CrowdStrike(CRWD) - 2024 Q4 - Annual Results

Revenue Growth - Annual Recurring Revenue (ARR) increased 34% year-over-year to $3.44 billion as of January 31, 2024, with net new ARR of $281.9 million added in the quarter[10] - Total revenue for fiscal year 2024 was $3.06 billion, a 36% increase compared to $2.24 billion in fiscal 2023[30] - Revenue for the three months ended January 31, 2024, was $845.335 million, a 32.6% increase from $637.367 million in the same period in 2023[51] - Subscription revenue for the three months ended January 31, 2024, was $795.947 million, a 33.0% increase from $598.263 million in the same period in 2023[51] - Total revenue for the year ended January 31, 2024, was $3.055 billion, a 36.3% increase from $2.241 billion in the previous year[51] - Subscription revenue for the year ended January 31, 2024, was $2.870 billion, a 35.9% increase from $2.111 billion in the previous year[51] - GAAP total revenue for the year ended January 31, 2024, was $3,055,555, up from $2,241,236 in 2023, a 36.3% increase[82] Profitability - GAAP net income attributable to CrowdStrike was $89.3 million for fiscal year 2024, compared to a loss of $183.2 million in fiscal 2023[14] - Non-GAAP net income attributable to CrowdStrike was $751.8 million for fiscal year 2024, a 104% increase compared to $368.4 million in fiscal 2023[14][26] - Net income for the three months ended January 31, 2024, was $54.941 million, compared to a net loss of $48.932 million in the same period in 2023[51] - Net income for the year ended January 31, 2024, was $90.585 million, compared to a net loss of $182.285 million in the previous year[51] - GAAP net income for Q1 2024 was $53.7 million, compared to a loss of $47.5 million in Q1 2023[58] - Non-GAAP net income for Q1 2024 was $236.2 million, up from $111.6 million in Q1 2023[58] Cash Flow and Liquidity - Free cash flow for fiscal year 2024 was $938.2 million, compared to $676.8 million in fiscal 2023[32] - CrowdStrike's cash, cash equivalents, and short-term investments totaled $3.47 billion as of January 31, 2024[29] - Net cash provided by operating activities for the year ended January 31, 2024, was $1.166 billion, up from $941.007 million in the previous year[56] - Free cash flow for Q1 2024 was $283.0 million, up from $209.5 million in Q1 2023[59] - GAAP net cash provided by operating activities was $347.0 million in Q1 2024, compared to $273.3 million in Q1 2023[59] - Net increase in cash, cash equivalents, and restricted cash for the year ended January 31, 2024, was $920.673 million, compared to $460.291 million in the previous year[56] - Cash, cash equivalents, and restricted cash at the end of the period were $3.377 billion, up from $2.456 billion at the beginning of the period[56] - Cash and cash equivalents rose to $3,375,069 in 2024 from $2,455,369 in 2023, a 37.5% increase[79] Operating Expenses and Margins - Total operating expenses for the three months ended January 31, 2024, were $607.092 million, a 16.0% increase from $523.263 million in the same period in 2023[51] - Total operating expenses for the year ended January 31, 2024, were $2.301 billion, a 25.8% increase from $1.830 billion in the previous year[51] - GAAP operating margin improved to 4% in Q1 2024 from -10% in Q1 2023[58] - Non-GAAP operating margin increased to 25% in Q1 2024 from 15% in Q1 2023[58] - GAAP subscription gross margin remained stable at 78% in 2024, consistent with 2023[82] - Non-GAAP subscription gross margin improved to 80% in 2024 from 78% in 2023[82] - GAAP professional services gross margin was 33% in 2024, consistent with 2023[82] - Non-GAAP professional services gross margin increased to 46% in 2024 from 43% in 2023[82] - GAAP sales and marketing operating expenses as a percentage of revenue decreased to 34% in 2024 from 39% in 2023[82] - GAAP research and development operating expenses as a percentage of revenue decreased to 25% in 2024 from 30% in 2023[82] Module Adoption and Acquisitions - CrowdStrike's module adoption rates were 64%, 43%, and 27% for five or more, six or more, and seven or more modules, respectively, as of January 31, 2024[33] - CrowdStrike announced the acquisition of Flow Security, the industry's first and only cloud data runtime security solution[33] - Business acquisitions, net of cash acquired, for the year ended January 31, 2024, were $239.030 million, compared to $18.349 million in the previous year[56] Guidance and Future Expectations - CrowdStrike provided guidance for Q1 FY25 with total revenue expected to be between $902.2 million and $905.8 million, and full-year FY25 revenue guidance between $3.92 billion and $3.99 billion[19] - Non-GAAP net income per share attributable to CrowdStrike for Q1 FY25 is expected to be between $0.89 and $0.90, and for full-year FY25 between $3.77 and $3.97[19] Other Financial Metrics - Gross profit for the three months ended January 31, 2024, was $636.763 million, a 37.9% increase from $461.763 million in the same period in 2023[51] - Gross profit for the year ended January 31, 2024, was $2.299 billion, a 40.2% increase from $1.640 billion in the previous year[51] - Interest expense for the three months ended January 31, 2024, was $546 million, compared to $548 million in the same period in 2023[53] - Total gains (losses) and other income from strategic investments for the three months ended January 31, 2024, was $2.485 billion, compared to a loss of $2.904 billion in the same period in 2023[53] - Depreciation and amortization expenses for the year ended January 31, 2024, were $126.838 million, up from $77.245 million in the previous year[56] - Stock-based compensation expense for the year ended January 31, 2024, was $631.519 million, compared to $526.504 million in the previous year[56] - Purchases of property and equipment for the year ended January 31, 2024, were $176.529 million, down from $235.019 million in the previous year[56] - Stock-based compensation expense was $176.3 million in Q1 2024, up from $152.3 million in Q1 2023[58] - Amortization of acquired intangible assets was $5.5 million in Q1 2024, compared to $4.2 million in Q1 2023[58] - Acquisition-related expenses were $428,000 in Q1 2024, down from $477,000 in Q1 2023[58] - Legal reserve and settlement charges were $1.0 million in Q1 2024, compared to $0 in Q1 2023[58] - Total assets increased to $6,646,520 in 2024 from $5,026,540 in 2023, reflecting a growth of 32.2%[79] - Deferred revenue grew to $2,270,757 in 2024 from $1,727,484 in 2023, marking a 31.4% increase[79]