Cellebrite DI Ltd (CLBT) 2023 Q4 法說會逐字稿

Welcome to the Cellebrite fourth quarter and full-year 2023 financial results conference call. (Operator Instructions)

歡迎參加 Cellebrite 第四季和 2023 年全年財務業績電話會議。（操作員說明）

I would now like to turn the call over to your first speaker today, Mr. Andrew Kramer. Mr. Kramer, the floor is yours.

現在我想將電話轉給今天第一位發言者安德魯·克萊默先生。克萊默先生，請發言。

Thank you very much, Angela. And good morning, everybody. Joining me today from Washington, DC, are Yossi Carmil, Cellebrite's CEO; and Dana Gerner, Cellebrite's CFO. Tom Hogan, Cellebrite's Executive Chairman, is also with us today and will be available to participate in the Q&A portion of our call.

非常感謝你，安吉拉。大家早安。今天從華盛頓特區與我一起來的有 Cellebrite 執行長 Yossi Carmil；以及 Cellebrite 財務長 Dana Gerner。Cellebrite 執行主席 Tom Hogan 今天也與我們在一起，並將參加我們電話會議的問答部分。

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

我們準備好的評論附有一個幻燈片簡報。請在網路廣播檢視器中前進幻燈片以關注我們的評論。我們將標出我們在評論中提到的幻燈片編號。此通話正在錄音，通話後不久將在我們的網站上重播此錄音。

Starting with slide number 2, a copy of today's press release and financial statements, including GAAP to non-GAAP reconciliations, this slide presentation, and the quarterly financial tables and supplemental historical financial information for each quarter of 2023 and 2022 as well as 2021 data are available on the Investor Relations website at investors.cellebrite.com. Also, unless otherwise stated, our discussion of our fourth quarter and full-year 2023 financial metrics as well as the financial metrics provided in our outlook on today's conference call will be done on a non-GAAP basis only, and all historical comparisons are with the fourth quarter of 2022 or the full-year 2022 unless otherwise noted.

從第2 投影片開始，今天的新聞稿和財務報表的副本，包括GAAP 與非GAAP 調節表、本幻燈片簡報以及2023 年和2022 年每個季度的季度財務表格和補充歷史財務資訊以及2021年數據可在投資者關係網站 Investors.cellebrite.com 上取得。此外，除非另有說明，我們對 2023 年第四季度和全年財務指標的討論以及我們在今天電話會議展望中提供的財務指標將僅在非 GAAP 基礎上進行，所有歷史比較均與除非另有說明，否則為2022 年第四季或2022 年全年。

In addition, please note that statements made during this call that 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 and/or from forecasts. Some of these forward-looking statements are discussed under the heading Risk Factors and elsewhere in the company's annual report on Form 20-F filed with the SEC on April 27, 2023. The company does not undertake any obligation to update any forward-looking statements to reflect future events or circumstances.

此外，請注意，本次電話會議中所做的非歷史事實陳述構成前瞻性陳述。所有前瞻性陳述均受到風險和不確定性以及其他因素的影響，這些因素可能導致這些前瞻性陳述明示或暗示的事項不發生。它們還可能導致實際結果與歷史結果和/或預測有重大差異。其中一些前瞻性陳述在公司於 2023 年 4 月 27 日向 SEC 提交的 20-F 表格年度報告的「風險因素」標題和其他地方進行了討論。該公司不承擔更新任何前瞻性陳述以反映未來事件或情況的義務。

Slide number 3 provides the agenda for today's call. As you will hear, we closed 2023 with another strong quarter. As a result of our accomplishments today and the near-term opportunities we see, we are excited about our prospects to build on our momentum in 2024, which is reflected in our financial expectations.

第 3 號投影片提供了今天電話會議的議程。正如您將聽到的，我們以又一個強勁的季度結束了 2023 年。由於我們今天的成就和我們看到的近期機遇，我們對 2024 年繼續保持勢頭的前景感到興奮，這反映在我們的財務預期中。

And with that said, I'll now turn the call over to Yossi Carmil, Cellebrite's CEO.

話雖如此，我現在將電話轉給 Cellebrite 執行長 Yossi Carmil。

Thank you, Andrew; and thank you all for joining us today. So Cellebrite delivered an outstanding performance in 2023 and we closed the year with another strong quarter. Our team did a great job executing on our plans throughout the year. We delivered impactful, customer-centric innovation, we expanded our customers' relationships, built our brand, and thoughtfully managed all aspects of our operation. Our accomplishments and strategic progress enabled us to exceed our original and upgraded 2023 financial targets. We also surpassed Rule of 45 status in 2023 with ARR growth of 27% and adjusted EBITDA margins of 19%. We move into 2024 as an even stronger market and technology leader.

謝謝你，安德魯；感謝大家今天加入我們。因此，Cellebrite 在 2023 年表現出色，我們以另一個強勁的季度結束了這一年。我們的團隊在這一年中出色地執行了我們的計劃。我們提供了有影響力的、以客戶為中心的創新，擴大了客戶關係，建立了我們的品牌，並周到地管理了我們營運的各個方面。我們的成就和策略進展使我們能夠超額完成原定和升級後的 2023 年財務目標。2023 年，我們也超越了 45 法則，ARR 成長了 27%，調整後 EBITDA 利潤率為 19%。進入 2024 年，我們將成為更強大的市場和技術領導者。

Now, we began 2024 by announcing Cellebrite expanded Case-to-Closure, our C2C software platform. Our C2C platform is trusted by thousands of public and private sector customers in support of their efforts to close more cases faster. Now every day, our customers see that Cellebrite's solution deliver on our brand promise of Justice Accelerated throughout the entire digital investigation life cycle. Our solutions play an important role in helping our customers transform their investigative workflows and make digital evidence more accessible, more intelligent, and more actionable. And as a result, we have built a strong foundation for us to continue thriving as a market and technology leader going forward.

現在，我們在 2024 年開始宣布 Cellebrite 擴展了我們的 C2C 軟體平台 Case-to-Closure。我們的 C2C 平台受到數千名公私部門客戶的信賴，支持他們更快地結案更多案件。現在，我們的客戶每天都會看到 Cellebrite 的解決方案在整個數位調查生命週期中兌現了我們「正義加速」的品牌承諾。我們的解決方案在幫助客戶轉變調查工作流程並使數位證據更易於存取、更智慧且更具可操作性方面發揮著重要作用。因此，我們為未來作為市場和技術領導者繼續蓬勃發展奠定了堅實的基礎。

But before I dive into the details, I want to say that it is definitely an exciting time for Cellebrite and Cellebrite shareholders. And we want to share more about how exciting our development is. And over the past years, we've taken important steps to upgrade our investors' communication and we are building on this effort in two additional important ways. First, I'm happy to inform that we'll be holding our first-ever Investor Day next month, which will be a great opportunity for us to share more about our healthy growing market, about our value proposition that is resonating with customers, about our attractive opportunities for strong growth, and our very bright future. And second, as of this quarter, we are providing quarterly guidance as a complement to the annual outlook that we have always offered.

但在深入討論細節之前，我想說，對於 Cellebrite 和 Cellebrite 股東來說，這絕對是一個令人興奮的時刻。我們希望更多地分享我們的發展是多麼令人興奮。在過去的幾年裡，我們已經採取了重要步驟來改善投資者的溝通，我們正在透過另外兩個重要的方式來鞏固這項努力。首先，我很高興地通知您，我們將在下個月舉辦首屆投資者日，這將是我們分享更多關於我們健康成長的市場、關於我們與客戶產生共鳴的價值主張的絕佳機會，關於我們強勁成長的誘人機會以及我們非常光明的未來。其次，截至本季度，我們將提供季度指導，作為我們一直提供的年度展望的補充。

Now, while I plan to share more about the opportunities that lie ahead of Cellebrite in a moment, I would like to turn now to slide 4 to recap our Q4 performance and selected KPIs. And more specifically, ARR grew 27% to $315.7 million. Total revenue of $93 million increased 26% on the strength of a 26% increase in subscription software revenue. We delivered adjusted EBITDA of $22.27 million, or 24% on a margin basis, and non-GAAP EPS of $0.11. And lastly, we ended 2023 with cash deposits and investments totaling approximately $332 million, an increase of 62% since the end of 2022.

現在，雖然我計劃稍後分享更多有關 Cellebrite 面臨的機會的信息，但我現在想轉到幻燈片 4 來回顧我們第四季度的業績和選定的 KPI。更具體地說，ARR 成長了 27%，達到 3.157 億美元。由於訂閱軟體收入成長了 26%，總收入成長了 26%，達到 9,300 萬美元。我們的調整後 EBITDA 為 2,227 萬美元，按利潤率計算為 24%，非 GAAP 每股收益為 0.11 美元。最後，截至 2023 年，我們的現金存款和投資總額約為 3.32 億美元，自 2022 年底以來成長了 62%。

Now, looking at our full-year performance, Cellebrite exceeded its targets and Rule of 45 status. We achieved record ARR and revenue, mainly due to our success in expanding existing customers' relationships and nearly doubled our adjusted EBITDA margins. We aim to build on these results going forward by delivering a balanced mix of strong ARR growth and healthy profitability in 2024.

現在，看看我們的全年業績，Cellebrite 超出了其目標和 45 規則狀態。我們實現了創紀錄的 ARR 和收入，主要是由於我們成功擴大了現有客戶關係，並且調整後的 EBITDA 利潤率幾乎翻了一番。我們的目標是在這些成果的基礎上繼續前進，在 2024 年實現強勁的 ARR 成長和健康的獲利能力的平衡組合。

Now there are a number of factors that reinforce our confidence about our prospects for continued success in 2024, so let's move to slide 5 to cover this. I'll begin with our market, and we continue to operate in a healthy market. Now while overall spending on public safety continues to grow at a steady, but I would say, moderate pace, we expect that customer spending on Cellebrite solutions will keep increasing at a much faster rate. That's because our customers remain resource constrained. They are perpetually understaffed, underequipped, and under pressure.

現在有許多因素增強了我們對 2024 年持續成功前景的信心，因此讓我們轉到投影片 5 來介紹這一點。我將從我們的市場開始，我們將繼續在一個健康的市場中運作。現在，雖然公共安全方面的整體支出繼續以穩定但溫和的速度成長，但我們預計客戶在 Cellebrite 解決方案上的支出將繼續以更快的速度成長。這是因為我們的客戶資源仍然有限。他們永遠人手不足，裝備不足，承受壓力。

Now against this backdrop, our customers increasingly recognize that disruptive technology like ours, like Cellebrite, will help them work smarter, faster, and more effectively. Our Case-to-Closure platform, our C2C platform, is designed to enable our customers to close more cases faster by addressing major challenges; challenges around surging data volumes and increased complexity, operational inefficiencies, and building public confidence in law enforcement's ethics and accountability.

現在，在這種背景下，我們的客戶越來越認識到像我們這樣的顛覆性技術（如 Cellebrite）將幫助他們更聰明、更快、更有效地工作。我們的Case-to-Closure平台，即我們的C2C平台，旨在幫助我們的客戶透過解決重大挑戰來更快地關閉更多案件；數據量激增、複雜性增加、營運效率低下以及建立公眾對執法道德和問責制的信心等挑戰。

The second prospect is around customer relationships. We are fortunate to have built durable, expansive relationships with a wide range of government agencies at national level, regional level, and local levels. And as a result, most of our growth comes from upselling and cross-selling into our installed base. Now, digital forensic software solutions are both trusted and pervasive within the digital forensic units of our customers. This privileged position, in combination with our Case-to-Closure platform, is unlocking further expansion with digital forensic units and opening the door for accelerated growth within investigative units.

第二個前景是圍繞著客戶關係。我們很幸運能夠與國家級、區域級和地方級的廣泛政府機構建立持久、廣泛的關係。因此，我們的大部分成長來自於我們的安裝基礎的追加銷售和交叉銷售。現在，數位鑑識軟體解決方案在我們客戶的數位鑑識單位中既值得信賴又普遍。這一優越的地位與我們的「案件到結案」平台相結合，正在釋放數位取證單位的進一步擴張，並為調查單位的加速成長打開大門。

Now the fourth quarter saw healthy attachment rates of sales involving multiple flagship solutions within our Case-to-Closure platform. And there is also the platform factor. Cellebrite has evolved from offering cutting-edge point products into a true end-to-end platform provider with solutions used throughout the digital investigation life cycle, with deployment flexibility spanning on-prem virtual private cloud or in full SaaS mode.

現在，第四季度我們的「Case-to-Closure」平台中涉及多個旗艦解決方案的銷售依附率保持健康。還有平台因素。Cellebrite 已從提供尖端的單點產品發展成為真正的端到端平台提供商，其解決方案在整個數位調查生命週期中使用，並具有跨本地虛擬私有雲或完整 SaaS 模式的部署靈活性。

Now, this is a major differentiator in the marketplace, which enables us to effectively address a broader range of our customers' pain points. Our Case-to-Closure platform is composed of three primary tools. First, within digital forensic units, Cellebrite is widely recognized for best-in-class digital forensic software that is used to access mobile phones, extract the data and reveal important digital evidence.

現在，這是市場上的一個主要差異化因素，使我們能夠有效地解決更廣泛的客戶痛點。我們的案例到關閉平台由三個主要工具組成。首先，在數位鑑識單位中，Cellebrite 因其一流的數位鑑識軟體而被廣泛認可，該軟體用於存取行動電話、提取數據並揭示重要的數位證據。

Now building on this rich experience, Cellebrite is moving our industry forward once again with last month's introduction of Cellebrite Inseyets. Now Cellebrite Inseyets is a game-changer, enabling customers of all sizes to complete an examination up to twice as fast as previously by leveraging proven Cellebrite technology and adding new capabilities that will allow our customers to access more devices, extract more data, and reveal more important information.

現在，以豐富的經驗為基礎，Cellebrite 上個月推出了 Cellebrite Inseyets，再次推動我們的產業向前發展。現在，Cellebrite Inseyets 是一個遊戲規則改變者，透過利用成熟的Cellebrite 技術並添加新功能，各種規模的客戶能夠以比以前快一倍的速度完成檢查，這些新功能將使我們的客戶能夠訪問更多設備、提取更多數據並揭示更多資訊。更重要的資訊。

Inseyets represents a compelling upgrade for an installed base of more than 30,000 existing licenses for our legacy digital forensic software solutions. Now the strong and enthusiastic interest we've seen from customers, combined with our success in swiftly upgrading our installed base in prior product cycles, provide us with confidence about expected adoption rates over the next couple of years. Now while the higher value provided by Inseyets commands definitely a higher price tag that will certainly contribute to our growth over the next several years, we do expect that more of our growth will come from upselling high-value Inseyets modules, modules such as advanced lawful access, automation, extraction of complementary digital data sources, and sharing digital evidence reports.

Inseyets 代表了我們傳統數位鑑識軟體解決方案的 30,000 多個現有許可證的安裝基礎的引人注目的升級。現在，我們從客戶那裡看到了強烈而熱情的興趣，再加上我們在先前的產品週期中迅速升級我們的安裝基礎的成功，使我們對未來幾年的預期採用率充滿信心。現在，雖然Inseyets 提供的更高價值肯定需要更高的價格標籤，這肯定會有助於我們未來幾年的成長，但我們確實預計我們的成長更多將來自於追加銷售高價值Inseyets 模組，例如先進的合法模組存取、自動化、提取補充數位資料來源以及共享數位證據報告。

The second major solution on our C2C platform is Guardian, our SaaS-based case evidence management offering that delivers tangible benefits to both digital forensic units and investigative units. The Guardian offers greater operational efficiencies for managing digital evidence workflows. Guardian also enables better collaboration between examiners and investigators. Now, we believe Guardian will be the go-to tool that investigators use as they advance cases involving digital evidence. And Guardian strengthens the overall chain of custody when it is used end-to-end. While we are still in an early stage of Guardian adoption, we are very pleased with our traction and confident that executing on our roadmap will make it even more attractive for more of our installed base to benefit from Guardian's features, functionality over the coming quarter.

我們 C2C 平台上的第二個主要解決方案是 Guardian，這是我們基於 SaaS 的案件證據管理產品，可為數位鑑識單位和調查單位帶來實際的好處。《衛報》為管理數位證據工作流程提供了更高的營運效率。Guardian 還可以促進審查員和調查員之間更好的合作。現在，我們相信 Guardian 將成為調查人員在推進涉及數位證據的案件時使用的首選工具。Guardian 在端到端使用時加強了整個監管鏈。雖然我們仍處於Guardian 採用的早期階段，但我們對我們的吸引力感到非常滿意，並相信執行我們的路線圖將使我們的更多安裝基礎在下一季度從Guardian 的特性和功能中受益更具吸引力。

And to the third solution, with digital evidence so integral to closing more cases faster, the investigative units is an emerging Cellebrite second growth engine as we establish Pathfinder as an essential analytics solution to help investigators expedite their cases. Now by applying powerful AI technology and machine learning models, Pathfinder quickly surfaces leads and identify connections buried within mountains of structured and unstructured data across multiple digital devices. Now we closed a record number of Pathfinder deals in the fourth quarter of 2023 to finish 2023 with approximately 200 agencies now using this solution. And looking ahead, we plan to bring Pathfinder on the cloud, which will make our investigative offering even more compelling and easier to deploy for our entire installed base.

對於第三個解決方案，數位證據對於更快地結案來說至關重要，調查單位是新興的Cellebrite 第二個成長引擎，因為我們將Pathfinder 建立為重要的分析解決方案，以幫助調查人員加快案件處理速度。現在，透過應用強大的人工智慧技術和機器學習模型，探路者可以快速發現潛在客戶並識別埋藏在跨多個數位裝置的結構化和非結構化資料山中的連接。現在，我們在 2023 年第四季完成了創紀錄數量的 Pathfinder 交易，截至 2023 年，約有 200 家機構正在使用該解決方案。展望未來，我們計劃將 Pathfinder 引入雲端，這將使我們的研究產品更具吸引力，並且更容易為我們的整個安裝群部署。

And there is the element of technology, and I have to say that we are making really sizable technology investments that are elevating the value of our C2C platform. One important area of focused technology investment is the cloud. Now while we have historically delivered our software through on-prem deployments, our customers are increasingly interested in cloud-based offerings. Although our cloud-based revenue was less than 10% of our total 2023 revenue, I have to say it grew very rapidly in 2023 and we expect that growth to continue.

還有技術元素，我必須說，我們正在進行相當大的技術投資，這正在提升我們 C2C 平台的價值。重點技術投資的一個重要領域是雲端。現在，雖然我們過去一直透過本地部署來交付軟體，但我們的客戶對基於雲端的產品越來越感興趣。雖然我們基於雲端的收入不到 2023 年總收入的 10%，但我不得不說它在 2023 年增長非常迅速，我們預計這種增長將持續下去。

Now with the investments we are making to scale our SaaS infrastructure, our roadmaps for 2024 include cloud-enabling offerings previously only available on-prem, and developing cloud-native offerings that will further transform key elements of the investigative life cycle. Related to this, we are investing significant resources this year to achieve FedRAMP certification for our SaaS offerings; a milestone that we believe will open up more federal opportunities and support large deployments at scale.

現在，隨著我們為擴展 SaaS 基礎設施而進行的投資，我們的 2024 年路線圖包括以前只能在本地提供的雲端支援產品，以及開發將進一步改變調查生命週期關鍵要素的雲端原生產品。與此相關的是，我們今年將投入大量資源，為我們的 SaaS 產品取得 FedRAMP 認證；我們相信，這一里程碑將為聯邦帶來更多機會並支持大規模部署。

A second fundamental technology building block is automation. By leveraging AI, cloud technology, and our unique Inseyets into the workflows of our customers, we are helping customers increase operational efficiency by automating time-consuming manual tasks, by streamlining complex processes, and by minimizing capital investment in compute-heavy systems that further tax limited IT resources.

第二個基本技術建構模組是自動化。透過將人工智慧、雲端技術和我們獨特的Inseyets 融入客戶的工作流程中，我們透過自動化耗時的手動任務、簡化複雜的流程以及最大限度地減少對計算密集型系統的資本投資來幫助客戶提高運營效率，從而進一步提高營運效率。對有限的 IT 資源徵稅。

AI is an important foundational technology that is already deeply embedded within both our Inseyets solution and our Pathfinder Analytics. Now, by advancing and applying our proprietary machine learning models, while also exploring the potential of generative AI, our solutions can quickly capture powerful, timely insights into digital evidence that have been collected, can support automation. Our solutions can expedite investigations more efficiently, and this is important, can also limit the emotional toll that viewing certain images can have on examiners and investigators.

人工智慧是一項重要的基礎技術，已經深深嵌入我們的 Inseyets 解決方案和 Pathfinder Analytics 中。現在，透過推進和應用我們專有的機器學習模型，同時探索生成人工智慧的潛力，我們的解決方案可以快速捕捉對已收集的數位證據的強大、及時的洞察，可以支援自動化。我們的解決方案可以更有效地加快調查速度，這一點很重要，還可以限制查看某些影像對檢查人員和調查人員造成的情感損失。

And the final area of our technology priorities lies in mobile research. On that front, as always, we plan to continue applying our expertise in smartphones' operating systems and security to ensure that Inseyets will keep pace ongoing changes in smartphones' hardware, operating systems, and applications.

我們技術重點的最後一個領域是行動研究。在這方面，一如既往，我們計劃繼續運用我們在智慧型手機作業系統和安全方面的專業知識，以確保 Inseyets 能夠跟上智慧型手機硬體、作業系統和應用程式不斷變化的步伐。

And the last growth factor I want to talk about is our team. Now over the past year, we've added key leadership talents across our organization in many areas. More recently, we added Marcus Jewell as Chief Revenue Officer. Now under Marcus' direction, we recently took steps to intensify our customer-centric focus by establishing new global pre-sales organization and post-sale customer success organization, while also adding new sales leadership for EMEA and for the private sector. Our Board and senior Leadership are also benefiting from the counsel of Tom Hogan, who joined us as an Executive Chairman in the past summer. Now we move into 2024 with plans to add to our talented workforce, especially in areas focused on go-to-market and innovation initiatives.

我想談的最後一個成長因素是我們的團隊。在過去的一年裡，我們在整個組織的許多領域中增加了關鍵領導人才。最近，我們任命 Marcus Jewell 為首席營收長。在馬庫斯的指導下，我們最近採取措施加強以客戶為中心的重點，建立新的全球售前組織和售後客戶成功組織，同時也為歐洲、中東和非洲地區和私營部門增加新的銷售領導層。我們的董事會和高階領導層也受益於湯姆·霍根（Tom Hogan）的建議，他於去年夏天加入我們擔任執行主席。現在，進入 2024 年，我們計劃增加我們的人才隊伍，特別是在專注於市場進入和創新計劃的領域。

I would like to move to slide 6 to cover strategic priorities in customer success. Now last quarter, we shared our top four strategic priorities for expanding our business over the coming year. The priorities are: one, increasing our leadership in the digital forensic units; second, accelerating our growth within investigative units; three, building our business in the private sector; and four, harnessing the power of cloud. Now we had a number of fourth quarter customer wins that illustrates our success with each priority, so let's talk about it for a second.

我想轉到第 6 張投影片來介紹客戶成功的策略重點。上個季度，我們分享了來年擴展業務的四大策略重點。優先事項是：第一，增強我們在數位鑑識部門的領導地位；二是加快偵查隊伍建設。三、在私營部門建立我們的業務；第四，利用雲的力量。現在我們在第四季度贏得了許多客戶，這說明了我們在每個優先事項上都取得了成功，所以讓我們討論一下。

Addressing the needs of digital forensic units has long been a major strength of Cellebrite, and our strong fourth quarter revenue and ARR performance demonstrated our continued success in expanding within the digital forensic units of our customers. We've continued to see strong demand for our advanced unlock solutions that deliver lawful access to the most advanced iOS and Android smartphones. For example, we closed a large deal with the national police in a Western European country that will extend its use of our advanced solutions out into the field and thereby reducing time to evidence. Now this specific deal grew the account's ARR by more than 25%.

長期以來，滿足數位鑑識單位的需求一直是 Cellebrite 的主要優勢，我們強勁的第四季度營收和 ARR 業績證明了我們在客戶數位取證單位的擴張方面持續取得成功。我們繼續看到對我們先進的解鎖解決方案的強勁需求，這些解決方案可以合法存取最先進的 iOS 和 Android 智慧型手機。例如，我們與西歐國家的國家警察達成了一項大型協議，將其先進解決方案的使用擴展到現場，從而縮短取證時間。現在，這項特定交易使帳戶的 ARR 增加了 25% 以上。

In terms of Inseyets, our new solution, we are already seeing strong interest from our installed base. Now we've closed a handful of Inseyets upgrades at a level which were above our expectations at such an early stage. A great example of this was a national police force in the Benelux region, who upgraded to Inseyets in order to support its examiners with richer data through full file system extractions and cloud-based content, and access to obviously more devices through an unlimited unlock package. The Inseyets deal produced a 65% ARR increase at this agency.

就我們的新解決方案 Inseyets 而言，我們已經看到了我們的安裝基礎的強烈興趣。現在我們已經完成了一些 Inseyets 的升級，其等級超出了我們在早期階段的預期。一個很好的例子是比荷盧地區的國家警察部隊，他們升級到Inseyets，以便通過完整的文件系統提取和基於雲的內容為檢查人員提供更豐富的數據支持，並通過無限解鎖包訪問明顯更多的設備。Inseyets 交易使該機構的 ARR 增加了 65%。

The second priority is to accelerate our growth within the investigative units of our law enforcement customers. One existing Q4 Pathfinder deal involves a state-based military agency in the United States. Now this agency is deploying Pathfinder and our software for advanced lawful access as part of its initiatives aimed at fighting against human trafficking. As a result, this agency's ARR is more than doubled.

第二個優先事項是加速我們執法客戶調查部門的發展。一項現有的第四季探路者交易涉及美國一個國家軍事機構。現在，該機構正在部署 Pathfinder 和我們的軟體以實現高級合法訪問，作為其打擊人口販運措施的一部分。結果，該機構的 ARR 增加了一倍以上。

The third priority is focused on building on our business in the private sector, where our solutions are currently used by enterprises and service providers in the areas of corporate investigations and eDiscovery. Now we delivered solid top-line expansion in the private sector during 2023, and we do expect to continue this progress over the coming year. Now with deployment flexibility ranging from SaaS to on-prem, our integrated suite of solutions shine bright when customers' requirements involve a range of data sources, different work environments, and diverse user considerations. For example, our secure remote access software continues to gain traction within enterprises as an important part of our Inseyets for Enterprise solutions.

第三個優先事項是專注於發展我們在私營部門的業務，我們的解決方案目前被企業和服務提供者在企業調查和電子取證領域使用。現在，我們在 2023 年實現了私營部門的穩健營收擴張，並且我們預計在未來一年將繼續取得這一進展。現在，憑藉從 SaaS 到本地部署的靈活性，當客戶的需求涉及一系列資料來源、不同的工作環境和不同的使用者考慮因素時，我們的整合解決方案套件將大放異彩。例如，我們的安全遠端存取軟體作為我們 Inseyets 企業解決方案的重要組成部分，繼續在企業中獲得關注。

During the fourth quarter, we closed multiple deals with new customers who selected this offering, including a leading US-based diversified media company that needed a defensible, repeatable process for collecting relevant, targeted data from geographically dispersed employees in order to upgrade its eDiscovery, and corporate investigation activities.

在第四季度，我們與選擇該產品的新客戶達成了多項交易，其中包括一家領先的美國多元化媒體公司，該公司需要一個可靠的、可重複的流程來從地理位置分散的員工那裡收集相關的、有針對性的數據，以升級其電子數據展示，和企業調查活動。

And the fourth and last strategic priority is to help our customers harness the power of cloud to address their challenges in a manner that is both cost-effective and secure. One of the largest US police departments is leveraging solutions across our C2C platform as they build their dedicated digital forensics center focused on standing up investigative capabilities at scale to close more cases. Now, in addition to our solution for advanced access and Pathfinder, this customer will use Guardian to manage judicial evidence and streamline how key findings and reports are securely shared with investigators. Now this deal produced a 12 times increase in ARR at this specific account.

第四個也是最後一個策略重點是幫助我們的客戶利用雲端的力量以經濟高效且安全的方式應對他們的挑戰。美國最大的警察部門之一正在利用我們的 C2C 平台上的解決方案，建立專門的數位取證中心，專注於維持大規模調查能力以結案更多案件。現在，除了我們的高級存取和 Pathfinder 解決方案之外，該客戶還將使用 Guardian 來管理司法證據並簡化與調查人員安全共享關鍵調查結果和報告的方式。現在，這筆交易使該特定帳戶的 ARR 增加了 12 倍。

Let's move to slide 7, now I would like to conclude my remarks by reiterating how proud we are of our accomplishments last year on behalf of our customers, our employees, and our shareholders. We reported outstanding financial results that exceeded our targets throughout the year, and we plan to build on this progress going forward. We move into 2024 with powerful tailwinds from a fundamentally healthy market, solid business momentum, and attractive prospects that support the continued expansion of our business around the world.

讓我們轉到投影片 7，現在我想透過代表我們的客戶、員工和股東重申我們對去年的成就感到多麼自豪來結束我的發言。我們報告了全年超越目標的出色財務業績，我們計劃在這一進展的基礎上繼續前進。進入 2024 年，我們將迎來基本健康的市場、強勁的業務勢頭以及支持我們在全球業務持續擴張的誘人前景的強大推動力。

Our financial targets for 2024 demonstrate the durability of our growth as we expect another year of solid ARR and revenue expansion. Now we also see good potential for incremental improvement in our operating profitability as we drive toward 20%-plus adjusted EBITDA margins. Now, Dana will share additional details on our full-year 2024 financial expectations, along with our view into the first quarter of the year in just a moment.

我們 2024 年的財務目標證明了我們成長的持久性，因為我們預計又一年將實現穩健的 ARR 和收入擴張。現在，隨著我們努力實現 20% 以上的調整後 EBITDA 利潤率，我們也看到了營運獲利能力逐步改善的巨大潛力。現在，Dana 將分享有關我們 2024 年全年財務預期的更多詳細信息，以及我們對今年第一季的看法。

As we further scale our global organization, we do believe that our ability to continue to enhance the flagship solutions within our C2C platform and execute on our go-to-market plans will enable us to more than double the size of our business over the next several years. At a high level, we do believe that our business should continue to deliver a combination of ARR growth and adjusted EBITDA at or around a baseline Rule of 45, with a focus on elevating our performance over the longer term.

隨著我們進一步擴大全球組織規模，我們確實相信，我們繼續增強 C2C 平台內的旗艦解決方案並執行我們的上市計劃的能力將使我們能夠在未來將業務規模擴大一倍以上幾年。從高水準來看，我們確實相信我們的業務應該繼續實現 ARR 成長和調整後 EBITDA 的結合，達到或接近 45 條規則的基準線，重點是提高我們的長期業績。

Now I have to say, it is really gratifying to see Cellebrite recognized as an essential partner to those who've dedicated their lives to protecting our communities, stopping bad actors, and preserving privacy. We passionately believe in our mission and in the power of technology to make a profound difference. And perhaps nothing symbolizes our convictions more than Operation Find Them All, a collaboration between Cellebrite and three non-profit organizations under a collective goal to accelerate investigations of online crime against children. Now this project is dedicated to helping law enforcement find missing children, solve crimes involving exploited minors, remove harmful online images, and bring perpetrators to justice. I'm incredibly proud of the role that Cellebrite is playing with Operation Find Them All.

現在我必須說，我真的很高興看到 Cellebrite 被認為是那些畢生致力於保護我們的社區、制止不良行為者和保護隱私的人們的重要合作夥伴。我們堅信我們的使命和科技的力量能夠產生深遠的影響。也許沒有什麼比「全部找到他們」行動更能體現我們的信念了，這是 Cellebrite 與三個非營利組織之間的合作，其共同目標是加速針對兒童的網路犯罪調查。現在，該計畫致力於幫助執法部門尋找失蹤兒童，解決涉及受剝削未成年人的犯罪，刪除有害的網路圖像，並將肇事者繩之以法。我對 Cellebrite 在「全部找到他們」行動中所扮演的角色感到無比自豪。

And on a final note, I would like to express my sincere gratitude to my colleagues in Cellebrite for their focus, resilience, hard work, and sacrifice. Now despite some very challenging circumstances, especially for our team in Israel, we preserved, and we delivered this year. We move into 2024 with confidence that we have great people, great products, great partners and programs, and we are excited about our prospects for making 2024 another successful year.

最後，我要對 Cellebrite 的同事表達誠摯的謝意，感謝他們的專注、堅韌、辛勤工作和犧牲。現在，儘管遇到了一些非常具有挑戰性的情況，特別是對於我們在以色列的團隊來說，我們仍然保留了這一點，並在今年實現了目標。我們充滿信心地進入 2024 年，因為我們擁有優秀的人才、優秀的產品、優秀的合作夥伴和項目，我們對讓 2024 年又一個成功的一年的前景感到興奮。

Now that concludes my remarks, and I'd like to turn the call over to Dana.

現在我的演講結束了，我想將電話轉給達納。

Thank you, Yossi. Hi. At a high level, 2023, as Yossi said, was an excellent year. Cellebrite outperformed its original targets and exceeded the Rule of 45 milestone with strong ARR expansion and a significant increase in our adjusted EBITDA margin.

謝謝你，約西。你好。從高水準來看，正如 Yossi 所說，2023 年是極好的一年。Cellebrite 的表現超越了最初的目標，並超越了 45 法則的里程碑，ARR 強勁擴張，調整後的 EBITDA 利潤率顯著增加。

I will begin the financial review on slide 9. Fourth quarter revenue of $93 million grew 26%. Our top-line growth was fueled by a 26% increase in subscription revenue, complemented by growth in other non-recurring and professional services revenue. We exceeded our top-line targets primarily due to the combination of strong overall demand, favorable product mix, and higher-than-expected demand for training.

我將從幻燈片 9 開始進行財務審查。第四季營收為 9,300 萬美元，成長 26%。我們的收入成長主要得益於訂閱收入成長 26%，以及其他非經常性和專業服務收入的成長。我們超越了我們的最高目標，主要是由於強勁的整體需求、有利的產品組合以及高於預期的培訓需求。

For the full-year, revenue increased 20% to $325.1 million, due to subscription revenue growth of 30%. The 30% growth in subscription revenue was partially offset by a 36% decline in other non-recurring revenue associated with lower perpetual license revenue and a 7% decrease in professional services revenue, which saw reduced demand for Cellebrite advanced services as more customers adopted our advanced lawful access solutions. With subscription revenue representing 85% of total full-year revenue, we move into 2024 with the transition to subscription now in our rear view mirror.

由於訂閱收入成長了 30%，全年營收成長了 20%，達到 3.251 億美元。訂閱收入 30% 的成長被永久授權收入下降導致的其他非經常性收入下降 36% 以及專業服務收入下降 7% 部分抵消，隨著更多客戶採用我們的服務，對 Cellebrite 高級服務的需求減少。先進的合法存取解決方案。訂閱收入佔全年總收入的 85%，進入 2024 年，向訂閱的過渡現在已成為過去。

Slide 10 details our ARR growth, which we believe helps investors better appreciate our prospects for the future revenue growth over the coming year. Our ARR grew 27% year-on-year to $316 million at the end of '23. Looking closer at the bridge details provided on this slide, you can see that existing customers continue to fuel ARR expansion. This is largely attributable to ongoing success in cross-selling and upselling into the digital forensics units of our customers, complemented by our progress in driving adoption of our Pathfinder solution within investigative units.

投影片 10 詳細介紹了我們的 ARR 成長情況，我們相信這有助於投資者更好地了解我們未來一年收入成長的前景。截至 2023 年底，我們的 ARR 年增 27% 至 3.16 億美元。仔細查看此幻燈片中提供的橋樑詳細信息，您可以看到現有客戶繼續推動 ARR 擴展。這主要歸功於我們在客戶數位鑑識部門的交叉銷售和追加銷售方面的持續成功，以及我們在推動調查部門採用 Pathfinder 解決方案方面取得的進展。

In terms of our geographic mix, the Americas continue to be our single largest geography at 53% of total full-year '23 ARR, followed by EMEA at 36%, and Asia-Pacific at 11%. We were generally pleased with the full-year ARR expansion in each major region, with the Americas growing 30%, EMEA increasing 23%, and Asia-Pacific up 29%.

就我們的地理組合而言，美洲仍然是我們最大的單一地域，佔 23 年全年 ARR 總額的 53%，其次是歐洲、中東和非洲 (EMEA)，佔 36%，亞太地區佔 11%。我們對各主要地區的全年 ARR 擴張總體感到滿意，其中美洲增長 30%，歐洲、中東和非洲增長 23%，亞太地區增長 29%。

Slide 11 details the historical trends for our non-GAAP gross margin and non-GAAP operating expenses, which excluded share-based compensation, amortization of intangible assets, and acquisition-related expenses. We reported a fourth quarter gross margin of 84.5%, which was in line with our plans entering the quarter and up 400 basis points from the same quarter one year ago. The improvement is due to higher training revenue on a relatively similar cost base versus 2022.

投影片 11 詳細介紹了我們的非 GAAP 毛利率和非 GAAP 營運費用的歷史趨勢，其中不包括股權激勵、無形資產攤銷和收購相關費用。我們公佈的第四季度毛利率為 84.5%，這與我們進入本季的計劃相符，比一年前同一季度提高了 400 個基點。這項改善是由於與 2022 年相比，在相對相似的成本基礎上培訓收入更高。

In terms of operating expenses, fourth quarter operating expenses were $57.6 million, a 21% increase from the prior year, primarily due to higher incentive compensation costs, the timing of certain marketing programs, and the timing and phasing of hiring activity. For the full-year, operating costs increased 8% as we carefully managed our cost structure while also realizing benefits from a favorable ForEx environment.

在營運費用方面，第四季度營運費用為 5,760 萬美元，比上年增長 21%，這主要是由於激勵薪酬成本增加、某些行銷計劃的時間安排以及招聘活動的時間安排和階段性所致。全年營運成本增加了 8%，因為我們仔細管理成本結構，同時也從有利的外匯環境中獲益。

We ended the year with 1,008 employees, which was really consistent with our plans. In addition to our hiring activity, we're delighted to welcome back a good number of our colleagues in Israel, who had been activated into military service. These individuals have resumed their work for us in a full-time capacity, and we are immensely grateful for their military service, and that they have completed their assignment safely. As Yossi noted earlier, we move into '24 with a strong team and a plan to expand the workforce by approximately 15% over the course of the coming year.

截至年底，我們擁有 1,008 名員工，這與我們的計劃非常一致。除了我們的招募活動之外，我們很高興地歡迎我們在以色列的許多同事回來，他們已經被徵召入伍。這些人已經以全職身份為我們恢復工作，我們非常感謝他們的服兵役，並安全地完成了任務。正如 Yossi 之前指出的那樣，進入 24 世紀，我們擁有一支強大的團隊，並計劃在未來一年將員工規模擴大約 15%。

Now turning to slide 12, the combination of higher revenue and disciplined spending resulted in outstanding fourth quarter profitability with adjusted EBITDA of $22.7 million, or 24% on a margin basis. For the full-year, we ended '23 with adjusted EBITDA of $61.9 million, or 19% on a margin basis, thanks primarily to our top-line growth, meaningful growth margin improvement, and a focus on prudently managing our cost structure.

現在轉向幻燈片 12，更高的收入和嚴格的支出相結合，帶來了出色的第四季度盈利能力，調整後 EBITDA 為 2,270 萬美元，按利潤率計算為 24%。23 年全年，我們的調整後 EBITDA 為 6,190 萬美元，按利潤率計算為 19%，這主要歸功於我們的營收成長、顯著的成長利潤率改善以及對審慎管理成本結構的關注。

Our Q4 non-GAAP operating income was $21 million with non-GAAP net income of $22 million, or $0.11 on a fully diluted basis. On a full year basis, we delivered '23 non-GAAP operating income of $55.3 million, non-GAAP net income of $60.9 million, and a fully diluted EPS of $0.28.

我們第四季的非 GAAP 營業收入為 2,100 萬美元，非 GAAP 淨利潤為 2,200 萬美元，或完全稀釋後的 0.11 美元。以全年計算，我們的 23 年非 GAAP 營業收入為 5,530 萬美元，非 GAAP 淨利潤為 6,090 萬美元，完全攤薄後每股收益為 0.28 美元。

We finished '23 with $331.8 million in cash, cash equivalents and investments, up $48.5 million from the end of the third quarter, and $126 million higher than our cash position at the end of 2022. The increase for the quarter and the year primarily reflected a sizable increase in the net cash provided by operations. Our free cash flow for 2023, defined as cash flow provided by operations less capital expenditures and the purchase of intangible assets, was $94.1 million. As we reflect on our 2023 progress and performance, it has been gratifying to see interest in our company from the investment community grow.

截至 23 年，我們的現金、現金等價物和投資為 3.318 億美元，比第三季末增加了 4,850 萬美元，比 2022 年底的現金部位增加了 1.26 億美元。本季和全年的成長主要反映了營運提供的淨現金的大幅成長。我們 2023 年的自由現金流（定義為營運提供的現金流量減去資本支出和購買無形資產）為 9,410 萬美元。當我們回顧 2023 年的進展和業績時，我們很高興看到投資界對我們公司的興趣與日俱增。

As Yossi noted earlier, we are continuing to evolve and enhance our disclosures to help current and prospective analysts and investors better understand our business, with a focus on providing greater transparency into our prospects for driving sustainable, profitable growth over the long-term. To that end, we will host an Investor Day on Wednesday, March 27 in New York City. Information about the event has been posted on our Investor Relations section of our website, and invitations to attend the event in-person will be sent next week. Our commitment is also reflected in our guidance, which we've expanded to include our quarterly expectations for ARR revenue and adjusted EBITDA.

正如Yossi 先前指出的那樣，我們正在繼續發展和加強我們的揭露，以幫助當前和未來的分析師和投資者更好地了解我們的業務，重點是為我們推動長期可持續盈利增長的前景提供更大的透明度。為此，我們將於 3 月 27 日星期三在紐約舉辦投資者日活動。有關該活動的資訊已發佈在我們網站的投資者關係部分，親自參加活動的邀請將於下週發送。我們的承諾也體現在我們的指導中，我們已將其擴展為包括對 ARR 收入和調整後 EBITDA 的季度預期。

Slide 13 details our financial expectation for the first quarter of '24 and for the full year. More specifically, our 2024 ARR targets ranges from $380 million to $400 million, or 20% to 27% increase over '23. On a related note, we are optimistic about a potential for modest improvement on our churn level as the impact from our decision to withdraw from certain markets and cease selling to certain customers dissipates.

投影片 13 詳細介紹了我們對 2024 年第一季和全年的財務預期。更具體地說，我們 2024 年的 ARR 目標範圍為 3.8 億美元至 4 億美元，比 23 年增長 20% 至 27%。與此相關的是，隨著我們退出某些市場並停止向某些客戶銷售的決定的影響消散，我們對客戶流失率有適度改善的潛力持樂觀態度。

Our first quarter of '24 ARR targets ranges from $325 million to $335 million, which would equate to 24% to 28% growth over the first quarter of '23. We expect full year '24 revenue to range from $370 million to $385 million, which represents 14% to 18% growth over '23. As we look forward, our revenue and ARR expectations are further supported by a healthy pipeline, including opportunities to drive Inseyets upgrades and related add-on module upsells, cross-selling and upselling Pathfinder and Guardian into the installed base, and private sector expansion.

我們的 24 年第一季 ARR 目標範圍為 3.25 億美元至 3.35 億美元，相當於比 23 年第一季成長 24% 至 28%。我們預計 24 年全年營收將在 3.7 億美元至 3.85 億美元之間，比 23 年成長 14% 至 18%。展望未來，我們的收入和 ARR 預期將得到健康管道的進一步支持，包括推動 Inseyets 升級和相關附加模組追加銷售的機會、交叉銷售和追加銷售 Pathfinder 和 Guardian 到安裝基礎以及私營部門擴張。

We expect Q1 of '24 revenue in the range of $83 million to $88 million, or 17% to 24% higher than the first quarter of '23. In line with these historical trends, we expect approximately 52% to 55% of full-year revenue to be generated in the second half, along with a higher quarterly revenue growth rate in the second half of the year. These dynamics primarily reflect our expectations for product mix in conjunction with the timing of typical year-end spending activities associated with our US federal customers in September and most other accounts at the December year-end.

我們預計 24 年第一季的營收將在 8,300 萬美元至 8,800 萬美元之間，比 23 年第一季高出 17% 至 24%。根據這些歷史趨勢，我們預計下半年將產生約 52% 至 55% 的全年收入，並且下半年季度營收成長率將更高。這些動態主要反映了我們對產品組合的預期，以及與美國聯邦客戶 9 月和大多數其他帳戶 12 月末相關的典型年終支出活動的時間安排。

We expect our '24 gross margins to be in the 82% to 84% range as we increase the investment required to build out the hosting infrastructure to further scale our SaaS offering. We expect Q1 gross margin to be in line with or slightly above the full-year targets. We anticipate 2024 non-GAAP operating costs in the range of $240 million to $250 million with a marginal sequential increase from Q4 '23 to Q1 '24.

我們預計 24 年毛利率將在 82% 至 84% 範圍內，因為我們增加了建立託管基礎設施所需的投資，以進一步擴展我們的 SaaS 產品。我們預計第一季毛利率將與全年目標持平或略高於全年目標。我們預計 2024 年非 GAAP 營運成本將在 2.4 億至 2.5 億美元之間，從 23 年第 4 季到 24 年第 1 季略有環比成長。

We are optimistic about our potential to continue improving our profit profile and currently anticipate adjusted EBITDA in the range of $70 million to $80 million, or 19% to 21% of total revenue. Consistent with historical trends and in connection with our '24 top-line outlook, we expect higher adjusted EBITDA and higher adjusted EBITDA margins during the second half of the year. We expect Q1 adjusted EBITDA ranging from $12 million to $15 million, or 14.5% to 17% on a margin basis.

我們對持續改善利潤狀況的潛力感到樂觀，目前預計調整後的 EBITDA 在 7,000 萬美元至 8,000 萬美元之間，佔總收入的 19% 至 21%。與歷史趨勢一致並結合我們 24 年的營收展望，我們預計下半年調整後 EBITDA 和調整後 EBITDA 利潤率將更高。我們預計第一季調整後 EBITDA 範圍為 1,200 萬美元至 1,500 萬美元，即以利潤率計算為 14.5% 至 17%。

Strong cash flow from operation has been a hallmark of our company and we expect that to continue in '24. Our business has minimal capital intensity, and we expect capital expenditures between $8 million to $12 million in '24.

強勁的營運現金流一直是我們公司的標誌，我們預計這種情況將在 2024 年繼續下去。我們的業務資本密集度最低，我們預期 24 年的資本支出將在 800 萬至 1,200 萬美元之間。

In summary, we are pleased with Cellebrite's performance and progress in '23. We are also excited about our prospects to expand our business around the globe and look forward to sharing the progress with you over the coming quarters.

總之，我們對 Cellebrite 在 23 年的表現和進步感到滿意。我們也對在全球範圍內拓展業務的前景感到興奮，並期待在未來幾季與您分享進展。

Operator, that concludes our prepared remarks. We are now ready for Q&A.

接線員，我們準備好的發言到此結束。我們現在準備好進行問答。

(Operator Instructions) Brad Zelnick, Deutsche Bank.

（操作員指令）Brad Zelnick，德意志銀行。

Great. Thanks very much, and congrats on a strong finish to the year. I've got one for Yossi and then one for Dana. Yossi, the innovations that you talked about with Inseyets driving the speed of investigation sounds really powerful. And I picked up on your example of the agency that saw a 65% increase in what they were spending. But can you talk a little bit more in terms of how it's priced? And if we look forward a year from now, you know, what percentage of new and expansion coming from Inseyets will make you pleased? And maybe also as well, what's the risk that it makes investigators so much more productive that your customers actually need fewer units?

偉大的。非常感謝，並祝賀今年圓滿成功。我有一張給約西，還有一張給達納。Yossi，您與 Inseyets 談到的加快調查速度的創新聽起來非常強大。我舉了一個例子，該機構的支出增加了 65%。但您能多談談它的定價嗎？如果我們展望一年後，您知道，Inseyets 的新建和擴建項目的百分比會讓您滿意嗎？也許還有一個問題：它使調查人員的工作效率大大提高，而您的客戶實際上需要更少的設備，這會帶來什麼風險？

I would ask you to repeat the last part of your question. What was the add-on at the end? I didn't hear it properly.

我想請你重複一下你問題的最後一部分。最後增加了什麼？我沒聽清楚。

If it makes investigators that much more productive that they're able to achieve what they're trying to do at, you know, at two times the speed, that the customer needs fewer units, because they have fewer people doing the same job.

如果它使調查人員能夠以兩倍的速度實現他們想要做的事情，從而提高他們的工作效率，那麼客戶需要的設備就會更少，因為他們有更少的人做同樣的工作。

Okay. So, first of all, you know, I have to say that, and in a bigger scheme, Inseyets is a part obviously of our value proposition and a really differentiated Case-to-Closure platform. And with the Inseyets, everything starts. All the attractive elements of collect and review with special capabilities in a way that we didn't offer before. The Cellebrite Inseyets is a leading collect and review piece, offers, first of all, more value than any other legacy software that we are providing in the past. It brings higher value because it combines capabilities that were pretty much spread in several, I would say, standalone solutions that were offering only part of the entire scheme, either a collection as standalone, or the review as standalone. It combines everything under one roof. This is one.

好的。所以，首先，我不得不說，在更大的計劃中，Inseyets 顯然是我們價值主張的一部分，也是一個真正差異化的案例到關閉平台。一切都從 Inseyets 開始。以我們以前沒有提供的方式收集和審查所有有吸引力的元素並具有特殊功能。Cellebrite Inseyets 是領先的收集和評論作品，首先，它比我們過去提供的任何其他遺留軟體具有更多的價值。它帶來了更高的價值，因為它結合了幾乎分佈在幾個獨立解決方案中的功能，我想說的是，這些獨立解決方案僅提供整個方案的一部分，無論是作為獨立的集合，還是作為獨立的審查。它將一切都結合在一個屋簷下。這是一。

It's definitely the good news, by the way, it brings higher value to the customers, and a higher value can be translated to a higher price tag. And we anticipate, and you were asking about the price, that we can offer that part in a range of 20% to 25% higher than what we used to price the former solutions in the past. And obviously part of the scheme is that we are coming with additional modules as part of it. There are modules and capabilities, and I've mentioned a few of them in the past, like for example, automation, which can basically increase the value and justify basically value pricing. And on top of that, the element of the unlock.

這絕對是個好消息，順便說一句，它為客戶帶來了更高的價值，而更高的價值可以轉化為更高的價格。我們預計，您問的是價格，我們可以提供比我們過去為以前的解決方案定價高 20% 到 25% 的零件。顯然，該計劃的一部分是我們將提供額外的模組作為其中的一部分。有模組和功能，我過去曾提到過其中一些，例如自動化，它基本上可以增加價值並證明基本價值定價的合理性。最重要的是，解鎖元素。

I'm glad to say, by the way, you know, we launched it two months ago in the private sector, one month ago in the public sector, and there is a huge interest, okay? And we believe that right now, in a phase of, let's say, probably a three-year cycle, we can basically cover most if not all of our current installed base.

我很高興地說，順便說一句，我們兩個月前在私營部門推出了它，一個月前在公共部門推出了它，人們對此產生了巨大的興趣，好嗎？我們相信，現在，在一個階段，比如說，可能是三年周期，我們基本上可以涵蓋大部分（如果不是全部）我們目前的安裝基礎。

As for the need, the pain by our customers, and we talk about it a lot, is clearly about the huge amount of data quantity and the amount of data per digital source. But to your question specifically about the increasing need, there is an element of a backlog of, I would say, old way or inefficient way, the way investigations and data has been managed. And that's obviously increased the need for more licenses in that spectrum.

至於需求，我們的客戶的痛苦，我們經常談論它，顯然是關於巨大的數據量和每個數字來源的數據量。但對於你提出的關於日益增長的需求的問題，我想說的是，調查和數據的管理方式存在積壓的因素，即舊的方式或低效的方式。這顯然增加了對該頻譜更多許可證的需求。

Very helpful. And I appreciate all the color you've shared. Maybe just for Dana, it's great to see the ARR guidance in excess of what we expected, reflecting the confidence that you have and all the good things happening in the business. Can you maybe just give us a little bit more insight into the key assumptions underlying the ARR guidance? And specifically, the assumption that you have for net retention, which I'm not sure we saw for Q4, but any insight there would be helpful. Thank you.

很有幫助。我很欣賞你分享的所有顏色。也許對於 Dana 來說，很高興看到 ARR 指導超出了我們的預期，這反映了您的信心以及業務中發生的所有好事。您能否讓我們更深入了解 ARR 指南背後的關鍵假設？具體來說，你對淨保留率的假設，我不確定我們在第四季度是否看到了這一點，但任何見解都會有所幫助。謝謝。

Great. So, if we look at the ARR growth expected for '24, it actually follows exactly what Yossi discussed in his prepared comments about the three main offerings' contribution to the growth of the company. So, when looking at the market, and the market is healthy, we continue to see demand for our Inseyets offering to the digital forensics unit. We've been growing it substantially in '23. We'll continue to grow it by the introduction of Inseyets in '24.

偉大的。因此，如果我們看看 24 年的預期 ARR 成長，它實際上完全符合 Yossi 在他準備的評論中討論的關於三種主要產品對公司成長的貢獻的內容。因此，在市場健康發展的情況下，我們繼續看到數位鑑識部門對 Inseyets 產品的需求。我們在 23 年大幅成長了它。我們將透過在 24 年引入 Inseyets 來繼續發展它。

Pathfinder and Guardian are getting increasing traction in the market. We believe that they would grow faster than our collection and review Inseyets offering will grow. And all three of them together will provide the ARR growth in '24. When we look at net retention rate, our increase of ARR related to new customers ranges from 2% to 3%. So, if you look at an ARR growth in '23 of 27%, the net retention rate is around 125%.

Pathfinder 和 Guardian 在市場上的吸引力越來越大。我們相信它們的成長速度會比我們的產品系列和評論 Inseyets 的成長速度更快。這三者加在一起將帶來 24 年的 ARR 成長。當我們考慮淨保留率時，與新客戶相關的 ARR 增幅在 2% 到 3% 之間。因此，如果您查看 2023 年的 ARR 成長率為 27%，則淨保留率約為 125%。

Okay, thank you.

好的謝謝。

Mike Cikos, Needham.

麥克·西科斯，尼達姆。

Hey, thanks for taking the questions here. And I did just want to double-check on the revenues in this quarter as well. I know that Dana, I believe you opened up your remarks by calling out some of the strength seen in, let's say, perpetual or pro-serve, which were both stronger than we had modeled? And I'm just trying to get a better sense, like for the pro-serve and the training dynamic specifically, is this in any way underscoring the benefit of the learning management system that Cellebrite unveiled as part of its customer portal back in mid-October, or is there something else to think through, as far as the strength in training that we are seeing there?

嘿，感謝您在這裡提出問題。我也只是想仔細檢查本季的營收。我知道達納，我相信您在演講中首先提到了一些力量，比如說，永久發球或贊成發球，這兩種力量都比我們模擬的要強？我只是想更好地理解，就像專業服務和培訓動態一樣，這是否以任何方式強調了 Cellebrite 在其客戶入口網站中推出的學習管理系統的好處。十月，或者就我們在那裡看到的訓練強度而言，還有什麼需要考慮的嗎？

I think all together, Q4 was a very strong quarter. We grew our subscription business very highly, 26%. And we grew the entire rest of the offering, as well at the same rate. Training was outperforming. The LMS launched in October actually supported the ability to better deliver the training that is being required by the customer. And we believe that it attributed to some of this growth with a better platform. I hope this answers your question.

我認為總的來說，第四季是一個非常強勁的季度。我們的訂閱業務成長非常快，達到 26%。我們也以同樣的速度成長了其餘的全部產品。培訓表現優異。10 月推出的 LMS 實際上支援更好地提供客戶所需培訓的能力。我們相信，這在一定程度上歸因於更好的平台帶來的成長。我希望這回答了你的問題。

It does. And I guess a bit of a two-parter, wanted to build off that last one with the training, but maybe you or Yossi could touch on this. It's more of an industry dynamic, but I'm trying to get a better sense. Is training considered a gating factor to broader adoption of the technology? And what I mean by that, like I don't expect -- let's say, the NYPD as an example. I don't know if they are an agency or not, but just because they are readily available.

確實如此。我想有點像兩部分，想要透過訓練來建立最後一個部分，但也許你或 Yossi 可以觸及這一點。這更像是一個行業動態，但我正在努力獲得更好的理解。培訓是否被視為更廣泛採用該技術的限制因素？我的意思是，就像我沒想到的——比方說，以紐約警察局為例。我不知道他們是否是一個機構，但只是因為他們很容易找到。

So if the NYPD is going to make cuts to its budget somewhere, I imagine the budget cuts might be more in training, because that's considered a soft skill and may be a hang-up for having technical expertise to use Cellebrite, whereas I don't expect the NYPD to maybe making cuts around, let's say, patrol cars or bulletproof vests as an example. Can you talk about that training element as far as what it means for a feeder system into Cellebrite's demand? I hope that makes sense. I know it's a bit of a long-winded question.

因此，如果紐約警察局要在某個地方削減預算，我想預算削減可能更多地用於培訓，因為這被認為是一項軟技能，並且可能是擁有使用Cellebrite 的技術專業知識的障礙，而我不這樣做。例如，不要指望紐約警察局會削減巡邏車或防彈背心。您能否談談訓練元素對於滿足 Cellebrite 需求的饋線系統意味著什麼？我希望這是有道理的。我知道這是一個有點囉嗦的問題。

No, that's cool. That's fine. At least I'll try. And I'll take it, first of all, from the customer's point of view and the element of training in our customer's life. It is an essential element, especially in the United States, imperative. At the end of the day, our game in the quality of our C2C platform is to enable customers, we're talking about law enforcement and I'm talking about public sector, to go to court and stand behind the evidence. And as such, training is an essential element, was, is, and will continue to be. I'll touch in a minute what we are going to do with it.

不，那很酷。沒關係。至少我會嘗試。首先，我會從客戶的角度以及客戶生活中的培訓要素來看待它。這是一個不可或缺的要素，尤其是在美國，勢在必行。歸根結底，我們的 C2C 平台品質是讓客戶（我們談論的是執法部門，我談論的是公共部門）能夠上法庭並支持證據。因此，培訓是一個基本要素，過去、現在和未來都是如此。稍後我將談到我們將如何處理它。

When it comes to Cellebrite, I see the training as, I would say, something with two heads. One is a base to educate the customers in order to sell more software. And by the way, that dynamic and trend is something that exists, that was existing this year and throughout the years. And second, it's a revenue source. That's obvious.

說到 Cellebrite，我認為訓練是有兩個頭腦的。一是教育客戶以銷售更多軟體的基地。順便說一句，這種動態和趨勢是存在的，今年和多年來一直存在。其次，它是一個收入來源。這是顯而易見的。

As for the budgets, I am less concerned. First of all, in a generic statement, you mentioned NYPD or others, we do not see any change in a trend of healthy budgets related to what our customers are offering. I also want to say that while the budgets are growing and the part of budgets for digital investigations, Cellebrite, with what we do, it represents -- or what budgets which are related to us represent a fraction of the overall budget of police forces. So, I'm less concerned about any mega development. We are not going to be disturbed. And the budget factor is going to remain healthy.

至於預算，我不太在意。首先，在一般性聲明中，您提到了紐約警察局或其他機構，我們認為與我們的客戶提供的服務相關的健康預算趨勢沒有任何變化。我還想說，雖然預算正在增長，數字調查預算的一部分，但 Cellebrite 以及我們所做的事情，它代表了——或者與我們相關的預算代表了警察部隊總體預算的一小部分。所以，我不太關心任何大型開發。我們不會被打擾。預算因素將保持健康。

Last word, we see training as part of a much bigger scheme of investment in post-sale customer experience and customer engagement in order to educate and push the C2C. By the way, customers are requesting for that. This is why I mentioned earlier that as part of the new structure under the new CRO, we are building or started to build a dedicated post-sale customer experience and the training is part of it. So, we see lots of value, customers see a lot of value. And I hope that I gave you a full perspective here.

最後，我們將培訓視為售後客戶體驗和客戶參與的更大投資計劃的一部分，以教育和推動 C2C。順便說一句，客戶也有這樣的要求。這就是為什麼我之前提到，作為新 CRO 下新結構的一部分，我們正在建立或開始建立專門的售後客戶體驗，培訓是其中的一部分。因此，我們看到了很多價值，客戶也看到了很多價值。我希望我在這裡能給你一個完整的視角。

No, very clear, Yossi, very clear. And I appreciate you calling that out. And I know it's a small piece when I think about the revenue pie. I'm not trying to take away from that at all, but just wanted to highlight that as I'm trying to piece together this broader industry dynamic and what the training means to Cellebrite specifically. So, thank you for all that. I do appreciate it.

不，非常清楚，尤西，非常清楚。我很感謝你這麼說。當我考慮收入蛋糕時，我知道這只是一小部分。我根本不想否認這一點，只是想強調這一點，因為我正在努力拼湊更廣泛的行業動態以及培訓對 Cellebrite 的具體意義。所以，謝謝你所做的一切。我很感激。

Thank you.

謝謝。

Tal Liani, Bank of America.

塔爾·利亞尼，美國銀行。

Hey, it's actually Tomer Zilberman on for Tal. Thank you for the questions. My first one, you know, you talked a little bit in your prepared remarks about the success you're seeing on Pathfinder and Guardian. Just wondering what the overall contributions are of your analyze and manage solution? I think at one point in time, we knew that analyze was, I think, roughly 5%, 6% of your revenue. Manage was close to 0%. So curious how that's trending now and, you know, where you expect that to go to in 2024 and beyond.

嘿，實際上是托默·齊伯曼 (Tomer Zilberman) 替補塔爾 (Tal)。謝謝你的提問。我的第一個，你知道，你在準備好的評論中談到了你在探路者和守護者上看到的成功。只是想知道您的分析和管理解決方案的整體貢獻是什麼？我認為在某個時間點，我們知道分析大約佔您收入的 5%、6%。管理接近0%。很好奇現在的趨勢如何，以及您預計 2024 年及以後的趨勢。

Okay, so first of all, I would like to say, you know, I go back to the Case-to-Closure platform. And one needs to understand that we went in this direction, and we went in the direction of streamlining our entire portfolio. Because today, you talk about one standalone without the others, doesn't make much sense from our perspective, but I'm glad to say also from our customers' perspective. The entire element of integrating or looking at one integrated platform which serves one integrated flow in the investigative world is critical for the success of our customers.

好的，首先，我想說，你知道，我回到案件到結案平台。人們需要明白，我們朝著這個方向前進，我們朝著精簡整個投資組合的方向前進。因為今天，您只談論一個獨立的方面，而沒有其他方面，從我們的角度來看沒有多大意義，但我很高興從我們客戶的角度也這麼說。整合或查看一個為調查領域的一個整合流程提供服務的整合平台的整個要素對於我們客戶的成功至關重要。

And obviously as a result, as we look into the future, the Pathfinder and Guardian both will have a much bigger room in our total top line and portfolio. I can say that we had for both Pathfinder, again, investigative analytics, and Guardian, our evidence management, pretty much strong growth in Q4 and throughout entire 2023. And as I said, we are serving an emerging need. At the moment, the volume of both solutions is around 10% of our entire result in 2023, and we expect basically, I would say, greater pipeline and potential to accelerate both solutions.

顯然，當我們展望未來時，探路者和衛報都將在我們的總收入和投資組合中擁有更大的空間。我可以說，我們的探路者（同樣是調查分析）和衛報（我們的證據管理）在第四季度和整個 2023 年都實現了強勁增長。正如我所說，我們正在滿足一個新興的需求。目前，這兩種解決方案的數量約占我們 2023 年全部成果的 10%，我想說，我們基本上預計會有更大的管道和加速這兩種解決方案的潛力。

The Guardian, specifically, the meaning is not mostly in the volume of business. Clearly, it's something that it's about to grow 50% and even more year-over-year. But it's the fact that this is an integrative component that combines together the entire C2C on the digital forensic unit side and on the investigative unit side. And it has, I would say, a strategic meaning. So, I'll stop here and see if I answered your question properly.

《衛報》具體來說，其意義主要不在於業務量。顯然，這一數字將年增 50% 甚至更多。但事實是，這是一個整合組件，將數位鑑識單元側和調查單元側的整個 C2C 結合在一起。我想說，它具有戰略意義。所以，我會在這裡停下來看看我是否正確回答了你的問題。

Yes, absolutely. And then just as a follow-up, you know, you talked about subscription now being 85% of revenue and, you know, the transition to subscription being largely in the rear view mirror. But question, should we assume that 85%, give or take, is the benchmark for where subscription will sit? I mean, your perpetual grew much stronger than anticipated this quarter, and I assume that you will have some level of government customers that will still require perpetual. So, the question is really around where do you see the benchmark for subscription going forward?

是的，一點沒錯。然後，作為後續行動，你知道，你談到訂閱現在佔收入的 85%，而且你知道，向訂閱的過渡很大程度上已經成為過去。但問題是，我們是否應該假設 85%（無論給予或接受）是訂閱量的基準？我的意思是，您的永續合約本季的成長比預期要強勁得多，而且我認為您將擁有一定程度的政府客戶，他們仍然需要永續合約。所以，問題其實在於您認為未來訂閱的基準在哪裡？

So maybe I'll take the answer, and I'll start -- this is Dana. First, we are very glad to see that customers all around the globe are actually accepting the subscription business, and our perpetual business in the last half year was almost null. So that means that even at the strongest part of our selling portion of the year, the half two, with federal government and with larger agencies, they all accepted our subscription offering and the advantages that are coming with it.

所以也許我會接受答案，然後我就開始——這是達納。首先，我們很高興看到全球的客戶都在真正接受訂閱業務，而我們近半年的永續業務幾乎為零。因此，這意味著，即使在我們今年銷售部分最強勁的部分，即下半年，聯邦政府和較大的機構，他們都接受了我們的訂閱服務以及隨之而來的優勢。

85% is a good point for our subscription business to be out of the total revenue. Considering what Yossi said before on training and the importance of training, professional services, which will be attributed also in the future to our enterprise solutions, and the fact that we still have some hardware components in our product mix.

對於我們的訂閱業務來說，85% 是佔總收入的一個好點。考慮到 Yossi 之前所說的培訓以及培訓和專業服務的重要性，這在未來也將歸功於我們的企業解決方案，以及我們的產品組合中仍然有一些硬體組件。

That's great. Thank you.

那太棒了。謝謝。

Jeff Van Rhee, Craig Hallum.

傑夫·範·瑞，克雷格·哈勒姆。

Great. I'd echo my congratulations. Obviously, with Hamas and the conflict, you are in the center of just really impressive performance by the team. Three questions from me. One, on the sales motion, Yossi, where would you grade yourself in terms of your efforts to get from the DFU to the IU? You know, how dialed in do you have that motion? Just maybe put that in a little context.

偉大的。我也表達我的祝賀。顯然，在哈馬斯和衝突中，你處於該團隊令人印象深刻的表現的中心。我的三個問題。第一，關於銷售動議，Yossi，根據您從 DFU 到 IU 的努力，您會給自己打多少分？你知道，你是如何做出這個動作的嗎？也許只是把它放在一個小背景下。

Let's put it this way. There is a clear growth engine for the company, and this is the leading growth engines for years by now, and that's the DFU. And the digital forensic units with the relevant portfolio, which is around our entire offering of Inseyets as a flagship solution, and the Guardian, that motion will continue to grow. We continue to invest in that direction. And with a, by the way, dedicated salesforce in each one of our subregions: America, EMEA, and Asia-Pacific. And by the way, not to mention the collection piece as part of the private sector.

讓我們這樣說吧。公司有一個明顯的成長引擎，這是多年來領先的成長引擎，那就是DFU。具有相關產品組合的數位取證單位（圍繞我們作為旗艦解決方案的 Inseyets 的整個產品）和《衛報》，這項動議將繼續增長。我們繼續朝這個方向投資。順便說一句，我們在每個次區域（美洲、歐洲、中東和非洲以及亞太地區）都擁有一支專注的銷售團隊。順便說一句，更不用說作為私營部門一部分的收藏品了。

The investigative units, the more we grow, we -- I'm glad to say that we see that and we take it very seriously as, I would say, another growth engine by itself. The KPIs over there for the end users are different. The budgets over there are impressive. And the pains and the needs of the customers force us basically to manage it in an upgraded way with a dedicated salesforce and, by the way, dedicated marketing and so on and so forth.

調查單位，我們成長得越多，我們——我很高興地說我們看到了這一點，並且我們非常認真地對待它，我想說，它本身就是另一個成長引擎。最終用戶的 KPI 是不同的。那裡的預算令人印象深刻。客戶的痛苦和需求迫使我們基本上以升級的方式進行管理，配備專門的銷售人員，順便說一句，專門的營銷等等。

So on the one end, one needs to understand we are working with an agency. And as I said, there is a C2C platform. But when it comes to the investigative world, we will add more forces along the road in order to make sure that we are, I would say, fulfilling the potential. And just to remind, potential in that space only if I take the Pathfinder alone is a pace or anticipated growth pace of 35% to 50% year-over-year. I'll stop here just to see if my answer was in your direction.

因此，一方面，人們需要了解我們正在與機構合作。正如我所說，有一個C2C平台。但當談到調查領域時，我們將沿途增加更多的力量，以確保我們，我想說的是，發揮潛力。提醒一下，只有當我單獨考慮探路者時，該領域的潛力才是同比增長 35% 至 50% 的速度或預期增長速度。我會在這裡停下來看看我的答案是否符合您的要求。

It was. Thank you. And Yossi, then just shifting gears, M&A. You know, obviously real nice cash generation. I think as you look at the digital tools that are relevant to law enforcement and federal agencies and incorporating them into your platform, seems like a lot of opportunity. How should we think about M&A and the role it's going to play maybe in '24?

它是。謝謝。Yossi，然後只是換檔，併購。你知道，顯然，現金的產生確實很不錯。我認為，當您查看與執法和聯邦機構相關的數位工具並將其納入您的平台時，似乎有很多機會。我們該如何思考併購及其在 24 世紀可能扮演的角色？

It's a great item, let's put it this way. In a wider context, one need to look at Cellebrite, and as you said, right now it is a platform company. And the C2C platform enables us basically to map much better our decisions regarding make or buy. There is also, if you look at our market, an impressive TAM that we are dealing with and there is a big growth opportunity over there. And on top of that, clearly there is the element of the Cellebrite balance sheet. And we have a very strong balance sheet, as you mentioned, and that enable us to make smart moves, but in the right target and in the right timing.

這是一個很棒的項目，讓我們這樣說吧。在更廣泛的背景下，我們需要看看 Cellebrite，正如你所說，現在它是一家平台公司。C2C 平台基本上使我們能夠更好地制定有關製造或購買的決策。如果你看看我們的市場，我們正在處理的 TAM 令人印象深刻，那裡有很大的成長機會。最重要的是，顯然還有 Cellebrite 資產負債表的因素。正如您所提到的，我們擁有非常強大的資產負債表，這使我們能夠在正確的目標和正確的時機採取明智的行動。

I would like to say, clearly that inorganic growth is a clear part of our long-term strategy, by the way, both technological tuck-ins and maybe some larger opportunities, if that would make sense. And clearly, as I mentioned, the TAM, doing an inorganic move while we are investing a lot in innovation will help us to build the market presence. Just to emphasize, all the numbers that you see right now do not include or include only organic elements. But clearly, we have some targets that we are looking at and if something will be relevant, we'll update.

我想說，顯然，無機成長是我們長期策略的明確組成部分，順便說一句，既包括技術投入，也可能包括一些更大的機會，如果這有意義的話。顯然，正如我所提到的，TAM 在我們大力投資創新的同時採取無機舉措將有助於我們建立市場地位。只是強調一下，您現在看到的所有數字不包括或僅包括有機元素。但顯然，我們正在考慮一些目標，如果有相關內容，我們將進行更新。

Great. And if I could sneak in two last smaller questions then briefly. Dana, you touched on churn, I might have missed a little bit of it. I know you've had some intentional pruning of the customer base, but just give me a little more context. How do you see churn playing out during '24?

偉大的。如果我可以簡單地介紹最後兩個較小的問題。達納，你談到了客戶流失，我可能錯過了一點。我知道您有意削減了客戶群，但請給我更多背景資訊。您如何看待 24 年期間的客戶流失？

So if you look at our churn, which is slightly above 9%, around 2% was associated with customers that we've decided to stop our business with. This will dissipate over the next year and a half, I would say. And so, we believe that our normalized churn should be anything between 7% to 8% on an ongoing basis. We work diligently to improve it on an ongoing rate.

因此，如果你看看我們的流失率，略高於 9%，你會發現大約 2% 與我們決定停止業務的客戶有關。我想說，這種情況將在未來一年半內消失。因此，我們認為我們的正常流失率應該持續在 7% 到 8% 之間。我們努力不懈地持續改進它。

Okay. And then I guess just lastly, overall backdrop, you talked about budgets, but in particular, you know, been talk from time to time of peers getting fairly aggressive on price increases. Just any observations on what the peers are doing. I mean, obviously Inseyets puts you in a different value proposition. I get what you're doing, but I'm just kind of curious what the competitors have been doing.

好的。然後我想最後，總體背景，你談到了預算，但特別是，你知道，不時談論同行在價格上漲方面變得相當激進。只是對同行正在做什麼的任何觀察。我的意思是，顯然 Inseyets 讓你處於不同的價值主張。我明白你在做什麼，但我只是好奇競爭對手在做什麼。

Generally speaking, I'll take at least for a start, I'm glad to say that this is a value-based market. Budgets are there, this is clear, and there is a clear readiness to pay more for value. If we look, and based on what we know, our competitors are doing the same. Some are increasing prices on an annual basis as part of a systematic approach, sometimes per version. And some are increasing prices as part of a, I would say, long-term strategy. So one, we are no different. We are different in the fact that we bring a differentiated offering that basically justify higher pricing. But I would say that's applicable for the entire industry.

一般來說，我至少會開始，我很高興地說這是一個基於價值的市場。預算已經存在，這一點很明確，並且明確準備為價值支付更多費用。如果我們觀察，根據我們所知，我們的競爭對手也在做同樣的事情。作為系統方法的一部分，有些公司每年都會提高價格，有時甚至會以版本提高價格。我想說，有些公司正在提高價格，這是長期策略的一部分。所以一說，我們沒有什麼不同。我們的不同之處在於，我們提供差異化的產品，基本上證明了更高的定價是合理的。但我想說這適用於整個行業。

Got it. Thank you.

知道了。謝謝。

Welcome.

歡迎。

Doug Bruehl, JPMorgan.

道格·布魯爾，摩根大通。

My question, maybe one around your FedRAMP authorization announcement. Any sense of how large of an incremental market you expect at eventual approval to unlock?

我的問題可能是關於您的 FedRAMP 授權公告的問題。您是否知道最終批准後將釋放多大的增量市場？

So, first of all, I would like to say that FedRAMP is a meaningful part as part of the expansion of our value proposition and making an even stronger differentiation in, I would say, our compelling C2C, Case-to-Closure platform. Specifically, that part of activity is more aimed to the area of the federal business in the United States. And clearly, we are investing in FedRAMP in order to open more doors in that space and practically increasing the total available market. By the way, I have to say that our federal business is very strong as it is right now, and that only strength that we have a very strong base in order to expand.

因此，首先，我想說 FedRAMP 是一個有意義的部分，它是我們價值主張擴展的一部分，並且在我們引人注目的 C2C、Case-to-Closure 平台中實現更強大的差異化。具體來說，這部分活動更針對美國聯邦業務領域。顯然，我們投資 FedRAMP 是為了在該領域打開更多大門，並實際增加可用市場總量。順便說一句，我必須說，我們的聯邦業務現在非常強大，而且只有我們擁有非常強大的基礎才能擴大實力。

Specific to your question, we assume that this is something that can even double the size of what we do today. Because with FedRAMP, it will enable the company to access definitely additional buying centers within existing logos that we have already today. And if we will be quick enough, and we intend to be, in the middle of 2024, we believe that we'll be in a situation that we will pass certain processes in order to talk about it. So, in the second half of 2024. And with that we can guarantee or capture budgets of 2025.

針對您的問題，我們假設這甚至可以使我們今天所做的規模增加一倍。因為有了 FedRAMP，它將使公司能夠在我們今天已有的現有徽標中訪問更多的購買中心。如果我們夠快，而且我們打算在 2024 年中期，我們相信我們將透過某些流程來討論這個問題。所以，在2024年下半年。這樣我們就可以保證或獲得 2025 年的預算。

I have to emphasize as final statement that FedRAMP is not specifically to one or other solution, it's applicable to the entire offering of our Case-to-Closure platform. So, both for Inseyets and Pathfinder and the Guardian, everything can be offered not only on-prem, but then also on the cloud. And FedRAMP will enable us, as a final role, to show a level of security which meets the hard demands of this specific segment.

最後聲明，我必須強調，FedRAMP 並不是專門針對一種或另一種解決方案，它適用於我們的 Case-to-Closure 平台的整個產品。因此，對於 Inseyets、Pathfinder 和 Guardian 來說，一切不僅可以在本地提供，還可以在雲端提供。作為最後一個角色，FedRAMP 將使我們能夠展示滿足此特定細分市場的嚴格要求的安全等級。

Great. Thank you so much.

偉大的。太感謝了。

Jonathan Ho, William Blair.

喬納森·何，威廉·布萊爾。

Hi, good morning and congratulations on the strong results. I wanted to start out with a little bit more detail into the Inseyets sort of a change here. Can you -- maybe help us understand what's changed with the product and how you're able to speed up investigations and sort of raise productivity with customers?

你好，早安，恭喜你取得了優異的成績。我想先對 Inseyets 的一些變化進行更詳細的了解。您能否幫助我們了解產品發生了什麼變化以及您如何能夠加快調查速度並提高客戶的生產力？

Sure. Inseyets is -- and I'll talk specifically about the Inseyets collection review. Basically, brings to the table capabilities, which were, well, stand-alone disconnected within few solutions. On the access part, it enables much quicker access, and it also enables to access via ways or in collection that used to be part of our high-end premium only. For example, full file system, and I remember we talked about that in the past.

當然。Inseyets 是——我將具體談論 Inseyets 收藏評論。基本上，帶來了一些功能，這些功能在少數解決方案中是獨立的。在訪問部分，它可以實現更快的訪問，並且還可以透過以前僅屬於我們高端溢價的一部分的方式或集合進行訪問。例如，完整的文件系統，我記得我們過去討論過這個。

Then it's about the processing and review elements. We are talking here about Factor IV or Factor VI in terms of speed. At the end of the day, if you think about the major KPI in a typical lab of our customers, it's how to reduce backlog and how to access more devices faster as part of a piling element of digital sources as part of piling investigative open cases.

然後是關於處理和審查要素。我們在這裡討論的是速度方面的因子 IV 或因子 VI。歸根結底，如果您考慮我們客戶的典型實驗室中的主要 KPI，那就是如何減少積壓以及如何更快地訪問更多設備，作為數字源堆積元素的一部分，作為堆積調查開放案例的一部分。

So when we bring together methods, which were only on the premium, together with the higher speed, combine that with a much better UX/UI that's the result that you get. And that's basically the value that it's going to bring to our customers. As I said, by the way, since launch, we are getting really terrific feedback about how Inseyets improve mode of operation within labs and within investigative units.

因此，當我們將非常重要的方法與更高的速度結合在一起時，將其與更好的 UX/UI 結合起來，這就是您得到的結果。這基本上就是它將為我們的客戶帶來的價值。順便說一句，正如我所說，自推出以來，我們收到了關於 Inseyets 如何改進實驗室和研究單位內操作模式的非常好的回饋。

Excellent. And then with regards to the C2C platform, do customers today purchase these solutions as a bundle? And how do you think about the go-to-market motion and investments that you need to make to maybe shift this to be a bi t more of a strategic discussion?

出色的。那麼對於C2C平台，現在的客戶是否會捆綁購買這些解決方案？您如何看待您需要進行的上市行動和投資，以將其轉變為更多的策略討論？

So I think it's important to understand that today, Cellebrite offers a real end-to-end platform. And not just, I would say, a pile of stand-alone because on the tactical level, clearly, a lab will continue to buy, collect, and review, will continue to buy Inseyets as such. But as I said in the beginning or as part of an answer to another question, for the Commissioner or for the Head of Investigation and Intelligence within police, it makes less sense today to talk about collection as stand-alone because the reason need to see the entire scheme of things, how do I collect.

因此，我認為了解今天 Cellebrite 提供真正的端到端平台非常重要。我想說，不僅僅是一堆獨立的，因為在戰術層面上，顯然，實驗室將繼續購買、收集和審查，並將繼續購買 Inseyets。但正如我在開頭或回答另一個問題時所說的那樣，對於專員或警察內部調查和情報負責人來說，今天將收集作為獨立的話題進行討論已經沒有多大意義，因為原因需要了解整個計劃，我如何收集。

But then with a streamlined platform like ours, how do I share and review as quick as possible? How do I improve speed and quality of eDiscovery? How do I deal with chain of custody, something that we do with our streamlined Guardian, which connects both collected data from Inseyets and analyze data from Pathfinder. So, this is not only something that we position, it reflects a thing, and the entire direction of our customers is going into a streamlined environment, which forces basically or enforces and makes a necessity for an end-to-end platform and not just, I would say, pile of stand-alone solutions.

但是，對於像我們這樣的精簡平台，我該如何盡快分享和評論呢？如何提高電子取證的速度和品質？我如何處理監管鏈，這是我們使用簡化的 Guardian 所做的事情，它連接從 Inseyets 收集的數據並分析來自 Pathfinder 的數據。因此，這不僅是我們定位的東西，它反映了一個東西，我們客戶的整個方向正在進入一個精簡的環境，這基本上強製或強制執行並使端到端平台成為必要，而不僅僅是我想說，一堆獨立的解決方案。

Great. Thank you.

偉大的。謝謝。

This concludes the Q&A portion of today's call. I would now like to turn the floor over to Cellebrite CEO, Yossi Carmil, for additional or closing remarks.

今天電話會議的問答部分到此結束。現在我想請 Cellebrite 執行長 Yossi Carmil 發表補充或結束語。

All right. So, first of all, thank you all for joining us, and thank you for taking the time. I would like to emphasize it was a very successful year for the company, especially from background of several challenges, it was really a very good year. The future will be even better. And I have to say that we are excited about the opportunity and about what is expecting us as part of the future of Cellebrite.

好的。首先，感謝大家加入我們，並感謝您抽出寶貴的時間。我想強調的是，對於公司來說，這是非常成功的一年，尤其是在面臨許多挑戰的背景下，這確實是非常好的一年。未來將會更加美好。我不得不說，我們對這個機會以及作為 Cellebrite 未來一部分的期望感到興奮。

I would like as a final word to thank again to all the Cellebrite employees for their professionalism, for their resiliency, and for the engagement and obviously, for the great results of 2023. Thank you all. Have a great day.

最後，我想再次感謝所有 Cellebrite 員工的專業、韌性和敬業度，當然還有 2023 年的巨大成果。謝謝你們。祝你有美好的一天。

Thank you. This concludes today's Cellebrite's fourth quarter and full year 2023 financial results conference call. Please disconnect your line at this time and have a wonderful day.

謝謝。今天的 Cellebrite 第四季和 2023 年全年財務業績電話會議到此結束。請此時斷開您的線路，祝您有美好的一天。