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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 July 31, 2020
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 300, Sunnyvale, 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 August 31, 2020, the number of shares of the registrant’s Class A common stock outstanding was 184,410,223, and the number of shares of the registrant’s Class B common stock outstanding was 35,038,535.



Table of Contents
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:
the impact of the COVID-19 pandemic on our operations, financial results, and liquidity and capital resources, including on customers, sales, expenses, and employees;
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 develop, maintain, and improve our internal control over financial reporting;
the attraction and retention of qualified employees and key personnel.
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)

July 31,January 31,
20202020
Assets
Current assets:
Cash and cash equivalents$1,064,734 $264,798 
Marketable securities 647,266 
Accounts receivable, net of allowance for doubtful accounts of $1.3 million and $1.1 million as of July 31, 2020 and January 31, 2020, respectively
149,236 164,987 
Deferred contract acquisition costs, current53,837 42,971 
Prepaid expenses and other current assets48,174 51,614 
Total current assets1,315,981 1,171,636 
Strategic investments2,000 1,000 
Property and equipment, net153,303 136,078 
Operating lease right-of-use assets40,454  
Deferred contract acquisition costs, noncurrent81,186 71,235 
Goodwill8,131 7,722 
Intangible assets, net347 527 
Other assets15,550 16,708 
Total assets$1,616,952 $1,404,906 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable10,118 $1,345 
Accrued expenses19,211 30,355 
Accrued payroll and benefits36,099 36,810 
Operating lease liabilities, current8,643  
Deferred revenue515,081 412,985 
Other current liabilities14,140 11,601 
Total current liabilities603,292 493,096 
Deferred revenue, noncurrent174,759 158,183 
Operating lease liabilities, noncurrent36,134  
Other liabilities, noncurrent10,752 11,020 
Total liabilities824,937 662,299 
Commitments and contingencies (Note 11)
Stockholders’ Equity
Preferred stock, $0.0005 par value; 100,000 shares authorized as of July 31, 2020 and January 31, 2020; no shares issued and outstanding as of July 31, 2020 and January 31, 2020
  
Class A common stock, $0.0005 par value; 2,000,000 shares authorized as of July 31, 2020 and January 31, 2020, respectively; 183,609 shares and 107,666 shares issued and outstanding as of July 31, 2020 and January 31, 2020, respectively; Class B common stock, $0.0005 par value; 300,000 shares authorized as of July 31, 2020 and January 31, 2020, respectively; 35,585 shares and 105,282 shares issued and outstanding as of July 31, 2020 and January 31, 2020, respectively
110 106 
Additional paid-in capital1,476,323 1,378,479 
Accumulated deficit(686,583)(637,487)
Accumulated other comprehensive income 1,115 1,009 
Total CrowdStrike Holdings, Inc. stockholders’ equity 790,965 742,107 
Non-controlling interest1,050 500 
Total stockholders’ equity 792,015 742,607 
Total liabilities and stockholders’ equity $1,616,952 $1,404,906 
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 July 31,Six Months Ended July 31,
2020201920202019
Revenue
Subscription$184,256 $97,575 $346,478 $183,566 
Professional services14,715 10,533 30,571 20,619 
Total revenue198,971 108,108 377,049 204,185 
Cost of revenue
Subscription44,037 24,946 81,281 48,637 
Professional services10,354 6,636 20,005 12,219 
Total cost of revenue54,391 31,582 101,286 60,856 
Gross profit144,580 76,526 275,763 143,329 
Operating expenses
Sales and marketing95,127 65,274 183,265 122,117 
Research and development50,483 31,630 91,061 55,505 
General and administrative28,961 30,261 54,004 42,122 
Total operating expenses174,571 127,165 328,330 219,744 
Loss from operations(29,991)(50,639)(52,567)(76,415)
Interest expense(174)(164)(317)(165)
Other income (expense), net732 (451)5,265 (56)
Loss before provision for income taxes(29,433)(51,254)(47,619)(76,636)
Provision for income taxes(441)(635)(1,477)(1,230)
Net loss$(29,874)$(51,889)$(49,096)$(77,866)
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted$(0.14)$(0.40)$(0.23)$(0.87)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted216,695 130,091 214,932 89,335 
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 July 31,Six Months Ended July 31,
2020201920202019
Net loss$(29,874)$(51,889)$(49,096)$(77,866)
Other comprehensive income (loss):
Foreign currency translation adjustments2,119 (343)1,426 (623)
Reversal of unrealized gain upon sale of debt securities  (1,320) 
Unrealized loss on available-for-sale securities, net of tax (1) (5)
Other comprehensive income (loss)2,119 (344)106 (628)
Total comprehensive loss$(27,755)$(52,233)$(48,990)$(78,494)
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 July 31, 2020 and 2019
(in thousands)
(unaudited)

Redeemable Convertible Preferred StockCommon StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Non-controlling InterestTotal
Stockholders’
Equity
SharesAmountSharesAmount
Balances at April 30, 2020 $ 215,505 $108 $1,409,758 $(656,709)$(1,004)$1,000 $753,153 
Issuance of common stock upon exercise of options  2,633 2 10,206    10,208 
Issuance of common stock under RSU release  491       
Issuance of common stock under employee stock purchase plan  565  17,284    17,284 
Vesting of early exercised options    849    849 
Stock-based compensation expense    37,713    37,713 
Capitalized stock-based compensation    513    513 
Net loss     (29,874)  (29,874)
Non-controlling interest       50 50 
Other comprehensive income      2,119  2,119 
Balances at July 31, 2020 $ 219,194 $110 $1,476,323 $(686,583)$1,115 $1,050 $792,015 


Redeemable
Convertible
Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity (Deficit)
SharesAmountSharesAmount
Balances at April 30, 2019131,268 $557,912 48,127 $24 $36,670 $(521,685)$(186)$(485,177)
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  3,739 2 7,055   7,057 
Issuance of common stock related to early exercised options  1,037      
Vesting of early exercised options    710   710 
Stock-based compensation expense    29,859   29,859 
Capitalized stock-based compensation     192   192 
Net loss     (51,889) (51,889)
Other comprehensive loss      (344)(344)
Balances at July 31, 2019 $ 205,193 $103 $1,302,098 $(573,574)$(530)$728,097 
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)
Six Months Ended July 31, 2020 and 2019
(in thousands)
(unaudited)

Redeemable Convertible Preferred StockCommon StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive IncomeNon-controlling InterestTotal Stockholders’ Equity
SharesAmountSharesAmount
Balances at January 31, 2020 $ 212,948 $106 $1,378,479 $(637,487)$1,009 $500 $742,607 
Issuance of common stock upon exercise of options  4,689 4 16,597    16,601 
Issuance of common stock under RSU release  992       
Issuance of common stock under employee stock purchase plan  565  17,284    17,284 
Vesting of early exercised options    1,722    1,722 
Stock-based compensation expense    61,351    61,351 
Capitalized stock-based compensation    890    890 
Net loss     (49,096)  (49,096)
Non-controlling interest       550 550 
Other comprehensive income      106  106 
Balances at July 31, 2020 $ 219,194 $110 $1,476,323 $(686,583)$1,115 $1,050 $792,015 


Redeemable Convertible Preferred StockCommon StockAdditional Paid-in CapitalAccumulated DeficitAccumulated 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  4,445 2 8,565   8,567 
Issuance of common stock related to early exercise options  1,037      
Vesting of early exercised options    854   854 
Stock-based compensation expense    33,611   33,611 
Capitalized stock0based compensation    245   245 
Net loss     (77,866) (77,866)
Other comprehensive loss      (628)(628)
Balances at July 31, 2019 $ 205,193 $103 $1,302,098 $(573,574)$(530)$728,097 


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)
Six Months Ended July 31,
20202019
Operating activities
Net loss$(49,096)$(77,866)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization17,621 10,193 
Amortization of intangible assets207 285 
Amortization of deferred contract acquisition costs28,171 15,076 
Non-cash operating lease cost4,939  
Change in fair value of redeemable convertible preferred stock warrant liability 6,022 
Provision for bad debts(269)22 
Stock-based compensation expense61,351