Cellebrite DI Ltd (CLBT) 2024 Q2 法說會逐字稿

Welcome to the Cellebrite second quarter 2024 financial results conference call. (Operator Instructions)

歡迎參加 Cellebrite 2024 年第二季財務業績電話會議。（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, Todd, and welcome, everybody, to Cellebrite’s second quarter 2024 financial results call. I'm joined at our offices just outside of Washington DC, are Yossi Carmil, Cellebrite's CEO; and Dana Gerner, Cellebrite's CFO. There's a slide presentation that accompanies our prepared remarks. Please advance the slides in the webcast viewer to follow our commentary.

非常感謝 Todd，並歡迎大家參加 Cellebrite 的 2024 年第二季財務業績電話會議。Cellebrite 的執行長 Yossi Carmil 和我一起來到了位於華盛頓特區郊外的辦公室。以及 Cellebrite 財務長 Dana Gerner。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。

We will 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, along with a transcript of the event.

我們將標出我們在評論中提到的幻燈片編號。本次通話正在錄音，通話後不久將在我們的網站上提供錄音重播以及活動文字記錄。

Starting with slide number 2, a copy of today's press release and financial statements, including the GAAP-to-non-GAAP reconciliations, this slide presentation and the quarterly financial tables and supplemental historical financial information for the first and second quarters of 2024 and each quarter of 2023 and 2022 are available on the Investor Relations website at investors.cellebrite.com.

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、本投影片簡報以及2024 年第一季和第二季以及每季的季度財務表格和補充歷史財務資訊2023 年和 2022 年季度的財務數據可在投資者關係網站 Investors.cellebrite.com 上查看。

Also, unless stated otherwise, our discussion of our second quarter 2024 financial metrics as well as the financial metrics provided in our outlook will be done on a non-GAAP basis only and all historical comparisons are with the second quarter of 2023.

此外，除非另有說明，我們對 2024 年第二季度財務指標以及展望中提供的財務指標的討論將僅在非 GAAP 基礎上進行，所有歷史比較均與 2023 年第二季度進行。

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.

此外，請注意，本次電話會議期間所作的非歷史事實陳述的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。

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 March 21, 2024, and as amended on April 12, 2024. The company does not undertake to update any forward looking statements to reflect future events or circumstances.

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「風險因素」標題下以及該公司於 2024 年 3 月 21 日向 SEC 提交並於 2024 年 4 月 12 日修訂的 20-F 表格年度報告中的其他部分進行了討論。該公司不承諾更新任何前瞻性陳述以反映未來事件或情況。

Slide number 3 provides the agenda of the topics we'll cover on today's call. And with that said, I'd like to now turn the call over to Yossi Carmil, Cellebrite's CEO.

第 3 號投影片提供了我們今天電話會議將討論的主題議程。話雖如此，我現在想將電話轉給 Cellebrite 執行長 Yossi Carmil。

Thank you, Andy, and thank you all for joining us today. We are pleased this morning to share our progress on continued execution across all key metrics, including ARR, revenue and EBITDA, which are highlighted on slide 4. Our strong second quarter performance further validates the appeal of our case to closure platform, the resolve of our nearly 1,100 colleagues and relentless tailwinds in a healthy growing market.

謝謝你，安迪，也謝謝大家今天加入我們。今天早上，我們很高興分享我們在所有關鍵指標（包括 ARR、收入和 EBITDA）的持續執行方面取得的進展，這些指標在幻燈片 4 中突出顯示。我們第二季強勁的業績進一步證實了我們的案例對關閉平台的吸引力、我們近 1,100 名同事的決心以及健康成長的市場中的不懈推動力。

Now Dana will review the details of our Q2 results, our outlook for the third quarter and our increased expectation for the full year 2024. In the meantime, what I plan to do is to focus my commentary on the long-term opportunity for our company and the important steps we are taking to further enhance Cellebrite’s position as the leading platform for accelerating justice around the world.

現在，Dana 將審查我們第二季業績的詳細資訊、第三季的前景以及我們對 2024 年全年的預期。同時，我打算專注於評論我們公司的長期機遇，以及我們為進一步增強 Cellebrite 作為加速全球正義的領先平台的地位而採取的重要步驟。

Turning to slide 5, let me begin by highlighting the recent formation of Celebrate Federal Solutions as part of our effort to expand our business with the US federal government. While Cellebrite had already established pervasive, growing relationships across a wide range of US federal defense and civilian agencies, our ability to maximize our impact had been constrained by our status as a foreign owned organization.

轉向幻燈片 5，首先讓我強調最近成立的 Celebrate Federal Solutions，這是我們擴大與美國聯邦政府業務的努力的一部分。儘管 Cellebrite 已經與許多美國聯邦國防和民事機構建立了廣泛且不斷發展的關係，但我們作為外資組織的地位限制了我們發揮影響力的最大能力。

So in order to unlock our contribution to the US federal government and further expand our commercial opportunity, we worked diligently over the past six months to better position Cellebrite work directly with our US federal customers and support a broader range of projects and programs.

因此，為了釋放我們對美國聯邦政府的貢獻並進一步擴大我們的商業機會，我們在過去六個月中努力工作，以更好地定位Cellebrite 直接與我們的美國聯邦客戶的合作，並支持更廣泛的項目和計劃。

Last month, we established Cellebrite Federal Solutions as a separate dedicated company with independent board governance, and we acquired CyTech, which brings immediate expertise, experience and authorizes participation in key federal programs. Now these actions will enable Cellebrite to significantly increase its impact and participation in critical federal law enforcement and intelligence initiatives over the long term.

上個月，我們成立了 Cellebrite Federal Solutions，作為一家獨立的專業公司，擁有獨立的董事會治理，我們也收購了 CyTech，後者帶來了即時的專業知識、經驗並授權參與關鍵的聯邦計畫。現在，這些行動將使 Cellebrite 能夠長期顯著提高其對關鍵聯邦執法和情報措施的影響力和參與度。

This new company is led by Erik Sachwitz who had directed our federal sales for the past several years, and it is overseen by a newly appointed Board of four independent directors. These directors are highly accomplished in their respective fields, bringing unique and extremely relevant skills and experiences. By the way, the results from this business will be fully consolidated in our corporate financial reports.

這家新公司由 Erik Sachwitz 領導，他在過去幾年中一直負責我們的聯邦銷售工作，並由新任命的四名獨立董事組成的董事會負責監督。這些董事在各自的領域都取得了很高的成就，帶來了獨特且極為相關的技能和經驗。順便說一句，這項業務的結果將完全合併在我們的公司財務報告中。

These actions closely follow our Q1 launch to gain FedRAMP authorization for our SaaS offerings. We continue to make incremental progress with this initiative as we drive toward a full authorization by the end of the first half of 2025. We anticipate that FedRAMP authorization will accelerate deployment of Cellebrite’s relevant cloud based offerings by our federal customers.

這些行動緊接著我們第一季的發布，以獲得 SaaS 產品的 FedRAMP 授權。我們將繼續在這項措施上取得漸進進展，爭取在 2025 年上半年末獲得全面授權。我們預計 FedRAMP 授權將加速我們的聯邦客戶對 Cellebrite 相關雲端產品的部署。

And by meeting the US government's demanding security and technical requirements, we believe that this authorization will serve as a proxy for addressing certain standards outside of the US as well as with other US state and local government customers.

透過滿足美國政府嚴格的安全和技術要求，我們相信這項授權將成為滿足美國境外以及美國其他州和地方政府客戶的某些標準的代理。

So in summary, these actions reflect our commitment to expand our business in the US Federal marketplace over the coming years. And we've been encouraged by the enthusiasm from the marketplace in recent weeks and share their optimism about the impact this will have on both public safety and on Cellebrite. We believe that the initial financial benefits associated with Cellebrite Federal Solutions will begin to accrue in 2025 and build from there in subsequent years.

總之，這些行動反映了我們在未來幾年擴大在美國聯邦市場業務的承諾。市場最近幾週的熱情讓我們深受鼓舞，並分享了他們對這將對公共安全和 Cellebrite 產生的影響的樂觀態度。我們相信，與 Cellebrite Federal Solutions 相關的初步財務效益將於 2025 年開始產生，並在隨後的幾年中逐漸累積。

Turning to our C2C platform. Our customers continue to realize substantial value from Cellebrite build in artificial intelligence capabilities, which enable them to work smarter and faster. AI has been an integral part of our innovation DNA for nearly a decade, and it is now embedded within each of our flagship solutions. At our first Investor Day earlier this year, we showcased a wide range of AI powered capabilities that enable our customers to accelerate their investigations.

轉向我們的C2C平台。我們的客戶繼續從 Cellebrite 內建的人工智慧功能中實現巨大價值，這使他們能夠更聰明、更快速地工作。近十年來，人工智慧一直是我們創新DNA不可或缺的一部分，現在它已嵌入我們的每個旗艦解決方案中。在今年稍早的第一個投資者日上，我們展示了各種人工智慧驅動的功能，使我們的客戶能夠加速他們的調查。

Now, while our historic use case has delivered material value, the rapid evolution of generative AI is opening exciting new frontiers for Justice Accelerated, which we have enthusiastically embraced. Our customers report that leveraging our AI powered capabilities enable them to achieve step-function increases in investigative speed, efficiency, and effectiveness.

現在，雖然我們的歷史用例已經帶來了物質價值，但生成式人工智慧的快速發展正在為「正義加速」開闢令人興奮的新領域，我們對此表示熱烈歡迎。我們的客戶報告說，利用我們的人工智慧功能，他們能夠實現調查速度、效率和有效性的階梯式提高。

For example, a law enforcement agency can leverage the AI driven analytics with Pathfinder to substantially reduce the time it takes to complete a large-scale investigation from months to weeks. And in the process lower overtime costs, decreased the involvement of supporting agencies, help the victims loved ones move toward closure and reassure the community that justice has been served.

例如，執法機構可以利用 Pathfinder 的人工智慧驅動分析，將完成大規模調查所需的時間從幾個月縮短到幾週。在此過程中，降低了加班成本，減少了支持機構的參與，幫助受害者親人走向了結，並向社區保證正義已得到伸張。

And for these reasons, we are aligning key product technology and go-to-market resources to maximize value creation and monetization associated with our AI technology, what we currently refer to as Cellebrite Investigative Intelligence. In tandem with this work in keeping with the Cellebrite’s effort to ensure this technology will serve exclusively an agent for good and for the protecting public safety, we will continue to evolve a range of controls for internal assessments, customer feedback and our external independent ethics and integrity advisory board. Responsible innovation in AI will supercharge our ability to advance our mission to make the world a better and a safer place. You can expect to hear more over the coming quarters and years as we make further progress with our work in this area.

基於這些原因，我們正在調整關鍵產品技術和上市資源，以最大限度地提高與我們的人工智慧技術相關的價值創造和貨幣化，我們目前稱之為 Cellebrite 調查情報。為了配合這項工作，與 Cellebrite 的努力保持一致，確保這項技術將專門服務於公益和保護公共安全，我們將繼續發展一系列針對內部評估、客戶反饋和外部的控制措施。顧問委員會。人工智慧領域負責任的創新將增強我們推動使命的能力，讓世界變得更美好、更安全。隨著我們在這一領域的工作取得進一步進展，您可以期待在未來幾季和幾年內聽到更多消息。

I want to switch gears now to briefly cover recent capital market activity associated with our ongoing efforts to drive value creation for Cellebrite shareholders. First, we're very pleased to announce today a broad warrant redemption program covering 20 million public and 9.7 million private warrants. Now, Dana will share more details around this action, but I want to briefly highlight the significance of this milestone, while a substantial majority of SPAC originated companies have struggled to create shareholder value over the past two years, Cellebrite’s exceptional performance has enabled us to take this actions.

我現在想簡單介紹一下最近的資本市場活動，這些活動與我們不斷努力為 Cellebrite 股東創造價值有關。首先，我們今天非常高興地宣布一項廣泛的認股權證贖回計劃，涵蓋 2,000 萬張公共認股權證和 970 萬張私人認股權證。現在，Dana 將分享有關這一行動的更多細節，但我想簡要強調這一里程碑的重要性，雖然絕大多數SPAC 起源的公司在過去兩年中一直在努力創造股東價值，但Cellebrite 的卓越表現已經使我們能夠採取這一行動。

Second, Cellebrite’s stock price performance over the past 30 days through yesterday has triggered the issuance of one-third of the price adjustment shares and the vesting of 40% of our restricted sponsor shares as outlined in our business combination agreement. The combination of these events is an important milestone that we believe will help optimize our capital structure, support healthy trading liquidity, and simplify our financial reporting and they complement and augment the steps we've already taken to enhance our investors communication.

其次，Cellebrite 截至昨天的過去 30 天的股價表現觸發了我們的業務合併協議中規定的三分之一價格調整股票的發行和 40% 限制性發起人股票的歸屬。這些事件的結合是一個重要的里程碑，我們相信這將有助於優化我們的資本結構，支持健康的交易流動性，並簡化我們的財務報告，它們補充和增強了我們為加強投資者溝通而已經採取的步驟。

Turning to slide 6. We are making really good progress executing against our top four strategic priorities. This slide highlights a variety of Q2 deals that delivered meaningful ARR expansion and demonstrated our progress with each priority. So I'd like to share a few quick observations related to these priorities.

轉到投影片 6。我們在執行四大戰略重點方面取得了非常好的進展。這張投影片重點介紹了第二季的各種交易，這些交易實現了有意義的 ARR 擴張，並展示了我們在每個優先事項上的進展。因此，我想分享一些與這些優先事項相關的快速觀察。

Our first priority is to extend our leadership in the digital forensics units of our customers. To that end, our ongoing investment to enhance our lawful access capabilities for the most modern smartphones on the market is paying dividends. Over the past year usage data reflects that more customers are turning to celebrate to lawfully access and extract data from both Android and Apple iOS devices. Related to this, we are also making good progress with upgrading our customers to Inseyets. As noted on our Q1 call, our goal in 2024 is to convert 10% of our installed base to Inseyets. I'm glad to share that market reception has been extremely favorable, and we are currently on the pace to exceed these targets.

我們的首要任務是擴大我們在客戶數位鑑識部門的領導地位。為此，我們為增強對市場上最現代智慧型手機的合法存取能力而進行的持續投資正在獲得回報。過去一年的使用數據反映出，越來越多的客戶開始慶祝從 Android 和 Apple iOS 裝置上合法存取和提取資料。與此相關的是，我們在將客戶升級到 Inseyets 方面也取得了良好進展。正如我們在第一季電話會議中指出的，我們的目標是到 2024 年將 10% 的安裝基數轉換為 Inseyets。我很高興與大家分享，市場反應非常好，我們目前正在努力超越這些目標。

Our second priority is to accelerate our growth within the investigative and intelligence units, what we call the “IUs” of our law enforcement customers. We continued to grow our Pathfinder footprint with IUs during the second quarter. And I can say that we are excited about our potential to accelerate penetration into the IUs as Pathfinder becomes fully cloud-enabled over the coming quarters.

我們的第二要務是加快調查和情報部門的發展，我們稱之為執法客戶的「IU」。第二季度，我們繼續擴大與 IU 的探路者足跡。我可以說，隨著 Pathfinder 在未來幾季完全支持雲，我們對加速滲透到 IU 的潛力感到興奮。

Our third priority is to expand our business in the private sector with enterprises and service providers who primarily rely on Cellebrite’s data collection solutions to advance corporate investigation and e-discovery use cases.

我們的第三個優先事項是擴大我們在私營部門的業務，與主要依靠 Cellebrite 資料收集解決方案來推進企業調查和電子取證用例的企業和服務提供者合作。

Related to this, we recently announced an exclusive technology and go-to-market partnership with Relativity that is intended to help our mutual customers collect and manage mobile evidence as a key part of their digital investigations with the utmost efficiency. We are collaborating with Relativity to create a streamlined RelativityOne and Cellebrite Remote Mobile Collections and Conversion integrations in which relativity is the only e-discovery provider to have direct integration with Cellebrite Endpoint Inspector and with Cellebrite Endpoint Mobile Now. We are optimistic that this partnership will deliver compelling value to our mutual customers and help accelerate our growth with enterprise customers and service providers.

與此相關的是，我們最近宣布與 Relativity 建立獨家技術和上市合作夥伴關係，旨在幫助我們共同的客戶以最高效率收集和管理行動證據，作為其數位調查的關鍵部分。我們正在與 Relativity 合作創建簡化的 RelativityOne 和 Cellebrite 遠端移動集合和轉換集成，其中 Relativity 是唯一與 Cellebrite Endpoint Inspector 和 Cellebrite Endpoint Mobile Now 直接集成的電子取證提供者。我們樂觀地認為，這種合作關係將為我們共同的客戶帶來引人注目的價值，並有助於加速我們與企業客戶和服務提供者的共同發展。

Our fourth strategic priority is to help our customers harness the power of the cloud. Our overall ARR from cloud and SaaS-based solutions is nearly doubled over the past year and is now generating low teens as a percentage of our ARR, up from the high single-digits. We are pleased to see increasing traction for Guardian, our SaaS-based case and evidence management solution. The number of Guardian customers has continued to grow, along with the number of users in terms of both examiners and investigators, and data storage volumes has doubled in the past five months alone to over to petabytes.

我們的第四個策略重點是幫助我們的客戶利用雲端的力量。過去一年，我們來自雲端和基於 SaaS 的解決方案的整體 ARR 幾乎翻了一番，目前占我們 ARR 的百分比從高個位數上升到了十幾歲。我們很高興看到 Guardian（我們基於 SaaS 的案件和證據管理解決方案）越來越受到關注。Guardian 客戶數量以及審查員和調查員的用戶數量持續成長，僅在過去五個月內資料儲存量就增加了一倍，超過 PB。

I would like to conclude my prepared remarks on slide 7. So we view our C2C platform is unique in today's marketplace, enabling us to deliver an end-to-end set of integrated software solutions that support our customer’s needs throughout the digital investigation lifecycle. We continue to move swiftly and decisively to deliver high-value solutions and responsive support to address the time-sensitive needs of our customers around the globe, fortifying the trust they place in our solutions.

我想在投影片 7 上結束我準備好的發言。因此，我們認為我們的 C2C 平台在當今市場中是獨一無二的，使我們能夠提供一套端到端的整合軟體解決方案，在整個數位調查生命週期中支援客戶的需求。我們繼續迅速而果斷地採取行動，提供高價值的解決方案和響應迅速的支持，以滿足全球客戶對時間敏感的需求，增強他們對我們解決方案的信任。

In turn, Cellebrite has successfully extended its market and technology leadership, expanded its customer relationships, and delivered strong results. We've also further enhanced our leadership team and Board earlier this month, we appointed Sigalit Shavit as our first ever, Chief Information Officer, CIO. We look forward to her contributions as we scale our ability to innovate and support customers around the world.

反過來，Cellebrite 成功擴大了其市場和技術領先地位，擴大了客戶關係，並取得了強勁的業績。本月早些時候，我們也進一步增強了我們的領導團隊和董事會，我們任命 Sigalit Shavit 為我們的第一位資訊長、CIO。我們期待她在我們擴大創新能力和支持世界各地客戶的過程中做出貢獻。

I'm also thrilled that Troy Richardson, an accomplished technology executive was recently appointed to our Board of Directors. And as we look ahead, our updated 2024 expectations for ARR growth and adjusted EBITDA indicate that we are well positioned to exceed our performance baseline for Rule of 45 for the second straight year.

我還很高興特洛伊理查森 (Troy Richardson)，一位卓有成就的技術主管，最近被任命為我們的董事會成員。展望未來，我們更新的 2024 年 ARR 成長預期和調整後的 EBITDA 表明，我們完全有能力連續第二年超過 45 規則的績效基準。

It is really rewarding to see how our customers are leveraging their investment in Cellebrite technology to accelerate justice. Every quarter, our technology makes an outsized impact on hundreds of thousands of cases, enabling our customers to protect and save lives, stop bad actors and keep our community safer. Overall, our team has done a great job in the first half of 2024, and I would like to use the opportunity to thank my colleagues for their ongoing commitment and contributions to our continued success.

看到我們的客戶如何利用他們對 Cellebrite 技術的投資來加速正義，真的很值得。每個季度，我們的技術都會對數十萬起案件產生巨大影響，使我們的客戶能夠保護和拯救生命、制止不良行為並確保我們的社區更安全。總體而言，我們的團隊在 2024 年上半年做得非常出色，我想藉此機會感謝我的同事們為我們的持續成功所做的持續承諾和貢獻。

And with that said, I now turn the call over to Dana.

話雖如此，我現在將電話轉給達納。

Thank you, Yossi. The combination of solid top-line expansion and sound management of our cost structure produced another quarter of excellent results and helped underpin our updated 2024 guidance.

謝謝你，約西。穩健的營收擴張和健全的成本結構管理相結合，又創造了一個季度的優異業績，並有助於支撐我們更新的 2024 年指引。

So let's begin with a review of our Q2 results by starting with our ARR growth on slide 9. Our ARR grew 26% year-on-year to $346 million at the end of June 2024. The building block for our ARR growth began with gross retention, which was 91% for the period. The lion's share of ARR growth was once again driven by expansion within our installed customer base.

因此，讓我們從幻燈片 9 上的 ARR 成長開始回顧第二季的業績。截至 2024 年 6 月底，我們的 ARR 年增 26% 至 3.46 億美元。我們的 ARR 成長的基石始於總保留率，該期間為 91%。ARR 成長的最大份額再次是由我們現有客戶群的擴張所推動的。

Looking at the product level contribution, Inseyets adoption continues to fuel our ARR growth. At the same time, we continue to make progress extending our reach into new buying centers or sub logos within our installed base through both Guardian and Pathfinder. Geographically, the ARR mix for the 12 months ended June 30th, 2024 was consistent with prior quarters. The Americas represented our largest geography at 53% of total, followed by EMEA at 35% and Asia Pacific at 12%. And all major geographical regions continued to enjoy ARR growth rate above 20%. We see America increasing 28%, EMEA growing 23%, and Asia Pacific up 27%.

從產品層面的貢獻來看，Inseyets 的採用繼續推動我們的 ARR 成長。同時，我們繼續取得進展，透過 Guardian 和 Pathfinder 將我們的業務範圍擴展到我們已安裝基礎中的新購買中心或子徽標。從地理上看，截至 2024 年 6 月 30 日的 12 個月的 ARR 組合與前幾季一致。美洲是我們最大的地區，佔總數的 53%，其次是歐洲、中東和非洲（EMEA），佔 35%，亞太地區佔 12%。所有主要地理區域的 ARR 成長率均持續超過 20%。我們預期美洲成長 28%，歐洲、中東和非洲成長 23%，亞太地區成長 27%。

Now turning to revenue on slide 10, we reported a 25% year-on-year increase in second quarter revenue to $95.7 million. This increase was primarily driven by subscription software revenue growth of 27%. Our top line performance benefited modestly from multiyear agreements and favorable product mix, and we expect this to continue into the second half of the year.

現在轉向幻燈片 10 上的收入，我們報告第二季營收年增 25%，達到 9,570 萬美元。這一成長主要是由訂閱軟體收入成長 27% 推動的。我們的營收業績適度受益於多年協議和有利的產品組合，我們預計這種情況將持續到今年下半年。

In terms of non-recurring revenue, the increase in hardware sales within our other non-recurring revenue was largely offset by a modest decline in our professional services revenue. Subscription revenue represented 89% of total revenue, and we expect that it will continue to trend within the mid to high 80% range over the coming quarters.

就非經常性收入而言，我們其他非經常性收入中硬體銷售的成長在很大程度上被我們的專業服務收入的小幅下降所抵消。訂閱收入佔總收入的 89%，我們預計未來幾季將繼續保持在 80% 的中高端範圍內。

Slide 11 details the historical trends for our non-GAAP gross margins and non-GAAP operating expenses, which excludes share-based compensation, amortization of intangible assets and acquisition related expenses. Our Q2 gross margin was 83.7% and was generally consistent with our expectation and up slightly from the prior year.

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。我們第二季的毛利率為 83.7%，與我們的預期基本一致，比去年略有上升。

In terms of operating expenses, Q2 operating costs increased by 10% to $60.3 million. Higher sales and marketing and research and development costs reflected increased headcount and personnel related costs in these areas. We ended Q2 with 5,077 employees, up 25 from the first quarter and 111 from the same quarter last year. We continue to invest in recruiting new talents with ambitions to increase our headcount to roughly 1,150 employees by the end of this year.

營運費用方面，第二季營運成本成長 10%，達到 6,030 萬美元。銷售和行銷以及研發成本的增加反映了這些領域的員工人數和人員相關成本的增加。截至第二季末，我們擁有 5,077 名員工，比第一季增加 25 名，比去年同期增加 111 名。我們持續投資招募新人才，目標是在今年年底將員工人數增加到約 1,150 名。

Now turning to slide 12. The combination of strong revenue growth, healthy gross margins performance and a moderate increase in our operating costs resulted in profitability that exceeded our plans entering the quarter. We reported Q2 adjusted EBITDA of $21.6 million or 23% on a margin basis versus 15% one year ago.

現在轉到投影片 12。強勁的收入成長、健康的毛利率表現和營運成本的適度增長相結合，導致盈利能力超出了我們進入本季度的計劃。我們報告第二季調整後 EBITDA 為 2,160 萬美元，按利潤率計算為 23%，而一年前為 15%。

Our Q2 non-GAAP operating income was $19.8 million, with non-GAAP net income of $22.9 million or $0.10 on a fully diluted basis. We closed the second quarter with $366 million in cash, cash equivalents and investment up $18.7 million on a sequential basis and $121 million higher than the same quarter last year. The sequential increase for the quarter primarily reflected the strong cash flow from operations. Free cash flow for the second quarter which we defined as net cash provided by operating activities, less capital expenditure and purchase of intangible assets was $12.2 million.

我們第二季的非 GAAP 營業收入為 1,980 萬美元，非 GAAP 淨利潤為 2,290 萬美元，或完全稀釋後的 0.10 美元。第二季結束時，我們的現金、現金等價物和投資為 3.66 億美元，季增 1,870 萬美元，比去年同期增加 1.21 億美元。本季的環比成長主要反映了強勁的營運現金流。第二季的自由現金流（我們定義為經營活動提供的淨現金減去資本支出和無形資產購買）為 1,220 萬美元。

In terms of our July acquisition of CyTech, you'll see the cash outflow of a little more than $3 million related to this transaction in our third quarter cash flow statement, which approximately $1 million anticipated to be paid in 2025.

就我們 7 月收購 CyTech 而言，您會在我們的第三季現金流量表中看到與此交易相關的現金流出略多於 300 萬美元，預計 2025 年將支付約 100 萬美元。

Before I move to the financial forecast, I'd like to quickly add to Yossi's comments regarding recent capital markets developments. And more specifically, Cellebrite announced earlier today that it is redeeming all of the outstanding warrants, which consist of 20 million public warrants in 9.7 million private warrants. We anticipate that the vast majority of warrants will be exercised on a cashless basis.

在開始財務預測之前，我想快速補充一下 Yossi 關於近期資本市場發展的評論。更具體地說，Cellebrite 今天稍早宣布，它將贖回所有未償還的認股權證，其中包括 2,000 萬份公共認股權證和 970 萬份私人認股權證。我們預期絕大多數認股權證將以無現金方式行使。

At recent price, this would convert nearly 30 million public and private warrants into 8 million to 9 million common shares. This is approximately 70% less dilutive than if all of the warrants were exercised for cash. We plan to issue an announcement outlining the results from the redemption soon after the redemption date next month.

以最近的價格計算，這將把近 3,000 萬份公開和私人認股權證轉換為 800 萬至 900 萬股普通股。與所有認股權證均以現金行使相比，稀釋性約減少 70%。我們計劃在下個月贖回日期後不久發佈公告，概述贖回結果。

The warrant redemption, which will ultimately result in fully retiring these securities and the previously mentioned upcoming issuance of 5 million price adjustment shares and the recent vesting of 3 million restricted sponsor shares supports our long-standing objective of improving the company's trading liquidity, optimizing our capital structure and simplifying our financial reporting. Since it will eliminate the quarterly revaluation of our warrants and reduce the noncash impact associated with the quarterly revaluation of the remaining unvested price adjustment and restricted sponsorship.

認股權證贖回最終將導致這些證券完全退出，以及前面提到的即將發行的500 萬股價格調整股票和最近歸屬的300 萬股限制性保薦人股票，支持了我們改善公司交易流動性、優化我們的長期目標。因為它將消除我們認股權證的季度重估，並減少與剩餘未歸屬價格調整和限制性贊助的季度重估相關的非現金影響。

Now let's move to slide 13, which details our 2024 third quarter and full year fiscal financial expectations. Based on our results to date and our assessment of the opportunities that lie ahead over the coming two quarters, we have increased our outlook for the year. While we strive to provide ambitious yet realistic targets at the start of any given year, this update marks the second straight year we have delivered a “beat and raise” second quarter. More specifically, we have raised our revenue outlook for 2024 and increased the midpoint of our ARR expectations. Our increased revenue range reflects the impact associated with more customers making long-term commitments to Cellebrite in the form of multiyear agreements and product mix that results in more revenue recognized upfront at the start of the subscription.

現在讓我們轉到投影片 13，其中詳細介紹了我們 2024 年第三季和全年的財務財務預期。根據我們迄今為止的業績以及對未來兩季未來機會的評估，我們提高了對今年的展望。雖然我們努力在每一年的年初提供雄心勃勃但現實的目標，但這次更新標誌著我們連續第二年在第二季度實現了「超額成長」。更具體地說，我們上調了 2024 年的營收預期，並提高了 ARR 預期的中點。我們增加的收入範圍反映了更多客戶以多年協議和產品組合的形式向 Cellebrite 做出長期承諾所帶來的影響，從而在訂閱開始時預先確認更多收入。

As we move into the seasonally stronger second half of the year, we anticipate improving contribution from the investments we made during the first half of the year to expand our quota-carrying sales force. Our updated 2024 outlook for adjusted EBITDA reflects a strong first half performance and several other factors.

隨著我們進入季節性強勁的下半年，我們預計上半年為擴大配額銷售隊伍而進行的投資的貢獻將有所改善。我們更新的 2024 年調整後 EBITDA 展望反映了上半年的強勁表現和其他幾個因素。

First, we expect our solid revenue trajectory to continue with 53% to 55% of our full year revenue anticipated in the second half of the year.

首先，我們預計我們的穩健收入軌跡將持續保持，下半年預計將佔全年收入的 53% 至 55%。

Second, we now expect our full year gross margins will range from 84% to 86%, which is higher than originally anticipated due to the timing of investment in our post-sale customer success organization and improvements in our hardware margins.

其次，我們現在預計全年毛利率將在 84% 至 86% 之間，這高於最初的預期，因為我們對售後客戶成功組織的投資時機以及硬體利潤率的提高。

Finally, we anticipate low single digit to mid-single digit expense growth in the second half of the year versus the first half level.

最後，我們預期下半年費用成長將較上半年低個位數至中個位數。

In terms of the CyTech acquisition, we anticipate a de minimus topline contribution to our services revenue and adjusted EBITDA during the second half of 2024. The CyTech resources have been integrated into Cellebrite Federal Solutions and our updated outlook factors, the incremental governance, and operational costs associated with this new business.

就 CyTech 收購而言，我們預計 2024 年下半年對我們的服務收入和調整後 EBITDA 的貢獻微乎其微。CyTech 資源已整合到 Cellebrite Federal Solutions 以及我們更新的前景因素、增量治理以及與這項新業務相關的營運成本中。

In terms of the third quarter expectations, we currently anticipate ARR in the range of $366 million to $374 million or 24% to 27% growth over the prior 12 month period. We expect Q3 revenue growth of 19% to 24% to support the range of $100 million to $104 million. Our Q3 ARR and revenue outlooks reflects our expectation for healthy spending by our US federal agency customers in conjunction with the end of their fiscal year in September.

就第三季的預期而言，我們目前預計 ARR 在 3.66 億美元至 3.74 億美元之間，較前 12 個月成長 24% 至 27%。我們預計第三季營收將成長 19% 至 24%，支撐 1 億美元至 1.04 億美元的區間。我們的第三季 ARR 和收入前景反映了我們對美國聯邦機構客戶在 9 月財年結束時健康支出的預期。

We expect our Q3 gross margins to fall between the updated full year 2024 gross margin target range of 84% to 86%. We anticipate our Q3 operating costs will increase by low single digits on a percentage basis over Q2 levels. As we continue to fully absorb the run rate cost of the new hires and further expand of our team. As a result, we anticipate Q3 adjusted EBITDA in the range of $25 million to $29 million or 25% to 88% on a margin basis.

我們預計第三季的毛利率將下降到更新後的 2024 年全年毛利率目標範圍 84% 至 86% 之間。我們預計第三季的營運成本將比第二季的水平低個位數成長。隨著我們繼續充分吸收新員工的運作成本並進一步擴大我們的團隊。因此，我們預計第三季調整後 EBITDA 在 2,500 萬美元至 2,900 萬美元之間，即以利潤率計算的 25% 至 88%。

In terms of modeling our share count, we expect a modest increase in our weighted average diluted share count due primarily to the previously mentioned warrants, redemption and triggering events. In comparison with the 2024 second quarter average weighted diluted share count, we anticipate that our third quarter fully diluted share count will increase by approximately 2% and a full year will increase by approximately 0.5 percentage-point as a result of the previously mentioned events.

在對我們的股份數量進行建模方面，我們預計加權平均稀釋股份數量將略有增加，這主要是由於前面提到的認股權證、贖回和觸發事件。與 2024 年第二季平均加權稀釋股份數量相比，由於上述事件，我們預計第三季完全稀釋股份數量將增加約 2%，全年將增加約 0.5 個百分點。

Now, in summary, as Yossi has already outlined. We are very pleased with the overall strategic direction of the business. We are making important progress on multiple fronts, the combination of which is enabling us to enhance our value proposition, broaden our customer relationships and fortify our trading liquidity. As a result, we are in a great position to deliver a strong 2024 with our ARR growth rate in adjusted EBITDA margins above our baseline goal of 45 target.

現在，總而言之，正如 Yossi 已經概述的那樣。我們對業務的整體策略方向非常滿意。我們在多個方面取得了重要進展，這些進展使我們能夠增強我們的價值主張、擴大我們的客戶關係並增強我們的交易流動性。因此，我們處於有利位置，能夠在 2024 年實現強勁成長，調整後 EBITDA 利潤率的 ARR 成長率高於我們 45 的基準目標。

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

我準備好的發言就到此結束，現在我將把電話轉回給我們的接線生進行問答。

(Operations Instructions)

（操作說明）

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Great. Thanks so much for taking my questions. Yossi it's great to hear you're on track to migrate roughly 10% of the installed base to Inseyets this year. Two questions about that. Number one, can you just confirm for us if that's a dollar based goal or a number of customer goal? And just secondly, are you seeing the 20% to 25% price uplift as you expected?

偉大的。非常感謝您回答我的問題。Yossi 很高興聽到您今年預計將大約 10% 的安裝基礎遷移到 Inseyets。有兩個問題。第一，您能否向我們確認這是基於美元的目標還是基於客戶數量的目標？其次，您是否看到 20% 至 25% 的價格上漲符合您的預期？

So thanks for the question. I would like maybe first start with a state that there is in terms of the conversion of the Inseyets, it was a really solid Q2. As we said, we are currently in a pace to exceed the 2024 upgrade targets by 50% because we planned on about 10% and now we expect 15% of our installed base that will be upgraded to Inseyets during 2024. It's in dollars and also in number of licenses.

謝謝你的提問。我想先從 Inseyets 的轉換方面來說，這是一個非常可靠的第二季。正如我們所說，我們目前的進度將超過 2024 年的升級目標 50%，因為我們計劃升級約 10%，現在我們預計 15% 的安裝基礎將在 2024 年期間升級到 Inseyets。它以美元和許可證數量為單位。

Okay. And by the way, I can say that also the interest is very high and it's very simple the Inseyets offer is a significant improvement of productivity and efficiency to our customers. Also said that we stated that the long-term goal is to operate the vast majority of our installed base over the next three years and I'm very pleased to say that we are pretty much confident about our ability to do so.

好的。順便說一句，我可以說，人們的興趣也非常高，而且很簡單，Inseyets 提供的產品顯著提高了我們客戶的生產力和效率。也說我們表示長期目標是在未來三年內運作我們絕大多數的安裝基地，我很高興地說我們對我們這樣做的能力非常有信心。

In terms of pricing, again, the Inseyets deliver more value than our legacy offering so far, and it does stuff that our separated models didn't do. Now we are combining them and it’s faster and it offers advance extraction and cloud extraction and other capabilities and higher-value commands, obviously, higher price tag, we spoke about 20% to 25% higher than the comparable legacy solutions. And I can say that we are successfully holding these price points when customers upgrade, which is obviously great validation of the value proposition of the Inseyets.

在定價方面，Inseyets 比我們迄今為止的傳統產品提供了更多的價值，並且它做了我們的獨立模型沒有做的事情。現在我們將它們結合起來，它速度更快，提供高級提取和雲提取等功能以及更高價值的命令，顯然，價格標籤更高，我們談到比同類傳統解決方案高出約20% 到25% 。我可以說，當客戶升級時，我們成功地保持了這些價格點，這顯然是對 Inseyets 價值主張的極大驗證。

It's great to hear. Thanks for the color and just to follow up for Dana. Dana, NRR ticked down slightly. Hoping you can unpack the drivers of that and how to think about it going forward? I think from the presentation it seems like it's just lower export expansion rates with existing customers. I want to make sure that's correct. And just curious, why should it not increase given all that Yossi just said you know about the great things and the uptake of Inseyets. Thank you so much.

很高興聽到。謝謝你的顏色，只是為了跟進達納。Dana，NRR 略有下降。希望您能解開其驅動因素以及如何思考未來的發展？我認為從演示來看，這似乎只是現有客戶的出口擴張率較低。我想確保這是正確的。只是好奇，鑑於 Yossi 剛才所說的你所了解的偉大事物和 Inseyets 的採用，為什麼它不應該增加。太感謝了。

Thank you. Well, you know, first, we are very pleased with the business trajectory and the performance in Q2 of this year. And we are seeing a great pipeline to support our growth for the second half of the year. As I've been sharing, we have raised the midpoint of the ARR and our net retention rate is actually usually 2 points below the ARR growth basically represents around 2% contribution of new customers and new logos joining the Cellebrite, as we are already serving the vast majority of the largest law enforcement agencies globally. The NRR of 124% supports our long-term growth, and we are very pleased. We feel we have added meaningfully to our quota carriers in the first half of the year. We expect it to contribute further, especially in the Americas and EMEA in the second half going into 2025.

謝謝。嗯，你知道，首先，我們對今年第二季的業務軌跡和表現非常滿意。我們看到了一個巨大的管道來支持我們下半年的成長。正如我所分享的，我們提高了ARR 的中點，我們的淨保留率實際上通常比ARR 增長低2 個百分點，基本上代表了加入Cellebrite 的新客戶和新徽標的約2% 的貢獻，因為我們已經在提供服務全球絕大多數最大的執法機構。124%的NRR支持了我們的長期成長，我們非常高興。我們認為今年上半年我們已經有意義地增加了我們的配額承運人。我們預計它將在 2025 年下半年做出進一步貢獻，特別是在美洲和歐洲、中東和非洲地區。

Great. Thanks so much to keep up the great work.

偉大的。非常感謝您繼續出色的工作。

Thank you.

謝謝。

Mike Cikos, Needham & Company.

麥克·西科斯（Mike Cikos），尼達姆公司。

You have Mike Cikos on the line here and thank you very much for taking the questions. I wanted to circle back to some of Dana's commentary on the multiyear commitments, but can you help us think about where does contract duration stand today. And the fact that these customers are making multiyear commitments. I think it's a great validation of their commitment to Cellebrite, right. But curious is this a newer phenomenon? Or is it part of a broader trend? Maybe it's something that we should actually expect to persist as customers migrate to Inseyets? Anything there would be helpful on that contract duration.

邁克·西科斯 (Mike Cikos) 接聽了電話，非常感謝您提出問題。我想回顧一下達納對多年承諾的一些評論，但您能否幫助我們考慮一下目前的合約期限。事實上，這些客戶正在做出多年的承諾。我認為這是對他們對 Cellebrite 承諾的一個很好的驗證，對吧。但好奇這是新現象嗎？或者它是更廣泛趨勢的一部分？也許當客戶遷移到 Inseyets 時，我們實際上應該期望這種情況能夠持續下去？任何事情都會對合約期限有所幫助。

So thank you, Mike. In the past, and we share these with the market, we had around 25% to 30% of the contracts with multi-year, agreements mainly actually outside of the Americas. We are seeing certain trends going both within the Americas and also with other customers. And as part of the transition with Inseyets, the customers are ready to commit for more longer periods than they've been before. We are seeing this motion, as I said, in all regions of where we are selling - Americas EMEA and APAC, and we see a slight uptick in the percentage of multiyear deals.

謝謝你，麥克。過去，我們與市場分享這些，我們擁有大約 25% 到 30% 的多年期合同，主要是在美洲以外的地區。我們看到美洲內部以及其他客戶的某些趨勢正在發生。作為 Inseyets 過渡的一部分，客戶已準備好承諾比以前更長的期限。正如我所說，我們在所有銷售地區（美洲、歐洲、中東和非洲和亞太地區）都看到了這項動議，我們看到多年交易的百分比略有上升。

Maybe to add some, especially when it comes to our strategic accounts, our large accounts and our large federal accounts. Clearly, we are embracing the element of multiyear deals. It secures basically our stickiness and the commitment from both sides. And on top of that one can also contribute it to the C2C platform.

也許要補充一些，特別是當涉及到我們的策略帳戶、我們的大型帳戶和我們的大型聯邦帳戶時。顯然，我們正在接受多年期交易的元素。它基本上保證了我們的黏性和雙方的承諾。除此之外，還可以貢獻給C2C平台。

And to the fact that today I am obviously I am – we, Cellebrite, are sticky in the daily investigative work, thanks to our Collect and Review or our Inseyets suite of solutions. However, when you add into the equation, the end to end effect and the ability to get from a vendor more than just Collect and Review, but you know, covering the entire life cycle of investigation. The ability to commit long term and the interest to work long term would Cellebrite is increasing.

事實上，今天的我顯然是我——我們 Cellebrite 堅持日常調查工作，這要歸功於我們的 Collect and Review 或 Inseyets 解決方案套件。然而，當您添加到等式中時，端到端的效果和從供應商獲得的能力不僅僅是收集和審查，而是涵蓋調查的整個生命週期。Cellebrite 的長期承諾能力和長期工作興趣正在增強。

Understood. And thank you for that. And again, just coming back to the prepared remarks, I think Dana maybe you had said that part of this guidance raise anticipates some improving contribution from investments made earlier this year, specifically to the quota carrying sales force. So it's a bit of a two-parter here. The first are you guys actually trending better than expected as far as how the hiring of reps was expected to play out this year? And then secondly, are you potentially seeing sales reps scale or ramp at a faster rate than what we've seen historically? I'm just trying to tease out some, I guess, the contribution from those earlier hires this year.

明白了。謝謝你。再說一次，回到準備好的發言，我想達納也許你說過，這次指導性提高的一部分預計今年早些時候的投資將做出一些改善，特別是對配額銷售人員的貢獻。所以這裡有點像兩個部分。首先，就今年銷售代表的招募情況而言，你們的趨勢其實比預期要好？其次，您是否可能會看到銷售代表以比我們歷史上看到的更快的速度擴展或成長？我想，我只是想梳理一下今年早期員工的一些貢獻。

So at the earliest in the course of the year, we spoke about double investment in our EMEA and our Americas sales organization led by our new CRO, and we are actually following the plans that we have set at the beginning of the year. We have a major investment in those two regions. And we are taking into consideration that the full contribution of new sales quota carriers takes time. And so whoever joined us in Q1 will be much more fully contributing in Q3 so forth. So the heavy investment that we've done in Q1 and Q2, we do expect to start bringing fruits in Q3 and Q4 and mainly when we step into 2025.

因此，我們最早在今年就談到了對由新 CRO 領導的歐洲、中東和非洲和美洲銷售組織進行雙重投資，而我們實際上正在遵循年初制定的計劃。我們在這兩個地區進行了大量投資。我們正在考慮到新銷售配額航空公司的全面貢獻需要時間。因此，無論誰在第一季加入我們，都將在第三季做出更充分的貢獻，依此類推。因此，我們在第一季和第二季所做的大量投資，預計將在第三季和第四季開始帶來成果，主要是在進入 2025 年時。

Okay. So everything really does sound like, okay, thank you.

好的。所以一切聽起來確實是，好吧，謝謝。

Eric Martinuzzi, Lake Street.

埃里克·馬丁努齊，湖街。

Yeah, just a point of clarification on the CyTech deal. Is there any part of that acquisition that's impacting the Q3 Q4 outlook here revenue or earnings wise?

是的，我只是想澄清一下 CyTech 交易。該收購是否有任何部分影響第三季第四季的營收或獲利前景？

So as I said, the impact is de minimus and it's many introduced in our services forecast, the total contribution to EBITDA is almost now as we have introduced some investment in governance and compliance to support the introduction of this business as part of the Cellebrite Federal Solutions organization.

正如我所說，影響微乎其微，並且在我們的服務預測中引入了很多內容，對EBITDA 的總貢獻幾乎是現在，因為我們在治理和合規性方面引入了一些投資，以支持將此業務作為Cellebrite Federal 的一部分引入解決方案組織。

Okay. And then the traction with the federal government, is there, will we be getting a maybe a breakout there? It sounds like it's going to be incorporated into the total company reporting. But how are we measuring that from a from our perspective, the success of that the Cellebrite Federal Solutions investment.

好的。然後，聯邦政府的吸引力是否存在，我們會在那裡取得突破嗎？聽起來它將被納入公司總體報告中。但從我們的角度來看，我們如何衡量 Cellebrite Federal Solutions 投資的成功。

So maybe I'll take it, what you need to understand is that we created or upgraded basically an already very successful and significant sized part of the company, the federal sector in Cellebrite, it was 19% of our ARR in 2023 and the growth was 21%. And the acquisition of CyTech and the creation of Cellebrite Federal Solution, what we call the “CFS”, basically enables us to directly engage with federal agencies, customers and also the relevant system integrators much earlier in the project planning and in the process. And that should drive new meaningful deployments. And obviously, the sense of it is initial financial benefits which are associated with it. I would say that if I look in a long-term perspective, I do expect that this successful growing segment will get even a boost and we might even think about doubling the size of that activity in a frame of, I would say three to five years from now.

所以也許我會接受它，你需要了解的是，我們基本上創建或升級了公司已經非常成功且規模很大的部分，即 Cellebrite 的聯邦部門，它佔 2023 年我們 ARR 的 19％，並且增長為21%。收購 CyTech 並​​創建 Cellebrite Federal Solution（我們稱之為「CFS」）基本上使我們能夠在專案規劃和實施過程中更早地直接與聯邦機構、客戶以及相關係統整合商接觸。這應該會推動新的有意義的部署。顯然，它的意義是與之相關的初始經濟利益。我想說的是，如果我從長遠來看，我確實預計這個成功成長的細分市場將會得到推動，我們甚至可能會考慮在三到五的框架內將該活動的規模擴大一倍幾年後。

Thank you.

謝謝。

Shaul Eyal, TD Cowen.

紹爾‧埃亞爾 (Shaul Eyal)，TD‧考恩 (TD Cowen)。

Good afternoon, Yossi, Dana, Andy, congrats on the ongoing strong performance. Dana, I want to go back to your Analyst Day and some of the metrics you provided at the time. For example, you mentioned that the public sector customer spend an average, I think it was about $190 of ARR per case. While I don't have the number of cases to run the calculation, you probably have it. Can I assume this 190 metric is actually coming a bit higher than indicated about five months ago? Maybe just a housekeeping, what was the cloud revenue mix this quarter? I might have missed that.

下午好，Yossi、Dana、Andy，恭喜你們持續的強勁表現。達納，我想回顧一下您的分析師日以及您當時提供的一些指標。例如，您提到公共部門客戶的平均支出約為每箱 ARR 190 美元。雖然我沒有運行計算的案例數量，但您可能有。我是否可以假設這個 190 指標實際上比大約五個月前顯示的要高一些？也許只是一個家務活，本季的雲端收入組合是怎麼樣的？我可能錯過了。

I can you repeat your last question? It was very broken here.

我可以重複一下你最後一個問題嗎？這裡很破爛。

Just the cloud -- just the cloud revenue mix, I might have missed that. If you disclose that this quarter.

只是雲端——只是雲端收入組合，我可能錯過了這一點。如果您在本季披露這一點。

Okay. So, Shaul, what we have tried to allude to in our Investors Day is the very small spend of law enforcement agency on Cellebrite solution in comparison to their total spending investigation. And we yes, we did base it on number of investigation that we are seeing being processed with Cellebrite solution.

好的。因此，Shaul，我們在投資者日試圖提及的是，與調查總支出相比，執法機構在 Cellebrite 解決方案上的支出非常小。是的，我們確實基於我們看到的使用 Cellebrite 解決方案進行處理的調查數量。

We are measuring debate on an annual basis, not on a quarterly basis, but I do see that our ARR growth expansion, it actually alluded to the fact that more investigations are being done using Cellebrite solution and our further expansion and growth from Guardian and Pathfinder in Investigative Units actually supports that result will be measured as we end the year again. With regards to the cloud, Yossi?

我們每年而不是按季度衡量辯論，但我確實看到我們的ARR 增長擴張，它實際上暗示了這樣一個事實：正在使用Cellebrite 解決方案進行更多調查，以及我們從Guardian 和Pathfinder 進行的進一步擴張和成長調查單位實際上支持這一結果將在我們再次年底時進行衡量。關於雲，Yossi？

First of all, thank you for the question. The cloud in general, is pretty much related to our ability to offer something I would say something compelling and differentiated with the C2C platform, which is, by the way, cloud-driven and AI-driven. And I'm glad to say that customers are showing really appetite for cloud-based solution of Cellebrite, cloud revenue and ARR continue to grow.

首先，謝謝你的提問。總體而言，雲端與我們提供一些令人信服且與 C2C 平台不同的東西的能力密切相關，順便說一句，這是雲端驅動和人工智慧驅動的。我很高興地說，客戶對 Cellebrite 基於雲端的解決方案表現出了真正的興趣，雲端收入和 ARR 持續成長。

It's representing low double-digits as percentage of this Q in 2024 revenue and ARR. And I would say that we see, based on what I said in the trends, tremendous opportunities in that respect and we expect cloud solution, I would say to represent a larger percentage of revenue and ARR over the coming quarters and years. And that's that.

它在 2024 年收入和 ARR 中佔本季的百分比較低，為兩位數。我想說的是，根據我在趨勢中所說的，我們看到了這方面的巨大機遇，我們預計雲端解決方案將在未來幾個季度和幾年中佔收入和 ARR 的更大比例。就是這樣。

And Yossi if I may, how should we be thinking about competitive landscape and you know, specifically what you're seeing out of Magnet Forensics? Thank you.

Yossi，如果可以的話，我們應該如何考慮競爭格局，你知道，特別是你從 Magnet Forensics 中看到的是什麼？謝謝。

Question was about competitive? We have some quality issues here. So it was about the competitive landscape?

問題是關於競爭嗎？我們這裡有一些品質問題。那麼這跟競爭格局有關嗎？

Exactly, about the competitive landscape, Magnet Forensics, specifically. Thank you.

確切地說，關於競爭格局，特別是 Magnet Forensics。謝謝。

Look, I'm giving you an answer basically as an industry leader here and industry leader, which is placing itself in the market with an end-to-end portfolio. And there is while we are talking about a multi-vendor environment, as we all know, there is only a limited number of competitors who can deliver credible end to end solution.

看，我基本上是作為這裡的行業領導者和行業領導者給您一個答案，該行業正在以端到端的產品組合將自己定位於市場。當我們談論多供應商環境時，眾所周知，只有有限數量的競爭對手能夠提供可靠的端到端解決方案。

And that's the first statement. I would say that side-by-side with the Collect and Review piece, this is our major relative competitive advantage today and into the future. In the DFU we have clear leadership in Android and iOS, and that comes on top of the end to end. To the competitors, specifically, we've seen I would say no material changes to the competitive landscape in this quarter.

這是第一個聲明。我想說，與收集和評論一起，這是我們今天和未來的主要相對競爭優勢。在 DFU 中，我們在 Android 和 iOS 領域擁有明顯的領先優勢，而且這是端到端的領先優勢。具體來說，對於競爭對手來說，我認為本季的競爭格局沒有重大變化。

I have to say, and this is not by playing arrogant. We are, if we continue to produce this growth we can and we are more confident today about our strategic direction and our market position. By the way we spoke about it last quarter. And if you're talking about that specific competitor, certain competitors literally emulate our platform orientation and also our marketing messaging, which makes me happy because as a leader, I'm leading the context in the industry.

不得不說，這並不是靠囂張。如果我們繼續實現這種成長，我們就可以而且今天對我們的策略方向和市場地位更有信心。順便說一下，我們上個季度談到這個問題。如果你談論的是特定的競爭對手，某些競爭對手實際上會效仿我們的平台定位以及我們的行銷訊息，這讓我很高興，因為作為領導者，我正在引領產業環境。

And so that's to that. I would say that we are more focusing about what we do and what we have seen from competitors, and maybe as an add-on, there was a moderate price increase. And that was shown by not only by us, but also by Magnet and some others. And this is generally consistent, I would say, with a historical mid-single digit level of price increase that the market sees.

就是這樣。我想說的是，我們更關注我們所做的事情以及我們從競爭對手那裡看到的情況，也許作為一個附加項，價格略有上漲。不僅我們證明了這一點，Magnet 和其他一些人也證明了這一點。我想說，這與市場看到的歷史中個位數的價格上漲水準基本一致。

Thank you so much and good luck.

非常感謝你，祝你好運。

Jeff Van Rhee, Craig Hallum.

傑夫·範·瑞，克雷格·哈勒姆。

Great thanks. I'll add my congrats, really nice numbers here. On the Inseyets rollout, I'm curious what progress you've made in terms of penetration of Premium into the base and the impacts that the new platform has had in terms of potentially accelerating the adoption of those Premium capabilities.

非常感謝。我會在這裡添加我的祝賀，非常好的數字。在 Inseyets 的推出中，我很好奇你們在 Premium 滲透到基礎方面取得了哪些進展，以及新平台在加速這些 Premium 功能的採用方面所產生的影響。

Look, I call it, let's put it this way, let's call it the Premium and all the suite of solutions that Cellebrite offers regarding what we call lawful access. And we continue to make good progress with advanced lawful access solutions in general. And I can say that we are very satisfied that the rate of Premium and other parts of the Collect and Review of the lawful access modules within the Inseyets family increased several percentage points from the mid-20s level, which we had in Q1, to the high 20s level at the end of Q 2024.

聽著，我稱之為高級版，我們稱之為高級版以及 Cellebrite 提供的所有有關合法存取的解決方案套件。總的來說，我們在先進的合法存取解決方案方面繼續取得良好進展。我可以說，我們非常滿意 Inseyets 系列中合法訪問模組的高級和收集和審查其他部分的比率從第一季度的 20 多歲左右的水平提高了幾個百分點到2024 年季度末將達到20 多歲的高水平。

And maybe to add to that, I can say that we are very optimistic and confident that the advanced local access modules will continue to see strong adoption across the focus of our customers in the coming years.

也許補充一點，我可以說我們非常樂觀和有信心，先進的本地存取模組將在未來幾年繼續得到我們客戶關注的廣泛採用。

Yeah, that's great. Great progress. And then on the AI, obviously, I think the demo that you did at the Analyst Day is one of the most compelling I've seen in terms of value add of conversational AI. You talked about the road map of AI and you're integrating it throughout the platform. I'm wondering, though, if it's if there are instances where that's going to be less than gradual, namely you have meaningful new product introductions that have meaningful ARPU impact. How does this play through of AI show itself in terms of product introductions, and more importantly, revenue uplift over the next year or two.

是的，那太好了。巨大的進步。然後在人工智慧方面，顯然，我認為您在分析師日所做的演示是我所見過的對話式人工智慧增值方面最引人注目的演示之一。您談到了人工智慧的路線圖，並且正在將其整合到整個平台中。不過，我想知道是否在某些情況下這不會是漸進的，即您推出了有意義的新產品，對 ARPU 產生了有意義的影響。人工智慧的這一作用如何在產品推出方面表現出來，更重要的是，在未來一兩年內收入成長。

So first of all, we need to understand that specifically in our area customers place, I would say, high-value on AI capabilities that we brought into the market in the past. As we said, we've been there since 2016 with home made, grown AI capabilities. Customers by the way, when we talk to them the report that leveraging AI makes them achieve really step-function increases.

因此，首先，我們需要了解，特別是在我們的區域客戶中，我想說的是，我們過去引入市場的人工智慧功能具有很高的價值。正如我們所說，我們自 2016 年以來一直擁有自製的、不斷發展的人工智慧能力。順便說一句，當我們與客戶交談時，他們的報告稱，利用人工智慧使他們實現了真正的階梯功能成長。

And we're talking here about speed, efficiency, and effectiveness. We are planning to align I would say, key product and technologies and also go to market, which is related to that, and to advance the AI innovation further, there will be a focus on the entire C2C platform because if you think about it and maybe a little bit more concrete, if you think about our activity and about investigative activity, there is many analysis where unlocking, I would say Inseyets on visual and audio content is critical and can be massively upgraded with AI. There is the element of text analytics., so the coding and looking at text and text based evidence. And then there is also the element of cybercrime and maybe specifically in our case crypto currency and the ability to bypass traditional elements and accelerate by identifying a persona, and I would say misuse when it comes to crime cases. So basically, if you think about what I just said, it's across our portfolio. Okay. And we have clear attention to invest and to expand in that area throughout the entire C2C platform.

我們在這裡談論的是速度、效率和效果。我們計劃調整關鍵產品和技術，並進入與之相關的市場，並進一步推進人工智慧創新，重點將放在整個 C2C 平台上，因為如果你考慮一下，也許更具體一點，如果你考慮我們的活動和調查活動，有很多分析，我想說，視覺和音訊內容的Inseyets 至關重要，可以透過人工智慧進行大規模升級。有文本分析的元素，因此編碼和查看文本以及基於文本的證據。然後還有網路犯罪的因素，也許特別是在我們的例子中，加密貨幣以及繞過傳統因素並透過識別人物角色來加速的能力，我會說在犯罪案件中濫用。所以基本上，如果你想想我剛才所說的，它就貫穿了我們的產品組合。好的。我們明確關注在整個 C2C 平台的該領域進行投資和擴張。

Brian Essex, JPMorgan.

布萊恩‧艾塞克斯，摩根大通。

Hi, good morning and thank you for taking the questions. I want to follow-up to question on Inseyets from Brad, Jeff. Can you maybe give us an insight around what percentage of your customers come up for renewal in the back half of the year and what the conversion rate tends to be to convert customers to Inseyets on renewal, what does that decision process look like for them? And can they -- how difficult is it for them to migrate budget toward technology for to address better efficiency the platform offers.

您好，早安，感謝您提出問題。我想跟進布拉德、傑夫關於 Inseyets 的問題。您能否向我們介紹一下您的客戶在下半年進行續訂的比例以及在續訂時將客戶轉化為 Inseyets 的轉換率是多少，他們的決策流程是什麼樣的？他們能否——將預算轉向技術以提高平台提供的效率有多困難？

Thank you for the question. Well, as I mentioned before, around 53% to 55% of our business is actually generated in the second half of the year, powered by the fact that Q3 is the end of the fiscal year and Q4 is the end of the annual financial year for most for a very large number of customers. I would not count necessarily the customers because the federal customer is a large one.

謝謝你的提問。嗯，正如我之前提到的，我們大約 53% 到 55% 的業務實際上是在下半年產生的，因為第三季度是財政年度結束，第四季度是年度財政年度結束對於大多數人來說，對於大量的客戶來說。我不一定會計算客戶，因為聯邦客戶是一個大客戶。

You know, it varies on to the installed base of licenses that are holding, they have much larger installed base than the smaller customers. So I think it's really about how much of the installed base is up to be renewed from a percentage perspective and customer. And I would say that due to the fact that we are looking at our larger customers towards the second half of the year, the renewal actually follow up the seasonality of the business itself. So it's 53% to 55% of the renewal business is also generated in the second half of the year. We are seeing great interest in Inseyets by all of these customers that we are approaching. The issue is really around can they make plays to the Inseyets upgrade and budgets required and whether they are now being preparing those for next year.

您知道，這取決於所持有許可證的安裝基礎，它們的安裝基礎比較小的客戶大得多。因此，我認為這實際上取決於從百分比和客戶角度來看有多少安裝基礎需要更新。我想說的是，由於我們在下半年關注更大的客戶，因此續約實際上遵循了業務本身的季節性。所以53%到55%的續約業務也是在下半年產生的。我們發現我們正在接觸的所有客戶都對 Inseyets 表現出極大的興趣。問題實際上是他們能否發揮 Inseyets 升級和所需的預算，以及他們現在是否正在為明年做準備。

As Yossi said, we upgraded or increased our expectation from 10% conversion to 15% conversion of our installed base. And this is actually supported by the opportunities that we are seeing for the second half.

正如 Yossi 所說，我們將安裝基礎的轉換率預期從 10% 提高到 15%。這實際上得到了我們在下半年看到的機會的支持。

Great. That's helpful. And maybe on Relativity, can you talk about the economics for that partnership? What are the incentives look like across the partnership? And do you significant overlap with them?

偉大的。這很有幫助。也許在相對論上，你能談談這種夥伴關係的經濟學嗎？整個合作關係的激勵措施是什麼？你和他們有明顯的重疊嗎？

Was it about Relativity, the questions?

是關於相對論的問題嗎？

Yes, correct. Just looking for an understanding of the economics with the Relativity partnership, what incentives look like and how much customer overlap you might have with them?

是的，正確。只是想了解 Relativity 合作夥伴的財務狀況、激勵措施是什麼樣的以及您可能與他們有多少客戶重疊？

So Relativity partnerships has, I would say, a substantial potential in terms of business increase. I'm talking about, we are talking here about a product introduction between two leading players. Basically we are coming from the mobile and Relativity is the leading e-discovery platform. And obviously, the combination of that, the e-discovery platform, of RelativityOne with our remote collection to mobile and to computer a really improved customer standards of workflows.

因此，我想說，相對論合作關係在業務成長方面具有巨大的潛力。我說的是，我們在這裡談論的是兩個領先企業之間的產品介紹。基本上我們來自行動領域，而 Relativity 是領先的電子發現平台。顯然，RelativityOne 的電子發現平台與我們對行動裝置和電腦的遠端收集相結合，確實提高了客戶的工作流程標準。

For us, it means that we can leverage and reach a much larger installed base with the Enterprise Solutions segment. And clearly we have joint marketing activities, market education and thought leadership. We can basically improve our position there. We are at the beginning of this partnership at the moment, just like any other partnership that we need to make sure that there is alignment on the quota carrier side and to execute those programs but it's something really meaningful and solid that can take us to a different level when it comes to the private sector. Let's put it this way, it gives us in any case, the confidence, well, giving us the confidence that we can meet our targets when it comes to the private sector in '24 and beyond.

對我們來說，這意味著我們可以透過企業解決方案部門利用並涵蓋更大的安裝基礎。顯然，我們有聯合行銷活動、市場教育和思想領導。我們基本上可以改善我們在那裡的地位。我們目前正處於這種夥伴關係的開始階段，就像任何其他夥伴關係一樣，我們需要確保配額承運人方面保持一致並執行這些計劃，但這是真正有意義和堅實的東西，可以帶領我們走向一個新的目標。讓我們這樣說吧，無論如何，它給了我們信心，讓我們有信心在 24 世紀及以後的私營部門方面能夠實現我們的目標。

Great. That's helpful color. Thank you very much.

偉大的。這是有用的顏色。非常感謝。

Louie DiPalma, William Blair.

路易·迪帕爾瑪，威廉·布萊爾。

Yossi, Dana and Andy, good morning. What has been the early feedback for C2C? I know it was only released in January, but is C2C driving Pathfinder adoption?

約西、達納和安迪，早安。C2C 的早期回饋是什麼？我知道它在一月份才發布，但 C2C 是否正在推動 Pathfinder 的採用？

Let's -- I would like to say maybe the following. First of all, I'm glad to say that the perception of the C2C and the end to end in general resonates very well when it comes to our customer base. This is one item, as you know, Louie we are in a very early days of the C2C platform and we brought that because the perception of an end-to-end is pretty much consistent with a broader digital transformation trend and the need to modernize the mode of operation of our customers, especially in the public sector.

讓我們——我想說的是以下內容。首先，我很高興地說，當涉及到我們的客戶群時，C2C 和端到端的整體看法產生了很好的共鳴。如你所知，Louie，這是一個項目，我們正處於 C2C 平台的早期階段，我們帶來這一點是因為端到端的感知與更廣泛的數位轉型趨勢和現代化的需要非常一致我們客戶的營運模式，尤其是公共部門的客戶。

So since we're in the early days, the percentage of customers that implement today, the C2C end-to-end is still quite small. But on the other end, since we spoke a lot about the trends and about the need to transform the digital life cycle of investigations. We are very optimistic that more customers will deploy, I would say, multiple Cellebrite solutions within the C2C platform.

因此，由於我們還處於早期階段，今天實施 C2C 端到端的客戶比例仍然很小。但另一方面，因為我們談論了很多關於趨勢以及轉變調查數位生命週期的必要性。我們非常樂觀地認為，更多的客戶將在 C2C 平台內部署多個 Cellebrite 解決方案。

And especially as we integrate them more it will enable a great ingestion of data flowing, let's say, from the forensic side into the investigative side. On top of that, maybe worth mentioning, as I said, we are investing a lot in cloud enablement. And let's not forget that the cloud is such that it will make it even easier for our customers to adopt more solutions of the C2C into the future. And we expect, obviously, as we said, further progress as part of our roadmap, which will bring value to more C2C interest by our customers.

特別是當我們更多地整合它們時，它將能夠大量吸收資料流，例如從取證方面到調查方面。最重要的是，也許值得一提的是，正如我所說，我們在雲端支援方面投入了大量資金。我們不要忘記，雲端將使我們的客戶在未來更容易採用更多的 C2C 解決方案。顯然，正如我們所說，我們期望作為路線圖的一部分取得進一步進展，這將為我們的客戶帶來更多 C2C 興趣。

Great. That makes sense. And for Dana, you raised your full year EBITDA guidance by 23%. With the strong operating leverage thus far this year, it seems that your long term margin outlook that you provided at the Analyst Day could be conservative? Are there any major margin headwinds on the horizon that we should be aware of? Are there any large acquisitions with lower margin profiles that you are considering or products with dilutive margins? How should we think about the long term margin profile relative to your recent strength?

偉大的。這是有道理的。對於 Dana，您將全年 EBITDA 指導提高了 23%。鑑於今年迄今的強勁營運槓桿，您在分析師日提供的長期利潤率前景似乎可能比較保守？我們應該注意即將到來的利潤率重大阻力嗎？您是否正在考慮進行利潤率較低的大型收購或利潤攤薄的產品？相對於您最近的實力，我們該如何考慮長期利潤狀況？

Well, first, we are very happy with what we've delivered thus far and the fact that we could exceed expectations, even though. I would say that at this stage, we are not changing our long-term model. We are now modeling our 2025, which will be shared with the market early next year. When we look at our EBITDA margins, the nice performance, on revenue, and the figure that we are gradually and consistently growing our OpEx to support this top-line efforts actually is the one that supported most of the growth in our EBITDA with a favorable gross margin. As I said, no changes to the models at this stage, we will revisit and update if necessary, early next week -- next year.

嗯，首先，我們對迄今為止所交付的成果感到非常滿意，而且我們仍然可以超越預期。我想說，現階段我們不會改變我們的長期模式。我們現在正在對 2025 年進行建模，並將於明年初與市場共享。當我們看到我們的 EBITDA 利潤率時，我們在收入方面的良好表現，以及我們逐步持續增長營運支出以支持這一頂線努力的數字，實際上是支持我們 EBITDA 大部分增長的一個有利因素。毛利率。正如我所說，現階段模型沒有變化，如有必要，我們將在下週初（明年）重新審視和更新。

Thanks a lot.

多謝。

Tomer Zilberman, Bank of America.

托默·齊伯曼，美國銀行。

Hey, guys. I wanted to ask maybe a more broader picture about revenue and ARR trends. You raised your revenue guidance pretty solidly above expectations, whereas the ARR guidance raise was a little bit more modest. So I wanted to ask the difference, what's driving the difference in the magnitude between the revenue guidance raise and the ARR guidance rate?

嘿，夥計們。我想了解有關收入和 ARR 趨勢的更廣泛的情況。您將收入指導提高到遠高於預期，而 ARR 指導的提高則稍微溫和一些。所以我想問差異，是什麼導致收入指導提高和 ARR 指導率之間的幅度差異？

And we'll first, you know, we are very pleased with our ARR performance. It is in line with what we planned and it is in line with what we communicated is our expectations for the market. The improved revenue performance is really associated with the product mix of how much of the product is actually on prem compared to the journey to the cloud and how much of the deal is a one year deals compared to multi-year deals, and we usually look at multiyear deals more towards the second half of the year.

首先，您知道，我們對 ARR 表現非常滿意。這符合我們的計劃，也符合我們傳達的對市場的期望。收入績效的提高實際上與產品組合相關，即與雲端之旅相比，實際部署的產品有多少，以及與多年交易相比，一年期交易的比例有多少，我們通常會查看多年期交易更多是在下半年。

We enjoyed some multiyear deals also in the first half of the year, which we didn't plan and generated a slightly higher revenue than we have actually forecasted. So I do believe that the ARR growth and the fact that we are continuously meeting our target is a great sign of the company's progress and ability to continue in a tenanted offering and broadening solutions within its customer base. I think that --

我們在上半年也享受了一些多年期交易，這些交易是我們沒有計劃的，並且產生的收入略高於我們的實際預測。因此，我確實相信，ARR 的成長以及我們不斷實現目標的事實是公司進步以及繼續在其客戶群中提供租賃產品和擴大解決方案的能力的一個重要標誌。我認為--

I think the key here. And when you think about Cellebrite, is Cellebrite well positioned for, I would say, durable growth and profitable growth. And the answer is clearly yes, as Dana said, great quarter. We raised the midpoint of the ARR for 2024. And if we look and going back to the Investors Day, which was mentioned here the midpoint, is even higher than our 24% long-term target as we listed. So I think that we are in a great place.

我認為關鍵就在這裡。當您想到 Cellebrite 時，我會說 Cellebrite 是否處於良好的位置，能夠實現持久成長和獲利成長。正如達納所說，答案顯然是肯定的，這是一個偉大的季度。我們提高了 2024 年 ARR 的中點。如果我們回顧投資者日，這裡提到的中點，甚至高於我們列出的 24% 的長期目標。所以我認為我們處於一個很好的位置。

Got it. And maybe just as a follow-up going back on the previous question on the Relativity partnership, does that expand your expectations for private sector contribution, which I think is still around 10% of the business?

知道了。也許就像回顧上一個有關 Relativity 合作夥伴關係的問題的後續行動一樣，這是否會擴大您對私部門貢獻的預期（我認為私部門貢獻仍佔業務的 10% 左右）？

As I said, it’s more at this stage, gives us the confidence to say that it will help us to meet the targets that we anticipated that we will do. So combining forces with a review leader. While we are coming from a remote collection leader, it will enable us to meet the targets. Just like any other partnership we are in a start phase. We need to see that were executing properly on both sides. It's also a cultural element of companies are working together. And then if we will be able to update and accelerate, we will be glad to update about new targets.

正如我所說，在現階段，這讓我們有信心說，它將幫助我們實現我們預期的目標。因此，與審查領導者聯合力量。雖然我們來自遠端收集領導者，但這將使我們能夠實現目標。就像任何其他合作夥伴關係一樣，我們正處於起步階段。我們需要看到雙方都正確執行。這也是公司合作的文化元素。然後，如果我們能夠更新和加速，我們將很高興更新新目標。

Thank you.

謝謝。

Thank you. This will conclude today's question and answer session. I will now turn the call back to CEO, Yossi Carmil.

謝謝。今天的問答環節到此結束。現在我將把電話轉回執行長尤西·卡米爾 (Yossi Carmil)。

Thank you very much. So look, first of all, thank you, everybody, for joining, and thank you for the trust and the interest. I want to emphasize that we are in the middle of the road for 2024. But based on what we had executed so far, we are pretty much sure about our ability to meet the upgraded targets that we just gave and updated you all about. You can expect really great things from us. I would like to use the opportunity and thank again to the all the Cellebrite employees about a very strong quarter. And thank you all for participating.

非常感謝。首先，感謝大家的加入，感謝大家的信任與興趣。我想強調的是，我們正處於 2024 年的道路中間。但根據我們迄今為止所執行的情況，我們非常確定我們有能力實現我們剛剛向大家通報的升級目標。您可以從我們這裡得到真正偉大的東西。我想利用這個機會，再次感謝所有 Cellebrite 員工，讓我們度過了一個非常強勁的季度。感謝大家的參與。

Thank you. This concludes the Cellebrite second quarter 2024 financial results conference call. You may disconnect your line at this time and have a wonderful day.

謝謝。Cellebrite 2024 年第二季財務業績電話會議至此結束。此時您可以斷開線路並度過美好的一天。