FY2024Q4点评：业绩创纪录，AI取得显著进展

Investment Rating - The report suggests a "Buy" rating for CrowdStrike, with an expected relative return of over 20% within six months [8]. Core Insights - CrowdStrike achieved record performance in FY2024 Q4, with total revenue of $845 million, a year-over-year increase of 33%, surpassing Bloomberg consensus expectations [9]. - The annual recurring revenue (ARR) grew by 34% year-over-year, reaching $3.44 billion, also exceeding expectations [9]. - The company reported a Non-GAAP operating profit of $213.1 million, up 123% year-over-year, and a Non-GAAP net profit of $236 million, reflecting a 110.7% increase [9]. - Operating cash flow reached $347 million, a 27% increase, while free cash flow was $283 million, representing 33% of revenue [9]. - The subscription revenue for Q4 was $796 million, a 33% increase year-over-year, with professional services revenue at $49.4 million, up 26% [10]. Summary by Sections Financial Performance - FY2024 total revenue was $3.056 billion, a 36% increase year-over-year, aligning with Bloomberg consensus [1]. - Subscription revenue was $2.87 billion, also up 36% year-over-year, with a gross margin of 78% [1]. - Non-GAAP operating profit was $660 million, an 85% increase year-over-year, exceeding expectations [1]. - Net profit reached $89.3 million, surpassing expectations, compared to a loss of $183 million in the same period last year [1]. Market Position and Growth - CrowdStrike is recognized as one of the largest cloud security companies, with a net new ARR growth of nearly 200% year-over-year [2]. - The company completed over 250 transactions exceeding $1 million in Q4, with a total transaction volume growth of over 30% [2]. - The number of subscription customers increased significantly across various module counts, indicating strong customer adoption [2]. Strategic Developments - CrowdStrike expanded its strategic partnership with Dell, integrating Dell's managed detection and response services with its Falcon XDR platform [3]. - The acquisition of Flow Security aims to enhance cloud data protection capabilities, following previous acquisitions to broaden its product suite [11]. - The report highlights significant advancements in AI, particularly with the launch of Charlotte AI, enhancing the company's competitive edge in cloud security [12].