Operator, can you please open up the lines for questions? Its Singularity platform does this in a highly autonomous fashion deflecting attacks in real-time with no human intervention. So all in all, I mean it drives I think a complete overhaul of the cyber security stack. This goes along with a dramatic influx in how traditional crime syndicates are monetizing, as more syndicates involved in physical crime shift their business models into cybercrime. Tomer co-founded SentinelOne in 2013. If SentinelOne will have a P/S ratio similar to that of CrowdStrike, its market value would be between $6 billion and $7 billion. We are benefiting from increased scale, cloud hosting agreements and processing efficiency gains. Articles by Tomer Random thoughts. Since then, its evolved into a complete platform with about 10 different modules that can address different issues within a corporate enterprise environment. Prior to that he held several . Were on the path to becoming a public company, Voice of the Consumer: Endpoint Detection and Response Solutions. Its Singularity Platform incorporates AI into an extended detection and response (XDR) platform to enable autonomous cybersecurity defense, according to CNBC. Support has been relatively effective, but can be a little slow on response times.. SentinelOne has focused on protecting workloads and delivering EDR for the cloud, which Weingarten says is very different from others in the space who've concentrated primarily on posture management. It's always going to be competitive with at least one other next gen competitor. So they are able to lead with our technology platform. I think that is what the ideal is," Weingarten says. Before our founding, Mr. Weingarten held various positions, including Vice President of Products, at Toluna Holdings Limited, a technology company that delivers real-time consumer insights, from May 2007 to December 2012, which he joined following the acquisition of Dpolls, a startup he had previously co-founded. 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. 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. We've had multiple years doing customers of Symantec and McAfee. Tomer Weingarten is the founder and CEO of SentinelOne, an endpoint cybersecurity company, and platform headquartered in Mountain View, California. I want to pause on that for a second. Our customers choose us as their cybersecurity partner and we take the responsibility and trust seriously. 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. So all in all we feel the potential is quite significant. The second item is the lockup. Now we'll discuss our costs and margins and then provide our guidance outlook. So our ability to protect to prevent and to keep our customers safe. Before launching the company in 2013, he had helped to create several other tech startups. These tiers enable us to bring our technology to a diverse set of biotech types and organizations from medium sized businesses all the way to the world's largest Fortune 500 enterprises. Feedback has been positive and we've issued over 2,000 accreditations to-date. So there we've added CIS benchmarking capabilities just a couple of quarters ago, we're seeing better and better adoption. A recent example is the diversification of our R&D footprint outside of Israel and Silicon Valley. Prior to Tableau, Mr. Conder was Vice President, General Counsel and Corporate Secretary at Isilon Systems from 2007 to 2012, and prior to that led legal and regulatory teams in the travel and technology sector for over ten years, including as Senior Vice President and General Counsel of Expedia, Inc. and Travelocity.com, Inc. Ric Smith has served as our Chief Technology Officer since March 2021. 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. Ranger identifies and tracks all rogue IoT devices and we've just released Auto Deploy. 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. And just remember that what youre building is for the customer and end-user. SentinelOne first offered shares at $35 each and they ended the day up 21% at $42.50. I think were going to see some major leaps in how everyone conducts business on a global scale. And more importantly, really implement that technology fully to get the best protection and visibility on the planet. You may proceed. Being public also helps with the trust of customers. I mean, we've had an excess of $1 million ACV displacement this quarter as well for Fortune 500 Company, and they cited the same. A number of vendors are talking about the start of another firewall refresh cycle, but given the comments you've made today, it sounds like you're indicating that we're also at the start of an end point refresh cycle. Yes. Our mission to protect our customers in our way of life has never been more important in a digitized world. Prior to joining SentinelOne, Ms. Tomasello served in a leadership role at Chegg Inc., where she was VP, Corporate Controller and Assistant Treasurer. Tomer, Nick and Dave will begin with prepared remarks, and then we'll open the call for questions. It's completely cloud delivered. Clearly competition in this industry will remain fierce. Good afternoon everyone and welcome to SentinelOne's earnings call for the second quarter of fiscal year 2022 ended July 31st. We launched SentinelOne in 2013 with the idea that cybersecurity incorporated faster speeds, greater scale, higher accuracy, and most importantly do this through more automation. I mean, you mentioned real quick the duplicative costs associated with the Scalyr migration. Thats a pretty impressive 347% compound annual growth rate in value. Note that the SMB (small-and-medium size business) category has shown even more growth. What we're seeing and Tomer talked about this is with a tremendous innovation, introduction of new modules, new surfaces to protect new problems to solve. I mean, they deal with that, we deal with that. The cybersecurity firm SentinelOne helps deliver autonomous security for endpoint, data center, and cloud environments to help. Great, thank you very much. And then from a go-to-market perspective, for Nick, what type of incremental benefit will these partnerships bring? 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. I think it's just fair to ask the question, if you can refer to their statements and announcements on this customer? Nick will talk a lot more about our differentiated go-to market and how that's fueling growth. Our customers want real-time response and protection. Prior to joining ISMG, he spent four and a half years covering all the major cybersecurity vendors at CRN, with a focus on their programs and offerings for IT service providers. The response piece is especially important. Don't think we're cheaper by any degree. After enjoying a 21% rise on its first day of trading, is it too late to invest in SentinelOne? 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. What type of capacity, you see going forward in terms of your ads for the next couple of quarters? SentinelOne has been growing at triple-digit rates but is slowing down. You may proceed. We have two triggers. SentinelOne not only provides native protection around endpoints, cloud workloads and identity but also can ingest data from any other product in the customer's enterprise, Weingarten says. documents contain and identify important risk factors and other information that may cause our actual results to differ materially from those contained in our forward-looking statements. 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). So we're seeing massive traction with that. As we look at customer acquisition, typically who are you going up again? How is that coming to play and also pricing differences. Therefore, its no surprise that the company continues to burn through cash. The dollar-based net retention rate: 124%. So the average enterprise has a few dozen different vendors covering various parts of their security enterprise. What do you think one for Tomer, to what extent does that validate your technology given that you're partnering with other next-gen vendors on the network security side? Can you characterize the competition? Previously, Ms. Ghatak led talent and implementation of people strategy at several global business units at Cisco Systems, from June 2007 to October 2013. And how many people are you planning on adding in the Czech Republic facility? So they get up and running in seconds, they get a complete cloud tenant for themselves, the immediately deploy using guard discovering deployment services, and then, they leave the platform there for us to come in and monetize. And where do you see it kind of going in the next year coming off the IPO? Let me share some more detail from the quarter. Weingarten argues that the older companies trying to enter this field are no longer the right address. According to a Bloomberg report from early March, the company is hoping for an even higher market value, of $10 billion. Are you still seeing a lot of replacement of legacy out there, which would imply that there's still a long way to go in this markets? Any forward-looking statements made during this call are being made as of today. Keenan Conder has served as Chief Legal Officer and Corporate Secretary since September 2021. SentinelOne CEO Tomer Weingarten closed on a $11.5-million home in Los Altos, just below the asking price, according to public records. I think building a little bit on Saket's question, but I wanted to touch on the net dollar retention rates. But no one is showing them how - 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. Before our founding, Mr. Weingarten held various positions, including Vice President of Products, at Toluna Holdings Limited, a technology company that delivers real-time consumer insights, from May 2007 to December 2012, which he joined following the acquisition of Dpolls, a startup he had previously co-founded. Two years ago, the American company CrowdStrike held its initial public offering, which valued it at almost $7 billion. In Q2, we added the highest number of customers with ARR over $1 million compared to prior quarters. This is going to drive a lot of the challenges in securing the enterprise environment, and in turn, the data that all of us store with some of these enterprises. The Mountain View, California-based company was founded in 2013 by Israelis Tomer Weingarten, its CEO, and Almog Cohen. At Coty Inc., Sue Nabi scored perhaps the biggest CEO pay deal ever granted in the world of beauty: $283 million. You may proceed, Mr. Weingarten. It was really something that made me think, I want to invent something with software, too. "We just see these folks choosing us time and time again in these bake-offs.". 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. 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. Both companies have one figure thats identical their dollar-based net retention rate, which reflects growth in revenues from existing companies. - the bible of risk assessment and management - will share his unique insights on how to: Sr. Computer Scientist & Information Security Researcher, This is an improvement upon our fiscal year 2021 operating margin of negative 107%. Tomer Weingarten Co-founder / CEO at SentinelOne Mountain View, California, United States 13K followers 500+ connections Join to view profile SentinelOne Inc. For us, it really is a good mix. SentinelOne is basically my third company. That's correct. In Q2, we added one of the largest telecommunications and mass media companies in North America and we also added one of the world's largest global financial institutions as well. And so that's also driving a lot of the adoption. SentinelOne. Thank you. Mr. Conder brings over 25 years of experience scaling high-growth, public companies in the technology sector. And obviously, Qualcomm is a main driver in the 5G revolution which will also almost recreate what the network model looks like. Thanks a lot. He. The Movie The Professional is what made Natalie Portman a Lolita. The first is on September 28. Reflected in our guidance is our plan to migrate existing customers to our Scalyr backend in Q3 and Q4. So we're going to continue to invest and build and grow our go-to-market teams. And then what's the availability look like? I will then turn it to Nick and Dave to provide some highlights from our most recent quarter and outlook. Anyone interested in SentinelOne, Inc. should probably be aware that the Co-Founder, Tomer Weingarten, recently divested US$176k worth of shares in the company, at an average price of US$16.70 each.That sale was 26% of their holding, so it does make us raise an eyebrow. SentinelOne is competing effectively with rivals such as CrowdStrike and Palo Alto Networks. Hot Topics 27 Febbraio 2023 | Nuove nomine di executive in SentinelOne; 27 Febbraio 2023 | Artemis nomina Alex Stanic nuovo Head of global equities; 27 Febbraio 2023 | Candriam: nuovo accordo con il Gruppo Sella; 27 Febbraio 2023 | Garbe industrial Real Estate Italy nomina Sara Labrini nel ruolo di Senior Technical Development Manager; 27 Febbraio 2023 | Massimo Braganti nominato Direttore . 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.. Their platform, which automates endpoint protection, detection, response, and remediation, offers large organizations a . Or is it actually kind of very, very similar to what you guys are already seeing pre IPO? That thesis then translated into more adjacencies in the enterprise, and not just the classic endpoint protection where we started. 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. That's something we'll advance, once we get it completely tied into the SentinelOne back end. Implementing AI Systems: Transform Your Business in 6 Steps. Very helpful. We grew customers with ARR over $100,000 by 140% versus last year. It's something that we'll deal with that forever. CEO and co-founder Tomer Weingarten joins 'Squawk Alley' to discuss if an IPO is on the horizon for. Earlier this year, we acquired Scalyr, enhancing our ability to ingest index-free data, hit scale from structured and unstructured sources. David Bernhardt has served as our Chief Financial Officer since September 2020. Lets put it that way. and monitoring information security controls. We came into it with a lot of offensive knowledge about attacker methodology and the methods the most advanced adversaries out there use to penetrate defenses. This call is being broadcast live via webcast. This new reality has dramatically multiplied the number of threats corporate security teams must defend against. He says the company is expanding into critical areas such as cloud security posture management and cloud infrastructure entitlement management. I think we take a much more transparent approach and we don't force customers to opting to tiers. The next question is from Tal Liani with Bank of America. 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 Q2, we added Storyline Active Response, or STAR. The next question is from Saket Kalia with Barclays. I think a lot of it is sometimes about relationships, but I think what's incredibly interesting about the customers that we've displaced is the reference they made to the amounts of infections they have to deal with, which to us is really why you're bringing in cyber security solution. What was the mix in the quarter? 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. Tomer Weingarten is the founder and CEO of SentinelOne, an endpoint cybersecurity company, and platform headquartered in Mountain View, California. SentinelOne is growing fast and losing money. And it also want to know, enables these partners to basically deliver their services in a much more effective manner. Hi there. Cohen and Weingarten were actually childhood friends and went to the same college. We are very excited about our performance in the second quarter. , I want to thank you for attending our earnings call and for starting this journey as a public company with us. I have a few questions I want to speak about competition. Very helpful. For me, as a leader, a lot of it is just listening and remaining humble. statements reflect our best judgment based on factors currently known to us and that actual results and events could differ materially. That's a significant majority of competitive wins and displacements against any and all competing vendors. That has created a huge bonanza for cybercriminals, but also companies that are building tools to combat them. Vats Srivatsan has served as our Chief Operating Officer since April 2022. 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. twitter, follow us on And with our vision of XDR being open, being inclusive, being easy to use, what we're really doing is up-levelling the capabilities of those traditional and already installed products, adding tremendous value with the Singularity platform, but weaving that all in together to a complete and holistic view of security, which is really the promise that we're delivering upon with XDR. Cloud-native companies from social media networks to ride-hailing providers tend to be very mindful of what's being deployed into production environments, especially if the service they offer is entirely based on the cloud. Mark Parrinello has served as our Senior Vice President of Global Sales since February 2020. 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. The next question is from Brent Thill with Jefferies. 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. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Well, you will encounter challenges to overcome on a daily basis. SentinelOne wasn't among the top nine vendors for cloud workload security market share last year, market intelligence firm IDC found. And as a result, we're delivering real-time industry leading threat detection and response from endpoint to IoT to cloud. The firm has raised some $697 million to date, from investors including US . And for us, it's really about, really stepping forward towards a more inclusive, open XDR approach and also kind of producing a more Zero Trust ecosystem around SentinelOne Singularity platform, really fusing together endpoint, which is kind of the edge of the network with the cloud and now identity and the user as well. You have to be an incredibly good listener and understand pain points before you propose solutions. In Q2, we enhanced our capabilities around automation, zero trust and data. And with an eye to the future, we just announced that we'll be opening an R&D facility in the Czech Republic to support our growing scale and global presence. Or is there a big opportunity with those going forward? How's it going versus legacy players and what drives corporates that were on legacy system for a long time? ARR of nearly $200 million and growing 127% is nothing short of astounding. I realize we're running long here, but wanted to add a second question. The endpoint security market is large and growing and we're just at the beginning. Youre building something that protects everybodys data. Tomer Weingarten. And what do you anticipate going forward for larger enterprise mix? Two, we don't compete with our channel partners. Security Operations. Our ecosystem of IR partners are armed with the best technology available when it comes to rapidly recovering from a breach. The support is very responsive in my experience so far. So just trying to think about the trajectory there and maybe the most fundamental thing that changed in the quarter to drive that improvement. Tiger Global, Insight Venture Partners, Third Point Ventures, and Sequoia Capital also participated in a $50 million concurrent private placement for the stock. This ratio reflects expectations about the companys rate of growth, the market it operates in, the efficiency of its operations and other factors. SentinelOnes figure (85 percent last year) was the highest of them all. I'm switching over to SentinelOne this quarter as this has been with the past quarters as well. At the same time, top scores from MITRE ATT&CK, the industry standard test for EDR, as well as the high score in the Gartner Critical Capabilities for each buyer type have helped build credibility in industry recognition. In the shareholder letter, we've reiterated our long-term margin targets. What is Tomer Weingarten's net worth? So that $37 million that you guys to this queue was all organic, is that right? Cookies enable us to provide the best experience possible and help us understand how visitors use our website. We're rapidly expanding this ecosystem and its driving meaningful growth for us. 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. Our focus with Scalyr is obviously been on implementing the technology not on really pushing our go-to-market. We also offer more than 10 modules that extend our platform value to more enterprise needs from IoT discovery and security to cloud and container workload protection. It's actually all of the above and we definitely focus on basically providing the customer the choice, license counts naturally organically extend over time. 2023 02:14. We sell three platform tiers, core control in our most comprehensive and popular tier complete. Jun 30, 2021, 3:00 AM. The CEO and cofounder of SentinelOne is Tomer Weingarten. Is this coming from the tiers that you talked about and up-sell within the base or a lot of that growth coming from the adjacent modules? I don't think we're cheaper than the competition. After two decades without a ratingsystem in Israel, at the end of 2012 an international tender for hotel ratingwas published. 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. The growing threat landscape is just one of them. 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. 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. 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 just, turns out to be a much more efficient model than the platforms that they've been using in the past which obviously, were more on-prem down. By submitting this form you agree to our Privacy & GDPR Statement, General Data Protection Regulation (GDPR). So all in all, we feel that mix is a healthy one and one that we would like to carry into the future. Okay, great. And they wanted a more automatic solution. It was akin to bringing a knife to a gunfight, according to the SentinelOne S-1 filing. Consider that none of the companys customers were impacted by the SolarWinds Sunburst cyberattack. Our press release and the shareholder letter were issued earlier today and are posted on our website. Yet things started to change as the cybersecurity threats became more frequent and dangerous. And our platform is a 100% cloud native. Got it. 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. In fact, our IR partner ecosystem is our fastest growing channel. Thank you. Its a market that hadnt been disrupted in years, with very large incumbents like Symantec and McAfee which had not innovated for a long time. Thank you. Finally, for operating margin we expect negative 96% to 99% in Q3. I think we take a different approach. The more conversations you have with your target market customers, the better you design your solution. So we're going to continue to monitor that. During the latest quarter, revenues soared by 108% to $37.4 million. Mr. Weingarten owns 259,427 shares of SentinelOne stock worth more than $3,914,753 as of February 1st. Ms. Ghatak holds a B.A. Our focus on automation, speed and accuracy is critical to any enterprise, in fact, all enterprises. (I have no financial interest in the securities mentioned in this post). Cybersecurity startup . I've been at SentinelOne for over four years now. 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. "Our competitors have gone down the path of multiple platforms and multiple offerings, beaming data from their EDR into their XDR. It's two quick questions for you. While its customers do include three of the worlds 10 biggest companies, it only has 37 Fortune 500 companies on the list. 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). Ranger for us has become truly a competitive advantage. In 2023, once she's collected all the shares included in the package, she's . SentinelOne prides itself on having fended off cyberattacks most notably the recent SUNBURST one [the malware that tricked systems into uploading it as an update to the SolarWinds Orion software] for all of its customers, he told me. Qualcomm Ventures. Great. 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