Paul

General Partner @20VCfund. I just love investing & talking about it. 2x Father. Not investment advice.

[Paul @P_Bonnet]

@SebJohnsonUK @20vcFund @HarryStebbings Simple: @chrlsorr and @alanchanguk set out to solve one of the biggest problems from day 1 (rebuilding a vertically integrated energy company from the ground up), and have executed in god-mode ever since. It's well deserved

[Paul @P_Bonnet]

@SamuelBeek @schematikio Shit I need one of those

[Paul @P_Bonnet]

@sethbannon @PhilipJohnston No I would not, and did not say anything about that part. But it does make sense to do the exercise.

[Paul @P_Bonnet]

@RekhiVarun And they are definitely not “SaaS darlings” as described above. If you look at the multiples they are far from DDOG, CRWD, NET etc…

[Paul @P_Bonnet]

…CRWD AT 34x run-rate revenues growing 26% YoY?

SaaS darlings (now back at nonsensical valuations for the best ones) are about to experience gravity again very soon.

And the gravitational pull should look more like Jupiter’s than the earth frankly.

$CRWD

[Wall St Engine @wallstengine]

$CRWD Q1’27 EARNINGS HIGHLIGHTS

🔹 Revenue: $1.39B (Est. $1.38B) 🟡; +26% YoY
🔹 Adj. EPS: $1.10 (Est. $1.07) 🟡
🔹 ARR: $5.51B; +24% YoY
🔹 Net New ARR: $255.8M; +32% YoY
🔸 Stock Split: 4-for-1

FY Guide:
🔹 Revenue: $5.915B-$5.959B (Est. $5.9B) 🟡
🔹 ARR: $6.532B-$6.556B
🔹 Non-GAAP Operating Income: $1.452B-$1.480B
🔹 Adj. EPS: $4.88-$4.96
🔹 Net New ARR Growth: +27.7% at midpoint

Q2 Guide:
🔹 Adj. EPS: $1.16-$1.17 (Est. $1.15) 🟡
🔹 ARR: $5.793B-$5.795B
🔹 Revenue: $1.436B-$1.442B
🔹 Non-GAAP Operating Income: $345.6M-$349.1M

Other Metrics:
🔹 Free Cash Flow: $468.5M
🔹 Subscription Revenue: $1.32B; +26% YoY
🔹 GAAP Subscription Gross Margin: 78%
🔹 Non-GAAP Subscription Gross Margin: 81%
🔹 Module Adoption: 51% for 6+ modules, 35% for 7+ modules, 25% for 8+ modules
🔹 Split Record Date: June 25, 2026
🔹 Split-Adjusted Trading Expected: July 2, 2026
🔹 Cash & Cash Equivalents: $4.55B

Financials:
🔹 Non-GAAP Operating Income: $325.7M
🔹 Non-GAAP Net Income: $283.4M
🔹 Operating Cash Flow: $590.9M
🔹 Free Cash Flow: $468.5M

Commentary:
🔸 “In Q1, the worlds of cybersecurity and frontier AI collided: this was the Mythos moment.”

🔸 “CrowdStrike is AI security infrastructure, critical to successful AI adoption.”

🔸 “Our record Q1 net new ARR, QuiltWorks coalition, and AIDR innovation are indicators of our own AI inflection point.”

🔸 “We are raising our full-year net new ARR growth expectations to 27.7%, at the midpoint, now an acceleration over the prior fiscal year.”

[Paul @P_Bonnet]

@PhilipJohnston @sethbannon Side with @PhilipJohnston here. It’s just another free datapoint to consider.

No one is asking AI to make the ultimate decision. But asking it the right questions can bring some perspectives I may not have considered.

Not doing it is a lack of curiosity!

[Paul @P_Bonnet]

@SixSigmaCapital It’s almost as if 2022 had not already shown that buying a company at 30x+ run-rate growing 30% YoY was a bad idea…

[Paul @P_Bonnet]

@PhilipJohnston @HarryStebbings I mean if you don’t at least do that in 2026 should you even be a VC? 😆

[Paul @P_Bonnet]

@matanSF @HarryStebbings Omg I can’t wait 😍😍🤣

[Paul @P_Bonnet]

Clickhouse will be a >$100bn company.

[Paul @P_Bonnet]

@FactoryAI LFG @FactoryAI ⚡️⚡️

[Paul @P_Bonnet]

@Clara_Gold @TimurNegru Will you and Hugo come visit though?!

[Paul @P_Bonnet]

@CapAccounts @HarryStebbings @nico_laqua So if someone doubles down in something they already own after seeing it from the inside, it’s not a good signal?

Also @20vcFund is not a shareholder of Corgi so no vested interest here - sorry to disappoint.

[Paul @P_Bonnet]

@WillManidis @HarryStebbings @nico_laqua I have just one question for you.

Why does it bother you so much what the people who work there do?

We will both agree that no one has to work there: zero obligation / there are so many other slower paced companies. So - why.

[Paul @P_Bonnet]

@nvidia Can we pls get a small stock price rally?

[Paul @P_Bonnet]

@carrynointerest @the_judge1111 @berner_my @iankar_ Perhaps.
However - (a) their primary business is not startups insurance, (b) it is high margin / low loss ratio, (c) no one commenting knows the growth.
Always easy to scream overvalued without info. And I don’t disagree valuing early insurtech business is super hard.

[Paul @P_Bonnet]

@the_judge1111 @carrynointerest @berner_my @iankar_ So you think the book will stop growing all of a sudden?

[Paul @P_Bonnet]

@alexisohanian You achieved inception.

[Paul @P_Bonnet]

@Clara_Gold @AppartDesign Love looking at houses in Provence at midnight in the office 😍😍😍

[Paul @P_Bonnet]

@BlockedHedge @ariramdial Incorrect, but I guess easier to spread lies than seek truth.