Cellebrite DI Ltd (CLBT) 2026 Q1 法說會逐字稿

(Operator Instructions) Welcome to the Cellebrite first-quarter 2026 financial results conference call. (Operator Instructions) I would now like to turn the call over to your first speaker today, Mr. Andrew Kramer. Mr. Kramer, the floor is yours.

(接線員指示) 歡迎參加 Cellebrite 2026 年第一季財務業績電話會議。(接線員指示) 現在我想把電話會議交給今天的第一位講者 Andrew Kramer 先生。Kramer 先生，請開始。

Thank you very much. Welcome, everybody, to Cellebrite's first-quarter 2026 financial results conference call. I'm joined this morning by Tom Hogan, Cellebrite's CEO; David Barter, Cellebrite's CFO. Also with us today are Marcus Jewell, our CRO; and Shiv Ramji, our new President of Products and Technology. This call is being recorded, and a replay of the recording will be made available on our website shortly after the call, along with a copy of the prepared remarks and transcript.

非常感謝。歡迎各位參加 Cellebrite 2026 年第一季財務業績電話會議。今天早上與我一同出席的有 Cellebrite 執行長 Tom Hogan；Cellebrite 財務長 David Barter。另外，今天也有我們的營收長（CRO）Marcus Jewell，以及新任產品與技術總裁 Shiv Ramji。本次電話會議將被錄音，會後不久我們將在公司網站提供錄音重播，並同時提供事先準備的講稿與逐字稿。

Please note that today's press release and financial statements, including GAAP to non-GAAP reconciliations, are 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 the business and our recent financial performance.

請注意，今日的新聞稿與財務報表（包含 GAAP 與非 GAAP 的調節表）已公布於投資人關係網站 investors.cellebrite.com。除新聞稿外，我們也另行發布了一份投資人簡報，概述公司業務與近期財務表現。

I'd also like to remind everybody listening that the slide in your webcast viewer is a placeholder only. There are no actual slides to accompany the prepared remarks. We also published supplemental historical financial information for each quarter of 2025 along with full-year 2024 and 2023 on our Investor Relations website.

我也想提醒各位，您在網路直播檢視器中看到的投影片只是佔位符。本次事先準備的講稿不會搭配任何實際投影片。我們也在投資人關係網站上發布了 2025 年各季度的補充歷史財務資訊，以及 2024 年與 2023 年的全年資料。

Additionally, unless stated otherwise, our discussion of first-quarter 2026 financial metrics, as well as the financial metrics provided in our outlook, will be done on a non-GAAP basis only and all historical comparisons are with the comparable periods of 2025.

此外，除非另有說明，我們對 2026 年第一季財務指標的討論，以及在展望中提供的財務指標，將僅以非 GAAP 基礎呈現，且所有歷史比較皆以 2025 年同期為對照。

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. Actual results could also differ materially from historical results and/or from forecasts.

我想提醒各位，今天的討論將包含前瞻性陳述，包括但不限於公司業務營運與財務表現。所有前瞻性陳述均受風險與不確定性及其他因素影響，可能導致這些前瞻性陳述所明示或暗示的事項無法發生。實際結果也可能與歷史結果及／或預測存在重大差異。

Some of these forward-looking statements are discussed under the heading Risk Factors and elsewhere in the company's annual report on Form 20-F filed with the SEC on March 3, 2026. The company does not undertake to update any forward-looking statements to reflect future events or circumstances.

其中部分前瞻性陳述已在公司於 2026 年 3 月 3 日向美國證券交易委員會（SEC）提交的 Form 20-F 年度報告中「風險因素」及其他章節加以說明。公司不承擔更新任何前瞻性陳述以反映未來事件或情況的義務。

And with that being said, I'd like to turn the call over to Tom.

在此，我想把電話會議交給 Tom。

Thanks, Andy. I'm going to start with a quick summary of the quarter. Cellebrite delivered solid first-quarter results that either met or exceeded the high end of our ARR and EBITDA guidance. ARR grew 21% year-over-year to $493 million. We delivered adjusted EBITDA of $30.6 million, up 29% year-over-year.

謝謝你，Andy。我先快速總結本季表現。Cellebrite 交出穩健的第一季成績，ARR 與 EBITDA 指引皆達到或超過我們指引區間的高端。ARR 年增 21%，達到 4.93 億美元。我們的調整後 EBITDA 為 3,060 萬美元，年增 29%。

Our free cash flow margin for the trailing 12 months was 32%. And our Rule of X continues to track north of 50. Dave Barter will add details to the quarter, along with our guidance for the second quarter and a confirmation of our full-year guide.

過去 12 個月的自由現金流利潤率為 32%。而我們的 Rule of X 仍持續維持在 50 以上。Dave Barter 將補充本季細節，並提供第二季指引，同時確認我們的全年指引。

I want to use the majority of my time this morning to review a range of important milestones related to our portfolio, our value prop, and their corresponding expansion of our TAM and the potential for added top-line growth. We've talked for the past year about multiple areas of important innovation, and I'm pleased to update our investors today with the delivery of a range of new products and services.

今天早上我想把大部分時間用來回顧一系列與我們產品組合、價值主張相關的重要里程碑，以及它們如何相應擴大我們的 TAM，並帶來額外營收成長的潛力。過去一年我們談到多個重要創新領域，我很高興今天向投資人更新：我們已交付一系列新產品與服務。

I want to intentionally start with AI and its impact on our hardware-enabled software platform. The market narrative is clear. AI will create winners and losers. The trick for investors is to discern who wins and who loses while virtually every vendor declares pending success or AI immunity.

我刻意先從 AI 以及其對我們硬體賦能軟體平台的影響談起。市場敘事很清楚。AI 將造就贏家與輸家。對投資人而言，關鍵在於辨識誰會贏、誰會輸，因為幾乎每一家供應商都宣稱即將成功或對 AI 具備免疫力。

Our position has been clear, but until now, it's been a promise versus a product or measurable results. We're now converting that promise to product, and within weeks and within the second quarter, we will begin to convert those products to bookings and revenues.

我們的立場一直很明確，但直到現在，仍是承諾多於產品或可衡量的成果。我們現在正把承諾轉化為產品，並且在未來幾週、也就是第二季期間，將開始把這些產品轉化為訂單與營收。

AI is differentiated at Cellebrite by our trusted access to digital evidence, most notably our insights to the complexities of mobile data, to our court-ready workflows, to our decades of deep domain expertise, and to the governance and security of our platforms. These industry-unique capabilities and our reputational trust, when linked with a heritage of innovation and technological prowess, have positioned us to lead the pending explosion in AI-enabled investigative analytics.

在 Cellebrite，AI 的差異化來自我們對數位證據的可信存取，尤其是我們對行動數據複雜性的洞察、可供法庭使用的工作流程、數十年深厚的領域專業，以及平台的治理與安全性。這些業界獨有的能力與我們的信譽信任，再結合創新傳承與技術實力，使我們具備領導即將爆發的 AI 賦能調查分析市場的有利位置。

There is no margin for error here. This is stuff that you have to get right. The future is now. This new chapter officially began on March 16 when we publicly announced Genesis, our agentic, next-gen AI solution. Genesis delivers rapid, actionable insights from voluminous, complex, and often disparate data sources.

這裡沒有犯錯的空間。這些事情你必須做對。未來已經到來。這個新篇章在 3 月 16 日正式展開，當時我們公開宣布 Genesis——我們的代理式（agentic）、新一代 AI 解決方案。Genesis 能從大量、複雜且往往分散的資料來源中，快速提供可採取行動的洞察。

To underscore product fit, need, and value, we announced Genesis 90 days prior to our planned general availability. We made the product available to a select group of early adopters to gather pre-release market feedback. Candidly, we expected one to two dozen takers.

為了強調產品契合度、需求與價值，我們在預計正式全面上市（general availability）前 90 天就宣布 Genesis。我們將產品提供給一小群早期採用者，以蒐集發佈前的市場回饋。坦白說，我們原本預期只有一、二打的人願意參與。

Eight weeks later, we have over 500 registered users. These users represent over 15 countries and come from agencies of all shapes and sizes. And I'd remind our listeners, this came with zero marketing, pricing, or packaging.

八週後，我們已有超過 500 名註冊使用者。這些使用者來自超過 15 個國家，涵蓋各種規模與類型的機構。我也要提醒各位聽眾，這一切是在零行銷、尚未定價、也未做任何包裝方案的情況下達成的。

The second and most exciting development is the early feedback from these users. And rather than me translate their feedback for all of you, I took the liberty -- I'm going to take the liberty to read verbatim a sampling of unsolicited emails we received from early customers. While we need to protect their confidentiality, we have otherwise not edited any of the commentary you're about to hear.

第二個、也是最令人振奮的進展，是這些使用者的早期回饋。與其由我替各位轉述他們的意見，我就斗膽——我將直接逐字朗讀我們從早期客戶收到的一些未經邀請的電子郵件節錄。我們需要保護他們的機密性，但除此之外，接下來你們聽到的評論我們未做任何編輯。

The first is from the leader of a specialized counter-terrorism unit at a regional police force. He wrote, quote, It would be unethical of me, in my job, to keep my community safe, to not report on this capability ASAP. The Cellebrite Genesis program is not an incremental improvement in digital evidence analytics. It's a quantum leap and produces a level of detail, accuracy, and volume of actionable information at a speed that is exponentially better than any existing capability.

第一封來自某地區警隊一個專門反恐單位的領導人。他寫道，引用：以我的職責而言，為了讓社區安全，如果我不盡快回報這項能力，那將是不道德的。Cellebrite Genesis 計畫並非數位證據分析的漸進式改良。它是量子躍進，能以遠超任何既有能力的速度，產出在細節、準確度與可採取行動資訊量方面都更高層級的成果。

Second example, another customer that comes from our Asia-Pacific region told us, quote, I've experienced a very wide range of digital forensic, and analytical programs over nearly 20 years of effectively combining criminal investigations with digital forensics and analytics. Genesis is the finest digital evidence product I have ever used. Its ability to process data from mobile phones, computers, documents, CCTV, and spreadsheets, and produce very high-quality contextual findings with references to precise artifacts, would be of potential life-saving value in instances of live or emerging threats.

第二個例子，另一位來自我們亞太地區的客戶告訴我們，引用：近 20 年來，我在有效結合刑事調查與數位鑑識及分析的工作中，體驗過非常廣泛的數位鑑識與分析程式。Genesis 是我用過最出色的數位證據產品。它能處理來自行動電話、電腦、文件、CCTV 與試算表的資料，並產出品質極高、具情境脈絡的發現，且可回溯至精確的證據工件（artifacts）；在面對正在發生或新興威脅的情境下，這可能具有拯救生命的價值。

The last example I'll share, a detective who works at a US county sheriff's office in the southeast observed the following, quote, The past two weeks have demonstrated the most significant ROI for the Genesis AI platform to date. Despite a one-week gap for the Cellebrite user conference, the unit successfully deployed Genesis in a high-priority exploitation case involving an online persona targeting children.

我將分享的最後一個例子：一位在美國東南部某郡警長辦公室工作的偵探觀察到以下情況，引用其話說，過去兩週展現了 Genesis AI 平台迄今最顯著的投資報酬率（ROI）。儘管因參加 Cellebrite 使用者大會而有一週的空檔，該單位仍成功在一宗高優先級的剝削案件中部署 Genesis，該案件涉及一個以兒童為目標的線上人物。

Within 15 minutes of ingestion, Genesis identified 16 additional victims previously unknown to investigators. It is estimated that a manual review of these devices would have required approximately two weeks of investigator man-hours. The case has been successfully forwarded for Federal prosecution. This major win proves that Genesis AI is not a luxury tool. It is a critical resource for victim identification in time-sensitive exploitation cases.

在資料匯入後 15 分鐘內，Genesis 辨識出 16 名先前不為調查人員所知的額外受害者。據估計，若以人工審查這些裝置，約需兩週的調查人員工時。該案件已成功移送聯邦檢方起訴。這項重大勝利證明 Genesis AI 並非奢侈工具。在時間敏感的剝削案件中，它是辨識受害者的關鍵資源。

And the list goes on, but I'll stop there. The impact is real, and the outputs are highly differentiated from past experience with horizontal LLMs. We're excited about the potential to convert these early trial adopters to customers post-GA in mid-June, in mid-June meaning 30 days from now.

類似案例還有很多，但我就先說到這裡。其影響是真實的，而且輸出結果與過去使用通用型（horizontal）LLM 的經驗相比具有高度差異化。我們對於在 6 月中旬 GA（正式上市）後，將這些早期試用採用者轉化為客戶的潛力感到振奮；所謂 6 月中旬，指的是從現在起 30 天後。

I would remind our listeners that our 2026 plan assumes zero AI product-specific revenue, which will now obviously not be the case. We were optimistic we'd make progress, but we candidly underestimated the speed.

我想提醒各位聽眾，我們的 2026 年計畫假設 AI 產品不會帶來任何特定收入，而現在顯然不會是這樣。我們原本樂觀地認為會有所進展，但坦白說，我們低估了速度。

I suspect, as analysts, you're anxious to understand the ramp and the addressable market. So let me give you a high-level view, but I want to caveat my comments by acknowledging that AI could not be more dynamic and in many ways unpredictable. That said, we estimate the TAM for investigative AI over the next four years at roughly $12.5 billion.

我猜各位分析師都很想了解成長爬坡（ramp）以及可服務市場。因此我先提供一個高層次的觀點，但也要先聲明：AI 的變化再動態不過，且在許多方面難以預測。即便如此，我們估計未來四年「調查用 AI」的總可服務市場（TAM）約為 125 億美元。

We think it is entirely possible that the AI revenue over that time frame could approximate the current total revenue of the company, or said differently, we see an opportunity to double our business with strong execution and continued innovation. The takeaway is this is big, and as we've shared previously, a clear Cellebrite opportunity versus a threat to our business.

我們認為，在該時間範圍內，AI 收入完全有可能接近公司目前的總收入；換句話說，若能強力執行並持續創新，我們看到將業務規模翻倍的機會。重點是：這很大；而且如我們先前分享的，這對 Cellebrite 而言是明確的機會，而非對我們業務的威脅。

The last question I might anticipate is where and how do we sustain differentiation? At a high level, Genesis is differentiated by the upfront investment we make before the model runs. We've embedded nearly two decades of domain expertise in our pre-processing, prompt engineering and inference training. The result is effectively a vertical language AI model that is purpose-built around investigations, evidence, and justice in ways that a frontier model pointed at raw data simply can't match.

我可能預期的最後一個問題是：我們要在哪裡、以及如何維持差異化？從高層次來看，Genesis 的差異化來自於模型運行前我們所做的前期投入。我們在前處理、提示工程（prompt engineering）與推論訓練中，嵌入了近二十年的領域專業。其結果實質上是一個垂直領域的語言 AI 模型，專為調查、證據與司法而打造，這是將前沿模型直接對準原始資料所無法比擬的。

I have one final data point that underscores the game-changing nature of this technology. Those of us that have been in enterprise software for years are accustomed to 6 to 12-month deployment timelines, and months of end-user training. A Genesis tenant can now be deployed in a day, and training is non-existent. Non-technical law enforcement and intelligence officers become instantaneous productive users. It almost sounds too good to be true, but it is, and it's incredibly exciting to say the least.

我還有最後一個數據點，凸顯這項技術的顛覆性。我們這些在企業軟體領域多年的人，習慣了 6 到 12 個月的部署時程，以及數月的終端使用者訓練。如今，Genesis 的一個租戶（tenant）可在一天內完成部署，而且幾乎不需要訓練。非技術背景的執法人員與情報官員可以立刻成為高產出的使用者。這聽起來幾乎好得不像真的，但它確實如此；至少可以說，令人無比振奮。

A few closing thoughts on this topic. First, Genesis is not our only monetized AI offering. Genesis is perfect for customers that want the benefits of AI today, but are not yet fully ready to manage cases, store evidential artifacts and analyze them using our Guardian platform. For those that are ready, Guardian Investigate incorporates similar AI capabilities within its workflows.

關於這個主題，最後補充幾點。第一，Genesis 並不是我們唯一已商業化（monetized）的 AI 產品。Genesis 非常適合那些希望今天就享有 AI 效益、但尚未完全準備好使用我們的 Guardian 平台來管理案件、儲存證據工件（evidential artifacts）並進行分析的客戶。對於已準備好的客戶，Guardian Investigate 會在其工作流程中整合類似的 AI 能力。

We are also making rapid progress with an on-prem AI offering where disconnected or air gap insights are mission-critical. All of this, of course, is focused on our outbound AI offerings. We are making similar strides with the internal use and leveraging of AI, which will deliver steady improvements in our operating efficiencies and the potential to further optimize resource allocation for growth-focused initiatives.

我們也在本地部署（on-prem）AI 方案上快速取得進展，適用於斷網或氣隙（air gap）環境下的洞察至關重要的任務情境。當然，以上都聚焦於我們對外的 AI 產品。我們在內部使用與運用 AI 方面也取得類似進展，將持續提升營運效率，並有潛力進一步優化資源配置，以支持以成長為導向的計畫。

In summary, AI will turbocharge this company across three vectors: our TAM and top-line growth, the efficiency of our total spend, and most importantly, the pace at which we make the world a better, safer place.

總結來說，AI 將從三個面向為公司加速：我們的 TAM 與營收成長、整體支出的效率，以及最重要的——我們讓世界變得更好、更安全的速度。

Speaking of Guardian Investigate, we achieved another milestone at the end of the first quarter when GI, our AI-powered system of record for case management, moved into general availability. While multiple evidence platforms focus on video evidence, Guardian Investigate is an AI-powered, modern alternative to a digital evidence management system.

說到 Guardian Investigate，我們在第一季末達成另一個里程碑：GI——我們以 AI 驅動、用於案件管理的記錄系統（system of record）——已進入全面可用（general availability）。當多個證據平台聚焦於影片證據時，Guardian Investigate 則是一個由 AI 驅動、現代化的數位證據管理系統替代方案。

Guardian Investigate is a virtual case management solution that is focused on all things digital, including video, audio, call records, ballistics, drones, CCTV, et cetera, but is also optimized for digital data from mobile phones, which remains the preeminent device involved in modern investigations. GI supports the day-to-day needs of investigators by enabling investigative teams to build stronger case narratives, collaborate seamlessly, securely store a diverse set of data sources and file types that extend well beyond traditional smartphones, and interrogate this data with the industry's most powerful agentic AI capability.

Guardian Investigate 是一套虛擬案件管理解決方案，聚焦於所有數位事物，包括影片、音訊、通話紀錄、彈道、無人機、CCTV 等等，同時也針對來自手機的數位資料進行最佳化；在現代調查中，手機仍是最主要涉及的裝置。GI 透過讓調查團隊建立更強的案件敘事、無縫協作、安全儲存多元資料來源與檔案類型（範圍遠超傳統智慧型手機），並以業界最強的代理式（agentic）AI 能力對這些資料進行探查，來支援調查人員的日常需求。

Like Genesis, Guardian Investigate agentic AI is already making a measurable impact on the speed, efficiency, and efficacy of investigations. Response from early adopters has also been strong, and we expect steady growth and penetration as we enter the second half of 2026.

如同 Genesis，Guardian Investigate 的代理式 AI 已在調查的速度、效率與成效上帶來可衡量的影響。早期採用者的回饋也相當強勁，我們預期在進入 2026 年下半年時，將持續穩健成長並提高滲透率。

We switch gears to the unlock and access world. While our portfolio has expanded significantly to include prevention, secure collaboration, and provide advanced analytics. We recognize that in many cases, the process starts with the ability to access and unlock devices.

接著我們把焦點轉到解鎖與存取的領域。雖然我們的產品組合已大幅擴展，涵蓋預防、安全協作並提供進階分析。但我們也認知到，在許多情況下，流程是從能夠存取並解鎖裝置開始的。

To ensure leadership in this phase, we doubled down in the second half of 2025 on our Android and iOS unlock capabilities and emerged in late Q1 with what we believe is the most advanced and comprehensive platform for unlocking and accessing the most diverse set of mobile devices in the industry. For customers seeking a unified and singular platform without compromise of capability, Cellebrite now offers a best-in-class solution.

為了確保在此階段的領導地位，我們在 2025 年下半年加碼投入 Android 與 iOS 的解鎖能力，並在第一季末推出我們認為是業界最先進且最全面的平台，可用於解鎖並存取最為多樣化的行動裝置。對於尋求單一、整合式平台且不願在能力上妥協的客戶，Cellebrite 現在提供同級最佳（best-in-class）的解決方案。

I would also remind investors that unlocking a device is just one part of a much longer journey. It's often the beginning and it's rarely the end. The post-unlock process of extraction, decryption, and the decoding of binaries to readable information is an equally daunting task that requires significant investments in ongoing research and a source of significant differentiation for Cellebrite. Our leadership here is made possible by the combination of our material investments in research, combined with our advanced AI capabilities and the powerful assets acquired through Corellium.

我也想提醒投資人，解鎖裝置只是更長旅程中的一部分。它往往是起點，卻很少是終點。解鎖後的流程——資料擷取、解密，以及將二進位資料解碼為可讀資訊——同樣是一項艱鉅任務，需要在持續研究上投入大量資源，也是 Cellebrite 重要的差異化來源。我們在此領域的領先地位，得益於我們在研究上的實質投入、先進的 AI 能力，以及透過收購 Corellium 所取得的強大資產之結合。

Next up, FedRAMP. After two-plus years and a significant investment of time, money, and talent, Cellebrite announced on May 6 our FedRAMP high authorization to operate. As you may know, this level of certification is reserved for applications, data, and services that demand the most stringent levels of security and governance.

接下來是 FedRAMP。在兩年多的時間以及對時間、資金與人才的重大投入之後，Cellebrite 於 5 月 6 日宣布取得 FedRAMP High 的營運授權（authorization to operate）。如各位所知，這一等級的認證僅保留給對安全與治理要求最嚴格的應用程式、資料與服務。

There are less than 100 companies with high Level 4 certification, which is reserved for cloud-hosted data and services that carry the potential for catastrophic risk if compromised. Cellebrite was sponsored by the US Department of Justice, and our ATO now opens these agencies to the evaluation and pursuit of Cellebrite's growing portfolio of government cloud offerings, including our flagship Guardian platform, which enables a powerful combination of efficiency, speed, and the collaboration of mission-critical information across the US departments and agencies.

具備高等級第 4 級認證的公司不到 100 家；此等級專為雲端託管的資料與服務而設，若遭入侵可能帶來災難性風險。Cellebrite 由美國司法部贊助，而我們的 ATO 現在使這些機構得以評估並採用 Cellebrite 持續擴大的政府雲端產品組合，包括我們的旗艦 Guardian 平台；該平台可在美國各部會與機構之間，實現效率、速度與任務關鍵資訊協作的強大結合。

This opportunity, which we expect will ramp gradually over the next several quarters and into 2027, uniquely positions us as all US Federal agencies plan and prioritize their technology platforms for fiscal '27.

我們預期此一機會將在未來數個季度並延續至 2027 年逐步放量，並在所有美國聯邦機構為 2027 會計年度規劃與優先排序其技術平台之際，讓我們取得獨特的有利定位。

Another topic of significant interest has been our progress in US Fed. As was well chronicled, this segment was essentially flat in 2025, driven primarily by a combination of budget pressures and organizational change. While renewals remain strong, our new bookings experienced a significant slowdown last year. The good news is this business is rebounding quickly as predicted.

另一個備受關注的議題，是我們在美國聯邦市場（US Fed）的進展。如外界廣泛報導，該細分市場在 2025 年基本持平，主要受預算壓力與組織變動的共同影響。雖然續約仍然強勁，但我們去年的新訂單（new bookings）出現顯著放緩。好消息是，這項業務正如預期般快速回升。

Our rebound is being driven by a wide range of positive developments. First, the stabilization of agency leadership, combined with the anticipated release of material funding targeted at cyber and digital initiatives. This includes appropriations that are directly targeted at Cellebrite sweet spots like digital evidence management and collaboration, advanced analytics and solutions-targeted at the fentanyl and opioid crisis.

我們的回升動能來自多項正面發展。首先，機構領導層趨於穩定，加上預期將釋出針對資安與數位化計畫的重大資金。其中包括直接投向 Cellebrite 優勢領域的撥款，例如數位證據管理與協作、進階分析，以及針對芬太尼與鴉片類藥物危機的解決方案。

And second, the unfortunate realities of elevated global geopolitical instabilities. These external forces have been further enhanced by multiple internal developments within Cellebrite, the close of Corellium in December, which is still pending CFIUS approval; the acquisition of SCG, the market-leading drone forensic solution; the announcement of our integrated field-based kiosk for forensic intelligence and extraction at the point of engagement; our FedRAMP authorization to operate; and the combination of a new business unit leader along with an elevated focus on defense and intelligence from a go-to-market and product marketing perspective.

第二，是全球地緣政治不穩定性升高的嚴峻現實。此外，Cellebrite 內部的多項進展也進一步強化了這些外部力量的影響，包括：12 月完成 Corellium 交易（仍待 CFIUS 核准）；收購市場領先的無人機鑑識解決方案 SCG；宣布我們整合式的前線自助式終端（kiosk），可在接觸現場即時進行鑑識情報與資料擷取；取得 FedRAMP 營運授權；以及任命新的事業單位負責人，並從市場進入策略與產品行銷角度提升對國防與情報領域的聚焦。

The combination of all these internal and external factors are starting to surface in our results. The US Fed space is beginning to accelerate with a growth rate clearly headed back to the 20s with the potential based on large strategic initiatives to exceed its historical mid-20s growth rates. We are also encouraged by our US Fed pipeline, which has increased 35% year-over-year.

上述內外部因素的綜合作用，正開始反映在我們的業績之中。美國聯邦市場正開始加速，成長率明顯朝 20% 多的區間回升，並且在大型策略性計畫的帶動下，有機會超越其歷史上的 20% 中段成長率。我們也對美國聯邦市場的銷售管線感到鼓舞，年增 35%。

These dynamics are not limited to the US. EMEA, as another example, has increased its ARR growth. 10 points year-over-year to 25%. A core driver in EMEA's expanded growth has been the defense and intelligence sector, which delivered growth in the mid-30% range, which is a direct reflection of the strategic focus they launched one year ago and we think a harbinger of what's about to come in the United States.

這些動態不僅限於美國。以 EMEA 為例，其 ARR 成長率年增 10 個百分點至 25%。推動 EMEA 成長擴大的核心動能之一，是國防與情報部門，其成長落在 30% 中段區間；這直接反映了他們一年前啟動的策略聚焦，我們認為這也預示著美國市場即將出現的趨勢。

I want to underscore that the list of the seven major innovation milestones we just touched on has been in flight for the past 12-plus months, but have literally hit the market over the past four months, many of which have been delivered over the past eight weeks. We now need to do our work to execute and deliver, but our materially expanded portfolio gives us the assets we need to deliver our committed acceleration of growth.

我想強調，我們剛提到的七項重大創新里程碑，其實在過去 12 個月以上一直在推進，但在過去四個月才真正進入市場，其中許多更是在過去八週內交付。接下來我們需要把執行與交付工作做好；而我們大幅擴充的產品組合，讓我們具備實現既定加速成長承諾所需的資產。

I want to switch now from the material expansion of the portfolio and strategy to exciting progress in elevating the Cellebrite brand and market awareness. In April, we hosted our second annual C2C conference in Washington. This three-day conference attracted roughly 850 total attendees, an increase of over 20% from 2025.

接下來我想從產品組合與策略的重大擴張，轉到我們在提升 Cellebrite 品牌與市場知名度方面令人振奮的進展。4 月，我們在華盛頓舉辦了第二屆年度 C2C 大會。這場為期三天的會議共吸引約 850 名與會者，較 2025 年增加逾 20%。

The list of attendees included representatives from over 30 countries and nearly 500 organizations across law enforcement, defense, intelligence, and the private sector. The feedback was exceptional, and attendees are already looking forward to next year's session in Dallas, Texas.

與會者包括來自 30 多個國家、近 500 個組織的代表，涵蓋執法、國防、情報以及民間部門。回饋非常出色，與會者也已開始期待明年在德州達拉斯舉行的場次。

The second highlight of the conference was the evening gala celebrating our second annual JUSTYS . This ceremony is an annual recognition of exceptional contributions and excellence by the brave men and women who work every day and risk their lives to make our world a better, safer place.

本次大會的第二個亮點，是晚間的晚宴盛會，用以慶祝我們第二屆年度 JUSTYS。此頒獎典禮每年表揚那些每天工作、冒著生命危險，為讓世界更美好、更安全而做出卓越貢獻與展現傑出表現的勇敢男女。

This year's ceremony was broadcast live by the Law and Crime Network, which has over 7.5 million subscribers. Funds raised in the honor of the 20 award recipients were allocated to COPS US and COPS UK, both of which are organizations dedicated to assisting the children and spouses of fallen officers through a combination of counseling and scholarships. It was a proud evening for team Cellebrite.

今年的典禮由 Law and Crime Network 進行現場直播，該平台擁有超過 750 萬名訂閱者。以 20 位得獎者之名募集的資金，分配給 COPS US 與 COPS UK；兩者皆致力於透過諮商與獎學金等方式，協助殉職員警的子女與配偶。這是 Cellebrite 團隊引以為傲的一夜。

Let's switch gears to a quick organizational update. As many of you saw in our April 30 announcement, we announced that Ronnen Armon, our Chief Product and Technology Officer, will retire on July 1. We want to thank Ronnen for his leadership and contributions to our company's growth and success over the past nearly six years. He will be missed both personally and professionally.

接著快速更新一下組織面訊息。如各位在 4 月 30 日公告中所見，我們宣布首席產品與技術長 Ronnen Armon 將於 7 月 1 日退休。我們感謝 Ronnen 在過去將近六年中，對公司成長與成功所展現的領導力與貢獻。無論在個人或專業層面，我們都將非常想念他。

We are fortunate to also announce the appointment of Shiv Ramji, effective immediately, as the new President of Products and Technology. Shiv brings a rich and successful career of growth and product leadership at global relevant brands such as Auth0, Okta, Amazon and DigitalOcean.

我們也很榮幸宣布，任命 Shiv Ramji 即日起擔任新任產品與技術總裁。Shiv 曾在 Auth0、Okta、Amazon 與 DigitalOcean 等全球知名品牌，累積豐富且成功的成長與產品領導經歷。

Shiv's experience and expertise adds important depth in three categories: security, AI, and the cloud, all critical to our future and our differentiated value proposition. Shiv will continue to be based in New York City and will work closely with Ronan over the coming six weeks to ensure a smooth transition. As Andy mentioned, Shiv is here with us today, and he'll be available for Q&A.

Shiv 的經驗與專長，為三個關鍵領域帶來重要的深度：資安、AI 與雲端；這些皆攸關我們的未來與差異化價值主張。Shiv 將持續以紐約市為據點，並在未來六週與 Ronan 緊密合作，以確保順利交接。如 Andy 所提，Shiv 今天也與我們同在，並將開放問答。

Before I turn the call over to Dave, I want to acknowledge the hard work and contributions of our team, but most especially our colleagues in Israel, who have once again demonstrated true resilience and commitment under extraordinary circumstances during the conflict with Iran. The conflict with Hamas on October 7 was difficult at best.

在我把電話會議交給 Dave 之前，我想肯定我們團隊的辛勞與貢獻，尤其是我們在以色列的同仁；在與伊朗的衝突期間，他們在極端情勢下再次展現真正的韌性與承諾。10 月 7 日與哈瑪斯的衝突，已是極其艱難。

The more recent conflict with Iran has tested their resolve at a new level, given the heightened military action and proximity of Iran. Their strength and dedication epitomize the character of our company. Their commitment to our mission remains remarkable and a direct reflection of everything we do at Cellebrite.

近期與伊朗的衝突，在軍事行動升高且伊朗距離更近的情況下，將他們的意志推向新的考驗層級。他們的堅韌與投入，正體現了我們公司的特質。他們對使命的承諾依然令人敬佩，也直接反映了我們在 Cellebrite 所做的一切。

I'd like to close by sharing that at no time since I joined Cellebrite in the summer of 2023 have I been more optimistic about our future. The level and pace of innovation and the expansion of our portfolio is unparalleled and gives us the opportunity to further our leadership in terms of both mission, growth and value creation. It's an exciting time to be part of Cellebrite and an ongoing privilege to lead a company that is so critical to the safety of this world.

最後我想分享，自 2023 年夏天加入 Cellebrite 以來，我從未像現在這樣對我們的未來感到樂觀。創新的水準與速度，以及產品組合的擴張，都是前所未有的，讓我們有機會在使命、成長與價值創造等面向進一步鞏固領導地位。能成為 Cellebrite 的一員是令人振奮的時刻，而能持續領導一家對世界安全如此關鍵的公司，也是一份長久的榮幸。

With that, I'll turn the call over to Dave.

接下來，我把電話會議交給 Dave。

Thank you, Tom. Q1 represented a quality start to the year in terms of the financial metrics. ARR increased 21% to $493 million, and from a sequential perspective, it grew by $12 million. Our free cash flow margin continues to track well above 30% on a trailing 12-month basis. We continue to hold to our Rule of 50-plus commitment.

謝謝你，Tom。就財務指標而言，第一季為今年帶來了高品質的開局。ARR 年增 21% 至 4.93 億美元，從季比角度來看，增加了 1,200 萬美元。以過去 12 個月為基礎，我們的自由現金流利潤率持續維持在 30% 以上，表現良好。我們仍然堅守「Rule of 50-plus」的承諾。

While these are good results, what occurred operationally is far more important and impressive in that it sets up the balance of the year. This was the second straight quarter of stable sequential ARR growth following three quarters of headwinds.

雖然這些結果不錯，但營運面發生的事情更為重要且令人印象深刻，因為它為今年剩餘時間奠定了基礎。在經歷三個季度的逆風之後，這是連續第二個季度 ARR 季比成長保持穩定。

Looking beyond the ARR stability, the mix of what's driving our growth is shifting in a very positive way. As Tom highlighted, we launched key products and provided customers with early access to new technology. We anticipate that these new products will be key contributors in the second half of the year.

除了 ARR 的穩定性之外，推動我們成長的組合正以非常正面的方式轉變。如 Tom 所強調，我們推出了關鍵產品，並讓客戶搶先體驗新技術。我們預期這些新產品將在下半年成為主要貢獻者。

On prior calls, some of you have inquired about what happens after the Insights migration runs its course. I believe we've started to answer that question this quarter with new products, including a very strong AI offer that will increasingly contribute to net new ARR. By the end of the year, as we shared on our last call, we expect our growth products will account for close to 20% of our ARR. While we believe 2026 will be a good year and one where we reaccelerate growth, we're excited for 2027 and beyond.

在先前的電話會議中，有些人曾詢問 Insights 遷移告一段落後會發生什麼。我相信我們在本季已開始用新產品來回答這個問題，其中包括非常強勁的 AI 方案，將日益貢獻於淨新增 ARR。如同我們在上次電話會議分享的，到今年年底，我們預期成長型產品將占我們 ARR 的接近 20%。雖然我們認為 2026 年會是表現良好、且我們將重新加速成長的一年，但我們對 2027 年及之後更感到振奮。

Let's take a look at ARR by segment. The Americas represented 53% of total ARR, while EMEA represented 35% and Asia Pacific represented 12%. In terms of growth rates by geography, the Americas grew 18%, EMEA grew 25% and Asia Pacific increased 21%.

我們來看看按區域劃分的 ARR。美洲占總 ARR 的 53%，EMEA 占 35%，亞太占 12%。就各地理區域的成長率而言，美洲成長 18%，EMEA 成長 25%，亞太增加 21%。

From a product perspective, our growth products, which include Guardian, Pathfinder, Corellium and our drone forensics doubled on a year-over-year basis. Across all of our regions, the engagement with national and federal level agencies caught my attention. Equally, I'm encouraged by customers who would like to adopt our platform and their requests to ensure we include our new AI product in upcoming proposals.

從產品角度來看，我們的成長型產品（包括 Guardian、Pathfinder、Corellium 以及我們的無人機鑑識）年增一倍。在我們所有區域中，與國家級與聯邦級機構的互動特別引起我的注意。同樣地，看到希望採用我們平台的客戶，以及他們要求我們在即將提交的提案中納入新 AI 產品，我也深受鼓舞。

While it's early days, the indications of strong product market fit are evident in many of our platform and AI conversations. This corresponds with our investment strategy and the continued openness of our customers to cloud-delivered solutions.

雖然仍在早期階段，但在許多與平台及 AI 相關的對話中，強勁的產品市場契合度跡象已相當明顯。這與我們的投資策略一致，也反映客戶對雲端交付解決方案持續保持開放態度。

In terms of revenue, we reported $128.3 million, up 19% in Q1. Total subscription revenue grew 23%, which was partially offset by an anticipated decline from our non-recurring training, hardware and professional services. Our Q1 gross profit increased 21% to $110.2 million, which represents a gross margin of 86%.

就營收而言，我們第一季報告為 1.283 億美元，年增 19%。訂閱營收總額成長 23%，但部分被我們預期中的一次性訓練、硬體與專業服務下滑所抵銷。第一季毛利年增 21% 至 1.102 億美元，毛利率為 86%。

First-quarter adjusted EBITDA of $30.6 million increased 29% over the prior year and the margin expanded by 190 basis points to 23.9%. We achieved this level of profitability despite the FX environment and absorbing a full quarter of Corellium costs. Headcount was 1,271 employees at the end of March. We reported first-quarter operating income of $28.6 million and net income of $30.6 million or $0.12 on a fully diluted basis.

第一季調整後 EBITDA 為 3,060 萬美元，較去年同期增加 29%，利潤率擴張 190 個基點至 23.9%。即使在外匯環境不利、且吸收了 Corellium 一整季成本的情況下，我們仍達成此獲利水準。截至 3 月底，員工人數為 1,271 人。第一季營業利益為 2,860 萬美元，淨利為 3,060 萬美元，完全稀釋後每股盈餘為 0.12 美元。

Turning to the balance sheet, we ended the first quarter with $535 million in cash, cash equivalents and investments. This is essentially unchanged from the end of 2025 due primarily to the acquisition of SCG Canada. For the trailing 12 months, free cash flow grew 19% to $159 million with a 32% free cash flow margin.

轉向資產負債表，我們在第一季末持有 5.35 億美元的現金、約當現金與投資。由於主要受到收購 SCG Canada 的影響，該數字與 2025 年底基本持平。以過去 12 個月計，自由現金流年增 19% 至 1.59 億美元，自由現金流利潤率為 32%。

Let's turn to our outlook. Overall, our initial thesis for the full-year 2026 is unchanged. We always knew Q1 growth would be modest given our seasonality and a small population of expiring contracts. We have increased confidence in our 2026 outlook based on the expanded portfolio, building momentum, platform RFPs and overall pipeline.

接著談我們的展望。整體而言，我們對 2026 全年的初始論點維持不變。我們一直知道，考量季節性以及少量到期合約族群，第一季成長會較為溫和。基於產品組合擴大、動能建立、平台 RFP（提案徵求）以及整體管線，我們對 2026 年展望的信心提升。

Looking at the second quarter, we expect ARR in the range of $510 million to $513 million. This represents net new ARR in the range of $17 million to $20 million. It's a significant step up from Q1 and represents approximately 50% sequential growth at the midpoint.

就第二季而言，我們預期 ARR 將落在 5.10 億至 5.13 億美元區間。這代表淨新增 ARR 約 1,700 萬至 2,000 萬美元。相較第一季是顯著的提升，以區間中點計算，約為 50% 的季比成長。

In particular, we expect to benefit from a full quarter of availability for some of the newest products we've introduced, such as our Advanced Unlocks and Guardian Investigate offerings. As more customers expand their subscriptions to include our cloud and AI products, it will create a stronger foundation for durable ARR growth. It also will lead to more ratable revenue recognition.

特別是，我們預期將受惠於部分最新推出產品在整個季度的可用性，例如 Advanced Unlocks 與 Guardian Investigate 方案。隨著更多客戶擴大訂閱、納入我們的雲端與 AI 產品，將為更具韌性的 ARR 成長建立更強的基礎。這也將帶來更可按期分攤的營收認列。

In terms of the Q2 outlook, we anticipate second quarter revenue in the range of $130 million to $133 million, an increase of 15% to 17%. In addition to the growing base of ratable revenue contracts, we also expect non-recurring training, hardware and professional services to be flat in line with prior periods and the ability of our ecosystem to support our customers.

就第二季展望而言，我們預期第二季營收將落在 1.30 億至 1.33 億美元區間，成長 15% 至 17%。除了可按期分攤的營收合約基礎持續擴大之外，我們也預期一次性訓練、硬體與專業服務將與前期持平，並仰賴我們生態系支援客戶的能力。

We anticipate adjusted EBITDA in the range of $29 million to $31 million with a margin of 22% to 23%. It's important to note that this outlook factors in FX headwinds, which is estimated to be approximately 2 points. It also includes our annual expanded C2C user conference and our regional launch events.

我們預期調整後 EBITDA 將落在 2,900 萬至 3,100 萬美元區間，利潤率為 22% 至 23%。需要注意的是，此展望已納入外匯逆風，估計約影響 2 個百分點。同時也包含我們年度擴大的 C2C 使用者大會以及各區域的發表活動。

Overall, Cellebrite delivered solid results in the first quarter with substantial progress to enhance and broaden our solutions. More importantly, we're shifting gears to drive the second quarter with a range of exciting opportunities to accelerate ARR growth, deliver strong operating results, and generate healthy free cash flow that supports our Rule of 50 track record. We are excited about our prospects over the coming quarters and the benefits that our newest innovations will deliver to our customers and the communities they serve worldwide.

整體而言，Cellebrite 第一季交出穩健成績，並在強化與拓展我們解決方案方面取得實質進展。更重要的是，我們正轉換檔位，憑藉一系列令人振奮的機會推動第二季，藉此加速 ARR 成長、交付強勁的營運成果，並產生健康的自由現金流，以支撐我們「Rule of 50」的歷史紀錄。我們對未來幾季的前景感到振奮，也期待最新創新為我們的客戶以及其在全球所服務的社群帶來的效益。

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

接線員，我們的準備發言到此結束。我們準備進入問答。

(Operator Instructions) Shaul Eyal, TD Cowen.

(接線員指示) Shaul Eyal，TD Cowen。

Thanks for the expanded color on AI and the opportunities down the road. Tom, two questions here. First question, slightly more near-term in nature; could it be that some customers triaging with Genesis and some of the newer products are putting additional Cellebrite core investments on hold temporarily?

感謝你們就 AI 與未來機會提供更豐富的說明。Tom，我這裡有兩個問題。第一個問題偏向較近期：是否有些客戶在使用 Genesis 與一些較新產品進行分流/優先排序時，會暫時把對 Cellebrite 核心產品的額外投資先擱置？

No, we're not seeing that at all. We don't anticipate that at all. It's all part of the value. If you think about the value chain here, first, a year ago, we expanded from the post-bang crime to include intelligence and prevention assets like Corellium.

不，我們完全沒有看到這種情況。我們也完全不預期會發生。這些都是價值的一部分。如果你從這裡的價值鏈來看，首先，一年前，我們從事後的犯罪（post-bang crime）擴展到包含情報與預防資產，例如 Corellium。

But if you think about the value chain in the classic sense, it starts with the collection of evidence and artifacts and extractions, then collecting that and securely storing it to allow collaboration with rigid chain of custody. And then the back end, at the end of the day, the message is, what good does all that information do if you can't process it?

但如果你以傳統意義去思考價值鏈，它是從蒐集證據與數位痕跡以及資料擷取開始，接著把這些資料彙整並安全地儲存起來，以便在嚴格的保管鏈（chain of custody）下進行協作。然後在後端，歸根結底，重點是：如果你無法處理，所有那些資訊又有什麼用？

And the amount of information that's getting digitized right now is skyrocketing. You start thinking about sensor data, start thinking about surveillance data with drones. I mean, the list goes on and on. So the mountain of digital evidence and artifacts is exploding, and the number of investigators and detectives that have to try to process and analyze that mountain isn't growing.

而且目前正在被數位化的資訊量正急遽飆升。你開始想到感測器資料，開始想到用無人機取得的監控資料。我的意思是，清單還可以一直列下去。所以數位證據與數位痕跡這座大山正在爆炸性成長，但必須嘗試處理並分析這座大山的調查員與偵探人數並沒有增加。

And so the only way to effectively leverage all those artifacts and bring justice and safety to the world is to apply the amazing capabilities of AI. So no, there'd be no tendency, no desire, no inclination to stop extracting and collecting evidence, nor to store it safely to collaborate. This is just -- it's like the Holy Grail ending to the story to convert all that information into actionable things that make the world safer.

因此，要有效運用所有那些數位痕跡，並為世界帶來正義與安全，唯一的方法就是運用 AI 驚人的能力。所以不，完全不會有任何傾向、任何意願、任何想法要停止擷取與蒐集證據，也不會停止安全地儲存以便協作。這只是——就像故事的「聖杯」式結局，把所有那些資訊轉化為可執行的行動，讓世界更安全。

Got it. That makes super sense. Thank you for that. And as my follow-up, so back in March, as we all recall, Anthropic Claude Mythos sent shivers in the market. It would appear that so far, maybe little impact on most security-related companies. Do you see Mythos as a big deal for vulnerability discovery, Tom?

了解。這非常合理。謝謝你的說明。接著追問一下，回到今年 3 月，我們都記得 Anthropic Claude Mythos 讓市場一陣發寒。但到目前為止，看起來對多數與資安相關的公司影響不大。Tom，你認為 Mythos 對漏洞發現會是件大事嗎？

Mythos will help with vulnerability discovery; that's its intent. But a different question is that a headwind, tailwind or a non-issue for us? And pun intended, since you said it sent shivers, I'm going to give Shiv, our new Head of Product and Technology who's got some deep thoughts, no pun intended there either, but to offer why this is not a threat to us. And we would argue, in some ways, the advancement of these AI capabilities, we think we can harness and turn into a positive.

Mythos 會幫助漏洞發現；這就是它的目的。但另一個問題是：這對我們而言是逆風、順風，還是無關緊要？既然你說它讓市場發寒（shivers），我就順勢把問題交給 Shiv——我們新任的產品與技術主管——他對此有些深刻的看法（也算是呼應你剛剛的用詞），請他說明為什麼這對我們不是威脅。而且我們會主張，在某些方面，這些 AI 能力的進步，我們認為可以加以掌握並轉化為正面助力。

Thanks, Tom. Before I answer that question, maybe just introduce myself to everyone. Really exciting to be here. Congrats to the team on delivering an amazing quarter. It's a great time to join the company on such great results.

謝謝你，Tom。在回答那個問題之前，我先向大家自我介紹一下。能在這裡真的很令人振奮。也恭喜團隊交出一個非常出色的季度成績。在這樣亮眼的成果之下加入公司，正是很好的時機。

So first, I just wanted to share, I'm really inspired by the company's mission and foundation. First, what's compelling to me is a combination of market leadership, highly differentiated technology and a customer problem set that is only becoming more strategic and frankly, way more complex over time.

首先，我想分享的是，我深受公司使命與根基所啟發。對我而言最有吸引力的是：市場領導地位、高度差異化的技術，以及客戶所面臨的問題組合正變得愈來愈具策略性，而且坦白說，隨著時間推移也愈來愈複雜。

You can see the scale and volume of crimes and the need for investigations is only going to increase and I believe Cellebrite is uniquely positioned to lead. So the opportunity for the accelerate innovation across the platform, particularly on AI, automation, investigative workflows and cloud capabilities is incredibly exciting.

你可以看到犯罪的規模與數量，以及對調查的需求，只會持續增加，而我相信 Cellebrite 具備獨特的定位來領導這個領域。因此，在整個平台上加速創新、特別是在 AI、自動化、調查工作流程與雲端能力方面的機會，令人非常興奮。

So I can't wait to dive in. I'm still in listening and learning mode, obviously, but incredibly energized by what I'm seeing so far and excited to partner with the team to help drive the next chapter of growth and innovation.

所以我迫不及待想深入投入。我顯然還在傾聽與學習的階段，但我對目前所看到的一切感到非常振奮，也很期待與團隊合作，推動下一階段的成長與創新。

But two, to get to your specific question, so as Tom mentioned, obviously, Mythos will help with the vulnerability research, but there is a fundamental difference between finding a vulnerability and building a reliable, forensically sound path to extract evidence from a device. And so Mythos obviously helps with vulnerability discovery and accelerate that, but it's just another incremental step on a trend that the security community in AI -- has pursued with AI for years.

第二，回到你具體的問題：如 Tom 所提，Mythos 顯然會幫助漏洞研究，但「找到漏洞」與「建立一條可靠、符合鑑識要求的路徑，從裝置中擷取證據」之間存在根本差異。因此，Mythos 當然能協助漏洞發現並加速這件事，但它只是資安社群多年來在 AI 上持續推進的一個漸進步驟。

So anyway, turning to weaknesses of working repeatable court defensible access technique requires deep expertise across networks, hardware, firmware, operating system layers and application encryption. This is the core of our differentiation and technology that we've built over two decades.

總之，將弱點轉化為可重複、可在法庭上自我辯護的存取技術，需要跨網路、硬體、韌體、作業系統層，以及應用程式加密等面向的深厚專業。這正是我們的核心差異化，也是我們在過去二十年打造出來的技術。

An LLM with the USB cable is not going to replicate this. So I think Cellebrite's provides you with hardware-enabled solutions, continue to deliver proven, forensically sound access across devices and encrypted applications, and will continue to do so for the foreseeable future.

一個搭配 USB 線的 LLM 不可能複製這些能力。所以我認為，Cellebrite 提供的是硬體賦能（hardware-enabled）的解決方案，能持續在各種裝置與加密應用程式上，交付經驗證、符合鑑識要求的存取能力，並且在可預見的未來也會持續如此。

Jeff Van Rhee, Craig-Hallum.

Jeff Van Rhee，Craig-Hallum。

A couple for me. First, just while we're on the AI topic, with Guardian Investigate and Genesis, you've got a lot of new products. It involves figuring out how to reach the right people in the investigative unit. It involves them finding budget, buying a product maybe they've not bought before.

我有幾個問題。首先，既然我們在談 AI，隨著 Guardian Investigate 和 Genesis，你們推出了很多新產品。這牽涉到如何接觸到調查單位裡的對的人。也牽涉到他們要找到預算、採購一個可能以前沒買過的產品。

Just talk about the process and the learning curve and where you are on that curve in terms of your conviction that a really great set of products, which I think is -- you've offered some pretty convincing evidence of how you translate that into the revenue, whether the customers have the budget, the ability to find it, et cetera?

請談談這個流程、學習曲線，以及你們目前在這條曲線上的位置——就你們的信心而言：你們有一套非常出色的產品組合（我認為你們已提供相當有說服力的證據，說明如何把它轉化為營收），但客戶是否有預算、是否有能力找到預算等等？

Yeah, well, one is -- great. You know the notion, Jeff, of a PLG motion. In a way, even though this isn't a PLG product, this product is so powerful that we're convinced one thing that will happen, which is why we love the fact that we've distributed this to over 500 registered users out of the gate, the word of mouth. We also had people give testimonials.

是的，嗯，第一點——很好。Jeff，你知道所謂 PLG（產品驅動成長）的推進方式。某種程度上，即便這不是一個 PLG 產品，但這個產品非常強大，我們深信會發生的一件事——也正因如此，我們很喜歡一開始就把它發放給超過 500 位註冊用戶——那就是口碑效應。我們也有人提供見證分享。

I know you weren't able to make our C2C conference, but we had some of these early adopters get on stage in front of 1,000 people and talk about how they solve crimes in literally 1 minute and 12 seconds, in one case, was given as a specific example, versus weeks of investigative work. And I think it is just so powerful that -- and that community is big, but it's small.

我知道你沒能參加我們的 C2C 大會，但我們讓一些早期採用者上台，在 1,000 人面前分享他們如何在真的 1 分 12 秒內破案——其中一個案例就以此作為具體例子——相較之下，以前需要數週的調查工作。我認為它就是如此強大——而那個社群很大，但同時也很小。

And so we think word of mouth of the power -- and the thing that's super powerful about Genesis is if you talk to people that use it, they will tell you, we've played with -- I went into ChatGPT and I asked question A, B, or C, and candidly, what I got back was a pile of crap. And a lot of them have told us, and when you told us about Genesis, we're kind of expecting the same thing. And then they deployed it, and they were blown away by the speed and the quality of the data they got.

因此我們認為，這種力量的口碑——而 Genesis 特別強大的地方在於：如果你去問使用它的人，他們會告訴你，我們也玩過——我去 ChatGPT 問了 A、B 或 C 問題，坦白說，回來的是一堆垃圾。很多人也跟我們說，當你們跟我們介紹 Genesis 時，我們其實也預期會是同樣的結果。但他們部署之後，對於取得資料的速度與品質感到非常震撼。

So one, we'll obviously do our part with go-to-market, both from a field direct motion into the investigative world and leveraging the 7,000 institutions that already depend on us. David Gee and his marketing organization will do its job to get the word out. But ultimately, I think what will happen the best is the early adopters and people that are using it will show up at their own conferences and talk about the exponential power of productivity and speed and accuracy.

所以第一，我們當然會在上市推進（go-to-market）上盡到我們的責任：一方面透過前線直銷動能深入調查領域，另一方面也運用已經依賴我們的 7,000 家機構。David Gee 與他的行銷團隊也會把訊息傳出去。但最終，我認為最好的情況會是：早期採用者與正在使用的人，會在他們自己的研討會上現身說法，談論生產力、速度與準確性呈指數級提升的威力。

And I keep using the word accuracy because this is not like recommending that Suzy wants a blue sweater or helping you book a trip to Bora Bora. These are people's lives that are at stake and getting it right and having the right guardrails for both ethical use and how this information is obtained and derived and is backward traceable and has human in the loop, those are all critical design points that some generic LLM is not going to provide in the marketplace.

我之所以一直使用「準確性」這個詞，是因為這不像是在推薦 Suzy 想要一件藍色毛衣，或是幫你預訂一趟波拉波拉島之旅。這攸關人命；把事情做對、並為合乎倫理的使用以及資訊如何取得與推導、可回溯追查、且有人類在迴路中（human in the loop）建立正確的護欄，這些都是關鍵的設計要點，而市場上某個通用的 LLM 不會提供這些。

So I think this is -- because when we talk about adoption of this -- this industry has a tendency to overestimate the speed of adoption of everything. For those of us that have been around a while, every time there's a new thing, the Gartners of the world would come out and say, it's all going to be adopted and deployed in the next 24 months, and it actually takes five years.

所以我認為這是——因為當我們談到這項技術的採用——這個產業往往會高估所有事物的採用速度。對於我們這些在這行待久的人來說，每次有新東西出現，Gartner 之類的機構就會出來說，接下來 24 個月內就會全面採用與部署，但實際上往往要五年。

This is something that I actually think is going to be the opposite. This is going to go faster. This is going to be a match in a haystack given the power of it. So that's the penetration side of it. And then Marcus is the CRO. He's chomping at the bit to tell his story.

但我其實認為這次會相反。這次會更快。考量到它的威力，這會像是在乾草堆裡點燃一根火柴。所以這是滲透率那一面。然後 Marcus 是 CRO。他已經迫不及待要講他的故事了。

I'm just going to give you some data facts here. So the good news is our reader product in the market is used by at least 100,000 users, predominantly detectives. So the other thing is, anyone that's sold into this space, it’s a fraternity. And so like a fraternity, it's hard to get in, but once you're in, there's a level of trust that we've built over two decades. And so our access to chiefs and heads of departments has never been better, and we are more relevant than we've ever been.

我先給你一些數據事實。好消息是，我們的讀取器（reader）產品在市場上至少有 100,000 名使用者，主要是偵探。另外，任何在這個領域做過銷售的人都知道，這是一個「兄弟會」。就像兄弟會一樣，很難打進去，但一旦進去，我們在二十年裡建立起一定程度的信任。因此，我們接觸警察局長與各部門主管的管道從未像現在這麼好，而我們的相關性也比以往任何時候都更高。

And then the third data point is with my partner, David Gee, in marketing, we've run a number of user events across the US. And we've touched a minimum and I'm going to quote it now, and I might be perfectly inaccurate of something like 8,000 to 10,000 detectives this year in terms of presenting our solutions. So we don't have a problem with access. And we're super excited about momentum that we've already built.

第三個數據點是，我和行銷夥伴 David Gee 在全美舉辦了多場使用者活動。就我們今年展示解決方案而言，我們至少接觸到——我現在引用這個數字，可能完全不精準——大約 8,000 到 10,000 名偵探。所以我們不缺接觸管道。而且我們對已經建立起來的動能感到非常興奮。

And I'll just add on, we've said this before, but for the benefit of the listeners, there's roughly a 10:1 ratio of detectives, investigators to forensic examiners. So if we show up with a powerful market-leading tool for that community, just from a -- even though this won't be persona priced, the persona here is 10x the audience we've been chasing, which is why the TAM for this thing is huge. And some of our assumptions, I think, assume modest penetration in a huge amount of potential and upside for Cellebrite.

我再補充一下，我們以前說過，但為了聽眾的理解，偵探／調查員與鑑識檢驗人員的大致比例約為 10:1。所以如果我們帶著一個對那個社群而言強大、且市場領先的工具出現，即使這不會以 persona 定價，這裡的 persona 受眾規模也會是我們一直追逐的受眾的 10 倍，這也是為什麼這項產品的 TAM 非常巨大。而我們的一些假設，我認為，是在龐大的潛在市場與對 Cellebrite 的上行空間之下，假設了相對溫和的滲透率。

And just to add, so we can see our external on this, it opens up the prosecution market for us in a whole different paradigm as well, so it can be used on both sides. And we're super excited about our progress, a number of early users are on DAs as well.

再補充一點，從我們的外部視角來看，這也以完全不同的範式為我們打開了檢方市場，因此它可以在雙方使用。我們對進展非常興奮，許多早期使用者也包括地方檢察官（DA）。

Bhavin Shah, Deutsche Bank.

Bhavin Shah，德意志銀行。

Talk about the spring release giving you market-leading unlock capabilities. I know it's still early days, but David, maybe can you provide some insight into how it's driving further unlock purchases thus far? And what's embedded in your expectations for the rest of the year?

談談春季版本讓你們具備市場領先的解鎖能力。我知道現在還在早期階段，但 David，你能否分享一下，迄今為止它如何帶動更多解鎖相關的採購？以及你們對今年剩餘時間的預期中包含了什麼？

Sure. I'll give you my perspective and we'll Marcus weigh in as well. I guess we looked at it from the standpoint that I think we've been communicative with customers on unlock and effectively how are we doing our unlock technology to align with the latest versions. And I think, quite frankly, we're pretty encouraged by the way it's being incorporated into platforms.

當然。我先分享我的觀點，之後也請 Marcus 補充。我想我們是從這個角度來看：我們一直在就解鎖與客戶保持溝通，實際上就是我們如何讓解鎖技術與最新版本對齊。坦白說，我們對它被納入各平台的方式感到相當鼓舞。

And so that technically advanced unlock technology probably landed for us in the final 10 days of the quarter. We're real pleased with how the initial request came in. We're more excited about what we're seeing for both the June and the September quarters. And so I think it's going to be a logical attach.

因此，技術上更先進的解鎖能力大概是在本季最後 10 天落地。我們對初期需求的進來方式非常滿意。我們對 6 月與 9 月季度所看到的情況更感到興奮。所以我認為這會是一個合理的附加（attach）。

And quite frankly, it'll work really well with some of these platform deals where you have Advanced Unlock at the beginning of the process and Genesis AI at the end of the process. So we're pretty encouraged.

而且坦白說，它會和某些平台型交易配合得很好：在流程一開始使用 Advanced Unlock，在流程最後使用 Genesis AI。所以我們相當受到鼓舞。

Marcus?

Marcus？

Yeah, I'll echo David's comments. We're very motivated with the early doors on our Advanced Unlock program. We exhibited two things. The interest level was incredibly high, the number of proof of concepts. The good news as a sales leader, the proof of concept is very simple. You connect the phone and it unlocks it, so you're not called in what I call proof of concept hell.

是的，我同意 David 的看法。我們對 Advanced Unlock 計畫早期的進展非常有動力。我們看到兩件事。興趣程度高得驚人，概念驗證（POC）的數量也很多。以銷售主管的角度來說，好消息是 POC 非常簡單：把手機接上去就解鎖了，所以你不會陷入我所謂的「POC 地獄」。

And we are then able -- we've shown some pricing power there as well. So as the world of vulnerabilities becomes a relatively expensive thing to do and we've been able to exhibit our pricing power and add value. And that's very impressive and we see that continuing for the rest of the year.

接著我們也能——在那裡展現了一些定價能力。因此，當漏洞（vulnerabilities）的世界變成一件相對昂貴的事情時，我們能展現定價能力並增加價值。這非常令人印象深刻，我們也看到這種情況會在今年剩餘時間持續。

By the way, we can't name -- I mean, we can't give details, but there was a very high profile event in the news in the last month or so where I'll just call it Federal intelligence agencies had a desperate need to access a current -- very current phone from a hardware and OS perspective that was only available from Cellebrite.

順帶一提，我們不能點名——也就是說，我們不能提供細節——但在過去一個月左右的新聞中有一個非常高知名度的事件，我姑且稱之為聯邦情報機構，迫切需要存取一支在硬體與作業系統層面都非常新的手機，而那項能力只有 Cellebrite 能提供。

And we helped that agency get into that perpetrator's phone almost immediately and helped solve a very high-profile case very quickly. And I wish I could tell you more. You can try to put two and two together, but it's real.

我們幾乎立刻就協助該機構進入嫌犯的手機，並非常快速地協助偵破一個高度受矚目的案件。我希望我能告訴你更多。你可以試著把線索拼起來，但這是真的。

And the other thing, by the way, that this does is, and Marcus can comment on this, we haven't spent a lot of time on the D&I space, but more and more of our customers are starting to look at a true platform decision.

另外，順帶一提，這件事還帶來的另一個影響是——Marcus 也可以評論——我們在 D&I 領域沒有花太多時間，但越來越多客戶開始在考量真正的平台型決策。

So now, if you're looking at a platform to combat nefarious actors across the spectrum of digital and cyber initiatives, having a best-in-class access and unlock, a best-in-class extraction and decoding, a best-in-class drone forensics, the Corellium asset, the Guardian, the Genesis, the kiosk for integrated in the field point of engagement, we don't think there's anybody in the industry that can bring that range of assets together for some of these customers. And a lot of those are government that want that capability from end to end to help secure citizens and national security.

所以現在，如果你在尋找一個平台，用來在數位與資安倡議的全光譜上對抗惡意行為者，具備同級最佳的存取與解鎖、同級最佳的擷取與解碼、同級最佳的無人機鑑識、Corellium 資產、Guardian、Genesis，以及用於現場整合式接觸點的 kiosk，我們認為業界沒有任何人能把這麼廣泛的資產組合在一起提供給部分客戶。而其中許多客戶是政府，他們希望具備端到端的能力，以協助保障公民與國家安全。

Yeah, and I think that's evidence when I started -- we were -- most of our customers were point products, and now that's very unusual. Most customers, the majority will be at least two products, and some will be whole platform. We evidence that quite substantially.

是的，而且我認為這就是證據：當我剛開始時——我們——我們大多數客戶買的是單點產品，而現在這種情況非常罕見。大多數客戶、也就是多數，至少會用到兩個產品，有些則會採用整個平台。我們在這方面有相當充分的佐證。

Brian Essex, JPMorgan.

Brian Essex，摩根大通。

Really nice results. Maybe, Tom, for you, really appreciate the, like the new investigative AI TAM that you flagged. Could you maybe talk about some of the assumptions behind that? I mean, substantial given the current, just under $500 million ARR run rate in the business.

成果非常亮眼。Tom，或許這題給你：很感謝你提到新的「調查型 AI」TAM。你能否談談背後的一些假設？我的意思是，以目前業務不到 5 億美元 ARR 的運行水準來看，這個數字相當可觀。

But you mentioned you could double the size of the company. Could you frame out maybe the price times quantity that you get to build up to that number and how we should think about the rate of penetration there?

但你提到你們可以把公司規模翻倍。你能否用「價格乘以數量」的方式，拆解一下你們如何堆疊到那個數字，以及我們應該如何看待滲透率的速度？

Yeah, so the good news, Brian, is we had multiple people take a run at this, which I love. I had my product and strategy guys take a run at it. We had marketing run at it. Marcus and the sales teams ran at it. They all came at it a little different way. And it was one of those things that you love where they all almost landed independently around the same number.

好的，所以好消息是，Brian，我們讓好幾個人都試著估算這件事，我很喜歡。我讓產品與策略團隊去做。行銷也去做。Marcus 和銷售團隊也去做。他們切入的方式都略有不同。而這正是你會喜歡的那種情況：他們幾乎各自獨立地落在差不多同一個數字附近。

And so the $12.5 billion that we shared, to give you probably the simplest of the multiple versions is, we estimate that there are roughly 500,000 detectives and investigators out there. And if you figure what those people make, you can't charge equal to their salaries to make them more productive, at least not now. Maybe someday, but for the next probably three, four years, no.

我們分享的 125 億美元，先用最簡單的一種版本來說：我們估計外面大約有 50 萬名偵探與調查人員。如果你看這些人的薪資，你不可能收取等同於他們薪水的費用來讓他們更有效率，至少現在不行。也許有一天可以，但接下來大概三、四年不會。

But you'd say if we could make those people 10 times more productive, would you spend -- if they're making $120,000, would you invest $20,000 or $30,000 to increase their productivity by 10x? So if you took just the 500,000 detectives and said $20,000 or $30,000 for AI to make them that much more productive, that yields the $12.5 billion.

但你會說，如果我們能讓這些人的生產力提升 10 倍——假設他們年薪 12 萬美元——你會不會投資 2 萬或 3 萬美元，來把生產力提高 10 倍？所以如果只看這 50 萬名偵探，並假設每人為 AI 支付 2 萬或 3 萬美元來達到那樣的生產力提升，就會得到 125 億美元。

If I was being overly bold and aggressive and said, we believe that we are by far the best position to provide this capability, therefore, we should get at least 50% of that market, that's $6 billion. Instead, we said, let's be conservative here and assume we get 5% of that $12 billion, which is $600 million, which is about equal to our current full-year ARR forecast. And that's one of three different ways we sliced it, and they all come up with the same answer.

如果我非常大膽、非常進取地說，我們相信我們在提供這項能力上遠遠是最佳定位，因此我們至少應該拿下 50% 的市場，那就是 60 億美元。但我們反而說，保守一點，假設我們拿下那 120 億美元的 5%，也就是 6 億美元，這大約等於我們目前對全年 ARR 的預測。這只是我們切分的三種方式之一，而三種方式得出的答案都一樣。

Eric Martinuzzi, Lake Street.

Eric Martinuzzi，Lake Street。

I know you talked about the Genesis product being consumed on a token basis, but just in the early days here, you can obviously move the needle towards adoption. You can move it towards monetization. How have you been handling it with the beta customers or have they been on a free trial basis?

我知道你提到 Genesis 產品是以 token 為基礎來消耗，但在目前的早期階段，你們顯然可以把指標往採用率推進。也可以往變現推進。你們目前對 beta 客戶是怎麼處理的？他們是免費試用嗎？

Yeah, great question. The current users are free by design. We wanted to distribute it and get some early feedback. We had no idea we'd 500 people say, I want to try it. I'm in Washington, D.C. I'm going to see customers tomorrow that -- it's very senior people of large agencies that want to talk about -- by the way, we don't just give it to everybody. We're selective.

是的，問得很好。目前的使用者是刻意設計為免費。我們想先把它發出去，取得一些早期回饋。我們完全沒想到會有 500 個人說「我想試試看」。我人在華盛頓特區，明天要去見客戶——是大型機構非常資深的人員——他們想談的是——順帶一提，我們不是給所有人。我們是有選擇的。

So we probably could have distributed it to more, but it was free. We told them you can play with it for free until it goes GA, at which point in time then you need to pay. And the part that you couldn't do that if it wasn't so easy to deploy, to literally turn on a tenant and just turn it over to a detective, and he just starts -- he doesn't even have to start typing a question, the engine gives him a prompt to say, here's the first question you might want to ask. And you just start asking questions and getting answers, and there's no training involved. So it's free.

所以我們其實可以發給更多人，但它是免費的。我們告訴他們，在它正式 GA（正式可用）之前都可以免費玩；一旦 GA，就需要付費。而且如果不是因為部署非常容易，你也做不到這樣：真的就是開一個租戶（tenant），直接交給一位偵探，他就開始用——他甚至不用先打問題，系統會給他提示，告訴他「這是你可能想先問的第一個問題」。你就開始提問、得到答案，完全不需要訓練。所以是免費的。

Now your next question is, when it goes GA, how are you going to think about monetization? And what I've told the team is, whatever number we come up with, it's going to be wrong. We're either going to underprice it or overprice -- the market is going to be hugely dynamic, but we're going to air out of the gate on being aggressive with pricing because our goal is to get this distributed broadly across the entire -- we believe that once anybody touches this product, they will never give it up.

那你下一個問題會是：等到 GA 之後，你們要怎麼思考變現？我跟團隊說的是，不管我們最後定出什麼數字，都會是錯的。我們不是定價太低就是定價太高——市場會非常動態——但我們會在一開始就採取更積極的定價，因為我們的目標是讓它能在整個——廣泛地被部署；我們相信一旦任何人碰過這個產品，就再也不會放棄它。

So this is an example of where the seeding strategy -- I wouldn't call -- we don't want to make it a loss leader because there's costs involved here with tokens, but we're going to price it as aggressively as we can to make it easy for everybody to adopt. And then once they have it and they see the value delivered -- and by the way, we talk about efficiencies -- what really resonates with politicians, citizens, police chiefs, commissioners of three-letter agencies is when you actually save a life, rescue some child exploitation victim, break up a fentanyl ring, stop a terrorist cell.

所以這是一個「播種策略」的例子——我不會稱之為——我們不想把它做成虧本引流品（loss leader），因為這裡有 token 成本，但我們會盡可能用最積極的定價，讓每個人都容易採用。然後一旦他們用了、看到了交付的價值——順帶一提，我們談效率——真正能打動政治人物、市民、警察局長、以及三字母機構的署長/專員的，是你真的救了一條命、救出某個兒童剝削受害者、瓦解一個芬太尼販運集團、阻止一個恐怖分子小組。

And by the way, the people that have sent us notes have done all those things. I could have read you another dozen emails that I did that touch on counterterrorism, child exploitation, kidnapping, torture, homicide, literally, where Genesis has solved those cases in a matter of minutes or hours that would have taken weeks or months.

而且順帶一提，寄信給我們的人已經做到了上述所有事情。我本來還可以再念給你十幾封 email，內容涉及反恐、兒童剝削、綁架、酷刑、兇殺，真的——Genesis 在幾分鐘或幾小時內就解決了那些案件，而原本可能需要數週或數月。

I'd also add that I think everyone on both sides of this call, this is a path well-trodden. I can't believe anyone on this call is not using the monetized and paid version of their own Frontier model. So we all started with the free, and very quickly we realized the productivity gains and moved to the paid because the benefit is so high. It's exactly the same for our customer base.

我也想補充，我認為電話兩端的每個人都走過這條老路。我不敢相信在這通電話上的任何人沒有在用自己 Frontier 模型的付費變現版本。所以我們都是從免費開始，很快就意識到生產力提升，然後轉到付費，因為效益太高了。對我們的客戶群也是完全一樣。

Mike Cikos, Needham.

Mike Cikos，Needham。

Dave, I think this one's for you, and it's really around the net new ARR. We're looking at this $12.2 million, call it, flattish year-on-year. I'm hearing all the positive data points, right? We acquired Corellium in mid-year. That's been on fire. The Federal is rebounding.

Dave，我想這題是問你的，主要是關於淨新增 ARR。我們看到這個 1,220 萬美元，姑且說年對年大致持平。我聽到的都是正面的數據點，對吧？我們在年中收購了 Corellium。那邊表現非常火熱。聯邦業務也在回升。

You guys have these multiple momentum drivers here. And I'm just wondering, did any deals potentially push? Is that helping you underwrite the Q2 step-up in the net new? Or is there something that I need to dig through there?

你們有多個動能驅動因素。我只是想問，有沒有任何交易可能被延後？這是否有助於你們對第二季淨新增的跳升做出承作/支撐？還是說這裡有什麼我需要再深入釐清的？

Yeah, so Dave's pointing to me to take that one because you asked about a sales push. So, yeah, look, we did. We had some things pushed. Q1 is historically one of our most difficult quarters. There are no -- globally there's no budget cycle ends, except Australia, which is the one that you see, which doesn't move the needle for us.

是的，所以 Dave 指著我來回答這題，因為你問到銷售推進。所以，是的，你看，我們確實有。我們有一些事項被往後推。第一季歷來是我們最具挑戰的季度之一。全球沒有任何預算週期在此結束，除了澳洲；你看到的就是澳洲，但對我們的影響不大。

So we had deals increasing in size and complexity with some push. We were still picking up the tailwind of the Federal business pricing. As you probably know, if you follow the press, HSI's pricing was only just -- budget was only just approved literally in the last few days of the quarter.

所以我們的交易在規模與複雜度上都有提升，並且有一些延後。我們仍在受惠於聯邦業務定價帶來的順風。如你可能所知，如果你有關注媒體，HSI 的定價——預算其實直到本季最後幾天才剛剛獲得核准。

As we move more into the D&I space, we move into much more sequential growth in Q2 and Q3 as the project scales. So there was some push. And -- but nothing was lost, and so that's why we feel good momentum going into Q2 and Q3.

隨著我們更深入 D&I 領域，隨著專案規模擴大，我們在第二季與第三季會呈現更明顯的連續性成長。所以確實有一些延後。但沒有任何案子流失，因此這也是為什麼我們對進入第二季與第三季的動能感到很有信心。

And then maybe just to complement, I mean, I think when you look at our -- and I put it in my prepared remarks, but our pool of expirations was just unusually small. And so, I mean, with a customer-based selling motion, I think that played on it. And then the other thing, just mathematically, one of the elements, when the new products hit in the final two weeks of the quarter, I mean, the ability to fulfill orders was a little --

另外也補充一下，我想當你看我們——我在事先準備的講稿裡也提到——我們的到期合約池異常地小。所以，我是說，以客戶為基礎的銷售推進方式來看，我認為這也造成了影響。另外一點，純粹從數學上來說，其中一個因素是，新產品在季度最後兩週推出時，我是說，履行訂單的能力有點--

And the one thing, too, and I know we're going to run out of time. The one other thing that makes us bullish about where we're headed is Marcus is starting to prosecute and navigate deal sizes, in particular in the Federal space, that are bigger deals than we've ever seen. And I'll just leave it at -- we're talking big deals.

還有一點，而且我知道我們快沒時間了。另一個讓我們對未來走向更樂觀的原因是，Marcus 正開始推進並掌握交易規模，特別是在聯邦領域，這些交易比我們過去見過的任何交易都更大。我就先說到這——我們談的是大案子。

Yeah, there's another little nuance as well that actually happened is some of the large frameworks changed their very nature and they pushed them down to the region. So what can happen a lot in Federal is that what was once done as a single order in certain agencies can be pushed to their regions to follow-up. And so the good news is we actually have some win-backs which are going to start hitting from delayed budget.

是的，還有另一個小細節其實也發生了：一些大型框架協議的性質改變了，並且被下放到各地區。因此在聯邦領域常見的情況是，過去某些機構一次下單的事項，可能被下放到其各地區去跟進。所以好消息是，因為預算延遲，我們其實有一些回流的贏回案，將開始反映出來。

The other problem with the unique way that public safety is funded, if you significantly increase the deal, they often have to go and secure other budgets from other areas, which can put a slight delay into the process. But that's far better than trying to renew on a flat basis, trying to increase the revenue on it.

公共安全的資金來源方式很特殊，另一個問題是：如果你大幅提高交易金額，他們往往必須去其他領域再爭取額外預算，這可能會讓流程稍微延後。但這遠比在持平基礎上續約、試圖在其上提高收入要好得多。

Jonathan Ho, William Blair.

Jonathan Ho，William Blair。

Congratulations on the new product releases. I just wanted to better understand the spending environment and whether you see any potential pressure just from the macro events that are out there, as well as your thoughts around any potential for benefiting from a budget flush as we go into that Q2, Q3 period. Thank you.

恭喜新產品發布。我想更了解支出環境，以及你們是否看到來自外部宏觀事件的任何潛在壓力；另外也想聽聽你們對於在進入第二季、第三季期間，是否可能受惠於預算集中釋放（budget flush）的看法。謝謝。

Yeah, so no -- global events actually are a tailwind for us, unfortunately. So no negative impact of the Iran war on our business. There's some in Asia, I think. Marcus can talk, I think, in India, but generally, no. The counter is we have better visibility to specific appropriations that Marcus could also add color to. I think it's part of public filings if people want to go look.

是的，所以沒有——全球事件其實對我們而言是不幸中的順風。所以伊朗戰爭對我們業務沒有負面影響。我想在亞洲有一些影響。Marcus 可以談談，我想在印度，但整體而言沒有。相對地，我們對特定撥款有更高的可見度，Marcus 也可以補充一些細節。我想如果有人想去看，這些在公開文件裡也有。

But more than at any time in the history of this company, there are specifically passed appropriation bills now that target our solution. Now we just got to go convert and execute them. So to the contrary, the environment and the shift that's happening in global warfare and geopolitical instability, border issues, the whole issue around drones, I mean, it all plays to our strength and capability, and it's a tailwind, not a headwind.

但比起公司歷史上任何時候，現在已經有明確通過的撥款法案，直接針對我們的解決方案。現在我們只需要把它們轉化並落實執行。所以相反地，環境以及全球戰爭型態與地緣政治不穩定、邊境議題、以及無人機相關的整體議題——我的意思是，這些都符合我們的優勢與能力，對我們是順風而不是逆風。

Yeah, 100%. The expansion in the D&I budget is hyperbolic in terms of what we do. So we're seeing great growth in that area. The other thing, as Tom said, on the appropriations, our most successful year on appropriations. You can look at the FYSA websites and see them, but in excess of $30 million extra dollars just in a few agencies in the US.

是的，完全同意。D&I 預算的擴張，對我們所做的事情而言是爆發式的。所以我們在那個領域看到很好的成長。另外，如 Tom 所說，在撥款方面，這是我們在撥款上最成功的一年。你可以去 FYSA 網站查看，但僅在美國少數幾個機構，就多出了超過 3,000 萬美元的額外資金。

And now, we're not mentioned by name, but if you read what the solutions they are going to buy, i.e., an ATO-approved storage solution, we feel very confident in our position in converting those appropriations into significant increase for our company.

而且現在，我們雖然沒有被點名，但如果你去讀他們要採購的解決方案內容，也就是一個通過 ATO 核准的儲存解決方案，我們對於把這些撥款轉化為公司顯著增長非常有信心。

Yeah, and just to underscore there, in our space, nobody's FedRAMP Level 4 certified. So if you want a cloud-based forensic solution, we're it.

是的，再強調一下，在我們這個領域，沒有人取得 FedRAMP Level 4 認證。所以如果你要雲端式的鑑識解決方案，那就是我們。

And don't be confused by in-process. In-process can hang around for three years. Actually having the ATO is the important thing to be able to place an order.

另外不要被「審核中」（in-process）搞混。「審核中」可能會拖上三年。真正重要的是已經拿到 ATO，才能夠下單。

Thank you. 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.

謝謝。今天電話會議的問答環節到此結束。接下來我想把時間交給 Andrew Kramer，請他做進一步或結語說明。

Thank you very much. This concludes our call. I'd like to thank everybody for their participation. We have a pretty busy next several weeks of conferences and NDRs. Hope to see you out on the road. If you have questions and want to do follow-up, please reach out. Thanks again.

非常感謝。本次電話會議到此結束。我要感謝各位的參與。接下來幾週我們有相當密集的會議與 NDR 行程。希望能在各地行程中見到大家。如果你有問題並希望後續跟進，請與我們聯繫。再次感謝。

Thank you. This concludes today's Cellebrite first-quarter 2026 financial results conference call. Please disconnect your line at this time and have a wonderful day.

謝謝。Cellebrite 2026 會計年度第一季財務業績電話會議到此結束。請現在掛斷您的電話線，祝您有美好的一天。