01—Abstract
Summary
Summary of the 10-K filed March 7, 2024. Cited figures are marked; the original filing is the authoritative source.
CrowdStrike Holdings, Inc. reported strong financial performance for the fiscal year ended January 31, 2024, with total revenue increasing by 36% year-over-year to $3.1 billiona, driven primarily by a 36% increase in subscription revenue.
The company achieved its first full year of profitability with a net income of $89.3 millionb, a significant improvement from the prior year's net loss. Annual Recurring Revenue (ARR) grew 34% to $3.4 billion, and the dollar-based net retention rate remained healthy at 119%, indicating strong customer loyalty and expansion. The company continues to invest in its AI-native Falcon platform, expanding its module offerings across various security domains including cloud security, endpoint security, exposure management, and identity protection.
Recent acquisitions, such as Bionic, further bolster its Application Security Posture Management capabilities. CrowdStrike's strategy of a single, lightweight agent and its cloud-native architecture remain key differentiators, enabling it to address the increasing sophistication of cyber threats and the growing attack surface caused by hybrid workforces.
02—Key points
Key Highlights
- Total revenue surged 36% year-over-year to $3.1 billion for the fiscal year ended January 31, 2024.
- Subscription revenue, the primary revenue driver, also grew 36% year-over-year, reaching $2.9 billion.
- CrowdStrike achieved profitability with a net income of $89.3 million, a significant turnaround from a net loss in the previous year.
- Annual Recurring Revenue (ARR) increased by 34% to $3.4 billion.
- Dollar-based net retention rate remained strong at 119%, indicating customers are expanding their use of CrowdStrike's services.
- The company acquired Bionic Technology to enhance its Application Security Posture Management capabilities.
- CrowdStrike continues to invest in its AI-native Falcon platform and expand its module offerings across the cybersecurity landscape.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2024, CrowdStrike Holdings, Inc. kept $0.02.
- Revenue$3.06B100.0%
- Cost of revenue−$758.9M24.8%
- Gross profit$2.30B75.2%
- Operating costs−$2.32B75.8%
- Operating income−$19.1M0.6%
- Interest, other & tax$92.6M3.0%
- Net income$73.4M2.4%
04—Financials
Financial Highlights
Figures from 10-KFY2024filed March 7, 2024Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $3.06B$2.24B | +36.3% |
| Cost of Revenue | $758.93M$601.23M | +26.2% |
| Gross Profit | $2.30B$1.64B | +40.0% |
| R&D Expenses | $780.32M$608.36M | +28.3% |
| Operating Expenses | $2.32B$1.83B | +26.5% |
| Operating Income | -$19.14M-$190.11M | +89.9% |
| Interest Expense | $25.76M$25.32M | +1.7% |
| Net Income | $73.44M-$182.28M | +140.3% |
| EPS (Basic) | $0.07$-0.20 | +138.0% |
| EPS (Diluted) | $0.07$-0.20 | +138.0% |
| Shares Outstanding (Basic) | 954.55M932.56M | +2.4% |
| Shares Outstanding (Diluted) | 974.54M932.56M | +4.5% |
05—Questions
Frequently Asked Questions
What is CrowdStrike's overall financial performance for the fiscal year ended January 31, 2024?
CrowdStrike reported a substantial 36% increase in total revenue to $3.1 billion, driven by strong subscription revenue growth of 36%. The company achieved profitability for the first time with a net income of $89.3 million, demonstrating significant financial progress.
How is CrowdStrike's customer retention and expansion strategy performing?
CrowdStrike demonstrates strong customer loyalty and expansion, as evidenced by its dollar-based net retention rate of 119%. This indicates that existing customers are not only renewing their subscriptions but also increasing their spending on additional services and modules.
What are the key strategic initiatives and growth drivers for CrowdStrike?
CrowdStrike's strategy centers on its AI-native Falcon platform and its cloud-native architecture, which allows for a single, lightweight agent. Key growth drivers include expanding its module offerings across various security domains (endpoint, cloud, identity, data), leveraging its 'land-and-expand' sales model, and integrating acquisitions like Bionic to enhance its platform capabilities and address evolving cybersecurity threats.
Has CrowdStrike become profitable, and what is its current financial health?
Yes, CrowdStrike achieved profitability for the full fiscal year ended January 31, 2024, reporting a net income of $89.3 million. The company also holds a strong liquidity position with $3.4 billion in cash and cash equivalents and short-term investments, and an available $750 million revolving credit facility.
06—Continue