CrowdStrike Reports Fourth Quarter and Fiscal Year 2022 Financial Results

CrowdStrike Holdings, Inc. (Nasdaq: CRWD), a global cybersecurity leader that provides cloud-delivered protection of endpoints, cloud workloads, identity and data, today announced financial results for the fourth quarter and fiscal year 2022, ended January 31, 2022.

“CrowdStrike once again delivered an exceptional fourth quarter and capped off a record year, achieving new milestones across both the top and bottom line. Net new ARR of $217 million in the quarter was a new all-time high, driven by expansion of our leadership in the core endpoint market as well as a record quarter for cloud, identity protection and Humio. As our record results, growing scale and module adoption rates demonstrate, customers are increasingly leveraging the breadth and depth of the Falcon platform as they look to transform their security stack,” said George Kurtz, CrowdStrike’s co-founder and chief executive officer.

“The robust top-line growth and exceptional leverage we generated this year demonstrates the efficiency in our model and enables us to step-up investments in new technologies and international geographies. Our durable platform model and powerful innovation engine have translated into a truly differentiated offering in the market and strong momentum heading into fiscal year 2023. As we continue to capitalize on our unique market position, we firmly believe CrowdStrike’s best days are ahead,” said Burt Podbere, CrowdStrike’s chief financial officer.

Fourth Quarter Fiscal 2022 Financial Highlights

• Revenue: Total revenue was $431.0 million, a 63% increase, compared to $264.9 million in the fourth quarter of fiscal 2021. Subscription revenue was $405.4 million, a 66% increase, compared to $244.7 million in the fourth quarter of fiscal 2021.
• Annual Recurring Revenue (ARR) increased 65% year-over-year and grew to $1.73 billion as of January 31, 2022, of which $216.9 million was net new ARR added in the quarter.
• Subscription Gross Margin: GAAP subscription gross margin was 76%, compared to 78% in the fourth quarter of fiscal 2021. Non-GAAP subscription gross margin was 79%, compared to 80% in the fourth quarter of fiscal 2021.
• Income/Loss from Operations: GAAP loss from operations was $23.5 million, compared to $15.8 million in the fourth quarter of fiscal 2021. Non-GAAP income from operations was $80.4 million, compared to $34.4 million in the fourth quarter of fiscal 2021.
• Net Income/Loss: GAAP net loss was $42.0 million, compared to $19.0 million in the fourth quarter of fiscal 2021. GAAP net loss per share, basic and diluted, was $0.18, compared to $0.09 in the fourth quarter of fiscal 2021. Non-GAAP net income was $70.4 million, compared to $31.6 million in the fourth quarter of fiscal 2021. Non-GAAP net income per share, diluted, was $0.30, compared to $0.13 in the fourth quarter of fiscal 2021.
• Cash Flow: Net cash generated from operations was $159.7 million, compared to $114.5 million in the fourth quarter of fiscal 2021. Free cash flow was $127.3 million, compared to $97.4 million in the fourth quarter of fiscal 2021.
• Cash and Cash Equivalents was $2.00 billion as of January 31, 2022.

Full Year Fiscal 2022 Financial Highlights

• Revenue: Total revenue was $1.45 billion, a 66% increase, compared to $874.4 million in fiscal 2021. Subscription revenue was $1.36 billion, a 69% increase, compared to $804.7 million in fiscal 2021.
• Subscription Gross Margin: GAAP subscription gross margin was 76%, compared to 77% in fiscal 2021. Non-GAAP subscription gross margin was 79%, compared to 79% in fiscal 2021.
• Income/Loss from Operations: GAAP loss from operations was $142.5 million, compared to $92.5 million in fiscal 2021. Non-GAAP income from operations was $196.2 million, compared to $62.4 million in fiscal 2021.
• Net Income/Loss: GAAP net loss was $234.8 million, compared to $92.6 million in fiscal 2021. GAAP net loss per share, basic and diluted, was $1.03, compared to $0.43 in fiscal 2021. Non-GAAP net income was $160.7 million, compared to $62.6 million in fiscal 2021. Non-GAAP net income per share, diluted, was $0.67, compared to $0.27 in fiscal 2021.
• Cash Flow: Net cash generated from operations was $574.8 million, compared to $356.6 million in fiscal 2021. Free cash flow was $441.8 million, compared to $292.9 million in fiscal 2021.

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Recent Highlights

• Added 1,638 net new subscription customers in the quarter for a total of 16,325 subscription customers as of January 31, 2022, representing 65% growth year-over-year.
• CrowdStrike’s subscription customers that have adopted four or more modules, five or more modules and six or more modules increased to 69%, 57%, and 34%, respectively, as of January 31, 2022.
• Announced the general availability of the Falcon XDR module, extending CrowdStrike’s leadership in endpoint detection and response capabilities.
• Introduced Falcon Identity Threat Protection Complete, extending the Falcon Complete managed service to include the Falcon Identity Threat Protection module, which will bring together identity threat prevention and IT policy enforcement, with expert management, monitoring and remediation.
• Launched Falcon Zero Trust Assessment on macOS and Linux platforms, extending comprehensive protection with an identity and data-centric approach across all major platforms and announced multiple new Zero Trust partner integrations.
• Selected by Deloitte, a leader in managed security services, to power critical components of its Managed Extended Detection and Response suite of managed services and solutions.
• Ranked #1 for the second consecutive time for Modern Endpoint Security revenue market share by IDC¹ and recognized by Frost & Sullivan as the 2021 Asia-Pacific Endpoint Security Company of the Year².
• Received a new AAA award from independent testing organization SE Labs, achieving a 100% Attacks Detected Rating in the latest Advanced Security Test, and won the tenth consecutive Approved Business Security Product award from AV-Comparatives.
• Received a perfect score on the Human Rights Campaign Foundation’s 2022 Corporate Equality Index for the second consecutive year.
• Launched Falcon Fund II, a $100 million investment vehicle in partnership with Accel focused on cross-stage private investments within cybersecurity and relevant adjacent markets. Falcon Fund II represents CrowdStrike’s commitment to growing the cybersecurity technology ecosystem across adjacent markets as one of the largest strategic venture arms in cybersecurity.
• Landed the number one position in the 2021 Fortune Future 50 list, which recognizes leading, publicly traded companies best positioned for long-term growth through a market-based assessment of company potential and capacity to deliver growth.
• The CrowdStrike Foundation continued to support the community throughout the year by awarding scholarships through the NextGen Scholarship program, which supports university students studying cyber security and AI. The CrowdStrike Foundation also made several donations, including support for Girls Who Code, The Trevor Project, and The Gary Sinise Foundation. Separately, CrowdStrike launched a matching gift program resulting in donations to over 175 different nonprofit organizations. CrowdStrike also made donations to the Freedom Fund and Thurgood Marshall College Fund, as well as to nonprofits that reflect its Social Impact Pillars.

About CrowdStrike Holdings

CrowdStrike Holdings, Inc. is a global cybersecurity leader that provides cloud-delivered protection of endpoints, cloud workloads, identity and data. Powered by the CrowdStrike Security Cloud and advanced artificial intelligence, the CrowdStrike Falcon® platform delivers better outcomes to customers through rapid and scalable deployment, superior protection and performance, reduced complexity and immediate time-to-value. CrowdStrike Falcon leverages a single lightweight-agent architecture with integrated cloud modules spanning multiple security markets, including corporate workload security, managed security services, security and vulnerability management, IT operations management, threat intelligence services, identity protection and log management.

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