Cellebrite DI Ltd. (NASDAQ:CLBT) Q3 2023 Earnings Call Transcript

Yossi Carmil: In general, we didn’t see any challenge whatsoever during this year and in comparison to, I would say, Q3 versus Q2 regarding federal budgets. We see pretty much healthy environment. There are some discussions, obviously, regarding ’24 and ’25. They are in the public about limiting the cap related to the Fed budget. But as I look at our, I would say, performance, which is related to the budget, we also saw a good growth if we compare Q3 2023 in previous or in previous — in comparison to previous year.

Douglas Bruehl: And then maybe one more. Given that the new SaaS offering for enterprises that you released in the quarter, any commentary on private sector traction or trends that you’re seeing lately?

Yossi Carmil: First of all, as I said, private sector is becoming more and more important for us and is on our — so to say, on our radar. The trends in the private sector when it comes to us, the areas of, I would say, eDiscovery, and incident response, one, there are more budgets. Second, there is an ongoing trend, which started by the way already in 2019, 2020 for the need for remote collection, especially when it comes to large and midsized organization. And there is a clear need for a unified platform as we look ahead, I would say, towards 2025, 2026. Those are the major trends, and we intend to operate accordingly.

Operator: This does conclude the Q&A portion of today’s call. I would now like to turn the floor over to Cellebrite CEO, Yossi Carmil, for any additional or closing remarks.

Yossi Carmil: First of all, again, thank you all for joining. And I would like to end by, thank you for the interest, thank you for the support. And again, I would like to give a big thank you for the Cellebrite employees and emphasizing the fact that especially during such times, so macroeconomic conditions, plus what we are experiencing the conflict in the Middle East, we succeed to continue with our strategic plans and deliver above and beyond and beat our targets. So a big well done and a big thank you from my team. And thank you for joining us today.

Operator: This does conclude today’s Cellebrite third quarter 2023 financial results conference call. Please disconnect your line at this time, and have a wonderful day.