CrowdStrike Holdings, Inc. Class A

CrowdStrike Holdings, Inc.
Class A CRWD-USA
30 Jan 22 Public Information Book

Contents
Overview
05 Overview
Sales & Earnings
10 Sales & Earnings
Valuation
18 Valuation
Profitability
21 Profitability
Statement Analysis
27 Statement Analysis
M&A
31 M&A
Company Overview
33 Supply Chain
38 Event Calendar
StreetAccount
40 Citi initiates AKAM, CRWD, FTNT, others; assumes CTXS
41 Wells Fargo Securities initiates CRWD, OKTA, PANW, and ZS
42 JPMorgan upgrades AVLR, CRWD, SSNC; downgrades ADBE, AKAM, BCOR, others
43 Stocks mentioned on CNBC's Mad Money with Jim Cramer - TheStreet
44 CORRECTION: Crowd Strike Holdings reports Q3 Billings of $503.9M vs SA $468.3M ($201.50, 0.00)
Transcripts
46 CrowdStrike Holdings, Inc.(CRWD-US), Needham Growth Conference, 13-January-2022 12:30 PM ET
Investor Slides
61 CrowdStrike Holdings, Inc. Slide 1: Investor Meeting
Management & Board
110 Management and Board
Broker Research
112 Comprehensive Technical and Fundamental Analysis for CRWD. This reports includes The Investment Rate, a
macroeconomic leading indicator, and Market Analysis. (Stock Traders Daily) 11 pages
123 CRWD - Embedded Expectations Analysis - 2021 11 02 (Valens Research) 10 pages

Overview
CrowdStrike Holdings, Inc. Class A (CRWD) $168.90 Next Rpt Date: 16 Mar '22 Report as of 30 Jan '22
Profile
Sector Industry Mkt Cap (M) EV (M) Sales (M)

Technology Services Packaged Software $40,884 $39,727 $1,285.5
CrowdStrike Holdings, Inc. provides cybersecurity products and services to stop breaches. The company offers cloud-delivered
protection across endpoints, cloud workloads, identity and data, and threat intelligence, managed security services, IT operations
management, threat hunting, Zero Trust identity protection, and log management. CrowdStrike serves customers worldwide.
CrowdStrike Holdings was founded by George P. Kurtz, Gregg Marston, and Dmitri Alperovitch on November 7, 2011 and is
headquartered in Austin, TX.
$168.90
YTD -17.5%
3M -39.9%
1Y -20.5%
Beta 1.57
FY1 PE 290.5x
Key Items
Trading Information Valuation 5Y Trend Current vs. Ind vs. Bmrk
Current Price $168.90 P/E (LTM) - - -
52 Wk Range $150.02 - 298.48 P/E (NTM) 185.3 5.9 11.3
Avg Daily Vol (3m) 4.31 (M)
P/Sales 30.0 4.3 16.6
Short Int (% of Float) 5.9%
P/Bk 40.8 5.0 16.8
P/CF 71.2 2.9 6.9
Key Statistics EV/EBITDA - - -
Mkt Value (M) $40,884
EV/Sales 29.3 4.2 13.0
Ent Value (M) $39,727
Basic Shares (M) 229.4 Profitability (%) 10Y Trend LTM Ind Bmrk
Dividend (Ann) $0.00 Gross Margin 73.6 54.6 26.8
Div Yld 0.0% EBITDA Margin -4.5 27.2 17.5
EBIT Margin -9.7 19.1 11.5
Estimates Net Margin -16.5 15.7 8.7

EPS (FY0) $0.27 ROE -24.0 18.2 11.9
EPS (FY1) $0.58
EPS (FY2) $0.91 Growth (%) 10Y Trend LTM Ind Bmrk
Coverage 29 Analysts Sales 68.8 19.0 13.0
Target Price $279.82 EBITDA 11.1 26.0 27.0
LT Growth Rate 57.1%
EBIT -18.0 35.6 44.8
Avg Rating Buy (1.19)
EPS (Dil) -97.5 41.5 69.5
© 2022 FactSet Research Systems, Inc.

Event Calendar
Upcoming Events EPS Sales

Date Time (EST) Description Actual Mean Actual Mean
24 Mar '22 - Q4 2022 Earnings Release (Projected)
… - 0.29 - 560
21 Jul '22 - Q1 2023 Earnings Release (Projected)

… - 0.28 - 599
08 Sep '22 - Q2 2023 Earnings Release (Projected)

… - 0.32 - 643
08 Dec '22 - Q3 2023 Earnings Release (Projected)

… - 0.38 - 692
Past Events EPS Sales

Date Time (EST) Description Actual Mean Actual Mean
13 Jan '22 12:30 PM Needham Growth Conference
11 Jan '22 05:00 PM Jefferies Software Summit
08 Dec '21 02:25 PM Barclays Global Technology, Media

…and Telecommunications Conference
06 Dec '21 01:00 PM UBS Global TMT Conference
02 Dec '21 04:40 PM Wells Fargo TMT Virtual Summit
01 Dec '21 05:00 PM Q3 2022 Earnings Call - 0.25 - 517
12 Oct '21 04:00 PM Investor Meeting
09 Sep '21 01:10 PM Deutsche Bank Technology Conference

…
Enterprise Value
Fiscal Date Oct '21 Jul '21 Apr '21 Jan '21 Oct '20
Basic Market Capitalization 64,615.9 57,861.6 47,069.7 48,279.6 27,362.9
Diluted Market Capitalization 3,596.5 3,224.3 2,907.3 3,202.7 2,075.3
ITM Convertible Debt - - - - -
ITM Convertible Preferred - - - - -
Stock Compensation 3,596.5 3,224.3 2,907.3 3,202.7 2,075.3
Fully Diluted Market Capitalization 68,212.4 61,085.9 49,976.9 51,482.4 29,438.3
ST Debt Total - - - - -
Net LT Debt Total 739.1 738.8 738.4 738.0 0.0
Total Debt 739.1 738.8 738.4 738.0 0.0
Market Capitalization 68,212.4 61,085.9 49,976.9 51,482.4 29,438.3
+ Total Debt 739.1 738.8 738.4 738.0 0.0
- ITM Convertible Debt - - - - -
- Cash Equivalents 1,907.5 1,787.1 1,685.0 1,918.6 1,059.9
+ Total Preferred - - - - -
- ITM Convertible Preferred - - - - -
- Invest. in Unconsold. Subs. 0.0 0.0 0.0 0.0 0.0
+ Non-Controlling Interest 11.4 7.1 4.1 1.3 1.3
+ Pension Liabilities - - - - -
Enterprise Value 67,055.4 60,044.7 49,034.5 50,303.1 28,379.6
All figures in millions of USD. Source: FactSet Equity Capital Structure, FactSet DCS, FactSet Fundamentals

Key Estimates
Earnings Jan '21 Jan '22E Jan '23E Oct '21 Jan '22E Apr '22E Jul '22E
EPS - GAAP -0.43 -0.95 -0.48 -0.22 -0.13 -0.18 -0.21
Growth (%) - - - - - - -
EPS - Non GAAP 0.27 0.58 0.91 0.17 0.20 0.17 0.20
Growth (%) - 115.4 57.2 112.5 55.2 72.6 84.0
Income Statement (M) Jan '21 Jan '22E Jan '23E Oct '21 Jan '22E Apr '22E Jul '22E
Sales 874.4 1,431.7 2,001.9 380.1 410.9 440.0 477.1
Growth (%) 81.6 63.7 39.8 63.5 55.1 45.3 41.3
EBITDA 101.0 229.9 331.2 65.2 73.8 64.7 72.3
Growth (%) - 127.7 44.0 124.7 62.6 55.1 50.6
Operating Income 62.4 174.3 269.1 50.7 58.4 51.4 59.2
Growth (%) - 179.6 54.4 168.3 69.7 72.6 67.8
Net Income 62.6 138.8 225.2 41.1 48.3 40.7 48.5
Growth (%) - 121.8 62.2 120.8 52.9 74.8 87.2
Per Share Jan '21 Jan '22E Jan '23E Oct '21 Jan '22E Apr '22E Jul '22E
Dividends per Share 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Flow per Share 1.58 2.29 2.33 0.46 0.40 0.60 0.35
Free Cash Flow per Share 1.25 1.72 2.32 0.52 0.41 0.55 0.47
Book Value per Share 3.93 4.26 5.06 4.02 4.17 4.27 4.43
Corporate Information
Management (6 of 11) Board (6 of 9)

President, Chief Executive Officer & Director Chairman
George P. Kurtz, 51 Gerhard Watzinger, 61
Chief Financial & Accounting Officer President, Chief Executive Officer & Director
Burt W. Podbere, 56 George P. Kurtz, 51
Chief Information Security Officer Independent Director
Jerry Dixon Denis J. O'Leary, 65
Chief Technology Officer Independent Director
Michael Sentonas Cary J. Davis, 56
Vice President-Intelligence Independent Director
Adam Meyers, 43 Sameer K. Gandhi, 56
Chief Security Officer Independent Director
Shawn Henry, 60 Joseph E. Sexton, 63
Suite 1400, 206 East 9th Street Investor Relations Contact Fiscal Year January
Austin, Texas crowdstrike.com Exchange NASDAQ
78701 Employees (2021) 3,394 ISIN US22788C1053
United States CUSIP 22788C105
SEDOL BJJP138

Ownership Summary
FLOAT 97.9%
Shares Out 208,207,000
Short Interest 12,120,800
INSIDER 2.1%
Inst. Ownership 71.1%
North American 61.3%
Non-North American 9.8%
Inst Ownership as % of Float 72.6%
Top 10 Inst. Holders 27.5%
NET POSITION CHANGE 3,576,839

Total (1301) 148,053,840
New (217) 4,683,190
Increase (572) 11,960,700
Decrease (299) -10,943,700
Soldout (120) -2,123,330
Top Holders - Institutions and Insiders
Institutions Position (000) % O/S % Port 3M Chg (000) Mkt Value (USD)
The Vanguard Group, Inc. 11,837 5.7 0.0 40 1,891,600,000
Jennison Associates LLC 8,994 4.3 1.0 90 1,437,290,000
BlackRock Fund Advisors 8,470 4.1 0.0 616 1,353,520,000
Tiger Global Management LLC 7,537 3.6 2.9 0 1,204,490,000
SSgA Funds Management, Inc. 4,129 2.0 0.0 384 659,816,000
Allianz Global Investors U.S. LLC 3,827 1.8 0.8 -222 611,605,000
T. Rowe Price Associates, Inc. (Inves... 3,346 1.6 0.1 -2,288 534,687,000
Capital Research & Management Co. (Gl... 3,213 1.5 0.1 -198 513,412,000
Matrix Capital Management Co. LP 3,000 1.4 6.7 0 479,430,000
Whale Rock Capital Management LLC 2,940 1.4 4.4 -8 469,895,000
Geode Capital Management LLC 2,578 1.2 0.0 110 411,916,000
Fidelity Management & Research Co. LLC 2,350 1.1 0.0 479 375,616,000
Insiders Position (000) % O/S % Port 3M Chg (000) Mkt Value (USD)
Accel Partners LLC 1,006 0.5 1.9 -15 160,738,000
KURTZ GEORGE P JR 855 0.4 5.2 519 136,707,000
Institutional Venture Partners 432 0.2 2.6 -432 69,105,200
Glynn Capital Management LLC 352 0.2 7.5 47 56,207,700
PODBERE BURT W 347 0.2 26.6 173 55,530,600

Sales & Earnings
Segments Snapshot - Quarterly (M)
Oct '21 YoY % % of Sales Jan '22E YoY % 3Y Trend

Sales 380.1 63.5 100.0 410.9 55.1
Subscription 357.0 67.2 93.9 386.2 57.9
Professional Services 23.0 21.6 6.1 25.0 23.2
Estimate Growth - Quarterly
Jan '21 Jan '22E Growth (YoY%)

0.13 0.20 55.15%
Jan '21 Jan '22E Growth (YoY%)

264.9 410.9 55.1%

EPS - Consensus Outlook - Annual & Quarterly
FY Ending Guidance # of Ests Mean Low High Std Dev 3 Mo. Rev
Jan '21 0.21-0.22 - 0.27 - - -
Jan '22E 0.57-0.59 29 0.58 0.55 0.61 0.01
Jan '23E - 29 0.91 0.66 1.07 0.10
Jan '24E - 25 1.42 0.73 2.03 0.26
Latest 12 Mo. - - 0.17 0.17 0.17 -
Next 12 Mo. - - 0.91 0.66 1.07 -
FQ Ending Guidance # of Ests Mean Low High Std Dev 3 Mo. Rev
Oct '21 0.08-0.10 - 0.17 - - -
Jan '22E 0.19-0.21 29 0.20 0.18 0.23 0.01
Apr '22E - 27 0.17 0.08 0.25 0.03
Jul '22E - 27 0.20 0.12 0.25 0.03
Oct '22E - 27 0.25 0.19 0.32 0.04
Jan '23E - 24 0.29 0.22 0.37 0.03
Apr '23E - 10 0.28 0.21 0.34 0.04
Jul '23E - 10 0.32 0.23 0.39 0.05
Oct '23E - 9 0.38 0.25 0.46 0.06
Segments LT Estimates - Annual (M)
Actuals 10Y Trend Jan '21 Jan '22E Jan '23E Jan '24E Jan '25E
Sales 874.4 1,431.7 2,001.9 2,663.1 3,291.8
Subscription 804.7 1,340.3 1,890.1 2,546.7 3,135.1
Growth (%) 10Y Trend Jan '21 Jan '22E Jan '23E Jan '24E Jan '25E
Sales 81.6 63.7 39.8 33.0 23.6
Subscription 84.4 66.6 41.0 34.7 23.1

Guidance History
Estimate Table
Sales (M)
FY Ending Jan '16 Jan '17 Jan '18 Jan '19 Jan '20 Jan '21 Jan '22E Jan '23E Jan '24E
Q1 (Apr) - - - - 96.1 178.1 302.8 440.0 598.8
Q2 (Jul) - - - - 108.1 199.0 337.7 477.1 642.8
Q3 (Oct) - - - - 125.1 232.5 380.1 516.7 691.7
Q4 (Jan) - - - 80.5 152.1 264.9 410.9 559.6 746.7
Fiscal Year - - - 249.8 481.4 874.4 1,431.7 2,001.9 2,663.1
EV/Sales (x) - - - - 25.1 52.4 25.8 18.4 13.9
CY Ending Dec '15 Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21E Dec '22E Dec '23E
Cal. Year - - - - 461.7 841.3 1,384.2 1,953.5 2,606.9
EV/Sales (x) - - - - 20.8 52.9 32.5 18.9 14.2
Growth (YoY%)
Q1 (Apr) - - - - - 85.3 70.1 45.3 36.1
Q2 (Jul) - - - - - 84.0 69.7 41.3 34.7
Q3 (Oct) - - - - - 85.8 63.5 36.0 33.9
Q4 (Jan) - - - - 89.1 74.2 55.1 36.2 33.4
Fiscal Year - - - - 92.7 81.6 63.7 39.8 33.0
Cal. Year - - - - - 82.2 64.5 41.1 33.4

Sales - Consensus Trend - Annual (M)
Sales - Broker Detail - Jan '22E (M)
Consensus Guidance # of Brokers

410.9 406.5-412.3 25
Top 13 Brokers Research Estimate Bottom 12 Brokers Research Estimate

Summit Insights Group 12/02/2021 423.0 Oppenheimer 01/04/2022 410.0
Piper Sandler Companies 01/04/2022 412.3 RBC Capital Markets 01/06/2022 410.0
Cowen & Company 01/14/2022 412.0 Jefferies 01/05/2022 409.6
Deutsche Bank Research 12/02/2021 411.9 Restricted 12/02/2021 409.5
Truist Securities 01/26/2022 411.8 Wolfe Research 12/02/2021 409.5
DA Davidson 12/02/2021 411.5 Canaccord Genuity 01/06/2022 409.4
Wells Fargo Securities 01/04/2022 411.5 FBN Securities 12/02/2021 409.0
Daiwa Securities Co. Ltd. 12/16/2021 411.3 Restricted 12/13/2021 409.0
JMP Securities 12/02/2021 411.1 Needham 12/02/2021 407.0
Mizuho Securities USA 12/02/2021 411.0 Restricted - -
BTIG 12/02/2021 410.9 Restricted - -
Stifel Nicolaus 12/02/2021 410.9 Restricted - -
Berenberg 12/02/2021 410.5

Sales - Broker Revisions - Jan '22E (M)
Consensus Guidance 1M Revision 1W Revision

410.9 406.5 - 412.3 0.0% 0.0%
Estimate Table
EPS
Q1 (Apr) - - - - -0.47 0.02 0.10 0.17 0.28
Q2 (Jul) - - - - -0.18 0.03 0.11 0.20 0.32
Q3 (Oct) - - - - -0.07 0.08 0.17 0.25 0.38
Q4 (Jan) - - - -0.60 -0.02 0.13 0.20 0.29 0.43
Fiscal Year - - - -2.65 -0.42 0.27 0.58 0.91 1.42
P/E (x) - - - - - 799.3 290.5 184.7 119.4
Cal. Year - - - - -0.61 0.21 0.55 0.89 1.37
P/E (x) - - - - - 1,001.7 369.0 190.6 123.1
Growth (YoY%)
Q1 (Apr) - - - - - - 400.0 72.6 60.5
Q2 (Jul) - - - - - - 266.7 84.0 55.7
Q3 (Oct) - - - - - - 112.5 44.3 54.9
Q4 (Jan) - - - - 96.7 - 55.2 44.7 48.7
Fiscal Year - - - - 84.2 - 115.4 57.2 54.8
Cal. Year - - - - - - 162.4 59.7 54.9

EPS - Consensus Trend - Annual
EPS - Broker Detail - Jan '22E
Consensus Guidance # of Brokers

0.20 0.19-0.21 29
Top 15 Brokers Research Estimate Bottom 14 Brokers Research Estimate

Summit Insights Group 12/02/2021 0.23 RBC Capital Markets 01/06/2022 0.20
JMP Securities 12/02/2021 0.21 Jefferies 01/05/2022 0.20
Daiwa Securities Co. Ltd. 12/16/2021 0.21 Wolfe Research 12/02/2021 0.20
Piper Sandler Companies 01/04/2022 0.21 Restricted 01/19/2022 0.20
Cowen & Company 01/14/2022 0.21 Truist Securities 01/26/2022 0.20
Stifel Nicolaus 12/02/2021 0.20 Deutsche Bank Research 12/02/2021 0.20
DA Davidson 12/02/2021 0.20 Restricted 01/25/2022 0.20
Berenberg 12/02/2021 0.20 Canaccord Genuity 01/06/2022 0.20
Restricted 12/02/2021 0.20 Needham 12/02/2021 0.19
FBN Securities 12/02/2021 0.20 Cleveland Research Company
… 01/11/2022 0.18
BTIG 12/02/2021 0.20 Restricted - -
Restricted 12/13/2021 0.20 Restricted - -
Mizuho Securities USA 12/02/2021 0.20 Restricted - -
Oppenheimer 01/04/2022 0.20 Restricted - -
Wells Fargo Securities 01/04/2022 0.20

EPS - Broker Revisions - Jan '22E
Consensus Guidance 1M Revision 1W Revision

0.20 0.19 - 0.21 0.1% 0.2%

Valuation
Valuation Summary
Valuation 5Y Trend Current 5Y High 5Y Low 5Y Avg vs. Ind vs. Bmrk
P/E LTM - - - - - -
P/E NTM 185.3 3,261.1 165.3 724.7 5.9 9.1
P/Sales 30.0 75.3 16.0 46.7 4.3 11.6
P/Sales NTM 19.4 44.9 10.0 28.3 3.3 8.2
P/Bk 40.8 76.9 9.2 41.8 5.0 10.2
P/Bk NTM 33.4 65.6 10.5 37.5 4.8 8.9
P/CF 71.2 317.1 63.2 152.3 2.9 4.9
P/CF NTM 72.5 218.2 64.4 131.8 3.1 4.9
EV/EBITDA - - - - - -
EV/EBITDA NTM 111.9 51,275.7 102.3 691.8 5.9 8.3
EV/Sales 29.3 78.4 14.6 46.4 4.2 9.4
EV/Sales NTM 18.8 45.0 8.5 27.6 3.2 6.8
Valuation Peers Analysis
CrowdStrike Holdings A VMware A Broadcom Palo Alto Networks Microsoft Mandiant

(CRWD) (VMW) (AVGO) (PANW) (MSFT) (MNDT)
P/E LTM - 26.9 37.3 - 32.8 -
P/E NTM 185.3 17.7 16.5 61.5 30.3 -
PEG NTM 3.2 1.3 1.3 2.3 1.9 -
P/Sales 30.0 4.3 8.8 10.6 12.6 4.6
P/Bk 40.8 5.3 9.3 94.4 14.4 5.7
P/CF 71.2 12.0 17.5 31.1 27.8 21.0
EV/EBITDA - 15.4 17.6 241.6 24.7 -
EV/Sales 29.3 4.2 9.4 10.9 12.3 5.0
Div Yld 0.0 0.0 2.9 0.0 0.8 0.0

Price to Earnings - NTM
Valuation Multiples
Financial Valuation Ratios Jan '21A Oct '21LTM Jan '22E Jan '23E Jan '24E Jan '25E
EV/Sales 45.43 30.90 27.75 19.84 14.92 12.07
EV/EBITDA -972.69 -687.74 172.78 119.95 81.74 -
EV/EBIT -447.52 -318.41 227.88 147.62 96.99 56.64
EBITDA/Interest Expense -26.20 -2.89 9.75 15.30 26.83 -
EBIT/Interest Expense -56.94 -6.25 7.39 12.43 22.61 -
EBITDA-CapEx/Interest Expense -67.15 -8.83 3.71 8.81 17.98 -
Total Debt/EBITDA -19.07 -13.45 - - - -
Total Debt/EV 0.02 0.02 0.02 0.02 0.02 -
Price to Earnings - - 290.47 184.74 119.35 74.90
Financial Summary Jan '21A Oct '21LTM Jan '22E Jan '23E Jan '24E Jan '25E
Revenue 874.44 1,285.51 1,431.68 2,001.93 2,663.09 3,291.80
Gross Income 644.50 946.45 1,095.43 1,541.21 2,072.97 2,594.90
EBITDA -40.8 -57.8 229.9 331.2 486.0 -
EBIT -88.77 -124.77 174.33 269.12 409.60 701.40
Net Income -92.6 -211.8 138.8 225.2 358.0 628.4

Profitability
Profitability Ratios
Profitability (%) 10Y Trend - Jan '17 Jan '18 Jan '19 Jan '20 Jan '21
Gross Margin - 35.5 54.1 65.1 70.5 73.7
Operating Margin - -171.7 -110.7 -54.8 -30.3 -10.2
Pretax Margin - -173.0 -113.3 -55.5 -29.0 -10.0
Net Margin - -173.2 -114.1 -56.1 -29.5 -10.6
ROA - - -87.7 -43.0 -15.4 -4.5
ROE - - - -542.3 -34.9 -11.5
ROTC - - - -404.7 -35.9 -7.4
ROIC - - - -414.2 -34.9 -7.8
Efficiency 10Y Trend - Jan '17 Jan '18 Jan '19 Jan '20 Jan '21
Revenue/Employee (000) - - - - 208.5 257.6
Net Income/Employee (000) - - - - -61.4 -27.3
Receivables Turnover (x) - - 2.8 3.3 3.7 4.3
Days of Sales Outstanding - - 129.8 111.2 97.6 84.4
Inventory Turnover (x) - - - - - -
Days of Inventory on Hand - - - - - -
Payables Turnover (x) - - 7.4 9.1 34.6 34.3
Days of Payables Outstanding - - 49.3 40.0 10.6 10.6
Total Asset Turnover (x) - 0.6 0.5 0.6 0.3 0.3
Working Capital Turnover (x) - -2.1 -4.3 11.8 0.8 0.6
Profitability Peer Analysis - Annual
Palo Alto
CrowdStrike VMware A Broadcom Networks Microsoft Mandiant
Holdings A (CRWD) (VMW) (AVGO) (PANW) (MSFT) (MNDT)
Gross Margin (%) 73.7 81.8 54.2 70.0 68.9 62.7
Operating Margin (%) -10.2 18.6 31.6 -7.1 41.6 -13.6
Net Margin (%) -10.6 17.5 24.5 -11.7 36.5 -22.0
ROA (%) -4.5 7.4 8.9 -5.2 19.3 -6.8
ROE (%) -11.5 25.6 27.6 -57.5 47.1 -22.6
Revenue/Employee (000) 257.6 346.1 1,373 406.4 928.7 276.6
Receivables Turnover (x) 4.3 3.5 12.6 3.7 4.8 5.8
Inventory Turnover (x) - - 10.9 - 23.1 70.8
Payables Turnover (x) 34.3 12.6 13.4 21.2 3.8 22.3

Credit Ratios
Liquidity Analysis 10Y Trend - Jan '17 Jan '18 Jan '19 Jan '20 Jan '21
Current Ratio - 0.71 0.83 1.08 2.29 2.56
Quick Ratio - 0.71 0.83 1.08 2.29 2.56
Cash Ratio - 0.38 0.40 0.68 1.85 2.22
Credit Analysis 10Y Trend - Jan '17 Jan '18 Jan '19 Jan '20 Jan '21
Interest Coverage (EBITDA) - -142.3 -57.6 -283.8 -277.3 -26.2
Interest Coverage (EBIT) - -147.2 -61.2 -319.8 -330.5 -56.9
Fixed Chg Coverage - -5.1 -16.4 -319.8 -330.5 -56.9
CFO/Int Exp - -84.5 -27.4 -53.7 212.8 233.9
Total Debt/EBITDA - - - - - -
Net Debt/EBITDA - 0.1 0.4 1.6 7.4 27.9
Net Debt/(EBITDA-CapEx) - 0.1 0.3 1.2 4.3 10.9
LT Debt/EBITDA - -0.1 -0.1 0.0 0.0 -18.9
Total Debt/Total Equity - - - 0.0 0.0 89.5
Total Debt/Total Capital - - - 0.0 0.0 47.2
Total Debt/Total Assets - 26.8 7.3 0.0 0.0 28.5
Net Debt/FFO - 0.1 0.5 2.7 268.3 -6.7
LT Debt/FFO - -0.1 -0.2 0.0 0.0 4.5
FCF/Total Debt - -2.6 -5.5 - - 0.4
CFO/Total Debt - -2.1 -3.7 - - 0.5
Altman Z-Score (Original) - Annual (M)

Jan '17 Jan '18 Jan '19 Jan '20 Jan '21
(Working Capital -25.5 -27.9 21.1 635.6 1,347.9
/ Total Assets) 91.4 217.7 433.2 1,404.9 2,732.5
= 1.2 * X1 -0.3347 -0.1538 0.0585 0.5429 0.5919
+ (Retained Earnings -243.5 -378.9 -519.1 -637.5 -730.1
/ Total Assets) 91.4 217.7 433.2 1,404.9 2,732.5
= 1.4 * X2 -3.7303 -2.4369 -1.6776 -0.6353 -0.3741
+ (EBIT -90.6 -131.4 -136.9 -146.1 -88.8
/ Total Assets) 91.4 217.7 433.2 1,404.9 2,732.5
= 3.3 * X3 -3.2706 -1.9924 -1.0426 -0.3431 -0.1072
+ (Market Value of Equity - - - 13,009.0 46,821.0
/ Total Liabilities) 120.1 236.2 363.1 662.3 1,860.7
= 0.6 * X4 - - - 11.7853 15.0982
+ (Revenue 52.7 118.8 249.8 481.4 874.4
/ Total Assets) 91.4 217.7 433.2 1,404.9 2,732.5
= 0.999 * X5 0.5767 0.5449 0.5761 0.3423 0.3197
Z-Score - - - 11.69 15.53

Debt Capital Structure Summary
EBITDA (31 Oct '21) EBITDA (31 Jul '21)

-57.76LTM -47.42LTM
31 Oct '21 /EBITDA 31 Jul '21 /EBITDA

ST Debt Total 0.00 0.00 0.00 0.00
Revolving Credit 0.00 0.00 0.00 0.00
Term Loans 0.00 0.00 0.00 0.00
Notes/Bonds 750.00 -12.98 750.00 -15.82
Senior Unsec. 750.00 - 750.00 -
Other -10.86 0.19 -11.23 0.24
Adjustments -10.86 - -11.23 -
LT Debt Total 739.15 -12.80 738.77 -15.58
Net LT Debt Total 739.15 -12.80 738.77 -15.58
Total Debt 739.15 -12.80 738.77 -15.58
Debt Seniority Breakdown - Annual (M)

Credit Peer Analysis - Annual
Palo Alto
CrowdStrike VMware A Broadcom Networks Microsoft Mandiant
Holdings A (CRWD) (VMW) (AVGO) (PANW) (MSFT) (MNDT)
Interest Coverage (EBIT) -56.9 10.8 4.6 -1.9 29.8 -2.1
Fixed Chg Coverage -56.9 10.8 4.0 -1.9 29.8 -1.9
CFO/Int Exp 233.9 21.6 7.3 9.2 32.7 1.6
Total Debt/EBITDA - 1.8 2.7 4,193.9 0.9 -
Net Debt/EBITDA 27.9 0.5 1.9 1,034.8 -0.6 8.9
LT Debt/EBITDA -18.9 2.1 2.7 2,638.3 0.9 -31.5
Total Debt/Total Equity 89.5 66.8 161.2 588.5 57.9 89.9
Total Debt/Total Capital 47.2 40.0 61.7 85.5 36.7 47.3
Total Debt/Total Assets 28.5 20.8 53.3 36.5 24.7 31.4
DuPont Analysis - Annual
- - - Jan '17 Jan '18 Jan '19 Jan '20 Jan '21 LTM
Asset Turnover - - - - 0.77 0.77 0.52 0.42 0.51
x Operating Margin - - - -171.7 -110.7 -54.8 -30.3 -10.2 -9.7
x Interest Burden - - - 1.01 1.02 1.01 0.96 0.99 1.19
x Tax Burden - - - 1.00 1.01 1.01 1.01 1.05 1.43
= ROA - - - - -87.7 -43.0 -15.4 -4.5 -8.4
x Equity Leverage - - - - -6.55 12.60 2.26 2.57 2.87
= ROE - - - - - -542.3 -34.9 -11.5 -24.0
x Earnings Retention - - - - - - - - -
= Reinvestment Rate - - - - - -542.3 -34.9 -11.5 -24.0

DuPont Peer Analysis - Annual
CrowdStrike Holdings VMware A Broadcom Palo Alto Microsoft Mandiant

A (CRWD) (VMW) (AVGO) Networks (PANW) (MSFT) (MNDT)
Asset Turnover 0.4 0.4 0.4 0.4 0.5 0.3
x Operating Margin -10.2 18.6 31.6 -7.1 41.6 -13.6
x Interest Burden 1.0 1.1 0.8 1.5 1.0 1.6
x Tax Burden 1.1 0.9 1.0 1.1 0.9 1.0
= ROA -4.5 7.4 8.9 -5.2 19.3 -6.8
x Equity Leverage 2.6 3.4 3.1 11.1 2.4 3.3
= ROE -11.5 25.6 27.6 -57.5 47.1 -22.6
x Earnings Retention - 100.0 4.0 - 72.2 -
= Reinvestment Rate -11.5 25.6 0.9 -57.5 34.4 -23.2

Statement Analysis
Financial Statement
Jan '18 Jan '19 Jan '20 Jan '21 LTM 10Y Trend 5Y CAGR 10Y CAGR
Sales/Revenues 118.8 249.8 481.4 874.4 1,285.5 - -
COGS incl. D&A 54.5 87.2 141.8 229.9 339.1 - -
Gross Inc 64.3 162.6 339.6 644.5 946.4 - -
SG&A 195.7 299.5 485.7 733.3 1,071.2 - -
Other Oper Expense 0.0 0.0 0.0 0.0 0.0 - -
EBIT(Operating Income) -131.4 -136.9 -146.1 -88.8 -124.8 - -
Nonop Inc (Exp) - Net -0.7 2.2 13.2 6.2 6.7 - -
Interest Expense 2.1 0.4 0.4 1.6 20.0 - -
Unusual Exp (Inc) - Net 0.3 3.6 6.5 3.8 10.0 - -
Pretax Income -134.6 -138.7 -139.8 -87.9 -148.0 - -
Income Taxes 0.9 1.4 2.0 4.8 61.6 - -
Minority Interest 0.0 0.0 0.0 0.0 2.2 - -
Net Income -135.5 -140.1 -141.8 -92.6 -211.8 - -
EPS (recurring) -0.708 -0.690 -0.644 -0.413 -0.897 - -
EPS (diluted) -0.709 -0.703 -0.666 -0.425 -0.939 - -
EBITDA -123.7 -121.5 -122.6 -40.8 -57.8 - -
Income Statement Growth - Annual

CRWD Ind

Financial Statement
Jan '17 Jan '18 Jan '19 Jan '20 Jan '21 10Y Trend 5Y CAGR 10Y CAGR
Curr Assets 63.6 138.0 302.5 1,128.7 2,211.4 - -
Cash & ST Inv 33.5 65.8 191.7 912.1 1,918.6 - -
Accounts Receivable 24.7 59.8 92.5 165.0 239.2 - -
Inventories 0.0 0.0 0.0 0.0 0.0 - -
Other Current Assets 5.5 12.4 18.4 51.6 53.6 - -
Curr Liabilities 89.1 165.9 281.4 493.1 863.6 - -
STD & Curr Port LT Debt 19.6 0.0 0.0 0.0 9.0 - -
Accounts Payable 2.5 12.3 6.9 1.3 12.1 - -
Income Tax Payable - - - - - - -
Other Current Liabilities 67.0 153.6 274.6 491.8 842.5 - -
Total Debt 24.5 16.0 0.0 0.0 779.0 - -
Total Assets 91.4 217.7 433.2 1,404.9 2,732.5 - -
Total Liabilities 120.1 236.2 363.1 662.3 1,860.7 - -
Shrhldrs Equity -28.7 -18.5 70.1 742.1 870.6 - -
BVPS -1.221 -1.853 -2.446 3.485 3.891 - -
Use of Cash
Cash and Liabilities - Jan '17 Jan '18 Jan '19 Jan '20 Jan '21
Cash and Short Term Investments 0.0 33.5 65.8 191.7 912.1 1,918.6
Share Repurchase 0.0 0.0 0.0 0.0 0.0 0.0
Dividends 0.0 0.0 0.0 0.0 0.0 0.0
Debt Servicing 0.0 -3.0 -21.5 -26.6 -0.4 -1.6
Net Change in Reporting Period Cash (FX adjusted) 0.0 -46.4 40.4 25.2 176.4 1,653.8
Cash Flow Increases/Decreases 0.0 -63.5 -82.9 -168.8 -532.3 862.5
Cash Received (Paid) from Debt Activity 0.0 16.3 -11.5 -16.6 -0.4 726.6
Dividends Paid 0.0 0.0 0.0 0.0 0.0 0.0
Cash Received (Paid) from Change in Equity 0.0 0.8 134.1 210.8 709.2 63.1

Financial Statement
Jan '18 Jan '19 Jan '20 Jan '21 LTM 10Y Trend 5Y CAGR 10Y CAGR
Net Income -135.5 -140.1 -141.8 -92.6 -209.6 - -
Deprec & Amort 7.7 15.4 23.5 47.9 67.0 - -
Other Funds 26.5 52.4 114.9 215.7 362.4 - -
Changes in Wk Cap 42.5 49.3 97.5 193.7 322.0 - -
Operating Cash Flow -58.8 -23.0 94.1 364.7 541.8 - -
Cap Ex -29.8 -42.6 -87.5 -63.8 -118.6 - -
Other Investing, Total 1.4 -99.4 -541.6 560.1 - - -
Investing Cash Flow -28.3 -142.0 -629.1 496.2 -480.3 - -
Free Cash Flow -88.2 -65.6 6.6 301.0 424.1 - -
FCF/Share -0.442 -0.329 0.031 1.382 1.858 - -
FCF Yield (%) - - 0.1 0.6 0.7 - -
% of Net Income 65.1 46.8 -4.6 -325.0 -202.3 - -
Cash Divs Pd 0.0 0.0 0.0 0.0 0.0 - -
Change in Capital Stock 134.1 210.8 709.2 63.1 64.5 - -
Iss/Red Debt -9.3 -16.2 0.0 728.1 722.2 - -
Financing Cash Flow 126.8 190.4 711.5 791.2 786.7 - -
Net Change in Cash 40.4 25.2 176.4 1,653.8 847.6 - -

M&A
Takeover Defense
Bullet Proof Rating
5.25
0 10
Strengths Weaknesses
Classified board with staggered terms No poison pill in force

Shareholders cannot call special meetings
No action can be taken without a meeting by written consent
Directors may only be removed for cause
All vacancies on board are filled by remaining directors, including
vacancies as a result of removal or an enlargement of the board
Board is authorized to adopt, amend or repeal bylaws without
shareholder approval
More
State Takeover Laws
Statute Source Covered

Assumption of Labor Contracts Section 706 of Title 19 of the Delaware Code Yes
Freezeout Provision (3 Year) Section 203 of the Delaware General Corporation Law Yes
Yes
Takeover Defense Peer Analysis
CrowdStrike Palo Alto

Holdings A VMware Broadcom Networks Microsoft Mandiant
(CRWD) A (VMW) (AVGO) (PANW) (MSFT) (MNDT)
Bullet Proof Rating 5.2 5.2 1.2 5.2 1.2 5.2
Classified Board Yes Yes No Yes No Yes
S'holders Can't Call Meetings Yes Yes No Yes No Yes
No Action By Written Consent Yes Yes Yes Yes Yes Yes
Fair Price Provision No No No No No No
Supermajority for Mergers No No No No No No
Directors Removed w/ Cause Yes Yes No Yes No Yes
Supermajority to Remove No No No No No No
Poison Pill In Force No No No No No No

Company Overview
CrowdStrike Holdings, Inc. Class A (CRWD) Data as of: 30 Jan '22
$168.90 Next Report Date: 16 Mar '22
Relationship Overview
Top 10 Relationships (out of 59)
Relationship Disclosures/ 3M Price

Rel Type Rel Rank Company Ctry Industry Value ($) Mkt Cap ($) Source Correlation Key Risks Key Events
Supplier,Custo 1 Zscaler USA IT Infrastructure - 33,437 Multiple 0.82 - -
mer,Partner Software
Partner 2 Okta A USA IT Infrastructure - 28,657 Reverse 0.92 - -
Software
Customer,Partn 3 Mimecast GBR IT Infrastructure - 5,324 Multiple 0.04 - 1
er Software
Supplier 4 Alphabet A USA Web-Based - 1,769,881 Direct 0.74 - 1
Data and
Services
Supplier 5 Amazon.com USA Department - 1,460,362 Direct 0.68 - 1
Stores
Supplier 6 ServiceNow USA Enterprise - 111,655 Direct 0.86 - 1
Management
Software
Customer 7 ADP USA Administrative - 83,773 Direct 0.16 - 1
Services
Customer 8 ePlus USA Infrastructure - 1,207 Reverse 0.84 - 1
and Network
Consulting
Services
Customer 9 BTRS Holdings USA Enterprise - 931 Reverse 0.90 - -
Management
Software
Supplier 10 Equity USA Equity REITs 2 3,118 Reverse 0.05 - -
Commonwealth
Millions, Sources: FactSet Revere, FactSet Fundamentals, FactSet Prices, FactSet Mergerstat, FactSet Estimates, and the World Bank
All Relationships (59)
Relationship Disclosures/ 3M Price

Rel Type Rel Rank Company Ctry Industry Value ($) Mkt Cap ($) Source Correlation Key Risks Key Events
Supplier,Custo 1 Zscaler USA IT Infrastructure - 33,437 Multiple 0.82 - -
mer,Partner Software
Partner 2 Okta A USA IT Infrastructure - 28,657 Reverse 0.92 - -
Software
Customer,Partn 3 Mimecast GBR IT Infrastructure - 5,324 Multiple 0.04 - 1
er Software
Supplier 4 Alphabet A USA Web-Based - 1,769,881 Direct 0.74 - 1
Data and
Services
Supplier 5 Amazon.com USA Department - 1,460,362 Direct 0.68 - 1
Stores
Supplier 6 ServiceNow USA Enterprise - 111,655 Direct 0.86 - 1
Management
Software
Customer 7 ADP USA Administrative - 83,773 Direct 0.16 - 1
Services
Customer 8 Shutterstock USA Professional - 3,291 Direct 0.90 - -
Data and
Services
Customer 9 ePlus USA Infrastructure - 1,207 Reverse 0.84 - 1
and Network
Consulting
Services
Customer 10 BTRS Holdings USA Enterprise - 931 Reverse 0.90 - -
Management
Software
Supplier 11 Equity USA Equity REITs 2 3,118 Reverse 0.05 - -
Commonwealth
Supplier 12 UiPath A USA Enterprise - 17,558 Reverse 0.95 - -
Management
Software
Supplier 13 TechTarget USA Professional - 2,259 Reverse 0.81 - -
Data and
Services
Customer 14 Greenhill USA Investment - 296 Direct -0.13 - 1
Banking and
Corporate
Finance
Supplier 15 IronNet A USA Infrastructure - 263 Reverse 0.92 - -
and Network
Consulting
Services
Partner 16 Palo Alto USA Wide Area - 48,955 Reverse 0.02 - -
Networks Networking
Equipment
Customer 17 CDW USA IT Hardware - 25,045 Reverse -0.14 - -
Distributors
Customer 18 Hyatt Hotels A USA Accommodatio - 9,857 Direct -0.29 - -
n Providers
Customer 19 Nexstar Media USA Broadcast - 6,642 Direct 0.35 - -
Group A Media Services
Partner 20 Jamf Holding USA Enterprise - 3,789 Reverse 0.57 - -
Management
Software
Partner 21 Darktrace GBR IT Infrastructure - 3,734 Reverse 0.88 - -
Software
Customer 22 Berkshire Hills USA United States - 1,407 Direct -0.51 - -
Bancorp Commercial
Banks
Supply Chain Report © 2022 FactSet Research Systems Inc. | 1 of 5

Partner 23 Proofpoint, Inc. USA IT Infrastructure - - Reverse - - -
Software
Partner 24 Check Point ISR IT Infrastructure - 15,844 Reverse -0.20 - 1
Software Tech Software
Customer 25 TDK JPN Small - 13,113 Direct 0.28 - 1
Appliances and
Accessories
Manufacturing
Customer 26 Softcat GBR Infrastructure - 4,301 Reverse 0.91 - -
and Network
Consulting
Services
Customer 27 Cardinal USA Managed - - Direct - - -
Innovations Health Care
Healthcare
Customer 28 Center for USA Miscellaneous - - Direct - - -
Strategic & Commercial
International Services
Studies, Inc.
Customer 29 Goldberg, USA Miscellaneous - - Direct - - -
Persky & White Commercial
P.C. Services
Customer 30 Information USA Data - - Direct - - -
Resources, Inc. Processing
Services
Customer 31 Mack USA Construction - - Direct - - -
Industries, Inc. Materials
Customer 32 National Guard USA Tools & - - Direct - - -
Products, Inc. Hardware
Customer 33 New York USA Hospital/Nursin - - Direct - - -
Hospital g Management
Customer 34 Oak Hill USA Financial - - Direct - - -
Advisors Conglomerates
GenPar LP
Customer 35 Rackspace USA Internet Hosting - - Direct - - -
Hosting, Inc. Services
Customer 36 State of USA Province/State - - Direct - - -
California
Customer 37 State of USA Province/State - - Direct - - -
Colorado
Customer 38 State of Texas USA Province/State - - Direct - - -
Customer 39 Swagelok USA Industrial - - Direct - - -
Company Machinery
Customer 40 Sony Group JPN General - 133,958 Direct 0.17 - 1
Computer
Hardware
Customer 41 Computacenter GBR Infrastructure - 4,106 Direct 0.04 - 1
and Network
Consulting
Services
Customer 42 Exclusive FRA Software - 1,462 Reverse 0.74 - -
Networks Distributors
Customer 43 Wipro IND Information - 40,337 Reverse 0.20 - -
Technology
Consulting
Customer 44 Telstra AUS Wireless - 32,541 Direct -0.58 - -
Services
Customer 45 Bytes GBR Infrastructure - 1,436 Reverse 0.55 - -
Technology and Network
Group Consulting
Services
Partner 46 Softchoice CAN Infrastructure - 1,110 Reverse 0.87 - -
and Network
Consulting
Services
Customer 47 Kanematsu JPN Infrastructure - 937 Reverse -0.37 - 1
Electronics and Network
Consulting
Services
Customer 48 Neurones FRA Infrastructure - 906 Reverse -0.09 - -
and Network
Consulting
Services
Customer 49 PT Anabatic IDN Infrastructure - 100 Reverse -0.19 - -
Technologies and Network
Consulting
Services
Customer 50 Prime Insurance BGD Property/Casual - 43 Direct -0.83 1 -
ty Insurance
Customer 51 Sega Sammy JPN Games - 4,297 Direct -0.27 - -
Holdings Software
Customer 52 Leonardo ITA Aerospace - 4,170 Reverse 0.06 - -
Equipment
Customer 53 Heidelberger DEU Printing/Publish - 889 Direct -0.52 - -
Druckmaschine ing Industry
n Electronics
Makers
Customer 54 Cyber Sec 1 SWE Software - 22 Reverse 0.17 - 1
Distributors
Customer 55 D. Swarovski & AUT Industrial - - Direct - - -
Co. Specialties
Customer 56 Navitas Limited AUS Educational - - Direct - - -
Services
Customer 57 Pokemon Co. JPN Specialty Stores - - Direct - - -
Customer 58 Hilan ISR Enterprise - 1,428 Reverse -0.46 - -
Management
Software
Customer 59 Stark TWN IT Hardware - 317 Reverse -0.72 - -
Technology Distributors
Rel Type Rel Rank Company Ctry Industry 1D Return 1W Return 2W Return 1M Return 3M Return 6M Return 1Y Return 5Y Return

Supplier,Cus 1 Zscaler USA IT 7.00 -1.34 -6.30 -26.48 -24.54 0.79 15.72 -
tomer,Partne Infrastructure
r Software
Partner 2 Okta A USA IT 4.92 -2.14 -9.87 -17.92 -24.69 -26.45 -28.72 -
Infrastructure
Software
Customer,Pa 3 Mimecast GBR IT 0.68 -0.44 -1.00 -0.23 5.85 42.53 84.08 284.53
rtner Infrastructure
Software
Supplier 4 Alphabet A USA Web-Based 3.37 2.30 -4.39 -9.09 -8.57 -2.02 43.91 215.61
Data and
Services
Supplier 5 Amazon.com USA Department 3.11 0.94 -11.20 -15.64 -16.45 -20.68 -11.06 244.54
Stores
Supplier 6 ServiceNow USA Enterprise 6.13 10.51 5.66 -14.21 -18.41 -3.82 1.23 522.80
Management
Software
Customer 7 ADP USA Administrativ 1.45 -8.23 -12.89 -19.02 -10.22 -2.81 21.77 118.12
e Services
Customer 8 ePlus USA Infrastructure 2.90 -2.55 -11.88 -16.50 -18.83 -1.63 3.10 58.54
and Network
Consulting
Services
Customer 9 BTRS USA Enterprise 2.44 -3.93 -11.73 -23.77 -32.53 -51.16 -63.47 -
Holdings Management
Software
Supplier 10 Equity USA Equity REITs 2.30 0.47 -3.66 -0.81 -1.75 -2.86 -9.51 12.82
Commonwe
alth
2W TR 1M TR 3M TR 6M TR 1Y TR
Rel Type Rel Rank Company Ctry Industry 2W Corr. 1M Corr. 3M Corr. 6M Corr. 1Y Corr. Corr. Corr. Corr. Corr. Corr.
Supplier,C 1 Zscaler USA IT 0.94 0.96 0.82 0.23 0.47 0.94 0.96 0.82 0.23 0.47
ustomer,P Infrastruct
artner ure
Software
Partner 2 Okta A USA IT 0.96 0.93 0.92 0.93 0.60 0.96 0.93 0.92 0.93 0.60
Infrastruct
ure
Software
Customer, 3 Mimecast GBR IT 0.78 -0.10 0.04 -0.47 0.22 0.78 -0.10 0.04 -0.47 0.22
Partner Infrastruct
ure
Software
Supplier 4 Alphabet USA Web-Base 0.94 0.93 0.74 0.31 0.46 0.94 0.93 0.74 0.31 0.46
A d Data
and
Services
Supplier 5 Amazon.c USA Departme 0.93 0.88 0.68 0.53 0.65 0.93 0.88 0.68 0.53 0.65
om nt Stores
Supplier 6 ServiceNo USA Enterprise 0.48 0.93 0.86 0.70 0.66 0.48 0.93 0.86 0.70 0.66
w Managem
ent
Software
Customer 7 ADP USA Administra 0.73 0.86 0.16 -0.41 0.12 0.73 0.86 0.12 -0.43 0.12
tive
Services
Customer 8 ePlus USA Infrastruct 0.82 0.87 0.84 0.44 0.21 0.82 0.87 0.84 0.44 0.21
ure and
Network
Consulting
Services
Customer 9 BTRS USA Enterprise 0.87 0.89 0.90 0.75 -0.07 0.87 0.92 0.90 0.75 -0.07
Holdings Managem
ent
Software
Supplier 10 Equity USA Equity 0.83 0.45 0.05 0.32 -0.32 0.83 0.45 0.05 0.32 -0.32
Commonw REITs
ealth
LT Debt Interest Liquidity

Rel Type Rel Rank Company Ctry Industry /Equity Coverage 1Y CDS 5Y CDS Moody's S&P Outlook
Supplier,Cust 1 Zscaler USA IT 1.81 -4.37 - - - - Stable
omer,Partner Infrastructure
Software
Partner 2 Okta A USA IT 0.33 -6.54 - - - - Stable
Infrastructure
Software
Customer,Part 3 Mimecast GBR IT 0.37 22.76 - - - - Stable
ner Infrastructure
Software
Supplier 4 Alphabet A USA Web-Based 0.11 181.50 - - Aa2 AA+ Stable
Data and
Services
Supplier 5 Amazon.com USA Department 0.94 18.80 26.94 34.11 WR AA Stable
Stores
Supplier 6 ServiceNow USA Enterprise 0.55 9.89 - - Baa1 A- Stable
Management
Software
Customer 7 ADP USA Administrative 0.66 53.87 10.94 19.78 Aa3 AA- Positive
Services
Customer 8 ePlus USA Infrastructure 0.03 69.91 - - - - Stable
and Network
Consulting
Services
Customer 9 BTRS USA Enterprise 0.00 -13.72 - - - -
Holdings Management
Software

Supplier 10 Equity USA Equity REITs - - 52.18 188.32 WR NR Stable
Commonwealt
h
Comps - Overlapping Relationships (Top 10)
Rel Type Rel Rank Company Rel Value ($) Relationship

Supplier,Customer,Partner 1 Zscaler - 0
Partner 2 Okta A - 0
Customer,Partner 3 Mimecast - 0
Supplier 4 Alphabet A - 0
Supplier 5 Amazon.com - 0
Supplier 6 ServiceNow - 0
Customer 7 ADP - 0
Customer 8 ePlus - 0
Customer 9 BTRS Holdings - 0
Supplier 10 Equity Commonwealth - 0
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1:06p GOOGL Supplier Bipartisan group of senators targeting Google with
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26 Jan '22
5:35p NOW Supplier ServiceNow provides additional guidance - conf
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4:14p NOW Supplier ServiceNow appoints Chirantan Desai as COO
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4:13p NOW Supplier ServiceNow reports Q4 EPS $1.46 ex-items vs
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24 Jan '22
8:09p AMZN Supplier Amazon's financial support offer turned down by
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1:42p GOOGL Supplier Alphabet sued by state Attorney Generals for
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12:14a GOOGL Supplier German publishers, advertisers say Google is
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9:22p AMZN Supplier Amazon-backed Samara Capital, denied due
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21 Jan '22
5:16p MIME Customer,Partner Mimecast discloses HSR waiting period for merger
with Permira expired on 20-Jan - 8-K ($79.91,
0.00)
12:02p GOOGL Supplier Alphabet's Google asks federal judge to dismiss
most of antitrust lawsuit brought by Texas, other
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11:00a AMZN Supplier Shopify cuts contracts with warehouses across the
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3:51a GOOGL Supplier Bundeskartellamt terminates proceedings in TLS
Certificates against Alphabet ($2670.13, 0.00)
20 Jan '22
6:44p GOOGL Supplier Google ramping up work on AR headset that it
hopes to ship in 2024 - The Verge (11:59 ET)
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19 Jan '22
8:16p GOOGL Supplier Google working on blockchain - Bloomberg
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18 Jan '22
1:13p GOOGL Supplier YouTube cutting back on efforts for YouTube
Originals - Variety
17 Jan '22

7:51p AMZN Supplier Compal Electronics halts production for a week
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5:48a AMZN Supplier Amazon says it will accept Visa credit cards in UK
after 19-Jan - Reuters
15 Jan '22
12:51p AMZN Supplier Amazon, Conde Nast, DraftKings and TPG were
among suitors for The Athletic before sale to NYT --
CNBC
14 Jan '22
11:01a GOOGL Supplier Google misled publishers, advertisers for years
about pricing, according to lawsuit -- WSJ
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13 Jan '22
4:18p GOOGL Supplier House Committee investigating events of January
6th issues subpoenas to Twitter, Reddit, Google,
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10:12a MIME Customer,Partner Follow-up: Proofpoint said to have submitted
$92.50/sh bid for Mimecast; was rejected on
antitrust concerns -- Bloomberg ($80.26, +1.07)
6:58a MIME Customer,Partner Mimecast said to have received higher takeover
bid from rival Proofpoint -- Bloomberg ($79.19,
0.00)
11 Jan '22
4:07p ZS Supplier,Customer,Partner Zscaler discloses promotions, changes to certain
executive officers' titles - 8-K ($277.53, 0.00)
12:10a AMZN Supplier Google seeking to change EU's Digital Markets Act
- FT ($2771.48, 0.00)
10 Jan '22
4:55p AMZN Supplier Apple reportedly in talks to broadcast MLB games
- NYP ($172.19, 0.00)
09 Jan '22
11:23p AMZN Supplier UK seeking to access more data from
cloud-computing providers - FT
7:08p AMZN Supplier Amazon files new legal challenges in dispute with
Future Group - Reuters ($3251.08, 0.00)
06 Jan '22
5:29p GOOGL Supplier Sonos wins ITC ruling that some Google phones,
laptops, and speakers infringe its patents --
Bloomberg ($28.87, 0.00)
3:15a GOOGL Supplier French regulator CNIL fines Google €150M
($170M), Facebook €60M ($68M)
05 Jan '22
4:12a GOOGL Supplier Bundeskartellamt has delivered its decision that
Alphabet/Google is subject to extended abuse
control by the competition authority ($2887.99,
0.00)
04 Jan '22
10:41a GOOGL Supplier Google confirms acquisition of Siemplify --
company blog ($2914.90, +15.07)

Upcoming Events
EPS Sales
Date Time Type Description Actual Mean Surprise(%) Actual Mean Surprise(%)
24 Mar '22 - Q4 2022 Earnings Release (Projected) - 0.29 - - 560 -
21 Jul '22 - Q1 2023 Earnings Release (Projected) - 0.28 - - 599 -
08 Sep '22 - Q2 2023 Earnings Release (Projected) - 0.32 - - 643 -
08 Dec '22 - Q3 2023 Earnings Release (Projected) - 0.38 - - 692 -
Past Events
EPS Sales
Date Time Type Description Actual Mean Surprise(%) Actual Mean Surprise(%)
13 Jan '22 12:30 PM Needham Growth Conference
11 Jan '22 05:00 PM Jefferies Software Summit
08 Dec '21 02:25 PM Barclays Global Technology, Media and Telecommunications Conference
06 Dec '21 01:00 PM UBS Global TMT Conference
02 Dec '21 04:40 PM Wells Fargo TMT Virtual Summit
01 Dec '21 05:00 PM Q3 2022 Earnings Call - 0.25 - - 517 -
12 Oct '21 04:00 PM Investor Meeting
09 Sep '21 01:10 PM Deutsche Bank Technology Conference
31 Aug '21 05:00 PM Q2 2022 Earnings Call - 0.20 - - 477 -
30 Jun '21 12:00 PM Annual General Meeting
29 Jun '21 01:00 PM Analyst Meeting - Hosted by Truist Securities
10 Jun '21 01:45 PM Bank of America Global Technology Conference
09 Jun '21 12:15 PM Baird Global Consumer, Technology & Services Conference
03 Jun '21 05:00 PM Q1 2022 Earnings Call - 0.17 - - 440 -
17 May '21 - RSA Conference
08 Apr '21 04:00 PM Investor Meeting
16 Mar '21 05:00 PM Q4 2021 Earnings Call - 0.20 - - 411 -
© 2022 Factset Research Systems Inc. 1

StreetAccount
Citi initiates AKAM, CRWD, FTNT, others; assumes CTXS
Tuesday, January 25, 2022 01:23:15 PM (GMT)
Initiated:
Akamai Technologies (AKAM $114.19) initiated buy with $135 target, 18% upside (FactSet average target
~$135; range $120-183)
CrowdStrike Holdings (CRWD $167.27) initiated buy with $220 target, 32% upside (FactSet average target
~$281; range $197-340)
Fortinet (FTNT $290.37) initiated buy with $390 target, 34% upside (FactSet average target ~$375; range
$314-435)
Palo Alto Networks ( PANW $504.21) initiated buy with $585 target, 16% upside (FactSet average target
~$619; range $530-840)
Zscaler ( ZS $243.20) initiated buy with $310 target, 27% upside (FactSet average target ~$378; range
$286-440)
SailPoint Technologies (SAIL $40.30) initiated sell with $35 target, 13% downside (FactSet average target
~$64; range $35-75)
Assumed:
Citrix Systems (CTXS $106.34) assumed sell vs prior neutral; target decreased to $85 from $103, 20%
downside (FactSet average target ~$98; range $75-120)
Analyst is Fatima Boolani
Note firm also initiated coverage of CHKP, CYBR, and VRNS this morning, as reported earlier (see linked
comment)
Industries: Unspecified, Communications Equipment, Computer & Internet Services, Software & Programming
Primary Identifiers: AKAM-US, CRWD-US, CTXS-US, FTNT-US, PANW-US, SAIL-US, ZS-US
Related Identifiers: AKAM-US, CRWD-US, CTXS-US, FTNT-US, PANW-US, SAIL-US, ZS-US
Subjects: Other Notable Research
Related Stories:
Citi initiates CHKP, CYBR, VRNS
Wells Fargo Securities initiates CRWD, OKTA, PANW, and ZS
Thursday, January 06, 2022 01:20:37 PM (GMT)
CrowdStrike Holdings (CRWD $179.29) initiated overweight with $275 target, 53% upside (FactSet average target
~$288; range $224-340)
Okta, Inc. (OKTA $198.59) initiated overweight with $275 target, 38% upside (FactSet average target ~$280;
range $230-320)
Palo Alto Networks ( PANW $504.86) initiated overweight with $700 target, 39% upside (FactSet average target
~$614; range $530-700)
Zscaler ( ZS $262.33) initiated overweight with $400 target, 52% upside (FactSet average target ~$385; range
$286-440)
Analyst is Andrew Nowinski
Industries: Unspecified, Computer & Internet Services, Software & Programming

Primary Identifiers: CRWD-US, OKTA-US, PANW-US, ZS-US
Related Identifiers: CRWD-US, OKTA-US, PANW-US, ZS-US
Subjects: Other Notable Research
JPMorgan upgrades AVLR, CRWD, SSNC; downgrades ADBE, AKAM, BCOR, others
Tuesday, December 14, 2021 12:55:14 PM (GMT)
Upgrade:
Avalara ( AVLR $142.94) upgraded to overweight from neutral; target remains $190, 33% upside (FactSet
average target ~$211; range $190-220)
CrowdStrike Holdings (CRWD $198.68) upgraded to overweight from neutral; target remains $255, 28%
upside (FactSet average target ~$295; range $225-340)
SS&C Technologies Holdings (SSNC $78.16) upgraded to overweight from neutral; target increased to
$95 from $86, 22% upside (FactSet average target ~$90; range $80-102)
Downgrade:
Adobe (ADBE $658.30) downgraded to neutral from overweight; target remains $680, 3% upside (FactSet
average target ~$721; range $650-820)
Blucora ( BCOR $17.14) downgraded to neutral from overweight; target cut to $22 from $27, 28% upside
Amdocs (DOX $72.70) downgraded to neutral from overweight; target cut to $86 from $91, 18% upside
(FactSet average target ~$89; range $80-99)
PTC Inc. (PTC $122.52) downgraded to neutral from overweight; target cut to $138 from $175, 13%
SolarWinds (SWI $14.52) downgraded to neutral from overweight; target cut to $16 from $23, 10% upside
Akamai Technologies (AKAM $115.41) downgraded to underweight from neutral; target remains $120, 4%
Datadog (DDOG $172.03) downgraded to underweight from neutral; target cut to $195 from $212, 13%
Cloudflare (NET $145.03) downgraded to underweight from neutral; target cut to $144 from $212, 1%
downside (FactSet average target ~$217; range $144-250)
Sapiens International Corp. (SPNS $35.10) downgraded to underweight from neutral; target remains $35
Zscaler ( ZS $308.54) downgraded to underweight from neutral; target cut to $320 from $362, 4% upside
Analyst is Sterling Auty
Industries: Unspecified, Computer & Internet Services, Software & Programming

Primary Identifiers: ADBE-US, AKAM-US, AVLR-US, BCOR-US, CRWD-US, DDOG-US, DOX-US, NET-US, PTC-US,
SPNS-US, SSNC-US, SWI-US, ZS-US
Related Identifiers: ADBE-US, AKAM-US, AVLR-US, BCOR-US, CRWD-US, DDOG-US, DOX-US, NET-US, PTC-US,
SPNS-US, SSNC-US, SWI-US, ZS-US
Subjects: Downgrades, Upgrades
Stocks mentioned on CNBC's Mad Money with Jim Cramer - TheStreet
Friday, December 03, 2021 05:35:33 AM (GMT)
Featured Negative: Cramer was negative on the recently listed Allbirds (BIRD). In his view, the company is
overvalued and was supported mainly by amateur investors who were fond of the company's product.
CEO Interview #1: Cramer talked to CrowdStrike Holdings (CRWD) CEO George Kurtz. Kurtz talked up the
company's use of AI in data collection to ensure timely protection from cyber attacks. He also observed that the
company has a high customer retention rate, explaining that over a half of its customers have purchased more
than four modules form CrowdStrike.
CEO Interview #2: Cramer also spoke with Signet Jewelers (SIG) CEO Gina Drosos. Drosos talked up the
company's strong sales in October and during the recent holiday season. She was positive on the company's
improved inventory management and plans to offer new payment options and same-day delivery.
Brief Mention/Positive: VIR, ENB, ON
Brief Mention/Negative: T
Reference Links:
TheStreet.com
Industries: Apparel/Accessories, Retail (Specialty), Computer & Internet Services

Primary Identifiers: BIRD-US, CRWD-US, SIG-US
Related Identifiers: BIRD-US, CRWD-US, SIG-US
Subjects: Mad Money Recap, Media Summaries
CORRECTION: Crowd Strike Holdings reports Q3 Billings of $503.9M vs SA $468.3M ($201.50, 0.00)
Wednesday, December 01, 2021 09:34:46 PM (GMT)
Our initial comment miscalculated Q3 billings. We have corrected the comment to reflect Q3 billings of $503.9M
vs SA $468.3M
We apologize for the mistake.
Industries: Computer & Internet Services

Primary Identifiers: CRWD-US
Related Identifiers: CRWD-US
Transcripts
Corrected Transcript
13-Jan-2022
CrowdStrike Holdings, Inc. (CRW D)

Needham Growth Conference
Total Pages: 14
1-877-FACTSET www.callstreet.com Copyright © 2001-2022 FactSet CallStreet, LLC
CrowdStrike Holdings, Inc. (CRWD) Corrected Transcript
Needham Growth Conference 13-Jan-2022
CORPORATE PARTICIPANTS
Burt W. Podbere
Chief Financial Officer, CrowdStrike Holdings, Inc.
.....................................................................................................................................................................................................................................................................
OTHER PARTICIPANTS
Alex Henderson
Analyst, Needham & Co. LLC
.....................................................................................................................................................................................................................................................................
MANAGEMENT DISCUSSION SECTION
Alex Henderson
All right. Thank you very much, [ph] Nate (00:00:06). Pleasure to have CrowdStrike here today. My name is Alex
Henderson. I'm the Networking and Security Analyst at Needham and Burt Podbere, the CFO of CrowdStrike and
one of my favorite CFO is the indomitable Burt and I are going to do some fireside conversation.
We know that there are a bunch of guys lurking out there in Zoom world. So, if you want to ask a question, please
use the dialog box. The more you ask questions, the less I have to do it. And I love to be lazy when I can. So if
you got questions, please put it in the dialog box. And with that, Burt, welcome.
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
Well, Alex, love having these fireside chats with you. Happy New Year. Great to see you. Happy New Year to
your investors, and real pleasure for us to be here today.
2
QUESTION AND ANSWER SECTION

Alex Henderson
Analyst, Needham & Co. LLC Q
So, Burt, I want to hit a couple of the broader commentary questions. But before we do that, I really was amazed
at the exceptional results you guys have been posting. I just want to remind some people of just how good that
was. I think the last quarter you printed you had 75% growth in subscription customers. Your subscription ARR
came in up 67%, well over 5% ahead of forecast. Your profits increased, your margins increased. You raised
guidance, really across the board outstanding results. Yet, the market seems to be in fear of high-growth
companies, and you guys certainly are the class company out there in terms of this category.
So, I want to highlight that from our perspective, while there is this bias away from high-growth stocks right now,
there are companies out there that really are justified to be owned regardless of the interest rate environment
because their fundamentals are so strong. And around that point, I wanted to ask the first question, there's been
tremendous conversation around XDR and people talking about you guys being a company – an endpoint
company, which I think is a little bit too narrow of perspective on it. Can you talk a little bit about the importance of
viewing you as a platform and not as an endpoint company per se?
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
Chief Financial Officer, CrowdStrike Holdings, Inc. A
Well, thanks, Alex for your comments. Yes, we were very pleased with our performance last quarter and really
proud of the entire CrowdStrike team. In terms of how we think about our company and as we roll back the clock
and say, why was the company born? We were really born to stop the breach, right? That is the outcome. It goes
beyond ransomware. It's all the tricks of the trade that the bad guys are using whether it's insider, whether it's
social engineering, whatever it is, we were built to stop that breach.
And one of the things that we did to be able to do that was we, we basically gave birth to our architecture in the
cloud. And why does that matter? Well, when you think about cloud for crowdsourcing, it allows us to get more
data and to analyze and to be able more data to analyze and that's going to be at the end of the day yield better
efficacy. And number two is it reduces the implementation time to virtually seconds. So, the time to value is
immediate. So, those two things are really important when you think about cloud, efficacy and time to value.
Second, we've been able to build this single data link where we talk about data being collected once and being
able to be reused many times. This is taking a lot of friction out of the system and it's also allowing us to be better
suited to solve more and more use cases. We're collecting the data once. This is how we designed the platform
architecture. It allows us to build new workflows rapidly and innovate quickly and expand into adjacencies to
beyond the company made about being just an endpoint company, we're a cloud security platform. And when you
think about our modules at IPO, we had 10 modules across five segments. Today, we have 21 cloud modules
across eight segments. And this includes things, obviously includes core endpoint security, but includes cloud
security, identity protection, and log management markets.
So when you think about a platform, you think about companies like Salesforce, you think about how they were
out there at the time, you had Siebel and you had Salesforce, where you saw the platform play, win and that's the
area where we're going to. The majority of our module expansion has been organic. But on the inorganic side, we
acquired Preempt in late 2020 in the area of Zero Trust and Humio in March 2021, really around XDR and log
management and most recently SecureCircle last year. So we're able to build upon this data lake, where we use a
3
single, lightweight, intelligent agent to collect that data. You put all that together and you create separation
between us and everybody else.
.....................................................................................................................................................................................................................................................................
Alex Henderson
So within that context, there's a lot of people out there that want to claim that they have a product that competes
with you guys. But most of them really are endpoint companies or companies in adjacencies that are now trying to
redefine them as XDR. You guys came at this with an idea that you were going to design an agent and a data
lake and a software platform that is a cloud native microservice-based from the get-go and not do anything on-
prem at all. Yet, that platform becomes very extensible. So, you've been able to take that platform and the content
and the truth that you've built in terms of knowledge in your data lake and apply it into adjacencies that are not so
much say, in the end point probably, but in VM and CM and other areas that are close to, but not initially the core
initial target.
Conversely, I see a lot of companies redefining themselves as XDR companies, which strikes me as a – an
attempt to look like a platform, but ultimately, that's not truly something that they can pull off because they weren't
architected that way. So, can you talk a little bit about why the architecture is so important and how easy it is to
extend into those adjacencies?
I think about a company in the CM space that has recently redefined themselves as an XDR company and
wonder how their architecture suddenly changed from an on prem/niche product to one that's now being
described as a platform.
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
It's a great color. I think when you think about the word platform, that's been used and abused over the years, I
don't know how many times. And then same thing with this XDR, right? All of a sudden, as you said, some
vendors just all of a sudden call themselves XDR. And I think it's one of the most misused terms in the industry. If
you ask five different vendors about what XDR is, you get five wildly different responses. We feel like we are very
well positioned and we have been called a mature XDR vendor well before we actually use the term. And it really
stems from the fact that XDR is really an extension of EDR telemetry, and enriching that with additional sources of
data.
And so when you're the number one vendor in EDR, the XDR transition is much easier, and it makes a lot of
sense. XDR from our point of view is – it's not a new term for a SIEM as you talked about. It's not taking logs and
putting them into a central location to correlate because that's what a SIEM achieves. XDR is really taking that
platform of EDR and expanding it. It's looking to ensure that when you think about moving from and using AI to
indicators of attack to threat hunting, this extends beyond just the normal CrowdStrike telemetry that we had.
And then we have the third-party data sources to it to be able to just enhance those, those things that make us so
different. And at the end of the day, how we think about it? EDR is essential to XDR. It's an advantage in the
architecture. You have to start with best-in-class EDR, players that don't have that, they make up stuff, right. And
when folks that are outside of XDR that are SIEM, they want to go with where the new buzzword is. And as you
pointed out, they really haven't changed anything. They just rebranded themselves.
.....................................................................................................................................................................................................................................................................
Alex Henderson
4
So often done by the marketing team as opposed by the R&D team, which tells you a lot.
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
Tells you a lot. And the good news is, is that, the experts in the field within customers, they know about it for the
most part.
.....................................................................................................................................................................................................................................................................
Alex Henderson
So inherent in the idea that there's increasing competition from many, many XDR companies is the presumption
that there's going to be a price [indiscernible] (00:09:57) in the space analogous to what happened in the AD
space, which had a price reduction problem, a race to zero pricing, essentially. I think, clearly, what happened in
the AD space was they didn't do anything, so they could price for it. But leaving that point aside, do you see any
pricing pressure as a result of this XDR phenomenon that we've been seeing out there?
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
Not so much. Our discounting has remained the same quarter-after-quarter and I think it goes back to what we've
been talking about. We're selling a platform. We're selling value. We're actually going in and offering better
efficacy. And then when you go through, when you pull out all the other extraneous rules and consolidate it on
CrowdStrike, you're actually driving down the total cost of ownership. So you're getting better efficacy at a lower
price overall and that has been resonating with our customers since we really started the platform play. And it's
only been enhanced. We've seen it in the numbers. We looked at what you just talked about, what we posted last
quarter and the proof is in the pudding.
And so, for us, when we think about pricing and pricing pressures and competition, we feel that we're in the most
favorable competitive market we've ever been. And we also think that when you think about pricing because of
that we've sold on value and we continue to sell on value, we win. We win, our win rates have gone up across the
board. So the fact – and the fact that we're able to kind of maintain our pricing and increase our pricing in certain
areas, that's great. And from where I sit, I see all of the discounting and I see all the – if there's an anomalous
deal that comes out that has really low pricing, it would hit my desk. And my inbox has been pretty much empty
on that stuff. So it is working. The value play is working and people are willing to pay for the best.
.....................................................................................................................................................................................................................................................................
Alex Henderson
So I'm going to pop up a slide here. This is actually off of your website, but this is a Gartner Magic Quadrant and I
just want to highlight just how far ahead of all of the competitors you are. Microsoft, I think, is an anomaly in this
space because Microsoft is seen as paramount to everybody. They get thrown in because everybody recognizes
it. But this is a really outstanding magic quadrant. Now, this happens to be for endpoint protection. But going back
to your point earlier, endpoint protection is where you start the discussion because that ultimately feeds into the
data lake, the information that's necessary to extend into the adjacencies. This is an amazing Magic Quadrant,
Burt.
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
Yeah. It's a great slide. I agree with you on the Microsoft side, but they're just so big. They're getting points on the
board for just their size generally. But for us no, I think that, we work hard at what we've done. I think we have the
5
right strategy from the beginning. You were there, Alex. You saw it unfold in front of your eyes where we didn't go
rush out and create just a little bit of mousetrap than somebody else and put a big, big marketing program around
it with billboards and all that kind of stuff.
What we did was, we built – we started with EDR. We started with getting the data, putting it into [indiscernible]
(00:13:27) going to EDR, becoming an expert in EDR and then and only then did we go into prevention. And
when we were ready, we didn't rush out. It's really funny when we think about how we're racing at our clip. But we
won because we were patient and we didn't rush out to market with something that was immature, and we did it
with a competitive advantage which was the data. It took more time. It took more time to collect all that data and
to get it right and to be able to configure the data in a way that would be really beneficial for us in terms of its
usage. And then what happened? We won. We didn't put some slideware together and have marketing, have all
the budgets and sell for the day, okay. You might have won in a quarter, but who won the race, right.
.....................................................................................................................................................................................................................................................................
Alex Henderson
So one of the fundamental things that we've learned about your company over the time that we've been following
you guys and your CEO loves to really stress is you were built cloud-native microservice-based with no on-prem
at all of capabilities because you don't want to be on-prem. And he would argue that anytime there is a separate
single tenant version of it running on-prem, that inherently that implies there's something flawed in the
architecture.
Your competitors, S1 said they're cloud-native as well. But they also, on their website, talk about an on-prem
version of it. Can you talk about why that point is such a critical point relative to why the CEO is stressing it and
why it's such an important strategic element?
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
You know, it starts with community immunity, right. I think that when you have a cloud-native architecture, you're
getting the full benefit of community immunity. If you have some products and on-prem products and you stick the
console in the cloud and call yourself cloud, well, that's not really cloud. You still have data that's resonant on the
prem version. They have to really store the data on the end point and you're not getting all the value of being able
to drive it up into the cloud. And it's not just about the data itself, it's about the organization of the data and how to
utilize the data.
So, it's all resonant on-prem and then you got to bring it all up and figure it all out. That's very different than
collecting it, sending it up, and it's automatically going where it's supposed to go. And I think that one of the things
that matters a tremendous amount in security is speed. And so, when you have real-time, which is cloud native
versus batch mode, you can see the gap and speed. That's an easy one to see, and that matters. And so,
immediately, you're behind the curve when you have the wrong architecture.
And so, it goes back to your point about folks talking about on-prem versus cloud in its interim and trying to
convince the market that I have a – even though I'm on prem, I have cloud architecture. It's just not true. And so,
that's the frustration that I've been trying to get – and you trying to get away from back in the 1990s and the early
2000s with companies coming out and sounding the same, but they're different.
The good news is the security market has been cleaned up a ton in terms of the fund that's out there.
Unfortunately, there are some that are still behind that. The only way they can sell is to create the bug; is to
confuse people; is to recognize that, hey, we're the leader and we're going to win. So, in order to go against us,
6
they're trying to come up with stuff that's just not true. And so, well, at the end of the day, you just look at the
scoreboard and that tells the truth and people can make up their own decision.
.....................................................................................................................................................................................................................................................................
Alex Henderson
You're adding more revenue per quarter than any other company in the space by a huge amount. Your
incremental revenue per quarter is larger than a lot of your smaller competitors. Clearly, you're gaining share. I
wanted to talk a little bit about the point that you just made, though. So one of the other things that was drilled into
the IPO commentary was the importance of the architecture of the data lake in the sense that when you first
started doing this uplift of the data, you realized that there was no solution in the marketplace that could put the
data in the right place at the right fidelity and understand, particularly, the time metric on it.
And to that extent, not all data lakes are the same, either. So I think the primary point there is that the architecture
of your data lake, combined with the architecture of the purpose-built nature of that with the agent, is giving you a
unique skill set around understanding not just what are the indications of attack and indications of compromise,
but how that attack vector unfolds over time, so that you can intercede in it. Can you talk about the importance of
that characteristic?
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
Absolutely. It's just like hand in glove. You got to have the right architecture on the threat graph side, combined
with the lightweight agent that has an aperture that opens and closes dynamically to determine what data gets
sent up to the threat cloud to be able to analyze it.
Look, you've got other companies out there that have lots of data. Think about it as just a big room with a bunch
of file cabinets and you knock them all down and you have data everywhere, but it doesn't do anything for you
whereas us, we purpose built it so that it's in different compartments, so that we know that when more data comes
in, we know where it flows into, we can actually see the path of a potential attack. And then in the real world
example, think of bank robbery, for example. So if a black car pulls up, somebody comes out of the car and goes
to the – and is wearing a mask and – well, pre-COVID was wearing a mask and goes to the teller, there's a
chance that you're being robbed or they're just coming in and they just want to take a deposit.
But if they come in and they've got a gun and they're fully in black and they're pointing around, that kind of
indicates that something bad is going to happen. And that's how we see it in the cyber world, right? We put
together these different bits of information. And if they go in a certain way, we know that's bad and we know we're
going to stop it. And no one out there today has been able to do what we've done.
.....................................................................................................................................................................................................................................................................
Alex Henderson
So I want to take this to the next level which is there's a claim that other companies might be more AI-enabled
and machine speed-enabled than the crowd. But clearly, the efficacy implied by and the logic implied by what you
just described suggests that you, in fact, have built the best AI in the sense that your data collection is delivering
the best knowledge of the efficacy of the attacks and the efficacy of the stopping the breach strategy.
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
7
Yeah. It's funny that – again, there's some fad out there in terms of what that all means, but it boils down to the
fact that machine learning and AI only gets better with the amount of data that you have to train AI and to train the
machine learning. And when you look at us, and since we started, as I talked about earlier, with collecting the
data, we have more data than certainly any of the up-and-comers or the relatively new folks in this space or even
some of the folks that have been out there for a while. I think that the idea that we're able to utilize this data in a
way that nobody else has been able to do it really gives us that advantage in AI and machine learning. Internally,
we talk about AI is the blood that runs through our business. And it's because the more data you have and the
more useful data you have, the more you can let the machine to learn and the AI that comes out. We're well
ahead of anybody else.
And so, when you're known for high efficacy and the lowest false positives in the space, okay, that means that our
AI and machine learning and our algorithms are winning. And so, what we can do with that is we can actually
operationalize our solution. And we see other vendors who just can't do it. And so, the tagline is the more data
you can put into your machine learning, the better. And because we're right out there front and center in terms of
the quantities of data that we see and the ability to siphon it out, of course, we're going to have the best efficacy.
And that's proven time and time again when we go to the testing houses that by the way not all of our competitors
go to and get the results.
.....................................................................................................................................................................................................................................................................
Alex Henderson
So, I remember when I looked at the data on your gross margins, they at one point were quite low, and the reason
for that was you were uplifting a lot of data early on before you could resell the efficacy, because the efficacy –
the data. So, this kind of is a chicken and egg problem. And I was very interested in taking that realization to the
Humio acquisition. Can you talk about why that is such a big acquisition, what it enables in terms of improved
structure for the company, but more to the point, all kinds of incremental opportunities?
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
Yeah. So, we think Humio is a big deal for us and we think it's going to have a lot of legs for the years to come.
So, there are two primary motions for the Humio technology. One is our – it's XDR, so we're going to come out
with an XDR module on the Falcon platform itself, which we announced that Falcon, our user forum, and we're
working towards GA within the next month. And two, as a standalone log management tool. And so, we see that
space as being a space that can be quickly disrupted. As a standalone solution, we are selling Humio across a
number of verticals and solving a wide number of use cases. We are seeing a lot of success. We talked about
earlier, we've seen a lot of success all because we replaced their SIEM, their log management, and even through
their UBA tools that are struggling with the amount of data.
I think we talked about this on our earnings call, we had one large multinational consumer goods company that
struggled with their UBA tool that topped out at 1 terabyte per day. And we replaced the entire stack with Humio
to take in all the security logs and we provided a better solution. Another data point was we talked about working
with a large financial services company that was struggling with 20 terabytes per day with log management
solution, and we deployed Humio and immediately enabled them to jump through 130 terabytes per day, which is
what they needed to be able to trace issues in their system. So, we are replacing SIEM and log management
solutions. We are replacing UBA tools and we are helping DevOps teams to help them save time in
troubleshooting support issues and shorten time to code releases.
.....................................................................................................................................................................................................................................................................
8
Alex Henderson
Well, this is a good example of why you shouldn't be thinking about the company as a endpoint company, but
rather as a platform. And I think the other element of the Humio technology is it sharply reduces the cost to bring
– to uplift the data, which gives you a huge cost advantage. So, it's not just opening up additional functionality to
customers and, oh, by the way, significantly improving the uplift, but it's lowering your cost. It's a huge acquisition.
I wanted to go to another subject briefly, which is the lower end of the market, the MSSPs, the incident response
companies and the like. Can you talk about; A, the enormous success you had last quarter – I think your MSSP
business was up triple digits, if I recall – and why that's such a big opportunity for you and how you're driving it?
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
Yeah. So, we partner with many MSSPs and the idea is that, hey, we don't manage to be their IT solutions. We
just handle the security solution. We just handle the CrowdStrike solution. So, it fits really nicely into an MSSP
offering, when they go to a customer and say, hey, look, we'll manage your entire IT landscape and underneath
that underpinning the security will be CrowdStrike. And that's been a real advantage for us. And because of the
way that we are able to be designed into the MSSPs, as you heard it, it's very easy to deploy, simple to manage,
and they get a really nice dashboard to be able to see what's actually happening in the environment. And so, for
us, that's been hand in glove. We've been working with MSSPs for a long time and we feel that we've got the right
technologies and APIs and everything else to make it all work seamlessly.
.....................................................................................................................................................................................................................................................................
Alex Henderson
So, I've been horrible. I've been having such a good time going back and forth with you, I forgot to check the
Q&A. There's a bunch of questions that came in. So, having done a lousy job of keeping track of that, let me go
back to that now. There is a question here, there have been more concerns from channel and partners that Crowd
is less favorable economically and operationally than other competitors. Do you see this as an issue? And if it is
an issue, can it be fixed? If it's not an issue, can you explain why?
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
Yeah. I mean, again, you go back to the fact that we're a channel first company and the numbers that we've been
posting are through the channel. We've seen an uptick in deals that have been brought by the channel to us.
Obviously, we've got a large channel environment, not every single channel partner is going to say the same
thing. But for the lion's share, our partners are really happy with the tremendous amounts of success they've had.
We offer something that no one else can offer the channel, which is high win rates. So, maybe on an individual
deal, one partner might make less. But overall, the total dollars coming into that partner will be more.
So, it's one of those things that we've been on calls like this and we've heard that too, and you know how it works.
Sometimes there's someone does their channel checks and they hit maybe a similar noisy channel partner and
that kind of takes a volume that we can't muffle per se, but you take a look at what the scoreboard says from a
channel driven company and there's no doubt that the channel is happier. Our deal sizes are higher and more
dollars can go into that partner. So, again, I would categorize that mostly into the [ph] fad (00:29:25) category
once again. There might be some exceptions. There always are when you've got such a large base of partners.
9
But, we've got a great strategy with our partners. We offer them a lot of money, it's seamless. Our paper is easy
to negotiate with. And at the end of the day, we have executive sponsorship on many of our larger partners, right,
to make sure that there's alignment all the way through. For example I'm an executive sponsor on one of our
largest – our VARs and as well as one of our strategic partners. And so, I touch base with them every quarter.
So, you get executive oversight, you've got – we've got opportunities for the partners to make more [ph] of their
deal reg (00:30:11). We even pay our partners for teaming, for sure, and then obviously fulfillment. So, we have a
whole gamut of what we can offer our partners based on the partner relationship. So, again, the one thing you can
go back to that is fact is you look at the numbers that you so graciously pointed out to everybody on the call at the
beginning of this call.
.....................................................................................................................................................................................................................................................................
Alex Henderson
So, another question, this one's directed at SentinelOne specifically. Any worries about competition from
SentinelOne, areas where they might be underperforming or outperforming? And any impact on pricing or
margins?
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
Yeah. So, obviously, we take all of our competitors seriously. SentinelOne, hats off to them for doing a great job
on setting up great demos. They look great. What happens after that is a different story. We've talked about it on
many of our earnings calls that a vendor for whatever reason would choose them and then boomerang back to
us, because it just doesn't deploy, it just doesn't scale. There are a lot of false positives, right? And you see it,
again, you go back to the scoreboard. It's every quarter that they've been public. We've only expanded the gap
between how much net new ARR we brought in versus how much they brought in. It's expanding. So, again, we
go back to – I think that this has been the most favorable competitive environment we've ever seen.
.....................................................................................................................................................................................................................................................................
Alex Henderson
Okay. So, there's two more questions here and I'm going to merge them into one, having to do with the on-prem
versus cloud-native characteristics. So, the first question is with the convergence of IT and OT, the proliferation of
IoT sensors, what is CrowdStrike's play in the environment? And the second question is, in terms of on-prem
offerings, what about trying to penetrate into highly regulated industries that might not be able to go to the cloud,
air gapped industries like oil and gas and power gen and distribution or cloud-resistant geographies like Japan,
Middle East? Are these not worthy of the incremental TAM to come up with that on-prem capability?
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
So, on the...
.....................................................................................................................................................................................................................................................................
Alex Henderson
This is kind of interrelated.
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
10
Yeah, they're really. I think the IoT, we've got a strategy and we're already working with some specific
manufacturers on IoT to be helpful and beneficial to them as they need the security for, you pick something,
whether it's automotive, whether it's [ph] cell tower (00:32:45), whatever it is. So, you have to pick a specific
manufacturer within those sectors or a group of manufacturers because their chips are all different, right? So, we
think there's a great opportunity in IoT. It's the biggest – smallest three-letter word out there and it means a lot of
things to a lot of people. But we're being very methodical about it and thoughtful about it in terms of how we can
leverage where the market's going from an IoT perspective. So, we're really comfortable with our IoT strategy and
that will play out over the years to come.
With respect to the on-prem and will we ever go on-prem and are we not being able to go in different geos or
different sectors, the fact of the matter is we sell everywhere, we sell across the world. We sell to every vertical.
So, we're already there. We have turned down many opportunities that ask for on-prem, and what happens?
Those companies, those sectors, those geos come to the cloud. Eventually, it's going to happen for everybody.
We've really come a long way since that argument. I mean, there was a time maybe five, six, seven years ago,
certainly when George started the company that people laughed at him for going all cloud. There is no on-prem
version of CrowdStrike. There is no on-prem version of Salesforce, and look what's happened there.
So, when we think about where we're going, we're really comfortable that people are going to come to cloud, if
they're not already. And for the most part, everybody is going to cloud. If you're not, you're not getting the best.
You're not part of the digital transformation that's happening around you, right? And that's only going to hurt
companies' environments, whether it's on the IT side, whether it's on security side. So, we're actually benefiting
from the tailwinds of – and I think it's a very long tailwind, on digital transformation. We didn't talk about that. But
digital transformation is basically underpinned by security transformation. And so, when you're all cloud, you're
really built right for where the world has been going and continues to go and will go for quite some time. So, that's
how I think about that question.
.....................................................................................................................................................................................................................................................................
Alex Henderson
So, there's another question here. Can you talk about the longer-term impacts of Log4j, particularly in terms of
architectural shift, does every hedge fund view the same as SentinelOne versus Crowd question? What are you
seeing in terms of those two questions?
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
Well, we see Log4j is a continuation of a heightened threat environment. It's a trend we have highlighted for quite
some time. It's threats that go beyond malware, right? You need a platform designed to stop the breach, which is
what we are. What I think Log4j did was it raised again awareness of cybersecurity to a broader level. So, I think
that what Log4j has done, like many of these material breaches and newsworthy breaches, it just bring raising
awareness that if you don't have the right protection, you're going to get burned. And then, why would you go to a
company that has less efficacy, that's been proven to be not as effective at all? Why would you do that?
And so, people have been coming more and more to us, as evidenced by – again, I hate to keep coming back to it
– but back to the scoreboard, right? More and more customers, more and more dollars are flowing to us than
anybody else. And that goes back to the architectural design. It goes back to the way we flight it, how we work
with customers and partners. And so, you put that all together and you're getting the results that you talked about,
again, at the beginning of the call.
.....................................................................................................................................................................................................................................................................
11
Alex Henderson
So, the next question is around the expectations for stock-based compensation and share dilution associated with
hiring environment. To set that up a little bit, can you talk about what your churn rate looks like, not versus 2020,
but rather versus 2019, and what your wage inflation looks like? And then, in that context, can you answer the
question about do you need to expand your share-based compensation, does it imply an increase in share
dilution going forward?
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
So, on the share dilution piece, not really. We've been hovering around that 5%, 6% range. I don't see any
changes there. A lot of it also has to do with our ESPP. That's a great incentive for our employees, and they take
advantage of it every quarter. In terms of our attrition rates, we're in a really good spot. I think that we look at the
data, we talk to our peers, and we're well below a lot of our peers. And the good news is we're not concentrated in
one area. Before COVID, we work from anywhere as a company. So, we had designed our infrastructure to be
able to accommodate folks working from home or working from remote offices, whatever it was. And we're a
global company, we're everywhere, right? We have a lot of offshoring, even myself, in finance, I have offshoring in
more than one location, and that's mattered. And so, you put all that together and it really helps reduce the
attrition.
And from a stock-based compensation perspective, I think we've really done a really good job in managing that
and keeping it where it is. And I think that, for us, when we think about attracting folks, that's part of it, certainly,
compensation, stock, that's part of it. But we all know that's not the number one thing anymore for folks. They
want to be doing something that matters that's relevant certainly in the earlier career folks. Those are the folks
that are looking for companies that are doing more than building a widget, right? And that's we fit squarely into
that arena. We're coming out, we're stopping the bad guys, the cyber bad guys, and there's an appeal to that.
And then, we work really hard at culture. We work really hard at trying to keep people connected even in these
really, really difficult times. We have a great group of people, who are thinking of different ideas to keep people
connected, whether they're games on Zoom or different activities that you can do digitally. And when COVID had
somewhat of a relaxation, we had more budget for folks to get together and be connected. So, we think about
attrition not just in dollars and cents, like most of you on the call, including myself. But we do all the software
things that people better than me are able to do and achieve, and it's working. And I'm supporting it from a budget
perspective...
.....................................................................................................................................................................................................................................................................
Alex Henderson
But I got to jump in here because we got literally one minute left and I want to make sure that we wrap this
properly.
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
Yeah.
.....................................................................................................................................................................................................................................................................
Alex Henderson
12
So, from my perspective, I think it's absurd that we're down to 16 times EV-to-sales on a company that's profitable
and growing at a 70% clip. Second, if we're to extrapolate this number out to from 2023 to 2024, which we'll
probably do in the middle of the summer, you're down to almost 10 times, which is below where stocks were
selling 2016, 2017, that were growing at 20% to 30% clip. So, clearly, the valuation is already compressed way
below it. And this is not a company that's losing money. You're delivering very high growth profitably and
expanding margins. So, with that as a backdrop, could you give us the elevator pitch, the three things that you
absolutely want people to take away, very tight, though, because we're running out of time?
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
Yeah, yeah, of course. So, number one, I think we started with we're not an endpoint company, we are a cloud
security company, number one. Number two, I think we've got tremendous opportunities for TAM expansion, and
we're flighted to be able to do that. And number three is I think we've got multiple areas of growth, whether it be
geo, whether it be cloud, whether it be new segments, whether it be new technologies. So, I think everybody
should realize that, hey, there is a tremendous amount of headroom that we have to be able to go after growth.
And then, finally, I know it's the fourth thing, finally, if you look at the number of subscription customers we have
today in the mid-teen thousands, that's great, and we're super proud of that. But it's a drop in the...
[indiscernible] (00:41:03)
.....................................................................................................................................................................................................................................................................
Alex Henderson
Well, I can't believe we got through this whole thing and didn't even get to talk about cloud workloads, which is
one of my favorite subjects. I can't believe we didn't get there. But, too many other key elements.
.....................................................................................................................................................................................................................................................................
Alex Henderson
We've got to wrap it there. Over 100 people in Zoom listening to this, this is a name you should be buying here on
this week. It's a ridiculous valuation. Burt, thanks so much for joining us. And I want to thank [ph] Nate (00:41:28)
for doing a great job in the background and [ph] Maria (00:41:32), who's looking down there, for keeping me on
the subject target. Thanks, guys.
[indiscernible] (00:41:39)
.....................................................................................................................................................................................................................................................................
Burt W. Podbere
Thank you, Alex. Take care.
13
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14
Investor Slides
GEORGE KURTZ, CO-FOUNDER AND CEO
MIKE SENTONAS, CHIEF TECHNOLOGY OFFICER
Product Briefing from
George Kurtz and Mike Sentonas
Partner Interviews
▪ Accenture
▪ AWS
Customer Interview
▪ Zoom
Q&A
This presentation includes express and implied “forward-looking statements”, including forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts, and in some cases,
can be identified by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,”
“could,” “can,” “predict,” “potential,” “continue,” or the negative of these terms, and similar expressions that concern our expectations, strategy,
plans or intentions. Forward-looking statements contained in this presentation include, but are not limited to, statements concerning our product
roadmap and future initiatives, the performance and benefits of our products, strategic plans or objectives, our estimates of market size and
opportunity, and our growth prospects. By their nature, these statements are subject to numerous risks and uncertainties, including factors
beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied
in the statements. Such risks and uncertainties are described in the “Risk Factors” section of our most recent Form 10-Q filed with the Securities
and Exchange Commission. Although our management believes that the expectations reflected in our statements are reasonable, we cannot
guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be
achieved or occur. Recipients are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such
statements are made and should not be construed as statements of fact. Except to the extent required by federal securities laws, we undertake no
obligation to update these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of
unanticipated events.
Information in this presentation on new products, features, and functionality, including our expectations with respect to the development, release
and timing thereof, is for informational purposes only and should not be relied upon.
Certain information contained in this presentation and statements made orally during this presentation relate to or are based on studies,
publications, surveys and other data obtained from third-party sources and CrowdStrike’s own internal estimates and research. While CrowdStrike
believes these third-party studies, publications, surveys and other data to be reliable as of the date of this presentation, it has not independently
verified, and makes no representations as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party
sources. In addition, no independent source has evaluated the reasonableness or accuracy of CrowdStrike’s internal estimates or research and no
reliance should be made on any information or statements made in this presentation relating to or based on such internal estimates and research.
A Leader in Magic
QuadrantTM for Endpoint
“ CrowdStrike offers superior
endpoint security with a
“ Ranked #1 for Modern
Endpoint Security 2020
“
Protection Platforms cloud-native architecture Market Shares
Gartner: Magic Quadrant for Endpoint Protection Platforms, G00450741, May 2021
Forrester: The Forrester WaveTM: Endpoint Security Software As A Service, Q2 2021, May 2021
IDC: Corporate Endpoint Security Market Shares, 2020: Pandemic and Expanding Functionality Propelled Market Growth, Doc #US47768021, Jun 2021
Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of
Gartner’s Research & Advisory organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. The
Gartner content described herein (the “Gartner Content”) represent(s) research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and are not representations of fact. Gartner Content speaks as of its original
publication date (and not as of the date of this [type of filing]), and the opinions expressed in the Gartner Content are subject to change without notice. GARTNER and MAGIC QUADRANT are registered trademark and service mark of Gartner, Inc. and/or its affiliates in
the U.S. and internationally and are used herein with permission. All rights reserved.
Source: IDC, Worldwide Corporate Endpoint Security Market Shares, 2020: Pandemic and Expanding Functionality Propelled Market Growth, June 2021 Doc # US47768021
E-MAIL
NETWORK
SAAS, CLOUD
CASB IAAS, PAAS
Source: CrowdStrike 2021 Threat Hunting Report
Source: CrowdStrike 2021 Threat Hunting Report
SE Labs
All code must be removed from initial threat and Four points for complete prevention
any executable dropped files and/or remediation
Malicious process must be killed Three points for neutralization

(threat cannot run but may still have parts present)
Zero points for persistent remediation

Other persistent OS damage must be repaired (malware in a retry loop which gets prevented, typically)
Minus four points for detection without

Remediation must complete in minutes remediation
AVC keeps their own evidence, they don’t trust vendor

claims to score the result.
Low Overhead
No additional agents
Granular change tracking of customized

files and configuration lists
Enterprise maturity with roles and

access control
All integrated into the Falcon platform

Announcing ExPRT.AI
Recommended remediation
Orchestration through Falcon Fusion

BUILD INFRASTRUCTURE DEVOPS CLOUD INFRASTRUCTURE
Comprehensive Remedy Industry Correlate runtime Image Assessment
visibility into misconfigurations first Cloud and control plane and Kubernetes
hybrid cloud (IOMs) IOAs visibility protection
Dealing with a The enterprise network New critical
massive increase in has become a whole lot vulnerabilities
sophisticated attacks bigger and more impacting core
complex technology stacks
nearly every week
Log everything and ask Better scale, data integration,
anything across the entire implementation than
technology stack traditional SIEM
Solve compliance needs, Index free storage

address new kinds of architecture, market
security questions leading data compression
Blazing fast search across Retain more data at a

any data set, structured dramatically lower cost
or unstructured
Struggling to take in 20TB/day Struggling with 10TB/day Struggling with EUBA topping
with ELK and Greylog with Elastic out at 1TB/day, based on ELK
Very long query times (40+ minutes) Queries causing system impacts
6.5X increase in 7X increase in 8X Increase in

TB/day ingested TB/day ingested TB/day ingested
Saves time in troubleshooting Reduced friction and increased Able to capture all security logs
support issues and shortens time efficacy in issue tracing
to code release. Faster code releases, and happier Displaced product that couldn’t
developers deliver
EDR data with real-time threat proactive automated
telemetry from detection, alerting, responses across
targeted, vendor- prevention and multiple technologies
specific security data hunting across and domains
multiple technologies
and domains
Faster Response Internal Process Automation
Workstations Servers Virtual Machines Containers Cloud Mobile IOT
Management & Board
CrowdStrike Holdings, Inc. Class A (CRWD)$168.90 Next Rpt Date: 16 Mar '22Report as of 30 Jan '22
TOTAL INDEPENDENT AVERAGE AVERAGE INSIDER

Mgmt 11 Mgmt 51 Mgmt 5 Mgmt 0.789%
MEMBERS DIRECTORS AGE TENURE OWNED
19 Board 9 89% 56 YRS Board 60 5 YRS Board 6 0.865% Board 0.487%
Management
Company Insider Total

Name Position Age Tenure (Yrs) Holdings (%) Salary Comp.
George P. Kurtz, Jr., CPA President, Chief Executive Officer & Director 51 11 0.411 $550,000 $20,518,011
Burt W. Podbere Chief Financial & Accounting Officer 56 7 0.167 $400,000 $12,285,788
Michael Sentonas Chief Technology Officer - 2 - - -
Jerry Dixon Chief Information Security Officer - 6 - - -
Amol S. Kulkarni, PhD Chief Product & Engineering Officer 52 8 - - -
Shawn Henry Chief Security Officer 60 8 0.134 $550,000 $13,901,305
Adam Meyers Vice President-Intelligence 43 11 - - -
Marianne Budnik, MBA Chief Marketing Officer 53 <1 - - -
Michael Carpenter President-Global Sales & Field Operations 46 6 0.077 $550,000 $13,284,264
J. C. Herrera Chief Human Resources Officer - - - - -
Cathleen Anderson General Counsel - 5 - - -
Source: FactSet People, Ownership
Board Members
Board Insider Total

Name Position Age Tenure (Yrs) Holdings (%) Salary Comp.
Gerhard Watzinger Chairman 61 10 0.012 - -
George P. Kurtz, Jr., CPA President, Chief Executive Officer & Director 51 11 0.411 $550,000 $20,518,011
Laura J. Schumacher Independent Director 58 2 0.002 - -
Roxanne Schuh Austin, CPA Independent Director 61 4 0.010 - -
Godfrey R. Sullivan Independent Director 69 5 0.020 - -
Joseph E. Sexton Independent Director 63 7 0.000 - -
Sameer K. Gandhi, MBA Independent Director 56 9 0.001 - -
Cary J. Davis, MBA Independent Director 56 9 0.012 - -
Denis J. O'Leary, MBA, CPA Independent Director 65 11 0.018 - -
Source: FactSet People, Ownership

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Jan 25
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CRWD ()
Recently trading at: 159.295 January 25, 2022, 1:59 pm ET
Technical Summary
Term → Near Mid Long
Bias Weak Weak Strong
P1 0 0 219.99
P2 154.17 158.44 256.07
P3 167.17 174.66 291.50
Suggestion: Start with the longer term trading plans.
The technical summary data above is used to determine trading plans;

it has been derived using our proprietary algorithms. To obtain an Market Analysis Technical
updated report, please click here: UPDATE THIS REPORT
DOW S&P
NASDAQ RUSSELL
Long Term Trading Plans for CRWD

January 25, 2022, 1:59 pm ET
Buy near support, sell or short near resistance, and take advantage of the opportunities this stock
provides. The BLUE dot is the current price, the RED dots are resistance levels, and the GREEN are
support levels. Review the trading plans below. We like tight stops.
Technical Summary: 159.295 , 219.99, 256.07, 291.50, Where 159.295 = the recent price
Legend
Stock Finder
Current stock price
Support level Find a Stock to Buy or Short
Resistance level
Buy This Stock - Long Term Trades Short This Stock - Long Term Trades
CRWD - (Long) Support Plan CRWD - (Short) Resistance Plan

NONE. Short under 219.99, target n/a, stop loss @ 220.63
There is no current Support Plan to trigger a buy of The technical summary data is suggesting a short of
this stock at this time. This usually means that there CRWD as it gets near 219.99, but the downside
are no clear support levels at this time, so buying target is not available from the current data. This
the stock as it falls could be considered catching a tells us to hold that position if it is triggered until a
falling knife. Buy signals only exist if resistance new downside target has been established (updates
breaks higher. occur at the beginning of every trading session) or
This often is a signal that the stock you are watching until the position has been stopped. The summary
is weak. Waiting for a turn higher may be more data tells us to have a stop loss in place at 220.63.
intelligent than trying to catch a falling knife. In any 219.99 is the first level of resistance above 159.295,
case, new support levels are usually revised to the and by rule, any test of resistance is a short signal.
database at the beginning of the next trading In this case, if resistance 219.99 is being tested, so a
session. short signal would exist.
CRWD - (Long) Resistance Plan CRWD - (Short) Support Plan
Buy over 219.99, target 256.07, stop loss @ 219.35 NONE.
If 219.99 begins to break higher, the technical There is no current Support Plan to trigger a short
summary data will suggest a buy of CRWD over at this time. Shorts should be based n tests of
219.99, with an upside target of 256.07. The data resistance levels. In this case, the door is wide open
also tells us to set a stop loss @ 219.35 in case the for additional declines unless resistance breaks
stock turns against us. 219.99 is the first level of higher...
resistance above 159.295, and by rule, any break Please use the resistance plan as a short-indicator
above resistance is a buy signal. In this case, until new support levels have been added to the
resistance 219.99 would be breaking higher, so a database. Usually revised trading indicators will
buy signal would exist. update at the beginning of the next trading session.
Swing Trading Plans for CRWD

January 25, 2022, 1:59 pm ET
Technical Summary: 158.44, 159.295 , 174.66, 219.99, 256.07, 291.50, Where 159.295 = the recent price
Legend
Stock Finder
Current stock price
Resistance level
Buy This Stock - Swing Trades Short This Stock - Swing Trades
CRWD - (Long) Resistance Plan CRWD - (Short) Resistance Plan

Buy over 174.66, target 219.99, Stop Loss @ 174.16 Short near 174.66, target 158.44, Stop Loss @ 175.16.
If 174.66 begins to break higher, the technical The technical summary data is suggesting a short of
summary data tells us to buy CRWD just over CRWD if it tests 174.66 with a downside target of
174.66, with an upside target of 219.99. The data 158.44. We should have a stop loss in place at
also tells us to set a stop loss @ 174.16 in case the 175.16 though in case the stock begins to move
stock turns against the trade. 174.66 is the first level against the trade. By rule, any test of resistance is a
of resistance above 159.295, and by rule, any break short signal. In this case, if resistance, 174.66, is
above resistance is a buy signal. In this case, 174.66, being tested a short signal would exist. Because this
initial resistance, would be breaking higher, so a buy plan is a short plan based on a test of resistance it is
signal would exist. Because this plan is based on a referred to as a Short Resistance Plan.
break of resistance, it is referred to as a Long
Resistance Plan.
CRWD - (Short) Support Plan

Short under 158.44, target n/a, Stop Loss @ 158.9
CRWD - (Long) Support Plan
Buy near 158.44, target 174.66, Stop Loss @ 157.98
Buy near 158.44, target 174.66, Stop Loss @
157.98The technical summary data tells us to buy
CRWD near 158.44 with an upside target of 174.66.
This data also tells us to set a stop loss @ 157.98 to
protect against excessive loss in case the stock
begins to move against the trade. 158.44 is the first
level of support below 159.295, and by rule, any test
of support is a buy signal. In this case, 158.44, initial
support, would be tested, so a buy signal would
exist. Because this plan is based on a test of support
it is referred to as a Long Support Plan.
Day Trading Plans for CRWD

January 25, 2022, 1:59 pm ET
Technical Summary: 154.17, 158.44, 159.295 , 167.17, 174.66, 219.99, 256.07, 291.50, Where 159.295 =
the recent price
Legend
Stock Finder
Current stock price

Buy This Stock - Day Trades Short This Stock - Day Trades
Resistance level
CRWD - (Long) Resistance Plan

Buy over 167.17, target 174.66, Stop Loss @ 166.78
CRWD - (Short) Resistance Plan
Short near 167.17, target 158.44, Stop Loss @ 167.56.
If 167.17 begins to break higher, the technical The technical summary data is suggesting a short of
summary data tells us to buy CRWD just over CRWD if it tests 167.17 with a downside target of
167.17, with an upside target of 174.66. The data 158.44. We should have a stop loss in place at
also tells us to set a stop loss @ 166.78 in case the 167.56 though in case the stock begins to move
stock turns against the trade. 167.17 is the first level
against the trade. By rule, any test of resistance is a
of resistance above 159.295, and by rule, any break
short signal. In this case, if resistance, 167.17, is
above resistance is a buy signal. In this case, 167.17, being tested a short signal would exist. Because this
initial resistance, would be breaking higher, so a buy plan is a short plan based on a test of resistance it is
signal would exist. Because this plan is based on a referred to as a Short Resistance Plan.
break of resistance, it is referred to as a Long
Resistance Plan.
CRWD - (Short) Support Plan

Short under 158.44, target 154.17, Stop Loss @ 158.81
CRWD - (Long) Support Plan
Buy near 158.44, target 167.17, Stop Loss @ 158.07

Fundamental Charts
Find the Fundamental Charts for CRWD below. With a focus on earnings growth valuation, these charts
help define the underlying company.
CRWD EPS Analysis

CRWD Revenue
CRWD Growth Rate - Quartely
CRWD P/E Chart
CRWD PEG
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Tuesday, November 2, 2021
Embedded Expectations Analysis

CrowdStrike Holdings, Inc. (CRWD:USA)
CrowdStrike Holdings, Inc. (CRWD)
Sector: Information Technology − CrowdStrike Holdings, Inc. (CRWD) currently trades near historical highs
Sub-Industry: Systems Software relative to Uniform assets, with a 36.1x Uniform P/B (V/A’).
− At these levels, markets are pricing in expectations for Uniform ROA to reach
new peaks of 76%, accompanied by 25% Uniform asset growth.
Market Cap.: $61,420 million
Stock Price: $269.17 − Meanwhile, analysts expect Uniform ROA to fade to 7% by 2022, accompanied
52 Wk High/Low: $297.40/ $118.10 by 51% Uniform asset growth.
− If sustained going forward, these levels would suggest significant potential
equity downside. That said, as an early-stage growth name it is not uncommon
to see expectations for a material positive inflection in profitability.
− Moreover, the firm’s most recent earnings call suggests management is excited
about Falcon Complete and confident in their product differentiation and
revenue guidance.
DISCLOSURES: Valens issues its analyses and other publication with the expectation and understanding that investors are to make their own study and evaluation of any security discussed
therein. Please refer to the disclosures appendix at the back of this report.
VALENS RESEARCH 1
info@valens-research.com

Company Description
− CrowdStrike, Inc. (CRWD) provides cloud-delivered solutions for endpoint and cloud workload protection
in the United States, Australia, Germany, India, Israel, Romania, and the United Kingdom. The company
operates through one segment:
o Security Software & Services: offers 19 cloud modules on its Falcon platform through a software
as a service subscription-based model that covers various security markets, such as corporate
workload security, security and vulnerability management, managed security services, IT
operations management, threat intelligence services, identity protection, and log management.
Performance and Valuation Prime™ - Valuation
− CRWD currently trades near historical highs relative to Uniform assets, with a 36.1x
Uniform P/B (V/A’).
− The firm has seen an elevated valuation since 2020, according to both earnings- and
asset-based indicators, implying heightened expectations for future earnings growth.
VALENS RESEARCH 2

Performance and Valuation Prime™ - Profitability and Expectations
Historical Performance
− As an early-stage cybersecurity technology company, CRWD has seen mostly negative but
improving profitability.
− Uniform ROA gradually expanded from -304% in 2017 to 8% in 2021.
− Meanwhile, Uniform asset growth has been consistently robust, positive in each of the past
four years, while ranging from 26% to 222%.
Market and Analyst Expectations

− At current valuations, markets are pricing in expectations for Uniform ROA to reach new
peaks of 76% in 2026, accompanied by 25% Uniform asset growth going forward.
− However, Wall Street analysts have bearish expectations, projecting Uniform ROA to fade to
7% by 2023, accompanied by 51% Uniform asset growth.
VALENS RESEARCH 3

Profitability Driver Analysis
− Improvements in Uniform ROA have been driven primarily by improvements in Uniform earnings
margin and slightly offset by declining Uniform asset turns.
− From 2017 to 2021, Uniform margins gradually improved from -113% to 8%.
− Meanwhile, Uniform turns declined from a peak of 2.7x in 2017 to a low of 0.6x in 2020, before
recovering to 0.9x in 2021.
− At current valuations, the market is pricing in expectations for further expansion in Uniform margins
towards new peaks and a continued recovery in Uniform turns.
VALENS RESEARCH 4

Valuation Matrix
Market Expectations Analyst Expectations
− At CRWD’s current stock price of ~$238, market expectations imply 76% Uniform ROA and 25%
Uniform asset growth going forward.
− Meanwhile, analyst expectations for 7% Uniform ROA and 51% Uniform asset growth, if
sustained in perpetuity, would imply significant potential equity downside.
− That said, as an early-stage growth name it is not uncommon to see expectations for a material
positive inflection in profitability following years of unprofitable performance.
VALENS RESEARCH 5

Earnings Call Forensics

Earnings Call Forensics™
Overview Management is excited about Falcon Complete and confident in their
Built on former FBI, CIA, and
MOSSAD audio and linguistic
product differentiation and revenue guidance
methods, Earnings Call Forensics
(ECF) provides a mosaic of − Valens qualitative analysis of the firm’s Q2 2022 (8/31/2021) earnings call
psychological insights into highlights that management sentiment was positive when discussing Falcon
management discussions. The
analysis points to where due Complete, product differentiation, and revenue guidance:
diligence needs to be focused.
Furthermore, unlike other similar
o Falcon Complete: management generated an excitement market when
fields of research, our focus is not saying they are selling Falcon Complete to a variety of customers, from
limited to the detection of the smallest SMBs all the way up to the largest enterprises.
deception. The ECF analysis
focuses on also identifying o Product differentiation: management is confident their product is
excitement and confidence. The differentiated enough to win deals even when they have higher prices
holistic approach is able to identify than competitors.
when management is Highly
Questionable, Confident, and o Revenue guidance: management is also confident they expect total
Excited.
revenue to be in the range of $1,391 million to $1,409 million and that
there are ample opportunities to increase customer count due to
increased cybersecurity demand.
− That said, management sentiment was negative when talking about
performance sustainability, efficiency initiatives, and capabilities:
o Performance sustainability: management may lack confidence in their
ability to sustain second-quarter performance and momentum into the
third quarter, maintain strong subscription gross margin performance,
and continue to reduce their operating expense margins. In addition,
they may lack confidence in their ability to sustain free cash flow yield
improvements.
o Efficiency initiatives: management may lack confidence in their ability
to efficiently scale the business and they may be overstating their
outperformance relative to the SaaS industry’s Rule of 40 benchmark.
o Capabilities: management may be overstating the speed and
automation capabilities of their Falcon platform and the significance of
a recent large media company customer win.
o Other: management may have concerns about downmarket retention
rates and opportunities and they may lack confidence in their ability to
provide customers more choices on their platforms. Finally, they may
be overstating the number of logos they are seeing, how quickly they
are closing deals, and their ability to prevent ransomware and other
cyberattacks.
VALENS RESEARCH 6

Glossary
Asset’ – Net Asset’ is calculated as Net Working Capital + Long Term Non-Depreciating Operating Assets (including Land and Non-
Depreciating Operating Intangible Assets, excluding Goodwill and other acquisition-related Intangible Assets) + Inflation-Adjusted
Net PP&E + Net capitalized R&D + Net Capitalized Leases + Net Depreciating Operating Intangible Assets
Earnings Call Forensics™ – Valens Equities analysis includes a powerful proprietary process for studying and evaluating
representations made by management during quarterly earnings calls and other public events. Valens uses tools and systems that
other sell-side firms and credit agencies have been either unwilling or unable to use. Their reluctance to use these technologies
often stems from their fear of endangering their relationships with management teams.
iCDS – Valens calculates proprietary, Intrinsic CDS (Credit Default Swap) for thousands of firms as their fundamentals change. Early
markers can be invaluable in predicting price movements, particularly when seeing credit quality changes where no CDS are traded,
where speculative or illiquid CDS fails to provide reliable information, or where rating agencies are too slow.
Most Compelling Earnings Call Forensics™ Inflections – Companies where Earnings Call Forensics™ (ECF™) has identified large shifts
in management sentiment from quarter-to-quarter. The ECF™ Ratio above highlights the rate of incidence of Highly Confident and
Excitement markers relative to Highly Questionable markers. The higher on the list a name appears, the larger the recent inflection
between their two most recent ECF™.
Most Compelling Long Ideas – The most compelling long ideas based on all five proprietary value drivers: ROA’, Asset’ Growth, V/A’,
V/E’, and TSRr. These are companies that Valens maintains a positive outlook on, relative to current market valuations. The higher
on the list a name appears, the more positive Valens’ opinion of the name is, based on our fundamental factors.
ROA’ – ROA’ is a cleaned up Return on Asset ratio, used to understand the operating fundamentals of the company. ROA’ is Earnings’
divided by Asset’. Earnings’ is calculated as Net Income + Special Items + Interest Expense + Depreciation and Amortization Expense
+ R&D Expense + Rental Expense + Minority Interest Expense + Pension Charges + LIFO to FIFO adjustments + Stock Option Expense
+ Purchase Accounting Cash Flow Adjustments - Non-Operating (Investment) Income - Asset Life Based Charge on Depreciating
Assets. Asset’ is Net Asset’, or Net Working Capital + Long-Term Non-Depreciating Operating Assets (including Land and Non-
Depreciating Operating Intangible Assets, excluding Goodwill and other acquisition related Intangible Assets) + Inflation Net PP&E +
Net Capitalized R&D + Net Capitalized Leases + Net Depreciating Operating Intangible Assets.
ROA’ Momentum – ROA’ momentum is Valens’ metric to understand the change in projected ROA’ and earnings momentum. This
metric analyzes what the first forecast year projected ROA’ was one month ago, and what the projected ROA’ is today. This helps in
identifying companies where analyst expectations for fundamentals are improving, and companies where analyst expectations for
fundamentals are growing more negative.
TSRr – Total Shareholder Returns (TSR) Relative are traditionally known as the capital gains of the stock, adjusted for any stock splits
or similar action, plus dividends, over some period of time. No adjustments are made to the well-known standard calculation. TSRr
calculates the TSR relative to the performance of the S&P 500 in the USA, or some other major market index if more relevant when
examining companies in other countries.
V/A’ – V/A’ is a cleaned up Enterprise Value to Net Asset ratio, used to understand the multiple on Net Asset that the debt and
equity markets value the company at. Generally, businesses that produce higher ROA’s and have no credit concerns or other reasons
to believe they are not “going concern” businesses trade at higher V/A’. V is Enterprise Value’, defined as Market Cap + Minority
Interest + Adjusted Book Debt - Excess Cash. A’ is Net Asset’, or Net Working Capital + Long-Term Non-Depreciating Operating Assets
(including Land and Non-Depreciating Operating Intangible Assets, excluding Goodwill and other acquisition related Intangible
Assets) + Inflation Net PP&E + Net Capitalized R&D + Net Capitalized Leases + Net Depreciating Operating Intangible Assets.
VALENS RESEARCH 7

V/E’ – V/E’ is a cleaned up Enterprise Value to Earnings ratio, used to understand the value the debt and equity markets ascribe to
the company’s cash flows. V is defined as Enterprise Value’, which is Market Cap + Minority Interest + Adjusted Book Debt - Excess
Cash. E’ is defined as Earnings Prime. Earnings Prime is calculated as Net Income + Special Items + Interest Expense + Depreciation
and Amortization Expense + R&D Expense + Rental Expense + Minority Interest Expense + Pension Charges + LIFO to FIFO
adjustments + Stock Option Expense + Purchase Accounting Cash Flow Adjustments - Non-Operating (Investment) Income - Asset
Life Based Charge on Depreciating Assets.
Valens’ process combines proprietary forensic financial analyses; proven linguistic, audio, and visual behavior analysis techniques;
specific incentive and compensation analytics (DEF 14A-relevant); and other unique systems. These tools provide Valens analysts
with significant analytic advantages in evaluating management representations to better judge the credit worthiness and
profitability of each firm we rate.
VALENS RESEARCH 8

Disclosures
© 2021 (Valens Research LLC, Valens Credit LLC, Valens Securities, Equity Analysis & Strategy and Altimetry Research and/or its
licensors and affiliates hereinafter referred to as the “Valens”).
All rights reserved. Credit, business, equity or any kind of analyses hereby issued by Valens or any of its directors, shareholders,
officers, employees or agents (“Valens’ Analyses”) are Valens’ current opinions of the relative future credit risk, business, equity and
other related assets of the relevant entities, credit commitments, or debt or debt-like securities, credit, business and risk analyses
and research publications published or soon to be published by or with in association with Valens or any of its directors,
shareholders, officers, employees or agents (“Valens Publications”) may include Valens’ current opinions of the relative future credit
risk of entities, credit commitments, or debt or debt-like securities, business, equity and other related assets.
Valens’ Analyses and any related opinions included in Valens Publications are not statements of current or historical fact. Valens’
Analyses and Valens Publications do not constitute or provide investment or financial advice.
Valens’ Analyses and Valens Publications are not and do not provide recommendations to purchase, sell, or hold particular
securities.
Valens accepts no liability and responsibility from any kind of damage or responsibility that may arise from any false notion,
misguidance or mistake regarding this. Valens’ Analyses may not address any other risk, including but not limited to liquidity risk,
market value risk, or price volatility.
Neither Valens’ Analyses nor Valens Publications comment on the suitability of an investment for any particular investor and neither
Valens’ Analyses nor Valens Publications under no circumstances does not accept any kind of liability or responsibility arising from
self misguidance of any particular investor or any other 3rd parties.
Valens issues Valens’ Analyses and publishes Valens Publications with the expectation and understanding that each investor, 3rd
party and each user of the information contained herein or to be issued by Valens will make its own study and evaluation, in a
deliberate, cautious and prudent way, of each security that is under consideration for purchasing, holding, selling or for any
transaction.
Valens’ Analyses may be the opinions as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the
issuer or any form of security that is available to retail clients. It would be dangerous for retail clients, 3rd parties or any other
information receivers, to make any investment decision based solely on any of the Valens’ ratings or Valens’ Analyses. If in doubt,
you should contact your financial or other professional adviser.
All information contained herein is protected by relevant law, including but not limited to copyright law and intellectual property law
and none of such information may be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated,
redistributed or resold, or stored for subsequent use for any such purpose, including but not limited to commercial or non-
commercial use, in whole or in part, in any form or manner or by any means whatsoever, by any person or legal entity/entities
without Valens’ prior and explicit written consent.
VALENS RESEARCH 9

All information contained herein is obtained by Valens from sources believed by it to be accurate, up to date and reliable. Because of
the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “as is”;
without representation of accuracy or any kind of warranty, obligation or any kind of commitment and undertaking.
Valens adopts all reasonable measures so that the information used or to be used assigning a credit, business, equity or any other
rating if any, is of sufficient quality. Valens considers from its sources including, when appropriate, independent third-party sources,
to be reliable.
However, Valens is not an auditor and cannot in every instance independently verify or validate information received in the rating or
any other process. Under no circumstances shall Valens or any of its directors, shareholders, officers, employees or agents have any
liability or responsibility to any person or entity/entities for any kind of loss or damage in whole or in part caused by, resulting from,
or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of Valens or any
of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation,
communication, publication or delivery of any such information, or any direct, indirect, special, consequential, compensatory or
incidental damages whatsoever (including without limitation, lost profits), even if Valens or any of its directors, shareholders,
officers, employees or agents is/are advised in advance of the possibility of such damages, resulting from the use of or inability to
use of, any such information.
Any analysis, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained
herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell
or hold any securities. Each user of the information contained herein must make its own study and evaluation, in a deliberate,
cautious and prudent way, of each security it may consider purchasing, holding, selling or doing any kind of transactional action.
No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose
of any such rating or other opinion or information is given or made by Valens or any of its directors, shareholders, officers,
employees or agents in any form or manner whatsoever.
VALENS RESEARCH 10

CrowdStrike Holdings, Inc. Class A

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CrowdStrike Holdings, Inc.

30 Jan 22 Public Information Book

Sales & Earnings

10 Sales & Earnings

40 Citi initiates AKAM, CRWD, FTNT, others; assumes CTXS

41 Wells Fargo Securities initiates CRWD, OKTA, PANW, and ZS

43 Stocks mentioned on CNBC's Mad Money with Jim Cramer - TheStreet

46 CrowdStrike Holdings, Inc.(CRWD-US), Needham Growth Conference, 13-January-2022 12:30 PM ET

61 CrowdStrike Holdings, Inc. Slide 1: Investor Meeting

Management & Board

110 Management and Board

123 CRWD - Embedded Expectations Analysis - 2021 11 02 (Valens Research) 10 pages

Sector Industry Mkt Cap (M) EV (M) Sales (M)

Estimates Net Margin -16.5 15.7 8.7

© 2022 FactSet Research Systems, Inc.

Upcoming Events EPS Sales

21 Jul '22 - Q1 2023 Earnings Release (Projected)

08 Sep '22 - Q2 2023 Earnings Release (Projected)

08 Dec '22 - Q3 2023 Earnings Release (Projected)

Past Events EPS Sales

11 Jan '22 05:00 PM Jefferies Software Summit

08 Dec '21 02:25 PM Barclays Global Technology, Media

06 Dec '21 01:00 PM UBS Global TMT Conference

02 Dec '21 04:40 PM Wells Fargo TMT Virtual Summit

01 Dec '21 05:00 PM Q3 2022 Earnings Call - 0.25 - 517

12 Oct '21 04:00 PM Investor Meeting

09 Sep '21 01:10 PM Deutsche Bank Technology Conference

© 2022 FactSet Research Systems, Inc.

Management (6 of 11) Board (6 of 9)

© 2022 FactSet Research Systems, Inc.

NET POSITION CHANGE 3,576,839

Top Holders - Institutions and Insiders

© 2022 FactSet Research Systems, Inc.

Segments Snapshot - Quarterly (M)

Oct '21 YoY % % of Sales Jan '22E YoY % 3Y Trend

Estimate Growth - Quarterly

Jan '21 Jan '22E Growth (YoY%)

Jan '21 Jan '22E Growth (YoY%)

© 2022 FactSet Research Systems, Inc.

EPS - Consensus Outlook - Annual & Quarterly

Segments LT Estimates - Annual (M)

© 2022 FactSet Research Systems, Inc.

© 2022 FactSet Research Systems, Inc.

Sales - Consensus Trend - Annual (M)

Sales - Broker Detail - Jan '22E (M)

Consensus Guidance # of Brokers

Top 13 Brokers Research Estimate Bottom 12 Brokers Research Estimate

© 2022 FactSet Research Systems, Inc.

Sales - Broker Revisions - Jan '22E (M)

Consensus Guidance 1M Revision 1W Revision

© 2022 FactSet Research Systems, Inc.

EPS - Consensus Trend - Annual

EPS - Broker Detail - Jan '22E

Consensus Guidance # of Brokers

Top 15 Brokers Research Estimate Bottom 14 Brokers Research Estimate

© 2022 FactSet Research Systems, Inc.

EPS - Broker Revisions - Jan '22E

Consensus Guidance 1M Revision 1W Revision

© 2022 FactSet Research Systems, Inc.

Valuation Peers Analysis

CrowdStrike Holdings A VMware A Broadcom Palo Alto Networks Microsoft Mandiant

© 2022 FactSet Research Systems, Inc.

Price to Earnings - NTM

© 2022 FactSet Research Systems, Inc.