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- **ARR Growth Acceleration**: Q3 ARR up 19% YoY to $440 million, with subscription revenue driving 21% growth. 2025 EBITDA guidance raised to $124-127 million.
- **Federal Segment Turnaround**: U.S. federal ARR returned to growth, with key wins in defense and intelligence. 2026 federal recovery supported by Corellium and FedRAMP.
- **SaaS Momentum**: Guardian ARR grew over 100% QoQ, with 50%+ customers using the platform. Guardian Investigate launch in Q1 2026 targets multi-source data workflows.
- **Corellium Confidence**: $150 million acquisition nearing close, with $10+ million ARR pipeline across defense, intelligence, and enterprise.
- **Profitability Expansion**: Gross margin 84.5%, adjusted EBITDA margin 29.9%. 2025 free cash flow margin expected at 30%.

**【CEO Summary Section】**
- **ARR Growth**: Q3 ARR reached $440 million, up 19% YoY, driven by subscription revenue growth of 21%. U.S. state/local and Latin America segments led performance.
- **Subscription Momentum**: 89% of revenue came from subscription-based solutions, with Inseyets conversions at 47% of the installed base (target 50% by year-end).
- **Federal Segment Recovery**: U.S. federal ARR returned to growth, with key wins in defense and intelligence agencies. Corellium acquisition (expected Q4 close) positions for 2026 federal expansion.
- **AI and SaaS Innovation**: Guardian SaaS ARR grew over 100% QoQ, with Guardian Investigate set to launch in Q1 2026. Pathfinder remains critical for on-prem analytics, while Guardian Investigate targets multi-source data workflows.
- **Defense & Intelligence Expansion**: D&I ARR growth exceeded 100% YoY, with European agencies leading adoption of advanced unlock and decryption solutions.

**【CFO Financial Commentary】**
- **Revenue & Profitability**: Q3 revenue $126 million (+18% YoY), gross margin 84.5%, adjusted EBITDA $37.7 million (+20% YoY). Full year 2025 EBITDA guidance raised to $124-127 million.
- **Cash Flow**: Free cash flow $30 million (Q3) and $140 million trailing 12 months, with 30% free cash flow margin expected for 2025.
- **2026 Outlook**: Anticipates ARR growth acceleration, driven by Inseyets upgrades, Guardian adoption, and Corellium integration. EBITDA margin expansion through AI-enabled efficiency gains.

**【Q&A Key Highlights】**
- **Corellium Update**: CFIUS clearance nearing completion, with $150 million purchase expected Q4. Pipeline exceeds $10 million ARR across defense, intelligence, and enterprise.
- **Federal Execution**: Q3 federal growth included $11 million+ orders from marquee agencies. 2026 federal recovery supported by FedRAMP authorization and Corellium product fit.
- **SaaS Transition**: 50%+ of customers using Guardian, with hybrid deployments common. Pathfinder remains critical for high-volume on-prem analytics.
- **Cash Allocation**: Post-Corellium, focus on disciplined M&A and AI investments to maintain 30%+ free cash flow margin.


Cellebrite DI Ltd. (CLBT) Q3 2025 Earnings Call Transcript

- **Revenue & ARR Growth**: Q2 ARR +21% to $419M, revenue +18% to $113.3M, with 91% from subscriptions.
- **Strategic Wins**: Guardian ARR doubles YoY; Corellium acquisition ($150M) closes first $500K deal in Europe.
- **Federal Challenges**: 2025 federal ARR growth reduced by 4pts due to delays, but renewals >95%.
- **AI & Innovation**: GenAI integration across products; mobile research updates cover 100+ Android OEMs.
- **2026 Outlook**: Potential 20%+ ARR growth driven by FedRAMP ATO, D&I spending, and Corellium adoption.


**【CEO Summary Section】**
- **Revenue Growth**: Q2 ARR grew 21% to $419 million, driven by U.S. state/local and Latin America. Revenue increased 18% to $113.3 million, with 91% from subscriptions.
- **Strategic Achievements**: 
  - Inseyets adoption reached 40% of license base; Guardian ARR grew 100% YoY for the 4th consecutive quarter.
  - Corellium acquisition ($150M) to expand ARM-based vulnerability testing, closing first $500K deal in Europe.
  - FedRAMP ADO for Government Cloud solutions with DOJ sponsorship, enabling federal sales.
- **Federal Challenges**: U.S. federal ARR growth reduced by 4pts due to delayed spending, though renewals remain strong (mid-90% retention). Expect resurgence in 2026 post-legislation.
- **AI & Innovation**: Integrating GenAI across products (e.g., Guardian) to enhance investigation efficiency; mobile research updates cover 100+ Android OEMs.

**【CFO Financial Commentary】**
- **Profitability**: Gross margin 85%, adjusted EBITDA $27.9M (+29% YoY), free cash flow $29M (25.6% margin).
- **Balance Sheet**: $558M cash, up $48M QoQ. Free cash flow expected at ~30% margin for 2025.
- **Guidance**: 
  - Q3 ARR: $435-445M (17-20% growth)
  - Full year ARR: $460-475M (16-20% growth)
  - Full year revenue: $465-475M (16-18% growth)
  - Adjusted EBITDA: $118-123M (25-26% margin)

**【Q&A Key Highlights】**
- **Federal Spending Confidence**: Renewal rates >95%, pipeline strong, but timing uncertain. First deal under new legislation closed Q2, with 2x renewal expected.
- **Corellium Impact**: Early interest from defense/intel agencies; potential to expand private sector use cases.
- **2026 Outlook**: FedRAMP ATO, D&I spending growth, and Corellium adoption could drive 20%+ ARR growth.
- **AI Integration**: Using AI for internal efficiency (e.g., sales forecasting) and external solutions (e.g., evidence analysis bots).
- **Europe Momentum**: D&I spending growth in EMEA, with Guardian and Pathfinder adoption accelerating.


Cellebrite DI Ltd. (CLBT) Q2 2025 Earnings Call Transcript

- **ARR growth outperforms expectations**: 23% YoY driven by state/local, Latin America, and Asia Pacific.
- **Federal recovery optimism**: Expanded pipeline and Q3 seasonality may offset short-term headwinds.
- **Insights migration momentum**: 30% of installed base converted, targeting 50% by year-end.
- **Guardian hyper-growth**: ARR up >100% QoQ, tripling year-over-year customer count.
- **Long-term vision reaffirmed**: $1 billion ARR by 2028 with 20% CAGR, supported by D&amp;I and private sector expansion.

**【CEO Summary Section】**
- Q1 ARR grew 23% YoY to $408 million, driven by strong performance in U.S. state/local, Latin America, and Asia Pacific. Adjusted EBITDA increased 34% to $23.7 million, with a 22% margin.
- Federal segment represented 17% of 2024 revenue but faced short-term headwinds; pipeline expansion and Q3 seasonality may drive H2 recovery.
- 30% of installed base migrated to Insights, on track for 50% conversion by end-2025. Guardian ARR growth exceeded 100% for the third consecutive quarter.
- User conference in Washington D.C. attracted 700 attendees, and EMEA go-to-market investments are expected to accelerate growth in H2.

**【CFO Financial Commentary】**
- Q1 revenue of $107.5 million (+20% YoY) reflected 21% subscription growth, with 89% of revenue from recurring sources.
- Gross margin of 84.4% (down 130bps YoY) due to hosting and customer success investments. Operating expenses rose 13% to $68.8 million, driven by headcount and event costs.
- Q2 guidance: ARR $416-426 million (+20-23% YoY), revenue $110-116 million (+15-21% YoY). Full-year ARR and EBITDA targets remain unchanged.

**【Q&A Key Points】**
- Federal market: Pipeline expansion and Memorial Day budget resolution could unlock Q3 spending. FedRAMP ATO expected by Q3, positioning for 2026 growth.
- EMEA: Board/executive team visits to U.K. and Germany signal commitment; pipeline growth and customer engagement suggest H2 acceleration.
- Pathfinder: 10.4 release enhanced cloud delivery; penetration target 25% vs. 50% for Guardian, constrained by sovereign cloud adoption.
- Long-term vision: $1 billion ARR by 2028 (20% CAGR) remains intact, with D&amp;I and private sector as key growth drivers.


Cellebrite DI Ltd. (CLBT) Q1 2025 Earnings Call Transcript

- **2024 Growth Milestones**: 25% ARR growth, 25% EBITDA margin, $122M free cash flow. 
- **2025 Targets**: 21-25% ARR growth, 20-22% revenue growth, 24-25% EBITDA margin. 
- **Strategic Priorities**: 
  - Migrate 50%+ to Inseyets by end-2025. 
  - Expand cloud ARR to 17% of total. 
  - Double federal TAM with FedRAMP certification. 
  - Host 500+ attendee Case-to-Closure Summit. 
- **Key Risks**: Q1 2025 federal pipeline delays ($2-3M impact). 
- **Customer Loyalty**: 92% retention in 2024; targeting 0.5-1% improvement. 


**【CEO Summary Section】**
- **2024 Performance Highlights**: Delivered 25% ARR growth to $396 million, 25% adjusted EBITDA margin, and $122 million free cash flow. Achieved Rule of 50 with 25% ARR growth and 25% EBITDA margin. 
- **2025 Strategic Priorities**: 
  - Migrate 50%+ of installed base to Inseyets (up from 20% in 2024). 
  - Expand cloud-based ARR to 17% of total (doubled from 2023). 
  - Grow Guardian/Pathfinder ARR by 50%+ (now 10% of total). 
  - Launch FedRAMP-compliant Cellebrite Federal Solutions. 
  - Host inaugural Case-to-Closure Summit in March 2025. 
- **CEO Search Update**: Actively interviewing candidates with SaaS/AI expertise; no timeline set. 

**【CFO Financial Commentary】**
- **Q4 2024 Results**: 
  - Revenue: $109 million (17% YoY growth). 
  - ARR: $396 million (25% YoY). 
  - Gross Margin: 85% (up from 84.2% in 2023). 
  - Adjusted EBITDA: $28.8 million (26% margin). 
  - Free Cash Flow: $61.7 million (59% YoY increase). 
- **2025 Outlook**: 
  - ARR: $480-495 million (21-25% growth). 
  - Revenue: $480-490 million (20-22% growth). 
  - EBITDA: $113-123 million (24-25% margin). 
  - Diluted Shares: 255-265 million. 
- **Key Drivers**: Subscription software growth, Inseyets migration, federal sector expansion. 

**【Q&A Key Questions】**
1. **Federal Spending Impact**: 
  - 20% of revenue from U.S. federal; no impact on renewals. 
  - Q1 2025 guidance includes $2-3 million headwinds from regime changes. 
  - Long-term opportunity to double TAM with FedRAMP certification. 
2. **Inseyets Migration Progress**: 
  - 20% of installed base migrated in 2024 (vs. 10% target). 
  - Target 50%+ by end of 2025. 
  - Unlock attach rate at 30%+ (up from 20% in 2023). 
3. **AI Adoption**: 
  - Gen AI features in Guardian enable 10x faster analysis. 
  - 60% of customers see AI as critical for combating digital crime. 
4. **Customer Retention**: 
  - 92% gross retention in 2024 (up from 88% in 2023). 
  - 2025 target: 0.5-1% improvement from reduced voluntary exits. 


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