Continued Momentum, CRWD

Frosth & Sullivan named CrowdStrike a recipient of its Global Technology Innovation Leadership Award in endpoint security. Crowdstrike’s ‘frequently relevant and impactful innovation’ was pointed out as the deciding factor. Frost & Sullivan is a research & consulting firm that helps clients accelerate growth. 98% of the top 1000 companies partner with them, per them.

Nonetheless…
Crowstrike is:
Scaling Customers Muji at Hhhypergrowth.com wrote: They (as well as SentinelOne) do not count the clients of managed service providers (MSPs) that they are overseeing as individual customers. So there is a huge hidden bubble of customers of MSSPs (log mgmt-as-a-service) and IRs (incident response & remediation) that adopt these platforms. We heard last Q that partner revenue grew ARR +83%, with MSSP alone growing +200%!).
Scaling Operations This is observed by there FCF margins of 32.3% and Mgmt mentioned during IR day that they could 4x ARR from here ($1.7B FY23 ARR could be $7.0B).
Scaling their Platform Customers using 5+ modules went from 50% → 59% over past year, while 6+ went from 27% → 35%…dropping the 4+ products KPI and replacing with 7+.
growing their Moat and TAM (1st Threat Graph, then the Intel Graph. And now the Asset Graph- This new Asset Graph allows CrowdStrike to take posture management (vulnerability, identity and permission management) to the next level by offering a centralized dashboard that automates and contextualizes the tracking of changes to configurations…of assets).

Best,

Jason
Crowdstrike now 11.5% of portfolio

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