Cellebrite DI Ltd (CLBT) 2025 Q2 法說會逐字稿

(Operator Instructions)

（操作員指示）

Welcome to the Cellebrite second-quarter 2025 financial results conference call. (Operator Instructions)

歡迎參加 Cellebrite 2025 年第二季財務業績電話會議。（操作員指示）

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

現在我想把電話交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, Angela. Good morning, everybody. Welcome to Cellebrite’s second quarter 2025 financial results conference call. I'm joined here today at our US headquarters outside of Washington, D.C. Our primary speakers on the call will be Tom Hogan, Cellebrite CEO; and David Barter, Cellebrite CFO.

非常感謝，安吉拉。大家早安。歡迎參加 Cellebrite 2025 年第二季財務業績電話會議。今天，我在華盛頓特區外的美國總部參加了這場電話會議。本次電話會議的主要發言人是 Cellebrite 執行長湯姆霍根 (Tom Hogan) 和 Cellebrite 財務長 David Barter。

Also with us in the room are Dana Gerner, our former CFO; and Marcus Jewell, our CRO. Joining us remotely will be Adam Clammer, Cellebrite’s Chairman of the Board, who will also have some remarks for today. This call is being recorded, and a replay of the recording will be made available on our website shortly after the call. And eventually, we will post a copy of our prepared remarks.

與我們一起在場的還有我們的前財務長 Dana Gerner 和我們的財務長 Marcus Jewell。Cellebrite 董事會主席 Adam Clammer 將遠端加入我們，他也將在今天發表一些演講。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。最後，我們將發布一份我們準備好的演講稿。

Please note that a copy of today's press release and financial statements, including GAAP to non-GAAP reconciliations is available on the Investor Relations website at investors.cellebrite.com. In addition to the press release, we've also posted an investor presentation that provides a detailed overview of our business and recent financial performance, along with publishing the quarterly financial tables and supplemental historical financial information for each quarter for the past three years. It's available on our Investor Relations website.

請注意，您可以在投資者關係網站 investors.cellebrite.com 取得今天的新聞稿和財務報表（包括 GAAP 與非 GAAP 的對帳表）。除了新聞稿之外，我們還發布了一份投資者簡報，詳細介紹了我們的業務和近期財務業績，並發布了過去三年每個季度的季度財務報表和補充歷史財務資訊。您可以在我們的投資者關係網站上查閱。

Also, unless stated otherwise, our discussion of our second 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 second quarter of 2024. In addition, please note that statements made on 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 年第二季度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 年第二季度進行。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. That could also cause actual results to differ materially from historical results and/or from forecast.

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。這也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 in 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.

這些前瞻性陳述中的一些內容在公司 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「風險因素」標題下進行了討論。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。

In terms of today's agenda, Adam Clammer will share his thoughts on our CEO announcement. Tom will then provide a brief review of our quarterly performance, discuss key strategic achievements and milestones and offer his perspective on market conditions and the outlook for 2025.

就今天的議程而言，Adam Clammer 將分享他對我們執行長公告的看法。然後，湯姆將簡要回顧我們的季度業績，討論關鍵的策略成就和里程碑，並提供他對市場狀況和 2025 年前景的看法。

Dana Gerner will offer some brief parting thoughts before she retires and Dave Barter will review the quarterly results and cover our outlook in more detail. And with that said, I'll now turn the call over to Adam Clammer. Adam, to you.

達娜·格納 (Dana Gerner) 將在退休前發表一些簡短的臨別感言，戴夫·巴特 (Dave Barter) 將回顧季度業績並更詳細地介紹我們的展望。說完這些，我現在將電話轉給亞當·克萊默 (Adam Clammer)。亞當，對你來說。

Thank you, Andy. It's a pleasure to be on today's call, and to briefly share the Board's perspective on the appointment of Tom Hogan as Cellebrite's CEO. Tom has long been the preferred choice of our Board to serve as CEO, given his vast technology experience, his intense focus on strategy and intimacy with Cellebrite's executive team, workforce and customers gained over the last two years.

謝謝你，安迪。我很高興參加今天的電話會議，並簡要分享董事會對任命湯姆霍根 (Tom Hogan) 為 Cellebrite 執行長的看法。長期以來，湯姆一直是我們董事會首選的執行長人選，因為他擁有豐富的技術經驗、高度重視策略，並且在過去兩年中與 Cellebrite 的執行團隊、員工和客戶建立了密切的關係。

Since joining Cellebrite as Executive Chairman in August of 2023, and continuing through his service as interim CEO over the past eight months, Tom has played an important, active role in every major initiative that has helped drive substantial value creation. His passion for Cellebrite is tangible and infectious.

自 2023 年 8 月加入 Cellebrite 擔任執行董事長以來，並在過去八個月擔任臨時首席執行官，Tom 在每一項有助於推動實質價值創造的重大舉措中都發揮了重要而積極的作用。他對 Cellebrite 的熱情是真切的、具感染力的。

As Cellebrite's Chair and the managing partner of one of the company's largest shareholders, I could not be happier. Given that backdrop, you're likely wondering why it took so long for this appointment to occur. In the summer of 2024, Tom was diagnosed with Stage 4 non-Hodgkin's lymphoma, that precluded his ability to commit to serving a Cellebrite's CEO when the company announced its succession plans in mid-November of 2024.

身為 Cellebrite 的董事長和公司最大股東之一的執行合夥人，我感到無比高興。考慮到這樣的背景，您可能會想知道為什麼這次任命花了這麼長時間才發生。2024 年夏天，湯姆被診斷出患有第 4 期非何杰金氏淋巴瘤，這使得他無法在 2024 年 11 月中旬 Cellebrite 公司宣布繼任計畫時承諾擔任該公司的執行長。

At the time of Yosi's departure, Tom was on the back end of six months of chemotherapy at MD Anderson. He finished up his final treatments in December with his cancer fortunately in complete remission. It was the Board's strong desire and preference to retain Tom as the full-time CEO, given the performance of the company since his arrival. I would remind the shareholders that despite the pullback in the stock price this year, Cellebrite's value has more than doubled since Tom joined as Executive Chairman, mentoring Yosi and working closely with the team.

在 Yosi 離開時，Tom 正在 MD 安德森癌症中心接受為期六個月的化療。他於 12 月完成了最後的治療，幸運的是，他的癌症已完全緩解。鑑於湯姆上任以來公司所取得的成績，董事會強烈希望並傾向於保留湯姆作為全職執行長。我想提醒股東，儘管今年股價有所回落，但自從湯姆加入並擔任執行董事長、指導 Yosi 並與團隊密切合作以來，Cellebrite 的價值已經增長了一倍多。

Tom was willing and able to step in as interim CEO on January 1, but given the rigorous demands of a global CEO role, he wanted time to fully recover and confirm his ability to run at 120% and provide the leadership this company deserves. Given that backdrop, our Board executed a thorough external search that yielded a number of very qualified candidates. This is a fabulous company and the position attracted substantial interest.

湯姆願意並且能夠在 1 月 1 日接任臨時首席執行官，但考慮到全球首席執行官職位的嚴格要求，他需要時間完全恢復並確認自己有能力以 120% 的效率運作並為公司提供應有的領導力。鑑於這一背景，我們的董事會進行了徹底的外部搜索，並找到了許多非常合格的候選人。這是一家很棒的公司，這個職位引起了極大的興趣。

We had multiple highly qualified, prior public CEO experienced candidates that wanted this position, and we were prepared to go down that path if necessary. Fortunately, Tom's cancer has remained in full remission. As he has steadily regained his energy and stamina, we were thrilled when Tom raised his hand to remove the interim designation, which made our choice very easy.

我們有多位高素質、曾擔任過上市公司執行長的候選人想要這個職位，如果有必要，我們也準備為他提供這個職位。幸運的是，湯姆的癌症已經完全緩解。隨著他的精力和體力逐漸恢復，當湯姆舉手取消臨時任命時，我們非常激動，這讓我們的選擇變得非常容易。

The Board is unanimous in its conviction that Tom is the right individual to lead Cellebrite, providing valuable continuity for the company, its people, shareholders and customers. Cellebrite's future is incredibly bright. Despite the near-term uncertainty with US federal spending, this company is making an impact with customers while delivering durable, profitable growth and outstanding free cash flow.

董事會一致認為，湯姆是領導 Cellebrite 的合適人選，將為公司、員工、股東和客戶提供寶貴的連續性。Cellebrite 的未來一片光明。儘管美國聯邦支出近期存在不確定性，但該公司在實現持久、盈利的成長和出色的自由現金流的同時，仍在對客戶產生影響。

Myself and the board have confidence in the strategic initiatives already underway, some of which Tom and Dave will discuss today and those that will be further developed and executed on over the coming quarters. It will elevate the company's value with customers and lead to a stronger Cellebrite.

我自己和董事會對已在進行的策略性舉措充滿信心，其中一些舉措湯姆和戴夫今天將進行討論，還有一些舉措將在未來幾季進一步製定和執行。它將提升公司在客戶心目中的價值，並讓 Cellebrite 變得更強大。

Tom's appointment as CEO is a great outcome for Cellebrite, the shareholders, its people and its customers. That concludes my comments, and I will now hand the call over to Tom.

湯姆被任命為執行長對於 Cellebrite、股東、員工和客戶來說都是一件好事。我的評論到此結束，現在我將把電話交給湯姆。

Adam, thanks for the kind words. And as you know, I look forward to the next chapter together and completely share your optimism for the future of this company. So let me jump in. First, we see 2025 playing out largely as originally planned in the majority of our businesses with the US state and local government and Latin America positioned actually to deliver exceptional full-year results.

亞當，謝謝你的好意。如你所知，我期待著共同開啟新的篇章，並完全認同你們對公司未來的樂觀態度。那麼就讓我加入吧。首先，我們預計 2025 年我們的大多數業務將按照原計劃順利進行，美國州和地方政府以及拉丁美洲實際上將實現出色的全年業績。

As we shared in our last call, a variety of changes within the US Fed sector has resulted in atypical spending activity and constrained visibility into the timing of new orders. These dynamics, along with our ongoing focus on the responsible management of our cost structure, have informed our revised 2025 financial targets, some up and some down.

正如我們在上次電話會議中所分享的，美國聯邦儲備委員會內部的各種變化導致了非典型的支出活動，並限制了對新訂單時間的可見度。這些動態，加上我們對成本結構負責任管理的持續關注，促使我們修訂了 2025 年的財務目標，有的上調，有的下調。

I'll discuss current market conditions in our full year 2025 outlook in more detail shortly, but first, I'd like to address several important developments and achievements that are enhancing Cellebrite’s clarity and our confidence around our strategic direction, leadership and new vectors of growth.

我將在 2025 年全年展望中更詳細地討論當前的市場狀況，但首先，我想談談幾個重要的發展和成就​​，這些發展和成就​​增強了 Cellebrite 的清晰度以及我們對戰略方向、領導力和新增長方向的信心。

Let's begin with Cellebrite's strategic direction. Despite current spending challenges, several important KPIs illustrate that our value proposition continues to resonate in the market, and that we're making important progress against many of our top 2025 priorities. First, in terms of Inseyets, our flagship digital forensic software, we continue to see customers upgrade from our legacy offerings to our digital investigation platform.

讓我們先從 Cellebrite 的策略方向開始。儘管目前面臨支出挑戰，但幾個重要的 KPI 表明，我們的價值主張繼續在市場上引起共鳴，並且我們在實現 2025 年許多首要任務方面取得了重要進展。首先，就我們的旗艦數位鑑識軟體 Inseyets 而言，我們不斷看到客戶從我們的傳統產品升級到我們的數位調查平台。

At the end of the second quarter, Inseyet has been deployed by over 40% of our license base and is tracking comfortably ahead of our full-year objective for conversions. Perhaps more importantly, our NPS scores on Inseyets’ technical capabilities, including usability and workflows, device support and to coding have continued to trend favorably.

截至第二季末，Inseyet 已涵蓋我們超過 40% 的許可證基數，並且順利實現全年轉換目標。或許更重要的是，我們對 Inseyets 技術能力（包括可用性和工作流程、設備支援和編碼）的 NPS 評分持續呈現良好趨勢。

Second, we continue to see strong adoption of our cloud and SaaS-based solutions, which are now 20% of total ARR. More specifically, Guardian continues to gain traction with customers. This product has outstanding market fit, enabling more efficient management of the examination process, greater collaboration and a strong chain of custody.

其次，我們繼續看到雲端和基於 SaaS 的解決方案已廣泛採用，目前佔總 ARR 的 20%。更具體地說，Guardian 繼續受到客戶的青睞。該產品具有出色的市場契合度，能夠更有效率地管理考試流程、實現更大程度的協作並建立強大的監管鏈。

ARR for Guardian grew by more than 100% year-on-year now for the fourth consecutive quarter. Much of Guardian's growth to date is from US. SLG customers, but it's been further bolstered by inroads this quarter in Latin America and the UK, while also closing the first Guardian deal in Australia. Our pipeline for Guardian also remains strong and is accelerating as we position the strategic offering for other European markets over the coming quarters. Third, we're gaining important momentum in the global defense and intelligence sector, which was approximately 25% of our international ARR last year. We believe shifting budgetary priorities will fuel an acceleration of spending in this segment, which we are already starting to capture in our European region. Finally, in addition to continued growth with Inseyets and Guardian, our contributions from Pathfinder also improved and accelerated due to strength in new bookings, combined with improvements in customer retention.

Guardian 的 ARR 連續第四個季度年增超過 100%。迄今為止，Guardian 的大部分成長都來自美國。SLG 客戶，但本季在拉丁美洲和英國的進展進一步增強，同時也與澳洲達成了第一筆 Guardian 交易。隨著我們在未來幾季為其他歐洲市場提供策略性產品，我們針對 Guardian 的產品線也保持強勁，並且正在加速發展。第三，我們在全球國防和情報領域取得了重要進展，去年該領域約占我們國際 ARR 的 25%。我們相信，預算重點的轉變將推動這一領域的支出加速成長，我們已經開始在歐洲地區捕捉到這一趨勢。最後，除了 Inseyets 和 Guardian 的持續成長之外，由於新預訂的強勁成長以及客戶保留率的提高，Pathfinder 對我們業務的貢獻也得到了改善和加速。

In addition to this progress, we took an important strategic step forward in June when we announced our agreement to acquire Corellium. We believe this is an important transaction that will accelerate innovation, expand our addressable market and help fuel long-term growth across both our private and public sector businesses.

除了這項進展之外，我們在 6 月宣布收購 Corellium 的協議，並邁出了重要的策略一步。我們相信這是一項重要的交易，它將加速創新，擴大我們的潛在市場，並有助於推動我們私營和公共部門業務的長期成長。

Corellium's ARM virtualization technology brings vulnerability and penetration testing to the wide range of ARM-based endpoints, including smartphones, tablets, laptops, drones and IoT devices. We know firsthand just how powerful Corellium's technology is. For the past five years, our internal mobile research teams have been using Corellium's mobile vulnerability solution to efficiently evolve and advance our lawful access capabilities.

Corellium 的 ARM 虛擬化技術為各種基於 ARM 的端點帶來了漏洞和滲透測試，包括智慧型手機、平板電腦、筆記型電腦、無人機和物聯網設備。我們親身體驗過 Corellium 的科技有多強大。在過去的五年裡，我們的內部行動研究團隊一直在使用 Corellium 的行動漏洞解決方案來有效地發展和提升我們的合法存取能力。

Corellium's vulnerability research solution clearly expands our addressable market and specifically in the defense and intelligence sector. Based on the nearly immediate post announcement interest in the Corellium solutions, we quickly executed a reseller agreement, which we closed roughly three weeks ago, and within two weeks of closing that reseller agreement, we closed our first sale with a European intelligence agency for nearly $500,000.

Corellium 的漏洞研究解決方案顯然擴大了我們的潛在市場，特別是在國防和情報領域。基於公告發布後人們對 Corellium 解決方案的興趣，我們迅速簽署了一份經銷商協議，該協議大約在三週前完成，並且在完成該經銷商協議後的兩週內，我們與一家歐洲情報機構完成了第一筆銷售，金額接近 50 萬美元。

And we think this use case has broad applicability across the global intelligence community and gives you some insight to our enthusiasm around the opportunity for significant growth post close. To that point, we clearly expect that Corellium will be an accelerant to Cellebrite's overall growth, and Dave will share some details on the transaction in just a few minutes.

我們認為這個用例在全球情報界具有廣泛的適用性，並讓您了解我們對交易完成後實現顯著增長的機會的熱情。至此，我們明確預計 Corellium 將成為 Cellebrite 整體成長的加速器，Dave 將在幾分鐘內分享有關該交易的一些細節。

Let me turn to innovation, and I want to highlight three areas. First, late last month, we announced that the Department of Justice will serve as the official sponsoring agency for Cellebrite's FedRAMP high authorization to operate, or the acronym ATO that you'll hear quite frequently. This ATO designation will cover our solutions delivered on the Cellebrite Government Cloud, namely Inseyets and Guardian. This sponsorship is the critical next step required for the Cellebrite Government Cloud to advance from its current FedRAMP Ready designation to in process. It marks a major milestone that significantly accelerates Cellebrite's journey toward a full ATO, which will enable us to sell the breadth of our cloud assets to our installed base of US federal agency customers. We look forward to working with the DOJ to elevate their productivity, efficiency and efficacy with Guardian and the breadth of our cloud-based product line.

讓我談談創新，我想強調三個領域。首先，上個月底，我們宣布司法部將作為 Cellebrite 的 FedRAMP 高授權運營的官方贊助機構，或者您經常聽到的首字母縮寫詞 ATO。此項 ATO 認證將涵蓋我們在 Cellebrite 政府雲端上交付的解決方案，即 Inseyets 和 Guardian。此次贊助是 Cellebrite 政府雲端從目前的 FedRAMP Ready 認證邁向正在進行的關鍵下一步。它標誌著一個重要的里程碑，大大加速了 Cellebrite 邁向全面 ATO 的進程，這將使我們能夠將我們的雲端資產出售給已安裝的美國聯邦機構客戶群。我們期待與司法部合作，透過 Guardian 和我們基於雲端的產品線的廣度來提高他們的生產力、效率和效力。

The second area is mobile research. We continue to invest significant resources, both people and dollars, to keep pace with the mobile phone OEMs. Last month, we released a powerful new update to our unlocked software that covers more than 100 Android OEMs in thousands of models. This milestone underscores our long-standing technological leadership for Android smartphones, which have more than 70% of global market share. This progress complements our own focus and capabilities on the IOS ecosystem. We remain committed to extending our leadership position in providing lawful mobile access to law enforcement, defense and intelligence agencies across the world's democratized nations.

第二個領域是行動研究。我們繼續投入大量人力和資金，以跟上手機原始設備製造商的步伐。上個月，我們發布了解鎖軟體的強大新更新，該更新涵蓋了 100 多家 Android OEM 的數千種型號。這一里程碑彰顯了我們在 Android 智慧型手機領域的長期技術領先地位，Android 智慧型手機佔據了全球 70% 以上的市場份額。這項進展補充了我們自身對 IOS 生態系統的關注和能力。我們將繼續致力於擴大我們在為世界民主國家的執法、國防和情報機構提供合法移動訪問方面的領導地位。

Finally, AI continues to be a critical enabling technology that is powering our entire platform. Our commitment to innovation in this area remains the highest priority as we envision radically improved systems and solutions powered by GenAI. The good news is much of this innovation is already being delivered real-time in our newest releases of Guardian with more to come over the coming months.

最後，人工智慧仍然是驅動我們整個平台的關鍵支援技術。我們設想由 GenAI 提供支援的系統和解決方案將得到徹底改進，因此我們致力於在該領域進行創新仍然是重中之重。好消息是，這些創新中的大部分已在我們最新版本的 Guardian 中即時實現，未來幾個月將有更多創新推出。

With respect to leadership, since I joined Cellebrite two years ago, we've worked diligently to strengthen our management team by recruiting executives with proven experience and relevant expertise at leading technology companies with global scale and impact. We applied that same philosophy to the appointment of Dave Barter as our new CFO. Dave brings proven credentials as a public company CFO at top software and SaaS businesses. While we're thrilled to have Dave on board, it also means saying goodbye to Dana Gerner, who will be retiring from Cellebrite effectively after today's call. Dana's financial and accounting acumen, her intimate knowledge of our business, her work ethic and her passion enabled her to play a major role in Cellebrite's success over the past 11 years. Dana, on behalf of everybody affiliated with Cellebrite, I want to thank you for everything you've done for us and wish you all the health and happiness you rightfully earned and deserve.

在領導力方面，自從我兩年前加入 Cellebrite 以來，我們一直努力透過招募具有全球規模和影響力的領先科技公司經驗豐富且具有相關專業知識的高階主管來加強我們的管理團隊。我們以同樣的理念任命戴夫巴特 (Dave Barter) 為新任財務長。Dave 曾擔任頂級軟體和 SaaS 企業的上市公司財務官，擁有豐富的資歷。雖然我們很高興 Dave 加入我們，但這也意味著我們要與 Dana Gerner 告別，他將在今天的電話會議後從 Cellebrite 退休。達娜 (Dana) 的財務和會計敏銳度、她對我們業務的深入了解、她的職業道德和熱情使她在過去的 11 年裡為 Cellebrite 的成功發揮了重要作用。達娜，我謹代表 Cellebrite 的所有員工感謝您為我們所做的一切，並祝您身體健康、幸福快樂。

Let me invite you to just say a few words to the folks on the line.

請容許我請你向線上的各位講幾句話。

Well, thank you very much Tom for your kind words. And for the partnership and the transfer it gave me over the past two years, it was remarkable. And I will keep my comments brief and directly from my heart. I spent the last 11 years journey incentivized and it was exciting, challenging, rewarding. I have been able to work with amazing people and teams, including many of you in the investment community.

好吧，非常感謝湯姆的善意言辭。在過去兩年裡，我與球隊的合作和調動都非常出色。我將簡短地發表我的真實心聲。過去 11 年的旅程讓我充滿動力，它令人興奮、充滿挑戰、回報豐厚。我有幸與許多出色的人和團隊共事，其中包括許多投資界的人。

I want to grab special thanks to my finance and ops teams and leaders, who met with a can-do attitude any challenge at as for us. I am very proud of you. And Dave, we spent the last weeks working together. No doubt, Tom and the Board has selected a great successor to the CFO role. Although it is still surreal that I say goodbye today, it is now the time for me to harness my experience, knowledge and skills I gained in more than 35 years of CFO in business and put it to good use giving back to my community. And of course, I look forward to watching Cellebrite thrive from the sidelines.

我要特別感謝我的財務和營運團隊和領導，他們以積極進取的態度迎接我們的任何挑戰。我為你感到非常驕傲。戴夫，我們過去幾週一直在一起工作。毫無疑問，湯姆和董事會已經為財務長職位選擇了一位出色的繼任者。雖然今天要說再見仍然感覺有些不真實，但現在是我利用自己在商業領域擔任 35 多年首席財務官期間獲得的經驗、知識和技能，並好好利用它們來回饋社區的時候了。當然，我也期待從旁邊見證 Cellebrite 的蓬勃發展。

And I'm sorry that I'm a little bit excited, but I will now turn the call back to you, Tom.

很抱歉我有點激動，但現在我會把電話轉回給你，湯姆。

Thank you, and thank you again, and we wish you all the best, and we -- I think I can probably speak for all of us here and on the phone, we look forward to monitoring the next chapter in your life and wish you well. I guess the other big news on the leadership front is my appointment as CEO, which Adam covered at the start of the call, and I'll make my comments on this topic brief as well.

謝謝您，再次感謝您，我們祝您一切順利，我想我可以代表在座的各位和電話裡的各位，我們期待著見證您人生的下一個篇章，並祝您一切順利。我想領導力方面的另一個重大新聞是我被任命為首席執行官，亞當在電話會議開始時已經談到了這一點，我也將就這個話題簡要地發表一下評論。

First, I want to say I'm incredibly grateful to be cancer-free today, and I want to thank the doctors, nurses and other medical staff at MD Anderson in Houston, which is -- if any of you have friends or family, it's a world-class institution that literally saved my life. I thank my family, my friends and all the people at Cellebrite that were supportive during the six months of chemo, which is not anything I'd wish on my worst enemy, for all their study and continued support.

首先，我想說，我非常感激今天自己擺脫了癌症，我想感謝休斯頓 MD 安德森癌症中心的醫生、護士和其他醫務人員，如果你們有朋友或家人的話，這是一個世界一流的機構，它確實拯救了我的生命。我感謝我的家人、朋友和 Cellebrite 的所有人，他們在我六個月的化療期間給了我很大的支持，我不希望我的敵人遭受這樣的治療，感謝他們所有的研究和持續的支持。

And I want to steal this moment just make a public service broadcast. I had no idea 14 months ago that I was sick. I was talked into doing a proactive full-body scan by a friend, only to discover a week later, I had Stage IV cancer and tumors all over my body. That scan literally saved my life. And I would just tell you, if you're over 30 and if you're on this phone, you've got the financial means, go get one of these scans. And if anybody has any questions about it, e-mail me directly. I feel like it's one of my missions and purposes in life is to share that, and I promise I'll promptly reply and share my experience with you because it was literally lifesaving. So I've been asked repeatedly by friends, family and business colleagues, why do you continue to work at your age and as a cancer survivor or minimally, why didn't you take a medical leave. And the answer is simple. If -- and this is an honest genuine response – if it were any company other than Cellebrite, that's precisely what I would have done. But I've never had the privilege and I would argue in this case, the obligation to lead a company that truly makes the world a safer place every day. I love this company. I love our people, and I love our customers, who are the brave men and women that risk their lives every day to make our lives a little better and a little safer.

我想利用這個機會進行一次公共服務廣播。14 個月前我根本不知道自己生病了。我在朋友的說服下主動做了全身掃描，但一週後才發現，我患有 IV 期癌症，全身都是腫瘤。那次掃描確實救了我的命。我只想告訴你，如果你超過 30 歲，有這款手機，又有經濟能力，那就去做一次這樣的掃描吧。如果有人對此有任何疑問，請直接給我發電子郵件。我覺得分享這一點是我人生的使命和目的之一，我保證我會及時回覆並與您分享我的經歷，因為它確實挽救了生命。因此，我的朋友、家人和同事反覆問我，為什麼你這麼大年紀了還繼續工作，並且作為一名癌症倖存者，或者至少，為什麼你沒有請病假。答案很簡單。如果——這是一個誠實的回應——如果是 Cellebrite 以外的任何公司，我都會這麼做。但我從來沒有這樣的特權，在這種情況下，我認為，我有義務領導一家真正讓世界每天都變得更安全的公司。我喜歡這家公司。我愛我們的員工，我愛我們的客戶，他們是勇敢的男女，每天冒著生命危險，讓我們的生活變得更美好、更安全。

I'm grateful for my cure. And I can tell all of you, I couldn't be more energized to ignite a new and exciting chapter for Cellebrite. There's a lot of work to do to combat bad actors around the world, but I and the 1,200 strong cellebbritors embrace and welcome that challenge every day. Let me close with a view of the overall market. The macro tailwinds that have driven the expansion of our business remains strong and are arguably improving.

我很感激我的康復。我可以告訴大家，我非常有活力，能夠為 Cellebrite 開啟一個令人興奮的新篇章。在打擊世界各地的不良行為者方面還有很多工作要做，但我和 1,200 名強大的 cellebbritors 每天都會迎接並歡迎這項挑戰。最後，讓我談談對整個市場的看法。推動我們業務擴張的宏觀順風依然強勁，而且可以說正在改善。

Unfortunately, the usage and sophistication of technology in the pursuit of crime continues to climb and technology like ours is the best and most efficient path to preserving public safety. As we move into the second half of the year, we anticipate healthy growth across the majority of our regions and segments with sequential acceleration in our ARR over the next two quarters.

不幸的是，在追捕犯罪過程中，科技的使用和複雜程度不斷提高，而像我們這樣的技術是維護公共安全的最佳和最有效的途徑。隨著進入下半年，我們預計大部分地區和部門將實現健康成長，未來兩個季度我們的 ARR 將連續加速成長。

The one sector in our business that carries second-half uncertainty despite a robust pipeline and strong demand signals is the timing of orders from our US Federal segment. To be clear, we believe that Cellebrite is incredibly well positioned with highly differentiated solutions that enable our federal clients to better execute on the new administration's priorities around things like border protection, drug enforcement, human trafficking, child exploitation, sovereign security and overall operational efficiency.

儘管我們業務的管道強勁、需求訊號強勁，但下半年仍存在不確定性的一個領域是美國聯邦部門的訂單時機。需要明確的是，我們相信 Cellebrite 擁有極其有利的地位，其高度差異化的解決方案使我們的聯邦客戶能夠更好地執行新政府在邊境保護、禁毒、人口販運、兒童剝削、主權安全和整體運營效率等方面的優先事項。

We view the recent legislation in the US as a catalyst that will soon convert the current spending headwind into a tailwind. Based on the ongoing dialogue with our customers, we expect these needs will lead to a resurgence of growth in 2026. Early signs of improved spending in this sector are already starting to surface. One of our long-standing US federal law enforcement customers recently increased its seven-figure annual spend on Cellebrite portfolio that includes both our digital forensic software and Pathfinder. The agency is also moving forward with its plans for its Inseyets conversion, which will improve their process for collecting and reviewing digital evidence. And the opportunity in this agency lastly is further enhanced with our pending FedRAMP ATO authorization and the associated ability to leverage and deploy our Guardian solution. It's also important to note that renewals are proceeding smoothly with retention levels for this sector well above the corporate average for retention and renewals in the mid-90% range. Although the mid- to long-term demand signals remain vibrant, we believe it's prudent to modestly adjust our full year ARR and revenue expectations until we see purchasing activity in the US Federal segment returned to a more conventional cadence.

我們認為美國最近的立法是一個催化劑，它很快就會把當前的支出逆風轉變為順風。根據與客戶的持續對話，我們預計這些需求將在 2026 年帶來成長復甦。該領域支出改善的早期跡像已開始顯現。我們的一位長期美國聯邦執法客戶最近將其在 Cellebrite 產品組合上的年度支出增加了七位數，其中包括我們的數位鑑識軟體和 Pathfinder。該機構還在推進其 Inseyets 轉換計劃，這將改善其收集和審查數位證據的流程。最後，隨著我們即將獲得 FedRAMP ATO 授權以及利用和部署我們的 Guardian 解決方案的相關能力，該機構的機會將進一步增強。值得注意的是，續約工作進展順利，該部門的留存率遠高於企業平均留存率，續約率約 90%。儘管中長期需求訊號仍然活躍，但我們認為，適度調整全年 ARR 和收入預期是明智之舉，直到我們看到美國聯邦部門的採購活動恢復到更傳統的節奏。

Last quarter, I referenced the fact that this sector was 17% and of last year's ARR, and it had a 25% CAGR over the past three years. The reduction in our 2025 US federal ARR growth translates to approximately 4 points of total ARR growth for the company this year and also accounts for the majority of the revised full-year guidance.

上個季度，我提到該部門佔去年 ARR 的 17%，並且在過去三年中實現了 25% 的複合年增長率。我們 2025 年美國聯邦 AR​​R 成長的減少意味著公司今年的總 ARR 成長將減少約 4 個百分點，同時也佔修訂後的全年指引的大部分。

As we have shared repeatedly, our income statement and our emerging scale carries leverage. And if and when we experience a short-term dip in our historical growth rates, we possess and we will execute the requisite spend discipline to continue to deliver expanding EBITDA and free cash flow -- all without compromising our ability to capitalize on the large, long-term opportunity for growth and market share. We have leveraged AI across all functions to protect growth and innovation and consequently have scaled back planned hiring in 2025. Our disciplined approach to spending has translated to the elevation of the low end of our existing EBITDA guidance and will ensure another exceptional year for free cash flow.

正如我們反覆分享的那樣，我們的損益表和新興規模具有槓桿作用。如果我們的歷史成長率出現短期下降，我們仍將執行必要的支出紀律，繼續實現不斷擴大的 EBITDA 和自由現金流——所有這些都不會損害我們利用長期巨大的成長和市場份額機會的能力。我們在所有職能部門利用人工智慧來保護成長和創新，因此縮減了 2025 年的招募計畫。我們嚴謹的支出方式已轉化為現有 EBITDA 指導下限的提升，並將確保自由現金流再創輝煌。

In summary, the need for Cellebrite's purpose-built solutions for public safety has never been higher. Every day, we literally witness the impact of our technology, whether it's helping save children from being trafficked into a life of horrible abuse, dismantling fentanyl distribution channels are putting murders behind bars.

總而言之，對 Cellebrite 專門針對公共安全的解決方案的需求從未如此高漲。每天，我們都親眼目睹科技的影響，無論是幫助拯救兒童免於被販賣而遭受可怕虐待的生活，還是摧毀芬太尼分銷管道，將殺人犯繩之以法。

We'll continue to grow at healthy rates in spite of short-term headwinds in federal. We are leveraging our scale to improve our margins, net income and free cash flow. We're optimistic that when the federal market turns, it will turn with a vengeance. What is equally exciting about Cellebrite are our plans to catapult our value through a powerful combination of AI-driven internal innovation, strategic partnerships and targeted acquisitions.

儘管聯邦政府短期內面臨阻力，但我們仍將繼續以健康的速度成長。我們正在利用我們的規模來提高我們的利潤率、淨收入和自由現金流。我們樂觀地認為，當聯邦市場轉變時，它將會以驚人的速度轉變。Cellebrite 同樣令人興奮的是，我們計劃透過人工智慧驅動的內部創新、策略合作夥伴關係和有針對性的收購的強大組合來提升我們的價值。

We have big plans for this company, and I look forward to that journey as its leader. With that said, I'll now turn it over to Dave.

我們對這家公司有宏偉的計劃，作為公司的領導者，我期待著這趟旅程。話雖如此，我現在會把話題交給戴夫。

Thank you, Tom. Before I review the second quarter results, I'd like to briefly describe why I am so excited to serve as Cellebrite’s CFO. I think you'll find that many of the same characteristics that appeal to me as a CFO likely resonate with those of you in the investment community.

謝謝你，湯姆。在回顧第二季的業績之前，我想先簡單描述為什麼我如此高興擔任 Cellebrite 的財務長。我想你們會發現，身為財務官，我身上的許多吸引人的特質很可能也會引起投資界人士的共鳴。

First, like other leading vertical software companies, Cellebrite has compelling secular tailwinds with high barriers to entry on account of our purpose-built software and the relationship we maintain with our customers. Second, we are fortunate to have an experienced team with deep domain expertise that is motivated by the mission and commitment to public safety. The Cellebrite team operates with incredible focus. We deeply care about partnering with our customers to make a real difference in protecting life and our communities. And finally, Cellebrite is regarded as the clear product and technology leader. This allows us to build a business that not only serves our customers well, but it also produces durable top line growth, attractive profit margins and very meaningful levels of free cash flow.

首先，與其他領先的垂直軟體公司一樣，Cellebrite 憑藉其專用軟體以及與客戶保持的關係，擁有引人注目的長期順風和較高的進入門檻。其次，我們很幸運擁有一支經驗豐富的團隊，他們擁有深厚的領域專業知識，並致力於公共安全的使命和承諾。Cellebrite 團隊的運作非常專注。我們非常重視與客戶的合作，為保護生命和社區做出真正的貢獻。最後，Cellebrite 被視為明顯的產品和技術領導者。這使我們能夠建立一個不僅能很好地服務我們的客戶，而且還能產生持久的收入成長、誘人的利潤率和非常有意義的自由現金流水準的企業。

Let's move on to the review of our second quarter results. ARR grew 21% to $419 million. Our growth was primarily driven by increased spending within our customer base. The Americas represented 54% of total ARR, while EMEA represented 34% and Asia Pacific was at 12%. In terms of growth rates by geography, the Americas grew 24%, led by excellent expansion within US state and local government, and Latin America.

讓我們繼續回顧第二季的業績。ARR 成長 21%，達到 4.19 億美元。我們的成長主要得益於客戶群支出的增加。美洲佔總 ARR 的 54%，歐洲、中東和非洲地區佔 34%，亞太地區佔 12%。從地理成長率來看，美洲成長了 24%，這主要得益於美國州和地方政府以及拉丁美洲的優異擴張。

ARR grew 21% in the Asia Pacific region, followed by 17% growth in EMEA, which improved sequentially from Q1 levels. In terms of product family performance, Inseyets has continued to see healthy ARR growth as customers continue to upgrade from our legacy software to the Inseyets solution.

亞太地區的 ARR 成長了 21%，其次是歐洲、中東和非洲地區，成長了 17%，較第一季的水準有所提高。在產品系列性能方面，隨著客戶不斷從我們的傳統軟體升級到 Inseyets 解決方案，Inseyets 的 ARR 繼續保持健康的成長。

More than 40% of our installed base was using Inseyets at the end of the second quarter. We also continue to see strong growth for our unlock offering, which is now attached to more than 40% of the Inseyets and legacy customer base. On a combined basis, Guardian and Pathfinder continue to grow faster than our overall ARR. These two products now represent approximately 10% of our total ARR. One other important milestone worth repeating. Our cloud-enabled and SaaS solutions reached 20% of total ARR this quarter which reflects over 50% growth in these offerings.

截至第二季末，我們安裝的用戶群中有超過 40% 正在使用 Inseyets。我們的解鎖服務也持續保持強勁成長勢頭，目前已覆蓋超過 40% 的 Inseyets 和傳統客戶群。從綜合來看，Guardian 和 Pathfinder 的成長速度持續快於我們的整體 ARR。這兩種產品現在約占我們總 ARR 的 10%。另一個值得重複的重要里程碑。我們的雲端和 SaaS 解決方案本季佔總 ARR 的 20%，反映出這些產品的成長超過 50%。

Turning to revenue. We generated second quarter revenue of $113.3 million, which increased 18% from the prior year due primarily to subscription revenue growth of 21%. Approximately 91% of total revenue was associated with subscription-based software solutions. This growth translated into improving levels of profitability. Our gross profit increased 20% to $96.4 million, which represents a gross margin of 85%. Second quarter adjusted EBITDA of $27.9 million increased 29% over the prior year, and the margin increased 200 basis points to 24.6%. We're pleased with this operating leverage.

談到收入。我們第二季的營收為 1.133 億美元，比上年成長 18%，主要原因是訂閱收入成長了 21%。約 91% 的總收入與基於訂閱的軟體解決方案相關。這種成長轉化為獲利水準的提高。我們的毛利成長了 20%，達到 9,640 萬美元，毛利率為 85%。第二季調整後的 EBITDA 為 2,790 萬美元，較上年成長 29%，利潤率增加 200 個基點至 24.6%。我們對這家經營槓桿感到滿意。

As a company, we are focused on maintaining a powerful combination of healthy revenue growth and thoughtful capital allocation to key investments that we believe will lead to increased product adoption and long-term durable and profitable growth. We ended the quarter with 1,216 employees. We reported second quarter operating income of $26.2 million with non-GAAP net income of $30.8 million or $0.12 on a fully diluted basis.

作為一家公司，我們專注於保持健康的收入成長和對關鍵投資的深思熟慮的資本配置的強大組合，我們相信這將導致產品採用率的提高以及長期持久的盈利增長。本季結束時，我們共有 1,216 名員工。我們報告第二季營業收入為 2,620 萬美元，非 GAAP 淨收入為 3,080 萬美元，或完全稀釋後為 0.12 美元。

Overall, our average weighted diluted shares outstanding increased slightly from first quarter levels. It is important to note that our weighted average share count has started to stabilize. We expect relatively minimal dilution going forward. Let's turn to the balance sheet. We ended the second quarter with $558 million in cash, cash equivalents and investments, an increase of $48 million from the first quarter of 2025 and an increase of $191.9 million compared to the prior year.

整體而言，我們的平均加權稀釋流通股數較第一季水準略有增加。值得注意的是，我們的加權平均股數已經開始穩定。我們預計未來稀釋程度會相對較小。讓我們來看看資產負債表。截至第二季度，我們擁有 5.58 億美元的現金、現金等價物和投資，比 2025 年第一季增加 4,800 萬美元，比上年增加 1.919 億美元。

Free cash flow for the second quarter was $29 million, and the free cash flow margin was 25.6%. For the trailing 12 months, free cash flow was $150 million or 34% on a margin basis compared to $91 million or a 25% margin in the previous period. In terms of upcoming uses of capital, our acquisition of Corellium will lead to a net cash outflow of $150 million when this transaction closes. The company reported ARR of approximately $15 million at the end of June. We plan to share additional details around Corellium and its financial performance when we report Q3 results in November.

第二季自由現金流為2,900萬美元，自由現金流利潤率為25.6%。過去 12 個月，自由現金流為 1.5 億美元，利潤率為 34%，而上一期間為 9,100 萬美元，利潤率為 25%。在即將到來的資本用途方面，我們對 Corellium 的收購將在交易完成時導致 1.5 億美元的淨現金流出。該公司報告稱，截至 6 月底，ARR 約為 1500 萬美元。我們計劃在 11 月報告第三季業績時分享有關 Corellium 及其財務業績的更多詳細資訊。

Prior to sharing our outlook, I'd like to share some perspective as to how we developed it. As a reminder, we have historically generated the majority of our ARR, revenue and adjusted EBITDA in the second half of the year. We anticipate this trend will hold true in 2025. Our guidance is informed by several inputs. First, there is a sizable base of remaining performance obligations or RPO. Second, we assess expiring agreements, including renewal timing and the related expansion opportunity across our customer base. Our model contemplates our gross dollar retention, which has been in the lower 90s percent range. Third, we consider the contribution of new business from customers expressing a need to expand in the middle of their agreement terms. And finally, we look at new logos, which tends to be a smaller contributor to ARR and revenue, given our land motion.

在分享我們的觀點之前，我想先分享一些我們如何發展它的觀點。提醒一下，我們歷史上大部分的 ARR、收入和調整後的 EBITDA 都是在下半年產生的。我們預計這一趨勢將在 2025 年繼續保持。我們的指導是根據多項投入而得出的。首先，剩餘的履約義務或RPO基礎相當龐大。其次，我們評估即將到期的協議，包括續約時間和相關的客戶群擴張機會。我們的模型考慮了我們的總美元保留率，該值一直處於 90% 以下的範圍內。第三，我們考慮在協議期限中期表示需要擴展的客戶的新業務貢獻。最後，我們來看看新標識，考慮到我們的土地動議，它對 ARR 和收入的貢獻往往較小。

We anticipate that our third quarter ARR will grow sequentially in the mid-single digits, followed by a similar increase in the fourth quarter. This is stronger than the sequential growth we saw in the first half. We are planning for temporary delays with US federal agencies. While customer interest and engagement in this sector is high, we're planning it will take time before the recent US legislation will help drive higher spending on Cellebrite by US federal agencies. We believe it's prudent to adjust our outlook until we have clarity on the timing of orders.

我們預計第三季的 ARR 將環比成長中個位數，第四季也將實現類似的成長。這比我們上半年看到的連續成長更為強勁。我們正在與美國聯邦機構商討暫時的延期事宜。雖然客戶對該領域的興趣和參與度很高，但我們預計，美國最近的立法將有助於推動美國聯邦機構增加對 Cellebrite 的支出，這還需要一些時間。我們認為，在明確訂單時間之前，調整我們的前景是謹慎的做法。

We expect third quarter 2025 ARR in the range of $435 million to $445 million or growth between 17% and 20%. We now expect full year ARR of $460 million to $475 million or growth of 16% to 20%. This updated outlook assumes minimal growth from US federal customers. The change to our growth assumptions around US federal customers impacts our total ARR growth by approximately 4 percentage points.

我們預計 2025 年第三季的 ARR 在 4.35 億美元至 4.45 億美元之間，或成長率在 17% 至 20% 之間。我們現在預計全年 ARR 為 4.6 億美元至 4.75 億美元，成長 16% 至 20%。這項更新後的展望假設美國聯邦客戶的成長將達到最低水準。我們對美國聯邦客戶成長假設的改變將影響我們的總 ARR 成長約 4 個百分點。

Factoring in the update to our anticipated ARR growth for 2025, we now expect third quarter revenue to be in the range of $121 million to $126 million or growth of 13% to 18%. We expect full year revenue in the range of $465 million to $475 million or growth of 16% to 18%. We expect our Q3 gross margin to be within our full year 2025 gross margin target range of 84% to 85%.

考慮到我們對 2025 年 ARR 成長的預期更新，我們現在預計第三季營收將在 1.21 億美元至 1.26 億美元之間，或成長 13% 至 18%。我們預計全年營收將在 4.65 億美元至 4.75 億美元之間，或成長 16% 至 18%。我們預計第三季的毛利率將在 2025 年全年毛利率目標範圍內，即 84% 至 85%。

We remain focused on thoughtful capital allocation to fund the investments we believe are critical to addressing customer needs and fueling durable growth over the long term. We expect Q3 adjusted EBITDA in the range of $31 million to $34 million or approximately 26% to 27% on a margin basis. For the full year, we now expect adjusted EBITDA in the range of $118 million to $123 million or 25% to 26% on a margin basis. And finally, I'd like to reiterate our view -- that 2025 will be an excellent year for free cash flow. Given the strong cash flow from operations thus far into 2025 and relatively minimal capital intensity, we expect the company's free cash flow margin will be approximately 30%.

我們仍然專注於深思熟慮的資本配置，為我們認為對滿足客戶需求和推動長期持久成長至關重要的投資提供資金。我們預計第三季調整後的 EBITDA 在 3,100 萬美元至 3,400 萬美元之間，或利潤率約為 26% 至 27%。就全年而言，我們目前預計調整後的 EBITDA 在 1.18 億美元至 1.23 億美元之間，或利潤率為 25% 至 26%。最後，我想重申我們的觀點——2025 年將是自由現金流極佳的一年。鑑於截至 2025 年的強勁營運現金流和相對較低的資本密集度，我們預計該公司的自由現金流利潤率將達到約 30%。

In summary, Cellebrite remains well positioned to deliver another year of healthy growth, strong profitability and excellent free cash flow with a minimal amount of dilution to shareholders. This concludes our prepared remarks. Operator, we're now ready for Q&A.

總而言之，Cellebrite 仍處於有利地位，能夠在未來一年實現健康成長、強勁盈利和出色的自由現金流，同時最大程度地減少對股東的稀釋。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。

(Operator Instructions)

（操作員指示）

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），考恩（Cowen）TD。

Thank you. Good morning, everybody. Congrats to everyone on their new roles and also on solid performance, which appears to be more timing driven. Tom, thanks for the honest and candid comments regarding your personal health. I’m glad the process is behind you. Dana, we can give nothing but the best. It has been a pleasure working with you over the past few years.

謝謝。大家早安。恭喜大家獲得新的職位，並取得出色的表現，這似乎更取決於時機。湯姆，感謝您對您個人健康狀況的誠實和坦率的評論。我很高興這個過程已經結束。達娜，我們只能給予最好的。過去幾年與您合作非常愉快。

Two-part question on my end, if I may. Tom, what's your confidence level as we think about this ongoing recovery in federal spending and maybe the second part for David. As we think about your retention rates this quarter, can you outline to us any key drivers anything which has been tied to US federal spending and agencies in that regard?

如果可以的話，我的問題有兩個部分。湯姆，當我們考慮聯邦支出的持續復甦時，你的信心程度如何？也許大衛的第二部分也是如此。當我們考慮本季的保留率時，您能否向我們概述與美國聯邦支出和機構相關的任何關鍵驅動因素？

Thank you.

謝謝。

Yes, I'll take the macro -- and by the way, thank you for your kind words. It's much appreciated. But let me take the macro and then I'll let a mix of maybe Dave and Marcus comment on the renewals because it's actually a good story behind that story. But at a macro level, I would tell you the confidence level is high. And when you script these things, as you guys know, everybody is very careful about what you say. So for me to tell people that when this turns, it's going to turn with a vengeance. I don't -- I wouldn't use those words lightly, which I think is a good harbinger or indicator of how we feel about the business in federal. And we're seeing strong renewals. I talked about renewal rates in the mid-90s. And we're going to talk -- we'll comment on one specific transaction that actually has a positive kind of back end and ending to this. But the macros that drive who we are, unfortunately, for all of us, they're not only not going away, they're getting worse.

是的，我會採取宏——順便說一句，謝謝你的好意。非常感謝。但讓我從宏觀角度來看，然後我會讓戴夫和馬庫斯對續約發表評論，因為這個故事背後實際上是一個好故事。但從宏觀層面來看，我會告訴你信心程度很高。當你編寫這些內容時，正如你們所知，每個人都會非常小心你所說的話。所以我要告訴人們，當情況轉變時，轉變將會更加劇烈。我不會——我不會輕易使用這些詞，我認為這是一個很好的預兆或指標，顯示了我們對聯邦業務的感受。我們看到了強勁的更新。我談到了 90 年代中期的續約率。我們將討論——我們將對一項實際上具有積極的後端和結局的特定交易進行評論。但不幸的是，對我們所有人來說，決定我們性格的宏不僅不會消失，反而會變得更糟。

I mean crime is not going away and the sophistication and usage of digital is becoming more pervasive, whether you're an intelligence agency, whether you're a defense agency or local law enforcement, you don't have enough labor and budget dollars to hire labor to try to navigate and prosecute the amount of data needed to drive safety, both at a sovereign security, defense level or to state and local.

我的意思是犯罪不會消失，數位化的複雜性和使用變得越來越普遍，無論你是情報機構，無論你是國防機構還是地方執法機構，你都沒有足夠的勞動力和預算來僱用勞動力來嘗試導航和起訴推動安全所需的數據量，無論是在主權安全、國防層面還是在州和地方。

So the demand drivers are not going to go away, unfortunately, I don't know, for at least, I think, a decade. And so that's there. Our product and our portfolio, we still are highly convicted is market leading in the industry. And when we talk to the customers in federal, the talk track isn’t Jeez, I don't know. They’re frustrated because they even want our product and they're waiting for the BBB to get passed.

因此，不幸的是，需求驅動因素不會消失，我認為至少在十年內不會消失。就是這樣。我們仍然堅信我們的產品和產品組合在行業中處於領先地位。當我們與聯邦政府的客戶交談時，談話的軌道不是天哪，我不知道。他們很沮喪，因為他們想要我們的產品，卻在等待 BBB 通過。

And now they're waiting for that to trickle down, and that's just going to take a little bit of time and that doesn't really kick in until October 1 anyway. And so -- but our view is, once that new fiscal cycle and the allocation of -- I'm told roughly $1 trillion of budget that's been allocated to the D&I segment, which is where we're very focused. All those things, combined with the pending ATO ability to deploy our cloud-based assets in the federal government lead us to be super bullish about 2026.

現在他們正在等待這一舉措的落地，但這需要一點時間，而且實際上要到 10 月 1 日才會真正開始。所以 — — 但我們的觀點是，一旦新的財政週期和分配 — — 我聽說大約有 1 兆美元的預算被分配給 D&I 部門，這是我們非常關注的領域。所有這些因素，再加上 ATO 即將在聯邦政府部署基於雲端的資產的能力，讓我們對 2026 年充滿信心。

And we just -- this company has a reputation, and I think all of us here of transparency and integrity in our reporting and our guidance. And rather than hope or predict when that trickle down is going to hit, our strategy has been to call it as we see it right now. And when the wave hits the beach, we're going to be delighted to share that news, and we think that Tsunami is coming. But let me let Dave and Marcus commented on the renewal thing because there's a really positive story in that as well.

而且我們——這家公司享有盛譽，我認為我們所有人的報告和指導都具有透明度和誠信。我們的策略是就目前所見即所得，而不是希望或預測這種涓滴效應何時會實現。當海浪沖擊海灘時，我們會很高興地分享這個消息，我們認為海嘯即將來臨。但是，讓我讓戴夫和馬庫斯對續約的事情發表評論，因為這其中也有一個非常積極的故事。

Thank you for your question. It's a great one. I think maybe as context, our federal business has traditionally operated when you think about our gross dollars somewhere between mid- to really upper 90s. And this quarter, there was certainly one particular transaction where we have multiple customer -- this customer has multiple contracts.

感謝您的提問。這是一個很棒的經驗。我認為，也許從背景來看，當我們的聯邦業務傳統上運作時，我們的毛收入在 90 年代中期到後期之間。本季度，確實有一筆特定交易，我們有多個客戶——該客戶有多份合約。

And one of their contracts, as they were preparing for the new legislation, ultimately did start to slip out of the quarter. So I'm going to turn it over to Marcus to give you a little bit more color, but that was one element that did end up weighing on the statistic and figure that you have in mind.

當他們為新立法做準備時，他們的一份合約最終確實開始在本季之外到期。因此，我將把它交給馬庫斯，讓他給你更多細節，但這確實是一個最終影響你所考慮的統計數據和數字的因素。

Sure. Thank you, David. I think I can button this up. In Q1 -- we actually talked about in the Q1 call there was a retention of a large contract, which was looking delayed. This is a program based, which through the Dodge confusion, the program did not get renewed.

當然。謝謝你，大衛。我想我可以把它扣上。在第一季度，我們實際上在第一季度電話會議上談到了保留一份大合同，但該合約看起來被推遲了。這是一個基於程序的程序，但由於道奇混亂，該程序未能續訂。

However, the customer need is only increasing. It's a shame that we can't talk about the customer specifics on the call because you would then understand how important this is for civilian safety. And we are now bidding an agreement, which we expect to be roughly 2x in size and the customer is still an active customer. So what I would say is we have a new bid. We are confident with our technical position, and we are waiting for the flow after 10/1 to be able to get that out on the docket.

然而，客戶的需求卻不斷增加。遺憾的是我們不能在電話中談論客戶的具體情況，因為這樣你就會明白這對平民安全有多重要。我們現在正在競標一項協議，我們預計其規模約為原來的 2 倍，而且客戶仍然是活躍客戶。所以我想說的是，我們有一個新的出價。我們對我們的技術地位充滿信心，我們正在等待 10/1 之後的流程，以便能夠將其列入議程。

Yes. So to summarize that pain point for a delay, but we have high expectations and optimism that I will recommit. The better news is when they do, and we think that will be in the next one to two quarters, that renewal actually would be 2x the old renewal. So that's -- if every federal customer renewed it to 2x, we'd be in a really happy place. But we think that's a good indication of the stability in demand and just points back to the timing issue.

是的。所以總結一下延遲的痛點，但我們有很高的期望和樂觀，我會重新承諾。更好的消息是，當他們這樣做時，我們認為這將在未來一到兩個季度內發生，那次續約實際上將是舊續約的兩倍。所以，如果每個聯邦客戶都將其續訂到 2 倍，我們會感到非常高興。但我們認為這很好地表明了需求的穩定性，並且只是回到了時機問題。

Understood thank you so much.

明白了，非常感謝。

Yeah. Thank you.

是的。謝謝。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Hey guys, thanks for taking the question here. And I'll echo Shaul's comments. Great to hear on the personal health front, Tom. Dana, I'm sorry to see you go. It's been an absolute pleasure working with you these last few years. And Dave, it's looking forward to working with you again, given our shared time over at New Relic.

嘿夥計們，感謝你們在這裡提出這個問題。我同意 Shaul 的評論。很高興聽到關於個人健康狀況的消息，湯姆。達娜，我很遺憾看到你離開。過去幾年與您共事非常愉快。戴夫，考慮到我們在 New Relic 共同度過的時光，我期待再次與您合作。

I think the first question, I just wanted to get at -- I know that you guys all walked through different intros and your views and whatnot. But David, really in going through transition process with Dana recently, curious to get a sense what are some of the initial findings that you've uncovered? How do you view your role here at Cellebrite? And is there any change that we should think about as far as different levers you plan on pulling. Is the company willing to reiterate the targets that have disclosed previously at the Investor Day? Anything there from a longer-term or vision standpoint would be beneficial?

我認為第一個問題，我只是想了解──我知道你們都經歷了不同的介紹、你們的觀點等等。但大衛，最近在和達娜一起經歷轉變過程時，你真的很好奇你發現了哪些初步結果？您如何看待自己在 Cellebrite 的角色？就您計劃採取的不同措施而言，我們是否應該考慮做出任何改變？公司是否願意重申先前投資人日上揭露的目標？從長期或願景的角度來看，有什麼是有益的嗎？

Okay. Well, Mike, too, I'm looking forward to working with you. It's a real pleasure working with you at New Relic and this will be a ton of fun. I guess, maybe at a fundamental level, I just -- I should actually I'd be remiss if I didn't start with just thanking Dana. I mean, she's been just fantastic to partner with over the last month and just her generosity and her commitment has been fantastic.

好的。嗯，麥克，我也期待與你合作。非常榮幸能與您在 New Relic 共事，這將會非常有趣。我想，也許從根本上來說，我只是——如果我不先感謝達娜，那我其實就是失職了。我的意思是，過去一個月與她合作非常愉快，她的慷慨和承諾令人讚嘆。

I think from a values perspective, I think you'll certainly find us very similar, certainly, quite frankly, as we've built the financial model for the second half. I think we have the same orientation almost in terms of having a bottoms-up view in terms of how we build our outlook for ARR, for revenue, arguably on the cost structure.

我認為從價值觀的角度來看，你肯定會發現我們非常相似，當然，坦白說，因為我們已經為下半年建立了財務模型。我認為，在如何建構 ARR、收入前景以及成本結構方面，我們幾乎有著相同的取向，就是自下而上地看待問題。

I think we had to share a similar philosophy almost around zero-based budgeting of how do you build yourself up from bottom to top to make sure that you're funding and putting headcount and all of our capital relative to things that we think are really pro growth. In some cases, that is areas around product. In other cases, it's around how you put AI into product or AI, how you put it into our processes. And so it sounds like I don't want to kind of belabor the point, but I think Dana and I kind of think and work very similar ways. In terms of kind of thinking about our approach on Analyst Day, I'll kind of come back to you.

我認為我們必須分享一種類似的理念，幾乎圍繞著零基預算，即如何從下到上建立自己，以確保你為我們認為真正有利於增長的事情提供資金、投入員工和所有資本。在某些情況下，這是產品周圍的區域。在其他情況下，它涉及如何將 AI 融入產品或 AI，如何將其融入我們的流程中。所以聽起來我不想過度強調這一點，但我認為達娜和我的思維和工作方式非常相似。關於我們在分析師日採取的方法的思考，我稍後會回覆您。

I think similar to Dana, I usually build the operating plan for which we'll start to offer perspective as we get into the latter part of autumn and into November and then we will certainly refresh the long-range plan in the spring. And so happy to share more on that. But again, I think you'll find the way I work, again, similar to New Relic is very similar to the way Dana has been working. Does that help, Mike?

我認為與達娜類似，我通常會制定營運計劃，我們會在進入秋季後期和十一月時開始提供觀點，然後我們肯定會在春季更新長期計劃。我很高興能分享更多這方面的資訊。但是，我想你會發現我的工作方式與 New Relic 的工作方式非常相似，也與 Dana 的工作方式非常相似。這有幫助嗎，麥克？

It does. Thank you very much, Dave. I really appreciate it. And a follow-up here for Marcus or Tom, just given the commentary and great to hear on that 2x sizing even though we're facing that nearer-term pain you had alluded to. Is there anything else you can point us to, Tom, I was really -- the comment from your prepared remarks that we're seeing early signs of improved spending already starting to surface.

確實如此。非常感謝，戴夫。我真的很感激。這裡是 Marcus 或 Tom 的後續問題，剛剛給出了評論，很高興聽到有關 2 倍規模的消息，儘管我們正面臨著您提到的近期痛苦。湯姆，您還能指出什麼嗎？我真的——從您準備好的發言中可以看出，我們已經看到支出改善的早期跡象開始顯現。

Anything else that you would point us to beyond this one agency here that we can kind of hang our hats on as we think about what the spending environment looks like or how it's evolving?

當我們思考支出環境是什麼樣的或如何發展時，除了這個機構之外，您還能向我們指出什麼其他可以讓我們依靠的嗎？

Yes. I'll let Marcus comment but there are two data points. One is just the funding that is being released in spite of the drive for efficiency ends up landing in our sweet spot, which is why we're actually -- it's a tough pill right now because we're pretty bullish about the mid- to long term. We're right in the strike zone of what the administration wants to go fix and where they've allocated dollars.

是的。我會讓馬庫斯發表評論，但有兩個數據點。一是，儘管追求效率，但所釋放的資金最終還是落到了我們的最佳位置，這就是為什麼我們實際上——這是目前一個棘手的問題，因為我們對中長期前景非常樂觀。我們正處於政府想要解決的問題和他們分配資金的領域。

And the other data point that we didn't get into in the script or call is our coverage in our pipeline in the Federal segment is very strong. And so that, combined with the recent signing of a meaningful deal that came in early in the quarter, that with the size of this other big deal that we think will still take a quarter or two, but we think is going to be minimally 2x. Those are a bunch of data points and Marcus, if you could add more color or confidence?

我們在腳本或電話中沒有提到的另一個數據點是，我們在聯邦部分的管道覆蓋範圍非常強大。因此，結合本季初簽署的一項有意義的協議，我們認為這筆大交易的規模仍將持續一兩個季度，但我們認為至少會是兩倍。這些都是一堆數據點，馬庫斯，你能添加更多顏色或信心嗎？

Yes, I think there's 3 points I want to orient to. So first of all, the federal government that we refer to is the US federal government. When we look outside of the US federal, central government spending is increasing at a clip in both the defense and intelligence.

是的，我認為有 3 點需要強調。首先，我們所指的聯邦政府是美國聯邦政府。當我們將目光投向美國聯邦政府以外時，中央政府在國防和情報方面的支出正在快速成長。

And what that points to is that the use case is correct. Our return on investment is correct, but we are caught in a spending issue as many, many of our operators are currently in the US federal. The second thing is the indications as we look at our renewals in this quarter from a bookings perspective are increasing in terms of value.

這表明用例是正確的。我們的投資回報率是正確的，但我們陷入了支出問題，因為我們的許多運營商目前都在美國聯邦政府。第二件事是，從預訂角度來看，本季的續約量在價值上有所增加。

So we see a value increase in renewals, which, again, points to an extension of what we do. And then the two other points to think about is the interest in Corellium is exceptionally high as you can imagine. We talked about our initial deal in Europe for an intelligence bureau.

因此，我們看到續約價值的增加，這再次表明我們業務的延伸。然後要考慮的另外兩點是，正如你所想像的，人們對 Corellium 的興趣非常高。我們討論了在歐洲為情報局達成的初步協議。

And we're actually seeing that interest grow into the federal government into the decision-makers. We already know and expansion of use case. And then let's not forget that we're now preparing for being first in the market with a Fed level high, secure cloud forensics solution, which will give another big tailwind to our business when we are ready to execute on that program.

我們實際上看到聯邦政府和決策者對此的興趣日益濃厚。我們已經知道並擴展了用例。然後，我們不要忘記，我們現在正準備在市場上率先推出聯邦級高、安全的雲端取證解決方案，當我們準備執行該計劃時，這將為我們的業務帶來另一個巨大的推動力。

Eric Martinuzzi, Lake Street.

馬丁努齊 (Eric Martinuzzi)，湖街。

Yes. I want to follow up on the issue from Q1. There was US Federal and it seemed like the results of some European pipeline issues. Based on the results of Q2, it looks like that has -- we're not facing that anymore in Europe. Is that the case? Are we back on track as far as Defense and Intel pipeline, Europe?

是的。我想跟進 Q1 中的問題。這是美國聯邦政府的問題，而且似乎是歐洲一些管道問題所導致的結果。根據第二季的結果，看起來我們在歐洲不再面臨這種情況了。是嗎？就歐洲的國防和英特爾管道而言，我們是否重回正軌？

Yes. Great. I'll do the quick voice over, and then I'll let Marcus fill in the blanks. But we are -- our European leader has done a nice job of implementing, I think, a really thoughtful strategy. You could argue he was a first mover on the focus on D&I, which is starting to pay dividends, and we're seeing ramps in both growth rates and pipeline and we're pretty bullish about Europe. So there's still work to go, but your observation, I think, is spot on. Marcus?

是的。偉大的。我會快速配音，然後讓馬庫斯填補空白。但我認為，我們的歐洲領導人已經出色地實施了一項真正深思熟慮的策略。你可以說他是關注多元化和包容性的先驅，而多元化和包容性已開始帶來回報，我們看到成長率和管道都在上升，我們對歐洲市場非常看好。所以還有很多工作要做，但我認為你的觀察是正確的。馬庫斯？

Yes. I mean I think it's just great execution. We talked about a pivot in our strategy. We felt that we had -- we didn't have enough share in the D&I market outside of the US. Ed Dolman, the leader there, has done a great job in repivoting and covering and we've had significant orders in D&I and we continue to see an acceleration there.

是的。我的意思是我認為這只是一次出色的執行。我們討論了我們戰略的支點。我們覺得我們在美國以外的 D&I 市場中沒有足夠的份額。那裡的領導人 Ed Dolman 在重新定位和覆蓋方面做得非常出色，我們在 D&I 方面獲得了大量訂單，而且我們繼續看到那裡的加速發展。

And we're playing into a nice area because of the NATO spend increases. So we see continued strength in Corellium, has only shown that as well. And obviously, our first resale order of Corellium into Europe is showing the way, and we feel very confident about our growth rates in EMEA going forward.

由於北約開支增加，我們的處境變得很好。因此，我們看到 Corellium 的持續強勁表現，這也表明了這一點。顯然，我們在歐洲的首批 Corellium 轉售訂單已經為我們指明了方向，我們對未來 EMEA 地區的成長率充滿信心。

And by the way, I mean, you step back geopolitically and the logic is pretty obvious with the US pressuring the EU to step up on their defense spending, when you look at the conflict with Ukraine and Russia and the issues that that presents from a border protection issue around the EU.

順便說一句，從地緣政治角度來看，當你看到美國與烏克蘭和俄羅斯的衝突以及由此引發的歐盟邊境保護問題時，你會發現，美國向歐盟施壓，要求其增加國防開支，其邏輯就非常明顯了。

Those are all initiatives that benefit from the Cellebrite portfolio and the spend on Cellebrite relative to the increased focus in spend by the EU countries to address both of those issues, is the perfect storm for us. And the reason that we're focused on it and the reason we're starting to see the traction.

這些都是受益於 Cellebrite 產品組合的舉措，而歐盟國家在解決這兩個問題上加大了對 Cellebrite 的投入，這對我們來說是完美的風暴。這就是我們關注它的原因，也是我們開始看到進展的原因。

Yes. There's also one thing to add, Tom, and thanks for pointing my direction there, is that the migrant crisis in Europe is the worst it's been and there is significant additional funding being added and we are right in the midst of securing those funding opportunities for incremental business in new task force, which are being formed across Europe to deal with the migrant crisis.

是的。還有一點要補充，湯姆，謝謝你為我指明了方向，那就是歐洲的移民危機是有史以來最嚴重的，我們正在增加大量額外資金，我們正在為新的特別工作組的增量業務尋找資金機會，這個特別工作組正在歐洲各地組建，以應對移民危機。

Bhavin Shah, Deutsche Bank.

德意志銀行的 Bhavin Shah。

Great, thanks for taking my questions. And I got the same sentiments that Shaul mentioned at the beginning of the statements. I guess, just a clarifying question on the guidance. Tom, you mentioned the 4-point kind of impact to ARR just from kind of the changes in assumptions you made around the timing of US federal.

太好了，謝謝你回答我的問題。我和 Shaul 在聲明開頭提到的有同樣的想法。我想，這只是一個關於指導的澄清問題。湯姆，您提到了對 ARR 的 4 點影響，這僅僅是由於您對美國聯邦政府時間所做的假設的變化所致。

Just what else is going to the remainder of the reduction? Where are you kind of being a little bit more conservative? Or are you seeing anything else in the macro that's been more cautious on the federal eminent the year?

那麼剩下的減幅還有什麼呢？您在哪裡顯得比較保守？或者您看到宏觀層面上其他任何因素使得今年聯邦政府表現得更加謹慎？

I'll let Dave comment on that. The one other thing that we didn't get into the details is we had a pretty modest quarter in the private sector, but there's another -- when you start looking for the logic for increased optimism around growth in 2026, the Corellium asset is a big play in D&I, as Marcus just mentioned, but sort of the hidden secret here is we think Corellium has massive potential in our private sector business.

我會讓戴夫對此發表評論。我們沒有詳細說明的另一件事是，我們在私營部門的一個季度表現相當溫和，但還有另一件事——當你開始尋找對 2026 年增長更加樂觀的邏輯時，Corellium 資產在 D&I 中發揮著重要作用，正如 Marcus 剛才提到的，但這裡隱藏的秘密是，我們認為 Corellium 在我們的私營部門業務中具有巨大的潛力。

So it's still a small part of our P&L. I think it's what, 7% or 8%. So it's not a big contributor. But when you look at the balance of the business, whether it's product, geography cohorts, we're pretty bullish about growth.

所以它仍然只是我們損益的一小部分。我認為是 7% 或 8%。所以它貢獻不大。但當你審視業務的平衡時，無論是產品還是地理群體，我們都對成長非常樂觀。

If you look at -- for example, if you look at our growth in the SLG business this year, I don't know if we disclose that number, but it's been strong. And no correlation with budgets and DOGE or anything else. The uptake there has been exceptional. But Dave, I don't know if you would add anything to that?

例如，如果你看一下我們今年在 SLG 業務上的成長情況，我不知道我們是否揭露了這個數字，但它一直很強勁。與預算、DOGE 或其他任何東西都沒有關聯。那裡的吸收量非常驚人。但是戴夫，我不知道你是否會對此進行補充？

I guess the only complement is I think we have a very detailed process of going through and assessing our deals and looking at gross ARR, looking at deal timing. And I think we've just been very thoughtful in the build and the primary driver here is Fed, then we've really, I think, tightened up the forecast across all of our sales patches. So I think we feel good about our plan for the next six months.

我想唯一的補充是，我認為我們有一個非常詳細的流程來審查和評估我們的交易，並查看總 ARR，查看交易時機。我認為我們在建造過程中非常深思熟慮，這裡的主要驅動力是美聯儲，然後我認為我們確實收緊了所有銷售補丁的預測。所以我認為我們對未來六個月的計劃感到滿意。

Yes, I know it's easy to oversimplify, but the truth in this case is if the federal business showed up this year, like they have the last three years, we'd be positioned to meet or exceed on the top line and probably the same on the -- I mean we're delivering on the bottom line in spite of the federal headwinds. So it really is -- and again, it's not a -- we're not losing any competition. It's not that demand is going away. It's a timing issue that we just need to navigate and get through.

是的，我知道這很容易被過度簡化，但在這種情況下，事實是，如果聯邦業務今年出現，就像過去三年一樣，我們將能夠達到或超過頂線，並且可能在底線上也一樣 - 我的意思是，儘管面臨聯邦阻力，我們仍將在底線上實現目標。所以事實確實如此——再說一次，這不是——我們並沒有失去任何競爭。這並不意味著需求正在消失。這是一個時間問題，我們只需要找到並解決它。

Brian Essex, JPMorgan.

摩根大通的布萊恩艾塞克斯。

Hi, good morning. Thank you for taking the question. First of all, Tom, congratulations on the health battle. It's fantastic news. And then Dana and David, congratulations to you as well, David, looking forward to working with you. Maybe for Tom, to follow on some of the federal questions.

嗨，早安。感謝您回答這個問題。首先，湯姆，恭喜你在健康之戰中獲勝。這真是個好消息。然後是達娜和大衛，我也祝賀你們，大衛，期待與你們合作。也許對湯姆來說，可以關註一些聯邦問題。

Could you maybe educate me a little bit on the sales cycle and where you're seeing the bottleneck? Is this merely just a wallet issue? I think we've heard from some peers that sell into that vertical that there's been some headcount turnover and maybe finding the right person to sign off when a deal was the bottleneck.

您能否向我介紹一下銷售週期以及您認為的瓶頸在哪裡？這只是一個錢包問題嗎？我想我們已經從一些從事該垂直行業的同行那裡聽說，出現了一些員工流動，也許在交易遇到瓶頸時找到了合適的人來簽字。

But how do you kind of go -- what's the sales cycle like? Do you find a sponsor that commits to the platform and then that sponsor gets approval and then someone just needs to write a check. Like how do you -- is this a procurement process issue? Or is this more of a sponsorship penetration issue? Maybe you could give us a little bit of color around that.

但是您要如何進行－銷售週期是怎樣的？您是否找到了一個致力於該平台的贊助商，然後該贊助商獲得批准，然後有人只需要開一張支票。例如你怎麼看——這是採購流程問題嗎？還是這更多的是一個贊助滲透問題？也許您可以給我們稍微解釋一下這一點。

Sure. Yes, Tom's pointed to me, so as a CRO, I'm going to take that one. CROs always love to overcomplicate the sales process. I'm going to break it down to the four simple things. In the federal government, only what you do remember, we're on the mission side of the business. We're not in the general IT side. So we serve the mission. And so most of our work is done through programs, grants and baked into the core budget.

當然。是的，湯姆向我指出了這一點，因此作為 CRO，我將接受這一點。CRO 總是喜歡讓銷售流程變得太複雜。我將把它分解為四個簡單的事情。在聯邦政府，您只需記住，我們處於業務的使命方面。我們並非從事一般 IT 行業。因此，我們履行使命。因此，我們的大部分工作都是透過計劃、撥款和核心預算完成的。

So what happens is, first of all, you understand the need, you then present the solution and then you win the solution technically. And that is effectively, you're the chosen technology and the return on investment, which, in our case, is saving lives, which is a pretty high return on investment, is approved. Then you're in the final part with this what program are they going to use, what budget are they're going to use.

所以首先，你了解需求，然後提出解決方案，最後從技術上獲得解決方案。實際上，您選擇的是技術和投資回報，在我們的案例中，就是拯救生命，這是相當高的投資回報，是經過認可的。然後你就到了最後一部分，他們將使用什麼程序，他們將使用多少預算。

All of the business is stuck in that fourth element. It is literally -- I think 50% of the decision-makers in central government have been changed. CIOs have been changed, mission people have been changed. And we are working through flow of funds and getting the new resolution signed. And it's literally that is right at the tail end of the deal.

所有業務都陷入了第四個要素。確實如此——我認為中央政府 50% 的決策者都已經更換。資訊長已經更換，任務人員也已經更換。我們正在努力解決資金問題並簽署新的決議。而這其實正是交易的最後階段。

It's not a qualification or an execution issue. It is flow of funds, which start coming after 10/1 -- as Tom said. So I can't point to any major changes of regime or culture or different sentiment. It is literally the budgets were frozen. They've been reissued and they've got to work through the procurement systems now and the right programs have to be applied, and we will start seeing things played.

這不是資格或執行問題。這是資金流動，在 10/1 之後開始出現——正如湯姆所說。因此我無法指出任何重大的政權、文化或情緒變化。這實際上就是預算被凍結了。它們已經重新發布，現在必須透過採購系統運行，並且必須應用正確的程序，然後我們就會開始看到它們發揮作用。

Jeff Van Rhee, Craig-Hallum.

傑夫·範·裡、克雷格·哈勒姆。

Great, thanks for taking the questions. And Tom, so glad to hear the conviction around to take the permanent role. David, welcome. And Dana, you've know it’s been a phenomenal run. You've been just a pleasure to work with so wish you the best. A couple for me, if I could.

太好了，感謝您回答這些問題。湯姆，很高興聽到大家有信心擔任這個永久職位。大衛，歡迎光臨。達娜，你知道這是一次非凡的經驗。與您合作非常愉快，祝您一切順利。如果可以的話，給我幾件吧。

Tom, in terms of the AI progression and how your vision for its impact on the Cellebrite business has evolved, talk to me about your thinking both internally and externally, the optimal way to employ AI and the benefits you think you can see from it?

湯姆，關於人工智慧的發展以及您對其對 Cellebrite 業務的影響的看法如何演變，請談談您對內部和外部的看法、使用人工智慧的最佳方式以及您認為可以從中看到的好處？

Yes. It's a great question. And I'm going to answer it Jeff at a higher level because we actually have really -- we have aggressive, ambitious plans for how we're going to leverage GenAI to differentiate this company and I think we believe it will be an enabler for the next chapter of growth and TAM for us. So that's how important we view AI in general. I'll just say that upfront.

是的。這是一個很好的問題。我將從更高的層面來回答 Jeff 的問題，因為我們實際上有——我們有積極、雄心勃勃的計劃，關於如何利用 GenAI 來區分這家公司，我認為我們相信它將成為我們下一章增長和 TAM 的推動力。這就是我們看待人工智慧的整體重要性。我先說這麼多。

And your question is spot on because it is a hybrid of internal efficiency. So we are using AI across the company already to drive efficiency. And I alluded to it in how we've managed to meet or beat bottom line while we've had some softness from US Federal. And it's -- some of the steps we've taken there have enabled us to maintain our delivery commitments with the same or similar amounts of people, which is different from what we planned at the beginning of the year.

您的問題非常正確，因為它是內部效率的混合。因此，我們已經在整個公司使用人工智慧來提高效率。我曾提到，儘管美國聯邦政府採取了一些寬鬆措施，我們還是設法達到或超過了底線目標。而且，我們採取的一些措施使我們能夠以相同或相似數量的人手履行交付承諾，這與我們年初的計劃不同。

So -- and by the way, this isn't just -- the obvious thing people point to is, a, are you using AI for code development in R&D, yes. And that's still early innings. But it's not just it's not just R&D. If I ask Marcus, he can talk about some really amazing things that our CIO is driving right now with agentic bots and assistants to help drive productivity and efficiency in our sales forecasting and our sales operations area.

所以 — — 順便說一句，這不僅僅是 — — 人們指出的顯而易見的事情是，a，你是否在研發中使用人工智慧進行程式碼開發，是的。這仍是早期階段。但這不僅僅是研發。如果我問馬庫斯，他可以談論一些非常令人驚奇的事情，我們的資訊長目前正在使用代理機器人和助手來幫助提高我們的銷售預測和銷售營運領域的生產力和效率。

If I ask Dave and Dana, they're doing work and looking -- they're finding areas to apply AI in the financial operations space. So that's across the board, and it's just getting started.

如果我問戴夫和達娜，他們正在做工作並尋找——他們正在尋找在金融營運領域應用人工智慧的領域。這是全面的，而且才剛開始。

Externally, I just -- if this was a code of silence, I'd give you more details, but we know that these calls include our competitors. And I would just tell you that we are only just getting started in the art of the possible of applying AI to the challenge of public safety. When you think about the breadth of and diversity of evidential artifacts, you think about the data from a cell phone, which is the most valuable and the hardest to get.

從外部來看，我只是——如果這是沉默法則，我會向你提供更多細節，但我們知道這些電話中包括我們的競爭對手。我只想告訴你們，我們才剛開始探索將人工智慧應用於公共安全挑戰的可能性。當你考慮證據材料的廣度和多樣性時，你會想到手機中的數據，這是最有價值且最難取得的數據。

But then you add on top of that data like CCTV, fixed cameras, drones, ballistics, license plate, tower dumps. I mean, the list goes on and on. It becomes daunting and the ability to navigate and interrogate the breadth of those data sources with a machine and an LLM that's been trained to deliver value and insights to investigators, detectives, corporate compliance people. I mean it’s the old saying, you ain’t seen nothing yet. And so that's probably more than I want to share right now, but it's going to play a big role both internally and externally.

但是，你還要添加諸如閉路電視、固定攝影機、無人機、彈道、車牌、塔台轉儲等數據。我的意思是，這個清單可以一直列下去。這變得令人生畏，需要使用經過訓練的機器和法學碩士學位來瀏覽和查詢這些資料來源的廣度，以便為調查人員、偵探和公司合規人員提供價值和見解。我的意思是，正如那句老話所說，你還沒有看到任何東西。這可能比我現在想分享的還要多，但它將在內部和外部發揮重要作用。

I think there's 1 thing we're not going to do. We're not going to just put an LLM in front of our product and say, we're an AI company. I mean that is just a poor use of AI. That is I think people need to see through that. It is about using AI to deliver a better outcome, which has multiple threads that Tom has alluded to.

我認為有一件事我們不會做。我們不會只是把法學碩士學位放在我們的產品前面，然後說我們是一家人工智慧公司。我的意思是這只是對人工智慧的不當使用。我認為人們需要看透這一點。它是關於使用人工智慧來提供更好的結果，其中有湯姆提到的多個線索。

So we're getting close to time. I know that there's a couple of people who've signaled in, so we want to be sensitive to try to get their questions and we'll extend the call for another few minutes and operator if you want to open the line for next question.

所以我們快要到時間了。我知道已經有幾個人登入了，所以我們想敏感地嘗試獲取他們的問題，我們將通話時間延長幾分鐘，並聯繫接線員，詢問是否願意打開線路回答下一個問題。

Tomer Zilberman, Bank of America.

美國銀行的托默·齊爾伯曼（Tomer Zilberman）。

Hey guys, I'll echo similar sentiments from before Tom, first of all, congrats on recovery. Dana, thank you for your partnership for the last few years, and David, looking forward to working with you. We're now in the third quarter of this weaker Fed discussion.

嘿夥計們，我和湯姆之前有類似的想法，首先，恭喜你康復。達娜，感謝您過去幾年的合作，大衛，期待與您的合作。我們現在正處於聯準會弱化討論的第三季。

I just want to ask, are you seeing any more degradation in this environment as it pertains to what you mentioned earlier about regime changes pausing on budget. Are you seeing weakness or further weakness there? Or is it just the constrained visibility that's given you this incremental caution?

我只是想問一下，就您之前提到的政權更迭導致預算暫停而言，您是否看到這種環境進一步惡化？您是否看到了那裡的弱點或進一步的弱點？或者只是因為可見度有限才讓你變得更加謹慎？

No. I mean there's basically zero indication of weakness. As I said, our two drivers are the use of mobile technology and bad people doing bad things, both tend to increase. So we don't see any detriment In fact, we're more confident than our competitive position than we have been as we extend our technology advantage. So no, it is purely on the financial side of the budget releasing.

不。我的意思是，基本上沒有任何軟弱的跡象。正如我所說，我們的兩個驅動因素是行動技術的使用和壞人做壞事，兩者都有增加的趨勢。因此，我們沒有看到任何損害。事實上，隨著我們擴大技術優勢，我們對我們的競爭地位比以往更有信心。所以不是，這純粹是預算發布的財務方面的問題。

And by the way, I will just reiterate, the renewal rates in this segment remain extremely solid and strong. So that would be the first place. If that were happening, that would be the first place you'd see it as people would start to scale back or downsize, downscale their commitments, and we've seen none of that.

順便說一句，我只想重申一下，這一領域的續約率仍然非常穩固且強勁。所以那將是第一位的。如果發生這種情況，那將是你首先會看到的，因為人們會開始縮減或縮小規模，減少他們的承諾，但我們沒有看到任何這種情況。

Louie DiPalma, Willaim Blair.

路易·迪帕爾馬、威廉·布萊爾。

Tom, Adam, Donna, David, Marcus, and Andy, good morning. Tom, health and life is paramount. So congrats on the favorable diagnosis and your appointment as CEO. And Dana, it was thoroughly enjoyable to work with you and congrats on the tremendous success that you've experienced at Cellebrite over the years. And David, congrats on joining Cellebrite. Lots of congratulations.

湯姆、亞當、唐娜、大衛、馬庫斯和安迪，早安。湯姆，健康和生命至關重要。恭喜您得到良好的診斷結果並被任命為執行長。達娜，與您共事非常愉快，恭喜您多年來在 Cellebrite 取得的巨大成功。David，恭喜你加入 Cellebrite。非常祝賀。

For my question, I just wanted some more commentary on investors are focused on the long term and Tom, you discussed how you expect a resurgence in 2026? And I was just wondering if you could provide more elaboration on that?

對於我的問題，我只是想對投資者關注的長期情況進行更多的評論，湯姆，你討論了你如何預期 2026 年的復甦？我只是想知道您是否可以對此進行更詳細的說明？

Well, I mean, if you look at what those growth drivers are, there's a list. We talked about Guardian doubling year-over-year for the fourth straight quarter. That's pretty good. It would be great to get the entire portfolio doubling. But the penetration of Guardian is still a fraction of the opportunity. And so we've got a lot of runway and the pipeline there, which we -- I don't think we disclose, but the pipeline in Guardian has -- continues to explode in parallel with the year-on-year growth.

嗯，我的意思是，如果你看看這些成長動力是什麼，就會有一個清單。我們談到了 Guardian 連續第四個季度同比增長一倍。那非常好。如果整個投資組合的規模能夠翻倍，那就太好了。但 Guardian 的滲透仍然只是機會的一小部分。因此，我們擁有大量的跑道和管道，雖然我們不會透露，但 Guardian 的管道數量已經與同比增長同步激增。

So all indications are -- and by the way, from a capability perspective and value delivered and also more comparative data between Guardian and other options for repositories. All those things are extremely positive and give us a lot of confidence in Guardian continuing to be a growth contributor.

因此，所有跡像都是——順便說一句，從能力角度和交付的價值以及 Guardian 與其他儲存庫選項之間的更多比較數據來看。所有這些都是非常積極的，讓我們對 Guardian 繼續成為成長貢獻者充滿信心。

We're targeting -- I think the target we gave was 50% for Inseyets. So that tells you when we look to '26, you still have half of our installed base. And by the way, the people that are converting, the feedback has been extremely positive. So the value prop we're delivering with Inseyets is resonating. And so that is a built-in growth driver for 2026.

我們的目標是——我認為我們為 Inseyets 設定的目標是 50%。所以這告訴你，當我們展望26年時，你仍然擁有我們一半的安裝基數。順便說一句，那些轉變的人的回饋非常積極。因此，我們透過 Inseyets 傳遞的價值主張引起了共鳴。因此，這是 2026 年的內在成長動力。

In the federal space, we beat that to death, the only good news about having a tough year is our year-to-year look a lot better than next year. And so -- and as I said earlier, we think it will turn. And when it does, it will turn hard and strong with all the capabilities, the focus on D&I, the global allocation of dollars to D&I, our ATO certification, which we expect to get in early 2026, that gives us a bunch of tailwinds in the federal business.

在聯邦領域，我們已經把這一點說透了，艱難的一年唯一的好消息就是我們今年的業績看起來比明年好很多。所以 — — 正如我之前所說，我們認為情況會發生轉變。當它實現時，它將變得強大而強大，擁有所有能力，專注於 D&I，全球為 D&I 分配資金，我們預計將在 2026 年初獲得 ATO 認證，這將為我們在聯邦業務中帶來許多順風。

And the analytic piece that I just touched on, Corellium, which we think we're going to turbocharge that business based on just customer conversations we've had in the last four to six weeks. People are off the chain interest in that asset. So we're excited about what that can do for growth. So it was a lot of -- a lot of work to do. We got to execute, but there's a lot of cause for optimism as we look to January in 2026.

我剛才提到的分析部分是 Corellium，我們認為我們將根據過去四到六週內與客戶的對話來增強這項業務。人們對該資產有著濃厚的興趣。因此，我們對它能為成長帶來什麼感到興奮。所以有很多工作要做。我們必須執行，但展望 2026 年 1 月，我們有許多理由感到樂觀。

Yes, I'd like to add, we can -- we are now in the lead of the ability to analyze and virtualize any ARM-based system, which -- so it's worth counting up how many ARM-based systems and sensors there are across the globe, gives us a huge opportunity to add to our growth stores.

是的，我想補充一點，我們現在在分析和虛擬化任何基於 ARM 的系統的能力方面處於領先地位，因此值得統計全球有多少基於 ARM 的系統和感測器，這為我們增加了巨大的成長機會。

Yes. One last thing I will add is we've been working hard as a team since I stepped into the interim role in January on strategy. And the strategy is all about to serve our mission globally and what can we do that's a logical significant expansion in our TAM, and we're pretty fired up about the vision we have, obviously, not here to disclose any of that, but in addition to everything you know and everything we just shared, there's a bunch of new internally driven innovation from R&D.

是的。最後我要補充的是，自從我一月份擔任臨時策略職位以來，我們作為一個團隊一直在努力工作。該策略的全部內容是在全球範圍內服務於我們的使命，我們可以做什麼來合理地顯著擴大我們的 TAM，我們對我們的願景非常熱衷，顯然，我們在這裡不會透露任何這些，但除了你們所知道的一切和我們剛剛分享的一切之外，還有許多來自研發部門的內部驅動的創新。

We've got some interesting partnership conversations in flight in the market and we continue to scope the market for strategic and thoughtful M&A. And those are all additive to the organic things I outlined.

我們在市場上進行了一些有趣的合作對話，並繼續在市場上尋找策略性和深思熟慮的併購。這些都是我所概述的有機物的添加劑。

This concludes the Q&A portion of today's call. I would now like to turn the floor over to Andrew Kramer for additional or closing remarks.

今天電話會議的問答部分到此結束。現在我想請安德魯‧克萊默 (Andrew Kramer) 作補充發言或結語。

Thank you very much, Angela, and thanks again to everybody for joining us today. I appreciate your patience with the long call that we ran today. We look forward to engaging with you over the coming days, weeks and throughout the quarter. So if you do have questions, feel free to reach out directly to me. Thank you.

非常感謝，安吉拉，再次感謝大家今天的參加。我感謝您對我們今天長時間通話的耐心。我們期待在未來幾天、幾週以及整個季度與您合作。因此，如果您有任何疑問，請隨時直接與我聯繫。謝謝。

Thank you. This concludes today's Cellebrite second-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 年第二季財務業績電話會議到此結束。此時請斷開您的線路，祝您有美好的一天。