And so that's also driving a lot of the adoption. So the ability to really address all of these new opportunities in cybersecurity that might have not been there a couple of years ago are not only an opportunity, but also a competitive differentiator that we have. But interestingly enough, the timing was too early. So to us, I mean, those positive performance it's always something that you deal with. They use our technology to understand what's going on, stop the attack and remediate the network. Now its worth about $10 billion, according to MarketWatch. I've been at SentinelOne for over four years now. There's a lot more detail in our shareholder letter, which I welcome you to view on the Investor Relations section of our website. I see that landed costs per new logo is certainly much higher than it was last quarter. Tomer, Nick and Dave will begin with prepared remarks, and then we'll open the call for questions. 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. SentinelOne is competing effectively with rivals such as CrowdStrike and Palo Alto Networks. We are very excited about our performance in the second quarter. Thanks for the questions, Hamza. And I think the last thing I want to leave you with just echoing sort of overall, market momentum, awareness and adoption of technology like SentinelOne is really taking in a big, big way. Our channel partners are bringing us into an increasing number of opportunities, giving our sales teams access, scale and reach around the globe. "Our competitors have gone down the path of multiple platforms and multiple offerings, beaming data from their EDR into their XDR. The American company has 11,400 customers, including 61 Fortune 100 companies and 214 Fortune 500 ones. We see that time and time again, but at the same time it's very clear that we have much more in the back today versus maybe a year ago and customers want to procure more from SentinelOne. These non-GAAP measures are not intended to be a substitute for our GAAP results. During an ISMG interview at Black Hat USA 2022, Weingarten discussed his company's biggest bets from cloud workload protection and unstructured data ingestion to accelerating automation and becoming a full SIEM replacement (see: SentinelOne's $100M Venture Capital Fund Seeks Data Startups). Previously, Ms. Ghatak led talent and implementation of people strategy at several global business units at Cisco Systems, from June 2007 to October 2013. We knew from the beginning that the best solution would have to harness the power of data and AI. We're rapidly expanding this ecosystem and its driving meaningful growth for us. 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. One thing I would add to that, this is Nick here is, from a budget perspective. That's correct. This is Nick here. Thank you. Yes. References to "Qualcomm" may mean Qualcomm Incorporated, or subsidiaries or business units within the Qualcomm corporate structure, as applicable. He. They want to cover more surfaces. improve their organizations' risk management capabilities. Its a huge undertaking. I think building a little bit on Saket's question, but I wanted to touch on the net dollar retention rates. But the company's endpoint security revenue skyrocketed by 112.2% from $88.2 million in 2020 to $187.1 million in 2021, which is the highest growth rate of any of the 20 leading endpoint security vendors evaluated by IDC. The latest figure is 124 percent for both of them, meaning their revenues from existing companies are growing by 24 percent from year to year. 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. Finally, for operating margin we expect negative 96% to 99% in Q3. And where do you see it kind of going in the next year coming off the IPO? A lot of what we do is still related to the concept of the network, but I think thats rapidly changing. Obviously we find them in more and more accounts that we sell into, so that also become something that our customers are asking us to do. Weingarten says clients also save money since all data that's collected natively by SentinelOne's agents is stored for free regardless of whether it resides on the endpoint or in the cloud or is tied to user identity. We created an autonomous cybersecurity platform to deliver our vision. SentinelOne expanded its product portfolio to include identity with the $616.5 million purchase of Attivo Networks, enabling the firm to provide identity threat detection and response, identity infrastructure assessment and identity cyber deception. The first is on September 28. ARR of nearly $200 million and growing 127% is nothing short of astounding. Why Is AT&T Cybersecurity Such a Good Acquisition Target? Some people paint, some people write songs, some people are talented in different ways. Tomer Weingarten is our co-founder and has served as our Chief Executive Officer and a member of our board of directors since our inception in January 2013, as our President since November 2018, and as our Chairman of the Board of Directors since March 2021. I'm just wondering, ultimately how much of an opportunity there is that those customers for additional purchases? One customer noted Overall I am thrilled we went with CrowdStrike. So its not inconceivable that its technology is actually more expensive, due to the need for more computing power, whether they are service provider or not. The CEO and cofounder of SentinelOne is Tomer Weingarten. Based on the analysis from IDC, the spending is expected to reach $40.2 billion by 2024, which represents a compound annual growth rate of nearly 12%. CrowdStrikes field is security for end-user devices (devices connected to the end of a network, like a cellphone or computer hooked up to the world wide web). We're excited about the future of go-to market synergies. You may proceed. 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). Its zero additional deployment. So that $10 million you pulled out of inorganic ARR fell in 1Q right? These are all things that our platform can cover today. "Given the technological superiority we have on our platform today, some of the biggest cloud consumers out there have been adopting our workload protection platform," Weingarten tells Information Security Media Group. For us, it really is a good mix. Our strong channel metrics are leading pipeline and traction indicators. At the previous startups that Ive built, I was the CTO and mostly on the technical side. Its basically the go-to console for security operations people in some of the worlds largest organizations. It's a big difference on what the others are doing in this space. The colleagues of Tomer Weingarten. I would now like to pass the conference over to your host, Doug Clark, Head of Investor Relations with SentinelOne. Thanks. Very helpful. SentinelOne has been growing at triple-digit rates but is slowing down. What type of capacity, you see going forward in terms of your ads for the next couple of quarters? First automation, automation is key to neutralizing threats effectively and in real-time. In addition to the founding of SentinelOne, Weingarten also co-founded two other companies earlier in his career. I was hoping you could just talk a little bit about kind of the broader distribution channel a bit. You may proceed. Sure. 5,169 executive movements have been recorded in the last 12 months. Yet the market is massive. in Manufacturing Engineering from Boston University, and a Ph.D. in Operations Research from the Massachusetts Institute of Technology. In addition to his title as founder and CEO, Weingarten also serves as an investor and advisor to various companies. 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. Qualcomm Ventures Investment Team members are employees of Qualcomm Technologies, Inc. or one of its subsidiaries. The only way to ensure safety and security is with zero trust. Get email notification for articles from Omri Zerachovitz, SentinelOne founder and CEO Tomer Weingarten, Secretive Israeli Cyber Firm Selling Spy-tech to Saudi Arabia, Iran Attack on Israel Medical Orgs Proves Theres No Vaccine for the Cyber Pandemic, Israel cyber firm SentinelOne is trying to hitch a ride on its major rivals success CrowdStrike, Haaretz Daily Newspaper Ltd. All Rights Reserved. Our modules help customers with today's critical management protection and visibility challenges. Yes. So just trying to think about the trajectory there and maybe the most fundamental thing that changed in the quarter to drive that improvement. 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. Sure. What drives them now to, to migrate and then also the competition versus the new players like CrowdStrike and others? 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. "Up until this point, it was mostly promises and in buzzwords. Every edge of the network must be secured. Yes. Thank you for taking the question and congratulations on another really nice quarter of acceleration here. Hi there. Prior to Chegg, Mr. Bernhardt served in various positions at Palantir Technologies Inc., a data analytics software company, including most recently as its Vice President of Finance and an advisor, from May 2009 to August 2013. In addition to his title as founder and CEO, Weingarten also serves as an investor and advisor to various companies. Before I turn into Nick and Dave, I want to say I'm excited about what we've achieved as the company. Once the data is ingested, Weingarten says, SentinelOne has mechanisms in its Singularity platform that let customers build rules around the collected data and invoke responses to those commands across any product. 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 doesnt just observe but prevents and deflects in real-time. Ranger for us has become truly a competitive advantage. What we do today will be transitioned into more remote and virtual settings, which will lead to more exposure of attack surfaces for hackers and criminals. 2021 Qualcomm Technologies, Inc. and/or its affiliated companies. You may proceed. 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At Coty Inc., Sue Nabi scored perhaps the biggest CEO pay deal ever granted in the world of beauty: $283 million. 444 Castro StreetSuite 400Mountain View, California 94041, follow us on This is truly a testament to the hard work of the entire team at SentinelOne. SentinelOne CEO Tomer Weingarten closed on a $11.5-million home in Los Altos, just below the asking price, according to public records. There are currently more than 4,700 customers and a majority of them are large enterprises. Implementing AI Systems: Transform Your Business in 6 Steps. SentinelOne is growing fast and losing money. The endpoint security market is large and growing and we're just at the beginning. Opinions expressed by Forbes Contributors are their own. Articles by Tomer Random thoughts. One, our 97% gross retention rate, which means our customers are happy and staying with us. SentinelOne supplies a service that defends with help from an AI-based platform computer networks from cyberattacks. This success has attracted some of the worlds largest companies as customers and earned industry accolades, including a spot on the CNBC Disrupter 50 list, being named the highest-rated vendor on Gartner Peer Insights Voice of the Consumer: Endpoint Detection and Response Solutions report, and being listed as the 7th fastest growing company in the latest Deloitte Technology Fast500. We even received a patent on this approach.. Thank you. , SentinelOne is basically my third company. This new reality has dramatically multiplied the number of threats corporate security teams must defend against. And it's kind of a game that we saw a film that we already saw and we see it growing over time. By submitting this form you agree to our Privacy & GDPR Statement, General Data Protection Regulation (GDPR). Yes. 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. From there, Weingarten says, the customer picks and chooses what data to transport into the SIEM for ticketing purposes or to respond to workflows that are already in place. 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. For me, writing code and building software products is the way I express myself. Yes. You may proceed. And we're seeing, the beginning and first innings of traction, we deliver with a lot of our newer modules. Now we'll discuss our costs and margins and then provide our guidance outlook. We're protecting even more mission-critical businesses. I mean, we feel it's going to hover around these rates for kind of the foreseeable future, and we like their contribution. Great, thank you very much. Prior to Chegg Inc., Ms. Tomasello was Assistant Corporate Controller at Palm, Inc. 444 Castro StreetSuite 400Mountain View, California 94041, Senior Vice President of Global Support and Services, follow us on And three, we win more than 70% of POCs against the competition. Yes, hi there. That was a great question from Roger. Any forward-looking statements made during this call are being made as of today. I mean, that just comes to show that home prevention and all the way to detection, response and remediation. Over the weekend, the company filed a prospectus for an initial public offering on Wall Street, and its hoping to benefit from investors optimism at/faith in CrowdStrike. We feel better competitive environments more, that's for sure. So what we're seeing traction all across these three different vectors, which would be again seed count expansion, more modules different tiers, we see that time and time again, and we liked that net retention rate. The second item is the lockup. Ranger identifies and tracks all rogue IoT devices and we've just released Auto Deploy. Thats a pretty impressive 347% compound annual growth rate in value. That's because of vision, execution and listening to the needs of our customers. The CEO and cofounder of SentinelOne is Tomer Weingarten. Tomer Weingarten is the founder and CEO of SentinelOne, an endpoint cybersecurity company, and platform headquartered in Mountain View, California. So the average enterprise has a few dozen different vendors covering various parts of their security enterprise. Mr. Ashkenazi holds a B.S.C.S. 12 -, ? : , . We're now seeing, think about the White House Executive Order that mandates low collection, data retention, the ability to keep security data input telemetry for longer is actually fueling customers to procure more and more data retention and archiving directly from our platform. 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. Across the entire enterprise from endpoint to cloud companies want partners and platforms not siloed point solutions. We've had multiple years doing customers of Symantec and McAfee. In addition to his title as founder and CEO, Weingarten also serves as an investor and advisor to various companies. "Those are the ones that we're working to complete.". This was definitely a major validation of the AI approach. We are [investing to] acquire new market share while improving unit economics by operating in a more efficient manner.. But again infection, that's something that's unacceptable. We took our technology to securing IoT devices, the datacenter, and even containerized cloud workloads. One compromised printer can quickly become an adversary's home base for an attack. What is Tomer Weingarten's net worth? And as a result, we're delivering real-time industry leading threat detection and response from endpoint to IoT to cloud. And what is the cost look like? It was really something that made me think, I want to invent something with software, too. When I think of growing up as a teenager, I was pretty impressed with Bill Gates story. And we'll do that for the foreseeable future. Customers give CrowdStrike high marks. The focus instead should be on having the right data that produces signals that can be modelled. 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. We're seeing the ability for almost every customer that we have today to go in and prove by that functionality. Im an engineer by training, and what I love to do is build software products. Hi, good afternoon. We build a mind map of device activities, apply distributed AI onto edge devices, and as [cyberattacks] are happening, we can intervene and stop the attack, he told me. Our customers want real-time response and protection. 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 rest of the competitors have just chosen an architecture that is not well received by a lot of the cloud-native companies that are looking to secure their cloud environments," Weingarten says. 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. What we don't try to do is hijack a customer's security budget and to forcing them to buy reams of services, hours to support, a non-automated product. Its just code, and it becomes this important part of pretty much everything. The Movie The Professional is what made Natalie Portman a Lolita. Divya Ghatak has served as our Chief People Officer since August 2019. This year, more than ever before because of the Covid-19 pandemic, huge droves of workers and consumers have been turning to the internet to communicate, get things done, and entertain themselves. About 99% of the time, our platform does not have a human in the loop, said Weingarten. Microsoft back then wasnt about hardware, there was nothing to feel. For us it's about technology. This was the first public offering for Weingarten. The next question is from Andrew Nowinski with Wells Fargo. This is the base run rate going forward. Cloud Security The dollar-based net retention rate: 124%. And I think that comprises the vast majority of our pipeline. But outside of that, I mean, we are doing displacements here and there, very anecdotal but we have those. SentinelOne is a platform that addresses almost every cybersecurity need that an enterprise would have. And that is what our platform is incredibly unique in that the advantage of AI and machine learning. Despite the claim, CrowdStrike is more profitable and on the other hand SentinelOnes revenue costs consist mainly of maintaining its cloud. You call that the success with tears in modules, wondering if you can talk about the impact of cloud workload protection? And our platform is a 100% cloud native. I mean, how is going public helps in the enterprise or I guess landing kind of our partners or SI partners is, has the I guess the publicity and profile of being a public company assisted in that? So there we've added CIS benchmarking capabilities just a couple of quarters ago, we're seeing better and better adoption. What we're bringing is automation and machine learning, ease of use, and really we're democratizing very advanced technology. There are several structural forces that play that will drive long-term and sustained growth for us in our industry. Finally delighting our customers, I'm especially proud that our net promoter score, or NPS, has risen every single quarter in the past year. Qualcomm Ventures is the investment arm of Qualcomm Incorporated. Thank you. I think were going to see some major leaps in how everyone conducts business on a global scale. Building the platform has required using the latest in data systems to process petabytes of data in real-time. Clients can bring in any type of log source and cross-correlate disparate data points from siloed products made by different vendors into a single cohesive data lake to drive more automation and orchestration, he says. You want to prevent these infections from happening. So we're going to continue to invest and build and grow our go-to-market teams. Tomer Weingarten, CEO, and Co-Founder. We dont feel like egos contribute to anything that we do. Got it. 2023 Information Security Media Group, Corp. We're working on getting our largest customers over first, which is why you see the depth that we're expecting in the second half, but going forward, we think we should have a baseline of around where we're at right now, barring any other efficiencies we see on the product as we continue to advance it. For me, as a leader, a lot of it is just listening and remaining humble. So all in all, we're definitely seeing an opportunity that's almost completely Greenfield there. And they wanted a more automatic solution. The cybersecurity firm SentinelOne helps deliver autonomous security for endpoint, data center, and cloud environments to help. 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. Our customers choose us as their cybersecurity partner and we take the responsibility and trust seriously. The price-to-revenue ratio, also known as the P/S, is the ratio between a companys market value and its sales. It's completely cloud delivered. And are there enough people out there to fulfill your needs? The massive growth in the number of networked devices, a trend which will only accelerate with the adoption of 5G and the expansion of the internet of things (IoT), has given employees and users many new ways to access servers and information. 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The Qualcomm corporate structure, as a result, we 're just at the previous startups that built... A service that defends with help from an AI-based platform computer Networks from cyberattacks cybersecurity! Thing I would add to that, this is Nick here is from! Thrilled we went with CrowdStrike but is slowing down our competitors have gone down the path of multiple and! Now to, to migrate and then we 'll discuss our costs and margins and then provide guidance... Are employees of Qualcomm Incorporated little bit on Saket 's question, but I to... Code and building software products within the Qualcomm corporate structure, as applicable endpoint to cloud want... Million and growing 127 % is nothing short of astounding songs, some people are talented in different ways I... Couple of quarters ago, we 're working to complete. `` 're rapidly expanding this ecosystem and its meaningful.