The dollar-based net retention rate: 124%. Weve seen a leap happening practically overnight with COVID-19 changing pretty much every working model that weve known. Today, the company is about 600 people globally, over 4,000 customers, weve raised about $430 million to date, and we are valued at over a billion dollars. Thank you. Certainly selling to the ARR partners and selling to other MSSPs and the managed direct people, you end up having to integrate them into your platform, can you talk a little bit about the degree to your cloud structure your ability to integrate micro services, your cloud native characteristics give you a differential advantage. Your feedback and trust puts us on the winning side of cyber warfare every day. In 2019, Weingarten told me the company was enjoying300% growth year-on-year. Yesterday he said, We have grown at over 100% year over year for the last several quarters and in the first quarter annual recurring revenues were up 116%., SentinelOne views cash flow positivity and profitability as a long-term target, he told me. So sequential ARR grew $37 million bucks, if I'm not mistaken, just a kind of housekeeping items, I presumed Scalyr likewise in first quarter, right. Our solution understands in real-time whether theres an anomaly solely through observation and without relying on prior knowledge of whether something is bad or good. And I think if you're looking at all these incumbent vendors and incumbent footprints, obviously there's massive, massive amounts of breaches there. You may proceed. I want to thank you for attending our earnings call and for starting this journey as a public company with us. But again infection, that's something that's unacceptable. You may proceed. Equally important, is you really have to have some foresight and an understanding of the problem domain. We support and enable their business. Most importantly, this remains well above 53% we reported in the first fiscal quarter of this year and at or above 58% we delivered in fiscal 2021. We go up against incumbent and next gen players all the time. Is this happening to you frequently? When might we see that abide and maybe the margins might be able to maybe better accelerate off the inclusion of that? So we're going to continue to monitor that. Now its true that SentinelOne faces intense competition. And three, we win more than 70% of POCs against the competition. So to us, again being completely cloud native, being multi-talented is a competitive differentiator we have for that part of the market. Hear how and why we're today's fastest growing cybersecurity platform . Implementing AI Systems: Transform Your Business in 6 Steps. This net worth evaluation does not reflect any other assets that Mr. Weingarten may own. In the industry, we saw a lot of opportunity in the endpoint market. Welcome everyone and thanks for joining our first earnings call as a public company. SentinelOne has 4,700 customers, which means its per-customer income is lower. These non-GAAP measures are not intended to be a substitute for our GAAP results. The proof of concept demo I went through before selecting this product was thorough and set us up for success when we did decide to continue our relationship with CrowdStrike., They also love the SentinelOne Singularity Platform. Prior to joining us Mr. Srivatsan, served as President and Chief Operating Officer at ColorTokens Inc., from April 2021 to April 2022 and in various leadership roles at Palo Alto Networks, Inc. (PANW), a global cybersecurity company, including most recently as Chief Strategy Officer from January 2019 to March 2021. Okay, great. It jumped in Q2 to above 70. Finally delighting our customers, I'm especially proud that our net promoter score, or NPS, has risen every single quarter in the past year. You may proceed. Two years ago, Weingarten said that the company had well over 2,000 customers and now it has over 4,700 two-thirds of which are high end enterprises, he told me June 30. We're still early with our modules and see this as a long-term lever for our business. But no one is showing them how - But with regard to expenses and profits, the Israeli company still has a lot that needs improvement. Qualcomm Ventures Investment Team members are employees of Qualcomm Technologies, Inc. or one of its subsidiaries. This was definitely a major validation of the AI approach. Got it. Finally, we're focused on data. Sorry, just $10 million was it 1Q and does it. Identity protection is one of the most desired capabilities right now, given the shift in the threat landscape toward more user-based attacks, Weingarten says. And to what extent that partnership integration makes your partners more sticky over time and amplifies that loyalty? For example, it can be deployed on environments like Windows, macOS, Linux, and Kubernetes. Youre building something that protects everybodys data. Tomer Weingarten. We feel as far from it and it can vary significantly. That means fewer and more accurate alerts based on data. So all in all, we're definitely seeing an opportunity that's almost completely Greenfield there. Hey guys, thank you for taking my question and congrats on your first quarter post-IPO. SentinelOne, Inc. (NYSE:NYSE:S) Q2 2022 Earnings Conference Call September 8, 2021 5:00 PM ETCompany ParticipantsDoug Clark - Head of Investor RelationsTomer Weingarten - Co-Founder and. Qualcomm Ventures is the investment arm of Qualcomm Incorporated. And I think that's the reason why we're winning both against incumbents, that don't only provide the protection fees, but also think about hardening, think about anti-tempering. Our net retention rate was 129%, a new record for our company, fantastic execution from our sales and go-to market teams. And then what's the availability look like? Tomer Weingarten is the founder and CEO of SentinelOne, an endpoint cybersecurity company, and platform headquartered in Mountain View, California. So it's incredibly easy to consume. And yes, the growth has been standout for SentinelOne. This is Nick here. I believe for us it's really about the holistic approach we're taking that allows us to win both, I guess, incumbents and against the next gen peers. Bloomberg says the firm is interviewing bankers for a share offering this year; the Tel Aviv based company was founded in 2013 by Tomer Weingarten, its CEO, and Almog Cohen Many customers are using XDR as a filtering mechanism for their SIEM tools, Weingarten says, putting all of their data initially into XDR since it's much more cost-effective. Ultimately, when you examine the numbers behind SentinelOnes operating structure, you can see that the company is less efficient and will continue to be so in the future, to the detriment of shareholders. That was a great question from Roger. These companies are more identified with firewall solutions. Could you talk a little bit about your hiring plans and sales? The migration will result in some duplicative storage and processing costs as we ensure data and performance continuity. When SentinelOne CEO and co-founder Tomer Weingarten launched the company in 2013, he had a revolutionary vision to transform the way organizations protect their data and devices by building software that doesn't just observe but prevents and deflects in real-time. I was hoping you could just talk a little bit about kind of the broader distribution channel a bit. Despite the claim, CrowdStrike is more profitable and on the other hand SentinelOnes revenue costs consist mainly of maintaining its cloud. We'll continue to drive it. SentinelOne is forecasting revenue growth of $161 million, an increase of 23 percent from the last quarter and 115 percent from the same quarter last year. These as non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles. Thank you, and congrats on a very good quarter. This means distilling a solution that would be battle-tested through time, something that serves your customers for years to come. Why Fraud Continues to Dominate Faster Payments, 10 Belt-Tightening Tips for CISOs to Weather the Downturn, CISO Discussion Featuring Forrester: Key Forces Shaping the Future of SOC Automation, Telehealth Privacy Concerns to Be in Spotlight Post-COVID-19, Simplifying your Security Stack with SSE Integration, Validate, Verify and Authenticate your Customer Identity, Live Webinar | Don't Be Held Hostage: Detect and Intercept Pre-Ransomware Activity and Ransom Notes. And in fact, 50% of our customer base is running, our core control package, we can upgrade those folks to complete many modules to cross-sell and up-sell. Thank you. So we think the the market momentum in customers understanding that they need to change the mindset and we move over to a next gen offering is not really mainstream. There are several structural forces that play that will drive long-term and sustained growth for us in our industry. We just announced that we'll be expanding our engineering excellence into the Czech Republic. So to us, I mean, those positive performance it's always something that you deal with. And so from an apples-to-apples perspective, we're typically at or higher from a technology perspective, but we enable customers to best put that, that money to use buying technology. In the first few years, it was an absolute battle to get the trust of customers, said Weingarten. One, our 97% gross retention rate, which means our customers are happy and staying with us. Looking at the rest of our P&L, we're investing for growth and it's clear that it's working, once again, reflected in our triple-digit top line growth rates. Since its April 2019 IPO, CrowdStrike stock has bolted at a 135% annual rate to $252 a share valuing the company at nearly $57 billion. The key point is that as we progress to our long-term targets, we intend to invest in growth while also improving our margins and profitability. We're making tremendous progress with large enterprises, which represent about two thirds of our business. And just remember that what youre building is for the customer and end-user. So that $10 million you pulled out of inorganic ARR fell in 1Q right? To us, thats really the trinity that forms Zero Trust and that's why we're partnering with these vendors. We will now begin the question-and-answer session. With Rob Owens [Piper Sandler], you may proceed. Now its worth about $10 billion, according to MarketWatch. I will then turn it to Nick and Dave to provide some highlights from our most recent quarter and outlook. The next question is from the line of I apologize one moment, please. This was the first public offering for Weingarten. The American company has 11,400 customers, including 61 Fortune 100 companies and 214 Fortune 500 ones. Technology. Qualcomm products referenced on this page are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Yet things started to change as the cybersecurity threats became more frequent and dangerous. Our new Auto Deploy capability tackles one of the oldest problems in enterprise IT, quickly deploying protection to unmanaged and sometimes unreachable assets with ease. If SentinelOne will have a P/S ratio similar to that of CrowdStrike, its market value would be between $6 billion and $7 billion. Prior to that, Mr. Weingarten co-founded Carambola Media Ltd., a publisher focused platform that creates new ad revenue streams through engaging content formats, where he served as Chief Technology Officer from May 2011 to May 2012. Even beyond security. And it's driving more adoption and driving more seat counts in all-in-all it drives the stability for customers who shift away from their incumbent vendor with ease. And so that's the right way to think about our global field presence is adding all of those folks up and understanding that each time we're adding a partner behind that are hundreds of sales reps, doing 2000 plus accreditations to date, that's really building that flywheel, but we're absolutely going to continue to invest in our own SentinelOne personnel as it relates to go-to-market. Mr. Weingarten also previously served in various roles at Mckit Systems Ltd., a provider of information and knowledge management systems in Israel, from March 2005 to April 2007. First of all, success would not involve building better algorithms. Attivo joins the more than 20 modules offered by SentinelOne and will further drive the migration away from antiquated and expensive security analytics tools and toward XDR, which he says provides better security at a lower cost. That gives me tremendous confidence in the long-term growth potential in front of SentinelOne. But interestingly enough, the timing was too early. The next question is from Saket Kalia with Barclays. "It's going to be tough for other vendors to follow anytime soon," Weingarten says. We are very excited about our performance in the second quarter. Tom (@ttaulli) is an advisor/board member to startups and the author of Artificial Intelligence Basics: A Non-Technical Introduction, The Robotic Process Automation Handbook: A Guide to Implementing RPA Systems and Implementing AI Systems: Transform Your Business in 6 Steps. At SentinelOne, Tomer Weingarten has 36 colleagues including Dan Schienman (Director), Ana Pinczuk (Director) . I want to double click on our incident response partnerships. Customers give CrowdStrike high marks. That has created a huge bonanza for cybercriminals, but also companies that are building tools to combat them. The biggest benefits are coming from our increasing scale and business expansion. Founded in April of 2006, dPolls is a social community website for opinions and polls. Just looking at our modules that cover IoT, cloud and data, these grew more than 6x year-over-year in Q2 and represent over 10% of the quarters' new business. And this is Nick here. And specifically, when we talk about cloud security, we talk about workload protection platform and runtime protection. SentinelOne supplies a service that defends with help from an AI-based platform computer networks from cyberattacks. Check out the opportunities and risks within the US Software industry.. Covering topics in risk management, compliance, fraud, and information security. To me, that was inspiring. It's about creating a more secure endpoint in the most holistic way possible. Great. Cybersecurity is fundamentally a data problem. Thanks. Prior to joining SentinelOne, Ms. Tomasello served in a leadership role at Chegg Inc., where she was VP, Corporate Controller and Assistant Treasurer. Very helpful. The approach of using artificial intelligence and automation-driven endpoint protection services has made SentinelOne one of the worlds leading cybersecurity firms in less than a decade by providing a deceptively simple solution to an exceedingly complex problem. SentinelOne invests a lot more in research and development than CrowdStrike did in 2018, when it was the same size (74 percent of revenues rather than 48 percent). And that becomes very unique proposition. Security teams simply can't analyze and respond to billions of events every day. Got it. I'm proud of the technology and the innovation we're bringing to customers through our Singularity XDR platform. So we obviously look for global talent everywhere. What are you sort of seeing in terms of new customers and existing customers in terms of the peers that they're sort of opting for? I think it's just fair to ask the question, if you can refer to their statements and announcements on this customer? The solution for the IoT and unmanaged device challenges are ranger module. Prior to joining us, Ms. Ghatak led HR globally as Vice President, People at Nevro Corp., a global medical technology company, from April 2017 to April 2020. It has to be flexible and automated and that means not just across the endpoint operating systems, but also IoT devices, servers, cloud workloads, and the data itself. Its a huge undertaking. Can you characterize the competition? Before we begin, I would like to remind you that during today's call, we'll be making forward-looking statements regarding future events and financial performance, including our guidance for the third fiscal quarter and full fiscal year 2022, as well as certain long-term financial targets. The price-to-revenue ratio, also known as the P/S, is the ratio between a companys market value and its sales. And what is the cost look like? Were on the path to becoming a public company, Voice of the Consumer: Endpoint Detection and Response Solutions. Yes. We definitely see the ability to expand into other footprints in the enterprise, almost every account that we land. But even today, CS is growing at a rate of 74 percent, a very high rate for a company its size. I mean, they deal with that, we deal with that. That's correct. Our decision was to create a solution that doesnt just observe but reacts and deflects in real time. We feel that what were doing with data, machine learning and artificial intelligence in security is something that very few companies are doing. It's not just quantity, but quality. The more conversations you have with your target market customers, the better you design your solution. We're definitely investing for growth. Again Ranger is one of our fastest growing modules and same goes for data retention. Tomer Weingarten is responsible for the company's direction, products, and services strategy. SentinelOne CEO Tomer Weingarten closed on a $11.5-million home in Los Altos, just below the asking price, according to public records. Turning to the business, in Q2, our ARR growth accelerated to 127% year-over-year and our revenue was up 121%. The chief information security officer of a Fortune 500 oil company captured it well saying SentinelOne's storyline technology fundamentally changes EDR. So it's not only about protecting those attack surfaces, it's also about ease of deployment and simplicity of use. We know that most of the incumbent solutions that were there around seven years ago, like antivirus and firewalls, are very antiquated ways of protecting assets that just dont cut it in the modern attack landscape. I'm even more excited about what we can do from here. Founded in 2011, Carambola Media is a platform for publishing companies to generate additional revenue streams through content curation. Yes. Or is there a big opportunity with those going forward? And are there enough people out there to fulfill your needs? Great, and appreciate you guys taking my question. SentinelOne sits all the way down in 13th place in the worldwide corporate endpoint security space, with just 1.8% market share last year, according to IDC. Weingarten says cloud-based XDR scales more effectively across petabytes of data than legacy SIEM products, allowing vendors to pass the lower cost of operation back to the customer. Just on maybe a question for either Nick or Tomer, I wanted to dig into some of the partnership announcements you guys have made in recent months particularly with Zscaler and Cloudflare. As we look at customer acquisition, typically who are you going up again? Why Is AT&T Cybersecurity Such a Good Acquisition Target? It's two quick questions for you. So all in all, we feel that mix is a healthy one and one that we would like to carry into the future. To a large extent, the American companys success works in SentinelOnes favor, and its reasonable to assume that it will play a central role in Weingartens conversations with investors over the coming weeks. And there's a mix across all of them, but there's certainly an opportunity us to continue to see the customers and core control we expand up to the more complete offering, as well as add more modules, et cetera, et cetera. And what that's really driven by enabling their business and not competing is incredible loyalty and brand loyalty with SentinelOne, and that's something we've been working really hard on for the last several years. The focus instead should be on having the right data that produces signals that can be modelled. Looking back, it took over three years to reach a $100 million in ARR and just three quarters to nearly reach the next $100 million. We dont feel like egos contribute to anything that we do. And following the call, an audio replay will be available on the Investor Relations section of our website. And if you can talk about your we spoke about product differentiation, but I want to talk about the value of automation. Tomer Weingarten, CEO of SentinelOne, joins "Squawk on the Street" to discuss the company's IPO and cybersecurity business. During this call, unless otherwise stated, we will discuss non-GAAP financial measures. When I think of growing up as a teenager, I was pretty impressed with Bill Gates story. Most SIEM firms started as a node-based approach that's deployed on-premises, while cloud-native data analytics provide a shared architecture that's highly scalable across customers. The next question is from Alex Henderson with Needham. SentinelOne will use the proceeds from its IPO for acquisitions, more sales people, and expanding what its product does for customers. LIVE Webinar | Cisco Duo and Umbrella are better together! We see tremendous opportunity for growth and the investments we're making today will put us in a position to succeed for the long-term. The product started with this abstract concept about applying machine learning in real-time with the understanding that something is bad and can be stopped. We enable and embrace the channel. Clearly competition in this industry will remain fierce. After all, lockups will expire creating downward pressure on the stock as early investors sell. And that drives adoption as well. Ms. Tomasello has over 20 years of experience in the accounting industry. Today, theres only us and CrowdStrike.. Thank you. In fact, our IR partner ecosystem is our fastest growing channel. So all in all, I mean, it just really kind of falls in line with both of our Zero Trust strategy and our open XDR approach. Thank you and thank you all for joining us today. It was a lot of hard work, he said. Thank you. One of the reasons that we're looking at the Czech Republic is because they do have an excellent amount of cybersecurity talent that, assets is it allows in next. For me, as a leader, a lot of it is just listening and remaining humble. Got it. Opinions expressed by Forbes Contributors are their own. I don't think we're cheaper than the competition. Before launching the company in 2013, he had helped to create several other tech startups. Lets put it that way. 02:14. I realize we're running long here, but wanted to add a second question. We are benefiting from increased scale, cloud hosting agreements and processing efficiency gains. While its customers do include three of the worlds 10 biggest companies, it only has 37 Fortune 500 companies on the list. Tomer co-founded SentinelOne in 2013. Where is the battle coming down to more of the next gen providers? Its a fantastic company, with astounding marketing and performance capabilities.. in Manufacturing Engineering from Boston University, and a Ph.D. in Operations Research from the Massachusetts Institute of Technology. I think we take a different approach. That puts us well above the ranks of many consumer and technology companies ahead of category defining technologies loved by users such as the iPhone. During her tenure at Chegg Inc., Ms. Tomasello guided the companys accounting team from its 2013 IPO through periods of extensive revenue growth. And maybe just a quick follow-up for Dave. Mr. Ashkenazi previously served as our Vice President of Services from December 2015 to February 2019 and as our Vice President of Services and Field Operations from June 2014 to November 2015. This is truly a testament to the hard work of the entire team at SentinelOne. In Q3, we expect revenue of $49 million to $50 million, reflecting growth of 102% at the midpoint. So we really think about growing the business from a new model perspective, as well as learning to extend, someone asked a question on that the answer is yes, we're doing both. Thank you for taking my question. Hey guys, thanks for taking my questions here and echo my congrats on becoming a public company. So we're going to continue to look for areas where we can advance, what we need in terms of driving our product and our innovation. Sure. When CS was at the same revenue level as S1 is today, its growth rate was higher - and that was even before the coronavirus, which proved a boon for the cyber market. Putting all of this together, cybersecurity has never been more critical and more challenging for the enterprise. At the same time, we moved to a hybrid work environment. There was certainly substantial demand from investors. That's what they do. Mr. Ashkenazi holds a B.S.C.S. Prior to Medallia, Mr. Smith served in various positions at Oracle Corporation, a products and services cloud technology company, including most recently as Senior Director of Engineering, from October 2009 to January 2016. From June 2014 to February 2017, Mr. Parrinello served as Vice President of American Sales at Nimble Storage, Inc., a data storage solutions company that was acquired by Hewlett Packard Enterprise Company in April 2017. After all, there are stringent disclosure and audit requirements. So our ability to protect to prevent and to keep our customers safe. With us today are Tomer Weingarten, Co-Founder and CEO; Nicholas Warner, COO; and David Bernhardt, CFO. SentinelOne CEO Tomer Weingarten believes his $155 million acquisition of data-analytics startup Scalyr, announced Tuesday, opens up a whole new direction for his cybersecurity firm, which uses. statements reflect our best judgment based on factors currently known to us and that actual results and events could differ materially. information systems; Implement NIST's risk management framework, from defining risks to selecting, implementing Let's discuss the business. Okay. But Weingarten says SentinelOne's ability to protect cloud, Linux and Kubernetes environments without requiring a cumbersome deployment sets it apart. In the past year, we've more than tripled the number of customers with ARR over 1 million. We got $9 million ARR when we acquired Scalyr. Additionally, we're also starting to see benefits from our renegotiated cloud hosting agreement, which we signed earlier this year to align with our expected growth. Hi there. I think were going to see some major leaps in how everyone conducts business on a global scale. For all of us at SentinelOne, our values and goals align on protecting customers and putting them first. Our non-GAAP operating margin was negative 98%, an improvement over negative 101% in the year ago quarter even as we prepared for our IPO. Qualcomm Technologies, Inc., a wholly-owned subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of Qualcomm's engineering, research and development functions, and substantially all of its products and services businesses. The company raised close to $700 million over eight rounds of funding. Thank you. The first is on September 28. The next question is from Brian Essex with Goldman Sachs. If you have an ad-blocker enabled you may be blocked from proceeding. Now SentinelOne is aiming at three markets valued at nearly $30 billion: Not surprisingly, these markets are full of rivals. Over the last eight years at SentinelOne, we've developed AI and machine learning models built patented storyline technology and created an in-house cloud data platform. Please refer to the documents we file from time to time with the SEC in particular, our S-1 and our quarterly report on Form 10-Q. From there, Weingarten hopes to introduce a high degree of automation around the data that's collected to improve security operations, not just on the endpoint or cloud but also around the network and email. But the last thing and this is not to be underestimated with our unique go-to-market business is that multi dimensional channel that we talked about. SentinelOne, Inc. (NYSE:NYSE:S) 24th Annual Needham Growth Conference January 11, 2022 1:15 PM ETCompany ParticipantsDoug Clark - Head, Investor RelationsTomer Weingarten - Chief Executive. Thank you. Remember that what youre building is for the customer and the end user. Any forward-looking statements made during this call are being made as of today. Fueled by new customers and existing customer expansion, we delivered ARR of $198 million in the quarter, accelerating 127% year-over-year. Our ecosystem of IR partners are armed with the best technology available when it comes to rapidly recovering from a breach. Tomer, Nick and Dave will begin with prepared remarks, and then we'll open the call for questions. Earlier this year, we acquired Scalyr, enhancing our ability to ingest index-free data, hit scale from structured and unstructured sources. 2021 Qualcomm Technologies, Inc. and/or its affiliated companies. Its Singularity platform does this in a highly autonomous fashion deflecting attacks in real-time with no human intervention. That is the way to make an impact in this world.. 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