Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

CrowdStrike Holdings Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Net income (loss)	(16,596)	90,585)	(182,285)	(232,378)	(92,629)	(141,779)
Depreciation and amortization	187,952)	126,838)	77,245)	55,908)	38,710)	23,026)
Amortization of intangible assets	26,004)	18,416)	16,565)	12,902)	1,448)	487)
Amortization of deferred contract acquisition costs	318,837)	238,901)	170,808)	113,884)	66,425)	35,459)
Non-cash operating lease cost	15,283)	13,398)	9,440)	9,103)	7,786)	—)
Change in fair value of redeemable convertible preferred stock warrant liability	—)	—)	—)	—)	—)	6,022)
Stock-based compensation expense	865,421)	631,519)	526,504)	309,952)	149,675)	79,940)
Deferred income taxes	(9,903)	(3,387)	1,306)	(13,956)	(1,452)	(681)
Realized gains on strategic investments	(6,321)	(3,936)	—)	—)	—)	—)
Gain on sale of debt securities, net	—)	—)	—)	—)	(1,347)	—)
Amortization (accretion) of short-term investments purchased at a premium (discount)	2,285)	(2,285)	—)	—)	578)	(1,247)
Non-cash interest expense	3,763)	3,173)	2,813)	2,469)	853)	435)
Other non-cash charges	—)	—)	—)	—)	—)	(427)
Change in fair value of strategic investments	1,000)	1,459)	(1,830)	(4,823)	—)	—)
Accounts receivable, net	(274,219)	(217,699)	(258,109)	(125,354)	(73,022)	(72,511)
Deferred contract acquisition costs	(584,484)	(371,649)	(298,716)	(234,308)	(150,975)	(86,594)
Prepaid expenses and other assets	(190,232)	(102,520)	(46,807)	(29,535)	2,198)	(44,008)
Accounts payable	84,939)	(18,898)	(15,463)	33,248)	11,325)	(6,570)
Accrued expenses and other liabilities	218,518)	14,586)	58,923)	38,483)	33,083)	10,097)
Accrued payroll and benefits	85,873)	65,102)	65,226)	32,681)	33,212)	17,526)
Operating lease liabilities	(15,657)	(14,035)	(10,364)	(9,900)	(8,105)	—)
Deferred revenue	669,264)	696,639)	825,751)	616,408)	338,803)	280,768)
Changes in operating assets and liabilities, net of impact of acquisitions	(5,998)	51,526)	320,441)	321,723)	186,519)	98,708)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	1,398,323)	1,075,622)	1,123,292)	807,162)	449,195)	241,722)
Net cash provided by operating activities	1,381,727)	1,166,207)	941,007)	574,784)	356,566)	99,943)
Purchases of property and equipment	(254,852)	(176,529)	(235,019)	(112,143)	(52,799)	(80,198)
Capitalized internal-use software and website development costs	(58,969)	(49,457)	(29,095)	(20,866)	(10,864)	(7,289)
Purchases of strategic investments	(19,702)	(17,177)	(21,808)	(16,309)	(1,500)	(1,000)
Proceeds from sales of strategic investments	12,507)	2,000)	—)	—)	—)	—)
Business acquisitions, net of cash acquired	(310,257)	(239,030)	(18,349)	(414,518)	(85,517)	—)
Purchases of intangible assets	—)	(11,126)	(2,323)	(680)	(180)	—)
Purchases of short-term investments	—)	(195,581)	(250,000)	—)	(84,904)	(779,701)
Proceeds from maturities and sales of short-term investments	97,300)	348,281)	—)	—)	731,191)	238,557)
Purchases of deferred compensation investments	(2,721)	(2,031)	(64)	—)	—)	—)
Proceeds from the sale of deferred compensation investments	106)	—)	—)	—)	—)	—)
Net cash (used in) provided by investing activities	(536,588)	(340,650)	(556,658)	(564,516)	495,427)	(629,631)
Proceeds from the issuance of common stock upon initial public offering, net of underwriting discounts	—)	—)	—)	—)	—)	665,092)
Payments of debt issuance costs related to revolving line of credit	—)	—)	—)	(219)	(3,328)	—)
Payments of debt issuance costs related to Senior Notes	—)	—)	—)	(1,581)	—)	—)
Proceeds from issuance of Senior Notes, net of debt financing costs	—)	—)	—)	—)	739,569)	—)
Repayment of loan payable	—)	—)	(1,591)	—)	—)	—)
Payments of deferred offering costs	—)	—)	—)	—)	—)	(5,872)
Proceeds from issuance of common stock upon exercise of stock options	3,983)	8,695)	8,655)	15,899)	28,831)	21,512)
Proceeds from the issuance of common stock upon exercise of early exercisable stock options	—)	—)	—)	—)	—)	10,264)
Proceeds from issuance of common stock under the employee stock purchase plan	99,616)	76,375)	59,419)	50,277)	34,263)	12,365)
Settlement related to stockholder short-swing trade profit	—)	—)	—)	—)	—)	2,283)
Distributions to non-controlling interest holders	(4,891)	—)	—)	—)	—)	—)
Capital contributions from non-controlling interest holders	8,500)	8,088)	10,954)	8,155)	800)	500)
Net cash provided by financing activities	107,208)	93,158)	77,437)	72,531)	800,135)	706,144)
Effect of foreign exchange rates on cash, cash equivalents and restricted cash	(5,278)	1,958)	(1,495)	(4,774)	1,682)	(66)
Net increase (decrease) in cash, cash equivalents and restricted cash	947,069)	920,673)	460,291)	78,025)	1,653,810)	176,390)
Cash, cash equivalents and restricted cash at beginning of period	3,377,597)	2,456,924)	1,996,633)	1,918,608)	264,798)	88,408)
Cash, cash equivalents and restricted cash at end of period	4,324,666)	3,377,597)	2,456,924)	1,996,633)	1,918,608)	264,798)

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).

Net Income (Loss): The net income/loss figures reveal significant fluctuations over the periods. Initially, the company incurred substantial net losses from January 2020 through January 2023, with losses peaking in January 2022 at -$232.4 million. A notable turnaround occurred in January 2024 with a net income of $90.6 million, though this was followed by a slight loss again in January 2025 (-$16.6 million), indicating inconsistent profitability.
Depreciation and Amortization Expenses: There is a consistent increasing trend in depreciation and amortization expenses, rising from $23.0 million in January 2020 to $187.9 million in January 2025. Both amortization of intangible assets and deferred contract acquisition costs have steadily increased, suggesting ongoing investment in intangible assets and customer contracts. The amortization of deferred contract acquisition costs notably grew from $35.5 million to $318.8 million, highlighting significant contract-related investments.
Stock-Based Compensation Expense: Stock-based compensation expense escalated sharply, from $79.9 million in January 2020 to $865.4 million in January 2025. This increase reflects a growing use of equity-based incentives, potentially to attract and retain talent, which materially impacts operating expenses.
Changes in Operating Assets and Liabilities: Accounts receivable and deferred contract acquisition costs show significant increases in absolute value, indicating heavier working capital demands and possibly more aggressive customer contract investments. Deferred revenue rose sharply from $280.8 million to a peak of $825.8 million in January 2023 before declining slightly to $669.3 million by January 2025, signaling fluctuations in advance payments or subscription-based revenue recognition.
Cash Flows from Operating Activities: The net cash provided by operating activities shows a positive and growing trend, increasing from $99.9 million to $1.38 billion by January 2025. This suggests improving core business cash generation despite previous net losses, likely driven by favorable adjustments in non-cash expenses and working capital management.
Investing Activities: Investing activities reflect substantial cash outflows in most periods, driven by purchases of property and equipment, capitalized software development, business acquisitions, and strategic investments. Business acquisitions were particularly significant in January 2021 and January 2025, representing large cash outflows ($85.5 million to $310.3 million). There are occasional inflows from sales of strategic investments, but overall investing activities remain cash-consuming, reflecting ongoing growth and expansion efforts.
Financing Activities: Financing cash flows display considerable variability, with especially strong inflows during the initial public offering period and Senior Note issuances in earlier years. Over time, inflows from stock issuance via employee stock plans have steadily increased, indicating active shareholder equity financing. Outflows include repayments of loan payables and distributions to non-controlling interest holders observed only in January 2025.
Cash Position: The cash, cash equivalents, and restricted cash balance have grown substantially from $264.8 million at the start of the period to $4.32 billion by January 2025. This growth mainly stems from the combined effect of increasing operating cash flows and financing inflows somewhat offset by investing cash outflows.
Non-cash Charges and Adjustments: Non-cash items such as depreciation, stock-based compensation, and amortization significantly affect the reconciliation of net income to net cash from operations. The sizable stock-based compensation expense indicates it is a major non-cash cost impacting profitability figures.
Summary of Observations: Over the period analyzed, the company has exhibited fluctuating profitability with recent positive earnings but a slight return to loss in the most recent year, coupled with escalating non-cash expenses. The business has committed substantial resources to intangible assets, business acquisitions, and software development, affecting cash outflows in investing activities. Operating cash flows have strengthened, demonstrating improving underlying cash generation. Meanwhile, the strong growth in deferred revenue indicates a solid subscription or contract revenue base. The increasing cash reserves support continued investment and operational needs. Overall, the financial data show a company investing heavily in growth while progressively improving its cash flow and managing volatility in reported earnings.

Download chart

CrowdStrike Holdings Inc. (NASDAQ:CRWD)

Cash Flow Statement