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Apr 30, 2023
Crowdstrike Q1 2024 Earnings Report
Crowdstrike's Q1 2024 financial results exceeded expectations, reaching new milestones in revenue, earnings, and cash flow.
Key Takeaways
CrowdStrike reported a strong first quarter for fiscal year 2024, with record revenue, GAAP and non-GAAP earnings, cash flow from operations, and free cash flow. ARR grew 42% year-over-year to $2.73 billion. The company exceeded its guided metrics and achieved a rule of 75 on a free cash flow basis.
Total revenue increased by 42% year-over-year to $692.6 million.
ARR grew 42% year-over-year to reach $2.73 billion, with $174.2 million in net new ARR added in the quarter.
GAAP subscription gross margin was 78%, while non-GAAP subscription gross margin was 80%.
Net cash generated from operations was $300.9 million, and free cash flow was $227.4 million.
Crowdstrike
Crowdstrike
Crowdstrike Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comProfessional Services Revenue
CapyFin.com Forward Guidance
CrowdStrike is providing the following guidance for the second quarter of fiscal 2024 (ending July 31, 2023) and increasing its guidance for the fiscal year 2024 (ending January 31, 2024).
Positive Outlook
- Total revenue for Q2 FY24 is expected to be between $717.2 million and $727.4 million.
- Total revenue for FY24 is expected to be between $3,000.5 million and $3,036.7 million.
- Non-GAAP income from operations for Q2 FY24 is expected to be between $116.4 million and $123.8 million.
- Non-GAAP income from operations for FY24 is expected to be between $498.9 million and $526.2 million.
- Non-GAAP net income attributable to CrowdStrike for Q2 FY24 is expected to be between $129.5 million and $137.0 million.
Challenges Ahead
- Guidance for non-GAAP financial measures excludes stock-based compensation expense.
- Guidance excludes amortization expense of acquired intangible assets, including purchased patents.
- Guidance excludes amortization of debt issuance costs and discount.
- Guidance excludes mark-to-market adjustments on deferred compensation liabilities.
- Guidance excludes legal reserve and settlement charges or benefits.
Revenue & Expenses
Visualization of income flow from segment revenue to net income