Current Assets [USD, Thousands]

Cash and Cash Equivalents [USD, Thousands]

Accounts Receivable [USD, Thousands]

Inventory [USD, Thousands]

Non-Current Assets [USD, Thousands]

PP&E [USD, Thousands]

Goodwill [USD, Thousands]

Intangible Assets [USD, Thousands]

Current Liabilities [USD, Thousands]

Accounts Payable [USD, Thousands]

Short-term Debt [USD, Thousands]

Accrued Expenses [USD, Thousands]

Non-Current Liabilities [USD, Thousands]

Long-term Debt [USD, Thousands]

Lease Liabilities [USD, Thousands]

Deferred Tax Liabilities [USD, Thousands]

Shareholders' Equity [USD, Thousands]

Retained Earnings [USD, Thousands]

Common Stock [USD, Thousands]

Additional Paid-in Capital [USD, Thousands]

8bb8b138e5d72b2aa57ef4d0e73c65b776c3a437c16db61917b554f20b8ead9b

| Metric [USD Millions] | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|-----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Total Revenue         | **637.4**  **[0001535527-23-000006_crwd-20230307xex991.htm:0]**  | **692.6**  **[0001535527-23-000012_crwd-20230531xex991.htm:0]**  | **731.6**  **[0001535527-23-000018_crwd-20230830xex991.htm:0]**  | **786.0**  **[0001535527-23-000024_crwd-20231128xex991.htm:0]**  | **845.3**  **[0001535527-24-000004_crwd-20240305xex991.htm:0]**  | **921.0**  **[0001535527-24-000011_crwd-20240604xex991.htm:0]**  | **963.9**  **[0001535527-24-000017_crwd-20240828xex991.htm:0]**  | **1,010.0**  **[0001535527-24-000024_crwd-20241126xex991.htm:0]**  |
| Subscription Revenue  | **598.3**  **[0001535527-23-000006_crwd-20230307xex991.htm:0]**  | **651.2**  **[0001535527-23-000012_crwd-20230531xex991.htm:0]**  | **689.0**  **[0001535527-23-000018_crwd-20230830xex991.htm:0]**  | **733.5**  **[0001535527-23-000024_crwd-20231128xex991.htm:0]**  | **795.9**  **[0001535527-24-000004_crwd-20240305xex991.htm:0]**  | **872.2**  **[0001535527-24-000011_crwd-20240604xex991.htm:0]**  | **918.3**  **[0001535527-24-000017_crwd-20240828xex991.htm:0]**  | **962.7**  **[0001535527-24-000024_crwd-20241126xex991.htm:0]**  |
| Professional Services Revenue | **39.1**  **[0001535527-23-000006_crwd-20230307xex991.htm:0]**  | **41.4**  **[0001535527-23-000012_crwd-20230531xex991.htm:0]**  | **41.7**  **[0001535527-23-000018_crwd-20230830xex991.htm:0]**  | **52.6**  **[0001535527-23-000024_crwd-20231128xex991.htm:0]**  | **49.4**  **[0001535527-24-000004_crwd-20240305xex991.htm:0]**  | **48.8**  **[0001535527-24-000011_crwd-20240604xex991.htm:0]**  | **45.6**  **[0001535527-24-000017_crwd-20240828xex991.htm:0]**  | **47.4**  **[0001535527-24-000024_crwd-20241126xex991.htm:0]**  |

827da209e661ca63db2f09a10cf56a473fb0ef691b466e5d0ccb030fe4a6346e

| Metric | Q4 2023 | Q1 2024 | Q4 2024 | Q3 2025 |
|--------|---------|---------|---------|---------|
| ARR (Billion $) | **2.56** **[0001535527-23-000006_crwd-20230307xex991.htm:0]** | **2.73** **[0001535527-23-000012_crwd-20230531xex991.htm:0]** | **3.44** **[0001535527-24-000004_crwd-20240305xex991.htm:0]** | **4.02** **[0001535527-24-000026_crwd-20241031.htm:43]** |
| Dollar-Based Net Retention Rate (%) | **125.3** **[CRWD_3231439_4]** | **>120** **[0001535527-23-000014_crwd-20230430.htm:33]** | **119** **[0001535527-24-000007_crwd-20240131.htm:95]** | **115** **[0001535527-24-000026_crwd-20241031.htm:43]** |

93698f9d4c2c4e3b8f2e112f55e86c0bd18ce0754808cd61f4cec205c74141eb

ARR (Billion $)

Dollar-Based Net Retention Rate (%)

5ba0b9bf0d89d7b9d2d0d28e1aa5fda67ba9ab48bda8028b9d98a13aa8f52178

Adjustments for Non-Cash Items [USD, Thousands]

Stock-Based Compensation [USD, Thousands]

Changes in Working Capital [USD, Thousands]

Capital Expenditures (CapEx) [USD, Thousands]

Proceeds from / Repayments of Debt [USD, Thousands]

Share Repurchases [USD, Thousands]

Dividend Payments [USD, Thousands]

Net Change in Cash [USD, Thousands]

abff9b90efff266fdd4c6ffd5af462d4664af79407e71361c0d4381e30b12e15

Total Revenue [USD, Thousands]

Cost of Goods Sold (COGS) [USD, Thousands]

SG&A [USD, Thousands]

R&D [USD, Thousands]

D&A [USD, Thousands]

Interest Expense [USD, Thousands]

Operating Income (EBIT) [USD, Thousands]

Net Income [USD, Thousands]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

f26ba380b2782c179a6706dc9e77de8918c6037d2b7e5eddbc108a4607ab4eab

CrowdStrike Holdings, Inc. is a global leader in cybersecurity, offering an AI-native platform designed to prevent breaches through a software as a service (SaaS) subscription model. The company's unified platform provides cloud-delivered protection for endpoints, cloud workloads, identity, and data, spanning multiple security markets **[0001535527-24-000007_crwd-20240131.htm:121]** **[0001535527-24-000026_crwd-20241031.htm:13]**. CrowdStrike's Falcon platform is central to its offerings, with a significant portion of sales conducted through channel partners. The company is focused on expanding its international operations, which contributed to 32% of its total revenue in fiscal 2024 **[0001535527-24-000007_crwd-20240131.htm:49]** **[0001535527-24-000020_crwd-20240731.htm:84]**.

1. **Cloud Security** - Delivers comprehensive protection for cloud workloads, achieving rapid growth and significant market presence.
2. **Identity Protection** - Offers robust solutions to safeguard user identities, contributing substantially to the company's revenue growth.
3. **LogScale Next-Gen SIEM** - Provides advanced security information and event management capabilities, enhancing threat detection and response.
4. **Corporate Endpoint Security** - Protects corporate devices from cyber threats, forming a core part of the company's security offerings.
5. **Security and IT Operations** - Integrates security measures with IT operations to streamline processes and improve efficiency.
6. **Managed Security Services** - Offers expert-managed security services to help organizations strengthen their cybersecurity posture.
7. **Threat Intelligence** - Provides actionable insights into emerging threats to help organizations proactively defend against cyber attacks.
8. **Data Protection** - Ensures the security and integrity of sensitive data across various environments.
9. **Exposure Management** - Identifies and mitigates potential vulnerabilities within an organization's infrastructure.
10. **Cybersecurity Generative AI** - Utilizes AI to enhance cybersecurity measures and automate threat detection and response.

05abe7d541243514e5f4dc7aeef0511113176225097cd76767a54e74d4bb7dc4

| Metric [Unit: $ Million] | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|--------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| United States            | N/A     | **474.8**  **[0001535527-23-000014_crwd-20230430.htm:23]**  | **500.9**  **[0001535527-23-000020_crwd-20230731.htm:24]**  | **537.88**  **[0001535527-23-000026_crwd-20231031.htm:25]**  | **2,088.054**  **[0001535527-24-000007_crwd-20240131.htm:151]**  | **630.0**  **[CRWD_3391507_8]** **[0001535527-24-000013_crwd-20240430.htm:23]**  | **655.0**  **[0001535527-24-000020_crwd-20240731.htm:28]**  | **683.5**  **[0001535527-24-000026_crwd-20241031.htm:28]**  |
| EMEA                     | N/A     | **104.6**  **[0001535527-23-000014_crwd-20230430.htm:23]**  | **111.9**  **[0001535527-23-000020_crwd-20230731.htm:24]**  | **119.16**  **[0001535527-23-000026_crwd-20231031.htm:25]**  | **467.928**  **[0001535527-24-000007_crwd-20240131.htm:151]**  | **141.6**  **[0001535527-24-000013_crwd-20240430.htm:23]**  | **148.9**  **[0001535527-24-000020_crwd-20240731.htm:28]**  | **160.6**  **[0001535527-24-000026_crwd-20241031.htm:28]**  |
| Asia Pacific             | N/A     | **72.2**  **[0001535527-23-000014_crwd-20230430.htm:23]**  | **75.2**  **[0001535527-23-000020_crwd-20230731.htm:24]**  | **81.46**  **[0001535527-23-000026_crwd-20231031.htm:25]**  | **315.524**  **[0001535527-24-000007_crwd-20240131.htm:151]**  | **93.5**  **[0001535527-24-000013_crwd-20240430.htm:23]**  | **98.3**  **[0001535527-24-000020_crwd-20240731.htm:28]**  | **102.8**  **[0001535527-24-000026_crwd-20241031.htm:28]**  |
| Other                    | N/A     | **41.0**  **[0001535527-23-000014_crwd-20230430.htm:23]**  | **43.7**  **[0001535527-23-000020_crwd-20230731.htm:24]**  | **47.52**  **[0001535527-23-000026_crwd-20231031.htm:25]**  | **184.049**  **[0001535527-24-000007_crwd-20240131.htm:151]**  | **55.9**  **[0001535527-24-000013_crwd-20240430.htm:23]**  | **61.7**  **[0001535527-24-000020_crwd-20240731.htm:28]**  | **63.3**  **[0001535527-24-000026_crwd-20241031.htm:28]**  |

bd0f307d139bca9810b342e4d3ed7be77c24a3047aa0133b794a6e0024db9c53

4dd3c1c7f05c4137c53cc2088a25ae79d6e5bc5601604b1bd25a2c62bdb791e5

1. Can you explain in more detail the temporary divergence between ARR and revenue growth due to the customer commitment packages, and when do you expect ARR to align with revenue again?  **[CRWD_3410093_21]** 
2. Given that customer commitment packages may result in muted upsell rates and higher-than-typical contraction in Q4, how are you planning to manage these risks to meet your guidance?  **[CRWD_3410093_15]** 
3. While you mentioned that Falcon Flex customers have adopted more than nine modules on average, it's still too early to determine renewal trends; what evidence supports your confidence in ARR reacceleration next year?  **[CRWD_3410093_17]** 
4. With the majority of outbound pipeline-generating activities delayed following the July 19 incident, what specific steps are you taking to rebuild pipeline and address extended sales cycles?  **[CRWD_3410093_15]** 
5. Despite the strong increase in RPO due to longer deal durations, how should investors interpret this in terms of future ARR and revenue recognition, considering the lag effects you've mentioned?  **[CRWD_3410093_20]** 

5a9bb84e93176f4fa97a2bdb1c7b1465b293c87bfb34c47ba25438f125254eca

- Legacy antivirus product providers: Offer a broad range of approaches and solutions including traditional signature-based anti-virus protection  **[0001535527-24-000007_crwd-20240131.htm:39]** .
- Alternative endpoint security providers: Generally offer a mix of on-premise and cloud-hosted products that rely heavily on malware-only or application whitelisting techniques  **[0001535527-24-000007_crwd-20240131.htm:39]** .
- Network security vendors: Supplement their core perimeter-based offerings with endpoint or cloud security solutions  **[0001535527-24-000007_crwd-20240131.htm:39]** .
- Cloud security vendors: Focus on public cloud infrastructure and services  **[0001535527-24-000007_crwd-20240131.htm:39]** .
- Identity security vendors: Seek to identify and secure user accounts and related activities  **[0001535527-24-000007_crwd-20240131.htm:39]** .
- Professional service providers: Offer cybersecurity response services  **[0001535527-24-000007_crwd-20240131.htm:39]** .

139ea22dd50929b7f28aabba199c1d7800fd2255a154fa0f33bb35b95edf011b

United States

Europe, Middle East, and Africa

Asia Pacific

Other

Total Revenue

580850e58412337f640cc155dc1ae456f4a81a22c2f86beeb95b1e697bdd7f6b

Subscription

Professional Services

4c2ac76722fbaf7dee83418c8a1c28a6702125a7cc6ab43d455c0d1f70a1eeae

201d0af4cfb743709fd8de08780cf07bb998d9f09ba5d47e112eefe5cd8477c9

### Q3 2025 Earnings Call
- **Issued Period:** Q3 2025
- **Guided Period:** Q4 2025 and FY 2025
- **Guidance:**
  - **Q4 2025:**
    - **Total Revenue:** $1,028.7 million to $1,035.4 million (22% YoY growth)  **[CRWD_3410093_10]** .
    - **Non-GAAP Income from Operations:** $184.0 million to $189.0 million  **[CRWD_3410093_10]** .
    - **Non-GAAP Net Income Attributable to CrowdStrike:** $210.9 million to $215.8 million  **[CRWD_3410093_10]** .
    - **Diluted Non-GAAP Net Income Per Share:** $0.84 to $0.86, with 252 million shares  **[CRWD_3410093_10]** .
  - **FY 2025:**
    - **Total Revenue:** $3,923.8 million to $3,930.5 million (28% to 29% growth)  **[CRWD_3410093_10]** .
    - **Non-GAAP Income from Operations:** $804.4 million to $809.4 million  **[CRWD_3410093_10]** .
    - **Non-GAAP Net Income Attributable to CrowdStrike:** $937.5 million to $942.6 million  **[CRWD_3410093_10]** .
    - **Non-GAAP Net Income Per Share:** $3.74 to $3.76, with 251 million shares  **[CRWD_3410093_10]** .

### Q2 2025 Earnings Call
- **Issued Period:** Q2 2025
- **Guided Period:** Q3 2025 and FY 2025
- **Guidance:**
  - **Q3 2025:**
    - **Total Revenue:** $979.2 million to $984.7 million (25% YoY growth)  **[CRWD_3400057_8]** .
    - **Non-GAAP Income from Operations:** $166.7 million to $170.8 million  **[CRWD_3400057_8]** .
    - **Non-GAAP Net Income Attributable to CrowdStrike:** $201.2 million to $205.2 million  **[CRWD_3400057_8]** .
    - **Diluted Non-GAAP Net Income Per Share:** $0.80 to $0.81, with 252 million shares  **[CRWD_3400057_8]** .
  - **FY 2025:**
    - **Total Revenue:** $3,890.0 million to $3,902.2 million (27% to 28% growth)  **[CRWD_3400057_8]** .
    - **Non-GAAP Income from Operations:** $774.7 million to $783.9 million  **[CRWD_3400057_8]** .
    - **Non-GAAP Net Income Attributable to CrowdStrike:** $908.8 million to $980 million  **[CRWD_3400057_8]** .
    - **Non-GAAP Net Income Per Share:** $3.61 to $3.65, with 252 million shares  **[CRWD_3400057_8]** .

### Q1 2025 Earnings Call
- **Issued Period:** Q1 2025
- **Guided Period:** Q2 2025 and FY 2025
- **Guidance:**
  - **Q2 2025:**
    - **Total Revenue:** $958.3 million to $961.2 million (31% YoY growth)  **[CRWD_3391507_9]** .
    - **Non-GAAP Income from Operations:** $208.3 million to $210.5 million  **[CRWD_3391507_9]** .
    - **Non-GAAP Net Income Attributable to CrowdStrike:** $245.7 million to $247.8 million  **[CRWD_3391507_9]** .
    - **Diluted Non-GAAP Net Income Per Share:** $0.98 to $0.99, with 250 million shares  **[CRWD_3391507_9]** .
  - **FY 2025:**
    - **Total Revenue:** $3,976.3 million to $4,010.7 million (30% to 31% growth)  **[CRWD_3391507_9]** .
    - **Non-GAAP Income from Operations:** $890.1 million to $916.5 million  **[CRWD_3391507_9]** .
    - **Non-GAAP Net Income Attributable to CrowdStrike:** $985.6 million to $1,012 million  **[CRWD_3391507_9]** .
    - **Non-GAAP Net Income Per Share:** $3.93 to $4.03, with 251 million shares  **[CRWD_3391507_9]** .
    - **Free Cash Flow Margin Target:** 31% to 33% of revenue  **[CRWD_3391507_9]** .

### Q4 2024 Earnings Call
- **Issued Period:** Q4 2024
- **Guided Period:** Q1 2025 and FY 2025
- **Guidance:**
  - **Q1 2025:**
    - **Total Revenue:** $902.2 million to $905.8 million (30% to 31% YoY growth)  **[CRWD_3376591_9]** .
    - **Non-GAAP Income from Operations:** $188.1 million to $190.8 million  **[CRWD_3376591_9]** .
    - **Non-GAAP Net Income Attributable to CrowdStrike:** $220.4 million to $223.1 million  **[CRWD_3376591_9]** .
    - **Diluted Non-GAAP Net Income Per Share:** $0.89 to $0.90, with 248 million shares  **[CRWD_3376591_9]** .
  - **FY 2025:**
    - **Total Revenue:** $3,924.9 million to $3,989.0 million (28% to 31% growth)  **[CRWD_3376591_9]** .
    - **Non-GAAP Income from Operations:** $863.6 million to $913.0 million  **[CRWD_3376591_9]** .
    - **Non-GAAP Net Income Attributable to CrowdStrike:** $940.3 million to $989.7 million  **[CRWD_3376591_9]** .
    - **Non-GAAP Net Income Per Share:** $3.77 to $3.97, with 250 million shares  **[CRWD_3376591_9]** .
    - **Free Cash Flow Target:** 31% to 33% of revenue  **[CRWD_3376591_8]** .

88fd756e434bfd3f180236a3644c992769be90957c53dc3ffb6f95047b134395

| Name             | Position                        | Start Date       | Short Bio                                                                                                                                                                                                 |
|------------------|---------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| George Kurtz     | President, CEO, and Director    | November 2011    | George Kurtz is a co-founder of CrowdStrike and has served as the President, CEO, and a member of the board of directors since November 2011. He previously held executive roles at McAfee, Inc.  **[0001535527-24-000007_crwd-20240131.htm:29]** **[0001104659-24-057449_tm242831d2_def14a.htm:12]** **[0001535527-23-000008_crwd-20230131.htm:27]** . |
| Burt W. Podbere  | Chief Financial Officer         | September 2015   | Burt W. Podbere has served as the CFO of CrowdStrike since September 2015. Before joining CrowdStrike, he was the CFO for OpenDNS, Inc. and Net Optics, Inc.  **[0001535527-24-000007_crwd-20240131.htm:30]** **[0001535527-23-000008_crwd-20230131.htm:27]** .                                       |
| Shawn Henry      | Chief Security Officer          | March 2012       | Shawn Henry has served as the Chief Security Officer at CrowdStrike since March 2012. He previously worked for the FBI from 1987 through March 2012  **[0001535527-24-000007_crwd-20240131.htm:30]** **[0001535527-23-000008_crwd-20230131.htm:27]** .                                               |
| Michael Sentonas | President                       | March 2023       | Michael Sentonas has served as the President of CrowdStrike since March 2023. He was previously the Chief Technology Officer from February 2020 to March 2023  **[0001535527-24-000007_crwd-20240131.htm:30]** **[0001535527-23-000008_crwd-20230131.htm:28]** .                                      |

23266826abc70002535623518c41a5d100aee900427f6e74d79d4d9463849530

| Program Details          | Program 1 |
|--------------------------|-----------|
| Approval Date            | N/A       |
| End Date/Duration        | N/A       |
| Total additional amount  | N/A       |
| Remaining authorization  | N/A       |
| Details                  | **23 shares repurchased in September 2024** in connection with the administration of the 2019 Plan.  **[0001535527-24-000026_crwd-20241031.htm:121]**  |

2c11399d8978238bcd9ede5c9892a622a159d02cb63b7e68a391901a6c81dfd1

**Quarterly guidance for Q4 2025:**
- **Total Revenue (YoY growth)**: 22%  **[CRWD_3410093_10]**  (lowered from 25%  **[CRWD_3400057_8]** )  
- **Non-GAAP Income from Operations**: $184.0M to $189.0M  **[CRWD_3410093_10]**  (raised from $166.7M to $170.8M  **[CRWD_3400057_8]** )  
- **Non-GAAP Net Income Attributable to CrowdStrike**: $210.9M to $215.8M  **[CRWD_3410093_10]**  (raised from $201.2M to $205.2M  **[CRWD_3400057_8]** )  
- **Diluted Non-GAAP Net Income Per Share**: $0.84 to $0.86  **[CRWD_3410093_10]**  (raised from $0.80 to $0.81  **[CRWD_3400057_8]** )

**Annual guidance for FY 2025:**
- **Total Revenue (YoY growth)**: 28% to 29%  **[CRWD_3410093_10]**  (raised from 27% to 28%  **[CRWD_3400057_8]** )  
- **Non-GAAP Income from Operations**: $804.4M to $809.4M  **[CRWD_3410093_10]**  (raised from $774.7M to $783.9M  **[CRWD_3400057_8]** )  
- **Non-GAAP Net Income Attributable to CrowdStrike**: $937.5M to $942.6M  **[CRWD_3410093_10]**  (lowered from $908.8M to $980.0M  **[CRWD_3400057_8]** )  
- **Diluted Non-GAAP Net Income Per Share**: $3.74 to $3.76  **[CRWD_3410093_10]**  (raised from $3.61 to $3.65  **[CRWD_3400057_8]** )

fcf5adeabc69550f913988b8db13246e22c774881d405de83e836815a60cb377

| Name                          | Start Date | End Date | Reason for Change |
|-------------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP    | 2016  **[0001535527-24-000007_crwd-20240131.htm:113]**    | Present  | Current auditor   |

128975c771bf3fabe2f986a9b62d0835c7c3ad008c4827ccc1a61c32005a1e95

fa7ec91e1ee40b37d345653e8b3c9c16df67fc4c9ddfe71775d3658a41a87966

- Total Revenue: $1,010.178 million (+29% YoY from $786.014 million)  **[0001535527-24-000026_crwd-20241031.htm:7]** **[0001535527-23-000026_crwd-20231031.htm:6]**   
- Subscription Revenue: $962.735 million (+31% YoY from $733.463 million)  **[0001535527-24-000026_crwd-20241031.htm:7]** **[0001535527-23-000026_crwd-20231031.htm:6]**   
- Professional Services: $47.443 million (-10% YoY from $52.551 million)  **[0001535527-24-000026_crwd-20241031.htm:7]** **[0001535527-23-000026_crwd-20231031.htm:6]**   
- United States: $683.476 million (+27% YoY from $537.88 million)  **[0001535527-24-000026_crwd-20241031.htm:28]** **[0001535527-23-000026_crwd-20231031.htm:25]**   
- EMEA: $160.574 million (+35% YoY from $119.16 million)  **[0001535527-24-000026_crwd-20241031.htm:28]** **[0001535527-23-000026_crwd-20231031.htm:25]**   
- Asia Pacific: $102.837 million (+26% YoY from $81.46 million)  **[0001535527-24-000026_crwd-20241031.htm:28]** **[0001535527-23-000026_crwd-20231031.htm:25]**   
- Net Income: -$16.822 million (down **163%** YoY from $26.669 million)  **[0001535527-24-000026_crwd-20241031.htm:7]** **[0001535527-23-000026_crwd-20231031.htm:6]**   

5a8c91623fc2a6784c3b65cb718bb18b1aa3627e119d4970248468a51b0e18c9

Annual recurring revenue (thousands)

Year-over-year growth for annual recurring revenue (percentage)

Net new ARR added (millions USD)

Dollar-based net retention rate (percentage)

c19fd97915d72d08f11abe98deb8f2e6518807f44ba8ceb0353f748de9319931

fa69b24452f3b587746b14959f9e376a0c15c18836dac19dbab6fce29ffecc1d

| Year  | Amount Due [Millions] | Debt Type              | Interest Rate [%] | % of Total Debt                     |
|-------|------------------------|------------------------|-------------------|--------------------------------------|
| 2026  | 0.0                   | Revolving Credit Facility | Variable (Prime Rate, Federal Funds Rate + 0.50%, or Term SOFR + 1.00%) **[0001535527-24-000026_crwd-20241031.htm:19]** | 0.0% = (0.0 / 750.0) * 100 **[0001535527-24-000026_crwd-20241031.htm:19]** |
| 2029  | 750.0                 | Senior Notes           | 3.00 **[0001535527-24-000026_crwd-20241031.htm:20]**      | 100.0% = (750.0 / 750.0) * 100 **[0001535527-24-000026_crwd-20241031.htm:20]** |

6985f82378e8448fa11ef01d27508dcaacda7a9252bc20b58cf26d8a408bf0f5

1. **Impact of Customer Commitment Packages**  
   **Q:** How do customer commitment packages affect guidance?  
   **A:** Burt Podbere explained that the **customer commitment packages** are the biggest impact on revenue guidance, leading to a **$60 million** reduction in the back half of the year, with **$30 million** in Q3 and **$30 million** in Q4. This is due to delays in pipeline generation, longer sales cycles, and muted upsell values resulting from the outage incident.  **[CRWD_3400057_13]** **[CRWD_3400057_14]** 

2. **Business Acceleration Outlook**  
   **Q:** When will business growth re-accelerate?  
   **A:** Burt Podbere stated that the impact of the outage has a **half-life**, diminishing over time. The hardest quarters will be Q3 and Q4, but they expect to see an **acceleration in the business in the back half of next year** as conditions normalize and the seeding strategy with customers takes effect.  **[CRWD_3400057_15]** **[CRWD_3400057_16]** 

3. **Customer Reactions and Module Adoption**  
   **Q:** Are customers still buying more modules post-outage?  
   **A:** George Kurtz emphasized that customers remain committed to CrowdStrike, expressing confidence and wanting to "do more" with them. They are not moving away from consolidation but continue to adopt more modules, focusing on the benefits of an integrated platform over a patchwork of products.  **[CRWD_3400057_10]** **[CRWD_3400057_12]** 

4. **Falcon Flex as Growth Driver**  
   **Q:** Is Falcon Flex now the main sales approach?  
   **A:** George Kurtz confirmed that **Falcon Flex** has become one of the **primary go-to-market mechanisms**, allowing customers flexible consumption of the entire product portfolio. This approach meets customer demand for easier procurement and fosters broader adoption, which is expected to benefit renewal cycles and future growth.  **[CRWD_3400057_11]** **[CRWD_3400057_17]** 

5. **$10 Billion ARR Target**  
   **Q:** Has the $10 billion ARR timeline changed?  
   **A:** Burt Podbere reaffirmed their commitment to reaching **$10 billion in ARR by the end of 2031**, despite the incident causing some delays. The company sees multiple growth vectors and a massive total addressable market, maintaining confidence in their long-term goals.  **[CRWD_3400057_19]** 

6. **Competitive Dynamics Post-Outage**  
   **Q:** How has competition been affected?  
   **A:** George Kurtz mentioned that despite market noise and competitors' misinformation, customers have responded positively, appreciating CrowdStrike's transparency and wanting to deepen their relationship. They continue to win against competitors, including securing next-gen SIEM projects.  **[CRWD_3400057_10]** 

7. **Renewal Risks and Timing**  
   **Q:** Is there risk to renewals due to the outage?  
   **A:** Burt Podbere acknowledged that while Q4 is typically their highest quarter for renewals, the impact of the outage will lessen over time. He expects customers to continue renewing as they focus on the long-term benefits of CrowdStrike's platform.  **[CRWD_3400057_18]** 

8. **Federal Sector Momentum**  
   **Q:** How is federal business performing post-outage?  
   **A:** George Kurtz stated that Q3 is their significant federal quarter, and they are seeing good momentum with no significant slowdown due to the outage. They have strong relationships and continue to win deals, recognizing that federal opportunities are long-term.  **[CRWD_3400057_20]** 

9. **Guidance Methodology**  
   **Q:** How did you adjust your guidance after the outage?  
   **A:** Burt Podbere explained that they took a prudent approach, factoring in the impacts of the customer commitment packages on revenue and operating income. The guidance reflects consistent application of their methodology, considering the delays and challenges following the incident.  **[CRWD_3400057_13]** 

10. **Seeding Strategy with Customers**  
    **Q:** Are you giving away modules as a seeding strategy?  
    **A:** George Kurtz indicated that while they aim to do the right thing for customers, expanding module usage is beneficial. The customer commitment packages may involve concessions, but they view this as an investment that will lead to greater adoption and long-term growth.  **[CRWD_3400057_21]** 

85567b1386dad3037dc72b2788265bb4202dce6cbe32920fb0f28ac05fb9f9a2

1. **Competitive Landscape and Pricing Pressures**  
   **Q:** How do competitors’ strategies impact your go-to-market and pricing?  
   **A:** George stated that competitors' "platformization" strategies are often just bundling and discounting products, which isn't new in the industry.  **[CRWD_3376591_11]**  CrowdStrike focuses on delivering value through a **single-agent, single-console platform** that reduces operational costs and provides better outcomes.  **[CRWD_3376591_11]**  Burt added they've never engaged in deep discounting or raised prices to drive ARR; instead, they aim to provide customers with the greatest outcomes at the **lowest TCO**.  **[CRWD_3376591_11]** 

2. **Impact of Competitors on XDR Pricing**  
   **Q:** Do you feel pricing pressure from competitors in the XDR market?  
   **A:** George acknowledged the competitive environment but emphasized that customers seek solutions that prevent breaches costing **hundreds of millions**.  **[CRWD_3376591_15]**  He highlighted that CrowdStrike delivers value with every dollar spent yielding a **sixfold return**, and that "free is not free" and "good enough is not good enough".  **[CRWD_3376591_15]** 

3. **Acquisition of Flow and DLP Market Integration**  
   **Q:** How will the Flow acquisition be integrated, and what's its impact on the DLP market?  
   **A:** George is excited about integrating Flow's data classification and runtime cloud protection into their data protection module.  **[CRWD_3376591_13]**  He sees similarities between **legacy DLP** and **legacy AV**, noting significant interest in replacing legacy DLP technologies.  **[CRWD_3376591_13]**  The acquisition will be integrated into their platform to enhance user experience, with the deal closing in the next few weeks.  **[CRWD_3376591_13]** 

4. **Partnerships with Dell and Pax8 Contributions**  
   **Q:** How did the Dell and Pax8 partnerships contribute to results, and are they in the FY '25 outlook?  
   **A:** George noted that while it's early days, they're excited about the Dell partnership, already seeing wins from **large enterprises to SMBs**.  **[CRWD_3376591_14]**  The Pax8 partnership has shown **tremendous success** in the SMB market.  **[CRWD_3376591_14]**  Burt added that both partnerships represent additional routes to market and are expected to bring in deals; they're excited to have them as partners.  **[CRWD_3376591_14]** 

5. **Charlotte AI Product Monetization**  
   **Q:** What's the timeline for monetizing the Charlotte AI product?  
   **A:** George stated they already have **paying customers** for Charlotte, having just released it.  **[CRWD_3376591_17]**  The product is a foundational component of their platform to drive **automation in SOCs**, and he's encouraged by customer responses highlighting **time savings** and **value**.  **[CRWD_3376591_17]** 

6. **Falcon for IT Development and Market Potential**  
   **Q:** How should we think about the development of Falcon for IT going forward?  
   **A:** George shared that customer excitement for **Falcon for IT** is "off the charts".  **[CRWD_3376591_20]**  The product addresses the need for better IT solutions and leverages their **single-agent architecture** to solve IT problems.  **[CRWD_3376591_20]**  Feedback and interest are significant, expanding use cases beyond security data.  **[CRWD_3376591_20]** 

7. **ARR Guidance and Net New ARR Growth**  
   **Q:** Any guidance on net new ARR growth for the full year?  
   **A:** Burt mentioned they don't guide on ARR but historically start the year in **Q1** and build from there.  **[CRWD_3376591_18]**  He indicated that **Q1 would be the low point** for net new dollars for the year.  **[CRWD_3376591_19]** 

8. **Billings Duration and Contract Lengths**  
   **Q:** What's causing the step-up in billings duration and longer contracts?  
   **A:** Burt explained that the increase is partly due to the platform, and that **Q4** historically sees more **multiyear deals** and renewals.  **[CRWD_3376591_12]**  He noted that billings are influenced by duration and deal timing, and they manage the business to **ARR**, not billings.  **[CRWD_3376591_12]** 

59f9670b9ddfb2ff49e75fb1553ee71f2f8f8bfff66dbf7cb9b0ca34d9a7946e

- **Extended Impact on Revenue Growth Due to July 19 Incident**: CrowdStrike expects the July 19 incident to have a diminishing but ongoing negative impact on revenue growth over the next several quarters, with net new ARR and subscription revenue estimated to be reduced by approximately **$60 million** in the second half of fiscal year 2025.  **[CRWD_3400057_15]**  This extended impact could slow overall growth and delay the acceleration of the business until the back half of next year.
- **Potential Hesitation from Customers on Module Upsells**: Competitors claim that customers may be hesitant to "put all their eggs in one basket" after the incident, potentially impacting CrowdStrike's ability to upsell additional modules to existing customers, which historically has been a significant driver of growth (about **two-thirds** of their growth).  **[CRWD_3400057_12]**  Any slowdown in module adoption could adversely affect the company's expansion strategy and revenue.
- **Possible Need for Architectural Changes Due to Microsoft Kernel Access Policies**: Concerns have been raised about whether CrowdStrike may need to rearchitect its Falcon agent due to potential limitations on kernel access imposed by Microsoft or customers following the outage.  **[CRWD_3400057_9]**  If significant architectural changes are required, this could divert resources from future innovation and potentially impact product efficacy.

4ecfa072e18d1a89a65c4f6ffd9b2a790608cb6605630a99b5f90bd398dafdc0

1. **Q4 ARR and Revenue Expectations**  
   **Q:** Will Q4 net new ARR be stronger than Q3?  
   **A:** Burt Podbere explained that although Q4 is usually their biggest quarter with many renewals, they remain cautious due to ongoing impacts from the July 19 incident. Factors such as delayed outbound pipeline activities, extended sales cycles, and limited visibility contribute to their cautious outlook. They are maintaining an estimated impact of approximately **$30 million** to both net new ARR and subscription revenue in Q4 from customer commitment packages.  **[CRWD_3410093_15]** 

2. **Falcon Flex Adoption and Impact**  
   **Q:** How is Falcon Flex affecting deal sizes and future ARR?  
   **A:** Falcon Flex is ahead of expectations, with over **150 deals** representing more than **$1.3 billion** in total deal value. The average Falcon Flex subscription is multiples larger than typical contracts, with customers adopting more than **9 modules** on average. This has led to slightly longer deal durations and increased platform stickiness, encouraging reacceleration in the back half of next year.  **[CRWD_3410093_16]** **[CRWD_3410093_17]** **[CRWD_3410093_19]** 

3. **Customer Retention Post-Outage**  
   **Q:** Are you seeing churn after the July 19 outage?  
   **A:** George Kurtz stated they haven't seen significant churn among larger customers. Conversations have reinforced recognition of CrowdStrike's superior technology and how they handled the outage, turning it into a customer trust-building opportunity. While there may be some churn in the very small MSP space, overall customer engagements are encouraging.  **[CRWD_3410093_13]** 

4. **Next-Gen SIEM Opportunity**  
   **Q:** What are you seeing in the Next-Gen SIEM market?  
   **A:** George Kurtz highlighted that customers are embracing their Next-Gen SIEM due to greater efficiencies, speed, scalability, and cost differences compared to legacy products. By integrating workflows within the Falcon platform and leveraging Charlotte AI, they can deliver immediate outcomes. This represents a tremendous opportunity in a huge market, and they are expanding their ecosystem accordingly.  **[CRWD_3410093_18]** 

5. **ARR and Revenue Divergence**  
   **Q:** Why is ARR and revenue coupling diverging temporarily?  
   **A:** Burt Podbere explained that customer commitment packages offering extended time lead to a more immediate impact on ARR than revenue, causing a temporary divergence. Revenue recognition will lag as a result, but this effect is expected to be temporary.  **[CRWD_3410093_21]** 

6. **RPO Growth Implications**  
   **Q:** How should we view strong RPO bookings growth?  
   **A:** Burt Podbere noted that the accelerated RPO growth reflects longer deal durations and customers engaging more deeply with CrowdStrike over extended periods. This growth is driven by customer commitment packages and CrowdStrike Financial Services, which bodes well for future revenue recognition and ARR growth.  **[CRWD_3410093_20]** 

7. **Agentic AI with Charlotte AI**  
   **Q:** How is CrowdStrike utilizing agentic AI?  
   **A:** George Kurtz described Charlotte AI as more than a copilot; it's designed to perform work on behalf of customers, transforming Security Operations Centers. For example, tasks that previously took four days now take one hour, showcasing significant efficiency gains through the agentic nature of Charlotte AI.  **[CRWD_3410093_14]** 

8. **Security Spending Outlook**  
   **Q:** How do you gauge security spending next year?  
   **A:** George Kurtz believes the security environment is worsening, with increased e-crime and ransomware. Customers continue to seek the best products, platform consolidation, and operational cost reductions. He is encouraged by the forward-looking environment and expects companies to spend on top technologies due to threats and regulatory pressures.  **[CRWD_3410093_11]** 

9. **Falcon Flex Impact on Retention**  
   **Q:** Does Falcon Flex improve customer retention?  
   **A:** George Kurtz confirmed that Falcon Flex makes the platform stickier as customers adopt more modules, making it increasingly difficult to leave. Customers are adopting modules faster, allowing CrowdStrike to upsell and top up Falcon Flex pools, enhancing confidence in reacceleration next year.  **[CRWD_3410093_19]** 

10. **Average Deal Term for Falcon Flex**  
    **Q:** What is the average deal duration for Falcon Flex?  
    **A:** Burt Podbere mentioned they didn't provide specific numbers but are seeing deals being slightly longer, which is exciting and contributes to longer customer relationships.  **[CRWD_3410093_16]** 

f0765d0278a111091869e8dcc9482b4c66196a91385702a7ebeebfa7ec948606

- **Strong Customer Demand for Next-Gen SIEM Offering**: CrowdStrike's **Next-Gen SIEM** is experiencing a "massive opportunity" as customers seek to replace legacy solutions like Splunk and QRadar.  **[CRWD_3391507_10]**  With **80-85%** of SIEM data coming from endpoints, having this capability natively built into CrowdStrike's platform provides significant advantages and "gives us data gravity".  **[CRWD_3391507_10]**
- **Successful Platform Consolidation Strategy Driving Growth**: Customers are consolidating their security spend with CrowdStrike to reduce costs and simplify their security stack.  **[CRWD_3391507_18]**  The **FalconFlex** program is a "game changer" that accelerates platform adoption by allowing customers to buy what they want, when they want it, thereby reducing procurement friction.  **[CRWD_3391507_19]** **[CRWD_3391507_16]**
- **Confidence in Achieving $10 Billion ARR Target**: CrowdStrike reaffirms its **$10 billion ARR** target within **5-7 years**, driven by growth in cloud security, identity protection, and Next-Gen SIEM markets.  **[CRWD_3391507_16]**  The company expects significant contributions from **cloud security ($2.5-$3 billion)**, **identity protection ($1-$1.5 billion)**, and **Next-Gen SIEM ($1-$1.5 billion)**.  **[CRWD_3391507_16]**

7c04f438dd5130a60f8ff3aae3df0ede443f756c00b4272a124c72cb51576bb0

- **CrowdStrike may be lagging in addressing the latest AI trends**, as the analyst noted that the topic of agentic AI was not mentioned in the CEO's prepared remarks.  **[CRWD_3410093_14]**
- **Reliance on external technologies for internal efficiencies**, as the CEO stated they leverage partner technologies like Salesforce and ServiceNow, which could indicate a dependence on third-party solutions rather than internal innovation.  **[CRWD_3410093_14]**
- **Limited impact of Charlotte AI's capabilities**, with the CEO providing only one example where a customer's situational report creation time was reduced from **4 days to 1 hour**, possibly suggesting that widespread significant benefits are not yet evident.  **[CRWD_3410093_14]**

bcc78b714b1f0b65abb71e9b2c8accd541842fc3f50e74a4abd973a6633621f8

- **Customers continue to favor CrowdStrike for platform consolidation**, preferring integrated solutions over disparate products. They view CrowdStrike as a key consolidator in the market and are interested in adopting multiple modules.  **[CRWD_3400057_12]**
- **CrowdStrike's hypergrowth modules, including identity protection, cloud security, and next-gen SIEM, have collectively surpassed **$1 billion** in Annual Recurring Revenue (ARR)**, demonstrating strong growth vectors. The company remains committed to reaching **$10 billion** in ARR by the end of fiscal year 2031.  **[CRWD_3400057_19]**
- **The Falcon Flex subscription model has generated over **$700 million** in deal value within a year** and is becoming a primary go-to-market strategy. It facilitates greater platform adoption and is expected to enhance future renewals and growth.  **[CRWD_3400057_17]**

8c3c814819abd411dd3b298881c4b5f3043a2b26aad3dd6428b8648f1726f603

- **CrowdStrike's Charlotte AI is delivering significant efficiency gains**, transforming SOC operations by automating tasks and reducing the time to create situational reports from **4 days to 1 hour**.  **[CRWD_3410093_14]**
- **Strong growth in Next-Gen SIEM**, with customers choosing CrowdStrike over legacy providers due to greater efficiency, speed, scalability, and cost advantages. This presents a **tremendous opportunity** in the **short, medium, and long term**.  **[CRWD_3410093_18]**
- **Customers are impressed with the performance and outcomes** provided by CrowdStrike's integrated platform, leading to increased adoption and competitive wins against legacy providers.  **[CRWD_3410093_14]** **[CRWD_3410093_18]**

65823cdaccc166ccbeb4e0baf9132806555b0d0388746a7f4413018522433e7f

1. **$10 Billion ARR Target**  
   **Q:** What will drive faster attainment of the $10B ARR target?  
   **A:** CEO George Kurtz emphasized that consolidating customers onto the CrowdStrike platform, particularly through offerings like **FalconFlex**, will accelerate progress towards the **$10 billion ARR** target.  **[CRWD_3391507_16]**  He highlighted massive opportunities in **Next-Gen SIEM**, **data protection**, and **Falcon for IT** as key growth drivers.  **[CRWD_3391507_16]**  CFO Burt Podbere added that they expect cloud security to contribute **$2.5 to $3 billion**, identity protection **$1 to $1.5 billion**, and Next-Gen SIEM **$1 to $1.5 billion** towards the ARR goal within that time frame.  **[CRWD_3391507_16]** 

2. **Stock-Based Compensation and Pricing**  
   **Q:** Why did stock-based compensation increase, and how is pricing evolving with platform sales?  
   **A:** CFO Burt Podbere explained that **stock-based compensation** increased by **40%**, but emphasized they focus on dilution, aiming for around **3% for the year**, which is within expectations.  **[CRWD_3391507_13]**  Regarding pricing, he stated that the pricing environment remains consistent for CrowdStrike.  **[CRWD_3391507_13]**  As they offer more bundled solutions through their platform, customers consolidate spending with CrowdStrike, but this does not necessarily mean that pricing for individual components is coming down.  **[CRWD_3391507_13]** 

3. **SIEM Offering and Competition**  
   **Q:** How is CrowdStrike's SIEM solution performing against legacy vendors like Splunk and QRadar?  
   **A:** CEO George Kurtz noted they've seen more movement in the SIEM market in the last year than in the previous **ten years**.  **[CRWD_3391507_10]**  He emphasized that **80–85%** of the data that goes into a SIEM comes from endpoints, and since CrowdStrike captures this data, they have a significant advantage.  **[CRWD_3391507_10]**  With all customers enabled for **Next-Gen SIEM**, many dissatisfied with current vendors are reaching out, presenting a **massive opportunity** to disrupt an antiquated space.  **[CRWD_3391507_10]** 

4. **AWS Partnership and Cloud Security**  
   **Q:** How is the relationship with AWS expanding, particularly around cloud security?  
   **A:** George Kurtz highlighted that the AWS win reflects the technological advantages of CrowdStrike's cloud offerings, covering everything from **code to cloud**.  **[CRWD_3391507_11]**  AWS is seeking the best cloud technology, and CrowdStrike believes they have it.  **[CRWD_3391507_11]**  The deal with AWS was also a **FalconFlex** agreement, indicating customers' desire to do more with CrowdStrike.  **[CRWD_3391507_11]** 

5. **Charlotte AI and Customer AI Journey**  
   **Q:** Does Charlotte AI accelerate customers' Generative AI journey?  
   **A:** George Kurtz stated that **Charlotte AI** helps customers by reducing their operational workload, turning **hours of work into minutes**.  **[CRWD_3391507_15]**  It leverages the collective wisdom and knowledge CrowdStrike has developed and drives automation through **Falcon Fusion**.  **[CRWD_3391507_15]**  This results in faster time to production for customers' AI applications, effectively speeding up their **GenAI journey**.  **[CRWD_3391507_15]** 

6. **Generative AI Projects and Security Plans**  
   **Q:** How do customers' Generative AI projects impact their security plans and budgets?  
   **A:** George Kurtz observed that the proliferation of new hardware for **generative AI workloads** presents a huge opportunity for CrowdStrike.  **[CRWD_3391507_17]**  These workloads need to be secured, and CrowdStrike's cloud workload protection adapts to protect both classic cloud workloads and those running AI models.  **[CRWD_3391507_17]**  Customers recognize the importance of securing AI workloads, which could accelerate security spending in this area.  **[CRWD_3391507_17]** 

7. **Public Sector Opportunities**  
   **Q:** How is CrowdStrike engaging with federal agencies looking to broaden their security vendors?  
   **A:** George Kurtz mentioned they continue to maintain and gain momentum in the federal market, with buying cycles occurring mostly in the third quarter.  **[CRWD_3391507_14]**  Challenges faced by organizations outside the public sector also affect the government, and with additional cybersecurity budgets, CrowdStrike sees meaningful opportunities.  **[CRWD_3391507_14]** 

8. **Spending Reticence and Macro Environment**  
   **Q:** What is causing customers' reticence to spend in the current environment?  
   **A:** George Kurtz acknowledged it's still a **challenging macro environment**, but customers are looking to consolidate and save money with CrowdStrike.  **[CRWD_3391507_18]**  By offering the right technology and solving critical use cases, CrowdStrike is capturing share of wallet from other vendors despite market challenges.  **[CRWD_3391507_18]** 

9. **Go-to-Market with Emerging Products**  
   **Q:** How often does CrowdStrike lead with individual emerging solutions versus the platform?  
   **A:** George Kurtz explained that while they generally lead with the platform, they focus on solving specific customer use cases.  **[CRWD_3391507_12]**  Customers may come seeking better solutions for their SIEM or cloud security, and CrowdStrike can address those needs while promoting the value of the full platform.  **[CRWD_3391507_12]** 

10. **Consistency and Future Strategies**  
    **Q:** Are there other levers to pull to continue impressive performance if the backdrop remains challenging?  
    **A:** George Kurtz emphasized their focus on **consistency** and delivering value to customers.  **[CRWD_3391507_19]**  Initiatives like **FalconFlex** result from listening to customers and reducing friction in the procurement cycle.  **[CRWD_3391507_19]**  By taking care of the customer, they believe "the rest takes care of itself".  **[CRWD_3391507_19]** 

8ff86339d7deabcb2a6e87d1ef05ebe02ebf2fb72da1d7430ee89d202899c678

- **CrowdStrike's cloud-native, single-agent, integrated platform provides a significant competitive advantage** over competitors who struggle to integrate disparate products, enabling the company to easily integrate acquisitions like Flow Security into their platform.  **[CRWD_3376591_16]** ,  **[CRWD_3376591_13]**
- **Rapid growth in new markets**, such as next-gen SIEM with LogScale, which saw **ARR growth over 170% year-over-year**, is displacing incumbents like Splunk, Elastic, and Azure Sentinel.  **[CRWD_3376591_5]**
- **Strong customer excitement and demand for new products like Falcon for IT** are expanding CrowdStrike's addressable market beyond security into IT operations, with customers eager to adopt these solutions due to their effectiveness and ease of use.  **[CRWD_3376591_20]**

95c22b9f379563e8f4fb05806555b93c2b03d1bfd1996928c031d5c45919b10f

- **Management expects Q1 net new Annual Recurring Revenue (ARR) growth to be the lowest for the year, with net new ARR growth anticipated to be only double digits up to the low teens, indicating a potential slowdown in growth momentum.**  **[CRWD_3376591_19]**
- **Competitors are adopting aggressive bundling and discounting strategies, referred to as "platformization," which could increase competitive pressures and potentially impact CrowdStrike's pricing power.**  **[CRWD_3376591_11]**
- **The company plans to increase hiring and expects operating leverage improvements to be more weighted towards the back half of FY'25, which may result in higher operating expenses and pressure on margins in the near term.**  **[CRWD_3376591_11]**

b0ed03581076e28f19b7bc47a866ba95a94c43cc80bba480ad2ba3a93143f3e2

CrowdStrike Holdings Inc (CRWD)

Financials