CrowdStrike Reports First Quarter Earnings

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CrowdStrike Reports First Quarter Earnings

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CrowdStrike Holdings Inc(NASDAQ: CRWD), on 2nd June 2020 announced financial results of its first quarter of fiscal 2021(Feb 2020 – Jan 2021) which ended on April 30, 2020. CrowdStrike is a leader in cloud-delivered endpoint protection, its Co-founder and Chief Executive Officer, George Kurtz, has said that the company has delivered a result which has exceeded the expectations of the board, the company was able to effectively stop breaches of its client’s systems and have simplified their security which has helped them to gain recognition among other organizations for its cloud-native Falcon platform, he also mentioned that, as it’s security administrators and the end-users of the company’s services, both are working from home, the company believes this remote workforce has helped the company to increase its leadership in a rapidly evolving industry.

Earnings Highlights

  1. Revenue: The Revenue for Q1 ended April 30, 2020, was $178.07 million which has increased by 85.34% compared to $96.07 million in Q1 ended April 30, 2019 (Y-o-Y) and the revenue has increased by 17.07% compared to $152.10 million in Q4 ended on January 30, 2020 (Q-o-Q). The sharp increase in the Q1 fiscal 2021 was an effect of an increase in subscription revenue of $162.2 million by 89% compared to $86 million in Q1 of fiscal 2020.
  2. Gross Profit: The Gross Profit for Q1 ended April 30, 2020 was $131.18 million which has increased by 96.36% compared to $66.80 million in Q1 ended April 30, 2019 (Y-o-Y) and the gross profit has increased by 20.69% compared to $108.69 million in Q4 ended on January 30, 2020 (Q-o-Q).
  3. Gross Margin: The Gross margin for Q1 ended April 30, 2020, was 73.66% which has increased compared to gross margin of 69.53% in Q1 ended April 30, 2019 (Y-o-Y).
  4. Income/(Loss) from Operations: The GAAP loss from operations for Q1 ended April 30, 2020 was $22.6 million which has decreased compared to $25.8 million in Q1 ended April 30, 2019 (Y-o-Y). The Non- GAAP income from operations for Q1 ended April 30, 2020 was $1.2 million which is better compared to $21.9 million a loss from operations in Q1 ended April 30, 2019 (Y-o-Y).
  5. Net Other Income: The net other income for Q1 ended April 30, 2020 was $4.5 million which has increased compared to other income of $394,000 in Q1 ended April 30, 2019 (Y-o-Y).
  6. Net Profit/(Loss): The Net loss for Q1 ended April 30, 2020 was $19.22 million which has decreased compared to net loss of $25.97 million in Q1 ended April 30, 2019 (Y-o-Y).
  7. Earnings/ Loss Per Share: The Loss per share for Q1 ended April 30, 2020 was $0.09 which is less compared to the loss per share of $0.55 in Q1 ended April 30, 2019 (Y-o-Y).

Balance Sheet Highlights

The Cash & Cash Equivalents for Q1 ended April 30, 2020, was $1 billion which has increased compared to $264.79 million in Q4 ended on January 30, 2020 (Q-o-Q). The Total Current assets for Q1 ended April 30, 2020, was $1.24 billion which has increased by 6.55% compared to $1.17 billion in Q4 ended on January 30, 2020 (Q-o-Q). The Current Liabilities or Short term debt for the Q1 ended April 30, 2020, was $555.64 million which has increased by 12.68% compared to $493.09 million in Q4 ended on January 30, 2020 (Q-o-Q). The Stock holder’s Equity for Q1 ended April 30, 2020, was $753.15 million which has increased by 1.42% compared to $742.60 million in Q4 ended on January 30, 2020 (Q-o-Q).

Cash Flow Highlights

The Net cash generated from operations for Q1 ended April 30, 2020 was $98.5 million which has increased exponentially compared to $1.4 million in Q1 ended April 30, 2019 (Y-o-Y), but has decreased by a small percentage compared to $99.94 million in Q4 ended on January 30, 2020 (Q-o-Q). The Net cash from investing activity for Q1 ended April 30, 2020 was $634.71 million which has increased compared to $4.13 million in Q1 ended April 30, 2019 (Y-o-Y), the company has saw a sharp rise in net cash from investing activity as it gained cash around $639.58 million from proceeds from sale of marketable securities.

The cash generated from financing activity for Q1 ended April 30, 2020, was $6.89 million which has increased compared to a negative cash flow of $882,000 in Q1 ended April 30, 2019 (Y-o-Y). The free cash flow generated in Q1 ended April 30, 2020 was $87 million which has increased compared to negative cash flow $16.1 million in the Q4 ended on January 30, 2020 (Q-o-Q).

Other Highlights

The company has reported that its Annual Recurring Revenue (ARR) was $686.1 million in Q1 ended April 30, 2020 which has increased by 88% (Y-o-Y), it includes $85.7 million net new ARR added in the quarter. The company also has added 830 net new subscription customers and has a total of 6,261 subscription customers in Q1 ended April 30, 2020 which has showed a 105% growth (Y-o-Y).

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