Cellebrite DI Ltd (CLBT) 2025 Q1 法說會逐字稿

Welcome to the Cellebrite first quarter 2025 financial results conference call. At this time, all participants have been placed on a listen-only mode, and the floor will be open for questions following the presentation. (Operator Instructions)

歡迎參加 Cellebrite 2025 年第一季財務業績電話會議。目前，所有參與者都處於僅收聽模式，演講結束後將開放提問。（操作員指示）

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

現在我想把電話轉給今天的第一位發言者安德魯·克萊默先生。克萊默先生，請您發言。

Thank you very much, Erica. Welcome everybody to Cellebrite's first quarter 2025 financial results call. I'm joined here today at our US headquarters outside of Washington, DC by our primary speakers: Tom Hogan, Cellebrite's Interim CEO, and Dana Gerner, Cellebrite's CFO. Joining us in person is Marcus Jewell, our CRO, and Ronnen Armon, our Chief Products and Technology Officer, is participating remotely. Marcus and Ronan will be available during Q&A.

非常感謝，艾麗卡。歡迎大家參加 Cellebrite 2025 年第一季財務業績電話會議。今天，我們在華盛頓特區外的美國總部與我們的主要發言人一起出席：Cellebrite 的臨時首席執行官 Tom Hogan 和 Cellebrite 的首席財務官 Dana Gerner。親自參加的是我們的風險長 Marcus Jewell，而我們的首席產品和技術長 Ronnen Armon 則是遠端參與。馬庫斯和羅南將在問答環節出席。

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

我們的準備好的發言稿附有幻燈片簡報。請推進網路廣播檢視器中的幻燈片以關注我們的評論。我們將在發言中喊出我們提到的幻燈片編號。本次通話正在錄音，錄音重播將在通話結束後不久發佈在我們的網站上，同時提供準備好的發言稿副本。

And starting on slide number 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 financial information for each quarter of the past couple of years are available on the Investor Relations website and investors.cellebrite.com.

從第 2 張投影片開始，今天的新聞稿和財務報表（包括 GAAP 與非 GAAP 的對帳、幻燈片簡報以及季度財務表和過去幾年每個季度的補充歷史財務資訊）的副本均可在投資者關係網站和 investors.cellebrite.com 上找到。

Also, unless stated otherwise, our discussion of our first quarter 2025 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 first quarter of 2024. In addition, please note that statements made during this call that are not statements of historical facts, constitute forward-looking statements.

此外，除非另有說明，我們對 2025 年第一季財務指標以及展望中提供的財務指標的討論將僅以非 GAAP 為基礎進行，並且所有歷史比較均與 2024 年第一季度進行。此外，請注意，本次電話會議中所作的陳述並非歷史事實陳述，而是前瞻性陳述。

All forward-looking statements are subject to risk 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.

所有前瞻性陳述均受風險、不確定性和其他因素的影響，這些因素可能導致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。

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 18, 2025. The company does not undertake to update any forward-looking statements to reflect future events or circumstances. Slide number 3 provides the agenda of the topics we'll cover on today's call.

其中一些前瞻性陳述在「風險因素」標題下以及公司於 2025 年 3 月 18 日向美國證券交易委員會提交的 20-F 表年度報告的其他部分進行了討論。該公司不承諾更新任何前瞻性陳述以反映未來事件或情況。投影片 3 提供了我們今天電話會議將討論的主題的議程。

And with that being said, I'll now turn the call over to Tom Hogan. Tom?

話雖如此，我現在將電話轉給湯姆霍根。湯姆？

Thanks, Andy. Let's just jump right in. Cellebrite delivered strong 23% year on year ARR growth in the first quarter. Consistent with our stewardship and managing both revenue and spend, we also delivered 34% year on year growth in our adjusted EBITDA, resulting in a 22% margin.

謝謝，安迪。讓我們直接開始吧。Cellebrite 第一季的 ARR 年成長 23%。與我們的管理以及收入和支出的管理一致，我們的調整後 EBITDA 年成長 34%，利潤率達到 22%。

The combination delivered a 45 Rule of X in the quarter and 48 for the trailing 12 months, both within our committed range of balanced performance. We remain committed to growth as our priority while dynamically tuning our spending to support our bottom-line objectives.

該組合在本季度實現了 45 個 X 規則，在過去 12 個月中實現了 48 個 X 規則，均在我們承諾的平衡績效範圍內。我們始終致力於將成長作為我們的首要任務，同時動態調整我們的支出以支持我們的底線目標。

Overall, our value proposition continues to resonate in the market. Interest in our platform remains healthy. Uptake on our Inseyets solution continues to increase, and customers are realizing the brand promise of justice accelerated.

總體而言，我們的價值主張繼續在市場上引起共鳴。對我們平台的興趣依然濃厚。我們的 Inseyets 解決方案的使用率持續增加，客戶正在加速實現品牌對正義的承諾。

Strength and overachievement in the US state and local, LatAm and the Asia Pacific regions were offset by modest shortfalls in the US federal segment and our EMEA geography. The strength of our total performance was a byproduct of our global diversification in the range of our solutions across federal, state, and local, defense intelligence, and the private sector.

美國州和地方、拉丁美洲和亞太地區的優勢和超額成績被美國聯邦部門和我們的歐洲、中東和非洲地區的輕微不足所抵消。我們整體業績的強勁表現是我們解決方案在聯邦、州和地方、國防情報和私營部門的全球多樣化的副產品。

Before adding further context to our federal business, I'll highlight two important barometers that continue to signal strength. First, we remain on track with our overall Inseyets migration, which is a direct reflection of the value delivered with our core digital forensics offering.

在進一步介紹我們的聯邦業務之前，我將重點介紹兩個繼續顯示實力的重要指標。首先，我們整體的 Inseyets 遷移仍在按計劃進行，這直接反映了我們核心數位鑑識產品所提供的價值。

We finished the first quarter with over 30% of our install base converted, and we remain on track to hit our 2025 objective of a 50% conversion. Second, as we've shared, extending our value proposition to the critical cloud-based Guardian product as adoption of an interest in this purpose-built platform for collaboration and chain of custody continues to accelerate.

我們第一季的安裝基數轉換率已超過 30%，我們仍有望實現 2025 年 50% 的轉換率目標。其次，正如我們所分享的，隨著人們對這個專門構建的協作和監管鏈平台的興趣不斷加速，我們將價值主張擴展到關鍵的基於雲端的 Guardian 產品。

We delivered our third consecutive quarter of year over year ARR growth of over 100%. The power of the Cellebrite platform is also reflected in our pipeline where transactions that involve two or more of our flagship solutions carry a disproportionate increase in average deal size, in many cases, representing 10 times the size of Inseyets standalone transactions.

我們連續第三個季度實現了 ARR 年成長超過 100%。Cellebrite 平台的強大功能也體現在我們的管道中，涉及兩個或更多旗艦解決方案的交易的平均交易規模會不成比例地增加，在許多情況下，相當於 Inseyets 獨立交易規模的 10 倍。

Now let me add some perspective around our federal business. I first want to remind people that this business has produced a 25% CAGR in ARR over each of the past three years, and it represents roughly 17% of our 2024 revenue.

現在讓我對我們的聯邦業務發表一些看法。首先我想提醒大家，這項業務在過去三年中每年的 ARR 複合年增長率為 25%，約占我們 2024 年收入的 17%。

Today, despite current volatility, our view is that the opportunities for future growth not only remain attractive but have increased meaningfully over the past two quarters. This is a function of multiple current and emerging tailwinds, starting with the structural changes associated with the recent launch of our Cellebrite Federal Solutions unit and our ongoing investment to achieve FedRAMP authorization to operate.

今天，儘管當前存在波動，但我們認為未來成長的機會不僅仍然具有吸引力，而且在過去兩個季度中已有顯著增長。這是多種當前和新興順風因素共同作用的結果，首先是最近推出的 Cellebrite Federal Solutions 部門的結構性變化，以及我們為獲得 FedRAMP 營運授權而進行的持續投資。

These actions are amplified by the emerging macros around the increased sophistication of technology used in the pursuit of crime, including AI, along with the increased alignment of our portfolio with the new administration's focus on securing our borders, mitigating the fentanyl epidemic and overall drug trafficking, reducing the heinous human trafficking industry, and finally improving the overall productivity of all government agencies.

這些行動因新興宏觀因素而得到放大，這些因素圍繞著用於追捕犯罪的技術（包括人工智慧）的日益複雜化，以及我們的投資組合與新政府對保衛邊境、減輕芬太尼疫情和整體毒品販運、減少令人髮指的人口販運行業以及最終提高所有政府機構的整體生產力的關注度不斷提高。

While the short-term federal environment remains choppy, our full year 2025 pipeline continues to expand. Our solutions are simply mission critical to safety and security across all levels of government, and the spend related to the Cellebrite's solutions remains small relative to both our societal impact and overall department budgets.

儘管短期聯邦環境依然動盪，但我們 2025 年全年的規劃仍在持續擴大。我們的解決方案對於各級政府的安全至關重要，而且相對於我們的社會影響和整體部門預算而言，與 Cellebrite 解決方案相關的支出仍然很小。

Dana will cover our second quarter guidance in detail, but I want to share in advance that while our outlook assumes that the continuation of the first quarter federal spending environment will persist into the second quarter, we see a clear opportunity to re-accelerate in the second half, given the expanding pipeline and the traditionally strong seasonality of the third quarter in the US government.

達納將詳細介紹我們第二季度的指引，但我想提前分享的是，雖然我們的展望假設第一季度的聯邦支出環境將持續到第二季​​度，但考慮到美國政府不斷擴大的計劃和第三季度傳統上強勁的季節性，我們看到下半年明顯有機會重新加速。

In the media, we're equally bullish on our pipeline and interest and expect our investments in our go to market teams will deliver an acceleration in the region in the second half of 2025. Within the past 30 days, our entire Board and our executive team have spent two full weeks in the UK region in Germany to clearly demonstrate the company's commitment to the region, and both visits were well received by customers, by prospects, and by our team on the ground.

在媒體方面，我們同樣看好我們的管道和興趣，並預期我們對市場團隊的投資將在 2025 年下半年加速該地區的發展。在過去的 30 天裡，我們的整個董事會和執行團隊在德國的英國地區度過了整整兩週的時間，以清楚地表明公司對該地區的承諾，兩次訪問都受到了客戶、潛在客戶和我們當地團隊的熱烈歡迎。

Finally, I want to call out one segment in particular across the globe that has witnessed a material increase in opportunities, which is the intelligence and defense sector, which tracks with what I think we're all seeing in global geopolitics. This is a segment we're doubling down on from a messaging, positioning and coverage perspective to ensure we meet demand and the opportunity.

最後，我想特別指出全球範圍內一個見證了機會大幅增加的領域，那就是情報和國防部門，我認為這與我們在全球地緣政治中看到的趨勢一致。我們正在從資訊傳遞、定位和覆蓋範圍的角度加倍努力，以確保滿足需求和機會。

Before moving forward, I would reiterate that our US state and local, Asia-PAC and Latin America units delivered strong growth and continued momentum in the quarter.

在繼續前進之前，我想重申，我們的美國州和地方、亞太地區和拉丁美洲部門在本季度實現了強勁增長並保持了良好的發展勢頭。

To summarize our first quarter performance before doing a quick click down on a few strategic milestones, I'd reiterate four things. First, Cellebrite continued to deliver robust year over year growth in ARR and revenue to support a Rule of X performance in our target 45 to 50 range.

為了總結我們第一季的業績，在快速回顧幾個策略里程碑之前，我想重申四件事。首先，Cellebrite 繼續在 ARR 和收入方面實現強勁的同比增長，以支持我們目標 45 至 50 範圍內的 X 規則表現。

Second, intelligence and defense needs combined with digitally-enabled crime continue to escalate in both size and sophistication, thus driving increased demand. Third, our bottom line grew faster than the top line at 34%, highlighting the operating leverage inherent in our business model and reflecting positively on our ongoing commitment to drive profitable growth. And fourth, traction with our Inseyets migration and the strategic penetration of our Guardian and Pathfinder products remains strong and on track.

其次，情報和防禦需求以及數位化犯罪在規模和複雜程度上不斷升級，從而推動了需求的成長。第三，我們的底線成長速度高於頂線成長速度，達到34%，這凸顯了我們商業模式中固有的經營槓桿，並積極反映了我們持續致力於推動獲利成長的承諾。第四，我們的 Inseyets 遷移以及 Guardian 和 Pathfinder 產品的策略性滲透仍然強勁且進展順利。

Let me switch gears and talk about a couple of important milestones that were core to our business. First, a major go to market highlight occurred last month when we held our first ever user conference. This Washington, DC event was sold out, attracting roughly 700 attendees from approximately 350 agencies and enterprises spanning 27 different countries.

讓我換個話題，談談我們業務的幾個重要里程碑。首先，上個月我們舉行了有史以來第一次用戶大會，這是一個重要的市場亮點。此次在華盛頓特區舉辦的活動門票全部售罄，吸引了來自 27 個不同國家的約 350 個機構和企業的約 700 名與會者。

The energy feedback and collaboration with our customers was both palpable and motivating. We also launched our inaugural Digital Justice Awards. The winners of the 2025 Justies represented 10 categories, including the case of the year, and recognized law enforcement and intelligence officers for exceptional service in the pursuit of justice.

我們與客戶之間的能量回饋和合作是顯而易見且令人鼓舞的。我們也推出了首屆「數位正義獎」。2025 年正義獎的獲獎者涵蓋了 10 個類別，包括年度案件，表彰執法和情報人員在追求正義方面做出的傑出貢獻。

Our 2025 User Conference represented meaningful progress toward our goal of establishing the justice and this summit as the premier customer event in digital investigations. We look forward to next year's award ceremony along with a significant expansion in our 2026 Summit attendance.

我們的 2025 年用戶大會代表著我們在實現正義的目標方面取得了有意義的進展，並將本次峰會打造為數位調查領域的首要客戶活動。我們期待明年的頒獎典禮以及 2026 年高峰會出席人數的大幅增加。

From a product and portfolio perspective, we announced our new spring 2025 release on May 6, featuring our new cloud foundation and AI powered innovations across the portfolio.

從產品和產品組合的角度來看，我們在 5 月 6 日宣布了新的 2025 年春季版本，其中包括我們新的雲端基礎和整個產品組合中的人工智慧創新。

The evolution of the Cellebrite cloud enables us to deliver a purpose-built user experience that scales investigative capabilities and accelerates decision making across public safety, intelligence, and enterprise sectors.

Cellebrite 雲端的發展使我們能夠提供專門建置的使用者體驗，可擴展調查能力並加速公共安全、情報和企業部門的決策。

We continue to see strong adoption of our cloud-enabled offerings, which are rapidly approaching 20% of our total ARR. At the same time, we delivered new AI powered features and functionality aimed at elevating productivity and efficiency across our flagship offerings while always keeping human expertise and engagement at its core.

我們持續看到雲端服務被廣泛採用，其佔比正迅速接近我們總 ARR 的 20%。同時，我們提供了新的人工智慧特性和功能，旨在提高我們旗艦產品的生產力和效率，同時始終以人類的專業知識和參與度為核心。

To better reflect the emerging importance of Cellebrite to both the intelligence and defense segments as well as our ongoing value in the private sector, the Case-to-Closure platform has been rebranded as the leading digital investigation platform.

為了更好地體現 Cellebrite 對情報和防禦領域日益增長的重要性以及我們在私營部門的持續價值，Case-to-Closure 平台已更名為領先的數位調查平台。

Finally, let me update you all on the status of our CEO search. Over the past four months, we've had the pleasure of meeting with a long list of eminently qualified candidates. We can't share those names for obvious reasons. And our interest in several of these candidates remains high.

最後，讓我向大家通報我們 CEO 搜尋的進度。在過去的四個月裡，我們很高興與一長串非常合格的候選人會面。由於顯而易見的原因，我們不能透露這些名字。我們對其中幾位候選人的興趣依然很高。

As we committed, we've been deliberate in this process to ensure we secure the right best leader. It's not just our shareholders, our employees, and our customers that deserve a world class leader. Our belief is that the safety of our world also depends on it.

正如我們所承諾的，我們在這過程中經過深思熟慮，以確保找到最合適的最佳領導者。不僅我們的股東、我們的員工和我們的客戶值得擁有一位世界級的領導者。我們相信，世界的安全也取決於此。

I want to also assure all of you that this company has not been in a holding pattern while this search has progressed. On the contrary, our Board, our team of senior leaders, and I have moved with daily urgency, balancing the requisite focus on the present with an equally important eye on our future.

我也想向大家保證，在進行這項搜尋的過程中，該公司並沒有處於等待狀態。相反，我們的董事會、高層領導團隊和我每天都在緊急行動，在關注當前問題的同時，同樣著眼於未來。

As a result, we've elevated work on our strategic options, including, as you would expect, inorganic opportunities to expand our TAM and help fuel our long-term growth. As I've discussed in multiple forums over the past three months, I consider my current duties the professional privilege of my lifetime.

因此，我們加大了策略選擇力度，包括（如您所期望的）擴大 TAM 和幫助推動長期成長的無機機會。正如我過去三個月在多個論壇上討論過的那樣，我認為我目前的職責是我一生的職業榮譽。

Well, I've led organizations 100 times the size, I've never led a company that wakes up every morning dedicated to making our neighborhoods, cities, country, and institutions safer. I'm honored every day to partner with the men and the women at Cellebrite and the dedicated and courageous customers we serve.

好吧，我領導過比這個規模大 100 倍的組織，但我從未領導過一家每天早上醒來都致力於讓我們的社區、城市、國家和機構更安全的公司。我很榮幸能每天與 Cellebrite 的員工以及我們服務的忠誠而勇敢的客戶合作。

My commitment to our Board and our shareholders is to optimize value creation, enable the important mission of our customers, grow and reward our people and usher in the next generation of leadership.

我對董事會和股東的承諾是優化價值創造，實現客戶的重要使命，發展和獎勵我們的員工，並迎來下一代領導。

So let's turn to slide 6 to conclude my remarks. We delivered solid first quarter top line growth, while modestly expanding operating margins to outperform on the bottom line. We live in unusually turbulent times, and the world needs the mission-critical IP we uniquely deliver.

那麼讓我們翻到第 6 張投影片來結束我的演講。我們第一季的營業收入實現了穩健成長，同時營業利潤率也略有提高，獲利表現優異。我們生活在一個異常動盪的時代，世界需要我們以獨特的方式提供的關鍵任務 IP。

The tailwinds and malfeasance now exacerbated by the increased technological sophistication of bad operators provide a firm foundation for healthy global demand over the coming years.

由於不良運營商技術日益複雜，順風和不法行為現在變得更加嚴重，為未來幾年健康的全球需求奠定了堅實的基礎。

As the market leader and technology innovator in this space, we're committed to extending our capabilities in AI, cloud-related agility, and investigative case and evidential management. Our mission and our impact remain in the early innings as we bring the world's most advanced technologies to ensuring a better, safer world. The future remains incredibly bright for this company.

作為該領域的市場領導者和技術創新者，我們致力於擴展我們在人工智慧、雲端相關敏捷性以及調查案件和證據管理方面的能力。我們的使命和影響力仍處於早期階段，我們將利用世界上最先進的技術來確保一個更美好、更安全的世界。該公司的未來依然一片光明。

With that, I'll turn the call over to Dana to provide further detail on our results and our outlook. Dana?

說完這些，我將把電話轉給達娜，讓她提供更多關於我們的結果和展望的細節。戴娜？

Thank you, Tom. Despite market turbulence in the US federal sector, Cellebrite delivered top line results for the first quarter that were in line with our plans, where the combination of our revenue growth and prudent spending enabled us to outperform our Q1 profitability targets. Just as important, we remain well positioned to continue expanding our business.

謝謝你，湯姆。儘管美國聯邦部門市場動盪，Cellebrite 第一季的營收業績仍然符合我們的計劃，收入增長和審慎支出相結合使我們超越了第一季的獲利目標。同樣重要的是，我們仍處於有利地位，可以繼續擴展我們的業務。

Let's start a review on slide 8. Our ARR for the 12 month period was 23% to $408 million largely driven by increased spending within our installed based customers. Consistent with Tom's earlier commentary, we enjoyed ARR results that were largely in line with our plans in most geographics and customer verticals, although the spending headwinds within the US federal and sectors limited our upside for the quarter.

讓我們從第 8 張投影片開始回顧。我們的 12 個月期間的 ARR 成長了 23%，達到 4.08 億美元，這主要得益於我們已安裝客戶的支出增加。與湯姆先前的評論一致，我們的 ARR 結果與大多數地區和客戶垂直領域的計劃基本一致，儘管美國聯邦和各部門的支出阻力限制了我們本季的上行空間。

As noted on the slide, our gross retention held relatively steady at 92% with standout retention levels in the US and Asia Pacific. Geographically, the March 2025 ARR mix was in line with the prior year. The Americas represented 54% of total ARR with EMEA 34% and Asia Pacific at 12%.

如幻燈片所示，我們的總留存率保持相對穩定，為 92%，其中美國和亞太地區的留存率非常突出。從地理位置來看，2025 年 3 月的 ARR 組合與前一年持平。美洲佔總 ARR 的 54%，歐洲、中東和非洲地區佔 34%，亞太地區佔 12%。

In terms of growth rates by geography, the America grew 27% with a vibrant performance in the SLG and Latin America segments. AAR grew 28% in the Asia Pacific region, followed by 15% expansion in EMEA.

從地理成長率來看，美洲地區成長了 27%，SLG 和拉丁美洲地區表現強勁。亞太地區的 AAR 成長了 28%，其次是歐洲、中東和非洲地區的 AAR 成長了 15%。

Let's turn to slide 9 to dive a little deeper into the ARR growth drivers from the product family perspective, as well as highlight a few deals that stood out in the quarter. As illustrated on the chart on the left-hand side of the slide, the majority of our net ARR expansion was driven by higher demands for a family of Inseyets offering, including our legacy digital forensic solutions.

讓我們翻到第 9 張投影片，從產品系列的角度更深入地探討 ARR 成長動力，並重點介紹本季突出的幾筆交易。如幻燈片左側的圖表所示，我們的淨 ARR 擴張大部分是由對 Inseyets 系列產品（包括我們傳統的數位鑑識解決方案）的更高需求所推動。

Within the [Blue] Inseyets contribution, we outlined the financial uplift associated with transitioning our installed base of legacy digital forensics licenses to Inseyets, which was the high single digit percentage of the $104 million net increase in ARR. To be clear, this is intended to represent only the increased spend by customers when they move to Inseyets.

在 [藍色] Inseyets 貢獻中，我們概述了將我們安裝的傳統數位取證許可證基礎轉換為 Inseyets 所帶來的財務提升，這是 1.04 億美元 ARR 淨增長中的高個位數百分比。需要明確的是，這僅表示客戶轉向 Inseyets 時增加的支出。

The first win listed on this slide, a new logo win, is a great example of how customers are deploying our technology in the field in addition to conventional lab environments. We are seeing more opportunities to extend our technology out into the field, as one of our competitors has become increasingly vulnerable in this area.

這張投影片上列出的第一個勝利是新標誌的勝利，它很好地說明了客戶如何在傳統實驗室環境之外的現場部署我們的技術。我們看到了將我們的技術擴展到該領域的更多機會，因為我們的一個競爭對手在這一領域變得越來越脆弱。

The second deal in the middle reinforces our success in expanding adoption of our analog module when customers convert to Inseyets as well as the opportunity within the global defense and intelligence sector.

中間的第二筆交易鞏固了我們在客戶轉向 Inseyets 時擴大模擬模組採用方面的成功，以及在全球國防和情報領域的機會。

The third win involving Guardian highlights how this solution is fortifying the chain of custody or enabling us to expand our wallet share within existing accounts.

涉及 Guardian 的第三次勝利凸顯了該解決方案如何強化監管鍊或使我們能夠擴大現有帳戶中的錢包份額。

As we look ahead, we remain optimistic about the growth opportunity for both Guardian and Pathfinder, as each product family remains under 5% penetrated across our installed customer base.

展望未來，我們仍然對 Guardian 和 Pathfinder 的成長機會持樂觀態度，因為每個產品系列在我們已安裝的客戶群中的滲透率仍低於 5%。

Guardian's AOL growth rate is accelerating, exceeding 100% for the third straight quarter as the number of customers using both Inseyets and Guardian nearly tripled from one year ago.

Guardian 的 AOL 成長率正在加速，連續第三個季度超過 100%，同時使用 Inseyets 和 Guardian 的客戶數量幾乎比一年前增加了兩倍。

Turning to slide 10, we generated first quarter revenue of $107.5 million, which increased 20% from the prior year due primarily to subscription revenue growth of 21%. Approximately 89% of total revenue was associated with subscription-based software solution. Our Q1 revenue was at the lower end of our targeted range due primarily to the timing of orders within US federal and EMEA theaters.

翻到第 10 張投影片，我們第一季的營收為 1.075 億美元，比上年成長 20%，主要原因是訂閱收入成長了 21%。總收入的約 89% 與基於訂閱的軟體解決方案相關。我們的第一季收入處於目標範圍的低端，主要原因是美國聯邦和歐洲、中東和非洲地區劇院的訂單時間。

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.

讓我們轉到第 11 張投影片來回顧我們的非 GAAP 毛利率和非 GAAP 營運費用，其中不包括基於股票的薪酬、無形資產攤銷和收購相關費用。

Our first quarter of 2025 gross margins of 84.4% was in line with our full year 2025 target range. The 130 basis point decline from prior year primarily reflects higher incremental costs for hosting and investments to build out our customer success organizations.

我們 2025 年第一季的毛利率為 84.4%，與我們的 2025 年全年目標範圍一致。與去年相比下降了 130 個基點，主要反映了託管和建立客戶成功組織的投資的增加成本增加。

In terms of operating expenses, first quarter operating costs were $68.8 million, a 13% year over year increase. This primarily reflects higher personnel costs associated with higher headcounts and annual merit adjustments, increased event costs and higher consulting expenses. We ended the first quarter with 1,182 employees.

在營運費用方面，第一季營運成本為 6,880 萬美元，年增 13%。這主要反映了與員工人數增加和年度績效調整相關的人員成本增加、活動成本增加和諮詢費用增加。第一季結束時，我們共有員工 1,182 人。

Turning to slide 12, the combination of top line growth, solid growth margins, and prudent spending resulted in Q1 adjusted debit of $23.7 million or 22% on a margin basis.

轉到投影片 12，營業收入成長、穩健的成長利潤率以及審慎的支出相結合，導致第一季調整後的借方為 2,370 萬美元，利潤率為 22%。

The year over year improvement of 2.3% points reflects solid operating leverage as our top line growth continues to outpace operational spending. We reported first quarter non-AC operating income of $22 million with non-GAAP net income of $26.2 million or $0.10 on a fully diverted basis.

年比成長 2.3% 反映了穩固的營運槓桿，因為我們的營收成長持續超過營運支出。我們報告第一季非 AC 營業收入為 2,200 萬美元，非 GAAP 淨收入為 2,620 萬美元，以完全轉移計算為 0.10 美元。

Our diluted non-GAAP EPS grew 25% despite a 20% increase in our average weighted diluted shares outstanding. We ended the first quarter with $509.8 million in cash, cash equivalent and investments, an increase of $26 million from the fourth quarter of 2024, and an increase of $162.5 million from the same period one year ago.

儘管我們的平均加權稀釋流通股數增加了 20%，但我們的稀釋非 GAAP 每股盈餘仍增加了 25%。截至第一季度，我們的現金、現金等價物和投資為 5.098 億美元，較 2024 年第四季增加 2,600 萬美元，較去年同期增加 1.625 億美元。

Free cash flow for the first quarter, which predefined as net cash provided by operating activities, less capital expenditure and the purchase of intangible assets was $18.5 million, up strongly from one year ago due primarily to strong fundamental results.

第一季的自由現金流（定義為經營活動提供的淨現金減去資本支出和購買的無形資產）為 1,850 萬美元，較去年同期大幅成長，這主要得益於強勁的基本面業績。

Now let's move to slide 13 for our outlook along with some insights on the factor -- trends that we believe will shape this year. 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 believe that this trend will repeat itself in 2025.

現在讓我們轉到第 13 張投影片，了解我們的展望以及對我們認為將影響今年的趨勢的一些見解。提醒一下，我們歷史上大部分的 ARR 收入和調整後的 EBITDA 都是在每年的下半年產生的，我們相信這一趨勢將在 2025 年重演。

Looking at the second quarter, we currently expect Q2 ARR in the range of $416 million to $426 million, which represents growth of 20% to 23%. While most geographies and customer verticals are anticipated to continue performing well during the first half of the year, we believe it is prudent to model a continuation of spending constraints in the US federal sector. Our pipeline does suggest the possible recovery in the second quarter, but until that manifests itself in closed transaction, we will remain justifiably cautious.

展望第二季度，我們目前預計第二季度 ARR 在 4.16 億美元至 4.26 億美元之間，成長率為 20% 至 23%。雖然預計大多數地區和客戶垂直領域在上半年將繼續表現良好，但我們認為，模擬美國聯邦部門繼續實施支出限制是明智之舉。我們的管道確實表明第二季可能出現復甦，但在交易完成之前，我們仍將保持合理的謹慎。

Our Q2 revenue outlook ranges from $110 million to $116 million, which translates into growth of 15% to 21%. This would result in a first half revenue of approximately $218 to $224 million or approximately 46% of what we expect for a full year 2025 revenue, which is generally consistent with historical trends.

我們對第二季營收的預期範圍是 1.1 億美元至 1.16 億美元，這意味著成長率為 15% 至 21%。這將導致上半年收入約為 2.18 億美元至 2.24 億美元，約占我們預期的 2025 年全年收入的 46%，這與歷史趨勢基本一致。

The spending climate within the US federal market is also affecting those who provide consulting and other professional services. We are not immune from those headwinds, and we see near term pressure on a one-time professional services revenue from US federal agencies.

美國聯邦市場的支出環境也影響著那些提供諮詢和其他專業服務的人。我們並不能免受這些不利因素的影響，而且我們看到美國聯邦機構的一次性專業服務收入在短期內面臨壓力。

Consistent with our cautious stances on the second quarter, we have marginally reduced the low end of the full year 2025 revenue by $10 million but also resetting the high end of this range. But we remain optimistic that we will see stronger second half spending by our customers, particularly in the US or in EMEA, we believe that adjusting the revenue range in such a manner more accurately captures the top line risks associated with an extension in spending constraints.

與我們對第二季的謹慎立場一致，我們將 2025 年全年收入的低端略微降低了 1000 萬美元，但也重新設定了該範圍的高端。但我們仍然樂觀地認為，下半年我們的客戶支出將會更加強勁，特別是在美國或歐洲、中東和非洲地區，我們相信以這種方式調整收入範圍可以更準確地捕捉到與支出限制延長相關的最高風險。

The majority of low-end revenue reduction is associated with the shifted timing of new business to the second half of the year, combined with lower one-time professional services revenue. We are not adjusting our full year guidance on ARR and EBITDA.

低端收入的減少主要是因為新業務的時間轉移到下半年，加上一次性專業服務收入的減少。我們不會調整全年的 ARR 和 EBITDA 指引。

We expect our Q2 gross margins to be within our full year '25 gross margins target range of 84% to 85%. We remain very focused on disciplined cost management while funding important investments that are critical to the further expanding of our business over the long term.

我們預計第二季的毛利率將在 2025 年全年毛利率目標範圍內，即 84% 至 85%。我們仍然高度重視嚴格的成本管理，同時為對我們長期業務進一步擴展至關重要的重要投資提供資金。

While US tariff policies remain fluid and require careful assessment in the event of any meaningful changes, we do believe that the current tariff of imports of our hardware to the US will be de minimus to our overall cost of goods sold.

儘管美國關稅政策仍在不斷變化，且需要對任何重大變化進行仔細評估，但我們確實相信，目前我們硬體進口到美國的關稅對我們的整體銷售成本的影響將微乎其微。

We anticipate our Q2 operating costs will be in the range of $69 million to $71 million, which is set to slightly higher than over Q1 levels, and consistent with the historical cadence of our operating expense growth from the first quarter to the second.

我們預計第二季的營運成本將在 6,900 萬美元至 7,100 萬美元之間，略高於第一季的水平，與我們第一季到第二季營運費用成長的歷史節奏一致。

These expectations set the standard for Q2 adjusted EBITDA in the range of $26 million to $28 million or approximately 24% on a margin basis, which keeps us on track with our full year target.

這些預期為第二季調整後的 EBITDA 設定了標準，即 2,600 萬美元至 2,800 萬美元之間，或利潤率約為 24%，這使我們能夠實現全年目標。

In terms of a weighted average diluted share count, we expect you to -- approximately be in the mid 250 million share range.

就加權平均稀釋股數而言，我們預計大約在 2.5 億股左右。

In summary, we remained focused on growth but equally committed to the responsible management of our cost structure in order to achieve our adjusted EBITDA targets in absolute dollar terms under different potential revenue outcomes.

總之，我們仍然專注於成長，但同樣致力於負責任地管理我們的成本結構，以便在不同的潛在收入結果下以絕對美元計算實現調整後的 EBITDA 目標。

Since entering the public safety market in 2007, we have established a track record for doable, profitable growth, which is reflected in both our absolute ARR and in the strength of our balance sheet.

自 2007 年進入公共安全市場以來，我們已經建立了可行、獲利成長的業績記錄，這反映在我們的絕對 ARR 和資產負債表的實力上。

That type of performance speaks volumes about the global need for our solutions and our ability to successfully navigate our business through an area of geopolitical, macroeconomics and technology shifts.

這種表現充分說明了全球對我們解決方案的需求，以及我們在地緣政治、宏觀經濟和技術變革領域成功引領業務的能力。

We are executing well against our plans and remain enthusiastic about the prospects for achieving the ambitious target [we set we] set by this year.

我們正在順利執行我們的計劃，並對實現今年設定的雄心勃勃的目標的前景充滿熱情。

That concludes our prepared remark. Operator, we are now ready for Q&A.

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。

Thank you. (Operator Instructions) Tomer Zilberman, Bank of America.

謝謝。（操作員指示）美國銀行的 Tomer Zilberman。

Hey, guys. Good morning. If I think about your commentary last quarter about the Fed, I believe you said that the weakness was really stemming from stabilization of the new administration coming in. And as you look to the outlook today, the question is, are you seeing any deterioration in the demand environment in terms of anything from Doge or tariffs or policy changes, anything different that you're seeing from 90 days ago?

嘿，大家好。早安.如果我考慮一下您上個季度對聯準會的評論，我相信您說過，經濟疲軟實際上源於新政府上台後的穩定。當您展望今天的前景時，問題是，您是否看到需求環境有任何惡化，無論是總督府還是關稅或政策變化，與 90 天前相比有什麼不同？

I'm going to let Marcus make a comment here. It's Tom. There's no material change from a leadership decision making perspective, that's -- there's still a little bit of fluidity in that environment.

我要讓馬庫斯在這裡發表評論。是湯姆。從領導決策的角度來看，並沒有實質的變化，也就是說，這種環境仍然存在一些流動性。

But what we are seeing, which gives us, well, the optimism we've alluded to in the second half is the pipeline and new opportunities that are surfacing, given the administration's priorities and where they are allocating dollars is actually -- we've witnessed a fairly meaningful uptick.

但是，我們看到的是，考慮到政府的優先事項和資金分配情況，下半年出現的管道和新機會讓我們感到樂觀，我們已經見證了相當有意義的上升。

The bottom line is crime is not going away. The need for this software is getting more important given the sophistication of technology and the pursuit of crime, and a bulk of the efforts that are sort of Doge related are more focused, I -- we believe, on a combination of personnel and for those of you that follow software shelfware.

底線是犯罪不會消失。鑑於技術的複雜性和犯罪的追捕，對這種軟體的需求變得越來越重要，而且我認為，與 Doge 相關的大部分努力都更加側重於人員的結合以及關注軟體貨架軟體的人們。

And the one thing that Cellebrite's never been accused of is shelfware. If anything, agencies are starving for more of our product to keep up with backlogs. So the short term is choppy, and we wish it weren't so, but as we think about the need and the opportunity in federal for us, we're actually gaining more optimism versus concern.

而 Cellebrite 從未因貨架軟體問題而受到指控。無論如何，各機構都渴望獲得更多我們的產品來應對積壓的工作。因此，短期內情況不穩定，我們也不希望如此，但當我們考慮到聯邦政府為我們帶來的需求和機會時，我們實際上變得更加樂觀，而不是擔憂。

I don't know if you want to add anything --

我不知道你是否想補充什麼--

It's a great question, Tomer. So adding to Tom's point, look, we're mission critical, we are not what I call a bright shiny object or an IT widget, which Tom's calls pleasantly shelfware. The key there to what we're seeing is certain programs under Doge have come to an end, but they're being replaced by new programs. And let me give you a real life example.

這是一個很好的問題，托默。因此，補充一下湯姆的觀點，你看，我們的任務至關重要，我們不是我所說的光鮮亮麗的物體或 IT 小部件，湯姆愉快地稱之為架子軟體。我們看到的關鍵是，Doge 領導下的某些專案已經結束，但它們正在被新的專案取代。讓我舉一個現實生活中的例子。

We had a special funding program into the DoD. We can't name it for obvious reasons, which was multiple millions for forward deployed operatives, people that are out there doing the real hardwork protecting the US.

我們有一個針對國防部的特別資助計畫。由於顯而易見的原因，我們不能透露具體數字，這些資金用於為前沿部署的人員支付數百萬美元，這些人正在為保衛美國而付出真正的艱苦努力。

That program is actually replaced by a larger program which will come into play in the next three months, and we feel very comfortable in our position there at the executive level. So what we're seeing is this change through Doge. And what we have seen a little bit is, is everything got wrapped up through the process.

該計劃實際上已被一個更大的計劃所取代，該計劃將在未來三個月內開始實施，我們對我們在執行層面的職位感到非常滿意。所以我們透過 Doge 看到了這種變化。我們看到的是，一切都已透過這個流程結束。

So when they did the blanket cuts that they did, there was just some freezing and deployment changes, but we feel very comfortable about the future and in fact we see new projects accelerating. We're just hoping that the Memorial Day budget, which is a big impact for us, if that gets approved, things settle down to a certain extent, and then we'll have more clarity going into Q3.

因此，當他們進行全面削減時，只是進行了一些凍結和部署變更，但我們對未來感到非常有信心，事實上，我們看到新專案正在加速推進。我們只是希望陣亡將士紀念日預算（這對我們來說是一個很大的影響）如果獲得批准，事情就會在一定程度上平息下來，然後我們將對第三季度有更清晰的認識。

Got it. And maybe as a follow up to the pipeline comment. If I look back to 2022, you had a trend of deal slippage with kind of low visibility into one that was going to close up. If we look to the outlook today, what kind of visibility do you have and what indicators are you seeing that suggest that this is really only a timing issue and not indicative of sort of a bigger trend of maybe spending weakness?

知道了。或許可以作為管道評論的後續。如果我回顧 2022 年，你會發現交易出現下滑趨勢，而且對於即將結束的交易的預見性較低。如果我們展望今天的前景，您有什麼樣的預見性？您看到哪些指標表明這實際上只是一個時間問題，而不是支出疲軟的更大趨勢的徵兆？

It's great. I mean, so basically on that basis, what you can look at is what are the use cases we're solving for. And so the use cases we're solving for in the federal government are fundamentally around three elements. They're around intelligence, counterintelligence, human trafficking. Those crimes and those necessities are increasing.

這很棒。我的意思是，基本上在此基礎上，您可以看看我們正在解決的用例是什麼。因此，我們在聯邦政府中解決的用例基本上圍繞著三個要素。它們涉及情報、反情報和人口販賣。這些犯罪和這些需求正在增加。

There are certain things which are going to happen in the US. There's a World Cup coming to the US, which if you guys think about, will be one of the biggest human trafficking issues that this country's going to face in a long time. It will drive that.

美國將會發生某些事情。世界盃即將在美國舉行，如果你們仔細想想，這將成為這個國家長期以來面臨的最大的人口販賣問題之一。它將推動這一點。

So we're seeing these new projects come in very early in the pipeline and then mature very quickly, which gives us confidence that on the net ads, for what I call, early pipeline, that is increasing. It's the decision making and the executive teams which are taking time to settle into their new roles, which means that the second half of the sale has been a little cloudy.

因此，我們看到這些新項目在早期就進入了頻道，然後很快就成熟了，這讓我們有信心，網路廣告（我稱之為早期頻道）正在增加。決策和管理團隊需要時間來適應新的角色，這意味著銷售的後半段會有些不明朗。

But we see that clearing up, and again, I do think, I'm going to repeat that, the budget element after Memorial Day will give stability and clarity to some of those projects. And I think that's consistent feedback from other people that sell to the federal market, given in this quarter.

但我們看到這種情況正在好轉，而且我再次重申，我認為，陣亡將士紀念日之後的預算將為其中一些項目帶來穩定性和清晰度。我認為這是本季其他向聯邦市場銷售產品的人的一致回饋。

Yeah, and if I -- it's Tom. I kicked up that comment one level and having sort of been through this stuff a bunch of times over the last 45 years, the three things you look at are is your pipeline growing or shrinking, are -- you do the competitive analysis, are you losing to competition? And the answer is no. And then are the macros changing? And sadly, populations going up, the use of technology is going up, crime is minimally flat, maybe violent crime may be flat to down a little, but crime overall.

是的，如果我──那就是湯姆。我把這個評論提升到了一個更高的層次，在過去的 45 年裡，我已經經歷過很多次這樣的事情了，你要看的三件事是你的管道是在增長還是在萎縮，你做了競爭分析，你是否在輸給競爭對手？答案是否定的。那麼宏會改變嗎？可悲的是，人口在增加，科技的使用在增加，犯罪率卻基本持平，暴力犯罪率可能持平或略有下降，但整體犯罪率仍然很高。

And some of the things like drug trafficking, human trafficking, internet crimes against children, those crimes are going up. So the macros are building in a favorable way. There's no change in the competitive win-loss dynamic and our pipeline is improving. So now it's just a matter of timing and clearing some of these timing hurdles and executing.

諸如販毒、販賣人口、針對兒童的網路犯罪等犯罪活動正在增加。因此，宏觀經濟正在以有利的方式建構。競爭勝負的動態沒有變化，我們的通路正在改善。所以現在只是時間問題，清除一些時間障礙並執行。

Jeff Van Rhee, Craig-Hallum.

傑夫·範·裡、克雷格·哈勒姆。

Great, thanks for taking the questions. Just a couple for me. Maybe, Tom, on FedRAMP at this point. I think mid-year was the target, June, July, obviously a lot of chaos in federal. But just talk about timing towards FedRAMP and then also what you can do with deal cycles to be ready for when you get the actual FedRAMP certification. So a little update there please.

太好了，感謝您回答這些問題。對我來說只有一對。也許，湯姆，現在就在 FedRAMP 上。我認為目標是在年中，六月、七月，顯然聯邦政府會陷入許多混亂。但只討論 FedRAMP 的時間安排，然後也討論您可以對交易週期做些什麼，以便在獲得實際的 FedRAMP 認證時做好準備。因此請稍微更新一下。

Yeah, we're still pushing -- I think the last time -- the last call we talked about getting ATO in the third quarters. For those of you that are FedRAMP mavens, there's two pieces to it. One is getting the readiness, which is, have you done all the things you need to do to your stack and your product to deliver the security requirements and compliance for FedRAMP certification. That's the long pole in the tent. That's the effort that took us a little over a year.

是的，我們仍在努力——我想上次——上次我們談到在第三季獲得 ATO。對於那些 FedRAMP 專家來說，它包含兩個部分。一是做好準備，也就是說，您是否已經對您的堆疊和產品完成了所有需要做的事情，以滿足 FedRAMP 認證的安全要求和合規性。那是帳篷裡的長桿。我們為此付出了一年多的努力。

As we shared, there's different levels of FedRAMP, we shot for the highest level, given our aspirations to solve the most complex sensitive issues in the government, which was level 4. We received level 4 readiness status about three months ago.

正如我們所分享的，FedRAMP 有不同的級別，考慮到我們解決政府中最複雜敏感問題的願望，我們力求達到最高級別，即 4 級。大約三個月前，我們達到了 4 級準備狀態。

So the last thing we needed was to get a a federal agency to sort of raise their hand and say, we're going to be your godfather and sponsor, and once that happens, it's typically about a 90-day process to get authorization to operate.

因此，我們最不需要的就是讓一個聯邦機構舉手說，我們將成為你們的教父和贊助者，而一旦發生這種情況，通常需要大約 90 天的時間才能獲得經營授權。

Candidly, we're -- we think we're close. We thought we were close 60 days ago, sort of on the 5 or 10 yard line to getting one of two targeted agencies to raise their hand. And just given all the dose related activity, those organizations remain interested but haven't committed yet. So our expectation is to get that done, as I said, in the next 30 days, then add another 30 days for the ATO. And so we're still pushing for the end of third quarter.

坦白說，我們認為我們已經很接近了。我們認為，60 天前我們已經很接近目標了，大概在 5 碼或 10 碼線上，可以讓兩個目標機構中的其中一個舉手。鑑於所有與劑量相關的活動，這些組織仍然感興趣但尚未承諾。因此，正如我所說，我們的期望是在接下來的 30 天內完成這項工作，然後再為 ATO 增加 30 天的時間。因此我們仍在努力爭取第三季的結束。

To your point on what can you do, it's -- the good news is the agencies that would want to take advantage of our FedRAMP status are well aware that we've achieved readiness. So they -- number 1, they know we're committed. Number 2, we've spent a lot of money and time already to get the readiness status. They all understand the last mile is the sponsorship.

關於您能做什麼，好消息是，那些想要利用我們的 FedRAMP 地位的機構都很清楚我們已經準備好了。所以他們——首先，他們知道我們已經做出承諾。第二，我們已經花費了大量的金錢和時間來達到準備就緒狀態。他們都明白最後一哩路是贊助。

And so we're able to -- the Cellebrite federal team has been able to engage in discussions with target agencies knowing that this is pending. The what -- the last thing we can't do just yet is get a project that might be scheduled to close, say, in the next quarter or two.

因此，我們能夠——Cellebrite 聯邦團隊能夠與目標機構進行討論，並了解此事尚未解決。我們現在最不能做的事情就是獲得一個可能計劃在下一兩季完成的專案。

So this -- by the way, we also shared when we announced this that you shouldn't expect a big uplift in federal bookings and performance in 2025. That is still the case because of the timing issues. But we do think it's important to get this over the line in the time frame I just discussed so that as people start to plan their 2026 spend, we're able to participate more fully. And so that that sort of opportunity and plan remains on track for us.

順便說一句，我們在宣布這一消息時也提到，不要指望 2025 年聯邦預訂量和業績會有大幅提升。由於時間問題，情況仍然如此。但我們確實認為，在剛才我討論的時間範圍內完成這項工作非常重要，這樣當人們開始規劃 2026 年的支出時，我們就能更充分地參與。這樣，這種機會和計畫對我們來說就能夠繼續順利進行。

Great, thanks for the color there. And then on the EMEA effort, it sounds like you took the initiative, you mentioned UK, Germany. I don't want to read my color into it. Just in -- the promptings to lead you to go do that and the results of that trip.

太好了，謝謝那裡的色彩。然後關於 EMEA 的努力，聽起來您採取了主動，您提到了英國、德國。我不想把我的膚色解讀其中。剛剛收到－提示引導你去做那件事以及那次旅行的結果。

Yeah, I'd say, it was two things. One, we make a point of communicating to the market, to our investors, to our customers, our prospects, our employees, that this is truly a global company. Our genesis and our roots are clearly in Israel, but our ownership, as you know, Jeff, is north of 40% owned by a Japanese corporation. Over 50% of our business is conducted in the United States. Over 50% of our employees are outside of Israel, so we're very much a global.

是的，我想說，這是兩件事。首先，我們強調向市場、投資者、客戶、潛在客戶和員工傳達我們是一家真正的全球性公司。我們的起源和根源顯然在以色列，但正如傑夫你所知，我們的所有權有 40% 以上歸一家日本公司所有。我們超過 50% 的業務在美國開展。我們有超過 50% 的員工在以色列以外，因此我們是一家全球性公司。

And my view is, you walk the talk. You don't just tell people you're global, you get off, you get out of your office and you get out into the world so that you can meet and greet and put names and faces and demonstrate commitment not only to our employees but to our customers.

我的觀點是，你要說到做到。你不只是告訴人們你是全球性的，你還要走出辦公室，走向世界，與人們見面、打招呼，記住他們的名字和麵孔，不僅向我們的員工，而且向我們的客戶展示你的承諾。

And with our (technical difficulty) with the big presence and footprint we have in the US and here in Washington DC, and the fact that Europe represents -- Dana, what's the percentage roughly of our revenue?

鑑於我們在美國和華盛頓特區的巨大影響力和業務範圍，以及歐洲所佔的份額（技術難度），達納，歐洲在我們收入中所佔的百分比大概是多少？

34%.

34%。

34% of our business, we said, when do we bring our executive team, when do we bring our Board to Europe? And for that matter, down in Asia-Pac? And so this was a decision I took. We hosted our executive quarterly off-site meeting, brought the whole leadership team to London three weeks ago for a full week of meeting with customers and employees.

我們說，我們的業務佔 34%，我們什麼時候帶著我們的執行團隊、什麼時候帶著我們的董事會去歐洲？那麼，在亞太地區呢？這就是我所做的決定。我們舉辦了高階主管季度場外會議，三週前將整個領導團隊帶到倫敦，與客戶和員工進行了為期一周的會議。

And then last week, for the first time, we hosted the Cellebrite quarterly Board meeting in Munich to do the exact same things. Spent the entire week there, met with multiple agencies, met with the Met police in London, met with the Fed police, which is the Federal Police Department, in Germany.

然後上週，我們首次在慕尼黑舉辦了 Cellebrite 季度董事會會議，也做了同樣的事情。在那裡待了整整一周，會見了多個機構，會見了倫敦警察廳，會見了德國聯邦警察（即聯邦警察局）。

We hosted a C2C equivalent event that we did two months ago in Washington. We ran one in Germany. It was very well attended. So it was really -- the long answer to your short question is, we're a global company and my view is, let's get the leadership of this company out in the field listening and connecting with both our customers and our people.

我們兩個月前在華盛頓舉辦了一場 C2C 類似的活動。我們在德國運行了一次。參加人數非常多。所以，對於你的這個簡短問題，長話短說就是，我們是一家全球性公司，我的觀點是，讓我們公司的領導層走出去，傾聽並與我們的客戶和員工溝通。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Hey, thanks for taking the questions, guys. I just wanted to get a little bit more -- I know, on the guidance outlook, we've spoken about this a couple of times now, but we have this embedded prudence, if you will, for this June quarter based on what's taking place in federal with the anticipation of the re-acceleration of the back half of the year based on the pipeline and the opportunity you're seeing.

嘿，謝謝大家回答問題。我只是想多說一點——我知道，關於指導前景，我們已經談過幾次了，但如果你願意的話，我們對今年 6 月季度抱有這種審慎的態度，這是基於聯邦政府正在發生的事情，並預計下半年將根據管道和你所看到的機會重新加速。

Just curious, again, we have this pipeline, but why not embed more conservatism in the back half of the year, again, just giving this uncertainty out there?

只是好奇，我們有這個管道，但為什麼不在下半年嵌入更多的保守主義，再次給出這種不確定性？

Why not be more conservative on the second half?

為什麼下半年不再保守一點呢？

What gives you that confidence? Again, just because it feels like there's such a (multiple speakers) out there day to day.

什麼給了你這樣的信心？再說一次，只是因為感覺每天都有這麼多（多個發言者）在那裡。

It's a fair question, and trust me, as you go through these things and we decided in the spirit of transparency and integrity on the revenue, given the shift in seasonality combined with some of the one-time services, business flow, we felt like it was the right thing to do to adjust the low end by -- I think we took it down 10 million.

這是一個合理的問題，相信我，當你經歷這些事情時，我們本著透明和誠信的精神決定收入，考慮到季節性的變化以及一些一次性服務和業務流程，我們覺得調整低端是正確的——我想我們把它降低了 1000 萬。

But as we look at run rates, as we look at pipeline and performance across the rest of the portfolio -- and I'll highlight again, we had strong performance in the US state and local, was extremely strong, which is a reflection of the value and the impact of our software. Latin America's on fire. Asia-Pac had a great quarter. And so -- and then you come back to federal and say, okay, it's almost 20% of our business.

但是，當我們查看運行率、查看其餘投資組合的管道和性能時——我會再次強調，我們在美國州和地方的表現非常強勁，這反映了我們軟體的價值和影響。拉丁美洲正陷入火海。亞太地區本季表現優異。然後你回到聯邦政府並說，好吧，這幾乎占我們業務的 20%。

If they show up, even if they just get a little better, I think it positions us to deliver the full year guide that we shared, which we thought was pretty strong to start with. And when you combine that with the fact that if you go -- I wish all of our investors could sit down with senior leadership at some of these agencies, and I do it every day.

如果他們出現，即使他們只是變得更好一點，我認為這使我們能夠提供我們分享的全年指南，我們認為這個指南一開始就非常強大。當你把這一點與以下事實結合起來時——我希望我們所有的投資者都能與這些機構的一些高層領導者坐下來談談，我每天都這樣做。

And when these people sit across the table from you and tell you how they cannot do their job. They cannot keep up with terrorists and murderers and pedophiles without our software. It's -- what that tells you is, this isn't a, gosh, do we need this? Gosh. Elon's pushing us to save 30% and you're a casualty. They have to have this software.

當這些人坐在你的對面並告訴你他們如何無法完成他們的工作。如果沒有我們的軟體，他們就無法應付恐怖分子、殺人犯和戀童癖者。這——這告訴你的是，這不是，天哪，我們需要這個嗎？天哪。伊隆要求我們節省 30%，而你卻成了犧牲品。他們必須擁有這個軟體。

And so when that's a must have and the macros aren't changing, that's why we believe as soon as this world settles down just a little bit more, we will see an uptick. Now the issue is, is it a big woosh, which it could be, based on some of the pipeline opportunities that were unanticipated that are starting to flow, or is it just an uptick? But that's what gives us the confidence -- enough confidence to say, cause you could do, which a lot of companies are doing.

因此，當這是必須的並且宏觀因素沒有改變時，這就是為什麼我們相信，只要這個世界稍微穩定下來，我們就會看到上升趨勢。現在的問題是，這是不是一個大趨勢？根據一些未曾預料到的開始湧現的管道機會來看，這可能是一個趨勢，還是只是一個上升趨勢？但這正是我們充滿信心的原因——我們有足夠的信心說，因為你可以做到，很多公司都在這樣做。

We're abandoning guidance cause we don't know, or they're just -- it's, the baby with the bathwater, if you're going to take revenue down, take it all down, take your lumps now. I mean, you can imagine those conversations take place everywhere, but it's our belief that that's not going to come to pass and that the company is going to rebound and have a strong second half.

我們放棄指導，因為我們不知道，或者他們只是——這是，把嬰兒和洗澡水混在一起，如果你要降低收入，就把收入全部降低，現在就承受損失。我的意思是，你可以想像這些對話隨處可見，但我們相信這不會發生，公司將會反彈並在下半年表現強勁。

We also have intimate relationships with our largest customers; it's been long standing. They still need to protect the world and we're bearing with them and they're bearing with us. I mean, that's the reality. This is a long-standing executive relationship where they know this too shall pass, and we will come good.

我們也與最大的客戶保持著密切的關係；它已經存在很久了。他們仍然需要保護世界，我們忍受他們，他們也忍受我們。我的意思是，這就是現實。這是一種長期的行政關係，他們知道這一切都會過去，我們會好起來的。

The other -- one other thing that we haven't highlighted yet that we think could contribute to the answer to your question, is one area that is not getting as -- I'll just say, as much pressure on the cost side is the area of intelligence and defense. For reasons that we all understand, if you follow geopolitics and what's happening around the world, and just to make an example, we all know that NATO and Europe is amping up their spend in defense. Nobody's confused about that.

另一件事——我們還沒有強調，但我們認為這可能有助於回答你的問題，那就是在成本方面沒有受到那麼大壓力的一個領域——我只想說，情報和防禦領域。基於我們都理解的原因，如果你關注地緣政治和世界各地發生的事情，舉個例子，我們都知道北約和歐洲正在增加國防開支。沒有人對此感到困惑。

And as they look at doing that, and they look at securing the eurozone borders, guess who might be able to help them? And so Cellebrite is moving swiftly to elevate our positioning, our messaging, our coverage to make sure that we're bringing our assets to bear in what is actually emerging as a growth segment that needs our technology contrasted with some of the pressure points and some of the more traditional agencies.

當他們考慮這樣做，並考慮確保歐元區邊界安全時，猜猜誰能幫助他們？因此，Cellebrite 正在迅速提升我們的定位、訊息傳遞和覆蓋範圍，以確保我們將我們的資產投入到真正新興的成長領域，與一些壓力點和一些更傳統的機構形成對比，這個領域需要我們的技術。

Thank you. (Operator Instructions) Jonathan Ho, William Blair.

謝謝。（操作員指示）Jonathan Ho，William Blair。

Hi, good morning. One thing I wanted to understand a little bit better is, can you talk a little bit -- I think you gave some great color around the Guardian and Inseyets adoption. Can you help us understand how Pathfinder is performing and does the strong adoption of the other two products maybe help smooth the Pathfinder adoption process over time?

嗨，早安。我想更了解的一件事是，您能否稍微談談——我認為您對 Guardian 和 Inseyets 的採用做出了很好的闡述。您能否幫助我們了解 Pathfinder 的表現如何？另外兩款產品的廣泛採用是否有助於 Pathfinder 的採用過程隨著時間的推移而變得更加順利？

Yeah, again, and I'll let Marcus comment because he's close on the ground on this. But I would tell you that the Pathfinder is growing more in line with the core business as contrasted with Guardian, which has delivered its third straight quarter over 100%. And we want to avoid specifics, but I would just tell you, it's a healthy beat above 100%.

是的，我會讓馬庫斯發表評論，因為他對此非常了解。但我要告訴你的是，Pathfinder 的成長與核心業務更加一致，而 Guardian 則連續第三個季度實現了超過 100% 的成長率。我們不想談論具體細節，但我只想告訴你，這是一個超過 100% 的健康成長。

So that technology is the market's leading, and we would argue only purpose-built repository for collaboration and chain of custody and is also a strategic control point in the enterprise, is doing exceptionally well.

因此，該技術是市場領先的，我們認為唯一專門為協作和監管鏈而建立的儲存庫，也是企業的策略控制點，表現非常出色。

Pathfinder is -- as I said, is growing more in line with the rest of the business, but we've delivered some new enhancements and capabilities as of very recently that we think will change the trajectory. Now all that said, we expect the penetration of Pathfinder.

正如我所說，Pathfinder 的成長與其他業務更加一致，但我們最近提供了一些新的增強功能和能力，我們認為這些功能將改變其發展軌跡。綜上所述，我們期待 Pathfinder 的滲透。

In a perfect world, you'd want 100% penetration of both products relative to Inseyets, we think a realistic target on Guardian right now is 50%, and that's really only constrained by sovereign level adoption of cloud technologies. So there's certain countries that just don't right now -- I was just in Germany, and they're pretty reluctant to do anything in the cloud right now and that'll change.

在理想的世界中，您希望這兩種產品相對於 Inseyets 的滲透率達到 100%，我們認為 Guardian 目前的實際目標是 50%，而這實際上僅受到主權等級採用雲端技術的限制。所以有些國家現在還不這樣做——我剛去過德國，他們現在很不願意在雲端做任何事情，這種情況將會改變。

But right now, that's where they stand. That's where Japan stands. Pathfinder, we think, just given the scale dynamics is probably a 25% penetration versus 50%. But let me ask Marcus to give you his view on the current, but I think more important, our optimistic view of the future of Pathfinder.

但現在，他們的立場就是這樣。這就是日本的立場。我們認為，僅從規模動態來看，Pathfinder 的滲透率可能是 25%，而不是 50%。但是，請允許我請馬庫斯談談他對當前情況的看法，但我認為更重要的是，我們對探路者的未來持樂觀態度。

Yeah, so Pathfinder was a major release of 10.4 this quarter, which brought a number of additional features including a cloud delivered opportunity for the product. What we're seeing with Pathfinder is it is an excellent product market fit, and a number of people on this call actually saw the demonstrations we did recently at our C2C, and I think you all agreed how powerful that product is.

是的，Pathfinder 是本季 10.4 版的主要版本，它帶來了許多附加功能，包括為產品提供雲端交付機會。我們看到 Pathfinder 是一款非常適合市場的產品，而且這次電話會議上的許多人實際上都看到了我們最近在 C2C 上所做的演示，我想大家都同意這款產品的強大。

What we're now working on is making it more consumable for mass adoption. So when you bring out a product at the top end, you now need to scale it back, and that's what we've done in 10.4. So we're now seeing an increasing pipeline where we're actually growing and we're very, very focused on the areas that we see adoption and in line with Tom, we will see penetration rates as he outlined too.

我們現在正在努力使它更適合大眾採用。因此，當您推出高端產品時，您現在需要縮減其規模，這就是我們在 10.4 中所做的。因此，我們現在看到管道不斷擴大，我們實際上正在成長，我們非常非常關注我們看到的採用的領域，並且與湯姆一致，我們將看到滲透率，正如他所概述的那樣。

Perfect. And then just as a quick follow up, are there any specific items in the Memorial Day budget that are maybe earmarked programs that are particularly attractive that you're looking at? Thank you.

完美的。然後，作為一個快速的跟進問題，陣亡將士紀念日預算中是否有任何具體項目可能是您正在考慮的特別有吸引力的專項計劃？謝謝。

There -- yeah, indeed, there are a number of. So the main thing about the Memorial Day budget, and fingers crossed, it happens probably not Memorial Day, but I think that the mood music is it will happen that week. It allows to move from CR into the general tax data that's being set, which actually means then the department heads actually know that they've got their money for an extended period of time.

是的，確實有很多。因此，關於陣亡將士紀念日預算的主要內容是祈禱，它可能不在陣亡將士紀念日發生，但我認為情緒音樂是它會在那一周發生。它允許從 CR 轉移到正在設定的一般稅務數據，這實際上意味著部門負責人實際上知道他們已經在很長一段時間內拿到了錢。

What that then does is it reinvestigates and reinvigors the special programs. There are a number, we couldn't list them all, they're all published on the website. But with our business development team, we've been doing a lot of work on Capitol Hill and at the state and local executive to make sure that we're well positioned for that security.

這樣做的目的是重新調查並重振特殊項目。有很多，我們無法全部列出，它們都在網站上公佈了。但是，我們與業務開發團隊一起，在國會山莊以及州和地方行政部門做了大量工作，以確保我們能夠很好地保障安全。

So I would say, there's probably eight or nine key programs which we don't document which will flow from that program which is exciting for us. They're all around the same use cases, human trafficking, fentanyl, border safety. So you can look on the Fed gov and see those programs pretty well documented.

所以我想說，可能有八到九個關鍵程序我們沒有記錄，這些程序將從該程序中流出，這對我們來說是令人興奮的。它們都圍繞著相同的用例，人口販賣、芬太尼、邊境安全。因此，您可以查看聯邦政府並發現這些計劃都有很好的記錄。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），考恩（Cowen）TD。

Thank you. Good afternoon, Tom, Dana, Andy. Tom, my question is on -- obviously on the federal -- the US federal softness. I wanted to ask if you or Dana can quantify for us maybe the level of slippage you've seen during the quarter? Is it just a handful of deals that are pushed? And I'm getting some emails from investors asking, was there any business that got canceled? And I have a follow up.

謝謝。下午好，湯姆、戴娜、安迪。湯姆，我的問題顯然是關於聯邦——美國聯邦政府的軟弱。我想問一下您或 Dana 是否可以為我們量化本季所看到的下滑程度？是不是只推銷少數幾筆交易？我收到一些投資者的電子郵件，詢問是否有任何業務被取消了？我還有一個後續行動。

So maybe I'll start. So in principle, Q1 for the federal government is usually a very weak or less important spending quarter and that's what we are seeing in Q1 results, it's very much in line with what we shared with the market, and we feel very comfortable with what we've seen there. But what we are seeing, as was alluded by both Tom and Marcus before, is that closing of new business is being deferred and delayed.

所以也許我會開始。因此，原則上，聯邦政府第一季的支出通常非常疲軟或不太重要，這就是我們在第一季業績中看到的情況，這與我們向市場分享的情況非常一致，我們對所看到的情況感到非常滿意。但正如湯姆和馬庫斯之前提到的那樣，我們看到的是新業務的結束被推遲和延遲。

And that is what we are expecting to see in Q2 and impacting our forecast for Q2, and altogether the revenue of the year. Please note we did not change the ARR because revenue is impacted by when the programs will come. ARR is slated for the full year (technical difficulty) impact by that.

這就是我們預計第二季會出現的情況，並且會影響我們對第二季以及全年營收的預測。請注意，我們沒有改變 ARR，因為收入受到節目上線時間的影響。ARR 預計全年都會受到該影響（技術難度）。

We assume that some of the new business decisions for Q2 will be deferred to Q3 and we'll have an opportunity to have an uplift in Q3, still to be visited after Memorial Day. It's mentioned by Marcus.

我們假設第二季度的一些新業務決策將推遲到第三季度，並且我們將有機會在第三季度實現提升，但這仍有待陣亡將士紀念日之後才能看到。馬庫斯提到這一點。

Got it. Thank you for that, Dana. Tom, you've indicated doubling down on the intelligence and defense sector. Totally understandable. Curious, who is the buyer within those departments, and I understand the difference between US state and local. And maybe just a word about the corporate opportunity, I know it's small, but how has that performed this quarter? Thank you.

知道了。謝謝你，達娜。湯姆，你表示要加倍重視情報和防禦領域。完全可以理解。好奇的是，這些部門的買家是誰，我了解美國州和地方之間的差異。也許只是關於企業機會的一句話，我知道它很小，但本季的表現如何？謝謝。

Do you want to take the buyer?

你要帶買家去嗎？

So the buyer and D&I, they're two different buyers. So in defense, we are mainly securing forward operations. So if you think about what happens, we can use the Ukraine war. I think Ukraine will talk to us about pretty much 95% of the soldiers captured from Russia will have a cell phone on them, and that cell phone will obviously need to be extracted because there'll be very relevant data that's going to protect. So war is very different than people imagine.

因此，買家和 D&I 是兩個不同的買家。因此在防禦方面，我們主要確保前沿行動。所以如果你想想會發生什麼，我們可以利用烏克蘭戰爭。我認為烏克蘭會告訴我們，從俄羅斯俘虜的士兵中幾乎 95% 都會攜帶手機，而且這些手機顯然需要被提取出來，因為裡面有需要保護的非常相關的數據。所以戰爭與人們想像的非常不同。

The second thing in defense use case is mainly security of defense bases -- foreign defense bases around the world being defended. Contractors come in and those contractors can be terrorists or counterterrorists. So there's a number of looking at the people that are working on those sites in the civil sector protecting. So that's the defense use case.

國防用例中的第二件事主要是國防基地的安全——世界各地的外國國防基地都受到保衛。承包商進來，這些承包商可能是恐怖分子或反恐怖分子。因此，有許多人關注在民間部門保護這些場所的工作人員。這就是防禦用例。

When you then move into intelligence, you're really moving into counterintelligence and triage. This is field agents which are capturing multiple phones and looking for certain amounts of evidence and so what you is a much bigger scale opportunity because the number of users is exponentially higher than there will be in SLG.

當你進入情報領域時，你實際上是在進入反情報和分類領域。這是現場特工，他們捕獲多部手機並尋找一定數量的證據，因此這是一個更大規模的機會，因為用戶數量比 SLG 中的用戶數量要高得多。

So if you think about a DEA agent, maybe a GCHQ agent from -- or MI5 agent, there are many more of them than there will be a lab technician in SLG. So we're tuning our product to take advantage of that, and the buyer is simply the person that's in command of those field agents. So it's the equivalent of a chief of police. It'll be an intelligence chief or a base chief or an army chief. It will be the actual buyer that we're after.

因此，如果你想想 DEA 特工，也許是 GCHQ 特工——或者 MI5 特工，那麼他們的數量比 SLG 的實驗室技術員要多得多。因此，我們正在調整我們的產品以利用這一點，而買家只是指揮這些現場特工的人。所以它相當於警察局長。這個人可能是情報部門負責人、基地負責人或軍隊負責人。我們尋找的是真正的買家。

Maybe just a word about the corporate opportunity?

也許只是關於企業機會的一句話？

Yeah, I mean, the corporate opportunity -- I mean our enterprise business has grown in line with the enterprise market. We feel that we're making progress. I mean we have the who's who of accounts that we always say. We have some significant wins out of Fortune 50 customers this quarter.

是的，我的意思是，企業機會——我的意思是我們的企業業務與企業市場同步成長。我們感到我們正在取得進步。我的意思是，我們有我們經常說的帳戶名人錄。本季度，我們從財富 50 強客戶中贏得了一些重大勝利。

We are optimistic about our partnership of relativity, adding to that and also partnerships with other service providers. So the corporate owned opportunity led by Phil O'Reilly, who's a world class leader, is really starting to come around and we're satisfied with our revenue in that area.

我們對相對合作夥伴關係以及與其他服務提供者的合作夥伴關係持樂觀態度。因此，由世界級領導者 Phil O'Reilly 領導的公司擁有的機會確實開始出現，我們對該領域的收入感到滿意。

Eric Martinuzzi, Lake Street.

馬丁努齊 (Eric Martinuzzi)，湖街。

Yeah. A year ago you laid out a plan to grow to a $1 billion by 2028. That anticipated revenue CAGR of 20% and ARR of 24%, I'm noticing the midpoint here for 2025 at 19% on the revenue and 23% on the ARR. Are we effectively stepping away from that $1 billion plan, or is the expectation that growth in the out years would recover that?

是的。一年前，您已經制定了 2028 年成長至 10 億美元的計畫。預計營收複合年增長率為 20%，ARR 為 24%，我注意到 2025 年的中點為收入 19%，ARR 23%。我們是否實際上正在放棄這項 10 億美元的計劃，還是預計未來幾年的成長將恢復這一水平？

I think when we've given -- and thank you, Eric, for the question. We've given this vision and plan to get to the $1 billion. It was relying on a few factors that we are actually seeing being executed, and as you said, it's built on CAGR. So last year we've done better than that. This year current guidance alluded that we are slightly below but doesn't mean that we are getting away from our overall performance expected.

我想當我們給出——感謝埃里克提出這個問題。我們已經提出了這個願景併計劃達到 10 億美元。它依賴我們實際看到的正在執行的幾個因素，正如你所說，它建立在複合年增長率的基礎上。所以去年我們做得更好。今年目前的指導暗示我們略低於但並不意味著我們偏離了預期的整體表現。

What we are seeing in this year is that impacting both revenue and ARR is actually what we said before on the spending time, especially with the federal government, and we believe that this will be released and we will see 2026 catching up on what we are missing here and I think what Marcus spoke before about the World Cup will provide us more opportunities that are currently not captured in our 2025 forecast. Altogether, we are not changing our trajectory to get to a $1 billion company.

我們今年看到的是，影響收入和 ARR 實際上就是我們之前在支出時間上所說的，特別是與聯邦政府的支出時間，我們相信這將會被發布，我們將看到 2026 年彌補我們在這裡所缺少的東西，我認為馬庫斯之前談到的世界杯將為我們提供更多機會，而這些機會目前還沒有在我們 2025 年的預測中得到體現。總而言之，我們不會為了成為一家價值 10 億美元的公司而改變我們的發展軌跡。

Got it. And then you, we've discussed the federal business being a little bit slower than expected, but you also called out EMEA, was that a handful of transactions or an overall, kind of across the Board, delay in decision making on pipeline?

知道了。然後，我們討論過聯邦業務比預期慢一點，但你也提到了 EMEA，這是少數交易還是整體上，整個董事會在管道決策方面的延遲？

There's a combination of both. I mean, the two are actually pretty much interlinked. I would say, there was a general slowdown from public safety, but an increase in D&I. And so the D&I has a longer maturation and a longer sales cycle, but the deals are a lot bigger.

兩者兼而有之。我的意思是，這兩者實際上是相互聯繫的。我想說的是，公共安全總體上有所放緩，但 D&I 有所增加。因此，D&I 的成熟期和銷售週期更長，但交易規模更大。

We have huge faith in our EMEA team that are making the pivot towards where that market is, and we're going to see a big uptick from them as that market matures. But there's nothing to see there from really anything outside of normality as we make those transitions and back our leadership in the region.

我們對我們的 EMEA 團隊充滿信心，他們正在朝著該市場的現狀努力，隨著該市場的成熟，我們將看到他們的大幅成長。但當我們進行這些轉變並支持我們在該地區的領導地位時，實際上並沒有看到任何不正常的情況。

Thank you. And this concludes the Q&A portion of today's call. I would like to now turn the floor over to the Cellebrite team for additional or closing remarks.

謝謝。今天電話會議的問答部分到此結束。現在我想將發言權交給 Cellebrite 團隊，請他們發表補充意見或結束語。

Great. Well, thank you very much everybody for participating today. We will be participating in a number of investor conferences over the next few weeks. For those of you who have questions, feel free to reach out to Investor Relations, and we look forward to seeing you at those conferences. Thank you.

偉大的。好吧，非常感謝大家今天的參與。我們將在接下來的幾週內參加多場投資者會議。如果您有任何疑問，請隨時聯繫投資者關係部，我們期待在這些會議上見到您。謝謝。

Thank you. This concludes today's Cellebrite first quarter 2025 financial results conference call. Please disconnect your line at this time and have a wonderful day.

謝謝。今天的 Cellebrite 2025 年第一季財務業績電話會議到此結束。請此時斷開您的線路並祝您有美好的一天。