Cellebrite DI Ltd (CLBT) 2025 Q3 法說會逐字稿

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

歡迎參加 Cellebrite 2025 年第三季財務業績電話會議。（操作說明）

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

現在我謹將電話交給今天的第一位發言人，安德魯‧克雷默先生。克萊默先生，現在輪到您發言了。

Thank you so much, operator. Welcome, everybody, to Cellebrite's third-quarter 2025 financial results call. I'm joined today by Tom Hogan, Cellebrite's CEO; David Barter, Cellebrite's CFO; and Marcus Jewell, our CRO. This call is being recorded, and a replay of recording will be made available on our website shortly after the call along with a copy of our prepared remarks.

非常感謝接線生。歡迎各位參加 Cellebrite 2025 年第三季財務業績電話會議。今天與我一同出席的有 Cellebrite 的執行長 Tom Hogan、Cellebrite 的財務長 David Barter 以及我們的首席營收長 Marcus Jewell。本次通話正在錄音，通話結束後不久，我們將在網站上提供錄音回放以及我們準備好的演講稿。

Please note 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 posted a separate investor presentation that provides an overview of our business and our recent financial performance.

請注意，您可在投資者關係網站 investors.cellebrite.com 上查閱今日新聞稿及財務報表（包括 GAAP 與非 GAAP 財務報表調整表）。除新聞稿外，我們還發布了一份單獨的投資者演示文稿，其中概述了我們的業務及近期財務業績。

I'd like to also remind everybody that the slides in your webcast viewer is a placeholder only. There are no actual slides to accompany our prepared remarks. We also published supplemental historical financial information for each quarter of 2025 and for the past two years on our Investor Relations website. Additionally, unless stated otherwise, our discussions of the third 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 over the third quarter of 2024.

我還要提醒大家，網路直播檢視器中的投影片只是一個佔位符。我們沒有準備投影片來配合我們事先準備好的演講稿。我們也在我們的投資者關係網站上發布了 2025 年每季以及過去兩年的補充歷史財務資訊。此外，除非另有說明，我們對 2025 年第三季財務指標的討論以及我們在展望中提供的財務指標將僅以非 GAAP 為基礎，所有歷史比較均以 2024 年第三季為基準。

In addition, I'd like to remind you that today's discussion will contain forward-looking statements, including, but not limited to the company's business operations and financial performance. All forward-looking statements are subject to risks and uncertainties and other factors that could cause matters expressed or implied by those forward-looking statements not to occur.

此外，我想提醒各位，今天的討論將包含前瞻性陳述，包括但不限於公司的業務營運和財務表現。所有前瞻性陳述均受風險、不確定性及其他因素的影響，這些因素可能導致前瞻性陳述中明示或暗示的事項無法實現。

They could also cause the actual results to differ materially from historical results and/or from forecasts. Some of these forward-looking statements are discussed under the heading Risk Factors and elsewhere in the company's annual report on Form 20-F filed with the SEC on March 18, 2025. The company does not undertake to update any forward-looking statements to reflect future events or circumstances.

它們也可能導致實際結果與歷史結果和/或預測結果有重大差異。這些前瞻性陳述中的一些內容在公司於 2025 年 3 月 18 日向美國證券交易委員會提交的 20-F 表格年度報告的「風險因素」標題下和其他部分進行了討論。本公司不承諾更新任何前瞻性聲明以反映未來事件或情況。

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

那麼，接下來我將把電話交給湯姆。

Thanks, Andy, and thanks to all of you for joining us this afternoon. I'll be a bit briefer this quarter than I was last quarter, but I want to start by thanking the many of you that reached out with kindness and support after our last quarter's call. I'm pleased to share that not only do I remain cancer-free, I've resumed my mountaineering passion and climbed a significant peak last month. And the doctors tell me that I should plan to die of a heart attack in my late 80s, which I guess is a good thing, but gives me lots of runway to help propel this important company.

謝謝安迪，也謝謝各位今天下午的到來。本季我的發言會比上季簡短一些，但首先我想感謝在上季度電話會議後給予我關心和支持的各位。我很高興地告訴大家，我不但仍然沒有罹患癌症，而且我還重拾了登山的嗜好，上個月攀登了一座著名的山峰。醫生告訴我，我應該計劃在 80 多歲時死於心臟病，我想這或許是件好事，但這給了我充足的時間來幫助推動這家重要公司的發展。

So let's go. First, I'm proud of the job the team at Cellebrite delivered in the third quarter. Our results were both solid and balanced. ARR grew 19% for the 12-month period. Subscription revenue grew 21%, led by strong performance in our US State and Local segment and our Latin America region. Adjusted EBITDA exceeded expectations growing 20% year-on-year with margin expansion of 60 basis points. We continue to tune our business to optimize top line growth while driving increased scale and operating efficiency to deliver meaningful levels of profitability and a very healthy free cash flow. Good companies grow, good companies expand margins, great companies do both, which is exactly what we did.

走吧。首先，我對 Cellebrite 團隊在第三季完成的工作感到自豪。我們的研究結果既可靠又均衡。過去 12 個月，年度經常性收入成長了 19%。訂閱收入成長了 21%，這主要得益於我們在美國州和地方政府部門以及拉丁美洲地區的強勁表現。調整後 EBITDA 超出預期，年增 20%，利潤率提升 60 個基點。我們不斷調整業務，以優化營收成長，同時提高規模和營運效率，從而實現可觀的獲利能力和非常健康的自由現金流。優秀的公司會發展壯大，優秀的公司會擴大利潤率，偉大的公司會兩者兼顧，而這正是我們所做的。

We were also pleased with our third quarter performance in the US Federal segment. As we foreshadowed in our last call, we do not expect a full return to normalized growth until calendar 2026, but we did deliver year-to-year growth in the quarter, which included the expansion of several marquee clients and confirmation of our view that growth in this sector will resume as budgets are fully distributed. I think it's fair to say the flywheel in US Federal has begun to move.

我們對第三季在美國聯邦業務領域的表現也感到滿意。正如我們在上次電話會議中預告的那樣，我們預計要到 2026 年才能完全恢復正常增長，但我們在本季度實現了同比增長，其中包括幾位重要客戶的擴張，並證實了我們的觀點，即隨著預算的全面分配，該行業的增長將會恢復。我認為可以公平地說，美國聯邦銀行的運作機制已經開始發揮作用了。

I want to highlight some important metrics and milestones that contributed to the quarter and position Cellebrite for continued growth and leadership. First, we finished Q3 with approximately 47% of our installed digital forensics license base converted to our Inseyets offering. As a refresh for everyone, we set a target at beginning of 2025 of 50% conversions from a 2024 baseline of 20%. Our year-to-date progress clearly positions us to meet or exceed that target. And importantly, it's a strong proxy for the value of the industry's most complete suite of digital forensics.

我想重點介紹一些對本季業績做出貢獻的重要指標和里程碑，這些指標和里程碑使 Cellebrite 能夠繼續成長並保持領先地位。首先，第三季末，我們已安裝的數位鑑識許可證庫中約有 47% 轉換為我們的 Inseyets 產品。為了讓大家重新振作起來，我們設定了一個目標，在 2025 年初將轉換率提高到 50%，而 2024 年的基準轉換率為 20%。今年迄今為止的進展清楚地表明，我們有能力達到或超過該目標。更重要的是，它有力地代表了業界最完整的數位鑑識套件的價值。

Second, we continue to see more customers turn to Cellebrite's cloud and SaaS offerings to efficiently and securely manage their digital forensics and investigative workflows. ARR for our SaaS and cloud-based solutions grew 3 times faster than total ARR. Guardian is rapidly emerging as the industry standard for the storage and collaboration of sensitive evidential artifacts. The number of Cellebrite customers using Guardian more than doubled year-over-year, while ARR grew triple digits and 100%-plus for the fifth consecutive quarter, and this is all before we launch Guardian Investigate in the first quarter of next year.

其次，我們看到越來越多的客戶轉向 Cellebrite 的雲端和 SaaS 產品，以高效、安全地管理其數位鑑識和調查工作流程。我們的 SaaS 和雲端解決方案的 ARR 成長速度是總 ARR 的 3 倍。Guardian 正迅速成為儲存和協作敏感證據材料的行業標準。Cellebrite 使用 Guardian 的客戶數量同比增長超過一倍，而 ARR 連續第五個季度實現三位數增長，增幅超過 100%，而這還是在我們明年第一季推出 Guardian Investigate 之前取得的成績。

Third, our strategic focus on the global defense and intelligence sector is starting to pay dividends. In the third quarter, we continued to expand our business in the D&I sector as multiple global intelligence and military agencies increased their Cellebrite investment to support high priority use cases across antiterrorism, border control, and overall military responsiveness and readiness.

第三，我們對全球國防和情報領域的戰略重點開始取得成效。第三季度，隨著多個全球情報和軍事機構增加對 Cellebrite 的投資，以支援反恐、邊境控制以及整體軍事響應和戰備等高優先級用例，我們在 D&I 領域的業務持續擴張。

In particular, I'd highlight our D&I expansion in Europe over the past several quarters, as an early proof point validating our intensified go-to-market focus. As we look ahead, we're centered on four core growth vectors.

尤其值得一提的是，在過去幾個季度裡，我們在歐洲的多元化和包容性擴張取得了顯著成效，這初步證明了我們加強市場拓展的策略是正確的。展望未來，我們將重點放在四個核心成長方向。

First, we're focused on asserting our leadership and breadth in providing unlock and access solutions across the wide range of OEM phone providers and operating systems. Our unlike offerings are now attached to more than 45% of the Inseyets and legacy Forensics installed base, reflecting healthy quarterly expansion and sustained demand for this critical capability. Last quarter, we highlighted our clear leadership on Android phones. We extended that leadership this quarter with the addition of industry-first capabilities, and even broader coverage across the Android universe. As we finished 2025, we are equally excited about our leadership opportunity in iOS with pending and added enhancements. We believe the choice will be clear for any customer looking for unlock strength across multiple platforms, combined with industry-leading capabilities for extraction, decryption and decoding.

首先，我們專注於鞏固我們在為各種 OEM 手機供應商和作業系統提供解鎖和存取解決方案方面的領導地位和廣泛影響力。我們獨特的解決方案目前已應用於超過 45% 的 Inseyets 和傳統取證安裝基礎，這反映了健康的季度成長和對這項關鍵能力的持續需求。上個季度，我們重點展示了我們在安卓手機領域的領先地位。本季度，我們透過新增業界首創的功能，以及對 Android 生態系統更廣泛的覆蓋，進一步鞏固了我們的領先地位。2025 年即將結束，我們對 iOS 領域的領導地位以及即將推出和新增的增強功能同樣感到興奮。我們相信，對於任何希望在多個平台上獲得強大解鎖能力，並結合業界領先的提取、解密和解碼能力的客戶來說，選擇將非常明確。

Second, we are accelerating innovation in AI and digital investigations with the upcoming launch of Guardian Investigate. This new SaaS AI-powered solution is designed to transform the entire investigation life cycle, enabling investigative teams to build stronger case narratives, collaborate seamlessly in a secure, unified workspace and drive AI-enabled insights and analytics and workflow across a diverse set of data sources, including smartphones, computers, call detail records, opensource intelligence and case files.

其次，隨著 Guardian Investigate 的即將推出，我們將加速人工智慧和數位調查領域的創新。這款全新的 SaaS AI 解決方案旨在改變整個調查生命週期，使調查團隊能夠建立更強大的案件敘述，在安全統一的工作空間中無縫協作，並利用 AI 驅動的洞察、分析和工作流程，跨越各種數據源，包括智慧型手機、電腦、通話詳細記錄、開源情報和案件文件。

Guardian Investigate will launch in early 2026, and we couldn't be more excited. Guardian Investigate is the logical extension of our 20-year history of leadership in forensics. We are well positioned to empower hundreds of thousands of investigators, detectives, analysts and prosecutors in their mission of prevention, exoneration and prosecution.

Guardian Investigate 將於 2026 年初上線，我們對此感到無比興奮。Guardian Investigate 是我們 20 年來在法醫學領域保持領先地位的必然延伸。我們有能力為成千上萬的調查人員、偵探、分析師和檢察官提供支持，幫助他們完成預防、洗清罪名和起訴的使命。

Third, we expect a resurgence of growth in calendar 2026 across the US Federal sector. After navigating spending headwinds and leadership changes throughout the first half, this segment returned to growth in the third quarter. We remain cautious on the federal fourth quarter given normal government seasonality, combined with the shutdown in the past six weeks, but we view both as transitory and believe the strategic spending we enjoyed in our third quarter are harbingers of a strong rebound in 2026.

第三，我們預計 2026 年美國聯邦部門將出現成長復甦。在經歷了上半年支出逆風和領導層變動之後，該業務板塊在第三季度恢復了成長。鑑於正常的政府季節性因素，加上過去六週的政府停擺，我們對聯邦政府第四季度仍持謹慎態度，但我們認為這兩者都是暫時的，並相信我們在第三季度獲得的戰略性支出預示著2026年將出現強勁反彈。

Our conviction in this segment is grounded in three areas: first, the release of targeted funding combined with pent-up 2025 demand, should elevate investments in our unlock and Inseyets solutions; second, achieving FedRAMP authorization to operate with DOJ sponsorship in early 2026, and should unlock a large opportunity for us to leverage our Guardian offerings across US Federal agencies; and third, assuming Corellium is closed by year-end, this asset has tremendous product fit across the US federal space.

我們對該領域的信心基於以下三個方面：首先，定向資金的釋放加上 2025 年積壓的需求，應該會提升對我們 unlock 和 Inseyets 解決方案的投資；其次，在 2026 年初獲得 FedRAMP 授權，在司法部的支持下運營，應該會為我們釋放一個巨大的機會，讓我們能夠在美國聯邦機構中推廣我們的第三位產品 Cor在年底前完成交易，該資產在美國聯邦領域具有極佳的產品契合度。

Our final growth vector is the pending close of Corellium, which we believe will expand both our TAM and our value proposition, particularly across global defense and intelligence agencies and the private sector. Corellium's ARM-based virtualization software, is already enabling some of the world's most sophisticated D&I agencies to harden their cyber defenses by more efficiently and effectively identifying vulnerabilities across a broad range of digital devices. What has us super excited is the consistent surfacing of new and powerful use cases across both the private and the public sector. We're addressing CFIUS requirements real time and expect to complete our purchase of Corellium later this quarter. And as a reminder, our current results and guidance do not contemplate Corellium results or performance. As we step back and consider the big picture, the macros remain strong. Crime and geopolitical risk is not going away, unfortunately. The application and sophistication of technology in the pursuit of crime grows weekly and budgets for labor to protect public safety remain constrained at best. The deployment of advanced technologies like Cellebrite remain the best path to make our nations, our communities and our businesses safer.

我們最後一個成長動力是即將完成的 Corellium 收購，我們相信這將擴大我們的潛在市場規模和價值主張，尤其是在全球國防和情報機構以及私營部門。Corellium 的基於 ARM 的虛擬化軟體已經幫助世界上一些最先進的資料和資訊安全機構加強了其網路防禦，從而更有效率、更有效地識別各種數位裝置中的漏洞。最讓我們興奮的是，在私部門和公共部門不斷湧現新的、強大的應用案例。我們正在即時應對美國外國投資委員會 (CFIUS) 的要求，預計將在本季稍後完成對 Corellium 的收購。再次提醒，我們目前的表現和指引並未考慮 Corellium 的表現或表現。從宏觀角度來看，宏觀經濟依然強勁。不幸的是，犯罪和地緣政治風險不會消失。打擊犯罪的科技應用和複雜性每週都在成長，而用於保護公共安全的勞動力預算充其量只能說是捉襟見肘。部署 Cellebrite 等先進技術仍然是使我們的國家、社區和企業更安全的最佳途徑。

We're focused on sprinting through the tape over the next six weeks, but we couldn't be more enthusiastic about 2026 with the confluence of the release of several new value-generating assets between the fourth quarter of this year and the first quarter of 2026.

接下來的六週，我們將全力衝刺，但對於 2026 年，我們無比充滿熱情，因為從今年第四季度到 2026 年第一季度，我們將推出幾項新的創造價值的資產。

We'll reserve 2026 guidance for our February call and plan to remain prudent when it comes to setting expectations. Nevertheless, our confidence in the reacceleration of our top line growth in 2026 builds every week, along with our commitment to continued stewardship with respect to spending, margins and free cash flow. That ongoing discipline not only delivered a third quarter beat on the bottom line but also triggered a raise on our full year 2025 adjusted EBITDA target. And Dave will talk more about this in just a minute.

我們將 2026 年的業績指引留到 2 月的電話會議上公佈，並且在設定預期方面將保持謹慎。儘管如此，我們對 2026 年營收成長重新加速的信心每週都在增強，同時我們也致力於繼續在支出、利潤率和自由現金流方面進行有效管理。這種持續的自律不僅使第三季獲利超出預期，而且還促使我們提高了 2025 年全年調整後 EBITDA 目標。戴夫稍後會詳細談談這一點。

Finally, I want to sincerely thank the roughly 1,250 strong Cellebrite operatives, which are our people, and our customers who place huge trust in us every day. It's an honor and a privilege to serve all of you. I was excited about the prospects and the mission of this company when I joined as Executive Chairman in 2023. I can tell you with absolute conviction, I am more enthused about our future today than when I joined 2.5 years ago.

最後，我要衷心感謝 Cellebrite 的 1,250 名員工，他們是我們的員工，也要感謝每天對我們給予巨大信任的客戶。能為各位服務是我的榮幸。2023年我加入公司擔任執行董事長時，我對公司的前景和使命感到非常興奮。我可以非常肯定地告訴你，我現在對我們的未來比2.5年前剛加入時更充滿熱情。

I believe the best is yet to come as we continue to innovate internally and tap much further and deeper into the enormous power and potential of AI complemented by disciplined and targeted acquisitions and strategic partnerships. We're confident the combination of strong execution with a growing and mission-critical TAM will drive material value creation for our customers, our employees and our shareholders.

我相信，隨著我們繼續進行內部創新，並進一步深入挖掘人工智慧的巨大力量和潛力，輔以有紀律、有針對性的收購和策略合作，最好的還在後頭。我們相信，強大的執行力與不斷成長且至關重要的潛在市場相結合，將為我們的客戶、員工和股東創造實質的價值。

With that, I'll turn it over to Dave.

接下來，我將把麥克風交給戴夫。

Thank you, Tom. I'd like to briefly share highlights from the third quarter. ARR grew 19% to $440 million. Sequentially, ARR increased 5%, which is a healthy improvement from our sequential ARR growth rates in Q1 and Q2. The year-over-year increase reflects increased spending by our existing customers. The Americas represented 55% of total ARR, while EMEA represented 33%, and Asia Pacific represented 12%. In terms of growth rates by geography, the Americas grew 21% with our US state and local government and Latin America teams leading the way.

謝謝你，湯姆。我想簡單分享一下第三季的一些亮點。年度經常性收入成長19%，達到4.4億美元。與第一季和第二季相比，ARR 環比成長 5%，這是一個健康的成長。與上年同期相比的成長反映了現有客戶支出的增加。美洲地區佔總 ARR 的 55%，歐洲、中東和非洲地區佔 33%，亞太地區佔 12%。從地理成長率來看，美洲成長了 21%，其中美國州和地方政府以及拉丁美洲團隊表現突出。

Turning to revenue. We generated third quarter revenue of $126 million, which increased 18% from the prior year due to primarily subscription revenue growth of 21%. Approximately 89% of total revenue was associated with our subscription-based software solutions. Our gross profit increased to $106.5 million, which represents a gross margin of 84.5%. This reflects ongoing investment in our cloud infrastructure as we continue to roll out Guardian and invest in the federal ATO process.

轉向營收。第三季營收為 1.26 億美元，較上年同期成長 18%，主要得益於訂閱營收成長 21%。總收入的約 89% 與我們的訂閱軟體解決方案相關。我們的毛利成長至 1.065 億美元，毛利率為 84.5%。這反映了我們對雲端基礎設施的持續投資，因為我們將繼續推出 Guardian 並投資於聯邦稅務局流程。

Third quarter adjusted EBITDA of $37.7 million increased 20% over the prior year, and the margin expanded to 29.9%. Our third quarter operating leverage reflects thoughtful capital allocation across our organization, including disciplined hiring activity in the quarter. We ended the third quarter with 1,236 employees. We reported third quarter net income of $36.9 million or $0.14 on a fully diluted basis.

第三季調整後 EBITDA 為 3,770 萬美元，較上年同期成長 20%，利潤率擴大至 29.9%。我們第三季的營運槓桿反映了我們整個組織深思熟慮的資本配置，包括本季有條不紊的招募活動。第三季末，我們共有1236名員工。我們公佈第三季淨利為 3,690 萬美元，即每股收益 0.14 美元（完全稀釋後）。

Overall, our weighted average diluted shares outstanding increased by a little more than 1% from the second quarter levels. We continue to thoughtfully manage our equity incentive programs in ways that we believe will be minimally dilutive on a go-forward basis.

總體而言，我們的加權平均稀釋後流通股數量較第二季度水準增加了略高於 1%。我們將繼續謹慎管理股權激勵計劃，我們相信這些計劃在未來會對股權稀釋​​造成最小的影響。

Turning to the balance sheet. We ended September with $595 million of cash, cash equivalents and investments. Free cash flow for the third quarter was $30 million. For the trailing 12 months, free cash flow was $140 million or 31% on a margin basis compared with $102 million or 27% margin in the prior 12-month period.

接下來看一下資產負債表。截至9月底，我們擁有現金、現金等價物及投資共5.95億美元。第三季自由現金流為 3,000 萬美元。過去 12 個月，自由現金流為 1.4 億美元，利潤率為 31%，而前 12 個月為 1.02 億美元，利潤率為 27%。

Let's shift gears and take a look at our expectations for Q4 and the full year, which, to be clear, do not include any contribution associated with the Corellium acquisition, which has not yet closed. We anticipate our fourth quarter ARR will grow sequentially in the mid-single digits. We've left our full year outlook unchanged with a range of $460 million to $475 million. This reflects the traditional seasonality of our business in the second half of any year given the volume of expiring agreements, the overall strength of our pipeline and the uncertain timing of the near-term spending by US federal agencies. We expect fourth quarter revenue in the range of $123 million to $128 million. We expect our Q4 adjusted EBITDA in the range of $35 million to $38 million or approximately 28% to 30% on a margin basis.

讓我們換個角度，來看看我們對第四季和全年的預期。需要明確的是，這些預期不包括與尚未完成的 Corellium 收購相關的任何貢獻。我們預計第四季年度經常性收入將環比成長，增幅為中等個位數。我們維持全年業績預期不變，預計營收在 4.6 億美元至 4.75 億美元之間。這反映了我們業務在每年下半年的傳統季節性，因為屆時將有大量協議到期，我們的專案儲備整體實力強勁，而且美國聯邦機構近期支出的時間也存在不確定性。我們預計第四季營收將在 1.23 億美元至 1.28 億美元之間。我們預計第四季度調整後 EBITDA 將在 3,500 萬美元至 3,800 萬美元之間，利潤率約為 28% 至 30%。

Looking to our full year results, we 've increased the midpoint of our revenue outlook and now anticipate 2025 revenue in the range of $470 million to $475 million, which represents growth of 17% to 18%. We have increased our full year 2025 adjusted EBITDA range and now expect $124 million to $127 million or approximately 26% to 27% on a margin basis.

展望全年業績，我們提高了營收預期中位數，現在預計 2025 年營收將在 4.7 億美元至 4.75 億美元之間，成長 17% 至 18%。我們提高了 2025 年全年調整後 EBITDA 預期範圍，現在預計為 1.24 億美元至 1.27 億美元，利潤率約為 26% 至 27%。

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 year-to-date and relatively minimal capital intensity, we expect the company's free cash flow margin will be approximately 30%.

最後，我想重申我們的觀點，即 2025 年將是自由現金流表現優異的一年。鑑於該公司今年迄今強勁的營運現金流和相對較低的資本密集度，我們預計公司的自由現金流利潤率約為 30%。

Before we move to Q&A, I wanted to share some perspective on our 2026 planning. As Tom noted, we have multiple growth vectors. We are also mindful of the challenges we experienced this year in regard to the timing and magnitude of spending in the US Federal customer segment. Thus, the initial 2026 outlook we will share in February will be prudent with the foundation grounded in the historic seasonality of our business, our RPO, our contractual backlog up for renewal, the expansion opportunity on those renewals and the near-term opportunities to expand with existing customers on multiyear contracts.

在進入問答環節之前，我想先分享我們對 2026 年規劃的一些看法。正如湯姆指出的那樣，我們有多個增長點。我們也意識到今年在美國聯邦客戶領域的支出時間和規模所面臨的挑戰。因此，我們將在 2 月分享的 2026 年初步展望將較為謹慎，其基礎是我們業務的歷史季節性、我們的 RPO、待續籤的合約積壓、這些續約帶來的擴張機會以及與現有客戶簽訂多年合約的近期擴張機會。

We will also apply the same methodology that delivered a high level of forecast accuracy last quarter. It's important to note we have multiple ways to grow free cash flow by approximately 20% with 2% dilution. This will allow us to be very thoughtful in terms of how we set our initial outlook. We are optimistic that we will be able to increase our outlook over the subsequent quarters as our team executes and captures the market opportunity in front of us.

我們將繼續沿用上季預測準確率較高的方法。值得注意的是，我們有多種方法可以在 2% 的股權稀釋率下，將自由現金流提高約 20%。這將使我們能夠非常周全地考慮如何設定我們的初始展望。我們樂觀地認為，隨著團隊執行並抓住擺在我們面前的市場機遇，我們將能夠在接下來的幾季提高我們的業績預期。

Let's take a quick look at the primary growth drivers across our platform that can serve as a foundation for an initial baseline target for healthy ARR growth. First, winning new logos and increasing price or mix on existing offers is expected to generate several percentage points of growth. Second, we see solid expansion ahead for Inseyets as we move into the home stretch for upgrades, drive broader adoption by extending our reach into new user groups and upsell advanced unlock solutions and automation offerings. We believe these dynamics should support growth of at least high single digits on a percentage basis in 2026.

讓我們快速了解我們平台上的主要成長驅動因素，這些因素可以作為實現健康 ARR 成長的初始基準目標的基礎。首先，贏得新客戶並提高現有產品的價格或產品組合有望帶來幾個百分點的成長。其次，隨著我們進入升級的最後階段，Inseyets 將穩步擴張，透過擴大對新用戶群的覆蓋範圍來推動更廣泛的採用，並追加銷售高級解鎖解決方案和自動化產品。我們認為，這些因素應該能夠支持2026年至少實現高個位數百分比的成長。

Our third growth driver involves Guardian and Pathfinder, the cornerstones of our digital investigation and analytics offerings. We anticipate healthy Guardian demand within our existing core markets, expansion into the US federal sector, Australia and other select international markets and sales of Guardian into the enterprise. In addition, we see further new business expansion combined with stronger renewal rate for Pathfinder. Success on these fronts is expected to contribute mid-single-digit percentage points of ARR growth.

我們的第三個成長動力來自 Guardian 和 Pathfinder，它們是我們數位調查和分析產品的基石。我們預計 Guardian 在我們現有核心市場將有良好的需求，並擴展到美國聯邦部門、澳洲和其他特定國際市場，以及向企業銷售 Guardian。此外，我們看到 Pathfinder 的新業務進一步擴張，續約率也更加強勁。預計這些方面的成功將為 ARR 成長貢獻個位數百分比。

In addition, we are excited about the growth prospects for selling Corellium solutions into our customer base across defense, intelligence and enterprise verticals. Beyond the initial ARR gained from Corellium once the transaction closes, we anticipate an incremental contribution of at least a couple of percentage points to our ARR growth rate. And finally, we remain optimistic about the steps we're taking to drive improved retention rates by minimizing churn as we evolve our pricing and packaging centered on AI and cloud capabilities and attractive multiyear terms.

此外，我們對向國防、情報和企業等垂直領域的客戶群銷售 Corellium 解決方案的成長前景感到興奮。除了交易完成後從 Corellium 獲得的初始 ARR 之外，我們預計 ARR 成長率至少還會增加幾個百分點。最後，我們對正在採取的措施保持樂觀，這些措施旨在透過不斷改進定價和包裝，以人工智慧和雲端功能以及有吸引力的多年期條款為中心，最大限度地減少客戶流失，從而提高客戶留存率。

In terms of 2026 revenue growth, we believe our revenue growth rate will slightly trail our ARR growth rate. This reflects the continued growth of our cloud-based solutions and assumptions for relatively flat nonrecurring hardware and professional services revenue. In terms of revenue seasonality, we have historically generated approximately 55% of our revenue in the second half of the year. From a profitability perspective, we plan to thoughtfully allocate capital to support Cellebrite's ongoing expansion in 2026 and beyond.

就 2026 年的營收成長而言，我們認為我們的營收成長率將略低於我們的 ARR 成長率。這反映了我們基於雲端的解決方案的持續成長，以及對非經常性硬體和專業服務收入相對平穩的假設。就收入季節性而言，我們歷來約有 55% 的收入是在下半年產生的。從獲利能力的角度來看，我們計劃謹慎地分配資金，以支持 Cellebrite 在 2026 年及以後的持續擴張。

As a reminder, our EBITDA margin is lower in Q1 and steps up over the course of the year. We also expect our AI investments across go-to-market, product and the G&A functions will lead to new levels of automation and scale, and yielding moderate head count expansion. This will produce operating leverage to drive incremental improvement in our adjusted EBITDA margin and enabling us to maintain a 30% or greater free cash flow margin.

再次提醒，我們的 EBITDA 利潤率在第一季較低，之後會逐年上升。我們也預計，我們在市場推廣、產品和一般及行政職能方面的 AI 投資將帶來更高水準的自動化和規模，並帶來適度的人員成長。這將產生營運槓桿，從而逐步提高我們調整後的 EBITDA 利潤率，並使我們能夠保持 30% 或更高的自由現金流利潤率。

In terms of our guidance philosophy going forward, we plan to set our 2026 outlook using tighter ranges supported by bottoms-up forecasting while continually assessing the full year targets based on the most recent quarter's results and near-term visibility. We're excited about our prospects to drive durable and profitable growth and strong free cash flow next year.

展望未來，我們將採用更嚴格的範圍來設定 2026 年的展望，並輔以自下而上的預測，同時根據最近一個季度的業績和近期的可見性不斷評估全年目標。我們對明年實現持久獲利成長和強勁自由現金流的前景感到興奮。

Finally, since joining Cellebrite, I've been very fortunate to spend a good deal of time with current and prospective shareholders. A frequent topic in recent engagements relates to the overhang associated with the Sun Corporation, our largest shareholder who owns 40% of the company's shares. I've had an opportunity to spend time with some members of Sun's management as well as some of their investors.

最後，自從加入 Cellebrite 以來，我非常幸運地花了很多時間與現有股東和潛在股東交流。最近幾次交流中經常談到的一個主題是與 Sun Corporation 相關的懸而未決的問題，Sun Corporation 是我們最大的股東，持有公司 40% 的股份。我有機會與 Sun 公司的一些管理層成員以及一些投資者進行了交流。

Overall, I view these relationships as very positive. With that said, we are increasingly optimistic about opportunities that could emerge over the coming quarters and years for Sun to reduce its stake in an organized, structured and thoughtful way that we believe will deliver value for shareholders of both Sun and Cellebrite.

總的來說，我認為這些關係非常正面。儘管如此，我們越來越樂觀地認為，在未來幾季和幾年裡，Sun 可能會以有組織、有結構、深思熟慮的方式減持其股份，我們相信這將為 Sun 和 Cellebrite 的股東帶來價值。

I'd like to close by reiterating our view that 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. Our team is focused on closing out the year on a strong note while also putting the plans in place that we believe will enable us to expand customer relationships and increase shareholder value in 2026.

最後，我想重申我們的觀點，Cellebrite 仍然處於有利地位，能夠在股東權益被稀釋最小的情況下，實現又一個健康增長、強勁盈利能力和優異自由現金流的年份。我們的團隊致力於以強勁的勢頭結束今年，同時制定我們認為能夠幫助我們在 2026 年拓展客戶關係並提升股東價值的計劃。

Operator, that concludes our prepared remarks. We're ready for Q&A.

操作員，我們的發言到此結束。我們已準備好進行問答環節。

(Operator Instructions)

（操作說明）

Jeff Van Rhee, Craig Hallum.

傑夫·範·裡，克雷格·哈勒姆。

Great, thanks guys. Congrats on a good quarter, and thank you for the color on the outlook. Two or three quick ones here if I could. Just, Tom, in terms of the path forward to cloud adoption over time as a percent of ARR, are there any internal goals or any thoughts you can give us on how you see that percentage of ARR that's going to be cloud evolving over the next, say, two, three years?

太好了，謝謝各位。恭喜你們本季業績出色，感謝你們對前景的精彩分析。如果可以的話，我在這裡快速回答兩三個問題。Tom，就未來幾年雲端運算在 ARR 中所佔比例的發展路徑而言，公司內部是否有任何目標，或者您能否就未來兩三年內雲端運算在 ARR 中所佔比例的發展趨勢提出一些看法？

Jeff, it's Dave. Thanks for the question. Jeff, we're continuing to work with our customers as they make their transition. We actually have customers that are 100% cloud. We have many that are in the hybrid stage, and then we certainly still have some making the transition. Right now, we just have a very proactive bent of working with our customers. Many of our products, as you know, are already in the cloud, and everything new that we're doing is in the cloud. And so from that standpoint, it's just an ongoing partnership as we support them and keep pressing forward with adoption.

傑夫，我是戴夫。謝謝你的提問。傑夫，我們正在繼續與客戶合作，幫助他們完成過渡。我們確實有一些客戶完全使用雲端服務。我們有很多企業處於混合階段，當然也有一些企業正在過渡階段。目前，我們非常積極主動地與客戶合作。如您所知，我們的許多產品已經部署在雲端，我們正在做的所有新事情也都在雲端進行。因此，從這個角度來看，這只是一個持續的合作夥伴關係，我們將支持他們並繼續推動普及應用。

Yeah. And on Corellium, you called it out as one of the three or four key growth drivers. I know you signed that new reseller relationship. Just any color in terms of what you saw, both things you were able to get across the finish line and maybe more so what's building in the pipeline there?

是的。在 Corellium 的評測中，你將其列為三大或四大關鍵成長驅動因素之一。我知道你已經簽署了新的經銷商協議。就你所看到的而言，任何顏色都可以，包括你已經完成的事情，以及更重要的事情，例如正在籌備的事情？

Yes, sure. It's Marcus. Yes, look, we've got -- we've had some good initial momentum. We now have a significant pipeline, which we built, like an 8-figure pipeline, and that is spread equally across the cohorts that we said, which will be defense, intelligence and into the Global 2000. To date, we have processed two orders, and Q4, we expect to transact some more.

當然可以。是馬庫斯。是的，你看，我們已經取得了一些好的開局。我們現在擁有一個規模可觀的人才儲備，就像我們建立的八位數人才儲備一樣，而且它均勻地分佈在我們所說的各個群體中，這些群體包括國防、情報和全球 2000 強企業。截至目前，我們已處理了兩筆訂單，預計第四季將有更多訂單完成。

Yes, I'd say, Jeff, to underscore color -- this is Tom. I keep reminding people this business was roughly a $15 million ARR, Corellium's core business. And I don't love lots of numbers. Shouldn't be lost on people that the pipe we already see, as Marcus mentioned, is double-digit millions of achievable pipe and so -- and that's before we've even closed the transaction.

是的，傑夫，為了強調這一點，我想說──這是湯姆。我一直提醒人們，這項業務的年度經常性收入約為 1500 萬美元，是 Corellium 的核心業務。我不喜歡一大堆數字。大家應該明白，正如馬庫斯所提到的，我們已經看到的管道是價值數千萬美元的可實現管道，而這還是在我們完成交易之前。

So again, we just keep building more enthusiasm. And I also referenced, we've uncovered use cases that we didn't necessarily anticipate or plan 9 to 12 months ago when we started this conversation with Corellium, and so the -- and I guess the positive is the -- was there a modest contribution from reseller in the quarter? Yes, but it's -- you could argue it's almost immaterial. So we didn't hit these numbers on the back end of Corellium backdoor reseller stuff. So it was largely a core Cellebrite production, but the active and real sort of TAM and pipeline is very encouraging.

所以，我們又一次開始營造更大的熱情。我還提到，我們發現了一些我們在 9 到 12 個月前與 Corellium 開始討論時未必預料到或計劃過的用例，因此——我想積極的一面是——經銷商在本季度做出了適度的貢獻。是的，但是──你也可以說這幾乎無關緊要。所以，我們在 Corellium 後門轉售業務的後端並沒有達到這些數字。所以這主要是一家 Cellebrite 的核心生產商，但活躍且真實的 TAM 和產品線非常令人鼓舞。

Yeah, got it. And then just lastly, as it relates to the 2026 plan, thanks for the insights on those 4 primary growth drivers. Sort of just looking at the swag of the range you gave there. It sort of looks like roughly 20%-ish ARR. But just curious if you'd be willing to provide any bounce around that or any expanded insights just in terms of what you think about growth prospects for next year. Thanks.

好的，明白了。最後，關於 2026 年計劃，感謝您對這 4 個主要成長驅動因素的見解。我只是在欣賞你提供的那些產品系列。看起來年收入大概是 20% 左右。我只是好奇您是否願意就此提供一些補充信息，或者就您對明年增長前景的看法提供一些更深入的見解。謝謝。

Yeah. I know it's tempting to answer that, Jeff. And we'd love to help you out and throw you a number and a bone and -- but we just -- we really want to reserve that until we close the year and put a bow around the opportunity. But what we are doing, which I think is atypical at this stage, at least historically for us, is we are sort of going public with a level of confidence that you will see an -- whatever the growth is this year, we do have confidence that growth rate will accelerate in 2026.

是的。我知道回答這個問題很誘人，傑夫。我們很樂意幫助你，給你一些好處，但是——我們真的想把這件事保留到年底，給這個機會畫一個完美的句號。但我們現在所做的事情，我認為在這個階段是不尋常的，至少對我們來說是歷史上不尋常的，那就是我們公開表示，無論今年的增長情況如何，我們都相信2026年的增長速度將會加快。

We're just not prepared today to put a number on it. That's what you'll get in February. But growth is going up, and that's against -- by the way, it also gets overlooked. The law of big numbers, the denominator in the baseline has gone up this year. So we're going to accelerate our growth against a bigger baseline, and -- but that's all we really are ready to share at this point.

我們目前還無法給出確切的數字。這就是你二月會收到的東西。但成長率正在上升，這與預期相反——順便說一句，這一點也被忽視了。根據大數定律，今年的基準分母已經增加。因此，我們將以更大的基數加速成長，而且——但目前我們只能分享這些。

Brian Essex, JP Morgan.

Brian Essex，摩根大通。

Hi, good afternoon. Thank you for taking the question and congrats from me as well on the solid results. Maybe to follow up to Jeff's question to start, and then I have a follow-up. On Corellium, Tom, I think you noted that you're addressing CFIUS issues in real time. How significant are those issues? And are there any contingency plans for a case where you might hit a roadblock there in terms of maybe tucking that into the Cellebrite Federal business? Just wondering what that process looks like and what the risk is to close at this point.

您好，下午好。感謝您回答這個問題，也祝賀您取得如此優異的成績。或許可以先回答 Jeff 的問題，然後再補充我的問題。Tom，關於 Corellium，我想你提到你正在即時解決 CFIUS 的問題。這些問題有多重要？如果在將這項業務併入 Cellebrite Federal 業務的過程中遇到阻礙，是否有任何應急計劃？想了解整個流程是怎麼樣的，以及現在完成交易的風險是什麼。

Yeah. Nothing is 100%, so I can't write a check that I can't cash on that front. But I would tell you, if you put a gun to my head, I'd say it's 98% odds that we'll get this done. And I think that will -- similar odds that we'll get it done this quarter. We're in the final stages. I would say there was more inspection than we anticipated, combined with all the chaos and government and the shutdown didn't help some of the case managers and people involved in just coordinating input across DOJ and DOD and all the people that care, was a little bit tougher given what's been happening in the last 6 weeks.

是的。世事無絕對，所以我不能做出無法兌現的承諾。但我可以告訴你，如果有人拿槍指著我的頭，我會說我們有 98% 的幾率能完成這件事。我認為這——我們本季完成這項工作的幾率差不多。我們已進入最後階段。我想說，檢查工作比我們預期的要多，再加上政府的混亂和停擺，這對一些案件管理人員和參與協調司法部、國防部以及所有相關人員的意見來說，由於過去六週發生的事情，變得更加困難。

The other positive, if you're a [glass half full] person is if this stuff wasn't powerful and if it wasn't relevant to these agencies, they wouldn't care so much about making sure the IP was protected. So the bad news is they ran us through the ringer a little bit more than we expected, but it's because this stuff really does matter to agencies that you care about that keep us safe. But we're -- I hate using sports metaphors, but we're on the 1 yard line, and we have high confidence that we'll push it over the line here in the next four to six weeks.

如果你是個樂觀主義者，那麼另一個正面是，如果這些東西沒有影響力，如果它們與這些機構無關，他們就不會那麼在意確保智慧財產權得到保護。壞消息是，他們讓我們經歷了比我們預期更多的考驗，但這是因為這些事情對於你所關心的、保護我們安全的機構來說確實很重要。但是——我討厭用體育比喻，但我們已經到了終點線前1碼處，我們非常有信心在接下來的四到六週內將球推進到終點線。

Got it. That's super helpful. And then maybe just a follow-up on Cellebrite Federal. Any sense of what the contribution was there in the quarter and progress there with regard to like building that out to better penetrate the federal vertical? I understand that shutdown to headwind but would love a little bit of color around where the efforts are focused there and how they're positioned as you kind of like head into fiscal '26.

知道了。這太有幫助了。那或許可以跟進一下 Cellebrite Federal 的狀況。能否說明本季在這方面的貢獻以及在拓展聯邦垂直領域的進展？我理解停工會面臨逆風，但我很想了解一下，在進入 2026 財年之際，你們的努力重點在哪裡，以及你們的定位是什麼。

Yeah. The good news -- and just to -- I know it's a lot of babble when we go through these scripts. But the first half was tough. We sort of held the line. It certainly didn't deliver the growth that we had historically, which was the headwind for our full year. The good news is we got back in growth mode in Q3 and even better. It wasn't just growth. We nailed a couple of very strategic clients, and I'll let Marcus add some color because I think it's fair to use those wins as sort of a proxy for product fit and momentum and trust in the US federal space. But Marcus, why don't you add some color?

是的。好消息是——而且——我知道當我們研讀這些劇本時，我會聽到很多廢話。但上半程很艱難。我們勉強守住了陣地。它當然沒有實現我們以往的成長，這對我們全年業績構成了不利因素。好消息是，我們在第三季重回成長軌道，而且情況甚至更好。不僅僅是成長。我們成功拿下了幾位極具戰略意義的客戶，接下來就讓馬庫斯來補充一些細節吧，因為我認為將這些成功案例作為衡量產品契合度、發展勢頭以及在美國聯邦領域贏得信任度的指標是合理的。但是馬庫斯，為什麼不加點色彩呢？

Yeah, sure. So it was actually a very strong quarter for Federal. The team executed particularly well. I'll draw attention to a couple of deals, and you guys know these are all in the public domain. You don't have to search too hard to find the names. But I won't do them an injustice and talk about them specifically, but I'll talk about a large agency, which does our protection services, placed a -- in excess of an $11 million order with us, which was a big expansion on previous years, including some new products. And we're very confident that, that was also a share-taking opportunity for us.

當然可以。所以，對聯邦來說，這其實是一個表現非常強勁的季度。團隊表現非常出色。我會重點介紹幾筆交易，你們也知道這些都是公開資訊。你不用花太多力氣就能找到這些名字。但我不會對他們不公平，也不會具體談論他們，但我會談談一家為我們提供安保服務的大型機構，他們向我們下了超過 1100 萬美元的訂單，這比往年有了很大的增長，其中包括一些新產品。我們非常有信心，那也是我們獲得股份的機會。

And then another agency following up very -- which is very well known in the market and protects a lot of us, we had our largest expansion year with them than we've ever had, so between 30% and 35% expansion on the base and then investigating new products and interestingly, taken us for the first time into the cloud. So we talked about this cloud journey. We're now seeing federal customers be a lot more aggressive in the movement to the cloud, which bodes exceptionally well for our ATO process with FedRAMP where we'll be taking advantage with the only cloud-enabled solution high in the market in the forensics segment. So good execution and we feel a lot more to come.

然後，另一家在市場上非常有名且為我們許多人提供保護的機構跟進了我們，我們與他們合作的這一年是我們有史以來擴張幅度最大的一年，在基礎業務的基礎上增長了 30% 到 35%，然後他們還研究了新產品，有趣的是，他們第一次帶領我們進入了雲端。於是我們聊了聊這次雲端運算之旅。我們現在看到聯邦客戶在向雲端遷移方面更加積極主動，這對我們與 FedRAMP 的 ATO 流程來說是個非常好的預兆，我們將利用市場上唯一一款在取證領域領先的雲端解決方案來獲益。執行得很好，我們感覺未來還有更大的發展空間。

The other -- Brian, the other thing I would add before somebody asks is we've talked -- I think we talked in the last call about a very large client that we expected to renew in the first half of '26, and we expected that renewal rate to go up significantly. The numbers and performance in the US Fed in the third quarter did not include any of that. So that is still in the hopper and still something that we expect to win and close in the first half of '26, which is material.

還有一點——布萊恩，在有人問之前我想補充一點，我們談過——我想我們在上次通話中談到了一位我們預計會在 2026 年上半年續約的大客戶，而且我們預計續約率會大幅上升。美國聯邦儲備委員會第三季的數據和業績並未包含這些因素。所以這件事仍在進行中，我們仍然期望能在 2026 年上半年贏得並完成，這很重要。

Tomer Zilberman, Bank of America.

托默·齊爾伯曼，美國銀行。

Hey guys. I wanted to ask about Federal and your thoughts around the performance this quarter, mostly wanting to ask how do you differentiate the growth this quarter from potential budget flush as it was their fiscal year-end versus maybe the more secular underlying recovery that you're talking about. And then I have a follow-up.

嘿，大家好。我想問關於聯邦經濟以及您對本季度業績的看法，主要是想問您如何區分本季度的增長與潛在的預算充裕（因為這是他們的財政年度末）以及您所談到的更長期的潛在復甦。然後我還有一個後續問題。

Yes. I mean budget flush is a thing. But I mean, remember, we're on the mission side, so this -- the products we have to be used. And so were not like -- we're not selling licenses for work processes. So we don't really unfortunately see budget flush because we're mission critical and we're program-driven. So I would like to think it's down to solid execution and a good product market fit has driven all of our gains in that sector. We didn't really see, because of the shutdowns or slowdowns, that normal, what we call, UFRs, which I'm sure you're familiar with, the unidentified funding requests. They were not a part of it. They were just solid execution into three or four of our key clients.

是的。我的意思是，預算削減是存在的。但我的意思是，記住，我們是站在使命這邊的，所以──我們必須使用的產品。所以，我們並不是——我們不出售工作流程的許可證。所以很遺憾，我們並沒有充足的預算，因為我們的任務至關重要，而且我們是按專案驅動的。所以我認為，我們在該領域取得的所有進展都歸功於紮實的執行力和良好的產品市場契合度。由於停工或經濟放緩，我們並沒有真正看到正常的、我們稱之為 UFR 的資金申請，我相信你們對此都很熟悉，即未確定的資金申請。他們沒有參與其中。他們對我們的三、四個重要客戶都進行了紮實的執行。

Got it. Got it. As a follow-up for Dave, I appreciate your commentary around your discussions with Sun Corp. It's been an ongoing conversation in the last few years. Just wanted to ask, as you speak with the other side, have you gauged any sense of urgency in terms of where that goes? Or do you foresee this being a long-term kind of trend?

知道了。知道了。作為對戴夫的後續回复，我很感謝你對與Sun Corp.的討論所做的評論。在過去幾年裡，我們一直在討論這個問題。我想問一下，在您與對方溝通的過程中，您是否感受到此事的迫切性，以及事態將如何發展？或者您認為這將是長期趨勢？

I don't see urgency. I think going back to my prepared remarks, I see them being very organized, structured, thoughtful. Obviously, Sun Corporation owned 100%. It's come down over 55%. And so I think it is -- you'll find them, again, measured and thoughtful and rational. And I think that's what we're hoping to communicate to everybody.

我不覺得有緊迫性。我覺得回顧我準備好的發言稿，它們很有條理、結構清晰、考慮周全。顯然，Sun Corporation 擁有 100% 的股份。已經下降了超過55%。所以我認為確實如此——你會發現他們一如既往地沉穩、深思熟慮、理性。我想這就是我們希望傳達給所有人的訊息。

Yes. I mean, obviously, that's stuff that we don't have full control or, you could argue, even limited control over, but the devil's in the details of your question. When you say long term, is your expectation -- your question about a sell-down over five years or over five months or -- but I think to Dave's point, they've been pecking away for years. Our guess is they'll continue to peck away and I don't -- since I don't have control or insight to the specifics, but I would expect to see -- my guess is you'll see some more sell-down over the more -- the nearer future than, say, a five-year horizon.

是的。我的意思是，很顯然，有些事情我們無法完全控制，或者說，我們甚至無法完全控制，但魔鬼藏在你問題的細節裡。你說的是長期，你的預期是指——你問的是五年內還是五個月內拋售——但我認為正如戴夫所說，他們多年來一直在蠶食。我們猜測他們會繼續蠶食，而我——因為我無法控製或了解具體情況，但我預計——我的猜測是，在不久的將來，而不是五年之內，你會看到更多的拋售。

Louis DiPalma, William Blair.

路易斯·迪帕爾馬，威廉·布萊爾。

Tom, David, Marcus and Andrew, congrats on the EBITDA guidance raise.

Tom、David、Marcus 和 Andrew，恭喜你們上調 EBITDA 預期。

Thank you.

謝謝。

How should investors view the positioning of Guardian Investigate relative to Pathfinder? And are you still working on a SaaS version of Pathfinder?

投資人該如何看待 Guardian Investigate 相對於 Pathfinder 的市場定位？你們還在開發 Pathfinder 的 SaaS 版本嗎？

Great question. It's really a good question because it's really important to our value prop and our strategy as we go forward. Pathfinder will persist. Think of Pathfinder as either on-prem or VPC-based analytic engine that is optimized for processing correlations and analytics and insights when you have multiple followings and the data sources we control.

問得好。這確實是個好問題，因為它對我們的價值主張和未來發展策略至關重要。Pathfinder 將會持續運作。您可以將 Pathfinder 視為基於本地或 VPC 的分析引擎，它針對處理關聯性、分析和洞察進行了最佳化，適用於擁有多個追蹤者和我們控制的資料來源的情況。

Now fast forward to Guardian Investigate, which is an evolution from a lot of capability around the examiner and forensics into the world of the detective and the investigator to provide very -- not only robust case management capability but also the ingestion and the ability to drive work streams and collaboration across a broad range of different data sources, some of which we control and we create and some of which are created by other vendors in the ecosystem and then complement that Guardian Investigate with a cloud-based that's contrasted with Pathfinder as a VPC product, a cloud-based, very intensely AI-enabled analytic engine that can now prosecute and interrogate all the data that we surface that sits in Guardian Investigate and the data that we're able to pull in and combine with to drive what we think will be the most insightful analytic engine in the world of investigations.

現在快轉到 Guardian Investigate，它從圍繞檢驗員和法醫的大量功能演進到偵探和調查員的領域，不僅提供強大的案件管理功能，還能攝取和驅動跨各種不同數據源的工作流程和協作，其中一些數據源是我們控制和創建的，另一些數據源是由生態系統中的其他供應商創建的。然後，Guardian Investigate 與 Pathfinder（作為 VPC 產品）形成對比，它是一個基於雲端的、高度人工智慧化的分析引擎，現在可以處理和調查我們在 Guardian Investigate 中發現的所有數據，以及我們能夠提取和組合的數據，從而驅動我們認為將是調查領域最具洞察力的分析引擎。

Yeah. And I can -- I'll follow on from Tom there and add the way -- the simple way to think about it is Pathfinder is from multiple extractions of multiple phones into the -- in teams in the hundreds, whereas when you look at Investigate, that is a multiple data source. So you actually need the horsepower and the number of our customers answering the question on cloud or on-prem, the nature of what they do with multiple phone extractions in the hundreds or dozens or even thousands, they need that on-prem power and they want to be off the cloud to do it. So there is going to be 2 variants. One is going to be cloud-based, and one is going to be on-prem. And the 2 actually interwork with each other and that they are not duplicative or replace each other at all.

是的。我可以——我接著湯姆的話補充一點——簡單來說，Pathfinder 是從數百個團隊中多個手機提取數據，而 Investigate 則是一個多數據源。所以實際上，你需要強大的處理能力，以及眾多客戶回答這個問題（無論是在雲端還是本地部署），考慮到他們處理的電話資料量是成百上千、幾十萬甚至幾千條，他們需要本地部署的強大功能，並且他們希望脫離雲端來完成這項工作。所以會有兩種版本。其中一款將採用雲端部署，另一款將採用本地部署。兩者實際上是相互協作的，它們一點也不重複或互相替代。

That makes sense. So there likely will be customers that subscribe to both Pathfinder and Guardian Investigate, right?

這很有道理。所以很可能會有用戶同時訂閱 Pathfinder 和 Guardian Investigate，對吧？

100%. I mean Guardian Investigate is actually one of industry's first forays into multi-data source. For instance, being able to ingest CDR records with and then cross reference those to the cell phone is very powerful. And so that will be a functionality that would be pervasive within Investigate and will be additive to the deep work that we do in the cell phone extraction on Pathfinder. They're completely compatible.

100%。我的意思是，《衛報調查》其實是業界最早涉足多重資料來源的嘗試之一。例如，能夠匯入 CDR 記錄，然後將其與手機進行交叉引用，這非常強大。因此，這項功能將在 Investigate 中廣泛應用，並對我們在 Pathfinder 上進行的手機提取方面的深入工作起到補充作用。它們完全相容。

Bhavin Shah, Deutsche Bank.

德意志銀行的 Bhavin Shah。

Great, congrats from me as well. I guess, first, just maybe a little bit on the defense and intelligence kind of vertical. Can you just talk about the pipeline there and how -- maybe how the go-to-market strategy and the sales cycles for this vertical compare to your core kind of buying centers?

太好了，我也要恭喜你。我想，首先，或許可以稍微談談防禦和情報方面的垂直領域。您能否談談那裡的銷售管道，以及—比如說，這個垂直行業的市場進入策略和銷售週期與您核心採購中心的比較？

Yeah. So great, great question. Obviously, defense and intelligence has been strong for a number of years in the US. The US previous -- in previous regimes was kind of policing the world in a number of areas. What we've now seen is some threats coming in from all over the world, particularly in Eastern Europe, as you know. We're seeing the NATO spend increase to the 2% commitment, and that is driving -- warfare is now not only physical. It's predominantly digital.

是的。這個問題問得好。顯然，美國的國防和情報能力多年來一直很強。美國以前的政權在許多領域都扮演著世界警察的角色。如你所知，我們現在看到的是來自世界各地的一些威脅，特別是來自東歐的威脅。我們看到北約的軍費開支增加到承諾的 2%，這正在推動——戰爭現在不僅僅是物質上的戰爭。它主要是數位化的。

So what we're now seeing is, in Europe, I take this pipeline in Q4, my top four largest deals will actually all be defense and intelligence out of Europe. What we've now done is we are collaborating across all of my regions. We have a new single leader that we'll be appointing for D&I to actually drive that strategy forward. And we're very happy with where we are and where we're being brought into it.

所以我們現在看到的是，在歐洲，就我第四季的業績來看，我最大的四筆交易其實都將是來自歐洲的國防和情報領域的交易。我們現在所做的，是在我負責的所有地區之間開展合作。我們將任命一位新的負責人來負責多元化和包容性事務，以真正推動該策略向前發展。我們對目前所處的位置以及我們被安排到的位置都非常滿意。

Our accreditations in that space are second to none. The fact that we have ATO and heading to FedRAMP High puts us in a completely different level to the competition. We have a number of people that are ex -- I won't say that they're ex, but let's say they did things in the militaries, which kept us safe. And they are very well connected, and we are exceptionally grateful to the customers giving us a shot there, and we're very excited about the potential that we have on a global basis.

我們在該領域的資格認證是首屈一指的。我們擁有 ATO 認證，即將參加 FedRAMP High 考試，這使我們與競爭對手處於完全不同的水平。我們有一些前軍人——我不會說他們是前軍人，但可以說他們在軍隊裡做過一些事情，保護了我們的安全。他們擁有非常廣泛的人脈，我們非常感謝客戶給我們這個機會，我們也對我們在全球範圍內的發展潛力感到非常興奮。

That's very helpful there. And maybe just as a follow-up for David. You talked about the EBITDA strength, and in your prepared remarks, you kind of noted disciplined hiring. How much of that maybe lower-than-expected hiring is a function of volatility in the Federal business versus kind of efficiencies you might be getting from GenAI or other areas? And then as you talk about targeting accelerating ARR growth next year, how does hiring play a role there?

那很有幫助。或許這只是對大衛的後續報導。您談到了 EBITDA 的強勁表​​現，並且在您事先準備好的演講稿中，您也提到了嚴格的招募制度。低於預期的招募人數中，有多少是由於聯邦業務的波動性造成的，又有多少是由於 GenAI 或其他領域可能帶來的效率提升造成的？那麼，當您談到明年加速實現年度經常性收入成長的目標時，招募在其中扮演著怎樣的角色呢？

That's a great question. Right now, I think we are -- the disciplined hiring, I think, from a capital allocation, really, we think about what's going into product. So you heard about Investigate. You've heard about just the other AI initiatives that are going across all products, and those are prioritized. And that's what we're going after. We have, I think, a very detailed go-to-market model with Marcus that we run. And so I'd say our -- we have our hiring model.

這是一個很好的問題。目前，我認為我們正在進行有紀律的招聘，我認為，從資本配置的角度來看，我們確實在考慮哪些東西會投入產品中。所以你聽過「調查」這個組織。您已經聽說過其他正在所有產品中推行的 AI 計劃，這些計劃都是優先考慮的。這就是我們努力的目標。我認為，我們與 Marcus 合作制定了一套非常詳細的市場推廣模式。所以我想說，我們有自己的招募模式。

I think we have our AI initiatives that are driving efficiency across our business. And I guess that is the disciplined framework that we use to guide how we're doing. And so I think we have a long-term orientation around our business, around how to capture and fulfill our long-range model, and that kind of works its way back into our hiring decisions.

我認為我們的人工智慧舉措正在提高我們整個業務的效率。我想這就是我們用來指導我們工作的嚴謹框架。因此，我認為我們公司有長遠的發展方向，專注於如何實現和完成我們的長期發展模式，而這最終也反映在我們的招募決策中。

Yeah. I mean I would add that our ramp of head count growth has been on a steady decline the last 3 years because of improved efficiencies and much of which is AI-enabled, and that will continue in 2026. And I would tell you that of the modest growth, roughly half of it is going into our go-to-market organization so that Marcus can respond to interest levels and opportunities across both the public and private sector around the world. So -- but it's a healthy story.

是的。我的意思是，我想補充一點，由於效率的提高（其中很大一部分得益於人工智慧），過去 3 年我們的人員成長速度一直在穩步下降，這種情況將在 2026 年繼續。我可以告訴大家，在這一小幅增長中，大約有一半投入了我們的市場推廣組織中，以便馬庫斯能夠響應世界各地公共和私營部門的興趣水平和機會。所以——但這是一個積極向上的故事。

We're able to express in sales an increase in quota carrier ratios to the back-office functionality that you see in the go-to-market line. So we're always increasing that ratio of actual people to deal with customers away from back office, and we see that they continue for a sustainable amount of time.

我們能夠透過提高銷售配額承運商比例來反映您在市場推廣產品線中看到的後台功能。因此，我們一直在增加實際與客戶直接接觸的人員比例，而不是在後台辦公，我們發現這種比例能夠持續相當長的時間。

Shaul Eyal, TD Cowen.

Shaul Eyal，TD Cowen。

Thank you, good afternoon, and congrats on the strong set of results and outperformance. My question is on the competitive landscape. So Cellebrite operates in the market, I think, characterized by high barriers of entry. What can you tell us on the current competitive landscape? And are you seeing -- have you seen any newcomers into new adjacencies in the current market? Thank you.

謝謝，下午好，恭喜你們取得了優異的成績和超乎預期的表現。我的問題是關於競爭格局的。我認為，Cellebrite 所處的市場是一個進入門檻很高的市場。能跟我們談談當前的競爭格局嗎？您是否看到—您是否看到當前市場中有任何新進入者進入新的鄰近領域？謝謝。

Yeah, I'll take that one. First, to get to the end of your question, there's no -- to your point, about barriers to entry, that's a very real observation. And as a result, we would not be able to call out or point to any -- there's always start-ups and pop-ups in every industry, but there's no material new entrants from a competitive perspective. So we continue to see the same people.

好的，我選那個。首先，回到你問題的最後，關於你提到的進入門檻，這確實是一個非常現實的觀察。因此，我們無法指出或提及任何新進入者——每個行業總會有創業公司和快閃店，但從競爭的角度來看，並沒有實質的新進入者。所以我們看到的還是一樣的人。

We have good competition. We respect our competitors. They're good companies. But I got to tell you, we sort of like our hand and how we stack up right now. And as some of the things I alluded to sort of hit the shores over the next 90 days, our view is that our competitive positioning is going to increase very quickly, so same competitors, good companies but like where we sit.

我們面臨激烈的競爭。我們尊重競爭對手。它們都是不錯的公司。但我必須告訴你，我們對目前的情況和實力相當滿意。在接下來的 90 天裡，我提到的一些事情將會逐漸顯現，我們認為我們的競爭地位將會迅速提升，所以競爭對手仍然是那些優秀的公司，但我們喜歡我們目前所處的位置。

Yeah, I'll add, we feel very comfortable. Again, we have some strong competitors. We respect them a lot. But as I said, I think with Tom, we agree we have a winning hand here. I would say that what we do have is the ability to manage and control the workflows and the data puts us in prime position. There are a number of AI entrants. If anyone went to IACP, you would see them. But for me, they open up not only potentially a partnership but M&A opportunities for us. But again, we back our own AI ability to understand … it's a difficult industry to break into from just customer intimacy and also from understanding the sensitivity to data. It's not -- it's very hard to trust people that are coming in with a new AI algorithm written in vibe code that you think is going to take it apart. That's not what our customer base is going to do, and so we're comfortable with our position to expand there.

是的，我還要補充一點，我們覺得很舒服。我們再次面臨一些強大的競爭對手。我們非常尊重他們。但正如我所說，我認為我和湯姆都認為我們勝券在握。我認為，我們擁有管理和控制工作流程和數據的能力，這使我們處於有利地位。有很多人工智慧參賽者。如果有人去過IACP（國際警察局長協會），你就會見到他們。但對我來說，這不僅可能為我們帶來合作機會，也可能帶來併購機會。但是，我們再次相信我們自身的人工智慧能力能夠理解……僅僅依靠與客戶的親密關係以及對數據敏感性的理解，很難打入這個行業。確實如此——很難信任那些帶著用 vibe 程式碼編寫的全新 AI 演算法而來的人，你認為他們會把系統拆解。我們的客戶群不會那樣做，所以我們有信心在那裡擴張。

Yeah. And not to double pile on, but given the sensitivity of what we do, who we help and what their mission is, they have the brand and the track record and the proven capability of the limited vendors in this space are a big deal. This isn't some back-office trivial thing that people are willing to take flyers on. It's important to them that they deal with people they have dealt with for 20 years that have delivered, that are focused and committed to the space and that they trust.

是的。我不想再添油加醋，但考慮到我們所做的事情的敏感性、我們所幫助的對像以及他們的使命，在這個領域，他們擁有的品牌、業績記錄和經過驗證的能力，對於為數不多的供應商來說意義重大。這可不是什麼無關緊要的後台小事，人們不會願意冒險去做。對他們來說，重要的是要和那些已經合作了 20 年、業績卓著、專注且致力於該領域、值得信賴的人合作。

It's hard to outsell when it's called the Cellebrite report when they go to court and they say, I've Cellebrited a phone. That's very hard to undo. That's become in the mindset of our customers over a number of years.

當有人出庭作證說「我用 Cellebrite 修復了一部手機」時，很難有比這更吸引人的銷售表現了。這很難挽回。多年來，這已經成為我們客戶的一種固有觀念。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Great. Thanks for taking the questions here, guys. I'll echo my congratulations on the strong results, the reiterated ARR guide and then the confidence that you guys are executing as far as that top line reacceleration for next year. So congrats on that. I just wanted to unpack a couple of items here, but great to see that US Federal returned to this growth dynamic. I don't want to be dismissive.

偉大的。謝謝各位回答這些問題。我再次祝賀你們取得如此強勁的成績，重申了年度經常性收入預期目標，並相信你們正在執行明年營收成長加速的目標。恭喜你！我只是想在這裡闡述幾點，但很高興看到美國聯邦銀行恢復了成長勢頭。我不想顯得輕蔑。

I believe you guys called it out a couple of times in the prepared remarks, but the strength that you saw out of US state and local as well as Latin America, can you kind of unpack that a bit more as far as what you saw from those two segments, the durability of that growth from where we stand here and maybe potentially size up what the contribution was if we're trying to stack rank drivers of outperformance? Sorry, I know a lot to unpack, but again, it was a solid quarter for execution. And I just wanted to highlight that.

我相信你們在準備好的發言稿中已經多次提到了這一點，但是你們在美國州和地方以及拉丁美洲看到的強勁表現，能否再詳細解釋一下，從這兩個領域來看，這種增長的可持續性如何？如果我們要對超額報酬的驅動因素進行排名，能否評估它們的貢獻？抱歉，我知道有很多東西需要解釋，但總的來說，本季執行力很強。我只是想強調這一點。

Yeah. Sure. Great question. And my SLG leader will be -- she'll be very thankful that you're giving us some props because they continue to execute consistently and to a certain extent, is a gift that keeps giving. So what are the drivers? The crime type in the US continues to be digitally driven. So what I mean by that is there are a number of cases and investigations that require the unpacking phones. Most agencies we sell to still have a backlog of cases and a backlog of phones, and that means that our driver is not limited by that. Now unfortunately, that's crime. But that is what we need -- that is what we see. There is no end in sight.

是的。當然。問得好。我的 SLG 領導會非常感激你們的讚揚，因為他們一直持續地執行任務，在某種程度上，這是一份持續帶來回報的禮物。那麼，驅動因素是什麼？美國的犯罪類型仍然以數位化為驅動力。我的意思是，有很多案件和調查需要拆開手機進行檢查。我們銷售產品的絕大多數代理商仍然積壓著案件和電話，這意味著我們的司機不受此限制。很遺憾，這屬於犯罪行為。但這正是我們所需要的——這正是我們所看到的。看不到盡頭。

We also saw, even through the shutdown, grant budgets were available. So the government was actually working hard to get the grants out because these grants matter, because they know that a number of people rely on them to meet their objectives in case reduction and solving crime. So that was the driver there, and there's no end in sight.

我們也看到，即使在政府停擺期間，撥款預算仍然可用。因此，政府實際上正在努力發放這些撥款，因為這些撥款很重要，因為他們知道許多人依靠這些撥款來實現減少案件和偵破犯罪的目標。這就是問題的根源，而且似乎沒有結束的跡象。

We're very comfortable with our competitive position there. We've got a good team, and Nicole and team continue to execute exceptionally well. So thank you to her and Zach, for what they do. Lat Am is great. I mean, Lat Am is an example of, again, high crime units, very well connected at a national level, a solid team, which works very well with partners and sell the end-to-end solution.

我們對自己在該地區所處的競爭地位非常有信心。我們擁有一支優秀的團隊，妮可和她的團隊也一直表現出色。所以，感謝她和札克所做的一切。拉丁美洲很棒。我的意思是，拉丁美洲就是一個例子，那裡的高犯罪率部門在國家層面聯繫非常緊密，擁有一支強大的團隊，與合作夥伴合作非常出色，並推銷端到端的解決方案。

So if you look at the perfect way to execute, then my goal as a CRO is to get everyone to be in the same boat as Lat Am with our end-to-end solutions. They truly believe in the C2C and deliver the C2C, the case to closure, and execute incredibly well. We are also very well collected politically with a number of senior sellers that have been in that region for a number of years, which is actually very hard to compete against. So 2 great teams. And thank you for reflecting that, but we don't see their growth rates slowing.

所以，如果你要尋找完美的執行方式，那麼我作為首席營收長的目標就是讓每個人都能像拉丁美洲一樣，獲得端到端的解決方案。他們真心相信 C2C 模式，並貫徹 C2C 理念，將案件處理到最終解決，而且執行得非常出色。我們在政治上也擁有非常穩固的陣地，有許多資深賣家在該地區經營多年，這實際上很難與之競爭。所以，兩支很棒的隊伍。感謝您提出這一點，但我們並未看到他們的成長速度放緩。

Eric Martinuzzi, Lake Street.

埃里克·馬丁努齊，湖街。

My question has to do with the use of cash. You finished the quarter real strong, the cash balance at -- close to $600 million. Now I know you've got a check to write when Corellium closes. That's $170 million but still will leave you with a substantial balance here. Just curious to know your priorities as far as internally focused, maybe more M&A. What's the use of cash post Corellium?

我的問題與現金的使用有關。本季末表現非常出色，現金餘額接近 6 億美元。現在我知道，當 Corellium 倒閉時，你得寫一張支票了。那可是1.7億美元，但你還是會剩下相當可觀的餘額。我只是好奇你們在內部發展方面的優先事項，或許更多的是併購方面。Corellium事件之後，現金還有什麼用？

I'll let Dave take the first pass at this, and then I might jump in and add color. But Dave, why don't you take it?

我先讓戴夫來畫一遍，然後我可能會加入進來，添加一些顏色。但是戴夫，你為什麼不拿呢？

Yeah, let me maybe just round out one data point. So Corellium, you're right, that will be a significant piece of cash when that closes, which we're so incredibly excited about, but that's $150 million, not $170 million. And so I think when we look at it, again, looking forward to getting them onboard. Obviously, we'll continue to invest.

是的，我或許可以補充一個數據點。所以 Corellium，你說得對，交易完成後會收到一大筆現金，我們對此感到非常興奮，但那是 1.5 億美元，不是 1.7 億美元。所以我覺得，當我們再次審視這個問題時，我們期待他們能夠加入我們。顯然，我們會繼續投資。

And so you're right, over, call it, two quarters of the normal OpEx cash that we would keep, so call it, $150 million to $160 million, we are maintaining a little bit of surplus cash. We do look at this as a pretty interesting opportunity, both in terms of companies like Corellium that are rapidly scaling. We also see some other adjacencies. And so I think we're going to continue to maintain some flexibility, so we can continue to grow the business.

所以你說得對，我們保留的正常營運支出現金，也就是 1.5 億到 1.6 億美元，相當於正常營運支出現金的四分之二，我們確實保持了一些盈餘現金。我們認為這是一個非常有趣的機會，尤其對於像 Corellium 這樣正在快速擴張的公司而言更是如此。我們也觀察到一些其他的鄰近關係。所以我認為我們將繼續保持一定的靈活性，以便我們能夠繼續發展業務。

Jonathan Ho, William Blair.

喬納森·何，威廉·布萊爾。

Hi, let me echo my congratulations as well. With your Inseyets conversions ahead of schedule, what does that mean for you from a future ARR and upsell perspective, particularly as these customers fully utilize the suite and maybe start to renew?

您好，也請容許我再次表示祝賀。Inseyets 的轉換工作提前完成，從未來的 ARR 和追加銷售的角度來看，這對您意味著什麼？特別是當這些客戶充分利用該套件並可能開始續訂時？

Yeah, it's a great question. I mean it means that we are expanding our cross-sell opportunity. The important thing for Inseyets, Inseyets was the first position to allow us to get to our case to closure, which then means storing and then analyzing and workflowing the data. So most of our customers wanted to get the initial work done to get on to a much more modernized extraction and review technology, which they now have. So we now see the expansion potential going across into our Guardian platform and our Pathfinder platform.

是的，這是一個很好的問題。我的意思是，這意味著我們正在擴大交叉銷售的機會。對 Inseyets 來說，最重要的是 Inseyets 是第一個讓我們能夠完成案件的人，這意味著要儲存、分析和處理資料。因此，我們的大多數客戶都希望完成初步工作，以便採用更現代化的提取和審查技術，而他們現在也確實擁有了這項技術。因此，我們現在看到了擴展到我們的 Guardian 平台和 Pathfinder 平台的潛力。

But it does also open up in the D&I and this is why D&I is such a key part for us, where Inseyets is fully -- not fully tapped. We do see with our triage functionality, working in the field in different use cases, a TAM expansion for Inseyets into the D&I on a global basis. So we got a nice vector to continue.

但這也為多元化和包容性打開了大門，這就是為什麼多元化和包容性對我們來說如此重要，Inseyets 在這方面已經完全——但還沒有完全開發出來。我們看到，透過我們的分流功能，在不同的使用案例中，Inseyets 的 TAM 業務在全球範圍內擴展到了 D&I 領域。所以我們得到了一個很好的繼續前進的方向。

We're not through the base yet. We still have work to do in 2026, and then we'll be moving in. And we already have thoughts about our next version of Inseyets, clearly, which is going to be moving decoding into a different format to enable our customers to do even more, even quicker and increase their productivity again. So Inseyets isn’t the end, it's a part of the journey, and there will be a son of Inseyets coming along at some point.

我們還沒通過基地。2026年我們還有一些工作要做，之後我們就會搬進去。顯然，我們已經對下一版的 Inseyets 有了想法，它將把解碼轉移到不同的格式，使我們的客戶能夠做得更多、更快，並再次提高他們的生產力。所以因塞耶茨不是終點，而是旅程的一部分，將來某個時候會有一個因塞耶茨的兒子出現。

Yes. And the other thing I would add to that is not very sexy but unit growth. I mean those macros I talked about, almost any agency you go talk to today, they've got huge case backlogs. And crime, unfortunately, for all of us, as I said, isn't going away, and the use of digital is -- was in the 90% range. It's eventually going to be pushing 100%.

是的。我還要補充一點，雖然不太吸引人，但也是單位成長的問題。我的意思是，我剛才提到的那些宏觀經濟問題，你現在幾乎去問任何一個機構，他們都有大量的案件積壓。不幸的是，正如我所說，犯罪對我們所有人來說都不會消失，而數位科技的使用——曾經高達 90%。最終會接近 100%。

And so there's unit growth opportunity in -- even where we've migrated people to Inseyets, you have pricing power. You have unit growth plus all the cross-sell, plus the acquisitions, plus, plus, plus. So they're -- and not all fuels and contribute to the optimism. I think you're hearing about our opportunity to maintain our growth into -- accelerated actually into 2026.

因此，即使在我們已經將人員遷移到 Inseyets 的地方，也存在單位成長機會——您仍然擁有定價權。您不僅實現了單位成長，還實現了交叉銷售，再加上收購，等等等等。所以它們是——但並非所有因素都會助長樂觀情緒。我想你們聽到的是我們有機會保持成長勢頭，實際上，我們將加速成長到 2026 年。

There's also one thing if I could pile in on this. We're breaking the link between the number of operators and the number of licenses. I mean previously, there was -- it was an operator could only extract so many phones. Our automation and workflow tools allow that process to be automated. And so the actual number of licenses per user can increase pretty dramatically and start eating into those backlogs as we get into '26.

還有一點我想補充一下。我們正在打破運營商數量與許可證數量之間的聯繫。我的意思是，以前，一個操作員只能提取有限數量的手機。我們的自動化和工作流程工具可以實現該流程的自動化。因此，每個使用者的實際許可證數量可能會大幅增加，並開始減少我們在 2026 年積壓的許可證數量。

And I know we're at the end here, but the other thing that it creates an opportunity that we don't talk a lot about is the cloud and storage economics around Guardian. We collect more and more petabytes of information. Assuming that we thoughtfully price and package that offering, that becomes another ramp of growth -- of profitable growth for the company that did not exist a few years ago.

我知道我們已經到了最後，但它還創造了一個我們很少談及的機會，那就是 Guardian 的雲端和儲存經濟效益。我們收集的資訊量越來越大，達到PB級。假設我們精心定價並包裝該產品，這將為公司帶來另一個成長點——幾年前還不存在的獲利成長點。

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.

今天的電話會議問答環節到此結束。現在我謹將發言權交給安德魯‧克雷默，請他補充發言或作總結陳詞。

Thank you very much, Angela, and thank you very much to our analysts and our shareholders, prospective shareholders for their participation today. If you do have questions, feel free to reach out to Investor Relations. There are a number of virtual and in-person engagements that we have scheduled over the coming weeks, and we look forward to speaking with you at that time. Thank you very much.

非常感謝Angela，也非常感謝我們的分析師、現有股東和潛在股東們今天的參與。如有任何疑問，請隨時聯繫投資者關係部門。未來幾週，我們將安排一些線上和線下活動，期待屆時與您交流。非常感謝。

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

謝謝。這次 Cellebrite 2025 年第三季財務業績電話會議到此結束。請您暫時斷開電話，祝您有美好的一天。