Artificial Intelligence
Cellebrite Announces First-Quarter 2023 Results
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Revenue of $71.2 million, 14% year-over-year increase due primarily to
27% growth in subscription revenue;
ARR of $261.3 million, up 30% year-over-year;
Adjusted EBITDA of $7.3 million, 10.3% adjusted EBITDA margin
PETAH TIKVA, Israel and TYSONS CORNER, Va., May 10, 2023 (GLOBE NEWSWIRE) — Cellebrite (NASDAQ: CLBT), a global leader in Digital Intelligence (“DI”) solutions for the public and private sectors, today announced financial results for the three months ending March 31, 2023.
“Our first-quarter results demonstrate that we are off to a strong start in 2023 as we work closely with our customers to help them modernize their investigative workflows,” said Yossi Carmil, Cellebrite’s CEO. “During the quarter, we made tangible progress with key strategic initiatives aimed at advancing innovation by delivering important breakthroughs with our Collect and Review capabilities. It is gratifying to see customers increasingly turn to Cellebrite for our powerful digital intelligence software solutions, which is translating into higher usage of our Collect and Review solutions and increasing traction for additional growth engines such as our Investigative Analytics and our Case and Evidence Management offerings. As a result, we move forward with solid momentum in a healthy marketplace, which is reflected in our ARR and NRR metrics. With a strong first quarter behind us and attractive opportunities ahead, we believe that we are on track to achieve our original FY23 financial targets.”
First-Quarter 2023 Financial Highlights
- Revenue of $71.2 million, up 14% year-over-year
- Subscription revenue of $61.3 million, up 27% year-over-year
- Annual Recurring Revenue (ARR) of $261.3 million, up 30% year-over-year
- Recurring revenue dollar-based net retention rate (NRR) of 128%
- GAAP gross profit and gross margin of $58.8 million and 82.6%, respectively; Non-GAAP gross profit and gross profit margin of $59.2 million and 83.1%, respectively
- GAAP net loss of $40.6 million; Non-GAAP net income of $6.9 million
- GAAP diluted net loss per share of $(0.21); Non-GAAP diluted EPS of $0.03
- Adjusted EBITDA and adjusted EBITDA margin of $7.3 million and 10.3%, respectively
First-Quarter 2023 and Recent Digital Intelligence Highlights
- Closed 21 large deals in the first quarter, each valued at $500,000 or more. Notable deals included:
- A large national agency in Latin America expanded its Premium licensing, added Guardian and Pathfinder, and became the first customer in this region to integrate cryptocurrency data and insights within its Cellebrite DI solutions. This customer’s ARR increased by a factor of 13x to $1.6 million.
- Two police departments serving mid-sized U.S. cities added Premium to support their digital forensic labs and began deploying Pathfinder to accelerate their investigations and Guardian to securely share digital evidence among examiners, investigators and prosecutors. ARR for one of these customers quadrupled to nearly $600,000 and ARR for the other customer increased by over 10x to just under $300,000.
- A specialist intelligence agency in Western Europe upgraded its digital intelligence collection capabilities by expanding its use of Premium ES nationwide while also renewing the licenses for other Collect & Review offerings. As a result, this customer’s ARR increased by over 60% to $1.2 million.
- Launched Pathfinder X, an elevated suite of artificial intelligence (AI)-enabled investigative analytics for digital evidence that helps law enforcement agencies resolve cases faster and more efficiently. New Pathfinder X features include cloud deployment options on AWS and Azure virtual private cloud, a deployment format optimal for geographically dispersed teams and a new user management system.
- Announced integration between Cellebrite’s LegalView Physical Analyzer and Relativity’s RelativityOne, bringing more ease and speed to corporate investigations in the private sector.
- Received Frost & Sullivan’s 2022 North American Customer Value Leadership Award for its digital intelligence solutions.
Supplemental financial information can be found on the Investor Relations section of our website at https://investors.cellebrite.com/financial-information/quarterly-results.
Financial Outlook
“Having largely completed our transition to subscription software, we are starting to see our subscription software and ARR growth rates converge, which is consistent with our prior expectations,” said Dana Gerner, Chief Financial Officer of Cellebrite. “Looking ahead, we anticipate continued success in increasing wallet share from existing customers and further expanding our global customer base with new logo wins. Based on our results to date and the opportunities we see to drive top-line growth, in combination with our prudent spending plans, Cellebrite is well positioned to drive improved year-over-year profitability and strong free cash flow over the coming quarters. We reiterate our full-year 2023 guidance.”
- Full year 2023 revenue is expected to be between $305 and $315 million, representing 13-16% year-over-year growth.
- December 2023 ARR is expected to be between $300 and $310 million, representing 21-25% year-over-year growth.
- Full year 2023 adjusted EBITDA is expected to be between $35.0 and $40.0 million, representing 11-13% margin.
Conference Call Information
Cellebrite will host a live conference call and webcast later this morning to review the Company’s financial results for the first quarter of 2023 and discuss its full-year 2023 outlook. Pertinent details include:
In conjunction with the conference call and webcast, historical financial tables and supplemental data will be available on the quarterly results section of Company’s investor relations website at https://investors.cellebrite.com/financial-information/quarterly-results. A transcript of the call will be added to this page along with access to the replay of the call later in the day.
Non-GAAP Financial Information
This press release includes non-GAAP financial measures. Cellebrite believes that the use of non-GAAP net income, non-GAAP operating income and Adjusted EBITDA is helpful to investors. These measures, which the Company refers to as our non-GAAP financial measures, are not prepared in accordance with GAAP.
The Company believes that the non-GAAP financial measures provide a more meaningful comparison of its operational performance from period to period, and offer investors and management greater visibility to the underlying performance of its business. Mainly:
- Share-based compensation expenses utilize varying available valuation methodologies, subjective assumptions and a variety of equity instruments that can impact a company’s non-cash expenses;
- Acquired intangible assets are valued at the time of acquisition and are amortized over an estimated useful life after the acquisition, and acquisition-related expenses are unrelated to current operations and neither are comparable to the prior period nor predictive of future results;
- To the extent that the above adjustments have an effect on tax (income) expense, such an effect is excluded in the non-GAAP adjustment to net income;
- Tax expense, depreciation and amortization expense vary for many reasons that are often unrelated to our underlying performance and make period-to-period comparisons more challenging; and
- Financial instruments are remeasured according to GAAP and vary for many reasons that are often unrelated to the Company’s current operations and affect financial income.
Each of our non-GAAP financial measures is an important tool for financial and operational decision making and for evaluating our own operating results over different periods of time. The non-GAAP financial measures do not represent our financial performance under U.S. GAAP and should not be considered as alternatives to operating income or net income or any other performance measures derived in accordance with GAAP. Non-GAAP measures should not be considered in isolated from, or as an alternative to, financial measures determined in accordance with GAAP. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, and exclude expenses that may have a material impact on our reported financial results. Further, share-based compensation expense has been, and will continue to be for the foreseeable future, significant recurring expenses in our business and an important part of the compensation provided to our employees. In addition, the amortization of intangible assets is expected recurring expense over the estimated useful life of the underlying intangible asset and acquisition-related expenses will be incurred to the extent acquisitions are made in the future. Furthermore, foreign exchange rates may fluctuate from one period to another, and the Company does not estimate movements in foreign currencies.
A reconciliation of each of these non-GAAP financial measures to their most comparable GAAP measure is set forth in a table included at the end of this press release, which is also available on our website at https://investors.cellebrite.com.
In regard to forward-looking non-GAAP guidance, we are not able to reconcile the forward-looking Adjusted EBITDA measure to the closest corresponding GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items including, but not limited to, fair value movements, share-based payments for future awards, tax expense, depreciation and amortization expense, and certain financing and tax items.
Key Performance Indicators
This press release also includes key performance indicators, including annual recurring revenue and dollar-based retention rate.
Annual recurring revenue (“ARR”) is defined as the annualized value of active term-based subscription license contracts and maintenance contracts related to perpetual licenses in effect at the end of that period. Subscription license contracts and maintenance contracts for perpetual licenses are annualized by multiplying the revenue of the last month of the period by 12. The annualized value of contracts is a legal and contractual determination made by assessing the contractual terms with our customers. The annualized value of maintenance contracts is not determined by reference to historical revenue, deferred revenue or any other GAAP financial measure over any period. ARR is not a forecast of future revenues, which can be impacted by contract start and end dates and renewal rates.
Dollar-based net retention rate (“NRR”) is calculated by dividing customer recurring revenue by base revenue. We define base revenue as recurring revenue we recognized from all customers with a valid license at the last quarter of the previous year period, during the four quarters ended one year prior to the date of measurement. We define our customer revenue as the recurring revenue we recognized during the four quarters ended on the date of measurement from the same customer base included in our measure of base revenue, including recurring revenue resulting from additional sales to those customers.
About Cellebrite
Cellebrite’s (NASDAQ: CLBT) mission is to enable its customers to protect and save lives, accelerate justice, and preserve privacy in communities around the world. We are a global leader in Digital Intelligence solutions for the public and private sectors, empowering organizations in mastering the complexities of legally sanctioned digital investigations by streamlining intelligence processes. Trusted by thousands of leading agencies and companies worldwide, Cellebrite’s Digital Intelligence platform and solutions transform how customers collect, review, analyze and manage data in legally sanctioned investigations. To learn more, visit us at www.cellebrite.com and https://investors.cellebrite.com.
Note: References to our website and the websites of third parties mentioned in this press release are inactive textual references only, and information contained therein or connected thereto is not incorporated into this press release.
Caution Regarding Forward-Looking Statements
This document includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “will,” “appear,” “approximate,” “foresee,” “might,” “possible,” “potential,” “believe,” “could,” “predict,” “should,” “could,” “continue,” “expect,” “estimate,” “may,” “plan,” “outlook,” “future” and “project” and other similar expressions that predict, project or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include estimated financial information for fiscal year 2023 and certain statements related to being on track to achieve our original FY23 financial targets, being well positioned to drive improved year-over-year profitability and strong free cash flow over the coming quarters, and reiterating our full-year 2023 guidance. Such forward-looking statements including those with respect to 2023 revenue and annual recurring revenue, profitability and earnings as well as commentary associated with future performance, strategies, prospects, and other aspects of Cellebrite’s business are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to: Cellebrite’s ability to keep pace with technological advances and evolving industry standards; Cellebrite’s material dependence on the purchase, acceptance and use of its solutions by law enforcement and government agencies; real or perceived errors, failures, defects or bugs in Cellebrite’s DI solutions; Cellebrite’s failure to maintain the productivity of sales and marketing personnel, including relating to hiring, integrating and retaining personnel; intense competition in all of Cellebrite’s markets; the inadvertent or deliberate misuse of Cellebrite’s solutions; failure to manage its growth effectively; Cellebrite’s ability to introduce new solutions and add-ons; its dependency on its customers renewing their subscriptions; the low volume of business Cellebrite conducts via e-commerce; risks associated with the use of artificial intelligence; the risk of requiring additional capital to support the growth of its business; risks associated with higher costs or unavailability of materials used to create its hardware product components; fluctuations in foreign currency exchange rates; lengthy sales cycle for some of Cellebrite’s solutions; near term declines in new or renewed agreements; risks associated with inability to retain qualified personnel and senior management; the security of Cellebrite’s operations and the integrity of its software solutions; risks associated with the negative publicity related to Cellebrite’s business and use of its products; risks related to Cellebrite’s intellectual property; the regulatory constraints to which Cellebrite is subject; risks associated with different corporate governance requirements applicable to Israeli companies and risks associated with being a foreign private issuer and an emerging growth company; market volatility in the price of Cellebrite’s shares; changing tax laws and regulations; risks associated with joint, ventures, partnerships and strategic initiatives; risks associated with Cellebrite’s significant international operations; risks associated with Cellebrite’s failure to comply with anti-corruption, trade compliance, anti-money-laundering and economic sanctions laws and regulations; risks relating to the adequacy of Cellebrite’s existing systems, processes, policies, procedures, internal controls and personnel for Cellebrite’s current and future operations and reporting needs; and other factors, risks and uncertainties set forth in the section titled “Risk Factors” in Cellebrite’s annual report on Form 20-F filed with the SEC on April 27, 2023 and in other documents filed by Cellebrite with the U.S. Securities and Exchange Commission (“SEC”), which are available free of charge at www.sec.gov. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, in this communication or elsewhere. Cellebrite undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
Contacts:
Investor Relations
Andrew Kramer
Vice President, Investor Relations
[email protected]
+1 973.206.7760
Media
Victor Cooper
Sr. Director of Corporate Communications + Content Operations
[email protected]
+1 404.804.5910
Cellebrite DI Ltd. First-Quarter 2023 Results Summary (U.S Dollars in thousands) |
||||||||
For the three months ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
(Unaudited) | (Unaudited) | |||||||
Revenue | 71,234 | 62,385 | ||||||
Gross profit | 58,828 | 51,402 | ||||||
Gross margin | 82.6 | % | 82.4 | % | ||||
Operating income (loss) | 136 | (1,946 | ) | |||||
Operating margin | 0.2 | % | (3.1 | )% | ||||
Net (loss) income | (40,605 | ) | 55,438 | |||||
Cash flow from operating activities | 12,476 | (10,537 | ) | |||||
Non-GAAP Financial Data: | ||||||||
Operating income | 5,653 | 2,634 | ||||||
Operating margin | 7.9 | % | 4.2 | % | ||||
Net income | 6,899 | 1,420 | ||||||
Adjusted EBITDA | 7,304 | 4,082 | ||||||
Adjusted EBITDA margin | 10.3 | % | 6.5 | % |
Cellebrite DI Ltd. Condensed Consolidated Balance Sheets (U.S. Dollars in thousands) |
||||||||
March 31, | December 31, | |||||||
2023 | 2022 | |||||||
Unaudited | Audited | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 98,972 | $ | 87,645 | ||||
Short-term deposits | 54,740 | 51,335 | ||||||
Marketable securities | 48,938 | 44,643 | ||||||
Trade receivables (net of allowance for doubtful accounts of $1,264 and $1,904 as of March 31, 2023 and December 31, 2022, respectively) | 69,594 | 78,761 | ||||||
Prepaid expenses and other current assets | 20,259 | 17,085 | ||||||
Contract acquisition costs | 6,377 | 6,286 | ||||||
Inventories | 11,405 | 10,176 | ||||||
Total current assets | 310,285 | 295,931 | ||||||
Non-current assets | ||||||||
Other non-current assets | 2,657 | 1,731 | ||||||
Marketable securities | 18,521 | 22,125 | ||||||
Deferred tax assets, net | 11,894 | 12,511 | ||||||
Property and equipment, net | 16,725 | 17,259 | ||||||
Intangible assets, net | 10,458 | 11,254 | ||||||
Goodwill | 26,829 | 26,829 | ||||||
Operating lease right-of-use assets, net | 15,320 | 15,653 | ||||||
Total non-current assets | 102,404 | 107,362 | ||||||
Total assets | $ | 412,689 | $ | 403,293 | ||||
Liabilities and shareholders’ equity | ||||||||
Current Liabilities | ||||||||
Trade payables | $ | 4,918 | $ | 4,612 | ||||
Other accounts payable and accrued expenses | 37,198 | 45,453 | ||||||
Deferred revenues | 157,903 | 152,709 | ||||||
Operating lease liabilities | 4,723 | 5,003 | ||||||
Total current liabilities | 204,742 | 207,777 | ||||||
Long-term liabilities | ||||||||
Other long term liabilities | 5,577 | 5,394 | ||||||
Deferred revenues | 48,384 | 42,173 | ||||||
Restricted Sponsor Shares liability | 28,574 | 17,532 | ||||||
Price Adjustment Shares liability | 46,126 | 26,184 | ||||||
Warrant liability | 29,824 | 20,015 | ||||||
Operating lease liabilities | 10,105 | 10,353 | ||||||
Total long-term liabilities | 168,590 | 121,651 | ||||||
Total liabilities | $ | 373,332 | $ | 329,428 | ||||
Shareholders’ equity | ||||||||
Share capital | * | ) | * | ) | ||||
Additional paid-in capital | (119,061 | ) | (125,624 | ) | ||||
Treasury share, NIS 0.00001 par value; 41,776 ordinary shares | (85 | ) | (85 | ) | ||||
Accumulated other comprehensive (loss) income | (135 | ) | 331 | |||||
Retained earnings | 158,638 | 199,243 | ||||||
Total shareholders’ equity | 39,357 | 73,865 | ||||||
Total liabilities and shareholders’ equity | $ | 412,689 | $ | 403,293 |
*) Less than 1 USD
Cellebrite DI Ltd. Condensed Consolidated Statements of Income (U.S Dollars in thousands, except share and per share data) |
||||||||
For the three months ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
(Unaudited) | (Unaudited) | |||||||
Revenue: | ||||||||
Subscription services | $ | 47,367 | $ | 36,361 | ||||
Term-license | 13,915 | 11,824 | ||||||
Total subscription | 61,282 | 48,185 | ||||||
Other non-recurring* | 2,918 | 5,972 | ||||||
Professional services | 7,034 | 8,228 | ||||||
Total revenue | 71,234 | 62,385 | ||||||
Cost of revenue: | ||||||||
Subscription services | 4,492 | 3,768 | ||||||
Term-license | 2 | 250 | ||||||
Total subscription | 4,494 | 4,018 | ||||||
Other non-recurring* | 2,981 | 2,207 | ||||||
Professional services | 4,931 | 4,758 | ||||||
Total cost of revenue | 12,406 | 10,983 | ||||||
Gross profit | $ | 58,828 | $ | 51,402 | ||||
Operating expenses: | ||||||||
Research and development | 21,131 | 19,576 | ||||||
Sales and marketing | 27,601 | 23,259 | ||||||
General and administrative | 9,960 | 10,513 | ||||||
Total operating expenses | $ | 58,692 | $ | 53,348 | ||||
Operating income (loss) | $ | 136 | $ | (1,946 | ) | |||
Financial (expense) income, net | (38,775 | ) | 56,400 | |||||
(Loss) Income before tax | (38,639 | ) | 54,454 | |||||
Tax expense (income) | 1,966 | (984 | ) | |||||
Net (Loss) income | $ | (40,605 | ) | $ | 55,438 | |||
(Loss) earnings per share | ||||||||
Basic | $ | (0.21 | ) | $ | 0.29 | |||
Diluted | $ | (0.21 | ) | $ | 0.27 | |||
Weighted average shares outstanding | ||||||||
Basic | 186,338,076 | 180,545,126 | ||||||
Diluted | 198,184,236 | 196,142,739 | ||||||
Other comprehensive (loss) income: | ||||||||
Unrealized loss on hedging transactions | (44 | ) | (1,150 | ) | ||||
Unrealized income (loss) on marketable securities | 177 | (49 | ) | |||||
Currency translation adjustments | (598 | ) | 402 | |||||
Total other comprehensive loss, net of tax | (465 | ) | (797 | ) | ||||
Total other comprehensive (loss) income | $ | (41,070 | ) | $ | 54,641 |
* | Other non-recurring is composed of hardware sales, usage fees and perpetual licenses, and was previously referred to “Perpetual license and other.” Changing the name for this type of revenue reflects that perpetual license revenue has declined to relatively insignificant levels with hardware sales now representing the majority of this type of revenue. |
Cellebrite DI Ltd. Condensed Consolidated Statements of Cash Flow (U.S Dollars in thousands, except share and per share data) |
||||||||
For the three months ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
(Unaudited) | (Unaudited) | |||||||
Cash flow from operating activities: | ||||||||
Net (loss) income | $ | (40,605 | ) | $ | 55,438 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Share based compensation and RSUs | 4,457 | 2,858 | ||||||
Amortization of premium, discount and accrued interest on marketable securities | (171 | ) | 17 | |||||
Depreciation and amortization | 2,447 | 2,112 | ||||||
Interest income from short term deposits | (684 | ) | (62 | ) | ||||
Deferred income taxes | 560 | (924 | ) | |||||
Remeasurement of warrant liability | 9,809 | (17,083 | ) | |||||
Remeasurement of Restricted Sponsor Shares | 11,042 | (13,506 | ) | |||||
Remeasurement of Price Adjustment Shares liabilities | 19,942 | (25,759 | ) | |||||
Decrease in trade receivables | 9,627 | 7,015 | ||||||
Increase (decrease) in deferred revenue | 10,468 | (5,916 | ) | |||||
Increase in other non-current assets | (927 | ) | (33 | ) | ||||
(Increase) decrease in in prepaid expenses and other current assets | (3,637 | ) | 750 | |||||
Changes in operating lease assets | 1,367 | — | ||||||
Changes in operating lease liability | (1,562 | ) | — | |||||
Increase in inventories | (1,225 | ) | (1,347 | ) | ||||
Increase (decrease) in trade payables | 264 | (352 | ) | |||||
Decrease in other accounts payable and accrued expenses | (8,879 | ) | (11,085 | ) | ||||
Increase (decrease) in other long-term liabilities | 183 | (2,660 | ) | |||||
Net cash provided by (used in) operating activities | 12,476 | (10,537 | ) | |||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (1,064 | ) | (2,305 | ) | ||||
Investment in marketable securities | (16,352 | ) | (29,276 | ) | ||||
Proceeds from maturity of marketable securities | 16,073 | — | ||||||
Investment in short term deposits | (16,000 | ) | (7,000 | ) | ||||
Redemption of short term deposits | 13,279 | 25,181 | ||||||
Net cash used in investing activities | (4,064 | ) | (13,400 | ) | ||||
Cash flows from financing activities: | ||||||||
Exercise of options to shares | 2,106 | 3,627 | ||||||
Proceeds from Employee Share Purchase Plan, net | 624 | — | ||||||
Net cash provided by financing activities | 2,730 | 3,627 | ||||||
Net increase (decrease) in cash and cash equivalents | 11,142 | (20,310 | ) | |||||
Net effect of Currency Translation on cash and cash equivalents | 185 | 56 | ||||||
Cash and cash equivalents at beginning of period | 87,645 | 145,973 | ||||||
Cash and cash equivalents at end of period | $ | 98,972 | $ | 125,719 | ||||
Supplemental cash flow information: | ||||||||
Income taxes paid | $ | 3,625 | $ | 1,287 | ||||
Non-cash activities | ||||||||
Purchase of property and equipment | $ | — | $ | 133 |
Cellebrite DI Ltd. Reconciliation of GAAP to Non-GAAP Financial Information (U.S Dollars in thousands, except share and per share data) |
||||||||
For the three months ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Unaudited | Unaudited | |||||||
Cost of revenue | $ | 12,406 | $ | 10,983 | ||||
Less: | ||||||||
Share based compensation | 386 | 246 | ||||||
Acquisition related costs | 13 | — | ||||||
Non-GAAP cost of revenue | $ | 12,007 | $ | 10,737 |
For the three months ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Unaudited | Unaudited | |||||||
Gross profit | $ | 58,828 | $ | 51,402 | ||||
Share based compensation | 386 | 246 | ||||||
Acquisition related costs | 13 | – | ||||||
Non-GAAP gross profit | $ | 59,227 | $ | 51,648 |
For the three months ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Unaudited | Unaudited | |||||||
Operating expenses | $ | 58,692 | $ | 53,348 | ||||
Less: | ||||||||
Share based compensation | 4,071 | 2,612 | ||||||
Amortization of intangible assets | 796 | 664 | ||||||
Acquisition related costs | 251 | 1,058 | ||||||
Non-GAAP operating expenses | $ | 53,574 | $ | 49,014 |
For the three months ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Unaudited | Unaudited | |||||||
Operating income (loss) | $ | 136 | $ | (1,946 | ) | |||
Share based compensation | 4,457 | 2,858 | ||||||
Amortization of intangible assets | 796 | 664 | ||||||
Acquisition related costs | 264 | 1,058 | ||||||
Non-GAAP operating income | $ | 5,653 | $ | 2,634 |
Cellebrite DI Ltd. Reconciliation of GAAP to Non-GAAP Financial Information (U.S Dollars in thousands, except share and per share data) |
||||||||
For the three months ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Unaudited | Unaudited | |||||||
Net (loss) income | $ | (40,605 | ) | $ | 55,438 | |||
One time tax income | — | (1,825 | ) | |||||
Share based compensation | 4,457 | 2,858 | ||||||
Amortization of intangible assets | 796 | 664 | ||||||
Acquisition related costs | 264 | 1,058 | ||||||
Tax expense (income) | 1,194 | (425 | ) | |||||
Finance expense (income) from financial derivatives | 40,793 | (56,348 | ) | |||||
Non-GAAP net income | $ | 6,899 | $ | 1,420 | ||||
Non-GAAP Earnings per share: | ||||||||
Basic | $ | 0.04 | $ | 0.01 | ||||
Diluted | $ | 0.03 | $ | 0.01 | ||||
Weighted average shares outstanding: | ||||||||
Basic | 186,338,076 | 180,545,126 | ||||||
Diluted | 198,184,236 | 196,142,739 |
For the three months ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Unaudited | Unaudited | |||||||
Net (loss) income | $ | (40,605 | ) | $ | 55,438 | |||
Financial expense (income), net | 38,775 | (56,400 | ) | |||||
Tax expense (income) | 1,966 | (984 | ) | |||||
Share based compensation | 4,457 | 2,858 | ||||||
Amortization of intangible assets | 796 | 664 | ||||||
Acquisition related costs | 264 | 1,058 | ||||||
Depreciation expenses | 1,651 | 1,448 | ||||||
Adjusted EBITDA | $ | 7,304 | $ | 4,082 |
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Complyport’s new AI tool – ViCA.Chat – set to revolutionise compliance support services
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LONDON, June 14, 2024 /PRNewswire/ — ViCA.Chat, the Virtual Compliance Assistant powered by AI technology, is set to transform regulatory compliance consulting. Developed by ComplyMAP Group’s AI engineers and Complyport’s compliance consulting teams, ViCA redefines compliance support services and propels governance, risk and compliance consulting into a new era of innovation.
Offering real-time assistance across a vast array of UK and EU regulatory frameworks, ViCA delivers unparalleled efficiency, detail and precision in disentangling and dealing with complicated regulatory frameworks.
The key differentiator of ViCA is its specialised and purposely constructed unique databases that leverage Complyport’s 22 years of regulatory expertise, combined with tailored AI training tools, enabling ViCA to operate as an experienced compliance consultant. A dedicated human support team continuously improves and updates ViCA’s knowledge and responses through a feedback loop process and quality assurance sessions. This powerful symbiosis of AI and human expertise sets ViCA apart and ensures businesses have the latest regulatory information instantaneously and seamlessly.
As a result, ViCA’s specialised regulatory database goes beyond readily available online resources which feature into traditional AI tools. ViCA offers exclusive insights, proprietary regulatory interpretations, historical data, bespoke and purposely structured compliance documentation and templates. With advanced scraping capabilities, ViCA also extracts relevant data from selected websites and publicly available information, ensuring an up-to-date and comprehensive understanding of compliance requirements across industries.
From agile fintech startups to established law firms, financial institutions, regulatory bodies, insurance providers, as well as compliance consultants, ViCA seamlessly adapts to unique compliance needs. Its user-friendly interface ensures navigating and analysing regulatory data is swift and intuitive, streamlining the compliance workflow.
“ViCA is a game-changer in how regulatory compliance advice will be provided in the future”, commented Luis Parra, Managing Director of ViCA. “With ViCA, compliance insights become available to all. No longer are regulated firms and responsible people overly dependent on advisors and compliance consultants. Through ViCA, the financial system will not only meet but exceed regulatory standards. Moreover, the level of information made available to the public will benefit society as a whole, in its interactions with the financial services sector.”
Among ViCA’s revolutionary features is its cost-effective model, allowing businesses to significantly reduce reliance on traditional spending with external consultants and advisors.
Visit ViCA.Chat to experience the future of compliance support.
Contact:
Name: Luis ParraTitle: Managing DirectorCompany: Vica.ChatTelephone: +44 20 7399 4980 Email: [email protected]
About ViCA.Chat:
ViCA.Chat is a revolutionary Virtual Compliance Assistant powered by cutting-edge AI technology, designed to demystify the complexities of regulatory compliance. Utilising Complyport’s 22 years of regulatory expertise, ViCA offers real-time assistance and guidance across a wide range of regulatory frameworks, setting a new standard for efficiency and precision in compliance support. From fintech start-ups to established law firms, financial services institutions, regulators, regulatory firms, compliance consultants and insurance firms, ViCA caters to the diverse needs of professionals across all levels in the broader UK financial services sector.
Visit ViCA.Chat to learn more.
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Artificial Intelligence
LoRa and LoRaWAN IoT Market worth $32.7 billion by 2029- Exclusive Report by MarketsandMarkets™
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CHICAGO, June 14, 2024 /PRNewswire/ — The LoRa and LoRaWAN IoT Market is expected to reach USD 32.7 billion by 2029 from USD 8.0 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 32.4 % during 2024–2029, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on “LoRa and LoRaWAN IoT Market”
320 – Tables 58 – Figures294 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018-2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
Value (USD Billion)
Segments Covered
Offering, Network Deployment, Application, End User, and Region
Region covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
List of Companies in LoRa and LoRaWAN IoT
The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US).
The LoRaWAN ecosystem influences development of tools, software libraries, and cloud-based platforms that streamline the creation, deployment, and management of IoT solutions. Continuously evolving, this ecosystem boasts a burgeoning array of vendors providing LoRa-compliant devices, gateways, and network management solutions. This vibrant competition within the ecosystem propels innovation while driving down costs for end-users. Moreover, the development of interoperable solutions fosters seamless integration and deployment of LoRaWAN networks, simplifying the implementation process for businesses and organizations. As the ecosystem continues to expand and mature, it empowers developers, system integrators, and IoT enthusiasts to unleash their creativity, accelerate time-to-market, and unlock the full potential of LoRaWAN technology in diverse applications and industries.
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Based on network deployment, the public network segment to hold the largest market size during the forecast period.
The robust security features integrated into public LoRaWAN networks play a significant role in driving the growth and adoption of LoRaWAN technology in the market. End-to-end encryption ensures that data transmitted between devices and gateways is protected from unauthorized access or interception, safeguarding sensitive information such as sensor readings, location data, and command messages. Message integrity checks verify the integrity of data packets, detecting any tampering or alteration during transmission and ensuring data authenticity and reliability. Additionally, mutual authentication mechanisms establish trust between devices and gateways, verifying the identity of both parties before allowing communication to occur. These security measures provide organizations and end-users with confidence in the integrity and confidentiality of their data, mitigating concerns related to data privacy, cybersecurity threats, and regulatory compliance. As a result, implementing robust security features in public LoRaWAN networks enhances trust and credibility in the technology, driving increased adoption and market growth as organizations seek reliable and secure connectivity solutions for their IoT deployments.
By offering, the services segment is expected to hold a higher growth rate during the forecast period.
IoT service providers are pivotal in driving adoption by developing vertical-specific solutions finely tuned to the distinct needs of industries like agriculture, healthcare, logistics, and smart cities. In agriculture, for instance, IoT services offer solutions for precision farming, crop monitoring, and livestock management, enabling farmers to optimize irrigation, monitor soil health, and enhance yields. Similarly, IoT services facilitate remote patient monitoring, asset tracking, and inventory management in healthcare, improving patient care, reducing costs, and ensuring compliance with regulatory standards such as HIPAA. In logistics, IoT services provide real-time tracking of shipments, fleet management, and predictive maintenance, enhancing supply chain visibility, efficiency, and reliability. For smart cities, IoT services offer solutions for traffic management, waste management, energy optimization, and public safety, transforming urban infrastructure and enhancing the quality of life for residents. By addressing industry-specific challenges, compliance requirements, and use cases, vertical-specific IoT solutions deliver tangible business value, driving adoption and fueling the growth of the IoT services market across diverse sectors.
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Asia Pacific is expected to hold a higher growth rate during the forecast period.
In the Asia Pacific region, where agriculture serves as a cornerstone of many economies, adopting IoT technologies, particularly LoRa and LoRaWAN, is revolutionizing traditional farming practices. LoRaWAN’s long-range connectivity and low-power consumption make it well-suited for deployment in rural agricultural settings, where access to reliable connectivity may be limited. Through LoRa-based IoT solutions, farmers can implement precision agriculture techniques to address pressing challenges such as water scarcity, soil degradation, and unpredictable weather patterns. LoRa-enabled sensors facilitate real-time monitoring of soil moisture levels, temperature, and humidity, allowing farmers to optimize irrigation schedules and conserve water resources. Remote sensing technologies powered by LoRaWAN enable farmers to gather actionable insights on crop health, pest infestations, and nutrient deficiencies, facilitating timely interventions and improving overall crop management practices. Furthermore, LoRa-based crop analytics platforms provide farmers with data-driven decision support tools, helping them optimize planting strategies, improve yield forecasting, and mitigate the impact of climate change on agricultural productivity. By harnessing the power of LoRa and LoRaWAN IoT solutions, farmers in the Asia Pacific region can increase yields, conserve resources, and enhance resilience to environmental challenges, driving the adoption and growth of the LoRaWAN IoT market in the agricultural sector.
Top Key Companies in LoRa and LoRaWAN IoT Market:
The major vendors covered in the LoRa and LoRaWAN IoT Market are The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the LoRa and LoRaWAN IoT Market.
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About MarketsandMarkets™
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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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Artificial Intelligence
Scoring a Seat at UEFA EURO 2024™ with Top-Performing AI-Powered TOSHIBA TV Lineup
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HONG KONG, June 14, 2024 /PRNewswire/ — Football fans are in for a treat as they gear up for UEFA EURO 2024™ with Toshiba TV’s top-performing Gaming TV Z670. As the OFFICIAL TV OF UEFA EURO 2024™, Toshiba TVs present immersive viewing of the football game by their AI-powered TV lineup. To celebrate the brilliant moments it can bring, Toshiba TV are gifting USD100 Amazon Gift Card via their social platform! By simply like, follow and comment on @ToshibaTVGlobal, fans can boost their chances of scoring this prize.
Optimized Visuals Tailored for Football Dynamics
The Toshiba REGZA Engine ZRi in Z670 transports football fans into the heart of the action. With the AI Football Mode, they’ll be able to see fast-moving objects crystal clear and football field actions much enriched. To see their favourite player score that winning goal, the AI Picture Optimizer automatically adjusts visual contrast and precision adapted to the game. From vivid green fields and vibrant player kits, every play comes to life with AI 4K Upscaling and Quantum Dot Color, transforming lower-resolution broadcasts into near-4K quality and unleashing lifelike visual color.
Powerful Audio Effects for a Live Stadium Experience
The Toshiba TV Z670’s powerful audio system makes viewers feel like they’re right in the game. With the REGZA Bass Woofer Pro, Tru Bass Booster, and Dolby Atmos, they’ll experience heart-thumping 3D surround sound that captures the live stadium atmosphere. Whether it’s the roar of the crowd or the intensity of each play, the rich audio brings the excitement of each game right into their room.
Bringing Everyone Together for UEFA EURO 2024™
Available in sizes ranging from 55″ to 85″, Z670 is equipped with a Wide Viewing Angle and Anti-reflection features that ensures a clear picture from all viewing positions with the non-glare panel. Gather everyone for “Brilliant Every Moment” in UEFA EURO 2024™ with Toshiba TV!
Please find the high-resolution TVC here: Link
About Toshiba TV:
With 70+ years of history in TV production, Toshiba TV is known for its exquisite craftsmanship, innovative ideas and groundbreaking inventions. By prioritizing superior image quality and auditory experiences, Toshiba TV sets new standards in entertainment. Toshiba TV stems from the excellence quest of customers, providing the world with responsible products to make the world a better place. Emphasizing attention to product details and technological advancement, Toshiba TV integrates aesthetically pleasing design, quality assurance, and brand reputation to underscore its commitment to authenticity in the actual world and a sincere dedication to its consumers, showcasing Toshiba TV’s long-standing design philosophy and continuous pursuit of product quality.
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