- Ending ARR grows 32% year-over-year to reach $3.86 billion, adding $218 million in net new ARR
- Grows GAAP net income more than 5x year-over-year and record non-GAAP net income grows 45% year-over-year
- Delivers record Q2 operating cash flow of $327 million and record Q2 free cash flow of $272 million
AUSTIN, Texas–(BUSINESS WIRE)–CrowdStrike Holdings, Inc. (Nasdaq: CRWD), today announced financial results for the second quarter fiscal year 2025, ended July 31, 2024.
“Working with customers to recover from the July 19th incident, we emerge as an even more resilient and even more customer-obsessed CrowdStrike, continuing to aggressively invest in innovation. Our second quarter demonstrates the resilience of our business and platform – with LogScale Next-Gen SIEM, Identity Protection, and Cloud Security eclipsing $1 billion in combined ending ARR,” said George Kurtz, CrowdStrike’s chief executive officer and co-founder. “In response to rising point product complexity and an elevated threat environment, organizations are increasingly focused on consolidating their cybersecurity vendors into a streamlined platform that delivers better security outcomes, which is CrowdStrike Falcon. Our vision and mission of stopping breaches remains unchanged.”
Commenting on the company’s financial results, Burt Podbere, CrowdStrike’s chief financial officer, added, “For the second quarter we delivered strong growth in revenue, operating profit and net income demonstrating our focused execution. Our market opportunity remains unchanged, and we believe our continued commitment to customers and innovation will drive even more Falcon platform adoption, protecting our customers from rapidly evolving cyber threats and enabling us to achieve our long-term targets.”
Second Quarter Fiscal 2025 Financial Highlights
- Revenue: Total revenue was $963.9 million, a 32% increase, compared to $731.6 million in the second quarter of fiscal 2024. Subscription revenue was $918.3 million, a 33% increase, compared to $690.0 million in the second quarter of fiscal 2024.
- Annual Recurring Revenue (ARR) grew 32% year-over-year to $3.86 billion as of July 31, 2024, of which $217.6 million was net new ARR added in the quarter.
- Subscription Gross Margin: GAAP subscription gross margin was 78% in the second quarter of fiscal 2025 and fiscal 2024. Non-GAAP subscription gross margin was 81%, compared to 80% in the second quarter of fiscal 2024.
- Income/Loss from Operations: GAAP income from operations was $13.7 million, compared to a loss of $15.4 million in the second quarter of fiscal 2024. Non-GAAP income from operations was $226.8 million, compared to $155.7 million in the second quarter of fiscal 2024.
- Net Income Attributable to CrowdStrike: GAAP net income attributable to CrowdStrike was $47.0 million, compared to $8.5 million in the second quarter of fiscal 2024. GAAP net income per share attributable to CrowdStrike, diluted, was $0.19, compared to $0.03 in the second quarter of fiscal 2024. Non-GAAP net income attributable to CrowdStrike was $260.8 million, compared to $180.0 million in the second quarter of fiscal 2024. Non-GAAP net income attributable to CrowdStrike per share, diluted, was $1.04, compared to $0.74 in the second quarter of fiscal 2024.
- Cash Flow: Net cash generated from operations was $326.6 million, compared to $244.8 million in the second quarter of fiscal 2024. Free cash flow was $272.2 million, compared to $188.7 million in the second quarter of fiscal 2024.
- Cash and Cash Equivalents was $4.04 billion as of July 31, 2024.
Recent Highlights
- CrowdStrike’s module adoption rates were 65%, 45% and 29% for five or more, six or more and seven or more modules, respectively, as of July 31, 20241.
- Exceeded $1 billion in total sales over the lifetime of its partnership with CDW Corporation, and achieved CDW’s Diamond Level Partner Status.
- Set a new speed benchmark for cybersecurity threat detection, identifying and alerting on a sophisticated eCrime adversary attack in just four minutes during the closed-book MITRE Engenuity’s ATT&CK Evaluations: Managed Services-Round 2.
- Named a Leader in The Forrester Wave: Cybersecurity Incident Response Services, Q2 2024 report2.
- Announced a strategic partnership with Hewlett Packard Enterprise to secure end-to-end AI innovation, including large language models, accelerated by NVIDIA.
- Partnered with technology distributors Ingram Micro, M3Corp and Tecnología Especializada Asociada de México to accelerate adoption of the AI-native CrowdStrike Falcon platform across Latin America.
- Won five awards in the SC Awards Europe 2024, the most of any vendor in this year’s competition; Won for Best Cloud Security Solution, Best Endpoint Solution, Best AI Solution, Best Threat Intelligence Technology and Best Incident Response Solution.
Financial Outlook
CrowdStrike is providing the following guidance for the fiscal third quarter of fiscal 2025 (ending October 31, 2024) and full fiscal year 2025 (ending January 31, 2025). CrowdStrike’s revenue guidance for the fiscal year 2025 includes an estimated $30 million subscription revenue impact in each of the remaining fiscal quarters as a result of incentives related to our customer commitment package. In addition, fiscal year 2025 revenue guidance includes an estimated impact in the high-single digit millions to professional services revenue in the second half of fiscal year 2025 as a result of incentives related to our customer commitment package.
Guidance for non-GAAP financial measures excludes stock-based compensation expense, amortization expense of acquired intangible assets (including purchased patents), amortization of debt issuance costs and discount, mark-to-market adjustments on deferred compensation liabilities, legal reserve and settlement charges or benefits, Channel File 291 Incident related costs, acquisition-related provision (benefit) for income taxes, losses (gains) and other income from strategic investments, acquisition-related expenses (credits), net, and losses (gains) from deferred compensation assets. The company has not provided the most directly comparable GAAP measures because certain items are out of the company’s control or cannot be reasonably predicted. Accordingly, a reconciliation for non-GAAP income from operations, non-GAAP net income attributable to CrowdStrike, and non-GAAP net income per share attributable to CrowdStrike common stockholders is not available without unreasonable effort.
|
|
Q3 FY25 Guidance |
|
Full Year FY25 Guidance |
|
Total revenue |
$979.2 – $984.7 million |
|
$3,890.0 – $3,902.2 million |
|
Non-GAAP income from operations |
$166.7 – $170.8 million |
|
$774.7 – $783.9 million |
|
Non-GAAP net income attributable to CrowdStrike |
$201.2 – $205.2 million |
|
$908.8 – $918.0 million |
|
Non-GAAP net income per share attributable to CrowdStrike common stockholders, diluted |
$0.80 – $0.81 |
|
$3.61 – $3.65 |
|
Weighted average shares used in computing non-GAAP net income per share attributable to common stockholders, diluted |
252 million |
|
252 million |
These statements are forward-looking and actual results may differ materially as a result of many factors. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause the company’s actual results to differ materially from these forward-looking statements.
Conference Call Information
CrowdStrike will host a conference call for analysts and investors to discuss its earnings results for the second quarter of fiscal 2025 and outlook for its fiscal third quarter and fiscal year 2025 today at 2:00 p.m. Pacific time (5:00 p.m. Eastern time). A recorded webcast of the event will also be available for one year on the CrowdStrike Investor Relations website ir.crowdstrike.com.
|
Date: |
August 28, 2024 |
|
Time: |
2:00 p.m. Pacific time / 5:00 p.m. Eastern time |
|
Webcast link: |
crowdstrike-fiscal-second-quarter-2025-results-conference-call.open-exchange.net/registration |
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding CrowdStrike’s future growth, and future financial and operating performance, including CrowdStrike’s financial outlook for the third quarter fiscal 2025, fiscal year 2025, and beyond. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: risks associated with the Channel File 291 Incident, which occurred on July 19, 2024; risks associated with managing CrowdStrike’s rapid growth; CrowdStrike’s ability to identify and effectively implement necessary changes to address execution challenges; risks associated with new products and subscription and support offerings, including the risk of defects, errors, or vulnerabilities; CrowdStrike’s ability to respond to an intensely competitive market; length and unpredictability of sales cycles; CrowdStrike’s ability to attract new and retain existing customers; CrowdStrike’s ability to successfully integrate acquisitions; the failure to timely develop and achieve market acceptance of new products and subscriptions as well as existing products and subscriptions and support; CrowdStrike’s ability to collaborate and integrate its products with offerings from other parties to deliver benefits to customers; industry trends; rapidly evolving technological developments in the market for security products and subscription and support offerings; and general market, political, economic, and business conditions, including those related to a deterioration in macroeconomic conditions, inflation, geopolitical uncertainty and conflicts, public health crises and volatility in the banking and financial services sector.
Additional risks and uncertainties that could affect CrowdStrike’s financial results are included in the filings CrowdStrike makes with the Securities and Exchange Commission (“SEC”) from time to time, particularly under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, including CrowdStrike’s most recently filed Annual Report on Form 10-K, most recently filed Quarterly Report on Form 10-Q and subsequent filings.
You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on information available to CrowdStrike as of the date hereof, and CrowdStrike does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Use of Non-GAAP Financial Information
CrowdStrike believes that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to CrowdStrike’s financial condition and results of operations. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the financial tables below, as well as the “Explanation of Non-GAAP Financial Measures” section of this press release.
Channels for Disclosure of Information
CrowdStrike intends to announce material information to the public through the CrowdStrike Investor Relations website ir.crowdstrike.com, SEC filings, press releases, public conference calls, and public webcasts. CrowdStrike uses these channels, as well as social media and its blog, to communicate with its investors, customers, and the public about the company, its offerings, and other issues. It is possible that the information CrowdStrike posts on social media and its blog could be deemed to be material information. As such, CrowdStrike encourages investors, the media, and others to follow the channels listed above, including the social media channels listed on CrowdStrike’s investor relations website, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which CrowdStrike will announce information will be posted on the investor relations page on CrowdStrike’s website.
Definition of Module Adoption Rates
| 1. |
Module adoption rates are calculated by taking the total number of customers with five or more, six or more, and seven or more modules, respectively, divided by the total number of subscription customers (excluding Falcon Go customers). Falcon Go customers are defined as customers who have subscribed with the Falcon Go bundle, a package designed for organizations with 100 endpoints or less. |
Reports Referenced
| 2. |
The Forrester Wave™: Cybersecurity Incident Response Services, Q2 2024 |
About CrowdStrike Holdings
CrowdStrike (Nasdaq: CRWD), a global cybersecurity leader, has redefined modern security with the world’s most advanced cloud-native platform for protecting critical areas of enterprise risk – endpoints and cloud workloads, identity and data.
Powered by the CrowdStrike Security Cloud and world-class AI, the CrowdStrike Falcon® platform leverages real-time indicators of attack, threat intelligence, evolving adversary tradecraft and enriched telemetry from across the enterprise to deliver hyper-accurate detections, automated protection and remediation, elite threat hunting and prioritized observability of vulnerabilities.
Purpose-built in the cloud with a single lightweight-agent architecture, the Falcon platform delivers rapid and scalable deployment, superior protection and performance, reduced complexity and immediate time-to-value.
CrowdStrike: We stop breaches.
For more information, please visit: ir.crowdstrike.com
CrowdStrike, the CrowdStrike logo, and other CrowdStrike marks are trademarks and/or registered trademarks of CrowdStrike, Inc., or its affiliates or licensors. Other words, symbols, and company product names may be trademarks of the respective companies with which they are associated.
|
CROWDSTRIKE HOLDINGS, INC.
Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) |
|||||||||||||||
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Revenue |
|
|
|
|
|
|
|
||||||||
|
Subscription |
$ |
918,257 |
|
|
$ |
689,972 |
|
|
$ |
1,790,429 |
|
|
$ |
1,341,147 |
|
|
Professional services |
|
45,615 |
|
|
|
41,654 |
|
|
|
94,479 |
|
|
|
83,059 |
|
|
Total revenue |
|
963,872 |
|
|
|
731,626 |
|
|
|
1,884,908 |
|
|
|
1,424,206 |
|
|
Cost of revenue |
|
|
|
|
|
|
|
||||||||
|
Subscription (1)(2) |
|
199,910 |
|
|
|
153,306 |
|
|
|
389,567 |
|
|
|
295,406 |
|
|
Professional services (1) |
|
37,491 |
|
|
|
29,611 |
|
|
|
72,837 |
|
|
|
56,741 |
|
|
Total cost of revenue |
|
237,401 |
|
|
|
182,917 |
|
|
|
462,404 |
|
|
|
352,147 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Gross profit |
|
726,471 |
|
|
|
548,709 |
|
|
|
1,422,504 |
|
|
|
1,072,059 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating expenses |
|
|
|
|
|
|
|
||||||||
|
Sales and marketing (1)(2)(4)(6) |
|
355,471 |
|
|
|
282,916 |
|
|
|
705,585 |
|
|
|
564,023 |
|
|
Research and development (1)(3)(4)(6) |
|
250,908 |
|
|
|
179,362 |
|
|
|
486,157 |
|
|
|
358,427 |
|
|
General and administrative (1)(2)(3)(4)(5)(6) |
|
106,434 |
|
|
|
101,804 |
|
|
|
210,168 |
|
|
|
184,438 |
|
|
Total operating expenses |
|
712,813 |
|
|
|
564,082 |
|
|
|
1,401,910 |
|
|
|
1,106,888 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income (loss) from operations |
|
13,658 |
|
|
|
(15,373 |
) |
|
|
20,594 |
|
|
|
(34,829 |
) |
|
Interest expense(7) |
|
(6,549 |
) |
|
|
(6,444 |
) |
|
|
(13,060 |
) |
|
|
(12,831 |
) |
|
Interest income |
|
51,526 |
|
|
|
36,638 |
|
|
|
97,376 |
|
|
|
67,159 |
|
|
Other income (expense), net(8)(9) |
|
(1,031 |
) |
|
|
(1,734 |
) |
|
|
6,625 |
|
|
|
(1,504 |
) |
|
Income before provision for income taxes |
|
57,604 |
|
|
|
13,087 |
|
|
|
111,535 |
|
|
|
17,995 |
|
|
Provision for income taxes |
|
10,914 |
|
|
|
4,611 |
|
|
|
18,581 |
|
|
|
9,020 |
|
|
Net income |
|
46,690 |
|
|
|
8,476 |
|
|
|
92,954 |
|
|
|
8,975 |
|
|
Net income (loss) attributable to non-controlling interest |
|
(323 |
) |
|
|
4 |
|
|
|
3,121 |
|
|
|
12 |
|
|
Net income attributable to CrowdStrike |
$ |
47,013 |
|
|
$ |
8,472 |
|
|
$ |
89,833 |
|
|
$ |
8,963 |
|
|
Net income per share attributable to CrowdStrike common stockholders: |
|
|
|
|
|
|
|
||||||||
|
Basic |
$ |
0.19 |
|
|
$ |
0.04 |
|
|
$ |
0.37 |
|
|
$ |
0.04 |
|
|
Diluted |
$ |
0.19 |
|
|
$ |
0.03 |
|
|
$ |
0.36 |
|
|
$ |
0.04 |
|
|
Weighted-average shares used in computing net income per share attributable to CrowdStrike common stockholders: |
|
|
|
|
|
|
|
||||||||
|
Basic |
|
244,091 |
|
|
|
237,911 |
|
|
|
243,249 |
|
|
|
237,174 |
|
|
Diluted |
|
251,265 |
|
|
|
242,144 |
|
|
|
250,724 |
|
|
|
241,383 |
|
____________________________
(1) Includes stock-based compensation expense as follows (in thousands):
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
|||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Subscription cost of revenue |
$ |
16,732 |
|
$ |
10,132 |
|
$ |
30,648 |
|
$ |
19,098 |
|
Professional services cost of revenue |
|
7,344 |
|
|
5,745 |
|
|
13,617 |
|
|
10,375 |
|
Sales and marketing |
|
57,405 |
|
|
51,442 |
|
|
109,663 |
|
|
87,181 |
|
Research and development |
|
75,851 |
|
|
46,985 |
|
|
142,593 |
|
|
91,366 |
|
General and administrative |
|
43,545 |
|
|
50,473 |
|
|
87,481 |
|
|
87,613 |
|
Total stock-based compensation expense |
$ |
200,877 |
|
$ |
164,777 |
|
$ |
384,002 |
|
$ |
295,633 |
(2) Includes amortization of acquired intangible assets, including purchased patents, as follows (in thousands):
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Subscription cost of revenue |
$ |
5,389 |
|
$ |
3,581 |
|
$ |
10,434 |
|
$ |
7,161 |
|
Sales and marketing |
|
602 |
|
|
446 |
|
|
1,205 |
|
|
977 |
|
General and administrative |
|
346 |
|
|
75 |
|
|
693 |
|
|
138 |
|
Total amortization of acquired intangible assets |
$ |
6,337 |
|
$ |
4,102 |
|
$ |
12,332 |
|
$ |
8,276 |
(3) Includes acquisition-related expenses (credit), net as follows (in thousands):
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
Research and development |
$ |
— |
|
$ |
— |
|
|
$ |
477 |
|
$ |
371 |
|
|
General and administrative |
|
535 |
|
|
(3 |
) |
|
|
2,682 |
|
|
(73 |
) |
|
Total acquisition-related expenses (credits), net |
$ |
535 |
|
$ |
(3 |
) |
|
$ |
3,159 |
|
$ |
298 |
|
(4) Includes mark-to-market adjustments on deferred compensation liabilities as follows (in thousands):
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Sales and marketing |
$ |
108 |
|
$ |
32 |
|
$ |
143 |
|
$ |
35 |
|
Research and development |
|
134 |
|
|
13 |
|
|
146 |
|
|
14 |
|
General and administrative |
|
8 |
|
|
7 |
|
|
21 |
|
|
7 |
|
Total mark-to-market adjustments on deferred compensation liabilities |
$ |
250 |
|
$ |
52 |
|
$ |
310 |
|
$ |
56 |
(5) Includes legal reserve and settlement charges as follows (in thousands):
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
General and administrative |
$ |
— |
|
$ |
2,097 |
|
$ |
— |
|
$ |
2,097 |
|
Total legal reserve and settlement charges |
$ |
— |
|
$ |
2,097 |
|
$ |
— |
|
$ |
2,097 |
(6) Includes Channel File 291 Incident related costs such as legal fees, remediation costs, and sensor testing costs, among others, as follows (in thousands):
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Sales and marketing |
$ |
3,093 |
|
$ |
— |
|
$ |
3,093 |
|
$ |
— |
|
Research and development |
|
1,001 |
|
|
— |
|
|
1,001 |
|
|
— |
|
General and administrative |
|
1,038 |
|
|
— |
|
|
1,038 |
|
|
— |
|
Total Channel File 291 Incident related costs |
$ |
5,132 |
|
$ |
— |
|
$ |
5,132 |
|
$ |
— |
(7) Includes amortization of debt issuance costs and discount as follows (in thousands):
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Interest expense |
$ |
547 |
|
$ |
547 |
|
$ |
1,093 |
|
$ |
1,093 |
|
Total amortization of debt issuance costs and discount |
$ |
547 |
|
$ |
547 |
|
$ |
1,093 |
|
$ |
1,093 |
(8) Includes gains (losses) and other income from strategic investments as follows (in thousands):
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
|||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Other income (expense), net |
$ |
(646 |
) |
|
$ |
8 |
|
$ |
6,242 |
|
$ |
24 |
|
Total gains (losses) and other income from strategic investments |
$ |
(646 |
) |
|
$ |
8 |
|
$ |
6,242 |
|
$ |
24 |
(9) Includes gains on deferred compensation assets as follows (in thousands):
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Other income, net |
$ |
250 |
|
$ |
52 |
|
$ |
310 |
|
$ |
56 |
|
Total gains on deferred compensation assets |
$ |
250 |
|
$ |
52 |
|
$ |
310 |
|
$ |
56 |
|
CROWDSTRIKE HOLDINGS, INC.
Condensed Consolidated Balance Sheets (in thousands) (unaudited) |
|||||||
|
|
July 31, 2024 |
|
January 31, 2024 |
||||
|
Assets |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
4,038,536 |
|
|
$ |
3,375,069 |
|
|
Short-term investments |
|
— |
|
|
|
99,591 |
|
|
Accounts receivable, net of allowance for credit losses |
|
661,045 |
|
|
|
853,105 |
|
|
Deferred contract acquisition costs, current |
|
251,246 |
|
|
|
246,370 |
|
|
Prepaid expenses and other current assets |
|
230,821 |
|
|
|
183,172 |
|
|
Total current assets |
|
5,181,648 |
|
|
|
4,757,307 |
|
|
Strategic investments |
|
58,246 |
|
|
|
56,244 |
|
|
Property and equipment, net |
|
648,474 |
|
|
|
620,172 |
|
|
Operating lease right-of-use assets |
|
45,897 |
|
|
|
48,211 |
|
|
Deferred contract acquisition costs, noncurrent |
|
341,539 |
|
|
|
335,933 |
|
|
Goodwill |
|
721,996 |
|
|
|
638,041 |
|
|
Intangible assets, net |
|
115,686 |
|
|
|
114,518 |
|
|
Other long-term assets |
|
88,988 |
|
|
|
76,094 |
|
|
Total assets |
$ |
7,202,474 |
|
|
$ |
6,646,520 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable |
$ |
21,067 |
|
|
$ |
28,180 |
|
|
Accrued expenses |
|
101,300 |
|
|
|
125,896 |
|
|
Accrued payroll and benefits |
|
205,429 |
|
|
|
234,624 |
|
|
Operating lease liabilities, current |
|
17,031 |
|
|
|
14,150 |
|
|
Deferred revenue |
|
2,348,464 |
|
|
|
2,270,757 |
|
|
Other current liabilities |
|
35,028 |
|
|
|
23,672 |
|
|
Total current liabilities |
|
2,728,319 |
|
|
|
2,697,279 |
|
|
Long-term debt |
|
743,238 |
|
|
|
742,494 |
|
|
Deferred revenue, noncurrent |
|
744,733 |
|
|
|
783,342 |
|
|
Operating lease liabilities, noncurrent |
|
31,704 |
|
|
|
36,230 |
|
|
Other liabilities, noncurrent |
|
63,890 |
|
|
|
50,086 |
|
|
Total liabilities |
|
4,311,884 |
|
|
|
4,309,431 |
|
|
Commitments and contingencies |
|
|
|
||||
|
Stockholders’ Equity |
|
|
|
||||
|
Common stock, Class A and Class B |
|
123 |
|
|
|
121 |
|
|
Additional paid-in capital |
|
3,824,897 |
|
|
|
3,364,328 |
|
|
Accumulated deficit |
|
(969,003 |
) |
|
|
(1,058,836 |
) |
|
Accumulated other comprehensive loss |
|
(3,102 |
) |
|
|
(1,663 |
) |
|
Total CrowdStrike Holdings, Inc. stockholders’ equity |
|
2,852,915 |
|
|
|
2,303,950 |
|
|
Non-controlling interest |
|
37,675 |
|
|
|
33,139 |
|
|
Total stockholders’ equity |
|
2,890,590 |
|
|
|
2,337,089 |
|
|
Total liabilities and stockholders’ equity |
$ |
7,202,474 |
|
|
$ |
6,646,520 |
|
|
CROWDSTRIKE HOLDINGS, INC.
Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) |
|||||||
|
|
Six Months Ended July 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
Operating activities |
|
|
|
||||
|
Net income |
$ |
92,954 |
|
|
$ |
8,975 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
|
Depreciation and amortization |
|
88,936 |
|
|
|
56,184 |
|
|
Amortization of intangible assets |
|
12,332 |
|
|
|
8,276 |
|
|
Amortization of deferred contract acquisition costs |
|
147,851 |
|
|
|
112,877 |
|
|
Non-cash operating lease cost |
|
7,167 |
|
|
|
6,331 |
|
|
Stock-based compensation expense |
|
384,002 |
|
|
|
295,633 |
|
|
Deferred income taxes |
|
(1,929 |
) |
|
|
(352 |
) |
|
Realized gains on strategic investments |
|
(6,227 |
) |
|
|
— |
|
|
Non-cash interest expense |
|
1,785 |
|
|
|
1,531 |
|
|
Accretion of short-term investments purchased at a discount |
|
2,285 |
|
|
|
— |
|
|
Changes in operating assets and liabilities, net of impact of acquisitions |
|
|
|
||||
|
Accounts receivable, net |
|
192,060 |
|
|
|
86,718 |
|
|
Deferred contract acquisition costs |
|
(158,333 |
) |
|
|
(122,007 |
) |
|
Prepaid expenses and other assets |
|
(63,224 |
) |
|
|
(26,338 |
) |
|
Accounts payable |
|
(72 |
) |
|
|
(2,982 |
) |
|
Accrued expenses and other liabilities |
|
7,968 |
|
|
|
4,935 |
|
|
Accrued payroll and benefits |
|
(29,432 |
) |
|
|
(30,161 |
) |
|
Operating lease liabilities |
|
(7,113 |
) |
|
|
(6,475 |
) |
|
Deferred revenue |
|
38,859 |
|
|
|
152,528 |
|
|
Net cash provided by operating activities |
|
709,869 |
|
|
|
545,673 |
|
|
Investing activities |
|
|
|
||||
|
Purchases of property and equipment |
|
(88,937 |
) |
|
|
(102,681 |
) |
|
Capitalized internal-use software and website development costs |
|
(24,995 |
) |
|
|
(25,975 |
) |
|
Purchases of strategic investments |
|
(2,702 |
) |
|
|
(12,177 |
) |
|
Proceeds from sales of strategic investments |
|
10,895 |
|
|
|
— |
|
|
Business acquisitions, net of cash acquired |
|
(96,381 |
) |
|
|
— |
|
|
Purchases of intangible assets |
|
— |
|
|
|
(500 |
) |
|
Proceeds from maturities and sales of short-term investments |
|
97,300 |
|
|
|
250,000 |
|
|
Purchases of deferred compensation investments |
|
(1,209 |
) |
|
|
(876 |
) |
|
Proceeds from sales of deferred compensation investments |
|
41 |
|
|
|
— |
|
|
Net cash (used in) provided by investing activities |
|
(105,988 |
) |
|
|
107,791 |
|
|
Financing activities |
|
|
|
||||
|
Proceeds from issuance of common stock upon exercise of stock options |
|
2,464 |
|
|
|
4,125 |
|
|
Proceeds from issuance of common stock under the employee stock purchase plan |
|
56,099 |
|
|
|
45,432 |
|
|
Distributions to non-controlling interest holders |
|
(4,085 |
) |
|
|
— |
|
|
Capital contributions from non-controlling interest holders |
|
5,500 |
|
|
|
8,088 |
|
|
Net cash provided by financing activities |
|
59,978 |
|
|
|
57,645 |
|
|
|
|
|
|
||||
|
Effect of foreign exchange rates on cash, cash equivalents and restricted cash |
|
(1,040 |
) |
|
|
1,083 |
|
|
|
|
|
|
||||
|
Net increase in cash, cash equivalents and restricted cash |
|
662,819 |
|
|
|
712,192 |
|
|
|
|
|
|
||||
|
Cash, cash equivalents and restricted cash, at beginning of period |
|
3,377,597 |
|
|
|
2,456,924 |
|
|
Cash, cash equivalents and restricted cash, at end of period |
$ |
4,040,416 |
|
|
$ |
3,169,116 |
|
Contacts
Investor Relations Contact
CrowdStrike Holdings, Inc.
Maria Riley, Vice President of Investor Relations
[email protected]
669-721-0742
Press Contact
CrowdStrike Holdings, Inc.
Jake Schuster, Senior Director, Public Relations & Media Strategy
[email protected]
