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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________________________________________________________________________________
FORM 10-Q
___________________________________________________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-38933
___________________________________________________________________________________________________
CROWDSTRIKE HOLDINGS, INC.
(Exact Name of Registrant as Specified in Its Charter)
___________________________________________________________________________________________________
Delaware45-3788918
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
150 Mathilda Place,Suite 300Sunnyvale,California
94086
(Address of principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class of securitiesTrading symbol(s)Name of each national exchange and
principal U.S. market for the securities
Class A common stock, par value $0.0005 per shareCRWDThe Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
___________________________________________________________________________________________________
Registrant’s telephone number, including area code: (888512-8906
___________________________________________________________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      ☑  No     
Indicate by check mark whether the registrant has submitted electronically every interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files) Yes        No    
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-accelerated FilerSmaller reporting company
(Do not check if a smaller reporting company)Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes       No    
As of November 29, 2019, the number of shares of the registrant’s Class A common stock outstanding was 40,871,355, and the number of shares of the registrant’s Class B common stock outstanding was 164,673,516.



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CROWDSTRIKE HOLDINGS, INC.
TABLE OF CONTENTS
Page No.

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “plan,” “expect” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements.
These forward-looking statements include, but are not limited to, statements concerning the following:
our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit or gross margin, operating expenses (including changes in sales and marketing, research and development, and general and administrative expenses), and our ability to achieve, and maintain, future profitability;
market acceptance of our cloud platform;
the effects of increased competition in our markets and our ability to compete effectively;
our ability to maintain the security and availability of our cloud platform;
our ability to maintain and expand our customer base, including by attracting new customers;
our ability to develop new solutions, or enhancements to our existing solutions, and bring them to market in a timely manner;
anticipated trends, growth rates and challenges in our business and in the markets in which we operate;
our business plan and our ability to effectively manage our growth and associated investments;
beliefs and objectives for future operations;
our relationships with third parties, including channel partners and technology alliance partners;
our ability to maintain, protect and enhance our intellectual property rights;
our ability to successfully defend litigation brought against us;
our ability to successfully expand in our existing markets and into new markets;
sufficiency of cash to meet cash needs for at least the next 12 months;
our ability to expand internationally;
our ability to comply with laws and regulations that currently apply or become applicable to our business both in the United States and internationally;
our ability to implement, maintain, and improve our internal control over financial reporting;
the attraction and retention of qualified employees and key personnel; and
the expected date of the expiration of the lock-up agreements entered into in connection with our initial public offering.
These statements are based on our current plans, estimates and projections in light of information currently available to us. These forward-looking statements may be affected by risks, uncertainties and other factors discussed elsewhere in this Quarterly Report on Form 10-Q, including under “Risk Factors.” Furthermore, new risks and uncertainties emerge from time to time, and it is impossible for us to predict all risks and uncertainties or how they may affect us. If any of these risks or uncertainties occurs, our business, revenue and financial results could be harmed, and the trading price of our Class A common stock could decline. Forward-looking statements made in this Quarterly Report on Form 10-Q speak only as of the date on which such statements are made, and we undertake no obligation to update them in light of new information or future events, except as required by law.
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We intend to announce material information to the public through the CrowdStrike Investor Relations website ir.crowdstrike.com, SEC filings, press releases, public conference calls, and public webcasts. We use these channels, as well as social media and our blog, to communicate with our investors, customers, and the public about our company, our offerings, and other issues. It is possible that the information we post on social media and our blog could be deemed to be material information. As such, we encourage investors, the media, and others to follow the channels listed above, including the social media channels listed on our investor relations website, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page on our website.

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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
CrowdStrike Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)

October 31,January 31,
20192019
Assets
Current assets:
Cash and cash equivalents$743,605  $88,408  
Marketable securities90,083  103,247  
Accounts receivable, net of allowance for doubtful accounts of $1.4 million and $1.0 million as of October 31, 2019 and January 31, 2019, respectively
145,694  92,476  
Deferred contract acquisition costs, current35,924  28,847  
Prepaid expenses and other current assets37,914  18,410  
Total current assets1,053,220  331,388  
Property and equipment, net129,504  73,735  
Deferred contract acquisition costs, noncurrent58,260  9,918  
Goodwill7,794  7,947  
Intangible assets, net637  1,048  
Other assets6,639  9,183  
Total assets$1,256,054  $433,219  
Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable5,244  $6,855  
Accrued expenses29,460  32,541  
Accrued payroll and benefits36,905  19,284  
Deferred revenue335,801  218,700  
Other current liabilities8,194  4,040  
Total current liabilities415,604  281,420  
Deferred revenue, noncurrent111,838  71,367  
Other liabilities, noncurrent11,570  10,313  
Total liabilities539,012  363,100  
Commitments and contingencies (Note 11)
Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock, $0.0005 par value; no shares and 137,419 shares authorized as of October 31, 2019 and January 31, 2019, respectively; no shares and 131,268 shares issued and outstanding as of October 31, 2019 and January 31, 2019, respectively; liquidation preference $0 and $545,000 as of October 31, 2019 and January 31, 2019, respectively
—  557,912  
Stockholders’ Equity (Deficit)
Preferred stock, $0.0005 par value; 100,000 shares and no shares authorized as of October 31, 2019 and January 31, 2019, respectively; no shares issued and outstanding as of October 31, 2019 and January 31, 2019, respectively
    
Common stock, $0.0005 par value, no shares authorized, issued, or outstanding as of October 31, 2019; 220,000 shares authorized and 47,421 issued and outstanding as of January 31, 2019
—  24  
Class A common stock, $0.0005 par value; 2,000,000 shares and no shares authorized as of October 31, 2019 and January 31, 2019, respectively; 20,761 shares, and no shares issued and outstanding as of October 31, 2019 and January 31, 2019, respectively; Class B common stock, $0.0005 par value; 300,000 shares and no shares authorized as of October 31, 2019 and January 31, 2019, respectively; 184,718 shares, and no shares issued and outstanding as of October 31, 2019 and January 31, 2019, respectively
103  —  
Additional paid-in capital1,326,116  31,211  
Accumulated deficit(609,079) (519,126) 
Accumulated other comprehensive income (loss)(98) 98  
Total stockholders’ equity (deficit)717,042  (487,793) 
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)$1,256,054  $433,219  
The accompanying notes are an integral part of these condensed consolidated financial statements.
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CrowdStrike Holdings, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)

Three Months Ended October 31,Nine Months Ended October 31,
2019201820192018
Revenue
Subscription$114,221  $57,651  $297,787  $146,570  
Professional services10,898  8,728  31,517  22,799  
Total revenue125,119  66,379  329,304  169,369  
Cost of revenue
Subscription29,221  17,302  77,858  47,077  
Professional services8,134  4,972  20,353  13,166  
Total cost of revenue37,355  22,274  98,211  60,243  
Gross profit87,764  44,105  231,093  109,126  
Operating expenses
Sales and marketing68,675  46,614  190,792  123,344  
Research and development35,992  25,968  91,497  62,546  
General and administrative21,615  13,614  63,737  28,868  
Total operating expenses126,282  86,196  346,026  214,758  
Loss from operations(38,518) (42,091) (114,933) (105,632) 
Interest expense(132)   (297) (428) 
Other income (expense), net3,579  303  3,523  (1,739) 
Loss before provision for income taxes(35,071) (41,788) (111,707) (107,799) 
Provision for income taxes(434) (535) (1,664) (1,018) 
Net loss$(35,505) $(42,323) $(113,371) $(108,817) 
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted$(0.17) $(0.93) $(0.89) $(2.45) 
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted204,096  45,287  128,009  44,344  
The accompanying notes are an integral part of these condensed consolidated financial statements.

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CrowdStrike Holdings, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(in thousands)
(unaudited)

Three Months Ended October 31,Nine Months Ended October 31,
2019201820192018
Net loss$(35,505) $(42,323) $(113,371) $(108,817) 
Other comprehensive loss:
Foreign currency translation adjustments410  (415) (213) (1,105) 
Unrealized gain (loss) on available-for-sale securities, net of tax22  (11) 17  (13) 
Other comprehensive income (loss)432  (426) (196) (1,118) 
Total comprehensive loss$(35,073) $(42,749) $(113,567) $(109,935) 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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CrowdStrike Holdings, Inc.
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Three Months Ended October 31, 2019 and 2018
(in thousands)
(unaudited)

Redeemable
Convertible
Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders’
Equity (Deficit)
SharesAmountSharesAmount
Balances at July 31, 2019  $  205,193  $103  $1,302,098  $(573,574) $(530) $728,097  
Issuance of common stock upon exercise of options—  —  286  —  824  —  —  824  
Vesting of early exercised options—  —  —  —  962  —  —  962  
Stock-based compensation expense—  —  —  —  21,966  —  —  21,966  
Capitalized stock-based compensation—  —  —  —  266  —  —  266  
Net loss—  —  —  —  —  (35,505) —  (35,505) 
Other comprehensive income—  —  —  —  —  —  432  432  
Balances at October 31, 2019  $  205,479  $103  $1,326,116  $(609,079) $(98) $717,042  


Redeemable
Convertible
Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders’
Deficit
SharesAmountSharesAmount
Balance at July 31, 2018130,843  $550,912  45,609  $22  $11,814  $(445,543) $278  $(433,429) 
Issuance of Series E redeemable convertible preferred stock, net of issuance costs of $104
425  7,000  —  —  —  —  —  —  
Issuance of common stock upon exercise of options—  —  1,220  1  1,277  —  —  1,278  
Vesting of early exercised options—  —  —  —  87  —  —  87  
Stock-based compensation expense—  —  —  —  13,460  —  —  13,460  
Net loss—  —  —  —  —  (42,323) —  (42,323) 
Other comprehensive loss—  —  —  —  —  —  (426) (426) 
Balance at October 31, 2018131,268  $557,912  46,829  $23  $26,638  $(487,866) $(148) $(461,353) 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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CrowdStrike Holdings, Inc.
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Nine Months Ended October 31, 2019 and 2018
(in thousands)
(unaudited)
Redeemable
Convertible
Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders’
Equity (Deficit)
SharesAmountSharesAmount
Balances at January 31, 2019131,268  $557,912  47,421  $24  $31,211  $(519,126) $98  $(487,793) 
Cumulative effect of accounting change—  —  —  —  —  23,418  —  23,418  
Issuance of common stock upon initial public offering, net of underwriting discounts and issuance costs—  —  20,700  11  659,207  —  —  659,218  
Conversion of redeemable convertible preferred stock to common stock upon initial public offering(131,268) (557,912) 131,268  66  557,846  —  —  557,912  
Reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital upon initial public offering—  —  —  —  10,559  —  —  10,559  
Net exercise of common stock warrants—  —  322  —  —  —  —  —  
Issuance of common stock upon exercise of options—  —  4,731  2  9,389  —  —  9,391  
Issuance of common stock related to early exercised options—  —  1,037  —  —  —  —  —  
Vesting of early exercised options—  —  —  —  1,816  —  —  1,816  
Stock-based compensation expense—  —  —  —  55,577  —  —  55,577  
Capitalized stock-based compensation—  —  —  —  511  —  —  511  
Net loss—  —  —  —  —  (113,371) —  (113,371) 
Other comprehensive loss—  —  —  —  —  —  (196) (196) 
Balances at October 31, 2019  $  205,479  $103  $1,326,116  $(609,079) $(98) $717,042  

Redeemable
Convertible
Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders
Deficit
SharesAmountSharesAmount
Balance at January 31, 2018118,693  $351,016  44,231  $22  $8,482  $(378,948) $970  $(369,474) 
Cumulative effect of accounting change—  —  —  —  101  (101) —  —  
Issuance of Series E redeemable convertible preferred stock, net of issuance costs of $104
12,575  206,896  —  —  —  —  —  —  
Issuance of common stock upon exercise of options—  —  2,418  1  2,791  —  —  2,792  
Issuance of common stock related to early exercise options—  —  38  —  —  —  —  —  
Issuance of common stock—  —  106  —  —  —  —  —  
Issuance of restricted stock awards—  —  36  —  —  —  —  —  
Vesting of early exercised options—  —  —  —  191  —  —  191  
Stock-based compensation expense—  —  —  —  17,403  —  —  17,403  
Repurchase of stock options—  —  —  —  (2,330) —  —  (2,330) 
Net loss—  —  —  —  —  (108,817) —  (108,817) 
Other comprehensive loss—  —  —  —  —  —  (1,118) (1,118) 
Balance at October 31, 2018131,268  $557,912  46,829  $23  $26,638  $(487,866) $(148) $(461,353) 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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CrowdStrike Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended October 31,
20192018
Operating activities
Net loss$(113,371) $(108,817) 
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization16,023  10,199  
Loss on disposal of fixed assets  223  
Amortization of intangible assets385  435  
Amortization of deferred contract acquisition costs24,125  19,312  
Change in fair value of redeemable convertible preferred stock warrant liability6,022  2,935  
Allowance for doubtful accounts413  485  
Stock-based compensation expense55,577  17,403  
Accretion of marketable securities purchased at a discount(1,313) (625) 
Non-cash interest expense293  187  
Changes in operating assets and liabilities
Accounts receivable(53,631) (17,936) 
Deferred contract acquisition costs(55,238) (27,531) 
Prepaid expenses and other assets(19,883) (2,307) 
Accounts payable(3,773) (6,280) 
Accrued expenses and other current liabilities3,405  (2,331) 
Accrued payroll and benefits17,621  3,498  
Deferred revenue157,239  72,219  
Other liabilities, noncurrent(58) 155  
Net cash provided by (used in) operating activities33,836  (38,776) 
Investing activities
Purchases of property and equipment(66,848)