible.

<unk>.

One needs to remember that we are dealing with.

Investigators and.

And we are dealing with investigative data and <unk>.

It is important for US also to let's say to keep some other gene and make sure that we are giving something which is reliable closed.

Contained in stable enough.

Yes.

The investment that we do in AI has been primarily focused on developing our machine learning models, including those for let's say midyear and topic Lithification and obviously, we will continue to explore ways that I would say open source based AI models can complement our own capabilities.

And let's say further enhance and support the solution.

Yes for the option.

But.

We will see for the future.

Great that makes total sense and another question many vendors in public safety have implemented price increases over the past year in this inflationary environment.

Did you increase the pricing on any of your key products or is there the potential for you to do so in the future to add to the.

Existing.

Core growth.

So.

First of all yes.

Yes, there is an option for an ongoing price increase.

In addition, we actually just now increased.

Prices in the public sector.

Our collection of view an investigative analytics.

In the beginning of Q2, so the activity in Q1, Didnt basically was not affected by that at this.

Statements is by the way valent valid mainly for.

The U S for the Americas, because in the beginning of the year, we did some modifications in the pricing to Europe based on.

On.

On the currency exchange currency currency rates.

Into the future and since you are talking to a company which is.

Facing its growth mainly on.

Growing within the existing accounts existing logos.

And focusing on strategic meet the high and the large federals.

We intend or we think that we can see.

Continuous price increasing for the value that we bring into our solutions. So it is also part of the strategy for the future to come.

And to sum it up for <unk>.

Thanks Ian.

Ian Thanks, everyone.

This concludes the Q&A portion of today's call I would now like to turn the floor over to celebrate CEO Yossi.

<unk> for additional or closing remarks.

Okay. So.

Thank you again, everyone for joining us thank you for the questions.

And.

Thank you, especially for the celebrate employees for a great Q1, and good luck to us and the rest for the rest of the year. Thank you have a great day.

Thank you. This concludes today's celebrate first quarter 2023 financial results Conference call. Please disconnect. Your line at this time and have a wonderful day.

Cellebrite DI Ltd. Q1 2023 Earnings Call

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