CrowdStrike Reports Fiscal First Quarter 2021 Financial Results
Achieves $686 million in ARR, 89% year-over-year subscription revenue growth, and record operating and free cash flow
SUNNYVALE, Calif.–(BUSINESS WIRE)–CrowdStrike Holdings, Inc., (Nasdaq: CRWD), a leader in cloud-delivered endpoint protection, today announced financial results for the first quarter of its fiscal 2021, ended April 30, 2020.
“CrowdStrike finished the quarter with strong momentum and delivered results that exceeded our expectations across the board,” said George Kurtz, CrowdStrike’s co-founder and chief executive officer. “An increasing number of organizations recognize the power of CrowdStrike’s cloud-native Falcon platform to effectively stop breaches as well as simplify their security and I.T. operations stack with a single, lightweight agent. Cybersecurity is mission critical and in the quarter our customers continued to prioritize their cybersecurity investments. With both security administrators and end-users working from home, we believe the rapid shift to a remote workforce has helped increase our leadership. We achieved 88% ARR growth and 105% subscription customer growth year-over-year as we continue to partner with customers to protect and manage their critical workloads in a heightened threat landscape and a rapidly evolving business environment.”
Commenting on the company’s financial results, Burt Podbere, CrowdStrike’s chief financial officer, added, “As a result of our strong execution across the quarter and continued focus on unit economics, we drove substantial operating leverage, reduced GAAP operating loss and achieved non-GAAP operating profitability for the first time in company history. While continuing to aggressively invest in our business, we generated record positive cash flow from operations and free cash flow.”
First Quarter Fiscal 2021 Financial Highlights
- Revenue: Total revenue was $178.1 million, an 85% increase, compared to $96.1 million in the first quarter of fiscal 2020. Subscription revenue was $162.2 million, an 89% increase, compared to $86.0 million in the first quarter of fiscal 2020.
- Annual Recurring Revenue (ARR) increased 88% year-over-year and grew to $686.1 million as of April 30, 2020, of which $85.7 million was net new ARR added in the quarter.
- Subscription Gross Margin: GAAP subscription gross margin was 77%, compared to 72% in the first quarter of fiscal 2020. Non-GAAP subscription gross margin was 78%, compared to 73% in the first quarter of fiscal 2020.
- Income/Loss from Operations: GAAP loss from operations was $22.6 million, compared to $25.8 million in the first quarter of fiscal 2020. Non-GAAP income from operations was $1.2 million, compared to a loss of $21.9 million in the first quarter of fiscal 2020.
- Net Income/Loss: GAAP net loss was $19.2 million, compared to $26.0 million in the first quarter of fiscal 2020. GAAP net loss per share was $0.09, compared to $0.55 in the first quarter of fiscal 2020. Non-GAAP net income was $4.5 million, compared to a loss of $22.1 million in the first quarter of fiscal 2020. Non-GAAP net income per share, was $0.02, compared to a loss of $0.47 in the first quarter of fiscal 2020.
- Cash Flow: Net cash generated from operations was $98.6 million, compared to $1.4 million in the first quarter of fiscal 2020. Free cash flow was $87.0 million, compared to negative $16.1 million in the first quarter of fiscal 2020.
- Cash and Cash Equivalents increased to $1,005 million as of April 30, 2020.
Recent Highlights
- Added 830 net new subscription customers in the quarter for a total of 6,261 subscription customers as of April 30, 2020, representing 105% growth year-over-year.
- CrowdStrike’s subscription customers that have adopted four or more cloud modules increased to 55% and those with five or more cloud modules increased to over 35% as of April 30, 2020.
- The CrowdStrike Falcon® endpoint protection platform was named a Leader in The Forrester Wave™: Enterprise Detection And Response, Q1 2020. CrowdStrike received the highest possible score in 11 criteria.
- For the second consecutive year, CrowdStrike earned the highest overall rating among vendors named in 2020 Gartner Peer Insights Customers’ Choice for Endpoint Detection and Response (EDR) with an overall rating of 4.9 out of 5 from 106 verified customer reviews.
- Announced partnerships with Computacenter, a technology partner trusted by large corporate and public sector organizations, and Veronym, a cloud-managed security service provider that specializes in small and medium-sized enterprises (SME). These partnerships make the CrowdStrike Falcon® platform widely available for enterprise customers across Germany and to SMEs across Germany, Austria, and Switzerland.
- CrowdStrike successfully completed its second MITRE ATT&CK® evaluation. The MITRE ATT&CK evaluation tests a vendor’s ability to detect attacker activity across the full spectrum of sophisticated attacks. CrowdStrike’s results indicate once again that CrowdStrike Falcon® delivers best-in-class visibility and detection.
Financial Outlook
CrowdStrike is providing the following guidance for the second quarter of fiscal 2021 (ending July 31, 2020) and increasing its guidance for fiscal year 2021 (ending January 31, 2021):
|
|
Q2 FY21 |
|
Full Year FY21 |
|
Total revenue |
$185.8 – $190.3 million |
|
$761.2 – $772.6 million |
|
Non-GAAP loss from operations |
$(3.1) – $0.0 million |
|
$(19.2) – $(11.1) million |
|
Non-GAAP net loss |
$(3.8) – $(0.7) million |
|
$(18.1) – $(9.9) million |
|
Non-GAAP net loss per share, basic and diluted |
$(0.02) – $0.00 |
|
$(0.08) – $(0.05) |
|
Weighted average shares used in computing Non-GAAP net loss per share attributable to common stockholders, basic and diluted |
216 million |
|
220 million |
These statements are forward-looking and actual results may differ materially as a result of many factors. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
Guidance for non-GAAP financial measures excludes stock-based compensation expense and amortization expense of acquired intangible assets. We have not provided the most directly comparable GAAP measures because certain items are out of our control or cannot be reasonably predicted. Accordingly, a reconciliation for non-GAAP loss from operations, non-GAAP net loss, and non-GAAP net loss per share is not available without unreasonable effort.
Conference Call Information
CrowdStrike will host a conference call for analysts and investors to discuss its earnings results for the first quarter of fiscal 2021 and outlook for its fiscal second quarter and year 2021 today at 2:00 p.m. Pacific time (5:00 p.m. Eastern time). A recorded webcast of the event will also be available for one year on the CrowdStrike Investor Relations website ir.crowdstrike.com.
|
Date: |
June 2, 2020 |
|
|
Time: |
2:00 p.m. Pacific time / 5:00 p.m. Eastern time |
|
|
Dial-in number: |
409-937-8967, conference ID: 8038467 |
|
|
Webcast: |
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding our future financial and operating performance, including our financial outlook for the fiscal second quarter and year 2021. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: the impact of the COVID-19 pandemic on our and our customers’ business; our limited operating history; our ability to identify and effectively implement the necessary changes to address execution challenges; risks associated with managing our rapid growth; our limited experience with new product and subscription and support introductions and the risks associated with new products and subscription and support offerings, including the risk of defects, errors, or vulnerabilities; our ability to attract new and retain existing customers; the failure to timely develop and achieve market acceptance of new products and subscriptions as well as existing products and subscriptions and support; rapidly evolving technological developments in the market for security products and subscription and support offerings; length of sales cycles; and general market, political, economic, and business conditions, including those related to COVID-19.
Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth from time to time in our filings and reports with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the fiscal year ended January 31, 2020 filed with the SEC, dated March 23, 2020, and in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2020, that will be filed with the SEC following this earnings release.
You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Use of Non-GAAP Financial Information
We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the financial tables below, as well as the “Explanation of Non-GAAP Financial Measures” section of this press release.
Channels for Disclosure of Information
We intend to announce material information to the public through the CrowdStrike Investor Relations website ir.crowdstrike.com, SEC filings, press releases, public conference calls, and public webcasts. We use these channels, as well as social media and our blog, to communicate with our investors, customers, and the public about our company, our offerings, and other issues. It is possible that the information we post on social media and our blog could be deemed to be material information. As such, we encourage investors, the media, and others to follow the channels listed above, including the social media channels listed on our investor relations website, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page on our website.
Disclaimer
Gartner Peer Insights Customers’ Choice constitute the subjective opinions of individual end-user reviews, ratings, and data applied against a documented methodology; they neither represent the views of, nor constitute an endorsement by, Gartner or its affiliates.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About CrowdStrike Holdings
CrowdStrike® provides cloud-delivered endpoint protection. Leveraging artificial intelligence (AI), the CrowdStrike Falcon® platform protects customers against cyberattacks on endpoints on or off the network by offering visibility and protection across the enterprise.
Copyright © 2020 CrowdStrike, Inc. All rights reserved. CrowdStrike® and CrowdStrike Falcon® are the registered trademarks of CrowdStrike, Inc. CrowdStrike owns other trademarks and service marks, and may use the brands of third parties to identify their products and services.
CROWDSTRIKE HOLDINGS, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
|
|
Three Months Ended April 30, |
||||||
|
|
2020 |
|
2019 |
||||
|
Revenue |
|
|
|
||||
|
Subscription |
$ |
162,222 |
|
|
$ |
85,990 |
|
|
Professional services |
15,856 |
|
|
10,087 |
|
||
|
Total revenue |
178,078 |
|
|
96,077 |
|
||
|
Cost of revenue |
|
|
|
||||
|
Subscription (1)(2) |
37,244 |
|
|
23,691 |
|
||
|
Professional services (1) |
9,651 |
|
|
5,582 |
|
||
|
Total cost of revenue |
46,895 |
|
|
29,273 |
|
||
|
Gross profit |
131,183 |
|
|
66,804 |
|
||
|
Operating expenses |
|
|
|
||||
|
Sales and marketing (1)(2) |
88,138 |
|
|
56,843 |
|
||
|
Research and development (1)(2) |
40,578 |
|
|
23,875 |
|
||
|
General and administrative (1) |
25,043 |
|
|
11,861 |
|
||
|
Total operating expenses |
153,759 |
|
|
92,579 |
|
||
|
Loss from operations |
(22,576) |
|
|
(25,775) |
|
||
|
Interest expense |
(143) |
|
|
(1) |
|
||
|
Other income, net |
4,533 |
|
|
394 |
|
||
|
Loss before provision for income taxes |
(18,186) |
|
|
(25,382) |
|
||
|
Provision for income taxes |
(1,036) |
|
|
(595) |
|
||
|
Net loss |
$ |
(19,222) |
|
|
$ |
(25,977) |
|
|
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted |
$ |
(0.09) |
|
|
$ |
(0.55) |
|
|
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted |
213,129 |
|
|
47,205 |
|
||
_____________________________
(1) Includes stock-based compensation expense as follows:
|
|
Three Months Ended April 30, |
||||||
|
|
2020 |
|
2019 |
||||
|
|
(in thousands) |
||||||
|
Subscription cost of revenue |
$ |
1,995 |
|
|
$ |
265 |
|
|
Professional services cost of revenue |
971 |
|
|
103 |
|
||
|
Sales and marketing |
8,687 |
|
|
1,518 |
|
||
|
Research and development |
4,900 |
|
|
681 |
|
||
|
General and administrative |
7,085 |
|
|
1,185 |
|
||
|
Total stock-based compensation expense |
$ |
23,638 |
|
|
$ |
3,752 |
|
(2) Includes amortization of acquired intangible assets as follows:
|
|
Three Months Ended April 30, |
||||||
|
|
2020 |
|
2019 |
||||
|
|
(in thousands) |
||||||
|
Subscription cost of revenue |
$ |
62 |
|
|
$ |
104 |
|
|
Sales and marketing |
31 |
|
|
30 |
|
||
|
Research and development |
10 |
|
|
11 |
|
||
|
Total amortization of purchased intangibles |
$ |
103 |
|
$ |
145 |
|
|
CROWDSTRIKE HOLDINGS, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
|
|
April 30, |
|
January 31, |
||||
|
|
2020 |
|
2020 |
||||
|
Assets |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
1,004,991 |
|
|
$ |
264,798 |
|
|
Marketable securities |
— |
|
|
647,266 |
|
||
|
Accounts receivable, net |
144,187 |
|
|
164,987 |
|
||
|
Deferred contract acquisition costs, current |
53,410 |
|
|
42,971 |
|
||
|
Prepaid expenses and other current assets |
45,874 |
|
|
51,614 |
|
||
|
Total current assets |
1,248,462 |
|
|
1,171,636 |
|
||
|
Strategic investments |
1,000 |
|
|
1,000 |
|
||
|
Property and equipment, net |
139,096 |
|
|
136,078 |
|
||
|
Operating lease right-of-use assets |
35,738 |
|
|
— |
|
||
|
Deferred contract acquisition costs, noncurrent |
69,908 |
|
|
71,235 |
|
||
|
Goodwill |
7,652 |
|
|
7,722 |
|
||
|
Intangible assets, net |
419 |
|
|
527 |
|
||
|
Other assets |
17,121 |
|
|
16,708 |
|
||
|
Total assets |
$ |
1,519,396 |
|
|
$ |
1,404,906 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable |
$ |
6,528 |
|
|
$ |
1,345 |
|
|
Accrued expenses |
26,396 |
|
|
30,355 |
|
||
|
Accrued payroll and benefits |
37,458 |
|
|
36,810 |
|
||
|
Operating lease liabilities, current |
6,673 |
|
|
— |
|
||
|
Deferred revenue |
465,569 |
|
|
412,985 |
|
||
|
Other current liabilities |
13,020 |
|
|
11,601 |
|
||
|
Total current liabilities |
555,644 |
|
|
493,096 |
|
||
|
Deferred revenue, noncurrent |
170,404 |
|
|
158,183 |
|
||
|
Operating lease liabilities, noncurrent |
32,907 |
|
|
— |
|
||
|
Other liabilities, noncurrent |
7,288 |
|
|
11,020 |
|
||
|
Total liabilities |
766,243 |
|
|
662,299 |
|
||
|
Commitments and contingencies |
|
|
|
||||
|
Stockholders’ Equity |
|
|
|
||||
|
Common stock, Class A and Class B |
108 |
|
|
106 |
|
||
|
Additional paid-in capital |
1,409,758 |
|
|
1,378,479 |
|
||
|
Accumulated deficit |
(656,709) |
|
|
(637,487) |
|
||
|
Accumulated other comprehensive income (loss) |
(1,004) |
|
|
1,009 |
|
||
|
Total CrowdStrike Holdings, Inc. stockholders’ equity |
752,153 |
|
|
742,107 |
|
||
|
Non-controlling interest |
1,000 |
|
|
500 |
|
||
|
Total stockholders’ equity |
753,153 |
|
|
742,607 |
|
||
|
Total liabilities and stockholders’ equity |
$ |
1,519,396 |
|
|
$ |
1,404,906 |
|
CROWDSTRIKE HOLDINGS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
|
|
Three Months Ended April 30, |
||||||
|
|
2020 |
|
2019 |
||||
|
Operating activities |
|
|
|
||||
|
Net loss |
$ |
(19,222) |
|
|
$ |
(25,977) |
|
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
|
Depreciation and amortization |
8,202 |
|
|
4,873 |
|
||
|
Amortization of intangible assets |
103 |
|
|
146 |
|
||
|
Amortization of deferred contract acquisition costs |
13,451 |
|
|
7,345 |
|
||
|
Non-cash operating lease costs |
2,283 |
|
|
— |
|
||
|
Change in fair value of redeemable convertible preferred stock warrant liability |
— |
|
|
1,167 |
|
||
|
Provision for bad debts |
149 |
|
|
(254) |
|
||
|
Stock-based compensation expense |
23,638 |
|
|
3,752 |
|
||
|
Gain on sale of debt securities, net |
(1,347) |
|
|
— |
|
||
|
Amortization (accretion) of marketable securities purchased at a discount |
578 |
|
|
(513) |
|
||
|
Non-cash interest expense |
151 |
|
|
(424) |
|
||
|
Changes in operating assets and liabilities |
|
|
|
||||
|
Accounts receivable |
20,651 |
|
|
5,375 |
|
||
|
Deferred contract acquisition costs |
(22,563) |
|
|
(8,471) |
|
||
|
Prepaid expenses and other assets |
5,332 |
|
|
(4,049) |
|
||
|
Accounts payable |
4,736 |
|
|
2,818 |
|
||
|
Accrued expenses and other current liabilities |
(1,095) |
|
|
(2,407) |
|
||
|
Accrued payroll and benefits |
648 |
|
|
(6,601) |
|
||
|
Operating lease liabilities |
(2,975) |
|
|
— |
|
||
|
Deferred revenue |
64,805 |
|
|
24,812 |
|
||
|
Other liabilities |
1,052 |
|
|
(177) |
|
||
|
Net cash provided by operating activities |
98,577 |
|
|
1,415 |
|
||
|
Investing activities |
|
|
|
||||
|
Purchases of property and equipment |
(9,694) |
|
|
(15,541) |
|
||
|
Capitalized internal-use software |
(1,882) |
|
|
(1,984) |
|
||
|
Purchases of marketable securities |
(84,904) |
|
|
(51,805) |
|
||
|
Proceeds from sales of marketable securities |
639,586 |
|
|
4,473 |
|
||
|
Maturities of marketable securities |
91,605 |
|
|
68,995 |
|
||
|
Net cash provided by investing activities |
634,711 |
|
|
4,138 |
|
||
|
Financing activities |
|
|
|
||||
|
Payments of deferred offering costs |
— |
|
|
(2,392) |
|
||
|
Proceeds from issuance of common stock upon exercise of stock options |
6,393 |
|
|
1,510 |
|
||
|
Capital contributions from non-controlling interest holders |
500 |
|
|
— |
|
||
|
Net cash provided by (used in) financing activities |
6,893 |
|
|
(882) |
|
||
|
|
|
|
|
||||
|
Effect of foreign exchange rates on cash and cash equivalents |
12 |
|
|
(86) |
|
||
|
|
|
|
|
||||
|
Net increase in cash and cash equivalents |
740,193 |
|
|
4,585 |
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents, beginning of period |
264,798 |
|
|
88,408 |
|
||
|
Cash and cash equivalents, end of period |
$ |
1,004,991 |
|
|
$ |
92,993 |
|
CROWDSTRIKE HOLDINGS, INC.
Non-GAAP Financial Measures with Reconciliation to GAAP
(in thousands, except percentages)
(unaudited)
|
|
Three Months Ended April 30, |
||||||
|
|
2020 |
|
2019 |
||||
|
GAAP subscription revenue |
$ |
162,222 |
|
|
$ |
85,990 |
|
|
|
|
|
|
||||
|
GAAP subscription gross profit |
$ |
124,978 |
|
|
$ |
62,299 |
|
|
Add: Stock-based compensation expense |
1,995 |
|
|
265 |
|
||
|
Add: Amortization of acquired intangible assets |
62 |
|
|
104 |
|
||
|
Non-GAAP subscription gross profit |
$ |
127,035 |
|
|
$ |
62,668 |
|
|
|
|
|
|
||||
|
GAAP subscription gross margin |
77 |
% |
|
72 |
% |
||
|
|
|
|
|
||||
|
Non-GAAP subscription gross margin |
78 |
% |
|
73 |
% |
||
|
|
Three Months Ended April 30, |
||||||
|
|
2020 |
|
2019 |
||||
|
GAAP total revenue |
$ |
178,078 |
|
|
$ |
96,077 |
|
|
|
|
|
|
||||
|
GAAP loss from operations |
$ |
(22,576) |
|
|
$ |
(25,775) |
|
|
Add: Stock-based compensation expense |
23,638 |
|
|
3,752 |
|
||
|
Add: Amortization of acquired intangible assets |
103 |
|
|
145 |
|
||
|
Non-GAAP income (loss) from operations |
$ |
1,165 |
|
|
$ |
(21,878) |
|
|
|
|
|
|
||||
|
GAAP operating margin |
(13) |
% |
|
(27) |
% |
||
|
|
|
|
|
||||
|
Non-GAAP operating margin |
1 |
% |
|
(23) |
% |
||
CROWDSTRIKE HOLDINGS, INC.
Non-GAAP Financial Measures with Reconciliation to GAAP (Continued)
(in thousands, except percentages and per share amounts)
(unaudited)
|
|
Three Months Ended April 30, |
||||||
|
|
2020 |
|
2019 |
||||
|
GAAP net loss |
$ |
(19,222) |
|
|
$ |
(25,977) |
|
|
|
|
|
|
||||
|
Add: Stock-based compensation expense |
$ |
23,638 |
|
|
$ |
3,752 |
|
|
Add: Amortization of acquired intangible assets |
103 |
|
|
145 |
|
||
|
|
|
|
|
||||
|
Non-GAAP net income (loss) |
$ |
4,519 |
|
|
$ |
(22,080) |
|
|
|
|
|
|
||||
|
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic and diluted |
213,129 |
|
|
47,205 |
|
||
|
|
|
|
|
||||
|
GAAP net loss per share attributable to common stockholders, basic and diluted |
$ |
(0.09) |
|
|
$ |
(0.55) |
|
|
|
|
|
|
||||
|
Non-GAAP net income (loss) per share attributable to common stockholders, basic and diluted |
$ |
0.02 |
|
|
$ |
(0.47) |
|
|
|
Three Months Ended April 30, |
||||||
|
|
2020 |
|
2019 |
||||
|
GAAP total revenue |
$ |
178,078 |
|
|
$ |
96,077 |
|
|
|
|
|
|
||||
|
GAAP net cash provided by operating activities |
98,577 |
|
|
1,415 |
|
||
|
Less: Purchases of property and equipment |
(9,694) |
|
|
(15,541) |
|
||
|
Less: Capitalized internal-use software |
(1,882) |
|
|
(1,984) |
|
||
|
Free cash flow |
$ |
87,001 |
|
|
$ |
(16,110) |
|
|
|
|
|
|
||||
|
GAAP net cash used in investing activities |
$ |
634,711 |
|
|
$ |
4,138 |
|
|
GAAP net cash provided by (used in) financing activities |
$ |
6,893 |
|
|
$ |
(882) |
|
|
|
|
|
|
||||
|
GAAP net cash used in operating activities as a percentage of revenue |
55 |
% |
|
1 |
% |
||
|
Less: Purchases of property and equipment as a percentage of revenue |
(5) |
% |
|
(16) |
% |
||
|
Less: Capitalized internal-use software as a percentage of revenue |
(1) |
% |
|
(2) |
% |
||
|
Free cash flow margin |
49 |
% |
|
(17) |
% |
||
CROWDSTRIKE HOLDINGS, INC.
Statements of Operations: GAAP to Non-GAAP Reconciliations
(in thousands)
(unaudited)
|
|
Three Months Ended April 30, |
||||||
|
|
2020 |
|
2019 |
||||
|
GAAP cost of revenue |
$ |
46,895 |
|
|
$ |
29,273 |
|
|
Less: |
|
|
|
||||
|
Stock based compensation expense |
2,966 |
|
|
368 |
|
||
|
Amortization of acquired intangible assets |
62 |
|
|
104 |
|
||
|
Non-GAAP cost of revenue |
$ |
43,867 |
|
|
$ |
28,801 |
|
|
|
|
|
|
||||
|
GAAP subscription gross profit |
$ |
124,978 |
|
|
$ |
62,299 |
|
|
Add: |
|
|
|
||||
|
Stock based compensation expense |
1,995 |
|
|
265 |
|
||
|
Amortization of acquired intangible assets |
62 |
|
|
104 |
|
||
|
Non-GAAP subscription gross profit |
$ |
127,035 |
|
|
$ |
62,668 |
|
|
|
|
|
|
||||
|
GAAP professional services gross profit |
$ |
6,205 |
|
|
$ |
4,505 |
|
|
Add: |
|
|
|
||||
|
Stock based compensation expense |
971 |
|
|
103 |
|
||
|
Non-GAAP professional services gross profit |
$ |
7,176 |
|
|
$ |
4,608 |
|
|
|
|
|
|
||||
|
GAAP sales and marketing operating expenses |
$ |
88,138 |
|
|
$ |
56,843 |
|
|
Less: |
|
|
|
||||
|
Stock based compensation expense |
8,687 |
|
|
1,518 |
|
||
|
Amortization of acquired intangible assets |
31 |
|
|
30 |
|
||
|
Non-GAAP sales and marketing operating expenses |
$ |
79,420 |
|
|
$ |
55,295 |
|
|
|
|
|
|
||||
|
GAAP research and development operating expenses |
$ |
40,578 |
|
|
$ |
23,875 |
|
|
Less: |
|
|
|
||||
|
Stock based compensation expense |
4,900 |
|
|
681 |
|
||
|
Amortization of acquired intangible assets |
10 |
|
|
11 |
|
||
|
Non-GAAP research and development operating expenses |
$ |
35,668 |
|
|
$ |
23,183 |
|
|
|
|
|
|
||||
|
GAAP general and administrative operating expenses |
$ |
25,043 |
|
|
$ |
11,861 |
|
|
Less: |
|
|
|
||||
|
Stock based compensation expense |
7,085 |
|
|
1,185 |
|
||
|
Non-GAAP general and administrative operating expenses |
$ |
17,958 |
|
|
$ |
10,676 |
|
|
|
|
|
|
||||
|
GAAP loss from operations |
$ |
(22,576) |
|
|
$ |
(25,775) |
|
|
Add: |
|
|
|
||||
|
Stock based compensation expense |
23,638 |
|
|
3,752 |
|
||
|
Amortization of acquired intangible assets |
103 |
|
|
145 |
|
||
|
Non-GAAP income (loss) from operations |
$ |
1,165 |
|
|
$ |
(21,878) |
|
|
|
|
|
|
||||
CROWDSTRIKE HOLDINGS, INC.
Statements of Operations: GAAP to Non-GAAP Reconciliations (continued)
(in thousands, except per share amounts)
(unaudited)
|
|
Three Months Ended April 30, |
||||||
|
|
2020 |
|
2019 |
||||
|
GAAP net loss |
$ |
(19,222) |
|
|
$ |
(25,977) |
|
|
Add: |
|
|
|
||||
|
Stock based compensation expense |
23,638 |
|
|
3,752 |
|
||
|
Amortization of acquired intangible assets |
103 |
|
|
145 |
|
||
|
Non-GAAP net income (loss) |
$ |
4,519 |
|
|
$ |
(22,080) |
|
|
|
|
|
|
||||
|
Weighted-average shares used in computing basic net income (loss) per share (GAAP and Non-GAAP) |
213,129 |
|
47,205 |
||||
|
|
|
|
|
||||
|
GAAP basic net loss per share |
$ |
(0.09) |
|
|
$ |
(0.55) |
|
|
|
|
|
|
||||
|
Non-GAAP basic net income (loss) per share |
$ |
0.02 |
|
|
$ |
(0.47) |
|
|
|
|
|
|
||||
|
GAAP diluted loss per common share |
$ |
(0.09) |
|
|
$ |
(0.55) |
|
|
Stock-based compensation |
0.10 |
|
|
— |
|
||
|
Amortization of acquired intangible assets |
— |
|
|
— |
|
||
|
Provision for income taxes (1) |
— |
|
|
— |
|
||
|
Adjustment to fully diluted earnings per share (2) |
0.01 |
|
|
— |
|
||
|
Non-GAAP diluted income (loss) per common share |
$ |
0.02 |
|
|
$ |
(0.55) |
|
|
|
|
|
|
||||
|
Weighted-average shares used in diluted net income (loss) per share calculation: |
|
|
|
||||
|
GAAP |
213,129 |
|
|
47,205 |
|
||
|
Non-GAAP |
229,796 |
|
|
47,205 |
|
||
Contacts
Investor Relations Contact
CrowdStrike Holdings, Inc.
Maria Riley, Senior Director of Investor Relations
investors@crowdstrike.com
669-721-0742
Press Contact
CrowdStrike Holdings, Inc.
Ilina Cashiola, Director of Public Relations
ilina.cashiola@crowdstrike.com
202-340-0517