Cellebrite DI Ltd (CLBT) 2024 Q3 法說會逐字稿

Welcome to the Cellebrite third Quarter 2024 financial results conference call. (Operator Instructions)

歡迎參加 Cellebrite 2024 年第三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, Todd, and welcome, everybody, to Cellebrite's third quarter 2024 financial results call. I'm joined in New York City today by Yossi Carmil, Cellebrite's CEO; Dana Gerner, Cellebrite's CFO; and Tom Hogan, Cellebrite's Executive Chairman.

謝謝托德，歡迎大家參加 Cellebrite 的 2024 年第三季財務業績電話會議。今天，Cellebrite 執行長 Yossi Carmil 在紐約與我會面。 Dana Gerner，Cellebrite 財務長；以及 Cellebrite 執行主席 Tom Hogan。

There's 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 are referring to in our remarks. The call is being recorded, and a replay of the call will be made available on our website shortly after the call along with the transcript of this event soon after.

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。通話正在錄音，通話後不久將在我們的網站上提供通話重播以及此事件的文字記錄。

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

從幻燈片2 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、幻燈片演示以及2024 年前三個季度以及2023 年和2022 年每個季度的季度財務表格和補充歷史資訊可在投資者關係網站 Investors.cellebrite.com 上取得。

Unless stated otherwise, our discussion of our third 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 third quarter of 2023.

除非另有說明，我們對 2024 年第三季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 年第三季進行。

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. They could also cause actual results to differ materially from historical results and/or from forecast.

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。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。

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. Company does not undertake to update any forward-looking statements to reflect future events or circumstances. Slide 3 provides the agenda of topics we'll cover on today's call.

其中一些前瞻性陳述在公司於 2024 年 3 月 21 日向 SEC 提交並於 2024 年 4 月 12 日修訂的 20-F 表格年度報告的“風險因素”標題和其他地方進行了討論。本公司不承諾更新任何前瞻性陳述以反映未來事件或情況。投影片 3 提供了我們將在今天的電話會議中討論的主題議程。

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

話雖如此，我會將電話轉給 Cellebrite 執行長 Yossi Carmil。約西？

Thank you, Andy, and thank you all for joining us this morning. So we delivered a strong third-quarter performance that exceeded expectations, thanks to increasing traction with our case to closure platform, what we call the C2C platform, the impact of our ongoing investment in market-leading innovation and solid execution on all fronts.

謝謝你，安迪，也謝謝大家今天早上加入我們。因此，我們第三季的業績超出了預期，這要歸功於我們的案例到結案平台（我們稱之為C2C 平台）的吸引力不斷增強，我們對市場領先創新的持續投資的影響以及在各個方面的紮實執行。

As illustrated on slide 4, we produced notable ARR growth, surpassed $100 million in quarterly revenue for the first time in company's history and generated outstanding profitability. We are proud that we have consistently delivered a healthy mix of ARR growth and profitability with recent results comfortably exceeding our baseline for Rule of 45 performance.

正如幻燈片 4 所示，我們實現了顯著的 ARR 成長，季度收入在公司歷史上首次超過 1 億美元，並產生了出色的獲利能力。我們感到自豪的是，我們始終如一地實現了 ARR 成長和獲利能力的健康組合，最近的業績輕鬆超過了我們 45 規則績效的基準。

To put it simply, Cellebrite's business momentum remained strong in the third quarter, and we anticipate a positive finish to our year. Now Dana will cover this in a few minutes. Beyond the solid quarterly results, we took important strategic actions and accomplishments over the past several months, all of which are architected to drive long-term profitable growth and corresponding enterprise value.

簡而言之，Cellebrite 第三季的業務勢頭依然強勁，我們預計今年將取得積極成果。現在，達納將在幾分鐘內介紹這一點。除了可靠的季度業績之外，我們在過去幾個月還採取了重要的策略行動和成就，所有這些都是為了推動長期獲利成長和相應的企業價值。

Cellebrite is uniquely positioned as a differentiated end-to-end platform provider with software offerings, spanning the digital investigative life cycle. Our AI-driven C2C platform enables customers to close more cases faster by elevating their productivity and efficiency for collecting, reviewing, sharing, and analyzing digital evidence. We have taken deliberate steps to anchor our C2C platform around three increasingly integrated flagship software solutions tools. And I want to give here a brief overview.

Cellebrite 擁有獨特的定位，是一家差異化的端到端平台供應商，其軟體產品涵蓋數位調查生命週期。我們的人工智慧驅動的 C2C 平台使客戶能夠提高收集、審查、共享和分析數位證據的生產力和效率，從而更快地結案更多案件。我們已採取審慎措施，將我們的 C2C 平台圍繞三個日益整合的旗艦軟體解決方案工具進行錨定。我想在這裡做一個簡短的概述。

So Inseyets is our family of digital forensic software that enables law enforcement to collect and review digital evidence from mobile phones, cloud applications, computers, and many other digital businesses.

Inseyets 是我們的數位鑑識軟體系列，讓執法部門能夠收集和審查來自手機、雲端應用程式、電腦和許多其他數位企業的數位證據。

Guardian is our set of SaaS-based case and evidence management offerings for managing the examination process, securely sharing evidence, and enabling interagency and cross-agency collaboration.

Guardian 是我們基於 SaaS 的案件和證據管理產品集，用於管理審查流程、安全共享證據以及實現機構間和跨機構協作。

Our Pathfinder investigative suite includes AI-powered analytics and open-source intelligence tools for expediting investigations by surfacing leads, pinpointing connections, and identified valuable evidence varied within mountains of structured and unstructured data across multiple digital businesses.

我們的 Pathfinder 調查套件包括人工智慧驅動的分析和開源情報工具，可透過在多個數位企業的大量結構化和非結構化資料中發現線索、找出聯繫並識別有價值的證據來加快調查速度。

So we are mobilizing to capitalize on the extensive opportunities we see to expand our customer spending with us while also winning new logos. To that end, Cellebrite Federal Solutions was launched earlier this summer to expand our relationship with the US federal government, and this unit is now fully operational, and I'm pleased to share that we delivered an excellent Q3 in the USA Federal sector.

因此，我們正在動員起來，利用我們看到的廣泛機會擴大客戶支出，同時贏得新商標。為此，今年夏天早些時候推出了Cellebrite Federal Solutions，以擴大我們與美國聯邦政府的關係，該部門現已全面投入運營，我很高興與大家分享，我們在美國聯邦部門的第三季度業績非常出色。

In addition, we have continued to augment our quota carrying sales force in all major geographies to amplify our go-to-market motion for upgrades, upsells, and cross-sells. As we look forward towards 2025, this investment positions Cellebrite with the ramped sales capacity which is required for sustaining solid topline expansion and extending into new buying centers within our installed customer base.

此外，我們繼續在所有主要地區擴大我們的配額銷售隊伍，以擴大我們的升級、追加銷售和交叉銷售的市場推廣力度。展望 2025 年，這項投資使 Cellebrite 的銷售能力不斷增強，這是維持穩固的營收擴張並擴展到我們已安裝客戶群中的新購買中心所必需的。

Cellebrite's relationship with over 5,300 public sector customers typically begins by helping examiners and investigators to collect and review digital evidence across mobile phones, computers, cloud, and other digital witnesses. There is a long growth runway ahead for Cellebrite digital forensic solutions and part of this expansion is expected to come from upgrading customers from our legacy digital forensic software to our new Inseyets suites.

Cellebrite 與 5,300 多家公部門客戶的關係通常始於幫助審查員和調查員收集和審查手機、電腦、雲端和其他數位證人的數位證據。Cellebrite 數位取證解決方案還有很長的發展道路，預計這種擴張的一部分將來自於將客戶從我們的傳統數位鑑識軟體升級到我們新的 Inseyets 套件。

The value proposition for this upgrade in compelling. Inseyets leverages a modern tech stack along with both proven and new digital forensic capabilities that enable customers to complete an examination as much as twice as fast while accessing more devices, extracting more data, and revealing more important information.

此次升級的價值主張引人注目。Inseyets 利用現代技術堆疊以及經過驗證的全新數位取證功能，使客戶能夠以兩倍的速度完成檢查，同時存取更多設備、提取更多數據並揭示更多重要資訊。

In addition to the Inseyets upgrade, we believe our customers will want to extend the scope of their deployment, whether it is in traditional technical lab environment or by extending our technology into the field.

除了 Inseyets 升級之外，我們相信我們的客戶還希望擴大其部署範圍，無論是在傳統技術實驗室環境中還是將我們的技術擴展到現場。

Just as important, we see substantial opportunity for customers to leverage our modular approach to Inseyets by having high-value capabilities around advanced local access or unlock and for automating and accelerating key examination processes. When we launched Inseyets earlier this year, our goal was to operate the vast majority of our installed base over the next three years with 10% adoption in 2024.

同樣重要的是，我們看到客戶有大量機會利用我們的 Inseyets 模組化方法，透過擁有圍繞高級本地存取或解鎖以及自動化和加速關鍵檢查流程的高價值功能。當我們今年稍早推出 Inseyets 時，我們的目標是在未來三年內運作我們絕大多數的安裝基礎，並在 2024 年採用 10%。

We increased last quarter our 2024 target to 15%, and we are on track to achieve these new targets. Another area of strategic progress in the cloud. We continue to increase our product of investment to cloudify existing capabilities, enhance existing cloud offerings, and develop new cloud-native solutions across our Inseyets, Guardian, and Pathfinder product suites.

上季我們將 2024 年的目標提高到 15%，並且我們有望實現這些新目標。雲端戰略進展的另一個領域。我們持續增加產品投資，以雲端化現有功能，增強現有雲端產品，並在 Inseyets、Guardian 和 Pathfinder 產品套件中開發新的雲端原生解決方案。

And I'm happy to report that we are seeing some very positive returns on this investment. For example, during the past 12 months, Guardian grew more than 100% as more customers give this SaaS-based solution to transform how they manage and share digital evidence with investigators and prosecutors.

我很高興地向大家報告，我們看到這項投資獲得了一些非常正面的回報。例如，在過去 12 個月中，隨著越來越多的客戶使用這個基於 SaaS 的解決方案來改變他們管理數位證據以及與調查人員和檢察官共享數位證據的方式，Guardian 的成長超過 100%。

Our investment in cloud infrastructure are also opening new doors for our Pathfinder analytics, which leverage AI technology to quickly surface leads and identified connection buried within mountains of structured and unstructured data across multiple digital devices. In September, we announced Pathfinder in the cloud with AWS, allowing customers to access Pathfinder through the secure Amazon virtual private cloud.

我們對雲端基礎設施的投資也為我們的探路者分析打開了新的大門，探路者分析利用人工智慧技術快速發現潛在客戶並識別埋藏在跨多個數位設備的結構化和非結構化數據山中的連結。9 月，我們在 AWS 上發布了雲端 Pathfinder，允許客戶透過安全的 Amazon 虛擬私有雲存取 Pathfinder。

Just as notable, as we look to expand further into investigative and intelligence units, we are building our SaaS-based capabilities and leveraging our ongoing investments in AI through an expanded suite of tools and capabilities that can help analysts and investigators analyze an even broader range of digital data sources, coordinate and collaborate better and boost productivity by automating time-consuming, burdensome tasks.

同樣值得注意的是，當我們希望進一步擴展到調查和情報部門時，我們正在建立基於SaaS 的功能，並透過擴展的工具和功能套件利用我們對人工智慧的持續投資，這些工具和功能可以幫助分析師和調查人員分析更廣泛的範圍數位資料來源，更好地協調和協作，並透過自動化耗時、繁重的任務來提高生產力。

I would also like to briefly cover the recent capital market milestones, which underscore our success in driving shareholder value. First, in mid-September, we completed our previously announced warrant redemption program, which reduced 10.1 million net new ordinary shares. Second, our strong stock price performance from mid-August through early November, resulted in multiple triggering events totaling 21 million shares that have further increased our public stock load.

我還想簡單介紹一下最近的資本市場里程碑，這些里程碑強調了我們在推動股東價值方面的成功。首先，9月中旬，我們完成了先前宣布的認股權證贖回計劃，減少了1,010萬股淨新普通股。其次，我們從8月中旬到11月初的強勁股價表現，導致了總計2100萬股的多次觸發事件，進一步增加了我們的公眾股票負載。

At a high level, these milestones enable us to move forward with a significantly clearer capital table, healthy trading liquidity, and simplified financial reporting. Now Dana will provide more color about these developments in a few minutes.

從高水準來看，這些里程碑使我們能夠以更清晰的資本表、健康的交易流動性和簡化的財務報告向前邁進。現在，達納將在幾分鐘內提供有關這些進展的更多資訊。

So let's turn to slide 6 now, which highlight our four strategic priorities. I would like to illustrate how our success in each of these areas has enabled us to produce an NRR north of 120% for 23 consecutive quarters. Our first priority is to extend our leadership in the digital forensic units of our customers. Inseyets helps customers better address their case load growth and makes it easier and more affordable for them to not only access the newest smartphones on the market.

現在讓我們轉向第 6 張投影片，它強調了我們的四個策略重點。我想說明我們在每個領域的成功如何使我們能夠連續 23 個季度實現 120% 以上的 NRR。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。Inseyets 幫助客戶更好地解決案件負載成長的問題，並使他們能夠更輕鬆、更經濟地使用市場上最新的智慧型手機。

Now since Inseyets was launched during Q1 '24, we have seen healthy attachment rates for our unlock module when customers with no prior local access solutions, upgrade to Inseyets. That trend has helped us nearly double the penetration of our advanced local access solutions within the installed base to the low 30% range during the past 12 months. The win on this slide is a great example of how an Inseyets upgrade with an unlock upsell can generate meaningful ARR growth.

現在，自從 Inseyets 在 24 年第一季推出以來，當之前沒有本地存取解決方案的客戶升級到 Inseyets 時，我們的解鎖模組的附著率很高。這一趨勢幫助我們在過去 12 個月內將先進的本地接入解決方案在安裝基礎上的滲透率提高了近一倍，達到 30% 的低水平。這張幻燈片上的勝利是一個很好的例子，說明 Inseyets 升級與解鎖加售如何能夠產生有意義的 ARR 增長。

Our second priority is to accelerate our growth within the investigative and intelligence unit, what we call the I&I units, of our law enforcement customers. Now earlier this year, we added dedicated sales specialists within our quota carrying sales force targeting the investigative and intelligence units, and we are already seeing these initiatives help build a large pipeline of opportunities.

我們的第二個優先事項是加速我們執法客戶的調查和情報部門（我們稱之為 I&I 部門）的發展。今年早些時候，我們在我們的配額銷售隊伍中增加了專門的銷售專家，針對調查和情報部門，我們已經看到這些舉措有助於建立大量機會。

Our third priority is to extend our business in the private sector where Cellebrite's data collection solution help enterprises and service providers, advance corporate investigations and eDiscovery use cases. Our strategic partnership with Relativity, which we announced a few months ago, is off to a good start, highlighted by our participation at Relativity Fest last quarter.

我們的第三個優先事項是擴展我們在私營部門的業務，Cellebrite 的資料收集解決方案可協助企業和服務提供者、推廣企業調查和電子取證用例。我們幾個月前宣布與 Relativity 建立策略夥伴關係，現在已經有了一個良好的開端，上個季度我們參加 Relativity Fest 就凸顯了這一點。

We continue to see endpoint inspector maintain good momentum with both enterprises and service providers as the remote data collection solution of choice for mobile devices, computers and cloud workplace applications.

我們繼續看到端點檢查器作為行動裝置、電腦和雲端工作場所應用程式的首選遠端資料收集解決方案，在企業和服務供應商中保持著良好的發展勢頭。

Our fourth strategic priority is to help our customers harness the power of cloud. Earlier on the call, I detailed the investments we are making to expand our range of cloud-based solutions and enhance the infrastructure that supports them.

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。在電話會議的早些時候，我詳細介紹了我們為擴大基於雲端的解決方案範圍並增強支援這些解決方案的基礎設施而進行的投資。

Now while customers in the US has been the primary early adopters of Guardian, we are starting to make inroads in certain international markets, which is highlighted by our first Guardian bill as part of larger deployments of our full C2C portfolio by a regional police force in a key Western European country.

現在，雖然美國客戶是Guardian 的主要早期採用者，但我們也開始進軍某些國際市場，我們的第一個Guardian 法案就強調了這一點，這是美國地區警察部隊更大規模部署我們完整C2C 產品組合的一部份。

I would like to conclude my prepared remarks on slide 7. Cellebrite's market remains very healthy, with multiple tailwinds that are producing three major points.

我想在投影片 7 上結束我準備好的發言。Cellebrite 的市場仍然非常健康，多重利好因素產生了三個主要點。

First, today's crime involves more data and increasingly complex data.

首先，當今的犯罪涉及更多數據且數據日益複雜。

Second, operational inefficiencies makes it harder for law enforcement to advance their investigations.

其次，運作效率低使執法單位更難推動調查。

And third, the need to build public confidence and around the ethics and accountability of law enforcement.

第三，需要建立公眾信心並圍繞執法的道德和問責制。

So given the constrained law enforcement budgets, our customers cannot simply allocate more manpower to solve these challenges. As a result, Cellebrite customers are increasingly recognizing the need to invest in the type of disruptive technology that Cellebrite delivers. This is a major driver or one of the major drivers behind our plan to hold our first-ever case to closure, our C2C users Summit, at the leading event for digital investigation in late Q1 '25 in Washington, D.C.

因此，鑑於執法預算有限，我們的客戶不能簡單地分配更多人力來解決這些挑戰。因此，Cellebrite 客戶越來越認識到投資 Cellebrite 提供的顛覆性技術的必要性。這是我們計劃在 25 年第一季末在華盛頓特區舉行的數位調查主要活動中關閉我們的第一個案例（我們的 C2C 用戶高峰會）的一個主要驅動因素或背後的主要驅動因素之一。

Now as we look ahead, we are well positioned to close 2024 on a very positive note. Given our progress to date and the strength of our near-term pipeline, we have once again raised our 2024 target for revenue and adjusted EBITDA while also increasing the low end of our ARR guidance. We look forward to 2025 with confidence in our ability to consistently deliver a balanced mix between ARR, expansion with healthy profitability that will produce or exceed a baseline for Rule of 45.

現在，展望未來，我們已做好充分準備，以非常積極的態度結束 2024 年。鑑於我們迄今為止的進展以及近期管道的實力，我們再次提高了 2024 年的收入目標並調整了 EBITDA，同時也提高了 ARR 指導的下限。我們期待 2025 年，相信我們有能力持續實現 ARR、擴張與健康盈利能力之間的平衡組合，從而產生或超過 45 規則的基線。

The mission at Cellebrite is both inspirational and aspirational. It is focused on enabling our customers to deliver justice faster, smarter and more defensively to help close the public safety gap and create a safer world. The team at Cellebrite is making good on the company's brand promises Justice Accelerated by delivering an end-to-end set of digital investigative solutions for law enforcement agencies around the world.

Cellebrite 的使命既鼓舞人心又充滿抱負。它致力於幫助我們的客戶更快、更聰明、更具防禦性地伸張正義，幫助縮小公共安全差距，創造一個更安全的世界。Cellebrite 團隊正在兌現該公司的「正義加速」品牌承諾，為世界各地的執法機構提供一套端到端的數位調查解決方案。

Cellebrite's workforce has performed admirably so far in 2024. While the conflict in Israel escalated during the third quarter, our business has not experienced any disruption. This is attributed to the focus and resolve of our team, especially those based in Israel, and we appreciate their ongoing commitment and contributions.

2024 年迄今為止，Cellebrite 的員工表現出色。儘管第三季以色列衝突升級，但我們的業務並未受到任何干擾。這歸功於我們團隊，特別是以色列團隊的專注和決心，我們感謝他們持續的承諾和貢獻。

So that concludes my comments on our quarterly performance and accomplishments. And I will now turn the call over to Dana. Dana, please.

我對我們季度業績和成就的評論就到此結束。我現在將把電話轉給達納。達納，請。

Thank you, Yossi. It was a fantastic quarter for Cellebrite. We have delivered the Rule of 54 performance for Q3. It reflects great fundamental execution alongside the expected seasonality. But guys, to be clear, where we are excited about the Rule of X performance of this quarter, our long-term plans are to deliver Rule of X range between 45 and 50.

謝謝你，約西。對於 Cellebrite 來說，這是一個非常棒的季度。我們已經交付了第三季的 54 規則績效。它反映了良好的基本面執行力以及預期的季節性。但各位，要明確的是，我們對本季度 X 規則的表現感到興奮，我們的長期計劃是提供 45 到 50 之間的 X 規則範圍。

Now let's start the review of the third quarter on slide 9. Our ARR grew 26% year on year to $371 million at the end of September. As noted on this slide, our gross retention was approximately 91%, which is in line with the recent quarters. Consistent with our historical trends, much of ARR growth over the 12-month period came from higher spending basis in customers.

現在讓我們開始回顧幻燈片 9 上的第三季。截至 9 月底，我們的 ARR 年增 26% 至 3.71 億美元。正如這張投影片所示，我們的總留存率約為 91%，這與最近幾季的情況一致。與我們的歷史趨勢一致，12 個月期間的 ARR 成長大部分來自客戶支出基礎的提高。

From a product perspective, our Inseyets suite drove the majority of our ARR growth which is complemented by the contribution from our Guardian and Pathfinder offerings. Geographically, the ARR mix for the 12 months ended September 30, 2024, was in line with the prior quarters and consistent with the year-to-date revenue mix. The Americas represented 54% of the total ARR with EMEA at 34% and Asia Pacific at 12%.

從產品角度來看，我們的 Inseyets 套件推動了 ARR 的大部分成長，而我們的 Guardian 和 Pathfinder 產品的貢獻也對此做出了補充。從地理上看，截至 2024 年 9 月 30 日的 12 個月的 ARR 組合與前幾季一致，並且與年初至今的收入組合一致。美洲佔總 ARR 的 54%，其中歐洲、中東和非洲佔 34%，亞太地區佔 12%。

In terms of growth rates by geography, the Americas grew 26%, thanks to the solid demand in our US Federal and SLG customer segments. ARR in EMEA grew 24% and improved 31% in the Asia Pacific region.

就按地區劃分的成長率而言，由於美國聯邦和 SLG 客戶群的強勁需求，美洲成長了 26%。歐洲、中東和非洲地區的 ARR 成長了 24%，亞太地區的 ARR 提高了 31%。

Turning to Slide 10. We delivered third-quarter revenue of $106.8 million, our first quarter in the company history for revenue above $100 million. The 27% growth in the total revenue over the same period last year was primarily fueled by a 27% increase in subscription software.

轉到投影片 10。我們第三季的營收為 1.068 億美元，這是公司歷史上第一個季度收入超過 1 億美元的季度。總營收較去年同期成長27%，主要得益於訂閱軟體成長27%。

Our topline performance benefited from some professional services revenue that was generated earlier than expected and the quarterly mix of an on-premise and cloud deployment. Subscription revenue represented approximately 87% of the total revenue, which is in line with recent quarters.

我們的營收業績得益於一些早於預期產生的專業服務收入以及本地部署和雲端部署的季度組合。訂閱收入約佔總收入的 87%，與最近幾季的情況一致。

Now let's move to slide 11 for a review of our non-GAAP gross margins and non-GAAP operating expenses, which exclude share-based compensation, amortization of intangible assets, and acquisition-related expenses. Our Q3 gross margins of 86.1% was at the higher end of our full-year target.

現在讓我們轉到幻燈片 11，回顧我們的非 GAAP 毛利率和非 GAAP 營運費用，其中不包括基於股份的薪酬、無形資產攤銷和收購相關費用。我們第三季的毛利率為 86.1%，處於我們全年目標的較高水準。

In terms of our operating expenses, Q3 operating costs were $62.5 million, a 19% year-over-year increase. This primarily reflects higher personnel costs between our sales and marketing and research and development organizations and higher onetime project expenses within R&D. We ended September with 1,109 employees, a 3% increase from the second quarter and a 12% increase from the same quarter one year ago.

營運費用方面，第三季營運成本為 6,250 萬美元，年增 19%。這主要反映了我們的銷售和行銷以及研發組織之間較高的人員成本以及研發內較高的一次性專案費用。截至 9 月份，我們共有 1,109 名員工，比第二季成長 3%，比一年前同季度成長 12%。

Slide 12 covers our profitability and cash position. We delivered Q3 adjusted EBITDA of $31.3 million or 29% on a margin basis versus 25% in last year's Q3. Our profit performance reflects positively on our success in driving strong revenue growth, maintaining excellent gross profit margins, and effectively managing our cost structure.

投影片 12 介紹了我們的獲利能力和現金狀況。我們第三季的調整後 EBITDA 為 3,130 萬美元，以利潤率計算為 29%，而去年第三季為 25%。我們的利潤表現積極地反映了我們在推動收入強勁成長、維持優異的毛利率以及有效管理成本結構方面所取得的成功。

Our Q3 non-GAAP operating income was $29.5 million, with non-GAAP net income of $31.8 million or $0.14 on a fully diluted basis. We ended September with $413.6 million in cash, cash equivalents, and investments, an increase of $47.6 million from the second quarter and an increase of $130.4 million from the same quarter last year. The sequential increase for the quarter primarily reflects the strong cash flow from operations.

我們第三季的非 GAAP 營業收入為 2,950 萬美元，非 GAAP 淨利潤為 3,180 萬美元，或完全稀釋後的 0.14 美元。截至 9 月份，我們的現金、現金等價物和投資為 4.136 億美元，比第二季增加 4,760 萬美元，比去年同期增加 1.304 億美元。本季的環比成長主要反映了強勁的營運現金流。

Free cash flow for the third quarter, which we define as net cash provided by operating activities less capital expenditure and the purchase of intangible assets, was $39.8 million, up 42% from the same quarter last year due primarily to the strong fundamental operating performance.

第三季的自由現金流（我們將其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 3,980 萬美元，比去年同期增長 42%，這主要是由於強勁的基本經營業績。

I'd like now to move to slide 13 to briefly cover the capital markets events that occurred during the third quarter. On September 16, we successfully completed our Warrant Redemption with approximately 29.7 million public and private warrants being exercised and converted into 10.1 million net new ordinary shares.

我現在想轉到第 13 張投影片，簡要介紹第三季發生的資本市場事件。9 月 16 日，我們成功完成了認股權證贖回，約 2,970 萬份公開和私人認股權證被行使並轉換為 1,010 萬股淨新普通股。

In addition, Cellebrite's stock price performance from July through the middle of September hit two separate price triggers, one, a $12.50 and one at $15, and combined, they resulted in the commitment to issue a total of 10 million price adjustment shares and invest a total of 6 million restricted sponsor shares.

此外，Cellebrite 從7 月到9 月中旬的股價表現達到了兩個單獨的價格觸發點，一個是12.50 美元，另一個是15 美元，兩者結合在一起，導致承諾發行總計1000 萬股價格調整股票並投資限制性發起人股份總數為600萬股。

Our Q3 diluted weighted average share outstanding as of September 30, 2024, increased 7% from Q2 levels due primarily to the timing and magnitude of these events. Two days ago, we disclosed that our recent stock price performance hit the $17.50 price trigger, which results in issuing another $5 million price adjustment shares.

截至 2024 年 9 月 30 日，我們第三季的攤薄加權平均流通股比第二季的水準增加了 7%，這主要是由於這些事件的發生時間和規模。兩天前，我們披露，我們最近的股價表現觸及 17.50 美元的價格觸發點，這導致另外發行 500 萬美元的價格調整股票。

Overall, these milestones supports our long-standing goals of optimizing our capital structure, sustaining healthy trading liquidity and simplifying our financial reporting. In terms of our financial reporting, since we fully retired all of the outstanding warrants, and triggered 100% of our price adjustment shares and 80% of our restricted sponsor shares, the value of the remaining restricted sponsor shares and the remaining price adjustment shares as of September 30 are now represented on our balance sheet between shareholders' equity rather than as a liability, and we are no longer obligated to revalue them.

總體而言，這些里程碑支持了我們優化資本結構、維持健康的交易流動性和簡化財務報告的長期目標。就我們的財務報告而言，由於我們完全退休了所有已發行認股權證，並觸發了我們100%的價格調整股份和80%的限制性發起人股份，因此剩餘的限制性發起人股份和剩餘的價格調整股份的價值為9 月 30 日的資產現在在我們的資產負債表上代表股東權益而不是負債，我們不再有義務對其進行重估。

Let's move to slide 14 for our updated 2024 fourth quarter and full fiscal year financial expectations. Based on our results for the first three quarters of the year and our assessment of the near-term opportunities, we have again raised our outlook for the year.

讓我們轉到投影片 14，了解更新後的 2024 年第四季和整個財年的財務預期。根據我們今年前三季的業績以及對近期機會的評估，我們再次上調了今年的展望。

In terms of annual revenue, with a strong Q3, we increased our 2024 revenue range to be between $397 million and $401 million which implies Q4 revenue between $105 million and $109 million. We also increased our 2024 adjusted EBITDA target range to be between $96 million and $100 million or 24% to 25% on a margin basis.

就年收入而言，由於第三季表現強勁，我們將2024 年的營收範圍提高到3.97 億美元至4.01 億美元之間，這意味著第四季的營收在1.05 億美元至1.09 億美元之間。我們也將 2024 年調整後 EBITDA 目標範圍提高至 9,600 萬美元至 1 億美元，即利潤率提高 24% 至 25%。

This implies fourth quarter adjusted EBITDA in the range of $25 million to $29 million or 24% to 27% on a margin basis. This assumes that fourth quarter gross margins in the mid-80% range and fourth quarter operating cost between $64 million to $66 million.

這意味著第四季度調整後 EBITDA 在 2,500 萬美元至 2,900 萬美元之間，即以利潤率計算的 24% 至 27%。假設第四季毛利率在 80% 左右，第四季營運成本在 6,400 萬美元至 6,600 萬美元之間。

And finally, we increased the low end of our 2024 ARR target range to $390 million. In terms of modeling our diluted share count and factoring in all of the previously discussed capital markets events from Q3 and Q4, we expect our fourth quarter weighted average diluted share count to be around 241 million shares and a full year weighted average diluted share count to be approximately 222 million. We expect to begin 2025 with approximately 255 million diluted shares outstanding, which is detailed on the table on slide 25 in the appendix to this presentation.

最後，我們將 2024 年 ARR 目標範圍的下限提高至 3.9 億美元。在對稀釋後股票數量進行建模並考慮到先前討論的第三季和第四季資本市場事件時，我們預計第四季度加權平均稀釋股票數量約為2.41 億股，全年加權平均稀釋股票數量為約為2.22億。我們預計到 2025 年開始，稀釋後的流通股數量約為 2.55 億股，詳細資訊請參閱本簡報附錄第 25 投影片的表格。

Overall, our third quarter was highlighted by robust financial results and meaningful tactical and strategic execution. As a result, we are well positioned to deliver a 2024 performance in excess of Rule of 45 for the second consecutive year, thanks to increased profitability that benefited a stronger-than-planned gross margins and disciplined spending even as we invested meaningfully in our product house and go-to-market organizations.

總體而言，我們第三季的亮點是強勁的財務表現和有意義的戰術和策略執行。因此，我們有能力在2024 年實現連續第二年超過45 規則的業績，這要歸功於盈利能力的提高，這有利於高於計劃的毛利率和嚴格的支出，儘管我們對產品進行了有意義的投資內部組織和進入市場組織。

As we look ahead, we believe we remain well positioned to deliver solid ARR expansion and profitability that will enable us to deliver or exceed our target baseline of Rule of 45 where finding initiatives critical to our long-term success such as enhancing customer success, accelerating our efforts around the cloud, fueling innovation and incrementally expanding our quota-carrying sales force and marketing teams.

展望未來，我們相信我們仍處於有利地位，能夠實現穩健的ARR 擴張和盈利能力，這將使我們能夠實現或超過45 規則的目標基線，其中尋找對我們長期成功至關重要的舉措，例如增強客戶成功、加速我們圍繞雲端所做的努力，推動創新並逐步擴大我們的銷售團隊和行銷團隊。

That concludes my commentary. I'll ask you to go to slide 15, so that I can now turn the call back to Yossi.

我的評論到此結束。我請您轉到投影片 15，以便我現在可以將電話轉回給 Yossi。

Thank you, Dana. The last 20 years, 19 as CEO, have been an amazing journey for me with many successes along the way. When I began as CEO, there were just 18 of us working out of a small office. And at the end of this year 2024, I will finish my tenure as CEO, having established Cellebrite as a market and technology leader with 1,100 employees and a global footprint that includes dozens of offices worldwide and 7,000 customers in over 100 countries. We are now -- Cellebrite is now a publicly traded company that is taking major strides over the past three years to earn the trust of shareholders and drive meaningful value creation.

謝謝你，達納。過去 20 年，其中 19 年擔任首席執行官，對我來說是一段奇妙的旅程，一路上取得了許多成功。當我開始擔任執行長時，我們只有 18 個人在一個小辦公室工作。到2024 年底，我將完成執行長的任期，將Cellebrite 打造成市場和技術領導者，擁有1,100 名員工，業務遍及全球，在全球設有數十個辦事處，在100 多個國家/地區擁有7,000 家客戶。我們現在 -- Cellebrite 現在已成為一家上市公司，在過去三年中取得了重大進展，贏得了股東的信任並推動有意義的價值創造。

This level of success would not have been possible without the support of our customers, partners and investors and the commitment and contribution of our talented employees. It has been very rewarding to have led Cellebrite over the past three decades, but I believe that it is now the right time for me to step aside the CEO, and pass the baton to a new leader who will take Cellebrite to the next level.

如果沒有我們的客戶、合作夥伴和投資者的支持以及我們才華橫溢的員工的承諾和貢獻，這種成功是不可能實現的。在過去的三十年裡領導 Cellebrite 是非常值得的，但我相信現在是我辭去執行長職務，並將接力棒交給新領導者的最佳時機，他將帶領 Cellebrite 更上一層樓。

At some point down the road, I will focus on different types of roles that will enable me to contribute my knowledge and experience to the high-tech industry. But before that can happen, we plan to close out 2024 on a successful note as reflected in our updated outlook and complete all the work necessary to position the company to sustain its business momentum next year and beyond. Cellebrite moved forward with a strong leadership team, an exciting technological road map and compelling strategic plan that is aimed at driving value creation for all key stakeholders.

在未來的某個時刻，我將專注於不同類型的角色，這將使我能夠為高科技產業貢獻我的知識和經驗。但在此之前，我們計劃以更新的展望中所反映的成功方式為 2024 年畫上句號，並完成所有必要的工作，使公司能夠在明年及以後維持其業務勢頭。Cellebrite 憑藉強大的領導團隊、令人興奮的技術路線圖和引人注目的策略計畫不斷前進，旨在推動所有關鍵利害關係人創造價值。

As the search for my successor progresses, I'd like to personally thank Tom Hogan for his support since he joined as Executive Chairman 15 months ago. In a very short time, we developed a strong partnership and he has made a major impact in many areas such as strategic planning, sales, marketing and investor communications, to name a few. His imprint on Cellebrite has been and will continue to be critical to our success.

隨著尋找繼任者的工作取得進展，我要親自感謝湯姆·霍根 (Tom Hogan) 自 15 個月前加入擔任執行主席以來所給予的支持。在很短的時間內，我們建立了牢固的合作夥伴關係，他在策略規劃、銷售、行銷和投資者溝通等許多領域產生了重大影響。他對 Cellebrite 的影響一直並將繼續對我們的成功至關重要。

I know Tom will help lead a very thoughtful and efficient search for a new CEO and provide our company with great leadership as interim CEO.

我知道湯姆將幫助領導一場深思熟慮且高效的新執行長搜尋工作，並作為臨時執行長為我們公司提供出色的領導力。

In closing, I'm confident in Cellebrite's strategic direction and in our company's ability to capitalize on the opportunities that lie ahead. As proud as I am about what we have achieved in the past 20 years, I know the best for Cellebrite is yet to come. And I remain a loyal and supportive shareholder, and I look forward to seeing all that Cellebrite will accomplish over the coming years.

最後，我對 Cellebrite 的策略方向以及我們公司利用未來機會的能力充滿信心。儘管我對我們過去 20 年所取得的成就感到自豪，但我知道 Cellebrite 最好的時刻尚未到來。我仍然是一名忠誠和支持的股東，我期待看到 Cellebrite 在未來幾年將取得的成就。

And before we take questions, Tom Hogan would like to close out our prepared remarks. Tom, please.

在我們回答問題之前，湯姆·霍根想結束我們準備好的演講。湯姆，請。

Thanks, Yossi. I'll be brief, but I want to start by sharing my heartfelt compliments to you.

謝謝，約西。我的發言很簡短，但我想先向您表達我衷心的讚美。

As many of you know, I've been at this for a long time. I've seen leaders who excel at scale and there are others that excel as entrepreneurs, but it's the rare exception that the leader gracefully navigates the company from early-stage revenue up to and through the $100 million-mark. The few that successfully crossed that chasm, even more rarely then succeed in guiding the company from $100 million all the way to $400 million.

你們很多人都知道，我從事這份工作已經很久了。我見過在規模上表現出色的領導者，也有一些在企業家方面表現出色的領導者，但領導者優雅地帶領公司從早期階段的收入上升到 1 億美元大關的情況很少見。少數成功跨越這一鴻溝的人，更罕見的是成功引導公司從 1 億美元一路攀升至 4 億美元。

In a world that's increasingly focused on short-term performance with equally shortened CEO tenure, Yossi stayed the course, as he shared, for over 19 years as CEO of Cellebrite and leaves a legacy should forever be proud of. So on behalf of all of our employees, our customers, our shareholders and the full Cellebrite Board, I want to express our gratitude for his service and wish him nothing but continued health and success.

正如他所說，在一個越來越注重短期績效且執行長任期同樣縮短的世界中，Yossi 在擔任Cellebrite 執行長超過19 年的時間裡始終堅持到底，留下了值得永遠引以為傲的遺產。因此，我謹代表我們所有員工、客戶、股東和整個 Cellebrite 董事會對他的服務表示感謝，並祝他繼續健康和成功。

Now as the Exec-Chair, Yossi's decision brings mixed emotions. On the one hand, I couldn't be more pleased for him personally. He's earned this break and the time to figure out what comes next, while reconnecting with all the personal priorities that are often collateral damage as a CEO.

現在，身為執行主席，約西的決定帶來了複雜的情緒。一方面，我個人對他感到非常高興。他贏得了這次休息和思考接下來要做什麼的時間，同時重新考慮所有個人優先事項，而這些優先事項往往會成為執行長的附帶損害。

On the flip side, his passion and his history with this company certainly leaves some big shoes to fill. As for the future, our search efforts have already kicked into high gear. It's my belief that this company is a unique., the proverbial, “one in a million” company. I'm not sure where you find a company that's both AI-driven and cloud-centric, a company that's the undisputed platform leader in a large, growing and still highly fragmented market, while at the same time delivering high levels of ARR growth with outstanding customer loyalty and retention and strong free cash flow that Dana just talked about, all -- I underscore all - while truly making the world a better, safer place.

另一方面，他的熱情和他在這家公司的歷史無疑留下了一些需要填補的空缺。至於未來，我們的搜尋工作已經開始緊鑼密鼓。我相信這家公司是一家獨一無二的公司，眾所周知，「百萬分之一」的公司。我不確定您在哪裡可以找到一家既以人工智慧為驅動又以雲端為中心的公司，該公司是一個龐大、不斷增長且仍然高度分散的市場中無可爭議的平台領導者，同時提供高水平的ARR 成長達納剛才談到的出色的客戶忠誠度和保留率以及強大的自由現金流，所有這些——我強調所有——同時真正讓世界變得更美好、更安全。

Based on that profile, we fully expect a rich list of qualified candidates to quickly surface and compete for this job. Cellebrite deserves nothing short of an exceptional new CEO, and this Board is completely committed to protecting that standard as we evaluate candidates.

根據該資料，我們完全期望有大量合格的候選人能夠迅速浮出水面並競爭這份工作。Cellebrite 值得一位出色的新首席執行官，並且董事會完全致力於在評估候選人時保護此標準。

It's obviously impossible to predict or to commit to a specific date or timeline, but we do not expect a protracted process. We will move with purpose and pace, and to the extent there is any gap between Yossi's departure at the end of 2024 and the arrival of a new world-class leader, I will step in as the interim CEO.

顯然不可能預測或承諾特定的日期或時間表，但我們預期過程不會曠日持久。我們將有目標、有節奏地前進，如果 Yossi 在 2024 年底離職與新的世界級領導人上任之間存在任何差距，我將擔任臨時首席執行官。

With that said, we'll now ask the operator to open the floor for comments and questions.

話雖如此，我們現在請操作員開放發言權以徵求意見和問題。

(Operator Instructions) Shaul Eyal, TD Cowen.

（操作員指令）Shaul Eyal，TD Cowen。

Yossi, congrats on the quarter. Congrats on the past few decades, and congrats on the road ahead. Tom, Yossi as you think about the search process, will the new CEO be based in Israel or in the US? And also my follow-up question, Dana, any little CyTech acquisition contribution this quarter? Thank you.

Yossi，恭喜這個季度。祝賀過去的幾十年，也祝賀未來的道路。湯姆，尤西，當你考慮尋找過程時，新任執行長會在以色列還是美國？還有我的後續問題，Dana，本季 CyTech 收購有什麼貢獻嗎？謝謝。

Why don't you take the easy one.

為什麼不選擇容易的一件事呢？

Yes, I'll take the easy one. As we said when we acquired CyTech, the contribution is very minimal. This quarter was slightly below $0.5 million to the total revenue.

是的，我會選容易的。正如我們收購CyTech時所說，貢獻是非常小的。本季總收入略低於 50 萬美元。

Yeah. And on your first point, look, we -- the answer is we're casting the widest net possible given the unique asset this company represents in our desire to secure the best CEO on the planet. And so we are not restricting that aperture search to any geography, whether it be Israel or the US. So that's -- it will be driven by finding the best leader.

是的。關於你的第一點，你看，我們——答案是，考慮到這家公司在我們尋找地球上最好的首席執行官的願望中所代表的獨特資產，我們正在撒盡可能廣泛的網。因此，我們不會將孔徑搜尋限制在任何地理位置，無論是以色列還是美國。所以，這將透過尋找最好的領導者來推動。

Mike Cikos, Needham.

麥克·西科斯，尼達姆。

Yossi, it's been a pleasure working with you over the last couple of years. I'll echo Shaul's comments. The first question I have for you was relating to the CEO succession plan here. I just wanted to get a better sense of when Cellebrite retained the executive firm, I know we're talking about our expectations for surfacing new candidates quickly, but how have the candidates been that you guys have assessed so far?

Yossi，過去幾年與您合作非常愉快。我會回應 Shaul 的評論。我問你的第一個問題與這裡的執行長繼任計畫有關。我只是想更深入了解 Cellebrite 何時保留了這家執行公司，我知道我們正在談論我們對快速推出新候選人的期望，但到目前為止你們對候選人的評估如何？

And then the second piece, investors hear CEO succession plan sometimes their antenna starts to go up. I know that the firm just had its Investor Day, its first ever Investor Day in March of this year, with the announcement that Yossi will be departing the firm, is there any reason to think that the longer-term models through calendar '28 that we received in March of this year, are changing or no? Are you guys willing to reiterate that long-term target from where we sit today?

然後是第二件事，當投資者聽到執行長繼任計畫時，有時他們的天線會開始豎起。我知道該公司剛剛舉行了投資者日，這是今年 3 月份的第一個投資者日，並宣布 Yossi 將離開公司，是否有任何理由認為 28 年的長期模型我們今年3月收到的，有變化還是沒有？你們願意在今天的會議中重申這個長期目標嗎？

Yeah. It's Tom, I'll take that. So first, there's no fundamental change with respect to the business plan or strategy, that's something that Yossi and I worked closely on starting last summer, establishing the framework, the narrative, the platform for an end-to-end solution in the industry, using that to guide us from an asset and an IP perspective that will fuel growth.

是的。是湯姆，我接受。首先，商業計劃或策略沒有根本性的變化，這是 Yossi 和我從去年夏天開始密切合作的事情，為行業中的端到端解決方案建立了框架、敘述和平台，以此來從資產和知識產權的角度指導我們，從而推動成長。

This is -- our focus is still -- we believe this is very much a growth company with a huge amount of headroom, but we continue to do it in a -- with balance and an eye on cash flow and profitability. So that positioning and framing we did in our inaugural Investor Day still holds.

我們的重點仍然是——我們相信這是一家成長型公司，擁有巨大的發展空間，但我們將繼續以平衡的方式做到這一點，並專注於現金流和獲利能力。因此，我們在首屆投資者日所做的定位和框架仍然有效。

On your question on the search, we started to have the conversation with Yossi actually just a few weeks ago. And so we then reached out to some of the Tier 1 search firms. They're now fast at work building that slate, and as I shared with you, they are very bullish about -- if you just think about this company, we continue to scale.

關於你關於搜尋的問題，實際上我們幾週前就開始與 Yossi 進行對話。因此，我們隨後聯繫了一些一級獵人頭公司。他們現在正在快速建立這個名單，正如我與您分享的那樣，他們非常看好——如果您只考慮這家公司，我們將繼續擴大規模。

And in spite of that, we continue to deliver strong Rule of X performance, which any potential smart CEO who loves to see a growth company that's not trying to figure out how to generate cash or vice versa and a company that you go to bed at night and not only are you driving value creation, you literally can go to sleep at night knowing that you're playing a key role in making the world a better, safer place. So they are very bullish about that candidate pool. And as I said earlier, we're going to move with pace, but also maintain the highest standard to get the best person on the planet.

儘管如此，我們仍然繼續提供強勁的 X 規則績效，任何潛在的聰明執行長都喜歡看到成長型公司，而不是試圖弄清楚如何產生現金，反之亦然，以及一家你上床睡覺的公司。您不僅在推動價值創造，而且在晚上入睡時也知道自己在讓世界變得更美好、更安全的過程中發揮關鍵作用。所以他們非常看好這個候選人庫。正如我之前所說，我們將加快步伐，但也將保持最高標準，以招募世界上最優秀的人才。

And Mike, first of all, thank you for the kind words, just adding that -- especially at that point, after reflecting with the management, the strategy for the coming 3 to 5 years, which we have done recently and also reviewing the market trends and ingredients and all the market factors. I'm also glad to say that everything plays in Cellebrite's favor in terms of strategic growth, budgets and market conditions. So on top of that, also the market plays in our favor. And I'm obviously concurring what Tom said about no reason to change anything on the contrary to the growth path.

麥克，首先，感謝您的客氣話，只是補充一點——特別是在與管理層反思之後，我們最近制定了未來 3 到 5 年的戰略，並回顧了市場趨勢和成分以及所有市場因素。我還很高興地說，在策略成長、預算和市場條件方面，一切都對 Cellebrite 有利。因此最重要的是，市場也對我們有利。我顯然同意湯姆所說的，沒有理由改變任何與成長路徑相反的事情。

Great. I appreciate the thorough answer there, Tom, and Yossi.

偉大的。我很欣賞湯姆和尤西的徹底回答。

Jeff Van Rhee, Craig Hallum.

傑夫·範·瑞，克雷格·哈勒姆。

Great. My congrats, Yossi, just what an exceptional run and exceptional performance, has been great working with you. A couple of questions for me on the quarter and kind of the outlook. The C2C platform and the vision obviously seems to be playing out. Specific to Inseyets, any updates on adoption expectations for 2025, just an early look on what might be a target in terms of conversions?

偉大的。我祝賀 Yossi，他的表現非常出色，與你的合作非常愉快。我有幾個關於本季和前景的問題。C2C 平台和願景顯然似乎正在發揮作用。具體到 Inseyets，關於 2025 年採用預期的任何更新，只是初步了解轉換方面的目標是什麼？

And then secondarily, just curious in terms of the unlocks you gave an example or two in the prepared remarks and people upgrading and driving significant ARPU uplift. But just trends you're seeing in the unlocks, the pace of unlocks the magnitude of usage? Any color there would be great.

其次，只是對您在準備好的評論中舉出的一兩個例子以及人們升級和推動 ARPU 顯著提升的解鎖感到好奇。但只是您在解鎖中看到的趨勢、解鎖的速度以及使用量？任何顏色都會很棒。

So maybe I will start with basically -- I would say the C2C and the adoption. The good news, the case to closure platform resonates very well when it comes to the way law enforcement decision makers are looking at it.

所以也許我會從根本上開始——我會說 C2C 和採用。好消息是，從案件到結案平台在執法決策者的看待方式方面引起了很好的共鳴。

And the better news is that we are still in a very early stage and very early days, meaning when one thinks about the 5,300 public sector customers, the percentage of customers who have deployed Inseyets and/or Guardian and Pathfinder or end-to-end, it's still quite small.

更好的消息是，我們仍處於非常早期的階段，這意味著當考慮到 5,300 個公共部門客戶時，部署了 Inseyets 和/或 Guardian 和 Pathfinder 或端到端的客戶百分比，還是很小的。

So the growth potential is tremendous and 300 customers by the way, which is even good news, if we think about part of it, have adopted so far two out of the three flagship products, so Inseyets and Pathfinder and/or Guardian.

因此，成長潛力是巨大的，順便說一句，如果我們考慮到其中的一部分，這甚至是一個好消息，到目前為止，已經採用了三個旗艦產品中的兩個，即Inseyets 和Pathfinder 和/或Guardian。

So there is a significant growth potential and you and we should be very optimistic about the broader adoption. And obviously, what I would like to add here before handing over either to Tom or to Dana, that we believe that cloud enablement of the solutions, and I reiterated the investment that we are doing in the cloud. Basically, that should accelerate the adoption of the C2C sync cloud, sync AI, and you can anticipate further progress in terms of adoption based on a very successful installed road map. Dana would you like to add?

因此，它具有巨大的成長潛力，您和我們應該對更廣泛的採用感到非常樂觀。顯然，在移交給 Tom 或 Dana 之前，我想在這裡補充一點，我們相信解決方案的雲端支持，並且我重申了我們在雲端方面所做的投資。基本上，這應該會加速 C2C 同步雲、同步 AI 的採用，並且您可以根據非常成功的安裝路線圖來預期採用的進一步進展。達納你想補充嗎？

Yeah. I think we said from the very early beginning that this is a journey of three years. So while we are expecting to finish the year with around 15%, we still have a very healthy growth in the future for the coming two, three years ahead of us. I would mention what you said about the unlocks. We said in the script that around 30% of our customer base has adopted, that means that we have a potential first to penetrate the rest of the 70% and continue upselling additional unlock packages to the existing customer base. So it's not only the Inseyets based packaging, but it's also the add-ons that generates a great potential for the future.

是的。我想我們從一開始就說過這是一個三年的旅程。因此，雖然我們預計今年的成長率約為 15%，但在未來兩三年內，我們仍然有非常健康的成長。我想提一下你所說的關於解鎖的事情。我們在腳本中表示，大約 30% 的客戶群已經採用，這意味著我們有潛力首先滲透其餘 70% 的客戶群，並繼續向現有客戶群追加銷售額外的解鎖包。因此，不僅是基於 Inseyets 的包裝，而且附加組件也為未來帶來了巨大的潛力。

One add-on in terms of the Inseyets is the fact that we are extremely satisfied with the comments and the perception and the reaction of customers about the Inseyets in the market. Again, we brought here a revolutionary solution for the digital forensic unit, for examiners and investigators that completes the examination twice faster, access more devices and bring more abilities which were basically broken down in several separated models.

Inseyets 的一個附加因素是，我們對市場上客戶對 Inseyets 的評論、看法和反應感到非常滿意。我們再次為數位鑑識單元帶來了革命性的解決方案，讓檢查人員和調查人員能夠以兩倍的速度完成檢查，存取更多設備並帶來更多能力，這些能力基本上被分解為幾個單獨的模型。

So based on that positive feedback, I can also say that there is high acceptance, higher receptiveness for higher price, appreciating the value and definitely a strong belief and confidence in our ability to meet the '25 and '26 conversion rates.

因此，基於正面的回饋，我還可以說，人們對更高價格的接受度更高，欣賞價值，並且對我們滿足「25」和「26」轉換率的能力抱持著堅定的信念和信心。

Got it. Very helpful. And one last question for me then. With respect to Pathfinder, maybe just talk for a few minutes about Pathfinder, obviously, the AWS deployment, kind of curious what you expect that to do to Pathfinder adoption? And then also current adoption of Pathfinder, where -- what's the make in model, so to speak, of those that are choosing to buy and use it? Is this spending to fall within large agencies, just kind of the distribution of adoption and what we can learn from it so far?

知道了。非常有幫助。然後還有最後一個問題想問我。關於 Pathfinder，也許只是談論幾分鐘 Pathfinder，顯然是 AWS 部署，有點好奇您希望這對 Pathfinder 的採用有何影響？然後，目前 Pathfinder 的採用情況——可以說，那些選擇購買和使用它的人的品牌是什麼？這筆支出是否屬於大型機構，只是採用的分配以及到目前為止我們可以從中學到什麼？

So maybe I will start, and Dana will hand over to you and do it together. Basically, just a reminder, we are aiming two targeted major subsegments within the public sector, the digital forensics unit what we call the DFU, and IU, the investigative unit and also the intelligence unit.

所以也許我會開始，達納會交給你並一起做。基本上，只是提醒一下，我們的目標是公共部門內的兩個有針對性的主要細分市場：數位取證單位（我們稱之為 DFU）和 IU（調查單位和情報單位）。

And over there, Pathfinder as basically a suite of, I would say, powered, empowered by AI analytical capabilities and also open source intelligence tools that basically can help customers to surface the golden evidence very quickly out of the huge amount of either structured or unstructured data, which is being ingested from many, many sources, our sources and other sources.

在那裡，我想說，Pathfinder 基本上是一套由人工智慧分析功能和開源情報工具提供支援的套件，基本上可以幫助客戶從大量結構化或非結構化數據中快速找到黃金證據。數據是從很多很多來源取得的，包括我們的來源和其他來源。

So basically, the Pathfinder is -- and we said it several times, while the Inseyets or what we call the collect and review area is planned to grow 15% to 20% every year, the Pathfinder as investigative analytics is something that we expect it will continue to grow in a pace of, say, 35% to 50% year-over-year. And everything that we do right now in terms of cloudifying that part, while maintaining the on-prem, announcing the VPC implementation with AWS, building on existing SaaS-based capabilities with expanded AI-driven tools and all that, that should promise to Cellebrite a very solid growth. And I'm glad also to report that we are growing exactly in the pace that we originally planned with Pathfinder. Dana?

所以基本上，Pathfinder 是——我們已經說過好幾次了，雖然 Inseyets 或我們所說的收集和審查區域計劃每年增長 15% 到 20%，但 Pathfinder 作為調查分析是我們所期望的將繼續以35 % 至50% 的速度較去年同期成長。我們現在所做的一切都是在雲端化該部分所做的一切，同時維護本地部署、宣布使用AWS 實施VPC、利用擴展的AI 驅動工具構建現有的基於SaaS 的功能以及所有這些，這些都應該向Cellebrite 做出承諾非常穩健的成長。我還很高興地向大家報告，我們的發展速度與 Pathfinder 最初計劃的速度完全一致。達納？

Yeah. And maybe double click on one note in your question. Yes, indeed currently because the Pathfinder whether it's on-prem or VPC department actually serves our larger customer base, the 1,200 large strategic customers. The journey to the cloud with the C2C platform, as we discussed before, is actually democratizing our solutions.

是的。也許雙擊您問題中的一條註釋。是的，目前確實如此，因為 Pathfinder 無論是本地部門還是 VPC 部門實際上都為我們更大的客戶群（1,200 個大型策略客戶）提供服務。正如我們之前討論的，透過 C2C 平台走向雲端的旅程實際上正在使我們的解決方案民主化。

And we believe that the future would allow us also to bring a lot of the goodies that Pathfinder brings currently on trend into the case to closure platform and be available to a broadened customer base with fast capabilities. So again, we see great future to this offering in the coming years.

我們相信，未來我們還將能夠將 Pathfinder 當前趨勢帶來的許多好東西帶入案例封閉平台，並以快速功能提供給更廣泛的客戶群。因此，我們再次看到這項產品在未來幾年的美好前景。

Last but not least, and we've got no time here for an educational session. But at the end of the day, one in a C2C context cannot separate and should not separate the Pathfinder from the Guardian, which is a cloud SaaS-based solution, which basically creates the best connection between what is produced with examiners with the Inseyets and then analyze, ingested and analyzed.

最後但並非最不重要的一點是，我們沒有時間在這裡進行教育課程。但歸根結底，C2C 環境中的人不能也不應該將Pathfinder 與Guardian 分開，後者是基於雲端SaaS 的解決方案，它基本上在審查員與Inseyets 和Inseyets 生成的內容之間建立了最佳連接。

So the Guardian as a bridge is critical component that I'm glad to report that actually we have seen since the beginning of the year, an amazing traction and also doubling the size and the achievements in terms of ARR related to Guardian, and that means that it works -- it works. It takes basically in the C2C concept, in a C2C perception, the combination of Inseyets, investigative analytics Pathfinder and the Guardian means that the company delivers on the promise to the customers and customers are adopting.

因此，Guardian 作為橋樑是重要的組成部分，我很高興地向大家報告，事實上，自今年年初以來，我們已經看到了令人驚嘆的牽引力，並且與Guardian 相關的ARR 規模和成就也翻了一番，這意味著它有效——它有效。它基本上採用了 C2C 概念，在 C2C 認知中，Inseyets、調查分析 Pathfinder 和 Guardian 的結合意味著該公司兌現了對客戶和客戶正在採用的承諾。

Brian Essex, JPMorgan.

布萊恩艾塞克斯，摩根大通。

Yossi, congratulations. It's an amazing accomplishment that you've made with the Cellebrite, so hats off to you. Maybe first question I have is around the federal sector. Would love to get an understanding of what percentage of your business does federal within -- specifically within the public sector, what percentage does federal account for? And how are you managing the evolution of Cellebrite Federal Solutions, particularly as with respect to how it impacts your existing federal relationships?

約西，恭喜你。這是您透過 Cellebrite 取得的驚人成就，向您致敬。也許我的第一個問題是關於聯邦部門的。很想了解聯邦在您的業務中所佔的比例——特別是在公共部門內，聯邦所佔的百分比是多少？您如何管理 Cellebrite Federal Solutions 的發展，特別是它如何影響您現有的聯邦關係？

I'll take it for a start. First of all, just to remind us all, we have a very strong position in the federal space as part of our public sector activity for years by now. End of 2023, the federal space was around 20% of the entire -- the total Cellebrite activity, meaning what is and obviously, should remain meaningful. And forming the Cellebrite federal solution business unit, or company, that we have declared last quarter basically enabled us to expand, and that's the logic of it.

我將首先考慮它。首先，提醒我們大家，多年來，作為我們公共部門活動的一部分，我們在聯邦領域擁有非常強大的地位。到 2023 年底，聯邦空間約佔整個 Cellebrite 活動的 20%，這意味著現在的活動顯然應該仍然有意義。我們在上個季度宣布成立 Cellebrite 聯邦解決方案業務部門或公司，基本上使我們能夠擴張，這就是它的邏輯。

The main logic of it is basically expanding the TAM in the federal space. That structure will help us to accelerate the growth in a very strong segment for us, as I said, and basically deployed, I would say, a broader range of solutions and be exposed to programs and opportunities in the context of a growing sales opportunity that we will not be able to be exposed to in the former operation mode that we delivered so far.

它的主要邏輯基本上是在聯邦空間中擴展TAM。正如我所說，這種結構將幫助我們加速我們非常強大的細分市場的成長，並且基本上部署了更廣泛的解決方案，並在銷售機會不斷增長的背景下接觸到計劃和機會，我們將無法接觸到迄今為止我們提供的先前的操作模式。

I'm glad to report that now the CFS is running and ready. And we are pretty much very positive about that. As for the impact for the future, we -- I would say, still anticipate the initial financial benefits of the CFS, I would say that you will see -- the company will see an impact in '25, but a very meaningful impact when it comes to '26 and '27.

我很高興地報告，現在 CFS 已經運行並準備就緒。我們對此非常積極。至於對未來的影響，我想說，我們仍然預計 CFS 的最初財務收益，我想說的是，你會看到，公司將在 25 年看到影響，但當到了'26和'27。

Got it. That's helpful. And -- maybe for Tom, on the CEO transition, I think you noted that you're focused on bringing the best leader possible. Is there a set of criteria that you have I think Shaul mentioned, location is one point of question. But in terms of technological expertise, sales expertise, customer focus. What is your shopping list or wish list as you go to the search firms and look for the most suitable candidate possible?

知道了。這很有幫助。而且，也許對於湯姆來說，關於首席執行官的過渡，我認為您注意到您專注於盡可能引進最好的領導者。我認為 Shaul 提到過，您是否有一套標準，位置是一個問題。但在技術專長、銷售專長、以客戶為中心方面。當您去獵人頭公司尋找最合適的候選人時，您的購物清單或願望清單是什麼？

Well, as the search people shared with us when we talked about this, they just granted -- so. It's basically the god spec, right? And I said, yes, that's right. That's what this company deserves. We -- I know this maybe sounds like I'm dodging the question, but we don't -- we didn't want to get laser-focused as the question you raised in a lot of cases, it's a really good, fair question, which is, hey, given where the company is at, given the strength of the executive team, is the company in bigger need today of a go-to-market CEO or a product CEO and you can apply multiple vectors to that.

嗯，正如我們談論這個問題時搜索人員與我們分享的那樣，他們只是同意了——所以。這基本上就是上帝規格，對吧？我說，是的，沒錯。這就是這家公司應得的。我們——我知道這聽起來像是我在迴避這個問題，但我們不——我們不想像你在很多情況下提出的問題那樣受到關注，這是一個非常好的、公平的問題問題是，嘿，考慮到公司所處的位置，考慮到執行團隊的實力，公司今天是否更需要一位進入市場的首席執行官或產品首席執行官，你可以對此應用多個向量。

Public sector experience would be an example. The geography question. And so we by design didn't want to over-index on specifics, again, we're shooting high. So we -- our goal is to punch above our weight and announce a new CEO that the marketplace just kind of takes the breath away and says, "Wow" and that's the priority to help guide this to the $1 billion-plus ARR mark and what we expect will be in an aggressive strategic agenda over the next 4 or 5 years. So I'm not trying to dodge your question, but we wanted to give them a shot first with a pretty wide open aperture and then we'll tune and prioritize from that list.

公共部門的經驗就是一個例子。地理問題。因此，我們在設計上不想對細節過度索引，再次，我們的目標很高。因此，我們的目標是超越我們的重量，宣布一位新任首席執行官，讓市場驚嘆不已，這是幫助引導我們的 ARR 達到 10 億美元以上大關的首要任務，我們期望在未來4 到5 年內制定積極的戰略議程。所以我並不是想迴避你的問題，但我們想先用相當大的光圈給他們一個機會，然後我們將從該列表中進行調整和優先排序。

Jonathan Ho, William Blair.

喬納森·何，威廉·布萊爾。

Congratulations, Yossi. It's been great to work with you as well. When we look at sort of the net retention, can you give us a little bit of additional detail just given how strong it's been, how much of this is driven maybe by new seat expansion versus upsell just want to get a sense of maybe the sustainability or durability of net retention?

恭喜你，約西。與您合作也很棒。當我們考慮淨保留率時，您能否給我們一些額外的細節，考慮到它有多強，其中有多少可能是由新座位擴張和追加銷售推動的，只是想了解一下可持續性或淨保留的持久性？

Yeah. I think as I mentioned as part of the ARR growth, the vast majority of the contribution to the ARR growth and to the net retention is the expansion within the Inseyets offering both by upgrading the current offering, but also by selling more -- not necessarily seats, but more volume. So if you think about the unlocks growing it from there -- almost doubling in the last year, this is actually to the same seats that are sitting on an Inseyets-based solution, just giving them more capabilities.

是的。我認為，正如我所提到的，作為ARR 增長的一部分，對ARR 增長和淨留存率的絕大多數貢獻是Inseyets 產品範圍內的擴張，既通過升級當前產品，也通過銷售更多產品- 不一定是座位，但音量更大。因此，如果你考慮從那裡開始增長的解鎖數量——去年幾乎翻了一番，這實際上是基於 Inseyets 的解決方案的相同席位，只是為他們提供了更多功能。

And this is a combination of the two. And then some of it is really coming from the great performance of the Guardian. It is more than double the ARR in the past 12 months, growing very fast from a small base and continuous implementation of the Pathfinder. So that is in a way what we were trying to convey to our customers that they need to move to the next generation of the C2C platform, they need to enjoy the benefits of those new solutions, and we are seeing great adoption.

這是兩者的結合。其中一些確實來自《衛報》的出色表現。在過去 12 個月中，ARR 成長了一倍多，從較小的基數和探路者的持續實施來看，成長速度非常快。因此，這就是我們試圖向客戶傳達的訊息：他們需要遷移到下一代 C2C 平台，他們需要享受這些新解決方案的好處，而且我們看到了廣泛的採用。

Excellent. And then just in terms of your commentary around AI, can you give us a little bit of additional detail on how customers can leverage AI within your solutions? And how this could maybe expand your opportunity as well? Thank you.

出色的。然後，就您對人工智慧的評論而言，您能否為我們提供一些有關客戶如何在您的解決方案中利用人工智慧的額外細節？這如何也能擴大您的機會？謝謝。

So first of all, ones need to understand and we said it several times, customers, and especially out customers, I'm talking about investigators and examiners in DFU and IU, they place a very high value on the AI capabilities that we brought to the market so far, again, in the context of AI and machine learning, Cellebrite's leading capabilities in the Inseyets suite of solutions in the collector review for a decade by now.

所以首先，人們需要理解，我們已經說過好幾次了，客戶，尤其是外部客戶，我說的是 DFU 和 IU 的調查員和審查員，他們非常重視我們帶來的人工智慧能力。在人工智慧和機器學習的背景下，Cellebrite 在Inseyets 解決方案套件中的領先能力在收藏家的評論中再次得到了十年的認可。

But then obviously, the question is about the future. Customers basically report that leveraging AI capabilities enable to achieve step function increase in investigative speed and efficiency and also in effectiveness. I would like also to add that we see significant opportunity going forward with advanced AI capabilities.

但顯然，問題是關於未來的。客戶基本上報告說，利用人工智慧功能可以實現調查速度、效率和有效性的階梯式成長。我還想補充一點，我們看到了先進人工智慧功能的巨大機會。

And let's not forget that we -- as we look at our C2C platform, then we need to remember that it's pretty much AI driven in the elements of Inseyets, and in the elements or in the, I would say, the flagship part of the Pathfinder and Guardian as well.

我們不要忘記，當我們審視我們的 C2C 平台時，我們需要記住，它在 Inseyets 的元素中很大程度上是由人工智慧驅動的，在這些元素中，或者在我想說的旗艦部分中，探路者和守護者也是如此。

And concrete, when I look at what the companies are about to offer, we support our customers, we intend to support our customers with media analysis capabilities into the future and also text analysis, and I can say also a high usage when we look at investigations today is around crypto. And in the case of cryptocurrency analysis, AI-driven capabilities can be very meaningful as well. So very meaningful as part of the drive of the drive of the C2C platform. I'll stop there.

具體來說，當我看到這些公司即將提供的產品時，我們支持我們的客戶，我們打算透過未來的媒體分析功能和文字分析來支援我們的客戶，當我們查看時，我可以說使用率很高。就加密貨幣分析而言，人工智慧驅動的功能也非常有意義。所以作為C2C平台驅動的一部分非常有意義。我就到此為止。

Bhavin Shah, Deutsche Bank.

巴文·沙阿，德意志銀行。

This is Bhavin on for Brad. Congrats on all the success. Just two on our end. First, just as you look at your historical performance and kind of have discussions with your customers, any high-level thoughts on how a change in US administration and what that could mean for Cellebrite both in US Federal and state level?

這是巴文 (Bhavin) 替補布拉德 (Brad) 發言。祝賀一切成功。我們這邊只有兩個。首先，正如您查看您的歷史業績並與客戶進行討論一樣，您對美國政府的變化有何高層想法以及這對美國聯邦和州層面的 Cellebrite 意味著什麼？

I'll take it. I'm glad to say and reiterate what we said in the past. There were -- we are in this business for 16 years, administrations change. There was never any impact whatsoever on our business. I think that the trends that we are talking about are -- which are coming mainly for our customers, law enforcement agencies are reflecting an increasing need in digital transformation, increasing need improve the mode of operation, and I'm glad to say that at any point of time in recent years and ever since we started 15 to 16 years ago, there was any impact whatsoever on that, neither administration, the elections or anything like that.

我要買它。我很高興說出並重申我們過去所說的話。我們從事這個行業已經 16 年了，政府也發生了變化。我們的業務從未受到任何影響。我認為我們正在談論的趨勢主要是針對我們的客戶，執法機構反映了數位轉型的需求不斷增加，改進營運模式的需求不斷增加，我很高興地說近年來的任何時間點，自從我們15 至16年前開始以來，都對此事產生了任何影響，無論是政府、選舉或類似的事情。

We crossed even -- ever as I would say, eras of crisis, the financial crisis in 2011 or even COVID with the wrong anticipation about defunding police which has proven to be wrong as well. So you can be very confident that -- or we are very confident that there will be no impact also this time about the way we go forward with our customers and the budgets.

正如我所說，我們甚至跨越了危機時代、2011 年的金融危機，甚至是新冠疫情，對取消警察經費的錯誤預期也被證明是錯誤的。因此，您可以非常有信心，或者我們非常有信心，這次我們與客戶和預算的進展方式也不會受到影響。

Super helpful and insightful. Just as a follow-up, you spoke about kind of continuing to add headcount, especially on the sales side. Any insight on where kind of you will be deploying salespeople, whether it's on Guardian, Pathfinder, specific geos, public sector, private sector, et cetera.

超級有幫助和有洞察力。作為後續行動，您談到了繼續增加員工人數，特別是在銷售方面。關於您將在何處部署銷售人員的任何見解，無論是在 Guardian、Pathfinder、特定地理位置、公共部門、私營部門等。

Absolutely. First of all, I'm glad to say that we have a rich's people's problem. Again, we are -- as we look at the opportunity pipeline, we actually need more quota carriers in order basically to serve the needs of the customer. And this is rich people's problem and a good place to be as a company. If we think about our focus, we mentioned several times, while expanding our growth in the DFU is a clear proven growth engine, we need to expand in the IU investigative units and interview.

絕對地。首先，我很高興地說，我們面臨的是富人的問題。再次強調，當我們審視機會管道時，我們實際上需要更多的配額承運人，以便基本上滿足客戶的需求。這是富人的問題，也是公司發展的好地方。如果我們考慮我們的重點，我們多次提到，雖然擴大 DFU 的成長是一個明確的、經過驗證的成長引擎，但我們需要擴大 IU 調查單位和訪談。

And as I mentioned in my opening, you will see more investment from our side in quota carriers, which are specialists to the elements and the need of customers and personas in the investigative unit. And side by side to that, customer success and the ability basically to enable cross-sell and upsell while understanding the mode of operation of the customer and tie it to a value leads to the fact that you will see from Cellebrite also side-by-side with classic quota carriers, and additional investment in customer success. And these are good news for us and for the customers.

正如我在開場白中提到的，您將看到我們對配額營運商進行更多投資，這些營運商是調查部門中客戶和角色的元素和需求的專家。同時，客戶的成功以及基本上實現交叉銷售和追加銷售的能力，同時了解客戶的營運模式並將其與價值聯繫起來，導致您會從 Cellebrite 看到以下事實：與經典配額承運商合作，並為客戶成功進行額外投資。這些對我們和客戶來說都是好消息。

Tomer Zilberman, Bank of America.

托默·齊伯曼，美國銀行。

Yossi, congratulations on the 20-year mark, and I hope you get to enjoy your much deserved time off. So maybe looking at this quarter, I just wanted to talk more higher level about the performance of government budgets in relation to your outperformance versus your expectations and the Street. Maybe can you talk about how the federal budget ended, especially as this was the closing budget for them as well as when you look at the state and local level, how that performed this quarter?

Yossi，恭喜您 20 週年，我希望您能享受您應得的假期。因此，也許看看這個季度，我只是想在更高層面上討論政府預算的表現，以及與你的預期和華爾街的表現相比的表現。也許你可以談談聯邦預算是如何結束的，特別是因為這是他們的最終預算，以及當你看看州和地方層級時，本季的表現如何？

First of all, I want to say -- you mentioned the Fed and I mentioned that in my opening. The federal year came to an end at the end of Q3 in the US. That's what makes basically the third quarter from Cellebrite's very meaningful in the context and in the impact of the -- our ability to deliver on the Fed side. And it was a very strong performing quarter in terms of Fed.

首先，我想說──你提到了聯準會，我在開場白中也提到了這一點。美國聯邦年度於第三季末結束。這就是為什麼 Cellebrite 的第三季在我們向聯準會提供服務的能力的背景和影響下非常有意義。就聯準會而言，這是一個表現非常強勁的季度。

That reflects basically the fact that our anticipation regarding budget and about the ability for our customers to finance the deals, including C2C and growth and everything which is related to digital transformation met expectations. So that was a good one.

這基本上反映了這樣一個事實：我們對預算以及客戶為交易融資的能力（包括 C2C 和成長以及與數位轉型相關的一切）的預期都達到了預期。所以這是一件好事。

And as I said, we do not see any anticipation of change in that respect. So much to Fed, but the good news is that also on the state and local government, we see the same trend. We always said, especially as we started the year that we intend to do a double down with a very strong focus on the state and local government. And over there, we also see no change, meaning no news, good news. I always emphasize the fact and by that, I will finish that part that we have a huge advantage.

正如我所說，我們沒有看到這方面發生任何變化的預期。對聯準會來說就這麼多，但好消息是，在州和地方政府方面，我們也看到了同樣的趨勢。我們總是說，特別是在今年開始，我們打算加倍努力，並專注於州和地方政府。在那裡，我們也沒有看到任何變化，這意味著沒有消息，好消息。我總是強調這一事實，透過這一點，我將完成我們擁有巨大優勢的部分。

One, our -- as much as the highs are never too high, the lows are never too low in law enforcement. The reason is, there are predictable budgets. And as a company with pretty much sticky and tied to the deep conversations with our customers about plan related to C2C, and we are having a strong and close conversation with them, we have pretty much visibility about the budgets and about what is expected.

第一，我們的－執法工作的高峰永遠不會太高，低谷也永遠不會太低。原因是，有可預測的預算。作為一家與客戶就 C2C 相關計劃進行深入對話的公司，我們與他們進行了深入而密切的對話，我們對預算和預期有很大的了解。

So confidence on both sides, basically no change. And these are good news as we look and anticipate what's going to happen in '25 and beyond.

所以雙方的信心，基本上沒有改變。當我們展望並預測 25 年及以後將會發生的事情時，這些都是好消息。

Max Michaelis, Lake Street Capital.

馬克斯·米凱利斯，湖街資本。

Just one for me, and congratulations, Yossi. Just looking forward to 2025 on a high level, I know you mentioned in your script, you're talking about your consistent or meaningful era expansion and then healthy profitability supports the baseline for Rule of 45. When we think about that, I mean, are you anticipating any meaningful expansion in adjusted EBITDA? Or should we think pretty stable from what you're performing in 2024 on a margin basis?

只給我一個，恭喜你，尤西。只是在高水平上展望 2025 年，我知道您在劇本中提到過，您正在談論持續或有意義的時代擴張，然後健康的盈利能力支持 45 規則的基線。當我們思考這個問題時，我的意思是，您是否預計調整後的 EBITDA 會出現任何有意義的擴張？或者我們應該認為你們 2024 年的利潤率表現相當穩定？

Maybe I'll start. So our long-term model that we provided earlier this year talked about CAGR around 24% on the ARR and a very healthy EBITDA range of 20% to 25%. When we -- we are finishing the year and performing better than that, we do not have yet provided formal guidance for 2025, but I do think that looking at the constant performance also towards the coming years within the range that I spoke about is the right way to look at our business growth.

也許我會開始。因此，我們今年稍早提供的長期模型談到了 ARR 的複合年增長率約為 24%，以及非常健康的 EBITDA 範圍（20% 至 25%）。當我們即將結束這一年並表現得更好時，我們尚未提供 2025 年的正式指導，但我確實認為，在我談到的範圍內關注未來幾年的持續表現是看待我們業務增長的正確方法。

And then I don't know if I missed it on the call or not, but what was the reason for the $3 million tick up quarter-over-quarter increase in pro services? Was that related to Federal or help me out with that?

然後我不知道我是否錯過了電話會議，但專業服務季度環比增長 300 萬美元的原因是什麼？這跟聯邦有關還是幫我解決這個問題？

That was an APAC customer that we have contracted special -- specific services. A year ago, we completed it. Earlier in the year, it was supposed to be next quarter, a onetime event.

這是我們與一位亞太地區客戶簽訂的特別服務合約。一年前，我們完成了它。今年早些時候，這本來應該是下個季度的一次性事件。

This does conclude the Q&A portion of today's call. I would now like to turn the floor over to Cellebrite's 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 的執行長 Yossi Carmil 發表補充或結束語。

So first of all, I would like to thank you all for participating in this call. But I would like to use the opportunity also to -- in a wider sense to thank you probably for the last time in this uniform for the trust in Cellebrite, the long-term trust so far, and I'm also sure into the future.

首先，我要感謝大家參與這次電話會議。但我還想利用這個機會——從更廣泛的意義上來說，感謝你們最後一次穿著這件製服，感謝你們對 Cellebrite 的信任，迄今為止的長期信任，我也對未來充滿信心。

Above all, I would like to use the opportunity and thank the Cellebrite employees. As always, for an excellent Q3. And obviously, good luck, we still have a year to close. I wish all of us good luck by closing successfully this year.

最重要的是，我想利用這個機會並感謝 Cellebrite 的員工。一如既往，第三季表現出色。顯然，祝你好運，我們還有一年的時間結束。祝我們大家好運，今年順利結業。

And on a personal note, I would like to use the opportunity and thank all Cellebrite employees, all those and the managers who has been part of my journey throughout these years, and who are part of my personal journey and personal success. Good luck to the company and good luck to all. Thank you.

就我個人而言，我想利用這個機會感謝所有 Cellebrite 員工、所有這些年來參與我的旅程的人員和經理，以及他們是我個人旅程和個人成功的一部分。祝公司好運，祝大家好運。謝謝。

Thank you. This does conclude the Cellebrite third quarter 2024 financial results conference call. Please disconnect your line at this time, and have a wonderful day.

謝謝。Cellebrite 2024 年第三季財務業績電話會議到此結束。請此時斷開線路，祝您有美好的一天。