Crowdstrike Holdings, Inc. · NASDAQ:CRWD
Crowdstrike — Q2 2025 Earnings Presentation
29 slides from Crowdstrike's earnings presentation, Aug 28, 2024
Slide 1: Financial Results Q2 FY 2025
Financial Results Q2 FY 2025 ® CrowdStrike, Inc. All rights reserved.
Slide 2: Safe Harbor
Safe Harbor This presentation includes express and implied “forward-looking statements”, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts, and in some cases
Slide 3: Financial Information: Use of Non-GAAP Financial Measures
Financial Information Use of Non-GAAP Financial Measures In addition to our results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), we believe non-GAAP measures used in this presentation, such as non-GAAP Gross Margins, non-GAAP Operating Expenses, and Free Cash
Slide 4: CrowdStrike Q2 At-a-Glance
CrowdStrike Q2 At-a-Glance: Strong Results Demonstrate Platform Consolidation Continues Ending ARR Net New ARR Delivered Strong Net New ARR $3.86B $218M +32% YoY +11% YoY Operating Margin Diluted EPS 24% $1.04 Strong Operating +2 percentage points YoY +41% YoY Leverage & Record Free Cash Flow Margin
Slide 5: Market Opportunity & Leadership
Market Opportunity & Leadership ® CrowdStrike, Inc. All rights reserved.
Slide 6: Our AI-Native XDR Platform Creates Opportunity
Our AI-Native XDR Platform Creates Opportunity Lightweight Cloud-First AI-Native Hardware Data Silos Friction ® CrowdStrike, Inc. All rights reserved.
Slide 7: CY24 TAM: The AI-Native Security Platform
$100B CY24 TAM Endpoint Security Security $19B & IT Ops The AI-Native $18B Security Platform Managed Services $17B Observability $12B CY25 TAM Cloud Security Identity $12B Protection Threat $9B Intelligence Data $6B Protection $4B Cybersecurity Generative AI $3B ©2023 CrowdStrike, Inc. All rights re
Slide 8: $100B CY24 TAM to $225B CY28 TAM
$225B CY28 TAM $100B The AI-Native CY24 TAM Security Platform The AI-Native Security Platform ©2023 CrowdStrike, Inc. All rights reserved. Source: company estimate.
Slide 9: The Falcon Platform: Simplifying Cybersecurity
The Falcon Platform: Simplifying Cybersecurity Our Single Platform Consolidates Point Products and Lowers TCO
Slide 10: Platform Adoption
Platform Adoption ® CrowdStrike, Inc. All rights reserved.
Slide 11: Customers are Embracing the Falcon Platform
Customers are Embracing the Falcon Platform 65% 45% 29% 48% 5+ Modules 6+ Modules 7+ Modules $100K+ Customers1 8+ Modules Module Adoption Rates Percent of Subscription Customers with Multiple Cloud Module Subscriptions. All figures are as of the quarter ended July 31, 2024. Module adoption rates exc
Slide 12: Driving Rapid Platform Growth: >$1B Ending ARR
Driving Rapid Platform Growth Second Largest Quarter for NNARR Contribution from Cloud, Identity, LogScale Combined Cloud Security Identity >$1B Security 2Q25 Ending ARR Grew >85% YoY LogScale Next-Gen SIEM All figures are as of Q2 FY25 ® CrowdStrike, Inc. All rights reserved.
Slide 13: Driving Rapid Platform Growth
Driving Rapid Platform Growth Cloud Security >$515M >80% 2Q25 Ending ARR YoY Growth Identity >$350M >70% Security 2Q25 Ending ARR YoY Growth LogScale >$220M >140% Next-Gen SIEM 2Q25 Ending ARR YoY Growth All figures are as of Q2 FY25 ® CrowdStrike, Inc. All rights reserved.
Slide 14: Financial Overview
Financial Overview ® CrowdStrike, Inc. All rights reserved.
Slide 15: Growth at Scale
Growth at Scale 32% YoY Growth Ending ARR Net New ARR Starting ARR Net New ARR In $ Millions $3,865 In $ Millions 11% YoY Growth 16% YoY Growth $2,930 $429 $196 $218 $370 2Q24 2Q25 H1FY24 H1FY25 2Q24 2Q25 Subscription Revenue Total Revenue Subscription Professional Services In $ Millions In $ Millio
Slide 16: Non-GAAP Profit & Free Cash Flow
Non-GAAP Profit & Free Cash Flow Subscription Gross Profit Operating Income In $ Millions In $ Millions 35% YoY Growth 35% YoY Growth 46% YoY Growth 57% YoY Growth $740 $1,442 $227 $426 $550 $1,072 $156 $272 2Q24 2Q25 H1FY24 H1FY25 2Q24 2Q25 H1FY24 H1FY25 % margin 80% 81% 80% 81% % margin 21% 24% 19
Slide 17: Q2 Key Takeaways
Q2 Key Takeaways Record subscription gross margin, 81% Strong Financial $3.86B $218M Record operating income, net income & EPS 1 Ending ARR Net New ARR Performance +32% YoY +11% YoY Record Q2 free cash flow, Rule of 60 Sixth consecutive quarter of GAAP profitability Hypergrowth >$515M >$350M >$220M
Slide 18: Guidance
Q3 FY2025 Full Year FY2025 Total revenue $979.2 - $984.7M $3,890.0 - $3,902.2M Non-GAAP income from operations $166.7 - $170.8M $774.7 - $783.9M Non-GAAP net income attributable $201.2 - $205.2M $908.8 - $918.0M to CrowdStrike Guidance Non-GAAP net income per share attributable to CrowdStrike $0.80
Slide 19: Modeling Points
Modeling Points As reflected in our revenue guidance, in the short-term, we expect our customer commitment packages will result in temporarily muted upsell dollar values and temporarily higher than typical levels of contraction due to elongated subscription terms. We estimate Revenue these packages
Slide 20: Target Operating Model
Non-GAAP Measures Target % of Revenue Subscription Gross Margin 82 – 85% S&M 28 – 33% Target R&D 15 – 20% Operating Model G&A 5 – 7% Operating Margin 28 – 32% Free Cash Flow Margin 34 – 38% Note: Targets are on a full year basis. Target ranges assume consistent macroeconomic conditions and do not in
Slide 21: Appendix
Appendix ® CrowdStrike, Inc. All rights reserved.
Slide 22: Appendix: Calculation of metrics
Appendix Calculation of metrics Annual Recurring Revenue (ARR). ARR is calculated as the annualized value of our customer subscription contracts as of the measurement date, assuming any contract that expires during the next 12 months is renewed on its existing terms. To the extent that we are negoti
Slide 23: Appendix (cont'd): TAM data sources
Appendix (cont’d) Reports used for data shown in the chart titled “CY24 TAM | The AI-Native Security Platform”: CY24 TAM: IDC Worldwide and U.S. Comprehensive Security Services Forecast, 2023–2027. (June 2023) IDC Worldwide IT Operations Management Software Forecast, 2022–2026. (August 2022) I
Slide 24: Explanation of Non-GAAP Financial Measures
Appendix (cont’d) Explanation of Non-GAAP Financial Measures Non-GAAP Subscription Gross Profit and Non-GAAP Subscription Gross Margin We define non-GAAP subscription gross profit and non-GAAP subscription gross margin as GAAP subscription gross profit and GAAP subscription gross margin, respectivel
Slide 25: GAAP Income Statement
GAAP INCOME STATEMENT CROWDSTRIKE HOLDINGS, INC. Condensed Consolidated Statements of Operations (in thousands) (unaudited) Q2 FY24 Q2 FY25 1H FY24 1H FY25 Revenue Subscription $ 689,972 $ 918,257 $ 1,341,147 $ 1,790,429 Professional services 41,654 45,615 83,059 94,479 Total revenue 731,626 963,872
Slide 26: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation CROWDSTRIKE HOLDINGS, INC. Statements of Operations: GAAP to Non-GAAP Reconciliations (in thousands) (unaudited) Q2 FY24 Q2 FY25 1H FY24 1H FY25 GAAP subscription gross profit $ 536,666 $ 718,347 $ 1,045,741 $ 1,400,862 Stock based compensation expense 10,132 16,732 1
Slide 27: GAAP to Non-GAAP Reconciliation (Cont'd)
CROWDSTRIKE HOLDINGS, INC. GAAP to Non-GAAP Reconciliation (Cont'd) Statements of Operations: GAAP to Non-GAAP Reconciliations (continued) (in thousands, except per share data) (unaudited) Q2 FY24 Q2 FY25 1H FY24 1H FY25 GAAP income (loss) from operations $ (15,373) $ 13,658 $ (34,829) $ 20,594 Stoc
Slide 28: Free Cash Flow Reconciliation
CROWDSTRIKE HOLDINGS, INC. Free Cash Flow Reconciliation Free cash flow reconciliation (In thousands) (unaudited) Q2 FY24 Q2 FY25 H1 FY24 H1 FY25 Free cash flow reconciliation GAAP net cash provided by operating activities $ 244,781 $ 326,641 $ 545,673 $ 709,869 Purchases of property and equipment (
Slide 29: Supplemental Disclosure - Additional Metrics
Supplemental Disclosure - Additional Metrics CROWDSTRIKE HOLDINGS, INC. Additional Metrics (In thousands, except percentages and remaining performance obligations) (unaudited) Q2FY24 Q2FY25 Annual recurring revenue $ 2,930,132 $ 3,864,512 Year-over-year growth 37% 32% Remaining performance obligatio