Thread by @RyanReeves_

Up 70% today.

Going through the S-1 more thoroughly and will be adding comments to this...

https://twitter.com/investing_city/status/1129513413242003456

Love how the S-1 starts off

"We don't have a mission statement"

New category: Security cloud

Falcon Platform:
1) Lightweight agent
2) Threat Graph

Lightweight agent sends data to the cloud where the Threat Graph analyzes it.

More data = more powerful #networkeffect

Big question: How unique/difficult to replicate is this architecture?

More than 5x increase in customers in 2 years

2017: 450
2019: 2,516

Dollar-based net retention rate is accelerating

2017: 104%
2019: 147%

The company is expanding the number of endpoints and cross-selling within its 10 cloud modules.

FICO appealed the trademark Crowdstrike Falcon because it has a FICO Falcon offering.

Very impressively, the company has limited dollar-based churn while increasing the net retention rate.

47% of customers have adopted at least 4 of the 10 cloud modules.

Interesting move down-market.

Curious as to why. Shorter sales cycles, too tough to break into enterprise?

*This is likely why the expansion rate has accelerated. Smaller upfront purchases, move to a land/expand.

Three drivers of revenue
1) Subscription customers
2) # of endpoints
3) # of cloud modules adopted

If it is good enough for AWS....