Cellebrite DI Ltd (CLBT) 2024 Q4 法說會逐字稿

Welcome to the Cellebrite fourth-quarter and full-year 2024 financial results conference call. (Operator Instructions)

歡迎參加 Cellebrite 2024 年第四季和全年財務業績電話會議。（操作員指令）

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的第一位演講者安德魯·克萊默先生。克萊默先生，現在請您發言。

Thank you, Jim, and, welcome, everybody to Cellebrite's fourth-quarter and full-year 2024 financial results call. I'm joined today at our headquarters just outside of Tel Aviv by our primary speakers: Tom Hogan, Cellebrite's Interim CEO; and Dana Gerner, Cellebrite’s CFO. Ronnen Armon, our Chief Products and Technology Officer; and Marcus Jewell, our Chief Revenue Officer, will be available during the Q&A. 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're referring to in our remarks. The call is being recorded and a replay of the recording will be made available on our website shortly after the call along with the transcript of the event.

謝謝您，吉姆，歡迎大家參加 Cellebrite 2024 年第四季和全年財務業績電話會議。今天，我們的主要發言人在特拉維夫郊外的總部與我一起參加了這次會議：Cellebrite 的臨時執行長 Tom Hogan；以及 Cellebrite 的財務長 Dana Gerner。Ronnen Armon，我們的首席產品和技術長；我們的首席營收長 Marcus Jewell 將在問答環節出席。我們的準備好的發言附有幻燈片演示。請推進網路廣播檢視器中的幻燈片以追蹤我們的評論。我們將在發言中喊出我們所提到的幻燈片編號。這通電話正在錄音，錄音重播將在通話結束後不久與活動記錄一起發佈在我們的網站上。

Now let's start 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 each quarter of the past three years are available on the investor relations website at investors.cellebrite.com. Also, unless stated otherwise, our discussion of our fourth-quarter and full-year 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 comparable periods in 2023. In addition, please note that statements made during this call that are not statements of historical fact constitute forward-looking statements.

現在我們從第二張投影片開始。今天的新聞稿和財務報表的副本，包括 GAAP 與非 GAAP 的對帳、本幻燈片演示以及過去三年每個季度的季度財務表和補充歷史財務信息，均可在投資者關係網站 investors.cellebrite.com 上查閱。此外，除非另有說明，我們對 2024 年第四季度和全年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，並且所有歷史比較均與 2023 年的可比時期進行。此外，請注意，本次電話會議中所作的非歷史事實陳述構成前瞻性陳述。

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 forecasts. Some of these forward-looking statements are discussed under the heading Risk Factors and elsewhere in the company's annual report on Form 20F, 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.

所有前瞻性陳述都受風險、不確定性和其他因素的影響，這些因素可能會導致這些前瞻性陳述中表達或暗示的事項不會發生。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。這些前瞻性陳述中的一些在「風險因素」標題下以及公司 20F 表年度報告的其他部分中進行了討論，該報告於 2024 年 3 月 21 日向美國證券交易委員會提交，並於 2024 年 4 月 12 日進行了修訂。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。

Slide number 3 provides an agenda of the topics that we'll cover on today's call. And with that being said, I'll now turn the call over to Tom Hogan. Tom?

投影片 3 提供了我們將在今天的電話會議上討論的主題的議程。說了這麼多，現在我會把電話轉給湯姆霍根。湯姆？

Andy, thanks, and thanks, everyone, for joining us today. As most of you know, I assumed the role of Interim CEO effective the start of January. I'm pleased to share that Cellebrite delivered a solid fourth quarter to cap a 2024, in which we exceeded our original revenue and adjusted EBITDA targets and delivered at the higher end of our ARR expectations. Dana will review our quarterly and annual financial performance in detail.

謝謝安迪，也謝謝大家今天的參與。大多數人都知道，我從一月初起擔任臨時執行長一職。我很高興地告訴大家，Cellebrite 在 2024 年第四季度取得了穩健的成績，我們超出了原來的收入和調整後的 EBITDA 目標，並達到了 ARR 預期的較高水平。達娜將詳細審查我們的季度和年度財務業績。

But at a high level, slide 4 helps illustrate our continued success in expanding share of wallet across our install base and converting that top-line growth into year-over-year improvements in our profitability and free cash flow. On a full-year basis, we delivered a Rule of 50 performance in 2024 with 25% ARR growth and 25% adjusted EBITDA margins, which is also at the high end of our committed Rule of X range of 45 to 50. Strong fundamental performance has once again resulted in another solid year of cash generation with $122 million in free cashflow in 2024.

但從高層次來看，投影片 4 有助於說明我們在擴大安裝基數的錢包份額以及將營收成長轉化為獲利能力和自由現金流的逐年改善方面持續取得成功。從全年來看，我們在 2024 年實現了 50 規則的業績，ARR 成長率為 25%，調整後 EBITDA 利潤率為 25%，這也處於我們承諾的 45 到 50 的 X 規則範圍的高端。強勁的基本面表現再次帶來了另一個穩健的現金創造年，2024 年的自由現金流達到 1.22 億美元。

As a cloud-ready, AI-powered market leader with a true end-to-end platform for accelerating justice, the opportunity to help our customers make their community safer, while fueling further value creation at Cellebrite remains significant. With multiple macro tailwinds, we believe showed no signs of fading, we entered 2025 with a commitment to sustain top-line growth and to generate attractive profitability and free cash flow. Dana will share greater detail about our 2025 outlook in a few moments.

身為雲端就緒、人工智慧驅動的市場領導者，我們擁有真正的端到端平台來加速司法公正，我們有機會幫助客戶讓他們的社群更安全，同時推動 Cellebrite 進一步創造價值，這仍然意義重大。我們相信，在多重宏觀順風的推動下，這些順風沒有減弱的跡象，我們進入 2025 年，致力於維持營收成長並創造有吸引力的獲利能力和自由現金流。稍後，達娜將更詳細地分享我們 2025 年的展望。

In the meantime, I'd like to focus the balance of my commentary on key developments to start this year as well as Cellebrite's top strategic priorities for 2025. Let's start on slide 5 with a topic that I'm guessing is top of mind for many of you, the status of our CEO search. As previously shared on our last quarterly call, we're working with a Tier 1 executive search firm that has the global remit to surface exceptional candidates.

同時，我想將我的評論重點放在今年年初的關鍵發展以及 Cellebrite 2025 年的首要策略重點上。讓我們從第 5 張投影片開始討論一個我猜是你們很多人最關心的話題，也就是我們的 CEO 搜尋狀態。正如我們在上次季度電話會議上所分享的那樣，我們正在與一家一級高管搜尋公司合作，該公司擁有全球性的職權範圍，可以搜尋優秀的候選人。

Our priority remains a proven leader with SaaS, cloud, and AI software expertise, a global track record, prior exposure to the public sector, and preferably domain-specific expertise. Interest levels have been high, given the unique position of Cellebrite as a high-growth market leader with equally strong cash flows, and, I think perhaps most importantly, a clearly mission-driven organization. We remain highly selective as we seek an executive whose profile is commensurate with the growth, impact, and quality of this company and pleased with our progress thus far.

我們的首要任務仍然是尋找具有 SaaS、雲端和 AI 軟體專業知識、全球業績記錄、公共部門經驗以及最好是特定領域專業知識的經驗豐富的領導者。由於 Cellebrite 是高成長市場領導者，擁有同樣強勁的現金流，其獨特地位，以及我認為或許最重要的是，它是一個明確的使命驅動型組織，因此人們的興趣水平一直很高。我們始終嚴格篩選，尋找一位與本公司的發展、影響力和品質相稱，並對我們迄今為止的進展感到滿意的高階主管。

In the meantime, I jumped in as CEO on Jan 1, and I can promise you we're moving with continued pace and urgency. I've had the opportunity to lead three companies as the CEO and have held senior leadership positions at several other market-leading firms, but I can tell you with complete conviction there is no other organization I've been prouder or more pleased to lead. Every man and woman at Cellebrite, from the Board down to our newest hires, is committed to accelerating our journey. Cellebrite is executing, and is truly making the world a better, safer place. Simply said, while we're all looking forward to the appointment of a new world-class leader, we aren't waiting for that event and we're operating with the speed that our customers, employees, and stakeholders expect.

同時，我於 1 月 1 日開始擔任首席執行官，我可以向你們保證，我們將繼續以快速和緊迫的方式前進。我曾有機會以執行長的身份領導三家公司，並在其他幾家市場領先的公司擔任高級領導職務，但我可以非常肯定地告訴你，沒有其他公司比這家公司更讓我感到自豪或高興能夠領導。Cellebrite 的每一位員工，從董事會到最新聘用的員工，都致力於加速我們的發展進程。Cellebrite 正在努力實踐，並真正讓世界變得更美好、更安全。簡而言之，雖然我們都期待著任命一位新的世界級領導人，但我們不會等待這件事的發生，而是以我們的客戶、員工和利害關係人所期望的速度開展工作。

I want to briefly highlight a few other important milestones since our last call. First, we relaunched an expanded Customer Advisory Board. This forum brings together 12 to 14 senior-level decision makers and some of our largest and most innovative customers to discuss topical, forensic, and investigative challenges, review trends, policies, and best practices, and explore emerging technologies. We held our inaugural meeting in December in Washington, DC, and we'll host similar sessions this year in the EMEA and Asia PAC regions.

我想簡要地強調一下我們上次通話以來的另外幾個重要里程碑。首先，我們重新啟動了擴大的客戶諮詢委員會。該論壇匯集了 12 至 14 位高級決策者和我們的一些最大、最具創新精神的客戶，共同討論主題、法醫和調查挑戰，審查趨勢、政策和最佳實踐，並探索新興技術。我們於 12 月在華盛頓特區舉行了首次會議，今年我們將在歐洲、中東和非洲地區以及亞太地區舉辦類似的會議。

Second, in early January, we announced an important change to the structure of our Board. In keeping with the governance best practice of separating the Chairman and CEO duties, Adam Clammer, Managing Partner of True Wind Capital and Former Lead Independent Director, has assumed my former role as Board Chairman.

第二，一月初，我們宣布了董事會結構的重要變化。為了遵循將董事長和執行長職責分開的最佳實踐，True Wind Capital 執行合夥人兼前首席獨立董事 Adam Clammer 已擔任我原先的董事會主席職務。

We also announced the appointment of Michael Capellas as a new Director assuming Adam's prior role as our Lead Independent. Most of you will know Michael's distinguished track record as a technology leader, having led organizations like Compaq and MCI as the CEO, as well as serving as a Director on multiple global leaders, including his current role as the Lead Independent director at Cisco. Aside from his general management experience, Michael brings two specific skill sets that I think will be invaluable to our next chapter. As a legacy CIO, Michael brings to the board unique technical depth and perspective.

我們還宣布任命邁克爾·卡佩拉斯 (Michael Capellas) 為新董事，接替亞當 (Adam) 之前擔任我們的首席獨立董事的職務。大多數人都知道邁克爾作為技術領導者的傑出業績，他曾擔任康柏和 MCI 等公司的首席執行官，並擔任多家全球領導公司的董事，目前擔任思科公司的首席獨立董事。除了一般的管理經驗外，麥可還帶來了兩項特定的技能，我認為這對我們的下一章來說將是無價的。身為前 CIO，Michael 為董事會帶來了獨特的技術深度和視角。

And just as important, his history of driving corporate strategy will complement the strengths and skills of our current Board. To further leverage those skills, our Board this week launched a new technology and strategy committee, which Michael will chair with Adam Clammer and Troy Richardson as committee members.

同樣重要的是，他推動公司策略的歷史將補充我們現任董事會的優勢和技能。為了進一步利用這些技能，我們的董事會本周成立了一個新的技術和策略委員會，Michael 將擔任該委員會的主席，Adam Clammer 和 Troy Richardson 擔任委員會成員。

Third, we hosted our annual sales kickoff event in Orlando in late January. Nearly 400 Cellebrite employees, including many of our most recently hired sales representatives attended this event, which included a keynote from one of our many important partners, Amazon Web Services. The energy and excitement, as you would expect, were palpable, and the event was a great start to our 2025. As we look forward to 2025, we'll maintain the majority of our priorities while complementing and augmenting them with new and important events and areas of focus.

第三，我們於一月底在奧蘭多舉辦了年度銷售啟動活動。近 400 名 Cellebrite 員工（包括我們許多最近聘用的銷售代表）參加了此次活動，其中還包括我們眾多重要合作夥伴之一 Amazon Web Services 的主題演講。正如您所期望的，這種活力和興奮是顯而易見的，這次活動是我們 2025 年的一個好開始。展望 2025 年，我們將繼續保留大部分優先事項，同時透過新的、重要的事件和重點領域對其進行補充和擴展。

On the event front, we're very excited about the launch of our inaugural Case to Closure Summit. This Cellebrite user conference will convene roughly 500 law enforcement, intelligence, and corporate clients from around the world. The event will take place in late March in Washington, DC, and will deliver hands-on training, educational workshops, and insights from industry experts covering best practices and emerging trends. We believe this event will be a seminal moment in Cellebrite's history and a harbinger of the trusted influence we bring to digital investigations.

在活動方面，我們非常高興舉辦首屆「從案件到結案」高峰會。本次Cellebrite用戶大會將召集來自全球各地約500名執法、情報和企業客戶。該活動將於 3 月下旬在華盛頓特區舉行，並將提供實踐培訓、教育研討會以及行業專家的見解，涵蓋最佳實踐和新興趨勢。我們相信，這項活動將成為 Cellebrite 歷史上的重要時刻，也是我們為數位調查帶來可信影響力的先兆。

Slide 6 outlines our 2025 priorities. We'll continue the migration of our digital forensics install base to the Inseyets product suite. 2024 exceeded our expectations from both a financial and client satisfaction perspective. We closed 2024 with roughly 20% of the install base migrated as compared to our initial goal of 10% and entered the new year with the objective of increasing this figure to roughly 50%-plus. More importantly, the early feedback from migrated clients has been exceptional, with most reporting significant improvements in the speed and efficiency of their investigative processes. Our Inseyets migration is also driving important growth with increased attach rates for our unlock capabilities. Our unlock penetration increased to the high 30% range at the end of 2024.

幻燈片 6 概述了我們的 2025 年優先事項。我們將繼續將我們的數位取證安裝基礎遷移到 Inseyets 產品套件。 2024 年從財務和客戶滿意度角度來看都超出了我們的預期。截至 2024 年，我們的安裝基數已遷移約 20%，而我們最初的目標是 10%。更重要的是，遷移客戶的早期回饋非常出色，大多數回饋稱其調查流程的速度和效率都得到了顯著提高。我們的 Inseyets 遷移也推動了重要的成長，提高了我們的解鎖功能的附加率。到 2024 年底，我們的解鎖滲透率將上升至 30% 的高點。

Second, as we mature the power of the C2C platform, we're focused on the growth of our Guardian and Pathfinder solutions. Guardian is a key offering within the Cellebrite cloud platform, which is rapidly gaining traction with investigators, analysts, and prosecutors. As part of the Cellebrite cloud platform, Guardian offers management, review, and analysis of digital evidence while protecting the chain of custody and meeting stringent data integrity requirements.

其次，隨著 C2C 平台功能的日益成熟，我們將重點放在 Guardian 和 Pathfinder 解決方案的發展。Guardian 是 Cellebrite 雲端平台中的關鍵產品，該平台正迅速受到調查人員、分析師和檢察官的青睞。作為 Cellebrite 雲端平台的一部分，Guardian 提供數位證據的管理、審查和分析，同時保護保管鏈並滿足嚴格的資料完整性要求。

Our Guardian ARR generated triple-digit percentage growth year over year for the second half of the year, as the number of customers with both Inseyets and Guardian nearly tripled and the volume of stored data quintupled. Pathfinder, which is our AI-enabled analytics solution, also delivered strong results in the quarter, with year-on-year ARR expansion in line with expectations of growth in the 35% to 50% range. This asset is critical to investigators as they navigate the mountains of digital artifacts needed to identify high-value patterns, connections, and other evidential insights that are next to impossible to glean quickly through manual review.

我們的 Guardian ARR 在下半年實現了三位數的百分比成長，因為 Inseyets 和 Guardian 的客戶數量增加了近三倍，儲存的資料量增加了五倍。Pathfinder 是我們的人工智慧分析解決方案，它在本季也取得了強勁的業績，ARR 年成長符合 35% 至 50% 的成長預期。這項資產對調查人員來說至關重要，因為他們需要在大量的數位文獻中尋找高價值的模式、聯繫和其他證據見解，而這些幾乎不可能透過人工審查快速獲得。

On the technology front, we'll continue to leverage our investments in the cloud and AI, which we view as critical for driving broader adoption of our solutions. ARR from our cloud-based offerings nearly doubled to 17% of total ARR in 2024. Aggressive expansion of cloud-based ARR over the coming years will bring multiple benefits to both our clients and our shareholders. AI is an equally critical technology for investigations, enabling greater speed, efficiency, and efficacy. We've been at the forefront of AI for over a decade but see an enormous opportunity to advance our mission and our value as we further expand our capabilities. To that end, we announced, just last week, powerful new-gen AI features for our Guardian solution.

在技​​術方面，我們將繼續利用在雲端運算和人工智慧方面的投資，我們認為這對於推動我們解決方案的更廣泛採用至關重要。到 2024 年，我們基於雲端的產品的 ARR 幾乎翻了一番，達到總 ARR 的 17%。未來幾年基於雲端的 ARR 的積極擴張將為我們的客戶和股東帶來多重利益。人工智慧對於調查來說同樣是一項重要的技術，它可以提高調查速度、效率和功效。十多年來，我們一直處於人工智慧領域的前沿，但隨著我們進一步擴展能力，我們看到了推進我們的使命和價值的巨大機會。為此，我們上週剛剛宣布了我們的 Guardian 解決方案的強大的新一代 AI 功能。

Next, we continue to invest in accelerating our growth within the US federal sector. This sector delivered strong results in 2024 with ARR growth in the mid-20% range. We expect that with our recently formed Cellebrite Federal Solutions Unit and its associated clearances, we'll continue to sustain solid growth through 2025 while expanding pipelines that will position us for acceleration in 2026 and beyond.

接下來，我們將繼續投資，加速我們在美國聯邦部門內的成長。該行業在 2024 年取得了強勁的業績，ARR 成長率達到 20% 左右。我們預計，憑藉我們最近成立的 Cellebrite 聯邦解決方案部門及其相關許可，我們將在 2025 年之前繼續保持穩健的成長，同時擴大管道，為我們在 2026 年及以後的加速發展做好準備。

A great example of potential pipeline expansion involves our FedRAMP initiative, which enables the Cellebrite cloud platform to meet the US government's demanding security and technical requirements. We've made important progress on this front, having announced just yesterday that we achieved FedRAMP ready status at a high-level designation which is reserved for only the most secure and rigorous suppliers. We're focused on achieving the final milestone of full authorization within the next one to two quarters.

潛在管道擴展的一個很好的例子是我們的 FedRAMP 計劃，它使 Cellebrite 雲端平台能夠滿足美國政府嚴格的安全和技術要求。我們在這方面取得了重要進展，昨天剛剛宣布我們已獲得 FedRAMP 就緒狀態，這一高級頭銜僅為最安全和最嚴格的供應商保留。我們專注於在未來一到兩個季度內實現全面授權的最終里程碑。

We'll also maintain our important footprint in the private sector where Cellebrite's data collection solutions help enterprises and service providers advance corporate investigations and e-discovery. We're encouraged by early progress in expanding our sales pipeline through our exclusive partnership with Relativity along with the broader adoption of our Endpoint Inspector offering.

我們也將保持在私營部門的重要影響力，Cellebrite 的資料收集解決方案可協助企業和服務提供者推廣公司調查和電子取證。我們透過與 Relativity 的獨家合作以及更廣泛地採用我們的 Endpoint Inspector 產品，在擴大銷售管道方面取得了早期進展，這讓我們感到鼓舞。

In addition to these areas of focus, we've launched a company-wide initiative to elevate the customer experience and to modernize our processes throughout the customer lifecycle. We're advancing a range of programs, including investments in new systems, incentives, dedicated and focused resources, and new processes.

除了這些重點領域之外，我們還啟動了一項全公司範圍的計劃，以提升客戶體驗並在整個客戶生命週期內實現流程現代化。我們正在推進一系列計劃，包括對新系統、激勵措施、專用和重點資源以及新流程的投資。

Over time, we believe this effort will drive improvement in multiple metrics like time to value, agility, contracting ease, post-sale support, and more, all things that should ultimately drive continuous improvement in our gross retention rates. To be clear, these metrics are already strong, but we're confident with added focus we'll have the opportunity to deliver further gains. I would add that all of these investments are fully contemplated in our 2025 outlook. Ultimately, we expect this initiative will enable the scale we aspire to while protecting the service levels and trust we have built over the past two decades.

隨著時間的推移，我們相信這項努力將推動多個指標的改善，例如價值實現時間、敏捷性、簽約便利性、售後支援等，所有這些最終都將推動我們的總留存率持續提高。需要明確的是，這些指標已經很強了，但我們相信，只要更專注，我們將有機會進一步的成長。我想補充一點，所有這些投資都已充分考慮在我們的 2025 年展望中。最終，我們期望這項舉措能夠實現我們所期望的規模，同時保護我們在過去二十年中建立的服務水準和信任。

Finally, underpinning these priorities is the ongoing commitment we make to support our most important asset, the passionate and committed men and women at Cellebrite. Our goal is to extend Cellebrite's reputation as the place to be in enterprise software.

最後，這些優先事項的基礎是我們持續致力於支持我們最重要的資產——Cellebrite 員工，他們充滿熱情且忠誠。我們的目標是擴大 Cellebrite 作為企業軟體領域的聲譽。

Let's turn to slide 7 for the conclusion of my remarks. Cellebrite continues to execute. We remain positioned as the market leader in an important segment with sustained macro tailwinds. Crime persists and the use of digital technologies in the pursuit of crime and violence continues to escalate. Head counts and justice remain constrained while attrition rates and law enforcement remain high. There's only one solution to closing this chasm, which is the application of advanced technologies. Our outlook for the coming year reinforces our conviction that linking our technology with the brave professionals dedicated to justice is the clear path forward.

讓我們翻到第 7 張投影片來結束我的演講。Cellebrite 繼續執行。在持續的宏觀順風帶動下，我們仍然佔據重要領域的市場領先地位。犯罪活動依然存在，使用數位科技打擊犯罪和暴力的情況也不斷升級。人數和司法公正仍然受到限制，而人員流失率和執法力度仍然很高。彌合這一鴻溝的解決方案只有一個，那就是應用先進的技術。我們對來年的展望堅定了我們的信念：將我們的技術與致力於正義的勇敢專業人士聯繫起來是明確的前進道路。

I want to thank our analysts and shareholders for their continued trust and support. I also want to thank my colleagues at Cellebrite for their hard work, commitment, and for their warm welcome as I transitioned from Chair to CEO. We're all inspired every day by the good we do. Democratized nations around the world depend on all of us to accelerate justice, and we're energized by that challenge.

我要感謝我們的分析師和股東一直以來的信任與支持。我還要感謝 Cellebrite 的同事們的辛勤工作、奉獻精神以及在我從主席轉任首席執行官期間給予的熱烈歡迎。我們每天都會因自己所做的善事而受到啟發。世界各地的民主國家都依賴我們所有人來加速實現正義，而這項挑戰激勵著我們。

With that, I'll ask Dana to take you through the details and outline our commitments for 2025. Dana?

接下來，我將請達娜向您介紹詳細資訊並概述我們對 2025 年的承諾。戴娜？

Thank you, Tom. Well, I'm excited to walk you through the drivers that supported our Rule of 50 performance in 2024. This is a type of balanced mix between top-line growth and profitability that we envisioned when we went public in mid-‘21. More importantly, I'm pleased that our outlook for 2025 is aligned with our long-term objectives of consistently delivering a Rule of X performance between 45 and 50.

謝謝你，湯姆。好吧，我很高興向您介紹支持我們在 2024 年實現 50 規則表現的驅動因素。這是我們在 21 年中期上市時設想的一種收入成長和獲利能力之間的平衡組合。更重要的是，我很高興我們對 2025 年的展望與我們的長期目標一致，即始終如一地實現 45 至 50 之間的 X 規則性能。

Let's start our review on slide 9. In addition to reviewing our fourth-quarter results, I will highlight our full-year performance on the appropriate. Our ARR grew 25% year on year to $396 million, largely driven by increased spending within our installed customer base. As noted on the slide, our growth retention was approximately 92%, which reflects a notable meaningful improvement over 2023 due to a lessening impact associated with our voluntary exits from certain markets in prior years and strong public sector renewal rates, most notable within our US federal customers.

讓我們從第 9 張投影片開始複習。除了回顧我們第四季度的業績外，我還將適當地強調我們全年的業績。我們的 ARR 年增 25%，達到 3.96 億美元，這主要得益於我們已安裝客戶群的支出增加。如幻燈片所示，我們的成長保留率約為 92%，這反映出與 2023 年相比顯著的有意義的改善，這是由於前幾年我們自願退出某些市場的影響減輕以及公共部門續約率強勁，最明顯的是我們的美國聯邦客戶。

Geographically, the 2024 ARR mix was in line with the prior quarters and mirrors the full-year revenue mix. The Americas represented 54% of total ARR, with EMEA at 34% and Asia Pacific at 12%. In terms of growth rate by geography, the Americas grew 29%, thanks to a strong finish with our federal, state, and local, and Latin America customer segments. ARR grew 31% in the Asia Pacific region, followed by 18% expansion in EMEA.

從地理位置來看，2024 年 ARR 組合與前幾季一致，並與全年收入組合一致。美洲地區佔總 ARR 的 54%，歐洲、中東和非洲地區佔 34%，亞太地區佔 12%。從各地區的成長率來看，由於聯邦、州和地方以及拉丁美洲客戶群的強勁成長，美洲地區成長了 29%。亞太地區的 ARR 成長了 31%，其次是歐洲、中東和非洲地區的 ARR 成長了 18%。

Let's turn to slide 10 to dive a little deeper into the ARR growth drivers from a product family perspective. This slide also highlights several specific deals that have contributed to our growth. As reflected in the chart, it's clear that Inseyets continues to be the single largest contributor to celebrate ARR growth in absolute dollars. As Tom noted, within Inseyets, we continue to experience very strong demand for our offering that examiners use to lawfully access the most advanced smartphones. All three of the deals on this slide involve customers who upgraded to Inseyets while leveraging our advanced unlock technology.

讓我們翻到第 10 張投影片，從產品系列的角度更深入探討 ARR 成長動力。這張投影片也重點介紹了對我們成長做出貢獻的幾項具體交易。如圖所示，很明顯，Inseyets 繼續成為 ARR 絕對美元成長的最大單一貢獻者。正如湯姆所說，在 Inseyets 內部，我們產品的需求持續非常強烈，審查人員可以利用這些產品合法存取最先進的智慧型手機。此幻燈片上的所有三筆交易均涉及升級到 Inseyets 並利用我們先進的解鎖技術的客戶。

We're also pleased to see certain customers expanding their use of Inseyets beyond traditional lab environments out into the field. And just as important, we make good progress with cross-selling and upselling Guardian and Pathfinder into existing and new buying centers within our installed base. Two of those deals reflect the growing interest we see in our broader C2C portfolio. On a combined basis, ARR for Guardian and Pathfinder grew close to 50% in 2024, and the two areas are now approaching 10% of our ARR on a combined basis, up from the mid-single digits only just one year ago.

我們也很高興看到某些客戶將 Inseyets 的使用範圍從傳統的實驗室環境擴展到了現場。同樣重要的是，我們在安裝基礎中的現有和新的購買中心對 Guardian 和 Pathfinder 的交叉銷售和追加銷售方面取得了良好進展。其中兩筆交易反映出我們對更廣泛的 C2C 投資組合日益增長的興趣。總體而言，Guardian 和 Pathfinder 的 ARR 在 2024 年增長了近 50%，這兩個領域現在在我們的 ARR 中的佔比已接近 10%，而僅僅一年前這一比例還只有個位數的中段。

Turning to slide 11, we delivered fourth-quarter revenue of $109 million, enabling us to finish '24 with full-year revenue of $401.2 million. The 17% growth in total Q4 revenue over the same period last year was primarily fueled by a 28% increase in subscription services and a 21% increase in total subscription software. Cellebrite's 2024 full-year revenue growth of 23% was primarily driven by 26% increase in total subscription software, augmented by modest growth in nonrecurring hardware revenue, and partially offset by flat professional services revenue. Consistent with historical trends and our expectations at the start of last year, we generated 54% of our total '24 revenue in the second half of the year, and I will make sure to cover our business seasonality in the context of our '25 guidance.

第 11 張投影片顯示，我們第四季的營收為 1.09 億美元，這使得我們 2024 年全年營收達到 4.012 億美元。第四季總營收較去年同期成長 17%，主要得益於訂閱服務成長 28% 以及訂閱軟體總量成長 21%。Cellebrite 2024 年全年營收成長 23%，主要得益於總訂閱軟體成長 26%，非經常性硬體營收的小幅成長，而專業服務營收持平則部分抵銷了這一成長。與歷史趨勢和我們去年年初的預期一致，我們在下半年創造了 24 年總收入的 54%，我將確保在我們的 25 年指引中涵蓋我們的業務季節性。

Let's move to slide 12 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 Q4 gross margins of 84.4% reflect slightly higher increments of cost for hosting and the impact of increased hardware sales associated with Pathfinder deals and Inseyets adoption. Our full-year '24 gross margins were 85%, up from 84.2% in the prior year, due primarily to the growth in high-margin software as well as improvements within our professional services.

讓我們轉到第 12 頁，回顧一下我們的非 GAAP 毛利率和非 GAAP 營運費用，其中不包括股權激勵、無形資產攤銷和收購相關費用。我們第四季的毛利率為 84.4%，反映了託管成本的略微增加以及與 Pathfinder 交易和 Inseyets 採用相關的硬體銷售成長的影響。我們 24 年全年毛利率為 85%，高於上年的 84.2%，這主要歸功於高利潤軟體的成長以及我們專業服務的改進。

In terms of operating expenses, Q4 operating costs were $65.1 million, a 13% year-over-year increase. This primarily reflects higher personnel costs across research and development and sales and marketing, and increased IT expenditure associated with scaling our business. For the year, operating costs increased 14% primarily due to increased personnel costs, higher spending on marketing activities, and a greater investment in modern research programs. We ended '24 with 1,167 employees, which was in line with our plans entering the year. We are currently planning to expand our workforce for approximately 15% in 2025.

營業費用方面，第四季營業成本為 6,510 萬美元，較去年同期成長 13%。這主要反映了研發、銷售和行銷方面人員成本的增加，以及與業務擴展相關的 IT 支出的增加。今年，營運成本增加了 14%，主要原因是人員成本增加、行銷活動支出增加以及對現代研究項目的投資增加。截至 2024 年，我們共有員工 1,167 人，這與我們年初的計畫一致。我們目前計劃在 2025 年將員工人數擴大約 15%。

Slide 13 reviews of profitability and cash position. We generated meaningful operating leverage for both the quarter and the year. We delivered Q4 adjusted EBITDA of $28.8 million, or 26% on a margin basis. The year-over-year improvement of 2 full percentage points primarily reflects a solid growth margins and prudent spending across the board.

第 13 張投影片回顧了獲利能力和現金狀況。我們在本季和全年都創造了有意義的經營槓桿。我們第四季的調整後 EBITDA 為 2,880 萬美元，利潤率成長 26%。與去年同期相比，這一成長整整 2 個百分點主要反映了穩健的成長利潤率和全面審慎的支出。

For the full year, our adjusted EBITDA of $99.4 million grew 60% from the prior year, enabling us to produce a 24.8% margin, a significant improvement from the 19.1% in '23. Our Q4 non-GAAP operating income was $26.9 million with non-GAAP net income of $26.1 million or $0.10 on a fully diluted basis. It's worth noting that our average weighted diluted shares outstanding for Q4 grew 21% due to the combination of the warrant redemption and the vesting and issuance of shares tied to various price triggers.

全年而言，我們的調整後 EBITDA 為 9,940 萬美元，較上年增長 60%，使我們的利潤率達到 24.8%，較 23 年的 19.1% 有顯著提高。我們第四季的非 GAAP 營業收入為 2,690 萬美元，非 GAAP 淨收入為 2,610 萬美元，以全面攤薄計算為 0.10 美元。值得注意的是，由於認股權證贖回以及與各種價格觸發因素相關的股票歸屬和發行，我們第四季度的平均加權攤薄流通股增加了 21%。

For 2024, we generated non-GAAP operating income of $92.1 million, full year non-GAAP net income of $97.8 million or $0.42 per diluted share. We delivered a 50% increase in diluted EPS despite a 10% increase in the weighted average number of diluted shares outstanding, resulting from various capital markets milestones in the second half of last year. We ended 2024 with $483.8 million in cash, cash equivalents and investments, an increase of $70.2 million from a third quarter and an increase of $152 million from year-end 2023.

2024 年，我們實現的非 GAAP 營業收入為 9,210 萬美元，全年非 GAAP 淨收入為 9,780 萬美元，即每股攤薄收入 0.42 美元。儘管去年下半年由於資本市場取得多項里程碑進展，攤薄後流通股加權平均數增加了 10%，但我們的攤薄每股收益仍增加了 50%。截至 2024 年底，我們的現金、現金等價物和投資為 4.838 億美元，較第三季增加 7,020 萬美元，比 2023 年底增加 1.52 億美元。

Free cash flow for the fourth quarter, which we define as the net cash provided by operating activities, less capital expenditure and the purchase of the intangible assets, was $61.7 million, a 59% increase from last year's Q4, due primarily to strong fundamental results and effective management of our working capital. For the full year, our free cash flow was $121.5 million, a 29% increase over the prior year.

第四季的自由現金流為 6,170 萬美元，較去年同期成長 59%，我們將其定義為經營活動提供的淨現金減去資本支出和購買無形資產的金額，這主要歸功於強勁的基本面業績和對營運資本的有效管理。全年我們的自由現金流為 1.215 億美元，比上年增長 29%。

Now let's move to slide 14 for our outlook along with some insights on the factors and trends that we believe will shape this year. Just a reminder, we have historically generated the majority of our ARR revenue and adjusted EBITDA in the second half of any given year and we anticipate that this seasonality will continue to shape the complexion of Cellebrite's 2025 performance.

現在讓我們轉到第 14 張投影片，了解我們的展望以及我們認為將影響今年的因素和趨勢的一些見解。需要提醒的是，我們歷史上大部分 ARR 收入和調整後 EBITDA 都是在每年的下半年產生的，我們預計這種季節性因素將繼續影響 Cellebrite 2025 年的業績。

More specifically, our 2025 ARR expectations ranged from $480 million to $495 million, or a 21% to 25% increase over '24. This reflects our expectations for continued progress in several dimensions, such as upgrading customers who use our legacy digital forensic solutions to Inseyets' further growth for our cloud-based solutions, and increased penetration of Guardian and Pathfinder.

更具體地說，我們對 2025 年 ARR 的預期範圍是 4.8 億美元至 4.95 億美元，比 24 年增長 21% 至 25%。這反映了我們對多個方面持續進步的期望，例如將使用我們傳統數位取證解決方案的客戶升級到 Inseyets，以進一步發展我們的基於雲端的解決方案，以及提高 Guardian 和 Pathfinder 的滲透率。

For the first quarter, we expect solid ARR growth despite a couple of transitory headwinds. First, as you know, we set a high bar for ethics and integrity in terms of where we conduct business. Our decisions to exit certain countries are expected to modestly impact our first-quarter result, and this has been factored into the Q1 guidance. Nevertheless, given the broader strength of our customer relationships, we see potential to drive modest continuous improvement in our retention rates in 2025 against the 92% level we reported in '24.

對於第一季度，儘管存在一些暫時的不利因素，但我們預計 ARR 將實現穩健成長。首先，如您所知，我們在開展業務時對道德和誠信設定了很高的標準。我們退出某些國家的決定預計將對我們的第一季業績產生輕微影響，這已計入第一季業績預期。儘管如此，鑑於我們與客戶關係的更廣泛的實力，我們認為到 2025 年，我們的留存率將有潛力在 24 年報告的 92% 水平基礎上持續小幅提升。

Second, although we review certain and ongoing geopolitical changes in the US and elsewhere, it's a potential net positive for Cellebrite over the next several years. The timing of these real-time regime changes is expected to modestly delay Q1 purchasing activity within certain industries. Again, this dynamic is fully contemplated within our Q1 outlook. Even with this short-term headwind, the normal seasonality, we still expect ARR to grow between 22% and 24% to $406 million to $411 million in the first quarter.

其次，儘管我們回顧了美國和其他地方正在發生的某些地緣政治變化，但這對未來幾年的 Cellebrite 來說可能是一個淨利好。這些即時制度變化的時間預計將略微延遲某些行業第一季的採購活動。再次，我們對第一季的展望充分考慮到了這一動態。即使面臨這種短期不利因素和正常的季節性因素，我們仍預期第一季 ARR 將成長 22% 至 24%，達到 4.06 億美元至 4.11 億美元。

We expect full-year 2025 revenue to range from $480 million to $490 million, which represents 20% to 22% growth over '24. We anticipated growth from subscription software will be complemented by modest expansion of non-recurring professional services and hardware sales. We expect Q1 '25 revenue in the range of $107 million and $112 million, which is 19% to 25% higher than the first quarter of 2024.

我們預計 2025 年全年營收將在 4.8 億美元至 4.9 億美元之間，比 24 年成長 20% 至 22%。我們預計訂閱軟體的成長將透過非經常性專業服務和硬體銷售的適度擴張來補充。我們預計 2025 年第一季的營收將在 1.07 億美元至 1.12 億美元之間，比 2024 年第一季高出 19% 至 25%。

In line with historical trends, we expect approximately 53% to 55% of full-year revenue to be generated in the second half of the year. These dynamics primarily reflects our expectations for product mix in conjunction with the timing of typical year-end spending activities associated with our US federal customers in December and most other accounts at the December year-end. We expect our 2025 gross margins to be in the 84% to 85% range as we increase the investment required to build out the hosting infrastructure to further scale our SaaS offering and expand our customer success organization. We anticipate 2025 non-GAAP operating costs in the range of $295 million to $310 million with a relatively moderate sequential increase from Q4 '24 to Q1 '25.

根據歷史趨勢，我們預計全年約 53% 至 55% 的收入將來自下半年。這些動態主要反映了我們對產品組合的預期，以及 12 月與美國聯邦客戶以及 12 月年末大多數其他帳戶相關的典型年終支出活動的時間。隨著我們增加建立託管基礎設施所需的投資以進一步擴展我們的 SaaS 產品並擴大我們的客戶成功組織，我們預計 2025 年的毛利率將在 84% 至 85% 之間。我們預計 2025 年非 GAAP 營運成本將在 2.95 億美元至 3.1 億美元之間，從 2024 年第四季到 2025 年第一季將出現相對溫和的環比成長。

We are focused on maintaining a very attractive profit profile. We expect 2025 adjusted EBITDA in the range of $113 million to $123 million, or 24% to 25% of total revenue. We expect higher adjusted EBITDA and higher adjusted EBITDA margins during the second half of the year, which aligns with historical trends and our 2025 top-line outlook. We expect Q1 adjusted EBITDA ranging from $22 million to $24 million, which supports year-over-year margins improvement to approximately 21%. In terms of our weighted average diluted share count, we expect Q1 to be approximately 250 million to 255 million shares, with 255 million to 265 million outstanding for the full year.

我們專注於維持極具吸引力的利潤狀況。我們預計 2025 年調整後 EBITDA 在 1.13 億美元至 1.23 億美元之間，佔總營收的 24% 至 25%。我們預計下半年調整後的 EBITDA 和調整後的 EBITDA 利潤率將更高，這符合歷史趨勢和我們 2025 年的營收前景。我們預計第一季調整後的 EBITDA 將在 2,200 萬美元至 2,400 萬美元之間，這支持利潤率同比提高至約 21%。就我們的加權平均稀釋股數而言，我們預計第一季的流通股數約為 2.5 億至 2.55 億股，全年流通股數為 2.55 億至 2.65 億股。

In summary, we closed a very successful 2024 with a solid fourth-quarter performance. We made considerable strategic, operational, and financial progress in 2024, the combination of which leaves us well positioned to sustain our momentum into '25. We move forward focused on capitalizing on the opportunities we see to further expand our business in ways that we expect will drive long-term shareholders value.

總而言之，我們以穩健的第四季業績結束了非常成功的 2024 年。我們在 2024 年取得了重大的策略、營運和財務進展，這些進展使我們有能力在 2025 年保持這一勢頭。我們將繼續專注於利用我們看到的機會進一步擴大我們的業務，以我們期望的方式推動長期股東價值。

That concludes our prepared remarks. Operator, we are now ready for Q&A. The floor is now open for your questions.

我們的準備好的演講到此結束。接線員，我們現在可以進行問答了。現在請大家提問。

(Operator Instructions) Shaul Eyal, TD Cowen.

(操作員指示) Shaul Eyal，TD Cowen。

Congrats on the consistent execution, great 2024 and the initial 2025 guidance. Tom, thanks for the color on the CEO search. Maybe can you double click for us where do you guys stand in that respect? When we think about the interim nature of your current kind of tenure, have you met already with some candidates? Or where does it currently stand?

恭喜您一貫的執行、出色的 2024 年以及 2025 年的初步指導。湯姆，謝謝你對 CEO 搜尋的貢獻。也許您可以雙擊一下，看看您在這方面的立場是什麼？考慮到您目前任期的臨時性質，您是否已經與一些候選人見過面？或者它目前處於什麼位置？

And maybe my follow on question, Tom. A number of US-based companies with a specific cyber focus have brought up, growing uncertainty as it relates to federal and government spending given the incoming administration. But it would appear this topic bears very little impact, if at all, when I'm listening to the commentary, kind of looking at that and guidance. So maybe can you share with us what your customers are relaying to you in that respect?

也許這是我的後續問題，湯姆。一些專注於網路領域的美國公司指出，鑑於新政府的政策變化，聯邦和政府支出的不確定性日益增加。但是當我聽評論、看評論和指導時，似乎這個主題影響很小，如果有的話。那麼您可以和我們分享一下您的客戶在這方面向您傳達的訊息嗎？

So I'll take them in order. As I said 90 days ago, first, having me join 18 months ago in the Exec Chair role and committed to kind of a 50% workload and engaging closely with Yossi and the rest of the executive team allowed us to be very deliberate and thoughtful and selective in this transition. And so we have not kind of blinked on that. And so the play that we're running here is we will continue to do that until we feel satisfied that we have a world-class person worthy of leading the men, women, and mission at Cellebrite.

因此我將按順序進行。正如我 90 天前所說的那樣，首先，18 個月前我加入公司並擔任執行主席一職，並承擔了 50% 的工作量，並與 Yossi 和其他執行團隊密切合作，這使我們能夠在這一過渡期間非常謹慎、深思熟慮和有選擇性。因此我們對此並沒有絲毫猶豫。因此，我們目前的做法是，我們將繼續這樣做，直到我們感到滿意，我們找到了一位世界級的人才，值得領導 Cellebrite 的員工和使命。

A click down to your question, I'd say the search firm would probably tell you that the first net they cast contemplated probably north of 150 potential candidates that was then sort of down selected to 30 to 50. We've interviewed, I would say, probably at least a dozen. And all of these people -- or most of the people we've met with are qualified to do the job.

回到你的問題，我想說搜尋公司可能會告訴你，他們首先考慮了大約 150 名潛在候選人，然後最終篩選出 30 到 50 名。我想說，我們可能已經採訪了至少十幾個人。所有這些人——或者說我們所見過的大多數人都有資格做這項工作。

And so we are very optimistic that we will land the proverbial -- the joking proverbial God Spec in somebody that checks all those boxes. The only thing I can't tell you right now, which I'm sure everybody would like to know, is, well, what's the estimate for time. What timeline should we expect? And I don't want to make that commitment because it takes two to tango. And given our selective approach and the fact that there's two parties to that transaction, we will fill it as fast as we can with those criteria, but I can't and I won't commit right now to a specific timeframe. So hopefully that gives you a little bit of color.

因此，我們非常樂觀地認為，我們將會找到一個符合所有這些條件的人，也就是俗話說的「上帝規格」。我現在唯一不能告訴你的事情是，我相信每個人都想知道，那就是預計時間是多少。我們應該期待什麼樣的時間表？但我不想做這樣的承諾，因為單憑一巴掌是不夠的。鑑於我們的選擇性方法以及交易涉及兩方的事實，我們將盡快按照這些標準完成交易，但我現在不能也不會承諾具體的時間表。希望這能帶給你一些啟發。

The second question. Basically, what's happening, as Dana mentioned modest, and I would underscore modest headwinds. And it's not just in the US. There's been some regime changes and disruption in other countries, and Europe has delivered, again, a modest headwind.

第二個問題。基本上，正如達娜所提到的適度，我會強調適度的逆風。而這種情況不僅發生在美國。其他國家出現了一些政權更迭和混亂，歐洲也再次遭遇了溫和的阻力。

And if I read between the lines, I think the question you're asking is, gosh, we just saw a print from Palantir with some blow-away numbers. Why do you have any headwinds? And I would emphasize two things. Number one, in Dana's comments, she also -- we are highly convinced that these changes are actually going to lead to upside and tailwinds for us once all the disruption in Washington settles down. And the reason is if you look at very topical issues like fentanyl traffic and deaths, or you look at issues around border control, these are areas where Cellebrite's assets can play an enormously helpful positive role.

如果我讀懂了字裡行間的意思，我想你想問的問題是，天哪，我們剛剛看到了 Palantir 的一份印刷版，上面有一些令人震驚的數字。為什麼你會遇到逆風？我要強調兩點。首先，在達娜的評論中，她也表示——我們非常確信，一旦華盛頓的所有混亂局面平息下來，這些變化實際上將為我們帶來好處和順風。原因是，如果你關注芬太尼販運和死亡等熱門議題，或關注邊境管制議題，你會發現，在這些領域，Cellebrite 的資產可以發揮極其有益的正面作用。

So we think some of the themes from the administration changes will actually help us. But there's been -- as I think we all know if you follow the news, there's been a fair amount of disruption in leadership in a lot of these key agencies that's caused a -- and I guess, actually the last point I'd make is that short list of things are not things that are at risk. These are opportunities and transactions that we have very high confidence we'll still close. So that's it.

因此，我們認為政府改革的一些主題實際上會對我們有所幫助。但我想如果你關注新聞的話我們都知道，許多重要機構的領導層出現了相當大的混亂，這導致了——我想，實際上我要說的最後一點是，上述列出的幾件事並不是處於危險之中的事情。我們非常有信心能夠完成這些機會和交易。就是這樣了。

Thank you so much. Good luck, appreciate it.

太感謝了。祝你好運，感激不盡。

Bhavin Shaw, Deutsche Bank.

德意志銀行的 Bhavin Shaw。

Tom, earlier in your remarks, you spoke about launching the Executive Advisory Board. Anything that is then, what were some of the biggest pain points your customers are kind of talking about dealing with? And how is Cellebrite helping solve some of them? How are these conversations impacting your thoughts on product roadmpa?

湯姆，你之前在發言中談到了成立執行顧問委員會。那麼，您的客戶所談論的最大痛點是什麼？Cellebrite 是如何幫助解決其中的一些問題的？這些對話對您對產品路線圖的想法有何影響？

Yeah. I think Marcus is on the line, who's our Chief Revenue Officer. I was not at the first meeting because I was still in my Board role, but I believe Marcus participated and could probably give you -- I got the second, and he'd probably give you the first hand.

是的。我認為接電話的是馬庫斯，他是我們的首席營收長。我沒有出席第一次會議，因為我仍擔任董事會職務，但我相信馬庫斯參加了會議，並且可能會給你提供——我得到了第二次，他可能會給你第一手資料。

Yeah, thank you. Thanks for the question. So look, there's three main drivers which our customers are seeing. One is, 90% or so of cases now require digital assets for proof in public safety. And so there is an explosion in the capacity of the phone. You all know phones are getting more powerful, apps are getting more powerful. And the funding of the DFUs in terms of people can increase dramatically. So what we're looking at is efficiency tools. That's really the drive of what we do. Time to prosecution is key.

是的，謝謝。謝謝你的提問。所以，我們的客戶看到了三個主要驅動因素。一是，現在90%左右的公共安全案件都需要用數位資產作為證明。因此手機的容量就呈現爆炸性成長。大家都知道手機功能越來越強大，應用程式也越來越強大。而 DFU 的人力資金則可以大幅增加。所以我們正在尋找的是效率工具。這確實是我們做事的動力。起訴時間是關鍵。

And therefore the main drivers are not only the extraction of the phone, but then our analytical platform, which allows us to then make insights to lead to faster case to closure. That's really the overriding driver that we're seeing.

因此，主要驅動因素不僅是手機的提取，還有我們的分析平台，這使我們能夠獲得洞察力，從而更快地結案。這確實是我們看到的最重要的驅動因素。

The second thing then is more lightweight product requirements for investigators in the field to be able to make Inseyets a lot quicker without necessarily having to do full extractions of the cell phone. So both platforms, Inseyets and Pathfinder, for our terminology are taking us to those areas.

第二件事是對現場調查人員提供更輕量級的產品要求，以便能夠更快地進行 Inseyet，而不必完全提取手機。所以就我們的術語來說，Inseyets 和 Pathfinder 這兩個平台都將帶我們進入這些領域。

Just as a follow up to Dana, just any way to quantify the decision to exit specific countries and what that impact is for 1Q? And as you think about that 30% unlock attached that you're seeing at Inseyets, what can you do that's maybe a little bit in your guys' control to drive that adoption higher?

作為對 Dana 的後續回答，有任何方法可以量化退出特定國家的決定以及這對第一季有何影響嗎？當您想到 Inseyets 上附加的 30% 解鎖時，您可以採取哪些措施來提高採用率？

So I think stepping out of certain countries is still something that we look at very closely. It was less than 2% in 2024. We still have some coming and joining the list this year, but we are seeing lesser and lesser sizable countries from a business perspective. And as such, we believe that this will contribute to our gross retention rate. Anything, an improvement of 0.5% to a little bit less than 1% in '25 and '26.

因此我認為走出某些國家仍然是我們密切關注的事情。到 2024 年，這一比例將不足 2%。今年仍有一些國家加入名單，但從商業角度來看，這些國家的規模越來越小。因此，我們相信這將有助於提高我們的總留存率。無論如何，在 25 年和 26 年都會有 0.5% 到略低於 1% 的改善。

Can you repeat the second question because I couldn't hear you well?

我聽不清楚，您能重複第二個問題嗎？

Sorry, just the 30% unlock attach that you talked about to your Inseyets customers. What can you do to drive the attach rate higher?

抱歉，您剛剛與 Inseyets 客戶談到了 30% 的解鎖附件。您能做些什麼來提高配售率？

So we believe that each and every customer of ours in the public sector must have an unlock capability. And what we've done with the introduction of Inseyets, we have actually introduced a wider variety of packages of Inseyets to address the smallest of agencies to the largest. And we actually see that one of the drivers of growth in '24 was the fact that also the smallest agencies started onboarding themselves to these capabilities. We believe that these trends will continue with the continuous transition to Inseyets.

所以我們相信，我們在公共部門的每個客戶都必須具備解鎖能力。我們推出 Inseyets 的目的是，我們實際上推出了更多種類的 Inseyets 套餐，以滿足從最小到最大的機構的需求。我們實際上看到，2024 年成長的動力之一是，即使是最小的機構也開始具備這些功能。我們相信，隨著向 Inseyets 的不斷轉變，這些趨勢將會持續下去。

Eric Martinuzzi, Lake Street.

馬丁努齊 (Eric Martinuzzi)，湖街。

Yeah, you talked about the C2C penetration, the goal for 2025, taking that 15% up to 50%. And I was just curious if you've got any new initiatives, lessons learned from 2024 that you're rolling through to meet or exceed that goal in 2025.

是的，您談到了 C2C 滲透率，即 2025 年的目標，將這一比例從 15% 提高到 50%。我只是好奇，您是否有什麼新的舉措，從 2024 年吸取了什麼經驗教訓，以便在 2025 年實現或超越這一目標。

So maybe I'll start and then Marcus will speak about a few things that he's doing in his go-to-market organization. I think what we've learned in '24 is the importance of the C2C platform, the connectivity between our offerings, which Inseyets actually brings very naturally connection between the Inseyets for collection and first analysis to Guardian, to the management of digital evidence and the collaboration between digital forensics unit and investigators and from there to the Pathfinder.

所以也許我先開始，然後馬庫斯會講講他在行銷組織中所做的一些事情。我認為我們在 24 年學到的是 C2C 平台的重要性，以及我們產品之間的連結性，Inseyets 實際上非常自然地在 Inseyets 之間建立了聯繫，用於數據收集和與 Guardian 的初步分析、數位證據的管理以及數位鑑識部門和調查人員之間的合作，並從那裡到 Pathfinder。

Marcus, would you like to speak about your go-to-market adjustments or changes?

馬庫斯，您願意談談您們的市場調整或變化嗎？

Of course, yeah, so continuing to evolve from a very well established point solution into the platform, we are investing in specialist sales into the investigator persona. We are now changing our go-to-market approach as well. We used to be very heavily involved in industry events. We now run our own events. And I can only tell you that I've been shocked in my career to see the attendance. We are literally sold out at every event. And we believe that we will be heading to be sold out for our major customer event that we're holding in April in DC.

當然，是的，因此，為了繼續從非常成熟的點解決方案發展成為平台，我們正在投資專業銷售到調查員角色。我們現在也正在改變我們的行銷方式。我們過去非常積極地參與行業活動。我們現在舉辦自己的活動。我只能告訴你，在我的職業生涯中，看到如此高的出席率令我震驚。我們每次活動的門票幾乎都銷售一空。我們相信，我們四月在華盛頓特區舉辦的大型客戶活動的門票一定會售罄。

There is a lot of pent up demand, and so we're addressing those people with vertical experts in order that we can walk the walk and talk the talk of how an investigation works and take them through how the tools and demonstrate some of the AI personas that we have, which can speed those processes up. So in short, it's a combination of making our message a lot clearer by pushing it out directly ourselves and then using a very specialist sales force, which are very focused on the investigative flow and extending our presence outside of the lab where we're well known. They're the two factors.

有許多被壓抑的需求，因此，我們正在與垂直專家討論這些問題，以便我們能夠切實地解釋調查的工作原理，並向他們介紹我們擁有的工具和一些人工智慧角色，從而可以加快這些進程。簡而言之，這是一種結合，透過我們自己直接推送訊息，使我們的訊息更加清晰，然後使用非常專業的銷售團隊，他們非常專注於調查流程，並將我們的影響力擴展到我們知名的實​​驗室之外。它們是兩個因素。

Brian Essex, JPMorgan.

摩根大通的布萊恩‧艾塞克斯 (Brian Essex)。

Hi, this is Charlotte Bedick on for Brian Essex. Congrats on a great quarter. Overall, it was great to see roughly 20% of the installed base migrate to Inseyets compared to your initial outlet for 10%. Overall, are you viewing the trajectory of the installed base converting to be a quicker timeline? And how should we expect that over the next couple of years? I know you spoke briefly about next year, but is the overall timeline going to be quicker than expected?

大家好，我是 Charlotte Bedick，為 Brian Essex 播報。恭喜您度過了一個美好的季度。總體而言，很高興看到大約 20% 的安裝基數遷移到 Inseyets，而最初的網點只有 10%。整體而言，您是否認為安裝基數的軌跡轉換時間軸變得更快？那麼，我們在接下來的幾年中該如何期待呢？我知道您簡要地談到了明年的情況，但整體時間表是否會比預期的更快？

Well, we still believe that the transition or most of the transition is a three-year journey, so we believe that we will transition most of our customers by the end of '26, early '27. We always have a, I would say, around 10% of a tail of multi-year deals and late laggards to adopt the new solutions. So we are still looking at -- intensify the conversion in 2025. I believe Tom mentioned reaching a 50% of the install base already on Inseyets by the end of '25.

嗯，我們仍然相信過渡或大部分過渡需要三年的時間，因此我們相信我們將在 26 年底或 27 年初完成大多數客戶的過渡。我想說，我們總是有大約 10% 的多年期交易和落後者採用新的解決方案。因此我們仍在關注——在 2025 年加強轉型。我相信湯姆提到到 25 年底 Inseyets 的安裝基數將達到 50%。

Great. Thank you. And I know your gen AI, like you just announced it like a couple of days ago, if anything. But has there been initial feedback overall? What have you heard from your customers? Any detail would be great. Thank you.

偉大的。謝謝。而且我了解你的新一代人工智慧，就像你幾天前剛剛宣布的那樣。但整體來說有初步反饋嗎？您從客戶那裡聽到了什麼？任何細節都很好。謝謝。

[Ask] Ronnen to jump in on that one.

[要求] Ronnen 加入進來。

Hey, yeah, great to take it. Hey, great to take it. So look, our customers are definitely excited about the leverage of AI, especially in the realm of boosting efficiency, efficacy, and really helping across the full value chain. Cellebrite has been delivering AI capabilities for a decade now. Obviously, there is a renewed interest with the advent of gen AI, and we are sharing with our customers an exciting vision for that and they're fully receptive of that.

嘿，是的，很高興接受它。嘿，很高興收到它。所以，我們的客戶絕對對人工智慧的優勢感到興奮，特別是在提高效率、效力和真正幫助整個價值鏈方面。Cellebrite 已經提供 AI 功能十年了。顯然，隨著人工智慧的出現，人們的興趣重新燃起，我們正在與客戶分享令人興奮的願景，而他們也完全接受了這一點。

Maybe I'll say the most important thing that they look for is not just that we're delivering great AI capabilities, but we can always ground our conclusions and influence back to the original evidence. That's the most important thing, that we keep utmost defensibility of what we have, and there is always an officer in the middle, as we call it, to make sure that what AI delivers is actually something that can hold in court in the utmost standards.

也許我會說，他們尋找的最重要的東西不僅僅是我們提供強大的人工智慧能力，而且我們始終能夠將我們的結論和影響力建立在原始證據的基礎上。這是最重要的事情，我們要對我們所擁有的東西保持最大程度的可防禦性，並且總是有一個所謂的“中間官員”，以確保人工智能提供的東西實際上可以在法庭上以最高標準得到遵守。

The other thing I might add, and the team can make sure I get the numbers right, but we just published the results of some industry surveys that we conduct annually and we specifically asked that group about that question- how do you see AI? And the numbers were roughly a third of people said AI will be a contributing element of crime, so it will be used in a nefarious, not so good way. But they also said that we think -- I think the number was in the 60s, felt like AI would be a major enabler in the pursuit against crime and leveraging it both from an effectiveness, speed, efficiency perspective.

我可能要補充的另一件事是，團隊可以確保我得到正確的數字，但我們剛剛發布了我們每年進行的一些行業調查的結果，我們特別向該小組詢問了這個問題 - 您如何看待人工智慧？大約有三分之一的人表示，人工智慧將成為犯罪的一個因素，因此它將被用於邪惡的、不太好的方式。但他們也說，我們認為——我認為這個數字在 60 左右，感覺人工智慧將成為打擊犯罪的主要推動力，並從有效性、速度和效率的角度利用它。

So the fact that that community is already raising their hand, and basically two out of three are saying we want and we need advanced AI to help combat the case volumes and the proliferation of technology and digital assets in the pursuit of crime. So I think that's a data-driven answer that I think is pretty positive.

事實上，該社區已經舉手了，基本上三分之二的人說我們想要並且需要先進的人工智慧來幫助打擊案件數量以及打擊犯罪過程中技術和數位資產的擴散。所以我認為這是數據驅動的答案，而且我認為非常積極。

Thanks, and congrats on the good results.

謝謝，恭喜你取得好成績。

Jeff Van Rhee, Craig-Hallum.

傑夫·範·裡、克雷格·哈勒姆。

So a couple for me. First, maybe, Tom, on the FedRAMP. Thanks for the update and the timeline. Talk for a minute, if you would, about the opportunity in federal. I get a lot of questions on it. Where you are now as a percent of revenues? You've clearly got some pretty impressive federal customers already. So what does FedRAMP gain you from where you are? Maybe fill in a few gaps there if you would.

所以對我來說這是一對。首先，也許是 Tom，關於 FedRAMP。感謝您的更新和時間表。如果可以的話，請花一點時間談論聯邦政府的機會。我收到很多關於此的問題。您現在的收入佔比是多少？顯然您已經擁有一些非常令人印象深刻的聯邦客戶。那麼，FedRAMP 能為您帶來什麼呢？如果你願意的話，也許可以填補那裡的一些空白。

Yeah, so your point is spot on. We have a very high profile across federal currently. But the change that I think this brings, number one, there are certain programs that require FedRAMP certification. And by the way, I want to make a point. For those that aren't familiar, there are various levels of FedRAMP certification. They're tied to the complexity and sophistication and security requirements.

是的，你的觀點很正確。我們目前在聯邦政府中享有很高的知名度。但我認為這會帶來的改變是，首先，某些項目需要 FedRAMP 認證。順便說一句，我想說明一點。對於那些不熟悉的人來說，FedRAMP 認證有各種等級。它們與複雜性、精密度和安全性要求有關。

And as you would expect, it's easier to get low than it is to get medium as it is to get high. And when we embarked on this journey, we said, look, if we're going to be a bear, we're going to be a grizzly. And we don't want to be locked out of anything where we can be helpful in the federal government. So we spent the money, spent the time, and pursued high. And the fact that we got FedRAMP ready means most of the heavy lift is done.

正如您所預料的，獲得低分比獲得中等分和獲得高分更容易。當我們踏上這段旅程時，我們說，看，如果我們要成為一隻熊，我們就要成為一隻灰熊。我們不想被排除在我們可以為聯邦政府提供幫助的任何事情之外。所以我們花了錢，花了時間，追求高。事實上，我們已經準備好 FedRAMP，這意味著大部分繁重的工作已經完成。

And now we have the ability to start talking to end customers or some of the big GSIs that are running these programs, and they now know that it's just a matter of time before we get the ATO to actually operate. So if you ask, gosh, what does that do to your TAM? Our estimate is it roughly doubles our TAM. Now we don't know that for fact, but it's our sense that just based on the tentacles and the relationships we have in federal, that once we get fully authorized to operate, it doubles the aperture of opportunity. As you know, given that federal is roughly -- Dana, what -- 20% of our current business, it gives us some nice opportunity and headroom for growth in federal.

現在我們已經有能力開始與最終客戶或運行這些程式的一些大型 GSI 進行交談，他們現在知道讓 ATO 真正開始運作只是時間問題。所以如果你問，天哪，這對你的 TAM 有什麼影響？我們的估計是它大約使我們的 TAM 翻倍。現在我們不知道事實，但我們認為，僅基於我們在聯邦政府的觸角和關係，一旦我們獲得完全的經營授權，機會就會加倍。如您所知，鑑於聯邦業務約占我們目前業務的 20%，這為我們在聯邦業務的成長提供了良好的機會和空間。

That's very helpful. And then one last question. As it relates to the investigative unit, the migration there, obviously a massive new TAM there. You've got a dominant installed base and if you can break that open and directly connect into the investigative unit, obviously a lot of opportunity.

這非常有幫助。最後一個問題。因為它與調查單位有關，那裡的遷移顯然意味著那裡有一個巨大的新 TAM。您已經擁有主導的安裝基礎，如果您可以打破這一局面並直接連接到調查部門，顯然會有很多機會。

Maybe for Marcus, you commented we've got some data points. I mean, it's shown some good growth rates, albeit, from relatively small bases as a percent of mix, but I just want to dial in a little closer. Give us a sense of your satisfaction with how dialed in you have the methodologies that it takes to penetrate the IU. I think you said you're putting in some specialists, but just kind of where are we in the innings-wise in terms of sort of, hey, we've got it figured out, now we can really stomp on the gas versus we're still in the early innings of figuring it out. Just some color there would be great, thanks.

也許對於馬庫斯來說，您評論說我們已經獲得了一些數據點。我的意思是，儘管基數相對較小，但顯示了一些良好的增長率，但我只是想更深入地了解一下。請讓我們了解一下，您對滲透 IU 所需方法的滿意程度。我想你說過你正在派出一些專家，但就我們目前的情況來看，我們已經解決了問題，現在我們可以加大力度了，還是我們還處於解決問題的早期階段。只要有一些顏色就好了，謝謝。

Yeah, sure, so thanks for the question. It's a good catch. So I would say we're mid-innings. If you want to use a baseball analogy for a Brit, we'll give it a go. We basically have a thesis which is proven out now. We have enough of a sample size. The end number's big enough to know what the transaction type looks like, what the route to market is.

是的，當然，感謝您的提問。這是一次不錯的收穫。所以我想說我們正處於中局。如果你想用棒球來比喻英國人，我們可以試試看。我們基本上有一個現已被證實的論點。我們的樣本量就足夠了。最終數字夠大，足以知道交易類型是什麼樣的，進入市場的途徑是什麼。

What I will say that we still need to discover is the investigative unit is interesting because each company has it set up slightly differently. So we're taking a multifaceted approach to that to make sure that we understand the learning. It's clear that we now have the momentum on our side, and I think this year will be the final tuning. And as we enter into '26, we will have a very, very easily repeatable stream, a much easier repeatable stream that we can get more wood behind.

我想說的是，我們仍需要發現調查部門很有趣，因為每個公司的調查部門的設置都略有不同。因此，我們採取多管齊下的方法來確保我們理解學習內容。顯然，現在我們的勢頭強勁，我認為今年將是最後的調整。當我們進入26年時，我們將會有一個非常非常容易重複的流程，一個更容易重複的流程，我們可以獲得更多的木材。

So I would say we've got a good thesis, we're proving that thesis, but it's still early in that market. As you know, the time is immense. And the final thing, I'm never satisfied with the growth rate because it's my job to grow as fast as possible. So we're always trying to find ways to grow that faster.

所以我想說我們有一個很好的論點，我們正在證明這個論點，但這個市場還處於早期階段。如你們所知，時間非常珍貴。最後，我永遠不會滿足於成長率，因為我的工作就是盡可能地快速成長。因此，我們一直在努力尋找更快發展的方法。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

And just to continue on the theme on the go-to-market and the opportunity there with that investigative persona, just wanted to soundboard this. Where are we in building out that investigative persona sales motion? Like is that supposed to be a specialist sales overlay or is this a separate speedboat that's going alongside your existing team that's historically pursued those DFUs?

只是為了繼續討論進入市場的主題以及利用調查角色帶來的機會，只是想對此進行共鳴。我們在建立調查性角色銷售動議方面進展到哪一步了？這是否應該是專業的銷售覆蓋，或者這是一艘單獨的快艇，與歷史上追求這些 DFU 的現有團隊一起前進？

Yeah, it's a great question. So when you look at the investigative unit, they can actually buy all of our technology because our specialists on is the higher level and the larger deals. So looking particularly at the expansion of Guardian and Pathfinder, if you're familiar with those products, would be what those people drive. But we can also -- Inseyets is also a (inaudible) and we're seeing that from investigative units.

是的，這是一個很好的問題。因此，當您查看調查部門時，他們實際上可以購買我們所有的技術，因為我們的專家等級較高，交易規模較大。因此，如果您熟悉這些產品，那麼特別關注 Guardian 和 Pathfinder 的擴展，就會發現這就是那些人所推動的。但我們也可以——Inseyets 也是一個（聽不清楚），我們從調查部門看到了這一點。

There's some functions in there that you saw earlier in our customer announcements with QuickView and Triage and other bits, which allow investigators to use that technology as well. So the minute we have a combined motion where it's not an overlay team, it's a specialist team, they are calling directly on the heads of those units and demonstrating/ And all I can say is, the uptake of interest is huge.

其中的一些功能您之前在我們的客戶公告中看到過，包括 QuickView、Triage 和其他部分，這些功能也允許調查人員使用該技術。因此，一旦我們有一個聯合動議，它就不再是一個覆蓋團隊，而是一個專家團隊，他們直接呼籲這些單位的負責人進行示威/而我只能說，人們的興趣是巨大的。

I mean, every time we do an event, we are literally, with no bluster, sold out and we are quickly assigning budgets and getting budgets granted to us for that. In the US, we're also doing some very smart work on the grant side, linking into major crimes to make sure that investigators are aware with our grant writing team that there is money available from federal government to funds state and local. So we're approaching it from a demand creation and a budget creation and an awareness approach and we're satisfied with where we are.

我的意思是，每次我們舉辦活動，門票都銷售一空，沒有任何虛張聲勢，而且我們很快就分配了預算，並獲得了相應的預算。在美國，我們在撥款方面也做了一些非常聰明的工作，與重大犯罪聯繫起來，以確保調查人員和我們的撥款撰寫團隊都知道聯邦政府有資金可以資助州和地方。因此，我們從創造需求、創造預算和提高意識的角度來處理這個問題，我們對目前的狀況感到滿意。

Awesome. And then if I could just cycle back to the US federal. Great to see that mid-20s ARR growth, putting you, call it, about in line with overall company growth. I know the company just set up Cellebrite Federal Solutions this past summer, and the beltway can take time, right? So is it fair to think that CFS and US Federal are still largely in pipeline building mode this year? Or does guidance in any way contemplate early green shoots following the launch when we think about calendar '25?

驚人的。然後我是否可以回到美國聯邦。很高興看到 ARR 成長率達到 25% 左右，這與公司整體成長大致一致。我知道該公司今年夏天剛成立了 Cellebrite Federal Solutions，而環城公路的建造可能需要一些時間，對嗎？那麼，我們可以認為 CFS 和美國聯邦今年仍然主要處於管道建設模式嗎？或者，當我們考慮 25 年日曆時，指導意見是否會以任何方式考慮到發布之後的早期綠芽？

I think you've nailed it. So do we think we might benefit from these changes to some extent this year? Yes, but we really think the bulk of the benefit and the acceleration in the business starts to flow in '26. And again, this is all part of the modeling for our guidance for '25. And it's exactly for the reasons you described, the federal government and their budget cycles. We might be able to sneak in on some existing programs now that we have this proxy company and FedRAMP certification, but the real measure that we're driving this year is to sustain the growth we've enjoyed, but we want to see a big uptick in pipeline and deal size and opportunity for '26.

我認為你已經成功了。那麼我們是否認為今年我們會在某種程度上從這些變化中受益？是的，但我們確實認為大部分收益和業務加速將在26年開始湧現。再說一次，這都是我們對 25 年指導模型的一部分。這正是您所描述的原因，聯邦政府及其預算週期。既然我們有了這家代理公司和 FedRAMP 認證，我們也許能夠潛入一些現有的項目，但今年我們真正要推動的是維持我們已經享有的增長，但我們希望看到 26 年的交易管道和交易規模和機會大幅上升。

Tomer Zilberman, Bank of America.

美國銀行的托默·齊爾伯曼（Tomer Zilberman）。

Hey guys, if I take a look at the numbers, the magnitude of your EBITDA beat is a little bit lower than it was in previous quarters. And when I look at guidance next quarter, it's more or less in line with the Street. I just wanted to get your puts and takes there.

嘿夥計們，如果我看一下這些數字，你會發現你們的 EBITDA 超出的幅度比前幾季要低一點。當我查看下個季度的指引時，它或多或少與華爾街的預期一致。我只是想了解你的去向。

Yeah, so I'll take it. Hi, Tomer. Thank you. Well, Q4 is in some cases a heavy-loaded quarter. We have had some higher expenses in comparison to previous quarters to close the year, especially around marketing activities and IT infrastructure and security activities, which will go with us into 2025 and will impact the following quarters.

是的，所以我接受它。你好，托默。謝謝。嗯，在某些情況下，第四季是負荷很重的一個季度。與前幾季相比，我們在今年年底的支出有所增加，尤其是在行銷活動、IT 基礎設施和安全活動方面，這些支出將伴隨我們進入 2025 年，並​​影響接下來的幾個季度。

I would say that Q1, as usual, from a seasonality perspective, provides lesser top line. And while the OpEx is growing subsequent from the previous quarter, so we traditionally see lower Q1 EBITDA than the rest of the year. And this is why was my comment around seasonality to make sure that when you look on the full year and you look at previous years' seasonality of EBITDA, it will be more accurately spread over the year.

我想說，從季節性的角度來看，第一季的營收通常較低。由於營運支出較上一季有所成長，因此我們通常認為第一季的 EBITDA 將低於今年其他時間。這就是我對季節性發表評論的原因，以確保當您查看全年並查看前幾年 EBITDA 的季節性時，它將更準確地分佈在全年。

Got it, Dana. And you also mentioned earlier that you expect modest improvement against the 92% growth retention rate this year. And I think earlier in the Q&A, you mentioned that you expect half a percentage benefit from lesser-citable countries. Can you give us directionally how much, I guess, upside, or whatever you want to call it, to that 92% number? Is it only going to be this half a percent to a percent from this intentional churn or do you see other levers to grow that?

明白了，達娜。您之前也提到，預計今年的成長保留率將比 92% 略有提高。我記得在早些時候的問答環節中，您提到，您預計引用率較低的國家將獲得半個百分點的收益。您能否具體告訴我們，92% 這個數字的上升空間（或不管你想怎麼稱呼它）有多大？這個有意流失的比例是否只佔到半個百分點到百分之一，還是您認為還有其他方法可以增加這一比例？

In our Investor Day, we spoke at the long-term target of 92%. We've reached it in 2024 through very hard work for sales organization and customer experience. We believe that most of the improvements will come from those abandoned customers, we call them, and I would like to leave it for this time being.

在我們的投資者日，我們談到了 92% 的長期目標。透過在銷售組織和客戶體驗方面付出的努力，我們在 2024 年實現了這一目標。我們相信，大部分的改進將來自那些被拋棄的客戶，我們稱他們為“廢棄客戶”，我暫時不想提這個名字。

I'll add that there's guidance but also internal operating plans that then govern the spend for the company and we want to be good stewards of cash flow and profitability and so on. All that said, do we think there's an opportunity as we look out over the next one to three years to take that number up? The answer is absolutely yes. And one of the priorities I highlighted in my front end is a string of things we're doing that I think will fuel that. And depending on timing, it could help us sooner than planned, but we think it's prudent to plan at the numbers that Dana shared.

我要補充一點，不僅有指導，還有內部營運計劃，用於管理公司的支出，我們希望成為現金流和盈利能力的好管家，等等。綜上所述，我們是否認為在未來一到三年內有機會提高這個數字？答案是肯定的。我前端強調的優先事項之一是我們正在做的一系列事情，我認為這將推動這一點。而且根據時間安排，它可能會比計劃更快地為我們提供幫助，但我們認為根據 Dana 分享的數字進行規劃是明智的。

Louie DiPalma, William Blair.

路易·迪帕爾馬、威廉·布萊爾。

It seems, Tom, that the transition from chairman to CEO has gone smoothly. My main question is what is the main alternative to customers using Guardian today? It seems that the growth there has been pretty staggering. But are many of your existing install base using USB thumb drives, local storage, and online cloud storage? So is this low-hanging fruit for you guys to penetrate?

湯姆，看來從董事長到執行長的過渡進行得很順利。我的主要問題是，目前使用 Guardian 的客戶的主要替代方案是什麼？看起來那裡的成長相當驚人。但是，您現有的安裝基礎中是否有許多使用 USB 隨身碟、本機儲存和線上雲端儲存？那麼這對你們來說是否是唾手可得的目標呢？

I'm going to let Ronnen jump in on this and then I'll add some color commentary and context because I have a couple of thoughts, but I'll let him take point. One thing I will tell you is from a packaged offering enterprise class software perspective, it's our view, and clearly we have a bias, that we are the best and arguably the only, call it, repository for collaboration and rigorous chain of custody that's tailored to true evidence in some of those requirements versus other repositories that I would argue are optimized for lower level storage, rich media, high volumes, which is a different question than what's the alternative today and maybe what are the obstacles, but we do think the observation that we have an enormous opportunity here given the unique strength of our IP and the purpose built nature of the product is a perfect fit for the market.

我要讓 Ronnen 加入討論，然後我會添加一些評論和背景，因為我有一些想法，但我會讓他來主導。我要告訴你的一件事是，從打包提供企業級軟體的角度來看，這是我們的觀點，顯然我們有偏見，即我們是最好的，可以說是唯一的，可以稱之為協作和嚴格的監管鏈的存儲庫，它是根據其中一些要求的真實證據量身定制的，而其他存儲庫則針對較低級別存儲、富媒體、高容量進行了優化，這是一個不同障礙的，而其他存儲庫則針對較低級別存儲、富媒體、高容量這裡有一個巨大的機會，這與市場完美契合。

Yeah, thanks, Tom. Louis, thanks for the question. Look, tell you, we are meeting so many customers. And the one thing that you get again and again, they are looking at us as a digital investigation leader. In that respect, they are not looking for a storage solution. They don't look for a place to somehow shove the data. It's true that they want to process a lot of data, they want to understand it, they want to disseminate it to the right people.

是的，謝謝，湯姆。路易斯，謝謝你的提問。你看，告訴你，我們正在見這麼多客戶。而你一次又一次發現的一點是，他們把我們視為數位調查領導者。在這方面，他們並沒有尋找儲存解決方案。他們沒有尋找一個可以以某種方式儲存資料的地方。確實，他們想要處理大量數據，他們想要理解這些數據，他們想要將這些數據傳播給合適的人。

And for that end, they need much more than another alternative to where to put the data. There are multiple solutions for that, but when you look for a solution that actually drives their needs, which is a digital investigation solution, that's where Cellebrite comes in, and they might have other solutions for other things. And what we deliver is not just the way to how to extract the data, manipulate it, understand it, store it, disseminate it, analyze it, that's the full thing that they look for and that's where we want to be.

而為此目的，他們需要的不僅僅是另一種存放資料的方式。對此有多種解決方案，但是當您尋找真正滿足他們需求的解決方案時，即數位調查解決方案，這就是 Cellebrite 的作用所在，而且他們可能還有其他針對其他事物的解決方案。我們提供的不僅是如何提取資料、操作資料、理解資料、儲存資料、傳播資料和分析資料的方法，這是他們所尋求的完整內容，也是我們想要實現的目標。

Great. And can I just have one follow up as the stock price appears to be down 7% on the comments of federal disruption. And so I was wondering what percentage of revenue generally comes from the US federal vertical? And generally speaking, is the revenue on a recurring nature subscription economic model such that most of the revenue impact would be new bookings rather than existing revenue being disrupted? Thanks.

偉大的。我能否跟進一下，因為有關聯邦擾亂的評論似乎已經導致股價下跌了 7%。所以我想知道通常有多少比例的收入來自美國聯邦垂直行業？一般來說，基於經常性訂閱經濟模式的收入是否會使得大部分收入影響來自新預訂而不是現有收入受到干擾？謝謝。

I think what is clear, and Marcus, feel free to back me up, is that -- and we said before the federal government in the US is around 20% of our revenue. It is, almost entirely except for services, a subscription business. And most of the business usually come new business. I'm not speaking about renewal. It's coming mostly in Q3 of the year.

我認為很明顯的是，馬庫斯，請隨意支持我的觀點，那就是——我們之前說過，美國聯邦政府的收入約占我們收入的 20%。除服務外，它幾乎完全是一項訂閱業務。而且大部分業務通常都來自新業務。我不是說更新。它主要會出現在今年第三季。

With this current situation in the US, what we see is a little bit lagging behind on signing -- on new business. We don't see any impact on our renewal business, which means that the federal government is continuing doing business with us on an ongoing basis. And we feel very comfortable to see that the moment things will stabilize a bit, we'll continue seeing a very healthy growth this year, as we've seen previously.

鑑於美國目前的情況，我們發現新業務的簽約有些落後。我們的續約業務沒有受到任何影響，這意味著聯邦政府將繼續與我們開展業務。我們非常高興地看到，一旦情況稍微穩定下來，今年我們將繼續看到非常健康的成長，就像我們之前看到的那樣。

That concludes the Q&A portion of today's call. Mr. Kramer, I'm happy to turn the floor back to you and to the management team for any additional or closing remarks.

今天電話會議的問答部分到此結束。克萊默先生，我很高興將發言權交還給您和管理團隊，以便他們發表任何補充意見或結束語。

Thank you very much, Jim, and thank you very much to all of our analysts, shareholders, prospective shareholders, and others who tuned in this morning. We look forward to continued discussions, dialogue, and meetings with you over the coming weeks and months. Look forward to speaking with you then. Thank you.

非常感謝你，吉姆，也非常感謝我們所有的分析師、股東、潛在股東以及今天早上收看節目的其他人。我們期待在未來幾週和幾個月內與您繼續討論、對話和會面。期待與您交談。謝謝。

Ladies and gentlemen, this does conclude today's Cellebrite's fourth-quarter and full-year 2024 financial results conference Call. Please disconnect your line at this time, and have a wonderful day.

女士們、先生們，今天的 Cellebrite 第四季和 2024 年全年財務業績電話會議到此結束。請立即斷開您的線路，祝您有美好的一天。