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CrowdStrike Holdings, Inc. Quarterly Report for Q1 Ended Apr 30, 2021

Filing Date
Filed June 4, 2021
Period End
April 30, 2021
Security
CRWD
In the record · 2019–202610-K710-Q238-K64

CRWD filed 7 annual reports (10-K), 23 quarterly reports (10-Q) and 64 current reports (8-K) between 2019 and 2026.

  1. Leadership change8-K · Mar ’23Mar ’23
  2. Leadership change8-K · Apr ’26Apr ’26

01—Abstract

Summary

Summary of the 10-Q filed June 4, 2021. Cited figures are marked; the original filing is the authoritative source.

CrowdStrike Holdings, Inc. reported strong revenue growth for the first quarter of fiscal year 2022, with total revenue increasing by 70% year-over-year to $302.8 milliona.

This growth was primarily driven by a significant increase in subscription revenue, which rose by 73% to $281.2 millionb, reflecting an 82% year-over-year increase in subscription customers to 11,420. The company also saw a substantial increase in its Annual Recurring Revenue (ARR), which grew by 74% to $1.2 billion. Despite the impressive top-line growth, CrowdStrike continued to report an operating loss, widening from $22.6 million in the prior year period to $31.3 million.

This was largely due to increased investments in sales and marketing, and research and development, which grew by 53% and 93% respectively. The company also incurred a significant income tax expense related to an intercompany sale of intellectual property, contributing to a net loss of $82.9 millionc.

However, the company's cash flow from operations remained strong, increasing by 50% to $147.5 milliond, and free cash flow also saw a healthy increase to $117.3 million. The company also completed a significant acquisition of Humio Limited for $369.9 million, which is expected to enhance its cloud log management and observability capabilities, contributing to substantial goodwill and intangible assets on the balance sheet.

02—Key points

Key Highlights

  1. Total revenue increased 70% year-over-year to $302.8 million, driven by strong subscription revenue growth.
  2. Subscription revenue grew 73% year-over-year to $281.2 million.
  3. Annual Recurring Revenue (ARR) reached $1.2 billion, a 74% increase year-over-year.
  4. The company added 1,524 net new subscription customers in the quarter, reaching a total of 11,420, an 82% year-over-year increase.
  5. Operating expenses increased significantly, leading to a wider operating loss of $31.3 million, compared to $22.6 million in the prior year period.
  6. Net loss widened to $82.9 million, impacted by increased operating expenses and a significant income tax expense.
  7. Net cash provided by operating activities increased by 50% to $147.5 million, and free cash flow was $117.3 million.
  8. CrowdStrike completed the acquisition of Humio Limited for $369.9 million, adding goodwill and intangible assets.

03—One dollar

Follow one dollar

For each $1.00 of revenue in Q1 FY2022, CrowdStrike Holdings, Inc. lost $0.28.

  1. Revenue$302.8M100.0%
  2. Cost of revenue−$78.5M25.9%
  3. Gross profit$224.3M74.1%
  4. Operating costs−$255.7M84.4%
  5. Operating income−$31.3M10.4%
  6. Interest, other & tax−$53.7M17.7%
  7. Net income−$85.0M28.1%
Computed from 10-QQ1 FY2022filed June 4, 2021Computed from this filing’s revenue, gross profit, operating income and net income · right columngrey figure: share of revenue

04—Financials

Financial Highlights

Figures from 10-QQ1 FY2022filed June 4, 2021
Revenue$302.84M74.1% Gross MarginNet Income-$85.05M-28.1% Net MarginEPS (Diluted)$-0.10Total Assets$2.88BCash & Equivalents$1.68BFree Cash Flow$121.74M

Financial Statements

Q1 FY2022 against Q1 FY2021

Line itemQ1 FY2022Q1 FY2021Change
Revenue$302.84M$178.08M+70.1%
Cost of Revenue$78.50M$46.90M+67.4%
Gross Profit$224.34M$131.18M+71.0%
R&D Expenses$78.18M$40.58M+92.7%
Operating Expenses$255.69M$153.76M+66.3%
Operating Income-$31.35M-$22.58M−38.9%
Interest Expense$6.23M$143K+4256.6%
Net Income-$85.05M-$19.22M−342.5%
EPS (Basic)$-0.10$-0.02−322.2%
EPS (Diluted)$-0.10$-0.02−322.2%
Shares Outstanding (Basic)896.61M852.52M+5.2%
Shares Outstanding (Diluted)896.61M852.52M+5.2%

05—Questions

Frequently Asked Questions

  1. What was CrowdStrike's revenue performance in Q1 FY2022?

    CrowdStrike reported a 70% year-over-year increase in total revenue for the first quarter of fiscal year 2022, reaching $302.8 million. Subscription revenue, the primary driver, grew by 73% to $281.2 million.

  2. What is the company's profitability status?

    CrowdStrike continues to operate at a loss. The company reported an operating loss of $31.3 million and a net loss of $82.9 million for the quarter. This widening loss is attributed to increased investments in sales, marketing, and research and development, as well as a significant income tax expense.

  3. How did CrowdStrike's customer base and ARR perform?

    The company experienced strong customer growth, adding 1,524 net new subscription customers to reach a total of 11,420, an 82% year-over-year increase. Annual Recurring Revenue (ARR) also saw substantial growth, increasing by 74% to $1.2 billion.

  4. What were the significant events or acquisitions during the quarter?

    CrowdStrike completed the acquisition of Humio Limited for $369.9 million. This acquisition is expected to bolster their cloud log management and observability offerings.

06—Continue

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