Core Viewpoint - Malibu Boats, Inc. has appointed David S. Black as Chief Financial Officer to enhance financial performance and support future growth initiatives through acquisitions and strategic planning [1][3]. Company Leadership - David S. Black, previously Vice President of Finance and interim CFO, has over 19 years of experience in accounting and finance, including roles as Corporate Controller and Director of Internal Audit [2][3]. - The CEO, Steve Menneto, expressed confidence in Black's ability to drive the company's growth and financial strategy, emphasizing his understanding of the business and strategic vision [3]. Fiscal Guidance - For fiscal year 2026, Malibu Boats anticipates net sales to be flat to down mid-single digits percentage points year-over-year, with an Adjusted EBITDA margin ranging from 8% to 9% [4]. - The company has not provided reconciliations for the Adjusted EBITDA margin due to the unpredictability of certain costs related to vertical integration, stock-based compensation, and litigation [5]. Company Overview - Malibu Boats, Inc. is a leading designer and manufacturer of recreational powerboats, including performance sport, sterndrive, and outboard boats, with a strong market presence in various segments [6].

Financial Data and Key Metrics Changes - Annual Recurring Revenue (ARR) grew 19% year-over-year to $440 million, with a sequential increase of 5% [23][24] - Third quarter revenue reached $126 million, an 18% increase from the previous year, primarily driven by a 21% growth in subscription revenue [24][25] - Adjusted EBITDA for the third quarter was $37.7 million, up 20% year-over-year, with a margin of 29.9% [25][30] - Free cash flow for the third quarter was $30 million, with a trailing twelve-month free cash flow of $140 million, representing a margin of 31% [27][30] Business Line Data and Key Metrics Changes - Subscription revenue grew 21%, with approximately 89% of total revenue associated with subscription-based software solutions [24][25] - The U.S. State and Local segment and Latin America were highlighted as strong performers, contributing significantly to subscription revenue growth [24][25] - ARR for SaaS and cloud-based solutions grew three times faster than total ARR, with Guardian's customer base more than doubling year-over-year [12][25] Market Data and Key Metrics Changes - The Americas accounted for 55% of total ARR, with EMEA at 33% and Asia Pacific at 12% [24] - The Americas segment grew 21%, driven by strong performance in U.S. State and Local government and Latin America [24] Company Strategy and Development Direction - The company is focused on four core growth vectors: leadership in unlock and access solutions, innovation in AI and digital investigations, resurgence in U.S. Federal sector growth, and the acquisition of Keryllium to expand its total addressable market (TAM) [14][18][19] - The strategic focus on the global defense and intelligence sector is yielding positive results, with increased investments from military and intelligence agencies [13][18] - The upcoming launch of Guardian Investigate is expected to transform the investigation lifecycle and enhance collaboration and insights [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a strong rebound in 2026, driven by pent-up demand and targeted funding releases [17][20] - The company remains cautious about the fourth quarter due to normal government seasonality and recent shutdowns but anticipates these factors to be transitory [17][20] - The management team emphasized the importance of disciplined spending and margin expansion to maintain profitability and free cash flow [21][30] Other Important Information - The company ended the third quarter with $595 million in cash, cash equivalents, and investments, positioning it well for future growth and potential acquisitions [26][27] - The acquisition of Keryllium is expected to close soon, which will enhance the company's offerings in the defense and intelligence sectors [19][20] Q&A Session Summary Question: Path forward to cloud adoption as a percent of ARR - Management indicated ongoing partnerships with customers transitioning to cloud solutions, with many products already in the cloud [42][44] Question: Insights on Keryllium's pipeline and growth potential - The company has built a significant pipeline for Keryllium, with initial orders processed and expectations for more transactions in Q4 [46][47] Question: 2026 growth prospects and guidance - Management refrained from providing specific numbers for 2026 but expressed confidence in accelerated growth compared to 2025 [50][52] Question: Federal business performance and growth drivers - The federal segment returned to growth in Q3, with significant orders from strategic clients, indicating strong product fit and momentum [58][60] Question: Competitive landscape and market positioning - The company noted high barriers to entry in the market, with no significant new entrants, and expressed confidence in its competitive positioning [91][93]

UPDATED: NOVEMBER 2025 INTRODUCTION TO CELLEBRITE INVESTOR PRESENTATION 11 November 2025 www.cellebrite.com DISCLAIMER This presentation has been prepared by Cellebrite DI Ltd. (the "Company") solely for informational purposes. It is not, and should not be assumed to be, complete. This presentation is not an offer to sell securities, nor is it a solicitation of an offer to buy securities. This presentation is not directed at, or intended for distribution to or use by, any person or entity that is a citizen ...

Core Thesis - Cellebrite DI Ltd. is a high-quality software company dominating digital investigations with a strong public-sector presence and significant growth potential [2][4] Financial Performance - As of October 9th, Cellebrite's share price was $19.05, with a trailing P/E ratio of 10.08 [1] - The company is valued at $4.6 billion, experiencing over 20% year-over-year revenue growth, 85% gross margins, and 26% free cash flow margins, with no debt [2] Product Offering - The core Digital Forensics Suite accounts for 80% of revenue and is essential for global investigations, while cloud-based products like Guardian and Pathfinder are doubling in revenue annually [3] Market Position and Growth Drivers - Despite a strong market position, only 5-8% of potential users currently have licenses, indicating significant room for growth as agencies seek to reduce backlogs [4] - Anticipated FedRAMP authorization by Q3 2025 is expected to unlock nationwide cloud adoption, potentially adding over $150 million in annual recurring revenue [4] Strategic Opportunities - There is potential for a sale to strategic or private equity buyers, supported by activist pressure and a significant stake held by SunCorp [5] - Under conservative assumptions, intrinsic value suggests approximately 100% upside over three years, with upcoming catalysts like FedRAMP approval and public safety funding for the 2026 World Cup [5] Market Sentiment - Shares have corrected approximately 30% due to transient fears over budget delays and management turnover, creating a disconnect from the company's fundamentals [3]

Core Insights - Cellebrite announced its Autumn 2025 Release, enhancing its Digital Investigation Platform with new integrations and AI-powered analysis capabilities [1][3] - The addition of Corellium technology through a reseller agreement expands Cellebrite's mobile virtualization offerings, enhancing its digital intelligence solutions [2][3] Product Innovations - The Autumn 2025 Release includes the new Guardian Investigate solution, which utilizes agentic AI to analyze various evidence types and streamline investigative workflows [5] - The Guardian suite has been expanded to include SaaS offerings for digital forensics and investigations, with a focus on collaboration and data residency compliance for EU customers [5] - New deployment options for Pathfinder, Cellebrite's multi-device investigative data analytics solution, are now available in AWS GovCloud, offering cost-optimized configurations [5] Market Impact - Cellebrite's technology is utilized in over 1.5 million investigations annually, serving more than 7,000 customers globally across various sectors including law enforcement and intelligence [3][6] - The integration of Corellium solutions has attracted multiple customers in the defense and intelligence sectors, enhancing mobile vulnerability research and application security testing [5]

Core Viewpoint - Malibu Boats, Inc. is set to host an Investor Day on September 25, 2025, to discuss growth strategies and value creation [1][2]. Company Overview - Malibu Boats, Inc. is a leading designer, manufacturer, and marketer of recreational powerboats, including performance sport, sterndrive, and outboard boats [4]. - The company holds a market leadership position in the performance sport boat category through its Malibu and Axis brands, and in the 20' - 40' segment of the sterndrive category via its Cobalt brand [4]. - Malibu Boats is also a key player in the saltwater fishing boat market with brands such as Pursuit, Cobia, Pathfinder, Maverick, and Hewes [4]. - The company is recognized as an innovator in the powerboat industry, catering to a diverse range of recreational boaters and water sports enthusiasts [4]. Event Details - The Investor Day will feature presentations and discussions with the leadership team, covering the company's strategy, long-term financial targets, and capital allocation priorities [2]. - The event will be available via live webcast, allowing for virtual participation and a Q&A session [3]. - Interested investors can register for the virtual event through the company's website, and a recording will be made available post-event [3].

Financial Data and Key Metrics Changes - ARR grew 21% to $419 million, driven by increased spending within the customer base [49] - Revenue for Q2 was $113.3 million, an 18% increase from the prior year, primarily due to a 21% growth in subscription revenue [51] - Gross profit increased 20% to $96.4 million, representing a gross margin of 85% [51] - Adjusted EBITDA for Q2 was $27.9 million, up 29% year-over-year, with a margin increase of 200 basis points to 24.6% [52] - Free cash flow for Q2 was $29 million, with a free cash flow margin of 25.6% [54] Business Line Data and Key Metrics Changes - Insights, the flagship digital forensic software, saw over 40% of the license base deployed by the end of Q2, with strong NPS scores [19] - Cloud and SaaS solutions now account for 20% of total ARR, reflecting over 50% growth [50] - ARR for Guardian grew by more than 100% year-over-year for the fourth consecutive quarter [20] - Combined, Guardian and Pathfinder represent approximately 10% of total ARR [50] Market Data and Key Metrics Changes - The Americas represented 54% of total ARR, with a growth rate of 24%, led by U.S. State and local government and Latin America [49] - EMEA grew 17%, improving sequentially from Q1 levels [50] - Asia Pacific region also saw a 21% growth in ARR [49] Company Strategy and Development Direction - The company is focused on responsible cost management while pursuing strategic initiatives to enhance growth [18] - The acquisition of Keryllium is expected to accelerate innovation and expand the addressable market [22] - The company aims to leverage AI across all functions to protect growth and innovation [45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of federal spending, anticipating a resurgence in 2026 [41] - The company is well-positioned with differentiated solutions to meet federal clients' needs [40] - Management noted that while there are short-term headwinds, the long-term demand signals remain vibrant [44] Other Important Information - The company ended Q2 with $558 million in cash and equivalents, an increase of $48 million from the previous quarter [54] - The company plans to share additional details regarding Keryllium's financial performance in the Q3 results [55] Q&A Session Summary Question: Confidence levels regarding ongoing recovery in federal spending - Management expressed high confidence, indicating that when federal spending turns, it will do so significantly [66][69] Question: Key drivers of retention rates and their relation to U.S. Federal spending - Management noted strong renewals in the federal segment, with a specific transaction delayed but expected to renew at double the previous size [71][75] Question: Insights on the spending environment and any early signs of improvement - Management highlighted strong funding in defense and intelligence sectors, with a robust pipeline and increasing value in renewals [86][88] Question: Status of the European pipeline and defense spending - Management confirmed that the European pipeline is back on track, with significant orders in defense and intelligence [90][92]

Financial Data and Key Metrics Changes - Celebrite reported a 21% growth in Annual Recurring Revenue (ARR) to $419 million, driven primarily by increased spending within its customer base [45][47] - Revenue for the second quarter reached $113.3 million, an 18% increase from the previous year, primarily due to a 21% growth in subscription revenue [47] - Gross profit increased by 20% to $96.4 million, resulting in a gross margin of 85% [47] - Adjusted EBITDA for the second quarter was $27.9 million, up 29% year-over-year, with a margin increase of 200 basis points to 24.6% [48] Business Line Data and Key Metrics Changes - Insights, the flagship digital forensic software, saw over 40% of the license base deployed by the end of the second quarter, with strong customer upgrades from legacy offerings [16][46] - Cloud and SaaS solutions now account for 20% of total ARR, reflecting over 50% growth in these offerings [47] - ARR for Guardian grew by more than 100% year-on-year for the fourth consecutive quarter, primarily from U.S. State and Local Government customers [17] Market Data and Key Metrics Changes - The Americas represented 54% of total ARR, with a growth rate of 24%, led by expansion within U.S. State and Local Government and Latin America [45] - EMEA experienced a 17% growth, while Asia Pacific saw a 21% increase in ARR [46] - The global defense and intelligence sector, which constituted approximately 25% of international ARR last year, is expected to see accelerated spending due to shifting budgetary priorities [18] Company Strategy and Development Direction - Celebrite's strategic direction focuses on enhancing its value proposition despite current spending challenges, with key performance indicators showing progress against 2025 priorities [16] - The company announced an agreement to acquire Keryllium, which is expected to accelerate innovation and expand the addressable market [19] - Celebrite aims to leverage AI across all functions to protect growth and innovation while maintaining disciplined spending [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of federal spending, anticipating a resurgence of growth in 2026 due to recent legislation and budget allocations [64][37] - The company is optimistic about the macro tailwinds driving business expansion, despite short-term uncertainties in the U.S. Federal segment [35][39] - Management highlighted the importance of maintaining high retention rates, with renewals in the mid-90% range, indicating strong customer demand [62] Other Important Information - Celebrite ended the quarter with $558 million in cash and cash equivalents, an increase of $48 million from the previous quarter [50] - Free cash flow for the second quarter was $29 million, with a free cash flow margin of 25.6% [50] - The company plans to share additional details regarding Keryllium's financial performance in the Q3 results [51] Q&A Session Summary Question: Confidence levels regarding ongoing recovery in federal spending - Management expressed high confidence that once federal spending recovers, it will do so significantly, driven by increasing demand for their products [62][64] Question: Key drivers of retention rates and their relation to U.S. Federal spending - Management noted that while there were delays in some contracts, overall customer need is increasing, and they expect renewals to be higher than previous contracts [66][69] Question: Initial findings from the transition process and any changes in targets - The new CFO indicated a similar approach to financial modeling as his predecessor, focusing on growth-oriented investments and maintaining a detailed assessment of deals [74] Question: Signs of improved spending beyond the mentioned agency - Management highlighted strong coverage and pipeline in the federal segment, with indications of increased funding and interest in their solutions [77][79]

Financial Performance - Total Revenue for Q2 2025 reached $113 million, an 18% increase compared to $96 million in Q2 2024[47] - Subscription Revenue for Q2 2025 was $103 million, a 21% increase from $85 million in Q2 2024[47] - Annual Recurring Revenue (ARR) as of June 2025 was $419 million, a 21% increase compared to $346 million in June 2024[47] - Adjusted EBITDA for Q2 2025 was $28 million, representing 25% of revenue, compared to $22 million and 23% in Q2 2024[47] - The company's free cash flow margin has increased each quarter, reaching 34% for the trailing twelve months (TTM) ended June 30, 2025[70] Growth and Expansion - Cellebrite is set to acquire Corellium for $170 million in cash, with a potential $30 million earn-out over 2 years, expecting the deal to close by the end of Q3 2025[42] - The Americas showed an ARR growth of 24%, EMEA 17%, and APAC 21% as of June 2025[60] - Gross revenue retention is approximately 91%, with existing customer expansion driving most of the ARR growth[57] Market and Customer Base - Cellebrite has a global customer base of approximately 7,000, including over 3,000 public sector accounts[9] - Digital evidence is a component in 91% of crimes[17] - 76% growth in digital data from devices over the past three years has been noted by agency managers[104]

Key Companies - BYD has committed to fully cover safety and losses in intelligent parking scenarios, becoming the first globally to achieve L4-level intelligent parking, with over 1 million vehicles equipped with the "Tian Shen Zhi Yan" system [51] - NIO has completed its plan for 1,000 highway battery swap stations, connecting 550 cities across China, with a total investment exceeding 18 billion yuan [53] - Zeekr has launched its luxury hybrid architecture, "Haohan-S," featuring a 900V high-voltage system and a 70-degree 6C hybrid battery, with a pure electric range of 380 kilometers [54] - Volkswagen Group reported global deliveries of 2.272 million vehicles in Q2 2025, a year-on-year increase of 1.2%, with a notable decline in North America [55] - FAW-Volkswagen has signed a strategic cooperation agreement to introduce four new energy models based on a new platform in Changchun, with plans to launch over 20 new models by 2030 [56][58][61] Policy Developments - The U.S. government is expediting the approval process for autonomous vehicles, which may benefit Tesla's plans for deploying fully autonomous taxis [5][6] - The UK government is set to introduce new incentives to lower the cost of purchasing electric vehicles, with a potential subsidy of up to 700 million pounds [10][11] - The Canadian government remains committed to its zero-emission vehicle sales targets despite industry warnings about potential supply shortages [13][15] Market Data - In June, the retail sales of passenger vehicles in China reached 2.11 million units, a year-on-year increase of 18.6%, with new energy vehicle sales growing by 29.7% [48] - The total number of electric vehicles delivered by VinFast in Vietnam for the first half of 2025 was 67,569 units [17] Industry Trends - The average price of electric vehicles in the UK is more than double that of gasoline vehicles, prompting government efforts to boost sales [11] - The luxury car market in India is growing, with Mercedes-Benz achieving a record sales figure of 4,238 units in Q1 2025, driven by strong demand for high-end models [23][24]