CrowdStrike in Q4 posts record number of new subscription customers

March 16, 2021 TH Author

CrowdStrike published fourth quarter financial results on Tuesday, after adding a record number of net new subscription customers in the quarter.

The cybersecurity firm added 1,480 net new subscription customers in the quarter, helping it beat market expectations. Its annual recurring revenue (ARR) surpassed the $1 billion milestone.

Looking at the top and bottom line: Crowstrike’s total revenue was $264.9 million, a 74 percent increase year-over-year. Non-GAAP net income was $31.6 million, or 13 cents per share.

Analysts were expecting earnings of 8 cents per share on revenue of $250.44 million.

“Our go-to-market engine has gained incredible momentum with both marquee enterprises and small businesses alike as we expand our partner ecosystem and leverage our frictionless sales motion and leading technology to deliver immediate value to our customers,” CrowdStrike co-founder and CEO George Kurtz said in a statement. “Combined with strong secular tailwinds, including digital transformation and an unprecedented threat environment, and our expanding technology portfolio, which now includes leading index-free data ingestion capabilities, we believe we are in an ideal position to further extend our leadership in the Security Cloud category we pioneered.”

Subscription revenue in Q4 was $244.7 million, a 77 percent increase year-over-year. Annual Recurring Revenue (ARR) increased 75 percent year-over-year and grew to $1.05 billion as of January 31. Of that, $142.7 million was net new ARR added in the quarter.

For the full fiscal 2021, non-GAAP net income was $62.6 million, or 27 cents per share. Total revenue was $874.4 million, an 82 percent increase. Subscription revenue was $804.7 million, an 84 percent increase.

With its additional 1,480 new subscription customers, CrowdStrike’s total subscription customers as of January 31 came to 9,896, representing 82 percent 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 63 percent, 47 percent, and 24 percent, respectively, as of January 31.

For the first quarter, CrowdStrike expects revenue in the range of $287.8 million to $292.1 million.

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