CrowdStrike(US:CRWD)2024-06-05 01:32Revenue and Financial Performance - Annual Recurring Revenue (ARR) reached $3.6 billion as of April 30, 2024, with $211.7 million in net new ARR added for the three months ended April 30, 2024, compared to $2.7 billion and $174.2 million for the same period in 2023 [119]. - Total revenue for the three months ended April 30, 2024, was $921.036 million, a significant increase from $692.580 million in the same period of 2023 [128]. - Subscription revenue reached $872.172 million, up 33.9% compared to $651.175 million in the prior year [167]. - The company reported a net income of $46.264 million for the three months ended April 30, 2024, compared to a net loss in the previous year [149]. - Net income for the three months ended April 30, 2024, was $46,264,000, a significant increase from $499,000 in the same period last year [152]. - Net income attributable to CrowdStrike for the quarter was $42.820 million, a significant increase from $491 thousand in the same quarter of 2023 [167]. - The company reported a net income per share of $0.18 for basic shares and $0.17 for diluted shares, compared to $0.00 in the previous year [167]. - The company recognized revenue of $792.2 million for the three months ended April 30, 2024, compared to $596.4 million for the same period in 2023 [299]. Expenses and Profitability - Sales and marketing expenses include significant costs related to employee compensation and marketing events, impacting overall profitability [135]. - Stock-based compensation expense increased to $183,125,000 from $130,856,000, reflecting a rise of about 39.9% [152]. - The total stock-based compensation expense for the three months ended April 30, 2024 was $183.1 million, compared to $130.9 million for the same period in 2023 [255]. Cash Flow and Assets - Net cash provided by operating activities increased to $383,228,000, compared to $300,892,000 for the same period in 2023, reflecting a growth of approximately 27.3% [152]. - Total cash, cash equivalents, and restricted cash at the end of the period reached $3,705,292,000, up from $2,831,565,000 year-over-year, representing a growth of about 30.8% [152]. - The company experienced a net increase in cash of $327,695,000 during the period, compared to $374,641,000 in the previous year [152]. - Total current assets increased to $4.841 billion from $4.757 billion as of January 31, 2024 [165]. - Total assets as of April 30, 2024, were $6.842 billion, up from $6.647 billion at the end of January 2024 [165]. - Total liabilities decreased to $4.273 billion from $4.309 billion as of January 31, 2024 [165]. - The company’s accumulated deficit improved to $(1.016) billion from $(1.059) billion in the previous quarter [165]. - Total stockholders' equity increased to $2.569 billion from $2.337 billion as of January 31, 2024 [165]. Acquisitions and Strategic Investments - Business acquisitions net of cash acquired amounted to $96,376,000, indicating ongoing strategic expansion efforts [152]. - The Company acquired Bionic Stork, Ltd. for a total consideration of $96.4 million, including $96.4 million in cash and $0.5 million in replacement equity awards [281]. - The acquisition of Flow Security resulted in $84.0 million of goodwill, primarily due to the assembled workforce and expected synergies from integration [281]. - The company acquired 100% of the equity interest of Flow Security Ltd., enhancing its data security solutions [305]. Market and Customer Insights - The United States accounted for 68% of total revenue in Q1 2024, while Europe, the Middle East, and Africa contributed 15%, and Asia Pacific contributed 10% [128]. - The dollar-based net retention rate remained consistent as of April 30, 2024, indicating stable customer spending patterns [298]. - The company’s go-to-market strategy focuses on acquiring new customers, which is critical for future revenue growth [295]. - The company’s Falcon platform is designed to cater to organizations of all sizes, expanding its market reach significantly [293]. Risks and Compliance - The company continues to face risks related to cybersecurity threats, which could adversely affect its reputation and financial results [121]. - The Company was in compliance with all financial covenants under the Indenture associated with the Senior Notes as of April 30, 2024 [242]. Stock and Employee Engagement - The Employee Stock Purchase Plan (ESPP) allows employees to purchase shares at a discount, enhancing employee engagement and retention [127]. - Employee payroll contributions for the Employee Stock Purchase Plan (ESPP) totaled $50.0 million as of April 30, 2024, up from $22.3 million as of January 31, 2024 [271]. - Total unrecognized stock-based compensation expense related to unvested RSUs was $1.7 billion as of April 30, 2024, expected to be amortized over a weighted-average vesting period of 2.8 years [268]. - Total unrecognized stock-based compensation expense related to unvested PSUs was $167.8 million as of April 30, 2024, expected to be amortized over a weighted-average vesting period of 1.5 years [250].