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Cybersecurity Stock News Bite - CrowdStrike Gains on Fourth Quarter and Fiscal Year 2024 Financial Results

 

March 6, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com) Cyber Stock News Bites - CrowdStrike Holdings, Inc. (Nasdaq: CRWD), a global cybersecurity leader that provides cloud-delivered protection of endpoints, cloud workloads, identity and data, announced financial results for the fourth quarter and fiscal year 2024, ended January 31, 2024.

The stock is trading at $329.22, up $31.66 or 10.64%, with a day's high of $365.00.

"CrowdStrike delivered an exceptionally strong and record fourth quarter with net new ARR growth accelerating to 27% year-over-year, reaching a new high of $282 million and ending ARR growing 34% year-over-year to reach $3.44 billion," said George Kurtz, CrowdStrike's president, chief executive officer and co-founder. "Customers favor our single platform approach, standardizing on CrowdStrike for cloud security, identity protection, and LogScale next-gen SIEM solutions, together representing more than $850 million of ending ARR. CrowdStrike is cybersecurity's consolidator of choice, innovator of choice, and platform of choice to stop breaches."

Commenting on the company's financial results, Burt Podbere, CrowdStrike's chief financial officer, added, "Highlights of the fiscal year included, ending ARR growing 34%, four consecutive quarters of GAAP net income, 104% non-GAAP net income growth and free cash flow margin of 31%, exceeding our target for the year. Our achievements in fiscal 2024 represent another high-water mark for CrowdStrike and we remain relentlessly focused on profitably scaling the business to $10 billion ARR and beyond."

Fourth Quarter Fiscal 2024 Financial Highlights

Revenue: Total revenue was $845.3 million, a 33% increase, compared to $637.4 million in the fourth quarter of fiscal 2023. Subscription revenue was $795.9 million, a 33% increase, compared to $598.3 million in the fourth quarter of fiscal 2023.

Annual Recurring Revenue (ARR) increased 34% year-over-year and grew to $3.44 billion as of January 31, 2024, of which $281.9 million was net new ARR added in the quarter.

Subscription Gross Margin: GAAP subscription gross margin was 78%, compared to 75% in the fourth quarter of fiscal 2023. Non-GAAP subscription gross margin was 80%, compared to 77% in the fourth quarter of fiscal 2023.

Income/Loss from Operations: GAAP income from operations was $29.7 million, compared to a loss of $61.5 million in the fourth quarter of fiscal 2023. Non-GAAP income from operations was $213.1 million, compared to $95.6 million in the fourth quarter of fiscal 2023.

Net Income/Loss Attributable to CrowdStrike: GAAP net income attributable to CrowdStrike was $53.7 million, compared to a loss of $47.5 million in the fourth quarter of fiscal 2023. GAAP net income per share attributable to CrowdStrike, diluted was $0.22, compared to a loss of $0.20 in the fourth quarter of fiscal 2023. Non-GAAP net income attributable to CrowdStrike was $236.2 million, compared to $111.6 million in the fourth quarter of fiscal 2023. Non-GAAP net income attributable to CrowdStrike per share, diluted, was $0.95, compared to $0.47 in the fourth quarter of fiscal 2023.

Cash Flow: Net cash generated from operations was $347.0 million, compared to $273.3 million in the fourth quarter of fiscal 2023. Free cash flow was $283.0 million, compared to $209.5 million in the fourth quarter of fiscal 2023.rowdStrike 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 2024, ended January 31, 2024.

"CrowdStrike delivered an exceptionally strong and record fourth quarter with net new ARR growth accelerating to 27% year-over-year, reaching a new high of $282 million and ending ARR growing 34% year-over-year to reach $3.44 billion," said George Kurtz, CrowdStrike's president, chief executive officer and co-founder. "Customers favor our single platform approach, standardizing on CrowdStrike for cloud security, identity protection, and LogScale next-gen SIEM solutions, together representing more than $850 million of ending ARR. CrowdStrike is cybersecurity's consolidator of choice, innovator of choice, and platform of choice to stop breaches."

Commenting on the company's financial results, Burt Podbere, CrowdStrike's chief financial officer, added, "Highlights of the fiscal year included, ending ARR growing 34%, four consecutive quarters of GAAP net income, 104% non-GAAP net income growth and free cash flow margin of 31%, exceeding our target for the year. Our achievements in fiscal 2024 represent another high-water mark for CrowdStrike and we remain relentlessly focused on profitably scaling the business to $10 billion ARR and beyond."

Fourth Quarter Fiscal 2024 Financial Highlights

Revenue: Total revenue was $845.3 million, a 33% increase, compared to $637.4 million in the fourth quarter of fiscal 2023. Subscription revenue was $795.9 million, a 33% increase, compared to $598.3 million in the fourth quarter of fiscal 2023.

Annual Recurring Revenue (ARR) increased 34% year-over-year and grew to $3.44 billion as of January 31, 2024, of which $281.9 million was net new ARR added in the quarter.

Subscription Gross Margin: GAAP subscription gross margin was 78%, compared to 75% in the fourth quarter of fiscal 2023. Non-GAAP subscription gross margin was 80%, compared to 77% in the fourth quarter of fiscal 2023.

Income/Loss from Operations: GAAP income from operations was $29.7 million, compared to a loss of $61.5 million in the fourth quarter of fiscal 2023. Non-GAAP income from operations was $213.1 million, compared to $95.6 million in the fourth quarter of fiscal 2023.

Net Income/Loss Attributable to CrowdStrike: GAAP net income attributable to CrowdStrike was $53.7 million, compared to a loss of $47.5 million in the fourth quarter of fiscal 2023. GAAP net income per share attributable to CrowdStrike, diluted was $0.22, compared to a loss of $0.20 in the fourth quarter of fiscal 2023. Non-GAAP net income attributable to CrowdStrike was $236.2 million, compared to $111.6 million in the fourth quarter of fiscal 2023. Non-GAAP net income attributable to CrowdStrike per share, diluted, was $0.95, compared to $0.47 in the fourth quarter of fiscal 2023.

Cash Flow: Net cash generated from operations was $347.0 million, compared to $273.3 million in the fourth quarter of fiscal 2023. Free cash flow was $283.0 million, compared to $209.5 million in the fourth quarter of fiscal 2023.

Read the company's full news and disclaimer here:

https://finance.yahoo.com/news/crowdstrike-reports-fourth-quarter-fiscal-210500363.html

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Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

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