Author: pr web

PETAH TIKVA, Israel and TYSONS CORNER, Va., April 11, 2023 (GLOBE NEWSWIRE) — Cellebrite (NASDAQ: CLBT), a global leader in Digital Intelligence (“DI”) solutions for the public and private sectors, today announced it will report its first-quarter 2023 financial results before market open on Wednesday, May 10, 2023.

Later that same morning, Cellebrite will host a live conference call and webcast to review the Company’s financial results for the first quarter of 2023 and discuss its full-year 2023 outlook. Pertinent details include:

Date:		Wednesday, May 10, 2023
Time:		8:30 a.m. ET
Call-In Number:		203-518-9814
Conference ID:		CLBTQ123
Event URL:		https://investors.cellebrite.com/events/event-details/cellebrite-q1-23-earnings
Live Webcast URL:		https://edge.media-server.com/mmc/p/u58372yq

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.

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.

Media
Victor Cooper
Sr. Director of Corporate Communications + Content Operations
Victor.cooper@cellebrite.com
+1 404.804.5910

Investor Relations
Andrew Kramer
investors@cellebrite.com

GlobeNewswire Distribution ID 8805685

Cellebrite’s latest AI-enabled Investigative Analytics Solution, Pathfinder X, equips investigators with new breadth of investigative tools and enterprise deployment options to support case resolution

PETAH TIKVA, Israel and TYSONS CORNER, Va., March 21, 2023 (GLOBE NEWSWIRE) — Cellebrite DI Ltd. (Nasdaq: CLBT), a leading global provider of Digital Intelligence (DI) solutions, announced today the global launch of Pathfinder X, an elevated suite of artificial intelligence (AI)-enabled capabilities for a wide variety of digital data from various sources designed to provide enhanced connectivity capabilities and valuable insights to agencies and teams working through complex investigations.

“Cellebrite’s investigative analytics have long provided our investigative partners with trusted end-to-end digital intelligence solutions, leading to actionable evidence and accelerated justice outcomes,” says Ronnen Armon, Cellebrite’s Chief Products & Technologies Officer. “Today’s Pathfinder X launch brings a new level of trust and capability to our agency and customer teams as they work in an increasingly complex digital environment.”

Pathfinder X now offers:

• Cloud deployment options on AWS and Azure VPC.
• A hub and spoke deployment format ideal for geographically dispersed teams.
• A new user management system with audit trails and group assignments to ensure enhanced security and compliance with government and Federal security requirements, including FISMA.

Following digital data extraction, Pathfinder X seamlessly identifies connections in collected data, regardless of origin and lawful extraction technology, to more quickly and accurately pinpoint potential persons of interest based on their shared content and correlated actions. The software improves reporting services with location modeling that provides precise data mapping and the ability to identify data duplication – an important capability that streamlines and expedites investigations.

Pathfinder’s enhanced capabilities have already been deployed on several investigations including one pending case involving the Lake Jackson Police Department. After receiving a tip from the National Center for Missing & Exploited Children (NCMEC) of a suspect alleged to be in possession of Child Sex Abuse Materials (CSAM), notably containing a live child victim, the department used Cellebrite’s Pathfinder technology to strengthen its case.

“I collected CSAM evidence from a variety of data sources in this case and using Cellebrite Pathfinder’s powerful AI, I was able to process and compare known images of the child victim to the CSAM evidence, which has made this case stronger as it proceeds through the justice system,” says Detective Sergeant Chris Collins at the Department.

From the crime scene to the courtroom, Cellebrite is an established and trusted partner for investigative teams at the state, local and federal levels and used in jurisdictions around the world. Today’s Pathfinder announcement comes following significant investments in the technology including a $10 million contract with a European national police force and an agreement worth more than $1 million with a large Australian police force.

For more information about Cellebrite Pathfinder X, please visit here.

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, https://investors.cellebrite.com, or follow us on Twitter at @Cellebrite.

Cellebrite Contacts

Media
Victor Cooper
Sr. Director of Corporate Communications + Content Operations
Victor.cooper@cellebrite.com
+1 404.804.5910

Andrew Kramer
Investor Relations
investors@cellebrite.com
+1 973.206.7760

GlobeNewswire Distribution ID 8792236

ARR of $249 million, up 33% year-over-year

Fourth-quarter revenue of $74.0 million, Increase 9% year-over-year

Fourth-quarter adjusted EBITDA of $16.1 million, 21.8% adjusted EBITDA margin

PETAH TIKVA, Israel and TYSONS CORNER, Va., Feb. 15, 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 and twelve months ending December 31, 2022.

“We ended 2022 with solid quarterly results fueled by our industry-leading technology in a healthy Digital Intelligence market. Our market leadership remains strong as a result of the tangible progress and investments we have made in innovating across our platforms and executing on our go-to-market strategy,” said Yossi Carmil, Cellebrite’s CEO. “As data volumes are surging, data complexity is increasing and scrutiny around ethics and accountability are mounting, we are committed to helping customers modernize their investigations by digitizing the evidence workflows end-to-end. We enter 2023 well positioned to accelerate our revenue growth rate and drive improved profitability as we continue to capitalize on the strong demand we see for our offerings.”

Fourth Quarter Financial Highlights

• Annual Recurring Revenue (ARR) of $249 million, up 33% year-over-year
• Revenue of $74.0 million, up 9% year-over-year, of which subscription revenue was $62.3 million, up 24% year-over-year
• Recurring revenue dollar-based net retention rate of 130%
• GAAP gross profit and gross margin of $61.9 million and 83.6%, respectively
• GAAP net income of $7.1 million; Non-GAAP net income of $15.3 million
• GAAP diluted EPS of $0.04; Non-GAAP diluted EPS of $0.08
• Adjusted EBITDA and adjusted EBITDA margin of $16.1 million and 21.8%, respectively

Full Year Financial Highlights

• Revenue of $270.7 million, up 10% year-over-year, of which subscription revenue was $216.0 million, up 18% year-over-year
• GAAP gross profit and gross margin of $219.9 million and 81.3%, respectively
• GAAP net income of $120.8 million; Non-GAAP net income of $19.7 million
• Adjusted EBITDA and Adjusted EBITDA margin of $25.9 million and 10%, respectively

Fourth Quarter and Recent Digital Intelligence Highlights

• Closed 29 large deals in the fourth quarter, each valued at $500,000 or more.
• Won a $14 million agreement with a leading law enforcement agency in Asia for the company’s Advanced Extraction Solution.
• Signed a $10+ million deal with a major West European national police force, marking one of the Company’s largest digital intelligence deals, further validating digital intelligence as an essential accelerator for investigators.
• Announced that its collaboration with the Vanderburgh Co. Cyber Crime Task Force to service 29 agencies across 11 U.S. states has helped accelerate justice by reducing the time it takes to investigate and successfully prosecute felonies.
• Launched new cloud workplace app collection capability for Cellebrite Endpoint Inspectorthataims to improve organizations’ investigation and eDiscovery capabilities. Thisnew functionalitywill enable customers to collect remote mobile and computer data as well as cloud workplace application data in one unified platform, reducing time and costs associated with the collection of data of these apps.
• Published the Enterprise Solutions 2023 Industry Trends Report, which highlights major data collection headaches arising from a hybrid work environment that threaten to slow down corporate fraud, IP theft and sexual harassment investigations for eDiscovery professionals and corporate investigators.
• Partnered with the Gangmasters and Labour Abuse Authority (GLAA), and The Exodus Road to help these organizations advance their efforts to advance their respective missions and eliminate forced labor and human trafficking.

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

“With a strong 33% annual growth in ARR during 2022 and 84% of our fourth-quarter 2022 revenue coming from subscription software licenses, Cellebrite has largely completed a successful, multi-year transition to subscription software,” said Dana Gerner, Chief Financial Officer of Cellebrite. “Looking ahead, we are well positioned to increase our revenue growth rate and sustain solid ARR momentum in 2023 as we continue expanding wallet share with existing customers, complemented by winning new logos. We anticipate that the combination of our top-line growth and prudent investment in our operations will enable us to drive improvement in our profitability during 2023, and keep us on track to reach our original long-term EBITDA margin target of 20% or greater.”

• December 2023 ARR is expected to be between $300 and $310 million, representing 21-25% year on year growth.
• Full year 2023 revenue is expected to be between $305 and $315 million, representing 13-16% year on 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
Today, February 15, 2023, at 8:30 a.m. ET, Cellebrite will host a conference call and webcast to discuss the Company’s financial results for the fourth quarter 2022. The call details are below:

Telephone participants are advised to register in advance at:
https://register.vevent.com/register/BIa98ecd8f02c04567a1515497e1f850c8.

Upon registration, participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique registrant ID.

The live conference call will be webcast in listen-only mode at: https://edge.media-server.com/mmc/p/6j7zngzy.

The webcast will remain available after the call at: https://investors.cellebrite.com/events-presentations

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 offers 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.

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. Term-based 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.

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. Such forward looking statements with respect to revenues, earnings, 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 acceptance 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; uncertainties regarding the impact of macroeconomic and/or global conditions, including COVID-19 and military actions involving Russia and Ukraine; intense competition in all of Cellebrite’s markets; the inadvertent or deliberate misuse of Cellebrite’s solutions; political and reputational factors related to Cellebrite’s business or operations; risks relating to estimates of market opportunity and forecasts of market growth; Cellebrite’s ability to properly manage its growth; risks associated with Cellebrite’s credit facilities and liquidity; Cellebrite’s reliance on third-party suppliers for certain components, products, or services; challenges associated with large transactions and long sales cycle; risks that Cellebrite’s customers may fail to honor contractual or payment obligations; risks associated with a significant amount of Cellebrite’s business coming from government customers around the world; risks related to Cellebrite’s intellectual property; security vulnerabilities or defects, including cyber-attacks, information technology system breaches, failures or disruptions; the mishandling or perceived mishandling of sensitive or confidential information; the complex and changing regulatory environments relating to Cellebrite’s operations and solutions; the regulatory constraints to which we are 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 March 29, 2022,as amended on April 14, 2022 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:

Investors
Investor Relations
investors@cellebrite.com

Media
Victor Cooper
Public Relations and Corporate Communications Director
+1 404 804 5910
Victor.cooper@cellebrite.com

Cellebrite DI Ltd.
Fourth Quarter 2022 Results Summary
(U.S Dollars in thousands)

	For the three months ended		For the Year ended
	December 31,		December 31,
	2022		2021		2022		2021
Revenue	74,018			67,908			270,651			246,246
Gross profit	61,887			55,572			219,905			203,689
Gross margin	83.6	%		81.8	%		81.3	%		82.7	%
Operating income	9,674			4,306			1,044			13,822
Operating margin	13.1	%		6.3	%		0.4	%		5.6	%
Cash flow from operating activities	35,743			29,792			20,577			36,052
Non-GAAP Financial Data:
Operating income	14,428			7,751			19,538			42,869
Operating margin	19.5	%		11.4	%		7.2	%		17.4	%
Adjusted EBITDA	16,114			8,874			25,906			47,905
Adjusted EBITDA margin	21.8	%		13.1	%		9.6	%		19.5	%

Cellebrite DI Ltd.
Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands)

		December 31,		December 31,
			2022				2021
Assets
Current assets
Cash and cash equivalents		$	87,645			$	145,973
Short-term deposits			51,335				35,592
Marketable securities			44,643				—
Trade receivables (net of allowance for doubtful accounts of $1,904 and $1,040 as of December 31, 2022 and 2021, respectively)			78,761				67,505
Prepaid expenses and other current assets			17,085				12,818
Contract acquisition costs			6,286				4,813
Inventories			10,176				6,511
Total current assets			295,931				273,212
Non-current assets
Other non-current assets			1,731				1,958
Marketable securities			22,125				—
Deferred tax assets, net			12,511				9,800
Property and equipment, net			17,259				16,756
Intangible assets, net			11,254				11,228
Goodwill			26,829				26,829
Operating lease right-of-use assets, net			15,653				—
Total non-current assets			107,362				66,571
Total assets		$	403,293			$	339,783
Liabilities and shareholders’ equity (deficiency)
Current Liabilities
Trade payables		$	4,612			$	9,546
Other accounts payable and accrued expenses			45,453				54,044
Deferred revenues			152,709				122,983
Operating lease liabilities			5,003				—
Total current liabilities			207,777				186,573
Long-term liabilities
Other long term liabilities			5,394				9,537
Deferred revenues			42,173				36,426
Restricted Sponsor Shares liability			17,532				44,712
Price Adjustment Shares liability			26,184				79,404
Warrant liability			20,015				56,478
Operating lease liabilities			10,353				—
Total long-term liabilities			121,651				226,557
Total liabilities		$	329,428			$	413,130
Shareholders’ equity (deficiency)
Share capital		*)		*)
Additional paid-in capital			(125,624	)			(153,072	)
Treasury share, NIS 0.00001 par value; 41,776 ordinary shares			(85	)			(85	)
Accumulated other comprehensive income			331				1,372
Retained earnings			199,243				78,438
Total shareholders’ equity (deficiency)			73,865				(73,347	)
Total liabilities and shareholders’ equity (deficiency)		$	403,293			$	339,783

*) 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		For the Year ended
	December 31,		December 31,
		2022				2021				2022				2021
Revenue:
Subscription services	$	43,698			$	31,999			$	153,470			$	120,889
Term-license		18,625				18,088				62,487				62,428
Total subscription		62,323				50,087				215,957				183,317
Perpetual license and related		3,666				9,387				21,373				34,169
Professional services		8,029				8,434				33,321				28,760
Total revenue		74,018				67,908				270,651				246,246
Cost of revenue:
Subscription services		3,681				2,045				16,875				9,369
Term-license		50				753				425				2,299
Total subscription		3,731				2,798				17,300				11,668
Perpetual license and related		3,381				4,659				12,987				9,817
Professional services		5,019				4,879				20,459				21,072
Total cost of revenue		12,131				12,336				50,746				42,557
Gross profit	$	61,887			$	55,572			$	219,905			$	203,689
Operating expenses:
Research and development		19,734				18,833				80,620				65,541
Sales and marketing		23,669				21,239				97,387				76,389
General and administrative		8,810				11,194				40,854				47,937
Total operating expenses	$	52,213			$	51,266			$	218,861			$	189,867
Operating income	$	9,674			$	4,306			$	1,044			$	13,822
Financial (expense) income, net		(572	)			49,809				119,716				68,483
Income before tax		9,102				54,115				120,760				82,305
Tax expense (income)		2,024				2,244				(45	)			10,909
Net income	$	7,078			$	51,871			$	120,805			$	71,396
Earnings per share
Basic	$	0.04			$	0.28			$	0.64			$	0.49
Diluted	$	0.04			$	0.25			$	0.59			$	0.44
Weighted average shares outstanding
Basic		184,952,107				180,170,342				182,693,375				144,002,394
Diluted		192,786,615				199,082,479				195,393,558				161,538,579
Other comprehensive income:
Unrealized income (loss) on hedging transactions		1,194				495				(953	)			(944	)
Unrealized income (loss) on marketable securities		44				—				(502	)			—
Currency translation adjustments		(133	)			955				414				995
Total other comprehensive income (loss) net of tax		1,105				1,450				(1,041	)			51
Total other comprehensive income	$	8,183			$	53,321			$	119,764			$	71,447

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		For the Year ended
	December 31,		December 31,
		2022				2021				2022				2021
Cash flow from operating activities:
Net income	$	7,078			$	51,871			$	120,805			$	71,396
Adjustments to reconcile net income to net cash provided by operating activities:
Share based compensation and RSU’s		3,787				1,661				13,708				6,480
Amortization of premium, discount and accrued interest on marketable securities		(225	)			—				(372	)
Depreciation and amortization		2,520				1,814				9,194				7,007
Interest income from short term deposits		(318	)			—				(684	)			—
Deferred income taxes		(61	)			269				(2,392	)			(1,638	)
Remeasurement of warrant liability		375				(15,506	)			(36,463	)			(11,967	)
Remeasurement of Restricted Sponsor Shares		1,381				(11,181	)			(27,180	)			(17,635	)
Remeasurement of Price Adjustment Shares liabilities		1,211				(23,934	)			(53,220	)			(38,271	)
Decrease (increase) in trade receivables		11,242				8,690				(12,885	)			(1,958	)
Increase in deferred revenue		18,953				9,152				38,966				21,804
Decrease (increase) in other non-current assets		94				(1,779	)			227				(1,394	)
(Increase) decrease in prepaid expenses and other current assets		(4,431	)			2,541				(5,692	)			(8,304	)
Changes in operating lease assets		4,667				—				4,667				—
Changes in operating lease liability		(5,955	)			—				(5,955	)			—
Increase in inventories		(812	)			(1,711	)			(3,680	)			(1,798	)
(Decrease) increase in trade payables		(895	)			2,955				(5,471	)			4,239
(Decrease) increase in other accounts payable and accrued expenses		(2,060	)			2,428				(8,853	)			5,107
(Decrease) increase in other long-term liabilities		(808	)			2,522				(4,143	)			2,984
Net cash provided by operating activities		35,743				29,792				20,577				36,052
Cash flows from investing activities:
Purchases of property and equipment		(1,391	)			(778	)			(6,897	)			(5,111	)
Cash paid in conjunction with acquisitions, net of acquired cash		—				(20,000	)			—				(20,000	)
Purchase of Intangible assets		(1,788	)			—				(2,188	)			—
Investment in marketable securities		(9,253	)			—				(89,364	)			—
Proceeds from maturity of marketable securities		7,445				—				22,277				—
Assets acquisition		—				—				—				(3,000	)
Investment in short term deposits		(51,000	)			(21,000	)			(76,000	)			(21,000	)
Redemption of short term deposits		18,544				47,210				60,941				94,337
Net cash (used in) provided by investing activities		(37,443	)			5,432				(91,231	)			45,226
Cash flows from financing activities:
Payment of dividend		—				—				—				(100,000	)
Exercise of options to shares		1,327				944				12,628				2,305
Proceeds from Employee Share Purchase Plan, net		657				—				1,337				—
Exercise of public warrants		—				—				5				—
Proceeds from Recapitalization transaction, net		—				—				—				29,298
Net cash provided by (used in) financing activities		1,984				944				13,970				(68,397	)
Net increase (decrease) in cash and cash equivalents		284				36,168				(56,684	)			12,881
Net effect of Currency Translation on cash and cash equivalents		2,795				(81	)			(1,644	)			(754	)
Cash and cash equivalents at beginning of period		84,566				109,886				145,973				133,846
Cash and cash equivalents at end of period	$	87,645			$	145,973			$	87,645			$	145,973
Supplemental cash flow information:
Income taxes paid	$	3,727			$	1,758			$	9,053			$	8,157
Non-cash activities
Purchase of property and equipment	$	—			$	749			$	—			$	814
Purchase of Intangible assets	$	493			$	—			$	664			$	—

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		For the year ended
	December 31,		December 31,
		2022				2021				2022				2021
	Unaudited		Unaudited		Unaudited		Unaudited
Operating income	$	9,674			$	4,306			$	1,044			$	13,822
Issuance expenses		—				—				—				11,835
Dividend participation compensation		—				—				—				966
Share based compensation		3,787				1,661				13,708				6,480
Amortization of intangible assets		834				607				2,826				1,971
Acquisition related costs		133				1,177				1,960				7,795
Non-GAAP operating income	$	14,428			$	7,751			$	19,538			$	42,869
	For the three months ended		For the year ended
	December 31,		December 31,
		2022				2021				2022				2021
	Unaudited		Unaudited		Unaudited		Unaudited
Net income	$	7,078			$	51,871			$	120,805			$	71,396
One time tax (income) expense		—				—				(2,368	)			7,067
Issuance expenses		—				—				—				11,835
Dividend participation compensation		—				—				—				966
Share based compensation		3,787				1,661				13,708				6,480
Amortization of intangible assets		834				607				2,826				1,971
Acquisition related costs		133				1,177				1,960				7,795
Tax expense (income)		516				498				(384	)			(1,670	)
Finance expense (income) from financial derivatives		2,967				(50,621	)			(116,863	)			(67,873	)
Non-GAAP net income	$	15,315			$	5,193			$	19,684			$	37,967
Non-GAAP Earnings per share:
Basic		0.08			$	0.03				0.10			$	0.26
Diluted		0.08			$	0.03				0.10			$	0.24
Weighted average shares outstanding:
Basic		184,952,107				180,170,342				182,693,375				144,002,394
Diluted		192,786,615				199,082,479				195,393,558				161,538,579

	For the three months ended		For the year ended
	December 31,		December 31,
		2022				2021				2022				2021
	Unaudited		Unaudited		Unaudited		Unaudited
Net income	$	7,078			$	51,871			$	120,805			$	71,396
Financial expense (income), net		572				(49,809	)			(119,716	)			(68,483	)
Tax expense (income)		2,024				2,244				(45	)			10,909
Issuance expenses		—				—				—				11,835
Dividend participation compensation		—				—				—				966
Share based compensation		3,787				1,661				13,708				6,480
Amortization of intangible assets		834				607				2,826				1,971
Acquisition related costs		133				1,177				1,960				7,795
Depreciation expenses		1,686				1,123				6,368				5,036
Adjusted EBITDA	$	16,114			$	8,874			$	25,906			$	47,905

GlobeNewswire Distribution ID 8749609

OTTAWA, Feb. 01, 2023 (GLOBE NEWSWIRE) — Today marks the 50^th anniversary of the establishment of diplomatic relations between Canada and the Kingdom of Bahrain.

Canada has enjoyed positive relations with Bahrain since February 2, 1973, and the bilateral relationship covers a broad range of issues related to security, trade and investment. Defence ties between the two nations are particularly strong as Canadian Forces personnel are deployed to Bahrain as part of Combined Task Force 150, a multinational coalition based in Bahrain that’s responsible for naval maritime security and counterterrorism in the Horn of Africa region.

Canada has several commercial interests in Bahrain, including investments in aerospace, food production and telecommunications. CCC’s trade experts recently met with H.E. Dr. Shaikh Abdulla Bin Ahmed Al Khalifa, Undersecretary for Political Affairs for the Minister of Foreign Affairs. Dr. Al Khalifa conveyed that clean technologies are a priority for Bahrain, particularly wastewater treatment, hydrogen technologies, desalination, carbon capture, energy efficiency. He further emphasized that the Bahrain government is committed to reduce the country’s carbon emissions to net zero by 2060.

“CCC looks forward to continued dialogue with the Kingdom of Bahrain to advance economic and trade opportunities,” said Kim Douglas, Vice-President, Business Development and Marketing, CCC.

To learn more about opportunities in Bahrain, contact the export experts at CCC.

QUICK FACTS

• In 2021, bilateral merchandise trade between Canada and Bahrain was $275.8 million, including $217.6 million in exports and $58.2 million in imports.
• Bahrain is a member of the Gulf Cooperation Council and offers interesting opportunities for Canadian companies. Bahrain’s economy has grown over the past 10 years in part, as a result of its favorable economic policies, with a positive long-term outlook.

RELATED

• Canada-Bahrain relations
• Doing business in Bahrain

CONTACT

For media enquiries, please contact communications@ccc.ca

ABOUT CANADIAN COMMERCIAL CORPORATION (CCC)
We are Canada’s government to government contracting agency. We help build successful commercial relationships between Canadian businesses and governments around the world through our government to government contracting approach. We are also the Government of Canada’s designated contracting authority for U.S. DoD requirements from Canada. To learn more about how we have facilitated billions in trade between Canadian businesses and governments around the world, visit www.ccc.ca/en/.

GlobeNewswire Distribution ID 8740237

In 2022, nine operations resulted in the direct intervention of 152 survivors and arrests of 20 perpetrators of human trafficking

PETAH TIKVA, Israel and TYSONS CORNER, Va. and COLORADO SPRINGS, Colo., Jan. 30, 2023 (GLOBE NEWSWIRE) — Cellebrite DI Ltd. (Nasdaq: CLBT), a global leader in Digital Intelligence (DI) solutions for the public and private sectors, and The Exodus Road, an international nonprofit organization specializing in disrupting human trafficking, today announced the impact of their collaboration in 2022 in Brazil.

As a result of Cellebrite’s collaboration alongside The Exodus Road in Brazil with Brazil leading law enforcement organizations, nine successful operations were performed separately by the Brazil Federal Police, Border Police, and the Ministry of Public Labor in 2022.

The nine cases led to the direct intervention of 152 survivors of human trafficking and 20 perpetrators being held accountable. Despite the magnitude of this victory, the individual stories must not be overlooked. These individuals are people from all walks of life, ranging in age and nationality, who have been enslaved, exploited sexually, trafficked or forced into begging. The results from 2022 are a stark and vivid reminder that the fight against human trafficking is far from over. Cellebrite and The Exodus Road are committed to the mission of ending human trafficking in all forms.

“We are pleased to see our partnership with The Exodus Road have a significant impact in Brazil’s efforts to combat human trafficking,” said Marque Teegardin, President of Cellebrite Americas. “Cellebrite is committed to providing The Exodus Road with funding and in-kind solutions and services that support the growth of The Exodus Road’s training programs and play an important role in the fight against human trafficking.”

“In these cases and others, Cellebrite’s contributions have empowered law enforcement, through the use of training curriculum and technology, in critical points of case development,” commented Matt Parker, Co-founder and Chief Strategist at The Exodus Road. “The Exodus Road is grateful to have such a committed and robust partnership on the front lines of our work to disrupt human-trafficking crime.”

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, https://investors.cellebrite.com, or follow us on Twitter at @Cellebrite.

About The Exodus Road
The Exodus Road is a global nonprofit disrupting the darkness of modern-day slavery by partnering with law enforcement to fight human-trafficking crime, equipping communities to protect the vulnerable and empowering survivors as they walk into freedom. Working side-by-side with local staff, NGO partners and law enforcement around the world, The Exodus Road fights to liberate trafficked individuals, arrest traffickers, and provide restorative care for survivors. Since its founding in 2012, the organization has assisted police in the rescue of more than 1900 survivors and the arrests of 1000 offenders, numbers that grow almost daily. The Exodus Road’s approach to freedom incorporates intervention, training and education, and aftercare efforts.

In September 2021, The Exodus Road launched TraffickWatch Academy: U.S., a free, online, multimedia training module that unpacks the complexities of human trafficking and educates viewers with methods for identifying signs of trafficking and how to intervene. The organization is also launching a similar training throughout Brazil designed specifically for law enforcement partners. In November, the nonprofit opened Freedom Home in Thailand to house survivors of human trafficking and sexual exploitation. The Exodus Road combats human trafficking in the U.S., Thailand, Brazil, the Philippines, India and in another Latin American country, undisclosed for security reasons.

For additional information on what you can do to help stop trafficking, please visit The Exodus Road’s website at https://theexodusroad.com/, or on Facebook, Instagram, Twitter and YouTube.

Cellebrite Contacts

Media
Victor Cooper
Public Relations and Corporate Communications Director
Victor.cooper@cellebrite.com
+1 404.804.5910

Investors

Investor Relations
investors@cellebrite.com

The Exodus Road Contacts

Mackenzie Spillane
Director of Media Relations
Mackenzie@theexodusroad.com
+1 719-648-4291

GlobeNewswire Distribution ID 8738359

Hybrid work causing major data collection headaches for eDiscovery professionals, slowing down corporate fraud, IP theft and sexual assault investigations

Collecting data from offsite mobile devices, chat apps and remote employees are some of the top challenges faced by corporate investigators

PETAH TIKVA, Israel and TYSONS CORNER, Va., Jan. 24, 2023 (GLOBE NEWSWIRE) — A study commissioned by digital intelligence leader Cellebrite DI Ltd. (NASDAQ: CLBT) has revealed that hybrid work is creating major data collection headaches for eDiscovery professionals and corporate investigators and is slowing down corporate fraud, IP theft and sexual harassment investigations.

The data reveals that both in-house and agency investigators are facing new challenges caused by the pandemic-induced rise in hybrid and remote working. The top three issues highlighted by respondents are as follows:

• 70 percent of eDiscovery professionals say accessing data from offsite mobile devices is a major endpoint collection problem
• 63 percent of eDiscovery professional say accessing data from WhatsApp, WeChat and Telegram is a major endpoint collection problem
• 56 percent of eDiscovery professionals say collecting data from employees working remotely is a major endpoint collection problem

The data, gathered from 550 eDiscovery professionals and corporate investigators in 45 countries, also illustrates how the abundance of chat and collaboration tools – again accelerated by the pandemic – is spreading digital evidence across a broadening range of platforms.

Cellebrite Enterprise Solutions’ Endpoint Inspector helps relieve these pain points by:

• Creating and defining targeted collections from remote computers, remote mobile devices, and supported cloud workplace applications like Office365, Google Workspace, Slack and Box
• Easily collecting only what is needed from endpoints and cloud workplace applications without employees having to hand over their device, saving valuable resources
• Accessing a single source for cloud workplace app collection without logging into every app and pulling all data from multiple sources for every employee

Ken Basore, General Manager at Cellebrite Enterprise Solutions comments: “This study clearly shows that the rise in hybrid working is creating new challenges for investigators such as remote data extraction and the splintering of data across emerging collaboration tools. Organizations must equip professionals with the people, skills and technology required to extract, analyze, manage and store remote digital evidence. If these investments aren’t made, there will be real world consequences including rising cases of business fraud, growing, exposure to civil litigation, possible adverse judgments, unrecoverable financial losses and victims of workplace crimes that do not get the justice they need.”

Joe Pochron, Digital Forensics & Insider Threat Lead, Forensic & Integrity Services Ernst & Young LLP: “As you can see from Cellebrite’s Industry Trends survey, remote collection is growing more and more important for eDiscovery professionals. The growing landscape of collaboration tools provides a deluge of information to investigate. Thankfully, Cellebrite Enterprise Solutions provides the tools necessary to zone in on the data needed for corporate examinations.”

The report, which can be downloaded here, contains a wealth of data about the different ways corporate investigators and third-party service providers are using digital evidence. It contains actionable recommendations for organizations looking to enhance their remote collection capabilities and management of digital artefacts.

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.

About Cellebrite Enterprise Solutions

In a world that’s evolving rapidly, Cellebrite Enterprise Solutions looks beyond the horizon to design solutions to keep data within reach, transform it, and reveal important insights to protect your business and employees. From headquarters to home office, eDiscovery professionals and corporate investigators can access endpoints anywhere with Cellebrite’s enterprise solution offerings.

Media

Victor Cooper
Public Relations and Corporate Communications Director
+1 404 804 5910
victor.cooper@cellebrite.com

Investors

Investor Relations

investors@cellebrite.com

GlobeNewswire Distribution ID 8734667

Basseterre, Jan. 23, 2023 (GLOBE NEWSWIRE) — The Prime Minister of St Kitts and Nevis, Dr. Terrance Drew, along with six other cabinet members from his administration participated in their first press conference of the year on 18 January 2023.

The press conference is one of the methods that Prime Minister Drew’s administration will use to update citizens and residents on matters of national importance such as the 2022 Budget and the upcoming plans and budget for this year. The St Kitts and Nevis government has reiterated several times how it wants to lead with transparency and integrity – ensuring that the twin-island Federation is kept abreast of the administration’s decision-making process and accomplishments during its tenure.

In his opening address, Prime Minister Drew, noted that the government of St Kitts and Nevis continues to work around the clock to fufill the pledges made during the 2022 election campaign.

“These pledges were based on seven foundational pillars including Food Security, Energy Transition, Economic Diversification, Sustainable Industries, Creative Economy. COVID-19 Recovery and Social Protection.

“We made a pledge to govern with transparency, accountability and integrity and we intend to continue in that vein. We want to improve the quality of life and health of our people as these are the founding principles and remain the bedrock of our administration.”

The Prime Minister continued and said, “We are committed to serve with the sole purpose that every policy, every plan and every project is undertaken for the betterment of all, our mission is to transform the lives of people by advancing our economy in a way that will provide greater social and economic opportunities.”

As the Minister of Health and Social Security, Prime Minister Drew unveiled three major developments to strengthen the quality of healthcare in St Kitts and Nevis. These are Universal Health Care, Corporatization of the Joseph N. France General Hospital and strengthening the relations with third-party organizations.

Minister Drew asserted that Universal Health Care remains a priority for the government of St Kitts and Nevis and added that the government is geared to start their Universal Health Care, which will go a long way in opening up access to quality healthcare for all Kittians and Nevisians.

The World Health Organisation has described Universal health coverage as a means for all people to have access to the full range of quality health services they need, when and where they need them, without financial hardship.

The second major development, the corporatization of the Joseph N. France General Hospital – a premier health institution in the country, is aimed to increase the hospital’s efficiency and allow for the proper management of the hospital’s affairs.

The Prime Minister noted that while Joseph N France General Hospital has its strengths and weaknesses, there is always room for improvement, and it is for this reason that the government has been working towards developing its tertiary and secondary healthcare.

He thanked healthcare workers who continue to work tirelessly to serve those in need and hailed the dedication and commitment of medical professionals who served day and night during the unprecedented times of the COVID-19 pandemic – an honorarium has been dedicated to them.

Talking about the challenges these workers face while performing their duties, including oppression and verbal abuse, the Prime Minister suggested hosting an open forum to communicate these issues.

The government of St Kitts and Nevis is also looking to recruit new doctors, nurses, technicians, therapists and technologists. Along with this, a principal nursing officer will be appointed, a position that has been vacant for the last seven years.

“Two lines of action are now ongoing; stabilization and transformation,” stated Prime Minister Drew as he expressed the requirements of new staff, new systems, a new culture of empathy and adequate resources.

The country’s eye clinic will receive new state-of-the-art equipment to the value of EC$700,000.00.

On the matter of strengthening relationships with third party stakeholders, the Prime Minister added that St Kitts and Nevis is looking to revitalize relationships with the likes of CARPHA (the Caribbean Public Health Agency), PAHO (Pan American Health Organization), and several NGOs such as PALS (Pediatric Assistance League of St Kitts). 

A deep dive into the country’s evolving Citizenship by Investment Programme

The Prime Minister hailed the efficient leadership of the new Head of the Citizenship by Investment Unit of St Kitts and Nevis, Michael Martin. The Prime Minister asked the Attorney General and Minister of Justice and Legal Affairs, the Honourable Garth Wilkin to update on changes recently made to the Citizenship by Investment Programme’s legislation on 23 of December, 2022 which changes were made to remove any loopholes used by developers.

Attorney General Garth Wilkin said, “What developers are required to do now, is that they have to place money received from the sale of real estate units into an escrow account and the administration of the citizenship by investment programme will monitor the progress of the projects such that a developer does not sell 20 units for example and not build anything.

New regulations allow developers to prove that developments are indeed on track, and only then will the money be released from the escrow account. This release of funds will be done in phases as certain phases of the building are completed. The new regulations have also been set up to monitor the distribution of units processed.

Minister Wilkin added, “If you were a developer and you believe that you can sell 1000 units or 1000 buildings in your real estate project, you will not be given access to sell those 1000 units at the beginning of your project like it was done in the past, what you will do is you will be given a certain amount of units, for example, 50, you will be able to put those on the market and until you complete a certain phase of your selling, you will not get the next 50, so there will be a staggered approach to the actual issuance of the units that you can sell on the market.”

He said that all of this was done to prevent what previously occurred in the past where real estate developers were selling off plans and building one part of the project and not completing it in its entirety resulting in what he termed “white elephants”.

The Government is focused on ensuring that the citizenship by investment offering provides value to both the investors and the citizens of the country.

The country’s Citizenship by Investment Programme has been undergoing an evolution, setting a bold and new tone for the industry as a whole. St Kitts and Nevis is once again leading the way for the investment immigration industry – adding a new layer of integrity to truly accelerate the country’s economic diversification, and empower and prosper local citizens while creating an enriching base for intelligent investors.

PR St Kitts and Nevis
Government of St. Kitts and Nevis
+44 (0) 207 318 4343
mildred.thabane@csglobalpartners.com

GlobeNewswire Distribution ID 8734548