CrowdStrike (CRWD.US) 2026财年第一季度业绩电话会
文章语言：
简
繁
EN
Share
Minutes
原文
会议摘要
CrowdStrike reports significant financial growth and strategic realignment focusing on areas like Cloud Identity and AI, with Falcon Flex accelerating platform adoption and customer spend. The company aims for a non-GAAP operating margin of at least 24% for FY27 and anticipates a free cash flow margin over 30%. Key initiatives include expanding into identity management and leveraging generative AI for future demand, while addressing concerns about the macroeconomic environment and MSSP channel momentum.
会议速览
CrowdStrike's Fiscal First Quarter 2026 Financial Results Conference Call: Updates and Forward-Looking StatementsThe call discusses CrowdStrike's financial results for the first quarter of fiscal year 2026, including future plans, objectives, and expected performance. It highlights the presence of the CEO and CFO, addresses risks and uncertainties associated with forward-looking statements, and clarifies the use of non-GAAP financial measures.
CrowdStrike's Fiscal Year Start: Strong Performance, Accelerated Demand, and Falcon Flex SuccessThe company began its fiscal year from a position of strength, capitalizing on accelerated demand through continuous innovation and platform consolidation. Highlights include significant achievements in net new ARR, subscription gross margin, and free cash flow. The Falcon Flex model significantly evolved the go-to-market strategy and customer experience, leading to increased customer spend, longer subscription durations, and faster adoption of the Falcon platform. A notable win with a Fortune 500 technology firm showcases the transformative power of Falcon Flex, accelerating cybersecurity modernization and expanding the use of the Falcon platform across multiple business units and use cases.
The Transformation of Security Outcomes by AI Agents in the 5th Industrial RevolutionWith the rapid adoption of the Falcon platform, customers are experiencing significant transformations in their security outcomes, driven by the advent of agendi AI. The necessity for AI-native security is increasing the total addressable market daily. Market surveys reveal plans to expand AI agent usage, highlighting the need for visibility, control, and protection for every AI agent. Autonomous AI agents are expanding the enterprise attack surface, increasing severity and speed, making best-in-class protection essential. CrowdStrike, as an AI-first company, is uniquely positioned to secure AI agents, transforming the SOC and presenting a massive opportunity in the protection of AI agents.
Charlotte AI Revolutionizes Cybersecurity with Autonomous Expert-Level Triage and Response for Global Healthcare ProviderCharlotte AI, an AI security analyst, enhances stock personnel efficiency and delivers expert-level triage and response at machine speed, significantly improving security outcomes for a global healthcare provider. The innovation also extends to cloud business, with strong growth in net new and total ARR, recognized for its unified offering combining various security aspects. A notable customer success story highlights the superiority of Falcon Cloud Security in preventing breaches over competitors, leading to consolidated protection and cost savings.
CrowdStrike's Evolution in Exposure Management and Next Gen SIM Disrupts Legacy MarketsCrowdStrike advances in exposure management by integrating AI-powered network vulnerability assessment, displacing traditional VM products. Gains significant share in the market, particularly in financial services. In the next gen SIM sector, the company delivers triple-digit ARR growth, replacing outdated SIM products with a cost-efficient, high-performance data platform, attracting major wins in payments industry due to faster query times and cost savings.
CrowdStrike's Rapid Expansion and Strategic Partnerships in Identity Protection and CybersecurityIn June 2025, CrowdStrike announces significant advancements in its identity protection services, including the general availability of Falcon privilege access and enhanced just-in-time access and permissions for critical applications. The company highlights successful partnerships with major players like AWS, Opti, CDW, and Nvidia, as well as a strategic collaboration with Microsoft to unify threat actor naming conventions, improving global cybersecurity defenses. CrowdStrike emphasizes its position as a leading cybersecurity platform for the AI era, driven by innovation, rapid platform adoption, and efficient business execution.
CrowdStrike's Strong Q1 Fiscal 2026 Performance and Optimistic Outlook Highlighted by Revenue Growth, Share Repurchase Authorization, and AI Accelerated Threat Environment StrategiesCrowdStrike reported a strong first quarter of fiscal 2026, with revenue growing 20% year-over-year to $1.10 billion. The company emphasized its robust performance, driven by Falcon Flex momentum and Reflexes, and announced a $1 billion share repurchase authorization. Highlighting the importance of cybersecurity in the AI-accelerated threat environment, CrowdStrike anticipates continued strong demand for its Falcon platform and expects net new annual recurring revenue (ARR) growth to double sequentially in Q2. The company also outlined strategic realignment plans focused on AI, Cloud Identity exposure management, and platform resilience, aiming to increase non-GAAP operating margin to at least 24% in FY27 and improve free cash flow margin to over 30%. For Q2 FY26, CrowdStrike expects total revenue between $1144.7 million and $1151.6 million, with a year-over-year growth rate of approximately 21%.
CrowdStrike's Fiscal Year 2026 Financial Outlook: Expected Revenue Growth and Non-GAAP Net Income ProjectionsTotal revenue is forecasted to grow by 20% to 22% over the prior fiscal year, landing between $4743.5 to $4805.5 million. Non-income from operations is anticipated to be $70.8 to $1001.8 million, with non-GAAP net income estimated at $178.7 to $909.7 million. Non-GAAP net income per share is expected to range from $3.44 to $3.56, considering a script tax rate and approximately 2 million weighted average shares on a diluted basis.
Cohesity's Falcon Flex Driving Significant Growth and Changing Sales MotionCohesity's Falcon Flex is experiencing significant adoption, transforming the company's sales approach from module-based to outcome-focused. Customers are increasingly adopting Next Gen Sim and Identity solutions through Falcon Flex, leading to accelerated ARR growth expected in the second half of the year. Despite CCP impacting revenue growth, momentum in products like Next Gen Sim and Identity, along with the success of Falcon Flex, is driving confidence in reacceleration.
Circa June 2025: Discussing Innovative Solutions and Demand Planning Strategies in the Tech IndustryThe dialogue centers around a tech company's innovative approach to customer engagement and product adoption through demand planning and business value assessments. It highlights the success of replacing point products with comprehensive suite offerings, the adjustment of sales go-to-market efforts, and the positive response from customers and sales forces regarding the consolidation of products and the adoption of Flex licensing. Additionally, the conversation touches on the ongoing education of partners and the sales force about the new go-to-market motion.
Understanding Falcon Flex's Impact on Revenue and Exploring Generative AI's Future DemandThe discussion explores how Falcon Flex influences revenue and annual recurring revenue (AR) when customers exceed their contracted credits, noting that overages lead to net new AR through contract renewals. Further, it delves into the burgeoning demand for generative AI, highlighting its potential to significantly impact workflow automation, security outcomes, and the protection of autonomous agents, presenting a future opportunity for expansive demand and protection services.
Investigation into Revenue Recognition and Reporting Practices Following July 19 Outage and Related Maps by the DOJ and SEC as of June 04, 2025The company has received inquiries from the DOJ and SEC concerning revenue recognition, AR reporting for certain transaction return transactions, and issues related to a July 19 outage and maps.
2025 Q4 Financial Performance and Free Cash Flow Margin OutlookThe discussion highlights the company's strong Q4 performance, marked by a 27% exit rate on free cash flow margin, with confidence for reaching 30% next year due to factors including larger deals and customer momentum. Updates are also provided on macroeconomic observations from April and May, emphasizing successful execution and customer demand for next-generation solutions despite a noisy environment.
Next Generation SIEM's Unquestionable Success and Displacement of Legacy IncumbentsThe speaker discusses the undeniable success of their next generation SIEM solution, often displacing legacy incumbents like Splunk and QRadar due to its superior speed, value, and integration. Customers appreciate the ease of use and the performance, drawing parallels to the legacy AV market at the company's inception, indicating significant future growth potential.
Expanding Momentum in MSSP Channel: A Significant Shift in Strategic Partnerships and Competitive PositioningThe company has seen a significant increase in bookings from the MSSP channel, rising from mid-single digits to 15%. This growth is attributed to strategic efforts in working with managed service providers, enhancing capabilities for easier deployment and management, and meeting the increasing demand from SMBs. The company's success in this market highlights its competitive edge and partner-first mentality.
CrowdStrike's Expansion into Identity Management Space and Privileged Access Solutions as of June 04, 2025The company discusses its deepening involvement in the identity management sector, highlighting its existing identity protection product and the introduction of a privileged access management solution. This move is driven by customer demand for consolidation and cost-saving opportunities, with the company aiming to leverage its expertise and existing agent footprint to tap into a large market opportunity.
Analysis of Corporate Performance and Growth Strategies for the Second Half of 2025The discussion focuses on the company's performance, particularly addressing the impact of the CCP on revenue and growth opportunities for the second half of the year. Key points include the expectation for acceleration in net new ARR, confidence in customer retention, and plans for margin expansion. The speaker also highlights the significance of partner programs and the role of flex licenses in driving future purchases.
要点回答
Q：How is Falcon Flex contributing to customer satisfaction and platform adoption?
A：Falcon Flex is contributing to customer satisfaction and platform adoption by consolidating point products without compromise, achieving double-digit million ahead of expectations, and bringing the total deal value of accounts that have adopted Falcon Flex to $3 billion. It is also leading to improved sequential net new ARR growth, and the addition of new Falcon Flex accounts is growing sequentially and more than six times year over year.
Q：What is the significance of the $100 million plus contract with a Fortune 500 technology firm, and what outcomes has it led to?
A：The $100 million plus contract with a Fortune 500 technology firm is significant as it demonstrates the power of Falcon Flex to accelerate cybersecurity modernization. The transformational flex contract led to an expansion of Falcon endpoint protection across multiple business units, standardization of detection and response with Falcon Cloud Security, and broad-based adoption of Next Gen SIM to replace legacy systems. This customer has also realized significant cost savings, with a more than doubled Flex subscription and replaced over 8 technologies with more than 10 Falcon modules.
Q：How is AI transforming security outcomes for customers, and what does the future hold with AGI on the horizon?
A：AI is transforming security outcomes for customers by enabling faster response times and greater visibility into potential threats. The future holds immense potential with artificial general intelligence (AGI) on the horizon, as it will necessitate visibility, control, and protection for every AI agent, increasing the total addressable market for CrowdStrik's AI-native security. With two-thirds of respondents already using AI agents and plans to expand their use, the need for protection and visibility of these agents is becoming increasingly important, presenting a massive opportunity for CrowdStrik.
Q：What is the expanded detection triage offered by Charlotte AI and what benefits does it provide to customers?
A：The expanded detection triage offered by Charlotte AI is an AI SOC analyst that provides autonomous expert level triage, reasoning, and response at machine speed. It helps to save time and deliver better security outcomes, flattens the hiring curve, and eliminates manual operations for a faster and cost-efficient security approach.
Q：How did Charlotte AI contribute to the cybersecurity efforts of the global healthcare provider mentioned?
A：Charlotte AI was instrumental in the global healthcare provider's AI native SOC transformation, starting a new chapter of cybersecurity with next-generation capabilities. It empowered the customer's level 1 threat analyst team, delivered on the promise of generative security, and provided an AI-first automated approach to manage security more effectively.
Q：What recognition did CrowdStrike receive in the Frost Radar report, and what does this indicate about the company's innovation?
A：CrowdStrike was recognized in the Frost Radar report as scoring highest out of all vendors on the innovation index within the cloud and application runtime security category. This indicates that the company's innovation and commercial success have been acknowledged, signifying its strong position in the market.
Q：How did the deployment of Falcon Cloud Security impact the customer highlighted in the transcript?
A：The deployment of Falcon Cloud Security led to a doubling of the customer's spend with CrowdStrike. The customer, initially using a competitor's product for cloud protection, saw the value of Falcon Cloud Security when it prevented a breach that the competitor's product did not stop. This resulted in the customer consolidating their security measures, saving money, and benefiting from enhanced cloud security protection.
Q：What advancements in vulnerability management does Falcon now offer, and how has it affected the company's market position?
A：Falcon has introduced AI-powered network vulnerability assessment as part of its exposure management offering, allowing customers to rely less on legacy third-party VM point products. This innovation has yielded exciting share gains for the company, as evidenced by a large financial services customer's decision to purchase Falcon exposure management and transition away from their existing VM and attack surface management vendors.
Q：What is the significance of Falcon adversary Overwatch for next gen Sim and how has it performed in the market?
A：Falcon adversary Overwatch for next gen Sim is a key component of the Falcon platform that provides turnkey threat hunting capabilities with real-time intelligence and automation. It has delivered triple-digit ARR growth and has been instrumental in displacing antiquated point products. This offering has been well-received by the market, as evidenced by a leading payments company's decision to adopt it and move away from their legacy system.
Q：How is the identity business expanding for CrowdStrike, and what new capabilities have been added?
A：The identity business for CrowdStrike is expanding rapidly in terms of coverage and functionality. The company has announced general availability of Falcon privilege access, which allows for just-in-time access and permissions for critical applications and services, all within the AI native platform. This addition caters to the growing need for robust identity protection and has been adopted by a foreign government looking to enhance their existing Falcon platform subscription.
Q：What is the importance of the partnerships and ecosystem growth mentioned for CrowdStrike?
A：Partnerships and ecosystem growth are critical for the success and expansion of CrowdStrike. These collaborations help to drive growth by increasing deal value and market penetration. Notable achievements include reaching the $1 billion partnership milestone with a new partner, achieving rapid growth in MSSP business representing over 15% of key deal value, and establishing a partnership with Nvidia for integrating its Enterprise AI factory as the cybersecurity standard for Nvidia's hardware and software. The joint threat actor collaboration with Microsoft further highlights the importance of partnerships in enhancing the company's ecosystem leadership and threat defense capabilities.
Q：What is the strategic collaboration between CrowdStrike and Microsoft, and what benefits does it provide to customers?
A：The strategic collaboration between CrowdStrike and Microsoft involves mapping each other's adversary's naming conventions, aiming to provide clarity and reduce uncertainty in adversary attribution. This Rosetta Stone collaboration benefits customers by making it easier to identify and defend against known adversaries, ultimately enhancing security and improving the accuracy and efficiency of security operations for joint customers and the broader market.
Q：How is the company positioned to succeed in the cybersecurity market according to the transcript?
A：CrowdStrike is well-positioned to succeed in the cybersecurity market, especially in the context of the increasing need for protection against threats in the AI age. The company's Falcon Flex subscription model is gaining momentum, delivering speed and efficiency across the business. The company's comprehensive platform and continuous innovation make it the leading cybersecurity platform for the AI era, as indicated by its growing market share and strategic partnerships.
Q：What are the key performance indicators that highlight CrowdStrikes's success in the first quarter?
A：Key performance indicators of CrowdStrikes's success in the first quarter include robust Q performance, execution on growth initiatives like Falcon Flex and reflexes, significant big deal activity, a growing number of customers with 6, 7, and 8 or more modules, strong competitive win rates, and sustained high gross and net retention rates.
Q：How does the market segmentation look for CrowdStrikes's first quarter revenue?
A：For the first quarter, CrowdStrikes's revenue was geographically divided, with the majority coming from the US and the rest from international geographies.
Q：What are the details regarding non GAAP operating expenses and income for the first quarter?
A：Non GAAP operating expenses in the first quarter were $656.0 million or 59% of revenue, resulting in a non GAAP operating income of $201.1 million with an operating margin that exceeded guidance. The company made strategic upfront investments contributing to this performance.
Q：What is the effect of the successful CCP program and a special partner program on subscription revenue?
A：The successful CCP program provided customers with one-time choices impacting subscription revenue, and a special partner program also has an amortization impact on subscription revenue. These programs have led to a temporary near-term separation between AR and subscription revenue recognition.
Q：What is the anticipated impact of strategic investments and the realignment plan on future financial results?
A：Strategic investments and the realignment plan are expected to fuel growth in the back half of the fiscal year and beyond, with the realignment aiming to add at least 100 million to next year's non GAAP operating margin, increasing the target to at least 24%, and improving the free cash flow margin to more than 30% in fiscal year 27.
Q：What is the expected impact of the strategic realignment plan on Q2 financials?
A：The strategic realignment plan is expected to result in Q2 cash charges of approximately 100 million dollars and impact Q2 free cash flow by about the same amount, as well as a year-over-year revenue growth rate of approximately 25% for Q2.
Q：What is the outlook for the remainder of the fiscal year in terms of revenue growth and non GAAP operating margin?
A：For the remainder of the fiscal year, CrowdStrikes expects total revenue to grow by 20% to 22% over the prior fiscal year, non GAAP operating income to be between 178.7 and $909.7 million, and non GAAP net income per share attributable to CrowdStrike to be in the range of 3 dollars and 44 cents to 3 dollars and 56 cents.
Q：What is the relationship between next gen Sim and legacy license migration?
A：Next gen Sim is related to the migration from legacy licenses and is one of the areas benefiting from this transition.
Q：What changes have been made to the selling motion and how is it impacting license usage and ARR?
A：The selling motion has shifted from selling module by module to selling outcomes and demand planning with customers. This has led to faster license usage and net new increases in ARR.
Q：Why is there a divergence between revenue growth and ARR growth?
A：The divergence is explained by the differences in how revenue is recognized when partners have a program with the company. This impacts the recognition of revenue and thus the growth figures.
Q：What factors drive the reacceleration of ARR growth in the second half?
A：The reacceleration of ARR growth in the second half is attributed to several factors, including momentum with existing products, such as next gen Sim and vani cloud, and the performance of Flex, which has shown significant account value growth.
Q：How does the budget conversation work when a customer burns through their usage quickly?
A：When a customer burns through their usage quickly, the conversation revolves around the demand plan and business value assessment to replace other point products. It involves planning a phased rollout of products that align with the customer's roadmap, ultimately aiming to save money by consolidating point products and improving outcomes.
Q：How has the go-to-market effort changed post the second half of the year?
A：Post the second half of the year, the go-to-market effort has seen a focus on innovation and consolidation of point products into the Falcon platform. Compensation structures have been adjusted, and there has been a shift in focus. The sales force and customers have responded positively, with an emphasis on educating partners and the sales force about demand planning.
Q：What impact does Falcon Flex have on revenue and ARR?
A：Falcon Flex has a significant impact on both revenue and ARR. When a customer burns through their contracted credits, the impact is different for each, with revenue potentially overaging in the subscription aspect and ARR being affected by whether the customer reflexes to a new contract.
Q：What triggers the reflex with customers when they burn through all of their flex?
A：When a customer burns through all of their flex, they will come back to us and express interest in reflexing with us, as they enjoy what we have and want more of it. This is when we start seeing net new AR coming into play.
Q：What is the role of AI in driving outcomes for customers?
A：The role of AI in driving outcomes for customers is to deliver the right outcomes. An example is the significant growth in the product itself and the adoption within the customer base, saving hours of work by automating Level II triage and freeing up resources internally.
Q：How does the company view the relationship between generative AI and its current protection methods?
A：The company views generative AI and autonomous agents as having similar needs but being 'superhumans' with access to data, identities, and systems outside their own environment. It sees an opportunity in building guardrails, instrumenting visibility, and protection across the entire agent, anticipating billions of agents to be protected in the future.
Q：What are the company's views on Loomer and the information requests received from the DOJ and SEC?
A：The company has received requests for information from the DOJ and SEC relating to revenue recognition and reporting of AR for certain transactions, the July 19 outage, and related matters concerning Loomer. The details of these requests and the company's response were not provided in the transcript.
Q：What factors contribute to the company's confidence in its free cash flow margin next year?
A：The factors contributing to the company's confidence in its free cash flow margin next year include the 27% exit rate on Q4 for free cash margin, momentum with customers burning through flex, and larger, longer deals. The company is excited about the free cash flow numbers it provided and the continued execution and platform performance.
Q：What has been the customer response to the company's next generation Sam?
A：The customer response to the company's next generation Sam has been very positive. It has been a total home run, with customers wanting to buy more and more from us. The success is attributed to customers seeking better value, an integrated package, and the ability to try it out with pre-built Ed gigabytes, making it easy for them to convert without moving data out of the platform. The company is experiencing great success, comparable to the legacy Av market when the company started, and is hearing consistently positive feedback about speed, performance, and value.
Q：What percentage of bookings come from the MSSP channel this quarter and how has this changed over the years?
A：This quarter, 15% of bookings come from the MSSP ( Managed Service Providers) channel, which has increased from the mid single digits in the past, indicating a significant growth in this channel.
Q：What are the key factors driving the growth in the MSSP channel?
A：The growth in the MSSP channel is attributed to the investment and effort in working with channel partners, managed service providers, and adding capabilities that allow them to deploy and manage the company's products easily. This has resulted in meeting the demand in the SMB market and providing solutions that are in line with the needs of managed service providers.
Q：What new capabilities have been added to the company's identity protection product?
A：The company has announced a privileged access management product for identity, which expands their capabilities in the identity management space. They have been able to help customers with privilege access management due to their existing presence in critical domain controllers and the demand from customers for additional security measures.
Q：How does the company plan to leverage its existing presence in the identity space to expand into new markets?
A：The company plans to leverage its expertise, the existing agents deployed in customers' environments, and the demand for consolidation and cost-saving solutions to expand into new markets. By consolidating various solutions, the company aims to benefit both customers and itself in the identity management space.
Q：What is the company's outlook for the second half of the year regarding ARR growth and how will a previous customer cancellation impact this?
A：The company is confident about an acceleration in growth in the back half of the year, which includes adding to normal growth and the impact from previous customer cancellations. They expect customers to renew and expand their use of Flex, supported by a module retention rate of approximately 95%. Additionally, they anticipate key margin expansion in the back half of the next year.
