To learn more about Pax8 and CrowdStrike, please visit Demonstrating our commitment to lead and protect the industry through this next wave of innovation, we teamed up with AWS to develop powerful new generative AI applications that help customers accelerate their cloud, security, and AI journey. All right, thank you so much. Deep integrations with CrowdStrike Alliance and XIoT partners enhance protection, detection, and response. We believe Charlotte AI will power a newly minted Tier-1 analyst to yield the results of an advanced Tier-3 analyst, the net benefit to the customer, faster results, better security outcomes, and lower overall costs. Bernard wanted the announcement to gain momentum and be a rolling thunder as it relates to helping partners. AUSTIN, Texas--(BUSINESS WIRE)--Apr. IBM advances chiplets with hybrid bonding for thinner, smaller connections, Headcount: Firings, hirings and retirings May 2023. Pax8 partners will have the opportunity to engage with CrowdStrike directly at their booth during the Pax8 Beyond 2023 event, taking place from June 11-13, 2023, in Denver, Colorado. Through the CrowdStrike Elevate Partner Program, youll further enhance your security offerings and tools to better detect, investigate and respond to security threats, faster and more efficiently. Learn more about our alliances, including the latest news and upcoming alliance events, on LinkedIn. From a protection standpoint, we see generative AI as a democratizing force by dramatically lowering the learning curve for practitioners transforming even a novice analyst into a power user. We delivered a strong first quarter even with the continued challenging macro-environment with revenue, subscription gross margin, operating income, net income, and free cash flow, all exceeding our guidance and reaching new records. Second, we ushered cyber security into a new era with the introduction of Charlotte AI. And this concludes the Q&A session. So, throughout the quarter that we're seeing both additional deal scrutiny what I just mentioned, but also they do take longer and that's throughout the entire quarter. Learn more about Cisco and the CrowdXDR Alliance So as you know, we called out that we expect to see in the long-term, the shift from multi-year deals to one-year deals. Sure, so the comment was meant to be throughout the quarter. Through the alliance, clients will be enabled to align threats to their defensive controls, measure the effectiveness of controls with regards to the changing trends of attacker techniques, respond to attacks in a more comprehensive manner, and remediate and recover from impactful attacks to enable focused improvement in areas needed. We have detected that Do Not Track/Global Privacy Control is enabled in your browser; as a result, Marketing/Targeting cookies, which are set by third parties with whom we execute marketing campaigns and allow us to provide you with content relevant to you, are automatically disabled. Discover the most beautiful places, download GPS tracks and follow the top routes on a map. Our next question comes from John DiFucci with Guggenheim Securities. Despite finding success quickly, Pilar Tarrys career progression was not completely linearby design. Please. The CrowdStrike partner ecosystem builds best-in-class integrations for customers. The demand environment remained resilient, although we continued to see increased deal scrutiny and longer than typical sales cycles, especially for larger consolidation deals with our relentless focus on sales execution, we achieved Q1 net-new ARR of $174.2 million, which was above stated assumptions. Thank you. [Operator Instructions] Our first question comes from Saket Kalia with Barclays. You may proceed. CrowdStrike also introduced new capabilities for the Falcon XDR (Extended Detection and Response) module to speed up detections for security teams, including an integration with ServiceNow, an existing CrowdXDR Alliance partner, to dramatically simplify security operations workflows with automated ticket creation. NEW YORK (May 20, 2021) - AlixPartners, the global consulting firm, announced today a new alliance with CrowdStrike, a leader in cloud-delivered endpoint protection and workload protection, which will combine the power of the CrowdStrike Falcon platform with AlixPartners' cybersecurity solutions. Secure ASA:CrowdStrike Falcon Insight XDR ingests cross-domain telemetry from Cisco Adaptive Security Appliance (ASA), to enable unified and threat-centric detection across an organizations infrastructure. You may proceed. Pilar Tarry grew up surrounded by books, thinking shed make a career in academia. By teaming up with CrowdStrike, MSPs will stay ahead of evolving threats, delivering . While we've seen strength in many different areas, we had some incredible wins with LogScale. Discover how EY insights and services are helping to reframe the future of your industry. The EY-CrowdStrike alliance combines CrowdStrikes leading-class cybersecurity technologies with transformational consulting capabilities and cyber services provided by EY teams. In todays complex cyber risk landscape, organizations recognize the value of establishing comprehensive and reliable cybersecurity strategies and operations. This concludes today's conference call. MSPs will be able to instantly deploy CrowdStrike - without a reboot - and take advantage of consolidated billing and provisioning automation. I think that overall with respect to some of the other metrics that you had mentioned, I think that for one, I think that for our net-new ARR, we are going to maintain the assumptions that we stated previously. Thanks, Alex. I don't know that there is any anomalies one way or another, but it's continued problem in the industry to actually get cyber insurance and it is part of our overall value proposition to a customer to be able to; A, help them get it; and B, reduce their overall cyber insurance costs. The palpable excitement surrounding this partnership reflects the shared anticipation of the opportunities it will bring to both companies.". CrowdStrike is committed to building an elite network of partners that can deliver the solutions, intelligence and security expertise that is required to combat today's advanced cyber adversaries. So we're going to get it out in the customer base, continue to iterate it. This is the next foray, he told CRN. Thanks. These included updates to its extended detection and response (XDR), cloud-native application protection platform (CNAPP), log management, and IoT and operational technology (OT) security products. We continued to manage SBC and we are going to be mindful balanced with retaining the best and the brightest talent that's paramount for us. Powered by the CrowdStrike Security Cloud and world-class AI, the CrowdStrike Falcon platform leverages real-time indicators of attack, threat intelligence, evolving adversary tradecraft and enriched telemetry from across the enterprise to deliver hyper-accurate detections, automated protection and remediation, elite threat hunting and prioritized observability of vulnerabilities. And again, we're really excited about Charlotte AI, which we announced this week. So we felt pretty good in terms of that particular piece of the segment. We had some incredible cloud wins. Thank you for taking the question. Read Pilar'sstory, As a husband, father, and regional community leader for our Investigations, Disputes & Risk group,Tarek Ghalayini's strategy to creating life balance is about keeping his priorities and family top of mind. We do not undertake and expressly disclaim any obligation to update or alter our forward-looking statements, whether as a result of new information, future events, or. I guess that we would love a little bit more color around your commitment to maintaining GAAP profitability, what should we expect? CrowdStrikes best-in-class cybersecurity capabilities combined with AlixPartners extensive hands-on management experience and action-oriented approach is critical to helping our clients around the world solve their most urgent and complex security and risk issues proactively, said Beth Musumeci, the global leader of AlixPartners Cybersecurity and Data Privacy Practice. I'm just curious. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate. Of course, SBC is the biggest piece of that. Investing in stocks, bonds, option and other financial instruments involve risks and may not be suitable for everyone. Our next question comes from Hamza Fodderwala with Morgan Stanley. So just be very, very clear on that point. And so, we've modeled that in. Well, we continue to see and we have seen for some period of time adversarial AI. Hey, George, one for you. Follow Pax8 on Our next question comes from Jonathan Ho with William Blair. Melissa Gallegos, Communications Director In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. For the second quarter of FY 2024, we expect total revenue to be in the range of $717.2 million to $727.4 million, reflecting a year-over-year growth rate of 34% to 36%. CrowdStrike already has a leadership position in helping protect AI innovators. I think that's the right thing to do. The innovative company has ranked in the Inc. 5000 for five years in a row. She can be reached at cfairfield@thechannelcompany.com. Great guys. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. This customer leverages significant public-cloud resources to support their solutions, also aware of the dangers others have faced from adversaries compromising client environments. The alliance capabilities are focused on addressing cyber risk and threat management, cyber incident response and cyber threat intelligence. Good question. IoT security, threat detection/response challenges mount up for businesses. Pioneering the future of modern business, Pax8 has cloud-enabled more than 400,000 enterprises through its channel partners and processes one million monthly transactions. Zero trust breaks down into six key areas: EY supports the CrowdStrike Falcon platform as a zero trust leader in the Identity, Application, and Devices pillars of the zero trust framework. You may proceed. Please disable your ad-blocker and refresh. : CrowdStrikes platform has 26 different modules for MSPs to choose from. The strategic alliance between Pax8 and CrowdStrike represents a significant milestone in Pax8's efforts to expand its global market presence and offer industry-leading security solutions to partners. While we are very proud of this milestone, we have yet to reach sustained GAAP profitability. Kevin Benacci Portions of this content may be copyrighted by Fresh Brewed Media, Investors Observer, and/or O2 Media LLC. So what's the -- how -- what kind of competition do you see there given that Microsoft is stronger in the down market? The Leading Resource on Next-Generation IT Infrastructure. So, it's a big market for us in SMB, it's a very highly fragmented market. Thank you. Well, I just wanted to thank everyone for their time and attention, and we appreciate the questions and we look forward to seeing you next quarter. Thank you. Obviously, these take -- these sort of bigger deals take time. EY's alliance with CrowdStrike simplifies the adoption of a zero trust framework by leveraging the CrowdStrike Zero Trust solution which enables secure access to applications from any endpoint, regardless of the user or location. And you can see the progress that we've made there. In Q1, we closed over 50% more deals involving eight or more modules, compared to a year ago. Get in touch to learn more. . The CrowdStrike Falcon platform offers AI-powered protection across endpoint, cloud, identity and data from a unified, modern XDR platform. But we do not see a material shift in the trend this quarter when compared to the last quarter. Organizations face a critical challenge, ensuring they are protected and secured against ransomware threats. Like what youve seen? Start a free trial today: Thank you. Well. So we'll start there. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. We do not undertake and expressly disclaim any obligation to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Bringing together industry-leading security and IT solutions, the CrowdXDR Alliance offers a first-of-its-kind technology ecosystem to enable unified, threat-centric detection and response across an organizations entire security and technology ecosystem. And if you look at our current market leadership and -- market-leading leadership at 17.8% for modern endpoint security. Thank you. The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets. Opting out of these cookies may impact some minor site functions. A revolutionary security alliance to deliver unified XDR enterprise-wide. Thanks. , Pax8 realizes the continuous demand of our partners for top-tier security solutions that can be seamlessly integrated into their cloud offerings. So first, let's talk a little bit about the second half, obviously, the easier comps in the back half, right? First-quarter non-GAAP operating income grew 40% year-over-year to reach a record $115.9 million and we reported operating margin of 17%. Falcon Discover for IoT helps the IT and security leaders to span across and understand that asset inventory in real time [and] continuously updated so that they have an instantaneous view into their attack surface and then can take steps to minimize risk and improve their security posture, he added. So the numbers that are coming from that Dell partnership, we anticipate to grow over time. A member of our team will be in touch shortly. To go to your company's login page, enter the custom domain name. Find the best Hiking trails in Egebjerg, Region Zealand (Denmark). First, our wins with two new Fortune 100 customers. Get in touch to learn more. To ensure the most secure and best overall experience on our website, we recommend the latest versions of, https://www.crowdstrike.com/free-trial-guide/. Again, when you look at different geographies, obviously, we've got heavier penetration in North America, but there's many geographies in the rest of the world that still have to be penetrated deeper, particularly in converting those legacy players. And even throughout the quarter, it was really about consolidation. So this is the first quarter ever that new ARR declined for you guys whereas most other's decline started quarters ago, like several quarters ago. So we really haven't seen a material difference in terms of the mix between [indiscernible] install base and net-new logos versus last quarter. You may proceed. For more information or to register, please visit The Board Imperative: Is your people strategy human enough? These conversations all centered on the same topic, customers want to consolidate their security stack that Falcon and drive greater cost efficiencies while unlocking new capabilities. What you should know, SoftBank using Nvidias AI to power data centers, gets '5G for free', Google expands multi-cloud networking capabilities with Cross-Cloud Interconnect, Dr. Sally Eaves: Cloud Metro for sustainable business growth, How networking teams can do more with less, Real-time visibility at the network edge powered by DPI, Cisco launches long-simmering AWS SD-WAN integration. For more information about our organization, please visit ey.com. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate. Our next question comes from Gregg Moskowitz with Mizuho. The EY-CrowdStrike alliance combines CrowdStrikes leading-class cybersecurity technologies with transformational consulting capabilities and cyber services provided by EY teams. Our next question comes from Alex Henderson with Needham. So it might be harder for you to tell, but are you seeing any changes in that market demand this quarter versus previously? As a quick reminder, unless otherwise noted, all numbers except revenue mentioned during my remarks today are non-GAAP. Organizations today, more than ever before, need security partners with deep expertise that can stop breaches, while driving efficiencies in their security programs. Part of the power of Pax8 and CrowdStrike together is reducing the barriers of entry and reducing the friction points of a partner being able to try this for one of their customers before they deploy it across their entire customer base.. CrowdStrike Corporate Communications And for George, so I know you've been incorporating AI into Threat Graph and the broader platform for years, but on Charlotte, you alluded to commoditizing LLM but might you leverage open-source and develop your own LLM space under a dataset to provide additional value there. We ended the first quarter with a strong balance sheet, cash, cash equivalents, and short-term investments increased to approximately $2.93 billion. Our next question comes from Jonathan Ruykhaver with Cantor Fitzgerald. Facebook Hi, good afternoon, and thank you for taking the question. The CrowdStrike partner program offers a highly desired recurring revenue model, strong margins and opportunities to expand and upsell, The CrowdStrike Falcon platform is built to be agile, is 100% cloud-focused and is recognized for changing the way the industry provides security, CrowdStrike is focused on fostering partnerships that last by building strong relationships with partners. Sure. So they're looking to spend more with us, but then reduce other spends from other competitors, and in a sense, they're actually thinking about better outcomes overall in the security space and beyond, and how to get it at a cheaper price. Zero trust refers to the security concepts and threat model that no longer assumes that actors, systems or services operating from within the security perimeter should be automatically trusted, and instead, an organization must verify anything and everything trying to connect to its systems before granting access. George Kurtz, Crowdstrike CEO and co-founder said this in a statement: . Ultimately, we are offering a solution that allows customers to choose an XDR approach that best fits their needs.. And then I believe it will drive more adoption of the platform modules and then we'll see how we'll monetize it after that from a separate SKU perspective. You may proceed. So that's number one. I know it's pretty early days. I wonder if you could give us a sense of what kind of impact you saw in the business from the disruption from the banking crisis in March, both on kind of ARR linearity, and maybe even billings in the quarter. Pax8 is thrilled about our partnership with the cybersecurity market leader CrowdStrike, as our collaboration will bring together two powerhouses in the Security and IT industry to deliver cutting-edge cybersecurity solutions in the channel, said John Street, Chief Executive Officer at Pax8. We're working with Dell and others and managed service providers. You talked about Microsoft. On average, enterprise customers can realize over 200% ROI with Falcon. MSSP 250 List: Top Managed Security Services Providers MDR 40: Top Managed Detection and Response (MDR) Companies And the third area is cloud. And just as a follow-up on this CrowdStrike Falcon Complete XDR, can you just talk about how the new release may increase your competitive advantage in that space? Now that its an option, its absolutely wonderful. And we continue to close deals with regional banks in the quarter. Only the CrowdXDR Alliance delivers: Deploy XDR across your security stack and keep using the best, industry-leading security and IT solutions most suitable for protecting your organization. Secure Email: CrowdStrike Falcon Insight XDR ingests telemetry from Cisco Secure Email Gateway. Ransomware attacks take advantage of security gaps at multiple levels, across people, processes and technology, In response, a multi-pronged approach is needed to address the ransomware threat, Understanding your security posture is critical to ensuring your organization is not the next victim, resulting in public disclosure, data theft and costly business disruptions. Thank you for signing up! So the key here is cyber security remains mission critical.
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