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Press Release

CrowdStrike sees record growth in Q3 2024 fiscal year

Press Release by CrowdStrike Thu 30 Nov 2023

CrowdStrike has announced its Q3 financial results for its fiscal year 2024, ending October 31, 2023. The company’s Annual Recurring Revenue (ARR) reached a new high of £2.48 billion ($3.15 billion), marking a 35% year-over-year growth and surpassing the significant milestone of £2.3 billion ($3 billion).

George Kurtz, President, CEO, and Co-Founder of CrowdStrike, said: “CrowdStrike’s record third quarter exceeded expectations, delivering new milestones across the business. Net new ARR growth accelerated to a record $223 million and ending ARR surpassed $3 billion, making CrowdStrike the fastest and only pure play cybersecurity software vendor in history to achieve this milestone.”

In the third quarter, total revenue rose to £618.8 million ($786 million), a substantial 35% increase from the same period last year. Subscription revenue also saw a similar growth trajectory, reaching £577.5 million ($733.5 million).

The GAAP subscription gross margin improved to 78%, with non-GAAP subscription gross margin at 80%.

CrowdStrike’s CFO, Burt Podbere, said: “Our relentless focus on operational excellence drove record operating margin, net income and free cash flow, while at the same time we continued aggressively investing in our innovation engine to flight the company to achieve its vision of reaching £7.8 billion ($10 billion) in ARR over the next five to seven years.”

The company’s profitability metrics also showed significant improvement, with GAAP income from operations at £2.5 million ($3.2 million), a stark contrast to the loss of £44.3 million ($56.4 million) in the same quarter of the previous fiscal year.

Net income attributable to CrowdStrike marked £21 million ($26.7 million), with a diluted GAAP net income per share of £0.08 ($0.11). Non-GAAP figures were even more robust, with net income at £156.7 million ($199.2 million) and a diluted per-share income of £0.65 ($0.82).

Operational cash flow and free cash flow reached record highs in Q3, with net cash generated from operations at £215.2 million ($273.5 million) and free cash flow at £188 million ($239 million). The company’s cash, cash equivalents, and short-term investments totalled £2.4 billion ($3.17 billion) as of October 31, 2023.

The company’s market-firsts also include exceeding £787 million ($1 billion) in software sales through AWS Marketplace.

Looking ahead, CrowdStrike has raised its guidance for the fourth quarter of fiscal 2024 and the full fiscal year, anticipating continued growth and profitability.

 


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