Right. Good morning. I'm joined today by Dana Gerner, CFO of Cellebrite, and Andy Kramer, head of IR. Thank you all for attending this presentation. Maybe kicking it off, very high-level question. What is Cellebrite? What do you guys do? And maybe you can take us through the transition of the business over the last few years since you went public. I'll start. Sure. Cellebrite is a leader provider of investigative solutions to most law enforcement agencies, but also within the private sector as well. What we are doing is we are actually providing the right technology and the very advanced technology that help our customers collect digital evidence throughout their investigation. Today, with 90% of the investigations, they are relying on digital evidence to be able to solve the case. Not only collect the data, but also make sense out of the data, maintain chain of custody, collaborate, enhance, and allow both the examiners in digital forensics labs, which are very tech-savvy people and require deep technological solutions, and the investigators who are, I would say, less layman with technology but still have great challenges. Think about each and every one of your phone and how many text messages, applications, videos, photos, and so forth. How can you take this information from multiple devices in a large case and make sense and build the case narrative and come to be able to actually identify the golden evidence that will help them close the case? We have been doing that in the last 15 years. Before that, we have been working in the Justin business to the mobile operators, which we sold in 2018. We have been focusing on the law enforcement public sector specifically since 2008. We are also supporting private sector customers, whether our larger enterprises or service providers to enterprises, who require very similar technology to collect and analyze data for e-discovery purposes and internal investigations. We went public August 31st, 2021. We went public with SPAC despite the fact that we could have done an IPO, and that was for very various reasons. We've been, for our entire history, growing our top line very nicely year -over -year, but also growing our bottom line and very profitable in case-generative business. We grew bootstrap, very, very unique in the high-tech industry. We never raised cash to build our business and to grow our business. Since we went public, we've been concluding our transition from an old business model of perpetual licenses and moved our entire install base of licenses and customers to a subscription model. We've introduced some of our portfolio as cloud-based and full SaaS native, and we are continuing our penetration globally. I would say that since we have taken a decision to go public, we have tightened dramatically, more than ever before, our ethical guide and our decisions on compliance and where to do business. We've been doing it since day one, but we have introduced more, I would say, structuring processes into the decision-making on to whom to sell our business and stepped out from more than 40 countries in the last four, five years. You would see that still in some of the churn that we are sharing with the market of our licenses. We have introduced more governance around it by having our own ethical advisory committee that advises the board on what is the how to actually execute business with such powerful tools that actually access people's personal data in a very complex world when you have always the tension between public safety and the right for privacy. More force of change before I think that. I think the only other thing that I'd add is. It's now understanding. Besides that monumental change, I think the only other thing I'd add is that we've gone from being really a point product specialist in digital forensics and a marketing technology leader there. Still a lot of growth left in that part of our business, but have really come to market with a full platform end-to-end. To support the life cycle of a digital investigation from the time crime is committed, a device or devices are obtained, through to managing that workflow of the intake of the device, storing, sharing all of that digital evidence with investigators, and giving the investigators much better tools to drill down into a single device, or in the case of a large-scale criminal enterprise, correlate and synthesize data across multiple devices. I think there are new legs, new growth engines attached to that platform. Got it. A lot of great color. Hopefully, we can get as much through there as we can in the next 30 minutes. I want to go over the platform, the portfolio, and whatnot. Maybe go into a different avenue first. It feels like you almost can't have a conversation today without talking about federal tariffs and AI. We'll talk about the AI with the product and the platform, but you guys are in the public safety market. What changes in the demand environment are you seeing as it relates to federal policy changes, tariff impacts, and whatnot? I guess start with the easiest thing, which is the tariffs, although it is a very volatile and very fluid current stage. We hardly rely on hardware. Most of our sales are software, the vast majority of them. We do provide with our digital forensics capabilities and software some small adapters, and that is because we are doing it forensically. We are not offensive cyber. A customer needs to get the search warrant and hold on a device, whether it is a computer or mobile phones, in order to extract the data, and we do it via cables. The impact of tariffs is the minimum. It almost had no impact on our financial statements for 2025. Based on the last changes that have been shared, almost will be very minimal also in future years. Not material whatsoever. DOGE and the changes to the federal government actually did have some impact, which we believe this headwind that is impacting our business and the federal government is 17% of our total business currently will become, in our perspective, a tailwind in the end. What DOGE introduced impacted the people and the confidence of people in spending their budget. We've seen the larger agencies that we've been working for, whether it's the FBI, the others have change of the renters, change of personnel in the second and third layers, change on the procurement processes, and so forth, and also instability about what is going to be their budget. Also delayed decision-making. Nevertheless, if you look at the current bill that is waiting for approval by the Senate and you look at the eight, nine main spendings on public safety, we can and we will be integrated almost in each and every one of them because the challenges that our customers are facing is not diminishing. On the contrary, it's growing year over year. The only way for them to deal with it is to introduce more and more technology into their business. Want to say more? No, I mean, I think that just to build on that maybe and add a little bit more color, I think that the timing is uncertain for exactly when the current spending inertia turns into a catalyst for spending, but it's not an if, it's a when. The things that are priorities for this current administration, whether it's border control, whether it's getting drugs off the streets, whether it's removing part of the illegal immigrant population that's here now, whether it's human trafficking and trying to stop that, those are global issues to a large extent. We're seeing that also drive demand across the globe. I think that within the current legislation, the things that aren't making the headlines, right, you see Medicaid and tax rates and all of those things dominate the headlines, and that's where there's a lot of scrutiny. The things that I think there's good uniformity around and support for are the earmarks for both Department of Defense and civilian agencies around those priorities. I think that provided that there's good progress on that package, that should serve as a very beneficial catalyst for us. Got it. I wanted to follow up on the comment that you made that you said it's not the if, it's when. Your Q1 results, your Q2 guidance was a little bit less expectations. Is there a risk that you mentioned DOGE, is there a risk that the spending doesn't come back, or do you think that this is just a matter of a quarter or two delay before the firms start picking up again? We cannot commit on behalf of the current government, right? We can say what we see. What we are seeing, aside from that deal, is we are seeing our larger customers preparing for the money to come. If we look on our opportunities and backlogs that we had when we released our Q4 2024 financials mid-February, and where we've been when we released our Q1 financials in mid-May, we are seeing more programs and larger programs that we've seen before entered into our pipeline and into our opportunity management, which means that our customers expect to receive their money, and they already started reallocating it to projects and programs that we can participate. We've taken strides with the federal government in the past year and a half and heavily invested in the potential growth of that regardless to any administration. We've introduced our Cellebrite Federal Solution legal entity, which allows us to work and be part and around the table with larger programs and projects that require clearance, which we couldn't do before. We could sell through system integrators, but we weren't around the tables, and we weren't able to provide them services. We really had enough mileage of approval of this proxy-like company. We have invested heavily in introducing our FedRAMP to our SaaS solutions, and we have been announced SaaS FedRAMP ready a few months ago. What DOGE has impacted us is our ability to close the sponsor and the last 90 days that required to launch against the FedRAMP approval. It will come. We are very close to that. We have great belief in the ability to monetize more around federal government, not only in the U.S., but also globally. If you think about what's happening in Europe, I mean, the challenges that Europeans have with border control, who enters Europe, right? There is a lot of immigration that European countries, especially the Western European countries, would prefer to avoid, right? If you think about gang-related crime, think about what happened to Sweden. I don't know if you know, but it's bitten by organized crime coming from Eastern Europe. If you think about Ukraine, Russia war, and the impact on the feeling of safety, and as such, we see more and more funds that are actually being allocated to intelligence and defense organizations, government organizations in Europe as well. All that we are doing with the federal government in the U.S. will, we expect, replicate itself also in Europe because it actually answers the same problems and challenges. Got it. Maybe right before we go to Europe, just to touch back again on federal, as much as you can put it into numbers, you talked about the FedRAMP certification, you talked about the new federal separate entity. What are your goals there? You talked before that federal entity gives you 10 expansion if we can size that out. I think before you've discussed federal ARR growth of 25%. How are we tracking within that goal? I would say that with regards to the FedRAMP, most of our current customers in the federal government are working offline because this is their mode of operation. We want to be able to support the smaller agencies, second, to support the field offices of those larger agencies, and actually to be able to continue presenting and allowing federal government agencies who do choose to subscribe into our SaaS platform to enjoy the really advanced AI capabilities that we introduced there. We did not assume any business in 2025. We assumed every small business is a toll in 2026 because we know that it requires them to change their mode of operation. We believe that it will allow us to, in the future, continue to introduce more solutions to the federal government. The CFSI, the proxy company, does open new terms. As I said, it opens our ability to provide both software and services to programs and projects we could not do before. Most, I would say, almost the entire sales that we are doing, business we are doing now with the federal government is to the digital forensics labs and our digital forensic solution. We did not almost extend it to our investigative solutions. Being the proxy company and the processes around APO approval, tests, operational, on-prem solution, and enterprise solution is much easier in this type of form. We do believe that it will expand substantially the spending. If we would have stayed only with digital forensics unit and digital forensic solution, it would be hard to continue growing the federal government at the pace of the average of the company. With the investment that we are doing now, we do believe that we will be able to maintain this type of. Got it. Maybe one last question on the topic. 90% of your business is public sector. Earlier, you sized out federal at 17%. Is there any downstream impact to the remaining portion of the public sector, state and local? Yeah. I mean, the U.S. is roughly 50%-ish. America is 54% of the ARR mix. State and local is a very meaningful component within that mix, with federal being 17%. We have not seen any meaningful deterioration or weakness within state and local. There has been and continues to be incremental funding made available by the federal government to support state and local. Within the current legislation, there is $500,000,000 of incremental funds that will support state and local for their support on things like border control. We aren't seeing that impact the strength of our state and local business, which continues to perform very well. Good. Same question now on EMEA. Last quarter, you talked about some weakness there. What were the trends you saw in that region of the world? Now that we're in June, what are you seeing in that region now? As I mentioned before, we did take a decision to invest in the defense and intelligence market in Europe. As we have done it very intentionally in the U.S., because we've seen funds moving away from other use cases into the defense and intelligence, part of it also on account of the law enforcement. If you think about the Met Police in the U.K., they're expected to cut around 8%-10% of their headcount in the coming year or so. That means that especially the northern countries and the eastern countries are moving more and more funds into defense and intelligence. In all salespeople, we are moving after the money, but we don't leave it for advocacy for the sales organization and medical management. We are doing it very strategically. Also, we're trying to better understand, can we tailor-make our capabilities to their use cases, which are slightly different than law enforcement use cases. Law enforcement, you have a case, you open a case, you start collecting evidence, you have search warrants, etc. In defense and intelligence use case, think about border control. The only thing you want to know if somebody is coming to your border is where did he come from? You can identify it by geolocation on the phone, the languages, and maybe is he or she in contact with a people of interest from a public safety perspective. That's all. So the use cases are slightly different, and we will be able to adjust our solutions to tailor-make it to their use cases. For that reason, we've seen some slowdown in Europe. We start seeing the ability to close deals on the defense and intelligence already in Q2. We believe that we'll be able to catch up more in the second half of the year, and we see some recovery in their business performance. Got it. Shifting gears a little bit, we talked about 90% of your business is public sector. Of that, you already sell to 90% of the relevant agencies. You disclosed before that within your ARR growth, usually net new local land is between 2% and 3% of that growth. Where is the opportunity to grow? If you can give us more of a practical example when you think about your opportunities with your various agencies. No, I understand. Sure. When I think about the growth dynamics for this business, you're right. The vast majority of our growth each and every quarter comes from doing more with the installed base. Why is that? There are three big challenges that they have as it relates to the public safety gap. The public safety gap is largely, look, crime isn't going down, unfortunately. Technologically, there is increased sophistication of criminals who use, just like everybody here who has a cell phone. You do a lineup of potential suspects. They all have cell phones. You combine that with budgetary pressures. Budgets do not grow much, and headcount's not growing. That leads to a couple of different knock-on effects. One, data volumes and complexity are increasing. Two, operational inefficiency is way too high. Three, ethics and accountability matter. Think about all of the different issues where the public wants more confidence in how law enforcement does their job. As you think about that overlay, what that means for us is our customers need better tools, better technology to work through the backlogs they have, not only in cases, but in devices. They need better tools to, as the phones themselves, security increases, they need better tools for access. They need to extract all of the data off the phone, not just what's on the operating system. They need more efficiency in terms of how they all collaborate together. What we see is there are multiple transitions underway. We covered some of them at the outset, but we're seeing our customers upgrade from legacy product to our newest solutions. We're seeing higher attach rates for more powerful add-on modules that help them with access and automation. We're seeing cross-sell and upsell for storing, sharing, and collaborating, and for the analytic piece. As you think about the impacts of that, I think the end result is much more of a modernization or a transformation of their workflows around the investigation. What used to start as dusting for fingerprints and putting yellow tape around a crime scene, that still happens, but that's a very costly and it's a time-consuming process. We're seeing more and more of the investigations start digitally and advance digitally. Right. Maybe also just to add, outside of the opportunity of just upgrading and going to more sophisticated solutions, I think you also have an opportunity to grow within, say, any three-letter agency. You mentioned before going from the digital forensics units to the investigative units. Can you describe more what that means, what that entails? If we take any agency, can you grow? Are you growing just from one unit to another, or also the number of offices that you participate in that agency? I think in our investor there, you're going to have to go. We had someone from the DA that came and spoke to some of the investors. And the DA has around 40 field offices. They have Cellebrite Solutions, and they have digital forensics labs in less than 20. They are going to continue introducing more forensics labs into their entire field offices because they cannot afford not to think about what happened with the second assassination of Trump. You're right to tell us. You're better than me. Yeah. It was the first one. Yeah, and they found, and it's actually, think about the challenge there. They pick up the phone in Butler, Pennsylvania. It's taken to the nearest field office in Pittsburgh. They have some of our technology, but not all of our advanced capability. They can't open that phone. The phone gets shipped a few hours away to a different lab that had all of our most advanced technology. They open that phone in 40 minutes. I think that when it comes to the opportunities, there's multiple dimensions upon which we can expand, whether it's helping the city of Chicago, which two years ago didn't have a single digital forensic lab. Today, they have two. It could be expanding alongside of the DEA. It could be moving from the lab out into the field. Donna mentioned earlier the use case at the border and making sure that people are coming from where they say they're coming from, especially when they don't have all their paperwork. I think that those are different examples of just digital forensic growth. When you think about how there was an unfortunate murder of some co-eds in Moscow, Idaho, maybe 18-24 months ago, right? The nearest FBI field office was a nine-hour drive away. A product like Guardian, which allows for, think down in the Florida Keys, how do you get digital pickup, drop off a phone? A couple of days later, you need to pick up the digital evidence and the digital evidence report on a USB drive. You're going to take two to three hours out of your day to do that commute. Guardian provides for a much more efficient replacement of conventional physical storage in a way that actually strengthens the chain of custody and provides the investigator. For every user in the lab, there are dozens of downstream consumers of that information analysts, investigators, prosecutors, defense attorneys. The ability to use the analytics inside of Guardian to slice and dice that information to support the investigation is incredibly valuable to the investigator. With a crime of scale, you could spend hours, if not days, looking at the average phone, 60,000 text messages, 30,000 photos, 1,000 videos. How do you manually review all that data when you've collected a dozen or more phones at a nightclub shooting, for example? I think what we are trying to say is that the only way to close the safety gap is to provide technology. More technology that is more efficient, more sophisticated, and in a way, also streamlines the entire process. Crime is on the rise, unfortunately. Here we are seeing maybe less home invasion or car theft, but homicide, human trafficking. Think about what is going to happen in the U.S. next year with the World Cup. You know how the authorities here are preparing to try to hold back on human trafficking that is going to flood the U.S.. It is an enormous effort, right? Today's slavery is at the highest peak of tens of millions of people being enslaved in today's world. The number of police officers is not growing. Since COVID, actually, it went down. You need to be able to do something with that. This is why we feel so confident because when you are focused on your customers and you have such good relationships with them and you work with employers, you know where they need help, and you know what technology will have the most impact on their performance, this is where Cellebrite plays the biggest game. Got it. We only have a few minutes left. I have enough questions here to take us through the next hour. Maybe opening it up to the room and see if we have any questions in the last minute or two. Feel like we can continue on. Your stock had a monster performance last year. Where do you think Cellebrite goes from here? Where is the next stage of growth for the company? I do not want to speak about share performance. We can speak about company performance and then the investors and marketing plan how the share should perform. I would say that what impacted substantially last year's performance on top of the company's performance is that we shed away all marks for being a stock. We redeemed our. Markets. Markets. We made three price adjustment criterias, and we took away most of except for one $30. We actually cleaned our capital base. I think this was very much appreciated by the market and rewarded. The company is looking for us. We work and we prepare ourselves to be a $1 billion company. This is our target. We'll do it organically, and we'll do it through acquisitions. We have a very solid balance sheet. We have more than $500 million in cash. We have zero debt. We continue generating cash from operating activities quarter -after -quarter so we can continue to invest back in the company both on the organical, but also on the non-organic. We have a very, I would say, passionate and intense efforts around M&A. Both on the management level and the board level, we have a board strategy and technology committee. We have a shadowing management strategy and technology committee. We have a finite number of targets in our market, and we don't want to stay behind. We work very diligently to continue expanding our reach to our customer base with newer technology and innovation and to enhance our current technology and reach out faster and stronger on the cloud-based and AI capabilities of providing solutions to our customers. We are very, very intense on our intention to grow. Yeah, no. I think that the opportunities in front of the business today are very tangible, very, I'm more optimistic and encouraged by what's in front of the business. Yes, there is some near-term uncertainty, but I think some of those clouds are starting to brighten and lift. I think that if we're thoughtful about how we deploy our capital to augment the organic growth that is still very robust, this is a very compelling growth opportunity in a cycle that is still very early innings. Got it. We're out of time. Dana and Andy, thank you for your time. We'll bring you back next year for another set of questions. Thank you.