Posted on Tuesday, Apr 20th 2021
According to a recent
Mordor Intelligence report, the global endpoint detection and response (EDR) market is expected to grow from $1.81 billion in 2020 to $6.90 billion by 2026, at a CAGR of over 25%. The global pandemic has accelerated the need for endpoint security services and enterprises are increasingly adopting more decentralized and edge-based security techniques. Endpoint security players like CrowdStrike (NASDAQ: CRWD) are benefitting from this adoption. CrowdStrike’s Financials
Last month, CrowdStrike reported its fourth quarter results that surpassed market expectations. Revenues grew an impressive 74% over the year to $264.9 million, ahead of the Street’s forecast of $250.55 million. On an adjusted basis, EPS was $0.13, compared with the market’s forecast of an EPS of $0.09.
Subscription revenues grew 77% to $244.7 million. Professional services for the quarter grew from $13.6 million last year to $20.3 million.
Annual Recurring Revenue (ARR) increased 75% to $1.05 billion, of which $142.7 million was net new ARR added in the quarter.
Among key metrics, it added 1,480 net new subscription customers to end with 9,896 subscription customers. Its subscription customers that have adopted four or more cloud modules increased to 63% and those who have adopted five or more cloud modules increased to over 47%.
For the fiscal year, CrowdStrike announced revenues of $874.4 million, growing 82%, and an EPS of $0.27.
For the current quarter, CrowdStrike expects revenue of $287.8-$292.1 million with an adjusted net income per share of $0.05-$0.06. It expects to end the year with revenues of $1.31-$1.32 billion and a net income of $0.27-$0.30 per share. Analysts were forecasting revenues of $291.38 million for the quarter with a net income of $0.06 per share and revenues of $1.32 billion for the year with a net income of $0.30 per share.
CrowdStrike’s Expanding Products
Recently, CrowdStrike announced the acquisition of England-based Humio for $400 million. Founded in 2016 by Christian Hvitved and Kresten Krab Thorup, Humio enables data aggregation, exploration, reporting, and analysis from several sources that ingest data instantly. It provides customers with a cost-competitive log management and analysis solution, while requiring less hardware and engineering resources. The acquisition will allow CrowdStrike to expand its eXtended Detection and Response (XDR) capabilities by ingesting and correlating data from logs, applications, and feeds to provide actionable insights as well as real-time protection.
Both companies will provide an enterprise grade solution that addresses the challenge of operationalizing large and continuously growing volumes of event and log data, thus empowering organizations to collect, observe, analyze, and act on both structures and unstructured data in the environment. Prior to the acquisition, Humio had raised $31.8 million in four rounds of funding from investors West Hill Capital, Dell Technologies Capital, Accel, Alumni Group Ventures, and Trifork.
Besides acquisitions, CrowdStrike is also expanding its market reach through product upgrades. Recently it announced several enhancements to its Falcon platform that improves Security Operations Center (SOC) efficiency and effectiveness, allowing security teams to focus on critical priorities and fortify their organizations’ proactive stance against cyber threats. Now its customers will be able to accelerate their security operational response with new notification workflows and Real Time Response (RTR) capabilities within the Falcon platform, automating full-cycle incident response.
Additionally, it launched new user interface (UI) enhancements that enable analysts to visualize the relationship between detections and incidents so that they can update an incident and its associated detections at the same time.
It has also expanded its cloud offerings with
the release of its expanded Cloud Security Posture Management (CSPM) and Cloud Workload Protection (CWP) capabilities for the Falcon platform to deliver enhanced control, visibility and security for cloud workloads and cloud-native applications from build to runtime. The new capabilities will allow the Falcon platform to identify and fix vulnerabilities from development to production for cloud environments, including containers.
CrowdStrike operates in a crowded market. The global managed detection and response (MDR) market has other vendors like Expel, Binary Defense, Secureworks, and Red Canary. Researchers credit CrowdStrike on its ability to link its MDR with its Endpoint Detection and Response (EDR) capabilities. CrowdStrike’s services are received well by its customers. Several researchers have named CrowdStrike as a leader in both the MDR and External Threat Intelligence Services market.
Its stock is currently trading at $213.37 with a market capitalization of $47.8 billion. It had climbed to a 52-week high of $251.28 in February. The stock has recovered from the 52-week low of $62.77 it had fallen to in April last year.
Disclosure: All investors should make their own assessments based on their own research, informed interpretations and risk appetite. This article expresses my own opinions based on my own research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . 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