Crowdstrike Holdings Inc - Ordinary Shares - Class A

Q1 FY27 results beat expectations; major growth + profitability + cash flow - Net new ARR: $255.8M (≈$256M) up 32% YoY, exceeding high end of guidance. - Ending ARR: $5.51B, accelerating >24% YoY growth. - Revenue: $1.39B, up 26% YoY, beating guidance; 4th consecutive quarter of sequential acceleration. - Profitability (non-GAAP): Operating income $325.7M, 24% operating margin, up 62% YoY (per CFO). - Cash generation: Free cash flow $468.5M (34% of revenue); record free cash flow and “Rule of 40” 59% (per CEO/CFO). - Shareholder returns: Repurchased $176M of shares in the quarter (CFO).

Guidance raised materially for FY27 (net new ARR growth acceleration) + Q2 expectations - FY27 net new ARR outlook (raised): now expects $1.279B–$1.303B, implying 27–29% YoY net new ARR growth (CFO), and midpoint growth rate ~27.7% (stated as +520 bps vs prior guidance), i.e., +~$52M higher net new ARR at the midpoint. - FY27 seasonality (new expectation): ~42% of net new ARR in H1 and ~58% in H2. - Q2 FY27 (high level): - Net new ARR: $284M–$286M (YoY growth 28–29%). - ARR: annual recurring revenue $5.793B–$5.795B (YoY growth ~24%). - Total revenue: $1.436B–$1.442B (YoY growth ~23%). - Free cash flow: expects margin at least 30% for full year; Q2 margin is seasonally lowest (CFO); CFO also provided updated seasonal split for FCF dollars: 46% H1 / 54% H2.

Core “why” behind the raise: AI-driven cybersecurity demand + module adoption + retention + the “Mythos” inflection - Management argues the AI adoption curve is creating structural demand for security that “compounds, not decelerates.” - Mythos moment (April): described as a market inflection that shifted buyers from “AI disrupts security” to “AI requires cybersecurity as foundational infrastructure,” driving increased urgency around real-time discovery/remediation of vulnerabilities and readiness. - Proof points they cite: stronger module adoption, retention, record Q2 pipeline, and AI tailwind (CEO), plus continued endpoint momentum (CFO: endpoint ending ARR growing and ending ARR acceleration).