Crowdstrike Holdings Inc (NASDAQ: CRWD) stock fell 3.08% on June 4th, 2021 (as of 11:28:51 UTC-4 · USD ; Source: Google finance) as the company posted better than expected results for the first quarter of FY 22.
In the first quarter, the company reached a new milestone as our subscription customers well surpassed the 10,000 mark. The company has added 1,524 net new subscription customers including the customers we acquired from Humio. On an organic basis, the net new subscription customers added in the quarter rose 69% year over year. The company currently serves 11,420 subscription customers worldwide. In Q1, the company also saw strong demand in the public sector, landing several U.S. federal wins in both civilian and defense and expansion business with the largest healthcare agency. Subscription customers that have adopted four or more modules, five or more modules, and six or more modules rose to 64%, 50%, and 27%, respectively, in the first quarter. CRWD is also expanding the DevOps capabilities and seeing success selling into DevOps environments as the company continues to help customers reduce their attack surface and unify cloud security posture management and breach protection.
Moreover, in the first quarter, the company delivered 74% ARR growth year over year to reach $1.19 billion. Rapid new customer acquisition and expansion business within existing customers, have led to substantial growth in the first quarter, once again resulting in very strong net new ARR, which came in at $143.8 million. The dollar-based net retention rate once again exceeded 120%. Overall, the company has reported Non-GAAP net income attributable to CrowdStrike of $23.3 million, compared to $4.5 million in the first quarter of fiscal 2021. Cash and Cash Equivalents stood at $1.68 billion as of April 30, 2021.
CRWD in the first quarter of FY 22 has reported the adjusted earnings per share of 10 cents, beating the analysts’ estimates for the adjusted earnings per share of 6 cents. The company had reported the adjusted revenue growth of 70 percent to $302.8 million in the first quarter of FY 22, beating the analysts’ estimates for revenue of $292.2 million. Subscription revenue rose 73% over Q1 of last year to reach $281.2 million. Professional services revenue was $21.6 million, representing 36% year-over-year growth. Geographically in Q1, the revenue growth in the U.S. increased to 70% and contributed approximately 73% of first-quarter revenue. Approximately 14% of revenue was derived from Europe, Middle East, and Africa markets; 10% from Asia Pacific; and approximately 3% from other markets.