저자: JimCramer·GeorgeKurtz · 외국인
요약 보기
CrowdStrike 1분기 실적은 호실적이나 컨센서스 대비 소폭 상회에 그쳐 주가가 급락. 연간 순신규 ARR 가이던스 상향(520bp), Rule of 40=59, AI 탐지·대응(AI DR) 상품 분기 대비 250% 성장 등을 근거로 제시. Anthropic Project Glasswing 등 AI 보안 생태계에서 CrowdStrike가 중심 역할을 한다고 주장. 취약점 발견이 보안의 일부일 뿐이며 자격증명 탈취 등으로 침해는 계속된다고 설명. Cramer는 이번 하락을 매수 기회로 봄.
다듬은 글
Last night CrowdStrike reported what I thought was an excellent quarter, but the stock got hammered today. Mainly because the cybersecurity company didn't beat the estimates by as much as we've all become accustomed to. The guidance was strong, too, and they even announced a four-for-one stock split, which shouldn't matter in theory, but in practice tends to attract more individual investors.
And I think this is a buying opportunity. But don't take it from me. Earlier today, I had the chance to speak with George Kurtz, the founder and CEO of CrowdStrike. Take a look. George, welcome back to Mad Money. Jim, great to be here. You know, George, I got to tell you, I followed your company since you came public, and I was so you had record new annual recurring revenue, you had accelerating revenue growth, you had record cash flow, you had free cash flow that was terrific, you had new new ARR that was great, but somehow it was regarded as disappointing.
So, I have to believe that at some level, you might have been surprised that this quarter was disappointing. Well, Jim, the way I look at it is we have the best products and we're taking care of our customers in an era where AI is obviously going to be pervasive and you're going to need security. So, I thought we posted a fantastic quarter.
Obviously, you went through some of the stats. The other stat that I'll point out to you is our rule of 40 was 59. So, when you think about the growth and the cash flow generation, uh it's insane at our scale. So, we're very proud of the quarter and uh we're excited about the future and the tailwinds that we're seeing from AI.
Well, let me let me posit something. We've had this terrible uh discovery basically, this mythos, where it looks like that things are way out of control. And I figured that you would have a huge amount of business when this news broke. But it doesn't seem like maybe it it turned into a lot of business.
Was I wrong? Well, Jim, you have to look at the calendar. You're talking about me those breaking in the middle of April. Our quarter ends at the end of April, right? So, we're selling enterprise software, not necessarily shipping boxes. So, these things take time to get into customers' hands. You got to go through a sales cycle.
But, what I want to point out is you have to look at the guidance of the next quarter. We raised the full-year guidance across the entire year our net new ARR guidance by over 50 million over 520 basis points, which is an incredible raise. So, we have the confidence to do that because we see the opportunity that's in front of us and we see what customers are looking for, which is CrowdStrike, which is our AI DR technology, AI detection and response to be able to identify rogue AI agents and be able to protect those and allow people to actually accelerate their AI adoption in an enterprise.
Well, I mean, is it possible that people are concerned that you did not raise your net new ARR. You came in with 5.51 billion versus 5.503 billion and people thought that maybe the spring rally wasn't justified. Well, I would point you to the whole year, Jim. You know, 520 basis points is a big move and we see this taking place across the entire entirety of the year.
So, we feel really good about the raise. I think we feel fantastic about the pipeline. As an example, our AI DR technology, we're entering the pipeline with over 50 million in in Q2 alone. We saw 250% quarter-over-quarter growth just in that that product alone. And what I know from talking to customers is they want to roll out more AI and if you need more AI, you want to consume more AI, you're going to need security.
So, you know, I thought it was a great Q1 and we're excited about the future and the guidance that we provided. couldn't agree more. It's why I told our people who belong to the investing club, don't believe what you read. This is an amazing quarter. I want to ask about Project Glasswing from Anthropic.
What I understand from the people I talked to, you're pretty much leading the cybersecurity efforts to try to figure out what to do here, despite the fact that Anthropic thought at one point that they could handle it themselves. I don't think that insurance companies wanted Anthropic to handle it themselves, and I think they wanted you to do it because I think you actually know how to stop it.
Jim, what's important to realize that security is an ecosystem. And to be successful, you need to have an ecosystem that's going to help customers and help partners. So, when you look at what Anthropic has come out with, you they've got some great models, no doubt. But in order to be able to work with customers, you have to take advantage of those deep trusted relationships with which companies like CrowdStrike have built over the last 15 years.
You have to leverage the deep data mode that we have with our Falcon technology, and you have to leverage the fact that we're in the middle of helping to stop these big breaches, or helping non-customers respond to the breaches they have, and then we turn them into customers. So, I think the ecosystem is a key part.
They recognize that, and we're happy to be part of that coalition. And you know, again, we're also working with uh with OpenAI in in their TAC programs. So, we're at the epicenter of AI and security, and I think that goes to show you the leadership position that we have. Well, can you talk to me about Project Quilt Works and what you are doing there?
Because that seems to be equally as important for the future as what you might be doing in Glasswing. It is. Well, when you when you think about Glasswing when it came out, you have only a handful of companies that have access to Methos. So, you have a lot of customers their boards, their CEOs saying, what what can we do?
I mean, a CEO is calling me in the middle of the night, Fortune 10 companies going, "Mythos, you know, help us. What can we do? How does all this work?" And and, you know, how do we make sure we're secure? So, we're in the middle of these conversations, and the opportunity is so large that you need to create a coalition around this, the Accentuers, the EYs of the world, etc., where they can work using our technology to help customers understand where their where their exposures are.
We're finding millions of exposures in companies that we go into. Those need to be prioritized, and you need to understand what mitigating controls like Falcon are in place to be able to prevent against those. So, the great opportunity here is we have our partners drop into either customers or non-customers that we turn into customers because they're using our technology as part of this AI readiness assessment.
So, it's really a multiplier effect for us. Don't aren't you surprised that uh when everything first broke, even in the winter when we realized all the different vulnerabilities, that somehow all this stuff was per what there was a belief that it was bad for CrowdStrike, when I know I know when I first saw it, I said, "Oh my god, bonanza." And yet all I read for so long was this is the end of CrowdStrike.
What do you think went wrong with that narrative? How did people just get it completely backward? Well, Jimmy, you have to look at security. There's many different facets, and finding vulnerabilities in source code is one facet of it, okay? And that's what the LLM models do pretty well. Uh but then you have to look at the overall purpose of security.
It's to stop the breach. You have to be in line. You have to be uh you have to get it right, you know, the first time you see a threat. You've got to be able to create data that allows you to understand what's happening and train that data. And we have a massive proprietary data mode from, you know, over a decade of doing this.
So, at the end of the day, we can use these LLMs to be more successful and and and have greater impact with our customers, but it's only one aspect of what you need to do to build a security platform like Falcon. So, when this came out, I think a lot of people were confused that if you got rid of all the vulnerabilities that the world would be safe.
That's not the case. You can get rid of all the vulnerabilities in the world and you would still have break-ins because you have things like identity theft. And that what I mean by that is your credentials, your username, your password, your tokens get stolen and people log into a system and steal all that data.
So, there are many ways to get into a system. Exploiting a vulnerability is just one of those and you're never going to get rid of all of them and you're still going to need a full life cycle system, a system of record like Falcon to be able to stop those breaches. And I look, I know that I'm I've been limiting my questions to this notion of what happens with with the anthropic mythos.
There's been no diminution of the just plain vanilla, I'm going to wreck your company, pay me kind of things that that CrowdStrike does for a living. Absolutely not. You know, Jim, we have talked extensively about extortionware and ransomware, right? Where these the cyber gangs will basically get into a a large company or even small companies that don't have the level of protection.
It's really shameful. They get in and they extort these folks and you need security up and down the the entire business stack, right? Whether it's a small business or whether it's a large enterprise and we're only seeing more and more of these sort of attacks. What AI has done is it's created more adversaries with greater sophistication because they're leveraging the models themselves.
So, what does that mean? Means more tailwinds for companies like CrowdStrike. Okay, last question. You you there were so many people in cybersecurity when I first started talking to you, I kind of feel like that it's gotten so big and the threats are so horrible that you need a complete suite and the only one other than you that has a pretty complete suite would be Nikesh Nikesh Arora's company, Palo Alto Networks.
Is it just you and them? Is it just the third duopoly now? Well, I I think the the platform vendors are ultimately going to win. Obviously, it's a big market and it's a competitive market, but we like where we are given our position, given how we've built the technology from the ground up as being uh sort of native integrated technology.
Um and you know, we come at it just from a different approach of how we drive innovation as a as opposed to just acquiring a bunch of technologies, but at the end of the day, you have just a few big players that are out there and I think there's a lot of opportunity for for the companies that are out there, but there's only a handful of them as you pointed out.
All right. And I I like our I like our chances. I don't blame you. I'm going to do something that I think someone at least should have done last night. Congratulations on a good quarter, George Kurtz, founder and CEO of CrowdStrike. Good to talk to you. Thanks so much, Jim. Going to have you back after the break.
Coming up, the summer of IPOs is officially heating up. So, Cramer's taking a microscope to today's scorcher, Quantum. Next. Don't miss a second ]
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