CrowdStrike Holdings Inc. continues to show technological leadership within its core end point security products as well as cloud security, next-gen SIEM, identity security and newer generative AI offerings. We project annual recurring revenue (ARR) to reach $5 billion over the next year and free cash flow to exceed $1 billion annually going forward. Therefore, we revised our outlook on CrowdStrike to positive from stable and affirmed our ?BB+? issuer credit rating. We also raised the issue level rating on its $750 million notes to ?BB+? from ?BB? and revised the recovery rating to ?4? from ?5?. The positive outlook reflects our expectation that CrowdStrike will generate revenue, EBITDA, and free cash flow growth well above industry averages. We expect
