Image source: The Motley Fool. Tuesday, June 3, 2025 at 5 p.m. ET CALL PARTICIPANTS Chief Executive Officer and Founder — George Kurtz Chief Financial Officer — Burt Podbere Need a quote from one of our analysts? Email [email protected] RISKS Burt Podbere disclosed, "The company received a request for information from the DOJ and the SEC relating to revenue recognition and reporting of ARR for certain transactions, the July 19 outage, and related matters." Burt Podbere stated, "GAAP net loss attributable to ...

Financial Data and Key Metrics Changes - The company achieved net new ARR of $194 million, exceeding expectations and bringing total ending ARR to over $4.4 billion, a 22% increase year-over-year [5][32] - Subscription gross margin was reported at 80%, indicating strong efficiency of the AI platform [5][34] - Free cash flow reached $279 million, representing 25% of revenue, with a quarter-on-quarter growth of double digits [5][35] - Total revenue for the quarter was $1.1 billion, reflecting a 20% growth compared to the same quarter last year [33] Business Line Data and Key Metrics Changes - The Falcon Flex model has shown significant success, with a total account value of $3.2 billion across 820 accounts, growing 31% sequentially and more than six times year-over-year [5][6] - The company reported a sustained gross retention rate of 97%, indicating strong customer commitment to the Falcon platform [5][34] - The next-gen SIEM business delivered triple-digit ending ARR growth, showcasing its disruptive impact on legacy products [23] Market Data and Key Metrics Changes - The geographic revenue mix consisted of approximately 67% from the U.S. and 33% from international markets, indicating a balanced global presence [33] - The MSSP business has grown rapidly, now representing over 15% of total deal value, highlighting the increasing importance of managed service providers [26] Company Strategy and Development Direction - The company is focusing on consolidating point products and enhancing the Falcon platform to meet evolving market demands, particularly in AI and cybersecurity [4][29] - The strategic realignment plan aims to optimize investments in key growth areas such as cloud, identity, exposure management, and next-gen SIEM [38] - The company has authorized up to $1 billion in share repurchases, reflecting confidence in long-term growth prospects and cash flow generation capabilities [31][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improving sequential net new ARR growth in Q2 and accelerating growth in the back half of FY 2026, driven by strong demand for the Falcon platform [31][36] - The company anticipates a divergence between ARR and subscription revenue due to the impact of the CCP program, which is expected to normalize in the future [37] - The management highlighted the necessity of cybersecurity in the AI age, positioning the company as a leader in protecting autonomous AI agents [15][29] Other Important Information - The company launched new technologies such as AI model scanning and AI security dashboard to address the growing demand for AI tools while managing associated risks [20] - The Falcon platform's capabilities are being enhanced to provide better protection for identities, workloads, and data, aligning with market needs [100] Q&A Session Summary Question: Insights on Falcon Flex and its impact on sales - Management noted that Falcon Flex has significantly changed the sales approach, focusing on outcomes rather than module-by-module sales, leading to increased customer adoption and spending [47][50] Question: Divergence between revenue growth and ARR growth - The divergence is attributed to the amortization impacts of the CCP program, which affects revenue recognition differently than ARR [54][55] Question: Budgeting for reflex deals - Customers typically reassess their budgets based on the value received from Falcon Flex, leading to discussions on replacing point products and planning phased rollouts [58][60] Question: Changes in sales compensation and market response - The salesforce has responded positively to the new compensation structures and the focus on innovation, leading to increased customer engagement and adoption rates [64][67] Question: Free cash flow margin expectations - The company expects to achieve a free cash flow margin of over 30% next year, driven by the success of Falcon Flex and larger deals [83][85] Question: Trends in the macro environment - The company has executed well despite market noise, with strong demand for next-gen SIEM and overall positive customer engagement [88][89] Question: Competitive positioning in the MSSP channel - The company has strengthened its relationships with managed service providers, leading to significant growth in this channel and improved competitive positioning [96][98] Question: Vision for identity management space - The company aims to deepen its capabilities in identity management, responding to customer demand for more comprehensive solutions [100][101]

智通财经4月10日讯（编辑 李林）以下为各家券商对美股的最新评级和目标价： 中信证券给予CrowdStrike（CRWD.OQ）"买入"评级： 因公司FY2025Q4新增ARR超预期，且FalconFlex采用率加速，客户需求旺盛，为未来ARR增长奠定基 础。尽管全年指引保守，但政府收入敞口低，不受关税影响。分析师看好公司中长期投资价值。 中信证券给予Cyberark Software（CYBR.OQ）"买入"评级，目标价422美元： 公司本季度订阅收入超预期，Venafi贡献显著。公司持续推进身份平台化，并收购Zilla Security布局IGA 领域。作为特权访问管理领导者，其身份安全平台化及市场策略有望驱动长期增长，投资价值显著。 因其Q4业绩高增长，全年非GAAP运营利润转正。短期内，宏观环境改善和去库存周期结束将推动业绩 增长，降本增效成果将体现在利润端。中长期，IoT市场广阔前景和公司在IoT PaaS的竞争优势，以及 AI Agent领域的布局，有望使公司受益于全球物联网产业快速发展和智能场景渗透。 中信证券给予Zeekr（ZK.N）"买入"评级： 基于其24Q4亮眼业绩及未来增长潜力。公司单 ...