2021 Q1 Form 10-K Financial Statement

#000153552721000007 Filed on March 18, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2021 2020 Q1
Revenue $264.9M $874.4M $152.1M
YoY Change 74.16% 81.64% 88.94%
Cost Of Revenue $66.70M $229.5M $43.40M
YoY Change 53.69% 62.08% 60.74%
Gross Profit $198.2M $644.9M $108.7M
YoY Change 82.34% 89.79% 103.18%
Gross Profit Margin 74.82% 73.75% 71.47%
Selling, General & Admin $146.1M $522.8M $101.1M
YoY Change 44.51% 46.98% 61.24%
% of Gross Profit 73.71% 81.06% 93.01%
Research & Development $66.10M $214.7M $38.70M
YoY Change 70.8% 64.89% 75.91%
% of Gross Profit 33.35% 33.29% 35.6%
Depreciation & Amortization $11.80M $66.40M $7.100M
YoY Change 66.2% 87.04% 47.92%
% of Gross Profit 5.95% 10.3% 6.53%
Operating Expenses $212.4M $737.4M $139.8M
YoY Change 51.93% 51.78% 65.05%
Operating Profit -$14.20M -$92.53M -$31.10M
YoY Change -54.34% -36.65% -0.32%
Interest Expense -$1.000M $1.559M -$100.0K
YoY Change 900.0% 252.71%
% of Operating Profit
Other Income/Expense, Net $700.0K $6.219M $3.200M
YoY Change -78.13% -7.52% 966.67%
Pretax Income -$16.20M -$87.87M -$28.10M
YoY Change -42.35% -37.14% -9.06%
Income Tax $2.800M $4.800M $300.0K
% Of Pretax Income
Net Earnings -$19.00M -$92.63M -$28.40M
YoY Change -33.1% -34.67% -9.27%
Net Earnings / Revenue -7.17% -10.59% -18.67%
Basic Earnings Per Share -$0.43
Diluted Earnings Per Share -$85.70K -$0.43 -$136.4K
COMMON SHARES
Basic Shares Outstanding 217.8M shares
Diluted Shares Outstanding 217.8M shares

Balance Sheet

Concept 2021 Q1 2021 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.919B $1.919B $912.1M
YoY Change 110.36% 110.35% 375.89%
Cash & Equivalents $1.919B $1.919B $264.8M
Short-Term Investments $0.00 $0.00 $647.3M
Other Short-Term Assets $4.566M $134.5M $6.523M
YoY Change -30.0% 42.18% 490.32%
Inventory
Prepaid Expenses $12.22M $20.39M
Receivables $239.2M $239.2M $165.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.292B $2.292B $1.172B
YoY Change 95.65% 95.66% 253.55%
LONG-TERM ASSETS
Property, Plant & Equipment $167.0M $203.5M $136.1M
YoY Change 22.73% 49.52% 84.55%
Goodwill $83.57M $7.722M
YoY Change 982.18% -2.83%
Intangibles
YoY Change
Long-Term Investments $2.500M $2.500M $1.000M
YoY Change 150.0% 150.0%
Other Assets $17.11M $135.0M $16.71M
YoY Change 2.42% 53.58% 81.94%
Total Long-Term Assets $440.3M $440.2M $233.3M
YoY Change 88.73% 88.68% 129.08%
TOTAL ASSETS
Total Short-Term Assets $2.292B $2.292B $1.172B
Total Long-Term Assets $440.3M $440.2M $233.3M
Total Assets $2.733B $2.733B $1.405B
YoY Change 94.5% 94.5% 224.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.07M $12.10M $1.345M
YoY Change 797.03% 830.77% -80.38%
Accrued Expenses $51.12M $132.0M $30.36M
YoY Change 68.4% 96.43% -6.72%
Deferred Revenue $702.0M $413.0M
YoY Change 69.98% 88.55%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $863.6M $863.6M $493.1M
YoY Change 75.13% 75.14% 75.22%
LONG-TERM LIABILITIES
Long-Term Debt $738.0M $738.0M $0.00
YoY Change
Other Long-Term Liabilities $17.18M $259.1M $11.02M
YoY Change 55.93% 53.13% 6.86%
Total Long-Term Liabilities $755.2M $997.1M $11.02M
YoY Change 6753.11% 489.3% 6.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $863.6M $863.6M $493.1M
Total Long-Term Liabilities $755.2M $997.1M $11.02M
Total Liabilities $1.861B $1.862B $662.3M
YoY Change 180.94% 180.93% 82.4%
SHAREHOLDERS EQUITY
Retained Earnings -$730.1M -$637.5M
YoY Change 14.53% 28.6%
Common Stock $112.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $870.6M $870.6M $742.1M
YoY Change
Total Liabilities & Shareholders Equity $2.733B $2.733B $1.405B
YoY Change 94.5% 94.5% 224.29%

Cashflow Statement

Concept 2021 Q1 2021 2020 Q1
OPERATING ACTIVITIES
Net Income -$19.00M -$92.63M -$28.40M
YoY Change -33.1% -34.67% -9.27%
Depreciation, Depletion And Amortization $11.80M $66.40M $7.100M
YoY Change 66.2% 87.04% 47.92%
Cash From Operating Activities $114.5M $356.6M $66.10M
YoY Change 73.22% 256.77% 318.35%
INVESTING ACTIVITIES
Capital Expenditures -$17.20M $52.80M -$15.40M
YoY Change 11.69% -34.16% -3.14%
Acquisitions $85.52M
YoY Change
Other Investing Activities $0.00 $559.3M -$556.6M
YoY Change -100.0% -203.17% -10601.89%
Cash From Investing Activities -$17.30M $495.4M -$572.1M
YoY Change -96.98% -178.69% 5297.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 760.5M $800.1M 27.30M
YoY Change 2685.71% 13.31% -9200.0%
NET CHANGE
Cash From Operating Activities 114.5M $356.6M 66.10M
Cash From Investing Activities -17.30M $495.4M -572.1M
Cash From Financing Activities 760.5M $800.1M 27.30M
Net Change In Cash 857.7M $1.654B -478.7M
YoY Change -279.17% 837.59% -9869.39%
FREE CASH FLOW
Cash From Operating Activities $114.5M $356.6M $66.10M
Capital Expenditures -$17.20M $52.80M -$15.40M
Free Cash Flow $131.7M $303.8M $81.50M
YoY Change 61.6% 1438.45% 157.1%

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10559000 USD
CY2019 crwd Conversion Of Redeemable Convertible Preferred Stock Warrant Liabilities Reclassed To Additional Paid In Capital
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0 USD
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0 USD
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CY2019 crwd Net Change In Deferred Offering Costs Accrued But Not Paid
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2858000 USD
CY2021 crwd Capital Expenditures Incurred Paid
CapitalExpendituresIncurredPaid
1042000 USD
CY2020 crwd Capital Expenditures Incurred Paid
CapitalExpendituresIncurredPaid
-3193000 USD
CY2019 crwd Capital Expenditures Incurred Paid
CapitalExpendituresIncurredPaid
3004000 USD
CY2021 crwd Adjustments To Additional Paid In Capital Share Based Compensation Vesting Of Early Exercised Options
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationVestingOfEarlyExercisedOptions
3318000 USD
CY2020 crwd Adjustments To Additional Paid In Capital Share Based Compensation Vesting Of Early Exercised Options
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationVestingOfEarlyExercisedOptions
2704000 USD
CY2019 crwd Adjustments To Additional Paid In Capital Share Based Compensation Vesting Of Early Exercised Options
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationVestingOfEarlyExercisedOptions
543000 USD
CY2021 us-gaap Stock Issued1
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3842000 USD
CY2020 us-gaap Stock Issued1
StockIssued1
0 USD
CY2019 us-gaap Stock Issued1
StockIssued1
0 USD
CY2021 crwd Debt Financing Costs Accrued
DebtFinancingCostsAccrued
1581000 USD
CY2020 crwd Debt Financing Costs Accrued
DebtFinancingCostsAccrued
0 USD
CY2019 crwd Debt Financing Costs Accrued
DebtFinancingCostsAccrued
0 USD
CY2021 crwd Operating Lease Liabilities Arising From Obtaining Operating Right Of Use Assets
OperatingLeaseLiabilitiesArisingFromObtainingOperatingRightOfUseAssets
6249000 USD
CY2020 crwd Operating Lease Liabilities Arising From Obtaining Operating Right Of Use Assets
OperatingLeaseLiabilitiesArisingFromObtainingOperatingRightOfUseAssets
0 USD
CY2019 crwd Operating Lease Liabilities Arising From Obtaining Operating Right Of Use Assets
OperatingLeaseLiabilitiesArisingFromObtainingOperatingRightOfUseAssets
0 USD
CY2021 crwd Number Of Cloud Modules
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19 module
CY2021 us-gaap Use Of Estimates
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<div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the Company’s consolidated financial statements and accompanying notes. These estimates are based on information available as of the date of the consolidated financial statements. On a regular basis, management evaluates these estimates and assumptions. Actual results may differ from these estimates and such difference could be material to the Company’s consolidated financial statements.</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Estimates and assumptions used by management include, but are not limited to, revenue recognition, the allowance for doubtful accounts, the carrying value and the useful lives of long-lived assets, the fair values of financial instruments and strategic investments, the period of benefit for deferred contract acquisition costs, the discount rate used for operating leases, the recognition and disclosure of contingent liabilities, income taxes, stock-based compensation, the fair value of assets acquired and liabilities assumed for business combinations, and the accounting for the Senior Notes.</span></div>Due to the Coronavirus (“COVID-19”) pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require a material update to its estimates or judgments or an adjustment of the carrying value of its assets or liabilities as of January 31, 2021. While there was not a material impact to the Company’s consolidated financial statements as of and for the year ended January 31, 2021, these estimates may change, as new events occur and additional information is obtained, as well as other factors related to COVID-19 that could result in material impacts to the Company’s consolidated financial statements in future reporting periods.
CY2021 crwd Revenue Amortization Over Estimated Benefit For Sales Commission
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P6M
CY2021 us-gaap Concentration Risk Credit Risk
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<div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk and Geographic Information</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company generates revenue from the sale of subscriptions to access its cloud platform and professional services. The Company’s sales team, along with its channel partner network of system integrators and value-added resellers (collectively, “channel partners”), sells the Company’s services worldwide to organizations of all sizes.</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents, marketable securities, accounts receivable, and strategic investments. The Company’s cash is placed with high-credit-quality financial institutions and issuers, and at times exceed federally insured limits. The Company limits its concentration of risk in cash equivalents and marketable securities by diversifying its investments among a variety of industries and issuers. The Company has not experienced any credit loss relating to its cash equivalents, marketable securities, and strategic investments. The Company performs periodic credit evaluations of its customers and generally does not require collateral. As of January 31, 2021, the Company did not have any cash equivalents or marketable securities.</span></div>
CY2021Q1 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
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1200000 USD
CY2020Q1 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
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1100000 USD
CY2021 crwd Capitalized Software Implementation Costs
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300000 USD
CY2021 crwd Revenue Amortization Over Estimated Benefit For Commission Including Referral Fees Paid
RevenueAmortizationOverEstimatedBenefitForCommissionIncludingReferralFeesPaid
P4Y
CY2021 crwd Contract Cost Capitalization
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151000000.0 USD
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CY2019 us-gaap Deferred Policy Acquisition Cost Amortization Expense
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28600000 USD
CY2020 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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0 USD
CY2019 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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0 USD
CY2021 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0 USD
CY2021 us-gaap Advertising Expense
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27900000 USD
CY2020 us-gaap Advertising Expense
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8000000.0 USD
CY2019 us-gaap Advertising Expense
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3100000 USD
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P4Y
CY2021 us-gaap Number Of Reporting Units
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0 USD
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GoodwillImpairmentLoss
0 USD
CY2020 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2021Q1 us-gaap Deferred Finance Costs Net
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4400000 USD
CY2020Q1 us-gaap Deferred Finance Costs Net
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1200000 USD
CY2021 us-gaap Amortization Of Financing Costs
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800000 USD
CY2020 us-gaap Amortization Of Financing Costs
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400000 USD
CY2019 us-gaap Amortization Of Financing Costs
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CY2021 us-gaap Number Of Reportable Segments
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1 segment
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2500000 USD
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2500000 USD
CY2020Q1 us-gaap Equity Method Investment Aggregate Cost
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1000000 USD
CY2020Q1 us-gaap Equity Method Investments
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1000000 USD
CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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6000000.0 USD
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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3600000 USD
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23072000 USD
CY2020Q1 us-gaap Prepaid Expense Current
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20390000 USD
CY2021Q1 crwd Prepaid Software Licenses
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20596000 USD
CY2020Q1 crwd Prepaid Software Licenses
PrepaidSoftwareLicenses
16645000 USD
CY2021Q1 crwd Prepaid Hosting Services Current
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5383000 USD
CY2020Q1 crwd Prepaid Hosting Services Current
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8056000 USD
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4566000 USD
CY2020Q1 us-gaap Other Assets Current
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6523000 USD
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53617000 USD
CY2020Q1 us-gaap Prepaid Expense And Other Assets Current
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51614000 USD
CY2021Q1 us-gaap Property Plant And Equipment Gross
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255548000 USD
CY2020Q1 us-gaap Property Plant And Equipment Gross
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185742000 USD
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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88534000 USD
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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49664000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
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167014000 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
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CY2021 us-gaap Cost Of Goods And Services Sold Depreciation And Amortization
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38700000 USD
CY2020 us-gaap Cost Of Goods And Services Sold Depreciation And Amortization
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23000000.0 USD
CY2019 us-gaap Cost Of Goods And Services Sold Depreciation And Amortization
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14800000 USD
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0 USD
CY2021 us-gaap Capitalized Computer Software Impairments1
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6800000 USD
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7900000 USD
CY2020 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
6200000 USD
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5200000 USD
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CY2020Q1 us-gaap Capitalized Computer Software Net
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13400000 USD
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3004000 USD
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15677000 USD
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1966000 USD
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1439000 USD
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500000 USD
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3462000 USD
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3363000 USD
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3268000 USD
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3268000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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2182000 USD
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134000 USD
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15677000 USD
CY2020Q1 us-gaap Goodwill
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CY2021 us-gaap Goodwill Acquired During Period
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75297000 USD
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547000 USD
CY2021Q1 us-gaap Goodwill
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1970000 USD
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14187000 USD
CY2020Q1 crwd Web Hosting Services Current
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16367000 USD
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12059000 USD
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7459000 USD
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5709000 USD
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1770000 USD
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4570000 USD
CY2020Q1 crwd Accrued Purchases Of Property And Equipment
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2789000 USD
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51117000 USD
CY2020Q1 us-gaap Accrued Liabilities Current
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30355000 USD
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32300000 USD
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15399000 USD
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15399000 USD
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16528000 USD
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6680000 USD
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8171000 USD
CY2020Q1 us-gaap Accrued Bonuses Current
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8171000 USD
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10969000 USD
CY2020Q1 crwd Accrued Expenses Employee Stock Purchase Plan
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6560000 USD
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71907000 USD
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36810000 USD
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-143308000 USD
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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6844000 USD
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
10025000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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4598000 USD
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CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-138710000 USD
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CY2020 us-gaap Current Federal Tax Expense Benefit
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401000 USD
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104000 USD
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5811000 USD
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2574000 USD
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1481000 USD
CY2021 us-gaap Current Income Tax Expense Benefit
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CurrentIncomeTaxExpenseBenefit
1785000 USD
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CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2020 us-gaap Deferred Foreign Income Tax Expense Benefit
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DeferredIncomeTaxExpenseBenefit
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DeferredIncomeTaxExpenseBenefit
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IncomeTaxExpenseBenefit
4760000 USD
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1997000 USD
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CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
25000 USD
CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
245000 USD
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207000 USD
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97000 USD
CY2021 us-gaap Income Tax Reconciliation Tax Credits
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9373000 USD
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1534000 USD
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3769000 USD
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
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CY2019 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
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2414000 USD
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense
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CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense
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1773000 USD
CY2019 us-gaap Income Tax Reconciliation Nondeductible Expense
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1833000 USD
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0 USD
CY2020 crwd Effective Income Tax Reconciliation Increase Decrease In Unrecognized Tax Benefits
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-2659000 USD
CY2019 crwd Effective Income Tax Reconciliation Increase Decrease In Unrecognized Tax Benefits
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0 USD
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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168869000 USD
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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77016000 USD
CY2019 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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29676000 USD
CY2021 us-gaap Income Tax Expense Benefit
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4760000 USD
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1997000 USD
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1367000 USD
CY2021Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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289889000 USD
CY2020Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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166083000 USD
CY2021Q1 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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22778000 USD
CY2020Q1 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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15355000 USD
CY2021Q1 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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0 USD
CY2020Q1 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
78000 USD
CY2021Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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