Good morning, everyone, and thank you for your participation today. My name is Will Kelter, CrowdStrike's Director of Investor Relations. I'm pleased to welcome you to CrowdStrike's 2024 Annual Meeting of Stockholders. Momentarily, CrowdStrike's President, CEO, and member of the Board of Directors, George Kurtz, will say a few words. Please note that George's remarks, along with answers to any questions posed during this meeting, may include forward-looking statements. Actual events and results may differ materially from our expectations. We refer you to our SEC filings, including our most recently filed Form 10-Q, for a discussion of risks and factors that could cause our actual results to differ materially from those discussed today. We make these statements as of today, June 18, 2024, and disclaim any duty to update them except as required by law.
CrowdStrike's website also includes reconciliations of any non-GAAP financial measures mentioned today to their corresponding GAAP measures. I'll now turn the meeting to George.
Good morning, everyone, and welcome to CrowdStrike's 2024 Annual Meeting of Stockholders. I'm George Kurtz, President, CEO, and member of the Board of Directors of CrowdStrike. I'll be acting as Chair of today's meeting. I'd like to first provide a few comments before we turn to the formal business of today's meeting. As many of you on the webcast may know, we released our financial results for the first quarter of fiscal 2025 on June 4. You may access those materials, including a replay of the conference call, on CrowdStrike's website under the Investor Relations section. I'd like to take this opportunity to highlight a few points we covered on our first quarter fiscal 2025 financial results conference call. We started the fiscal year from a position of momentum and exceptional strength, outperforming our guided metrics.
Highlights of CrowdStrike's record Q1 results included: record Q1 net new ARR of $212 million, an increase of 22% year-over-year, record ending ARR of $3.65 billion, an increase of 33% year-over-year, record non-GAAP subscription gross margin of over 80%, and record free cash flow of $322 million, reaching 35% of revenue and a free cash flow rule of 68, making us the only cybersecurity vendor of scale delivering this level of growth and profitability. We achieved all of these records while delivering significant year-over-year operating leverage and our 5th consecutive quarter of GAAP profitability, even as we continued investing in growth. I'm excited about the vendor consolidation CrowdStrike is driving in the market, the business results we're delivering, and most importantly, the Falcon platform's societal impact of stopping breaches.
Our recent results are a strong reflection of the technical superiority of the Falcon platform and the passion, tenacity, and mission focus from the very best team in cybersecurity. We believe we have ample runway ahead of us to continue to revolutionize, innovate, and, of course, consolidate this year and well into the future. Finally, next Monday, June twenty-fourth, CrowdStrike will reach another significant milestone in our journey, being added to the S&P 500 index. This achievement is a testament to our unwavering dedication, innovation, and relentless pursuit of excellence. Our inclusion in the S&P 500 is not just a recognition of our past achievements, but also a strong indication of our promising future. Thank you again for joining our annual meeting. I will now turn the meeting over to Cathleen Anderson, our Chief Legal Officer and Corporate Secretary, who will conduct the official portion of today's meeting.
Thank you, George. The meeting will now come to order. In addition to George, the following members of CrowdStrike's Board of Directors are in attendance on this webcast: Gerhard Watzinger, Roxanne Austin, Cary Davis, Johanna Flower, Sameer Gandhi, Denis O'Leary, and Laura Schumacher. Also joining me and Will Kelter from CrowdStrike's management team are Michael Sentonas, our President, Burt Podbere, our Chief Financial Officer, J.C. Herrera, our Chief Human Resources Officer, and Deanna Butler, our VP of Legal and Corporate, who will record the minutes of today's meeting. Christian Guthner from PricewaterhouseCoopers, CrowdStrike's independent registered public accounting firm, is also in attendance. Finally, Cathy Weeden, a representative of Broadridge Financial Solutions, is participating on this webcast and will act as the Inspector of Election for the meeting. She has signed an oath of office, which will be filed with the minutes of this meeting.
During the official portion of today's meeting, we will address the meeting proposals described in our proxy statement, dated May 6, 2024. After all the proposals have been presented, we will take questions related to the proposals through the Broadridge web portal. You must be logged into the portal as a stockholder to submit a question. Stockholders can enter questions at any point in time during this webcast using the text box in the meeting portal. The rules of conduct that govern today's meeting and any questions asked during this meeting can be found in the Meeting Materials section of the web portal for today's virtual meeting. We ask that you abide by these rules to facilitate an orderly meeting. After the polls are closed, the votes will be tabulated, and the preliminary results will be announced. We'll then adjourn the meeting.
The final results for today's meeting will be reported on a Form 8-K filed with the SEC within four business days of this meeting and posted on our website. I have an affidavit of distribution from Joanne Vogel of Broadridge Financial Solutions, which is acting as CrowdStrike's mailing agent for this meeting. The affidavit certifies that notice of this meeting has been duly given and that a proxy statement or notice of internet availability of proxy materials has been mailed to every stockholder of record as of the close of business on April 22nd, 2024, the record date for the meeting. Ms. Weeden has reported that a majority of the total voting power of all shares outstanding and entitled to vote are present online or by proxy at this meeting. With a quorum being present, we will proceed to the official business of the meeting.
It is 8:21 A.M. Pacific, and the polls are now open. If you have already submitted a proxy card, voted by telephone, or voted through the internet, and you do not wish to change your vote, you do not need to vote again at today's meeting. Your vote will be cast as you previously instructed. If you have already voted and you wish to change your vote, or if you have not yet voted and you wish to cast your vote now, you may cast your vote online if you are logged into the meeting portal as a stockholder. Moving to the proposals, today we are considering three proposals for stockholder approval. The first proposal is the election of directors.
Roxanne Austin, Sameer Gandhi, and Gerhard Watzinger have all been nominated for election as a Class II director to serve for a three-year term expiring at the 2027 annual meeting of stockholders, or until their respective successors have been duly elected and qualified, or if sooner, until the director's death, resignation, or removal. The only persons who have been properly nominated are these nominees. The vote required to elect these directors is a plurality of the votes of the shares of our capital stock present in person or presented by proxy at the meeting and entitled to vote on the election of directors, which means that the three individuals nominated for election to the board of directors receiving the highest number of votes will be elected. Stockholders do not have the right to accumulate their votes in the election of directors.
The board unanimously recommends that stockholders vote for the election of all the nominees. The second proposal is the ratification of the selection of PricewaterhouseCoopers as CrowdStrike's independent registered public accounting firm for the fiscal year ending January 31, 2025. The vote required to approve this proposal is a majority of the votes cast on the matter. The board unanimously recommends that stockholders vote for proposal number two. The third proposal on the agenda is a vote to approve, on an advisory basis, the compensation of our named executive officers. The vote required to approve this proposal is a majority of the votes cast on the matter. As an advisory vote, the result will not be binding on our board. However, our compensation committee and our board will consider the outcome of the vote when determining named executive officer compensation in future years.
The board unanimously recommends that stockholders vote for proposal number three. These three proposals are the only matters to be voted on at this meeting. We will now review if there are any questions submitted about the proposals before we close the polls. Will, are there any questions pertaining to the proposals?
Thank you, Cathleen. We have received a stockholder question asking whether our board members receive bonus payments as part of their compensation. I will pass off to J.C. Herrera to answer this question.
Thank you, Will. We generally do not provide any cash or equity compensation to our directors in connection with their service on our board or its committees, beyond what's outlined in our outside director compensation policy. You can find a description of the policy, along with the detailed disclosures regarding our directors' fiscal 2024 compensation in our proxy statement under the heading Director Compensation.
Thank you, J.C. At this time, there are no more questions. I will now pass back to Cathleen.
With Q&A now concluded, it is approximately 8:25 A.M. Pacific, and the polls are now closed for voting. Based on the preliminary report of the inspector of election covering the proposals presented at this meeting, the preliminary results are as follows: Each of the three nominees has been elected as a Class II Director. The proposal to ratify the selection of PricewaterhouseCoopers as CrowdStrike's independent registered public accounting firm for the fiscal year ending January 31, 2025, has been approved, and the advisory vote regarding the compensation of CrowdStrike's named executive officers has been approved. This concludes the official business of the meeting and the annual meeting is now adjourned. Thank you for your attendance at today's meeting and for your continued support of CrowdStrike. This now concludes the meeting. Thank you for joining, and have a pleasant day. The host has ended this call. Goodbye.