The analysis focuses on Crowdstrike's Q2 2025 earnings report, highlighting revenue growth of 21% year-over-year to $1.169 billion. The analyst estimates that the stock beat analyst expectations and midpoint of management guidance. Earnings per share are up +390% year over year to $0.93 on a non-GAAP basis. Gross margins were down on a GAAP basis and operating and net margins saw significant losses. Free cash flow is up year over year and they have 4B net cash. The forward guidance expects a revenue reacceleration. Net new ARR is expected to grow 40% in the back end of the year. Subscription gross margins fell 120 BPS. Professional services are not important but subscription services are important. To justify today's price, revenue needs to grow 23-24% each year.