CrowdStrike results defied a tough environment for enterprise software companies with the help of strong momentum, according to UBS analyst Roger Boyd. He says in a research note that the 1Q results, particularly net new annual recurring revenue growth that beat expectations, point to strong momentum in the company’s Falcon platform. CrowdStrike’s remaining performance obligations–defined as billed, deferred revenue and contracted, unbilled backlog–accelerated for the second straight quarter, suggesting an increase to contract duration, Boyd says. He says he’s keeping a close eye on net new annual recurring revenue and the company’s operating margins in 2Q. Shares rise 11% to $340.17.