10-KPeriod: FY2024

CrowdStrike Holdings, Inc. Annual Report, Year Ended Jan 31, 2024

Filed March 7, 2024For Securities:CRWD

Summary

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 billion, 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 million, 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.

Financial Highlights

53 data points
Beta

Revenue

$3.06B

75.2% Gross Margin

Net Income

$73.44M

2.4% Net Margin

EPS (Diluted)

$0.07

Total Assets

$6.65B

Cash & Equivalents

$3.38B

Free Cash Flow

$989.68M

Financial Statements
Beta
Revenue$3.06B
Cost of Revenue$758.93M
Gross Profit$2.30B
R&D Expenses$780.32M
Operating Expenses$2.32B
Operating Income-$19.14M
Interest Expense$25.76M
Net Income$73.44M
EPS (Basic)$0.07
EPS (Diluted)$0.07
Shares Outstanding (Basic)954.55M
Shares Outstanding (Diluted)974.54M

Key Highlights

  • 1Total revenue surged 36% year-over-year to $3.1 billion for the fiscal year ended January 31, 2024.
  • 2Subscription revenue, the primary revenue driver, also grew 36% year-over-year, reaching $2.9 billion.
  • 3CrowdStrike achieved profitability with a net income of $89.3 million, a significant turnaround from a net loss in the previous year.
  • 4Annual Recurring Revenue (ARR) increased by 34% to $3.4 billion.
  • 5Dollar-based net retention rate remained strong at 119%, indicating customers are expanding their use of CrowdStrike's services.
  • 6The company acquired Bionic Technology to enhance its Application Security Posture Management capabilities.
  • 7CrowdStrike continues to invest in its AI-native Falcon platform and expand its module offerings across the cybersecurity landscape.

Frequently Asked Questions

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.

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.

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.

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.