Cellebrite DI Ltd. (NASDAQ:CLBT) Q2 2022 Earnings Conference Call August 11, 2022 8:30 AM ET
Company Participants
Anat Earon-Heilborn - Vice President, Investor Relations
Yossi Carmil - Chief Executive Officer
Dana Gerner - Chief Financial Officer
Conference Call Participants
Mike Cikos - Needham & Company
Jonathan Ho - William Blair & Company
Shaul Eyal - Cowen
Jamie Shelton - Deutsche Bank
Louie DiPalma - William Blair & Company
Operator
Good day and thank you for standing by. Welcome to the Cellebrite Q2 '22 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please be advised that today's conference is being recorded.
I'd now like to hand the conference over to your speaker today, Anat Earon-Heilborn. Please go ahead.
Anat Earon-Heilborn
Thank you. Welcome to Cellebrite's second quarter 2022 financial results earnings call. Joining me today are Yossi Carmil, Cellebrite's CEO; and Dana Gerner, Cellebrite's CFO. This call is being recorded and a replay of this recording as well as the presentation that accompany this call will be made available on our website shortly after the call.
A copy of today's press release and financial statements, including GAAP to non-GAAP reconciliations, as well as supplemental financial information for the second quarter are available on the Investor Relations website at investors.cellebrite.com.
Statements made during this call that are not statements of historical facts constitute forward-looking statements. All forward-looking statements are subject to risk uncertainties and other factors that could cause matters expressed or implied by those forward-looking statements not to occur. They could also cause the actual results to differ materially from historical results and/or from forecast. Some of these forward-looking statements are discussed under the heading Risk Factors and elsewhere in the Company's Annual Report on Form 20-F filed with the SEC on March 29, 2022 as amended on April 14, 2022. The Company does not undertake to update any forward-looking statements to reflect future events or circumstances.
With that, I'd like to turn the call over to Yossi Carmil, Cellebrite's CEO.
Yossi Carmil
Thank you, Anat, and thank you all for joining us today. I would like to start the call today by sharing that we continue to see healthy business environment for digital intelligent solutions across our core markets. I’m pleased to share with you that in Q2 our ARR grew 35% year-on-year to reach US$214 million.
Total revenue in the second quarter was up 6% to reach US$62.6. Our net retention rates for the quarter came in at 128%. This represents the 14th consecutive quarter that we've delivered NRR of greater than 120% as we continue to expand wallet share within our target accounts, mainly in the public sector. Additionally, we closed 29 large deals in the quarter compared to 18 in the first quarter of this year.