CrowdStrike Holdings, Inc. Files Q1 FY25 10-Q

TL;DR

**CRWD Q1 FY25 10-Q FILED: Financials and operations update for cybersecurity leader.**

AI Summary

CrowdStrike Holdings, Inc. filed its 10-Q for the period ending April 30, 2024. The filing details financial performance and operational updates for the first quarter of fiscal year 2025. Key financial data and business segments are presented, reflecting the company's ongoing activities in the cybersecurity market.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational insights for CrowdStrike, a major player in cybersecurity, impacting market perception and investment decisions.

Risk Assessment

Risk Level: medium — As a publicly traded technology company, CrowdStrike faces inherent market, competitive, and cybersecurity risks detailed in its SEC filings.

Key Numbers

• 2024-04-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-06-05 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• CrowdStrike Holdings, Inc. (company) — Filer of the 10-Q report
• 20240430 (date) — End of the reporting period
• 20240605 (date) — Date of filing

FAQ

Key Financial Figures

• $0.0005 — stered Class A common stock, par value $0.0005 per share CRWD The Nasdaq Stock Market

Filing Documents

• crwd-20240430.htm (10-Q) — 1422KB
• sentonas_michaelx-xusxof.htm (EX-10.1) — 12KB
• crwd-20240430xexx311.htm (EX-31.1) — 10KB
• crwd-20240430xexx312.htm (EX-31.2) — 11KB
• crwd-20240430xexx321.htm (EX-32.1) — 8KB
• sentonas_michaelx-xusxof001.jpg (GRAPHIC) — 186KB
• sentonas_michaelx-xusxof002.jpg (GRAPHIC) — 257KB
• sentonas_michaelx-xusxof003.jpg (GRAPHIC) — 250KB
• sentonas_michaelx-xusxof004.jpg (GRAPHIC) — 275KB
• sentonas_michaelx-xusxof005.jpg (GRAPHIC) — 41KB
• 0001535527-24-000013.txt ( ) — 8441KB
• crwd-20240430.xsd (EX-101.SCH) — 54KB
• crwd-20240430_cal.xml (EX-101.CAL) — 79KB
• crwd-20240430_def.xml (EX-101.DEF) — 268KB
• crwd-20240430_lab.xml (EX-101.LAB) — 640KB
• crwd-20240430_pre.xml (EX-101.PRE) — 434KB
• crwd-20240430_htm.xml (XML) — 834KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of April 30, 2024 and January 31, 2024 6 Condensed Consolidated Statements of Operations for the Three Months Ended April 30, 2024 and April 30, 2023 7 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended April 30, 2024 and April 30, 2023 8 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended April 30, 2024 and April 30, 2023 9 Condensed Consolidated Statements of Cash Flows for the Three Months Ended April 30, 2024 and April 30, 2023 10 Notes to Condensed Consolidated Financial Statements 11 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 40

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Shares of Equity Securities and Use of Proceeds 73 Item 3. Defaults Upon Senior Securities 73 Item 4. Mine Safety Disclosures 73 Item 5. Other Information 73 Item 6. Exhibits 73

Signatures

Signatures 75 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "intend," "could," "would," "project," "plan," "expect" and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning the following: our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit or gross margin, operating expenses (including changes in sales and marketing, research and development, and general and administrative expenses), and our ability to achieve, and maintain, future profitability; market acceptance of our cloud platform; the effects of increased competition in our markets and our ability to compete effectively; our ability to maintain the security and availability of our cloud platform; our ability to maintain and expand our customer base, including by attracting new customers; our ability to develop new solutions, or enhancements to our existing solutions, and bring them to market in a timely manner; anticipated trends, growth rates and challenges in our business and in the markets in which we operate; our business plan and our ability to effectively manage our growth and associated in

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CrowdStrike Holdings, Inc. Condensed Consolidated Balance Sheets (in thousands, except per share data) (unaudited) April 30, January 31, 2024 2024 Assets Current assets: Cash and cash equivalents $ 3,702,437 $ 3,375,069 Short-term investments — 99,591 Accounts receivable, net of allowance for credit losses of $ 2.1 million and $ 2.2 million as of April 30, 2024 and January 31, 2024, respectively 702,856 853,105 Deferred contract acquisition costs, current 244,651 246,370 Prepaid expenses and other current assets 191,678 183,172 Total current assets 4,841,622 4,757,307 Strategic investments 58,419 56,244 Property and equipment, net 627,381 620,172 Operating lease right-of-use assets 48,598 48,211 Deferred contract acquisition costs, noncurrent 330,004 335,933 Goodwill 721,973 638,041 Intangible assets, net 122,024 114,518 Other long-term assets 91,964 76,094 Total assets $ 6,841,985 $ 6,646,520 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 21,299 $ 28,180 Accrued expenses 102,116 125,896 Accrued payroll and benefits 216,695 234,624 Operating lease liabilities, current 16,020 14,150 Deferred revenue 2,309,329 2,270,757 Other current liabilities 18,227 23,672 Total current liabilities 2,683,686 2,697,279 Long-term debt 742,866 742,494 Deferred revenue, noncurrent 760,050 783,342 Operating lease liabilities, noncurrent 34,090 36,230 Other liabilities, noncurrent 52,511 50,086 Total liabilities 4,273,203 4,309,431 Commitments and contingencies (Note 8) Stockholders' Equity Preferred stock, $ 0.0005 par value; 100,000 shares authorized as of April 30, 2024 and January 31, 2024; no shares issued and outstanding as of April 30, 2024 and January 31, 2024. — — Class A common stock, $ 0.0005 par value; 2,000,000 shares authorized as of April 30, 2024 and January 31, 2024; 230,676 shares and 229,380 shares issued and outstanding as of April 30, 2024 and January 31, 2024, respe

Business

Business CrowdStrike Holdings, Inc. (the "Company") was formed on November 7, 2011. The Company is a global cybersecurity leader that delivers cybersecurity's AI-native platform for the XDR era, purpose-built to stop breaches. The Company's unified platform provides cloud-delivered protection of endpoints, cloud workloads, identity, and data via a software as a service ("SaaS") subscription-based model that spans multiple large security markets, including corporate endpoint security, security and IT operations, managed security services, next-gen SIEM, cloud security, identity protection, threat intelligence, data protection, exposure management and cybersecurity generative AI. The Company conducts its business in the United States, as well as locations internationally, including in Australia, Germany, India, Israel, Japan, Romania, and the United Kingdom. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of January 31, 2024, and related disclosures, have been derived from the audited consolidated financial statements at that date but do not include all of the information required by U.S. GAAP for complete consolidated financial statements. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company's annual consolidated financial statements and, in the opinion of management, reflect all normal recurring adjustments that are necessary for the fair statement of the Company's condensed consolidated financial information. The results of operations for the three months ended Ap

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View this 10-Q filing on SEC EDGAR