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. 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. Two, we don't compete with our channel partners. References to "Qualcomm" may mean Qualcomm Incorporated, or subsidiaries or business units within the Qualcomm corporate structure, as applicable. At the same time, we moved to a hybrid work environment. Where do you think you are in that opportunity? For the fiscal year-ending January 2021, revenue grew 82% to $874 million while it lost $93 million. Therefore, its no surprise that the company continues to burn through cash. This is truly a testament to the hard work of the entire team at SentinelOne. Ms. Tomasello has over 20 years of experience in the accounting industry. , facebook, follow us on There was certainly substantial demand from investors. SentinelOne, which develops AI-powered software for cybersecurity, launched its IPO today. They want to cover more surfaces. Wed, Jun 30 202111:06 AM EDT. That's over 2000 more than last year. 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%. 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. 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. As he told me in June 2019, SentinelOne was aiming at the $8 billion endpoint security market which protects smartphones, laptops, tablets, cloud services, and Internet of Things (IoT) devices which access corporate systems from cyberattacks. Another player in this market is the Israeli firm SentinelOne. Furthermore, the more we can build applications on top of the data that we collect using the platform, the more value we can bring to our customer base and the more extensive our offering can be across many different facets. These and others are global leaders with extensive enterprise relationships. 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 we're definitely seeing more market presence. Robin Tomasello has served as our Chief Accounting Officer since December 2021. By submitting this form you agree to our Privacy & GDPR Statement, General Data Protection Regulation (GDPR). So were really seeing a combination of both of those things, driving our average deal size or NNR our retention, all of those things are up into the right for organizations. 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. Our focus with Scalyr is obviously been on implementing the technology not on really pushing our go-to-market. until now. 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. 02:14. 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. Our platform today holds the most capabilities out of any other platform out there. We will now begin the question-and-answer session. The next question is from Patrick Colville with Deutsche Bank. As a global investor, we look to help entrepreneurs build revolutionary businesses that reshape the world around us. Youre building something that protects everybodys data. What was the mix in the quarter? Great. I think we're definitely seeing an elevation of the brand. 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. Are we seeing escalation and the prices of labor? As he told CNBC, We maintain an incredible win rate across every competitor out there. I was hoping you could just talk a little bit about kind of the broader distribution channel a bit. 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. We ended Q2 with total basic shares outstanding of 265 million. Tomer, you mentioned IoT cloud and data center seem really good uptake. Could you talk a little bit about your hiring plans and sales? Since then, its market value has increased sevenfold. 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 . The support is very responsive in my experience so far. Hi there. 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 as Nick mentioned in the prepared remarks, our ability to now signup most of the incident response providers, most of the leading incident response providers in the U.S. is providing for another channel that kind of expense the gamut of what we see in terms of market opportunities. In closing, Q2 was an excellent quarter with strong execution, and we're expecting that momentum to continue into the second half of the year. Could I just, I guess follow on about the connected environment. For me, as a leader, a lot of it is just listening and remaining humble. Thank you for taking my question. The SentinelOne system is flexible as well. Weingarten argues that the older companies trying to enter this field are no longer the right address. I think were going to see some major leaps in how everyone conducts business on a global scale. Even ten years ago, the pace of technological change was not even close to where it is today. Ms. Ghatak holds a B.A. [PDF] [7d5kicaru8k0]. SentinelOne supplies a service that defends with help from an AI-based platform computer networks from cyberattacks. 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. First of all, success would not involve building better algorithms. We expect Q3 non-GAAP gross margin to be between 58% to 59% and full year gross margin at 58% to 60%. In the past, Weingarten claimed when the two companies go head-to-head, SentinelOne wins out in 70 percent of the cases. 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. Both companies have one figure thats identical their dollar-based net retention rate, which reflects growth in revenues from existing companies. The company's approach to the cloud limits trade-offs between performance and security and, unlike competitors, embraces an architecture that's compatible with the needs of cloud-native companies. information systems; Implement NIST's risk management framework, from defining risks to selecting, implementing Tomer Weingarten is responsible for the company's direction, products, and services strategy. "Our competitors have gone down the path of multiple platforms and multiple offerings, beaming data from their EDR into their XDR. Mr. Smith holds a B.S. Additional proof of this can be seen in the amount of time it takes the company to recoup its sales and marketing expenditures. Over the span of his career, Weingarten has held a variety of titles, including software developer, VP of Products, and CTO. 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. Technology. At Coty Inc., Sue Nabi scored perhaps the biggest CEO pay deal ever granted in the world of beauty: $283 million. That's great. You may proceed. So to us, I mean, we feel like we've built really strong foundation in the channel, but now they're just going and accelerating and obviously enabling the channel, preparing more modules is another tier in our ability to unlock doing the vast opportunity in the channel ecosystem. Youre building something that protects everybodys data. Tomer Weingarten. Combined with ongoing benefits from our product innovation, improved brand awareness and continuing to scale our go-to-market, this collectively supports our triple-digit growth outlook. It's predominantly in the second half of this year. 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? So all in all, I think, again, multiple factors come into play, the IPO shining a spotlight on all of them. Lets put it that way. Tomer just sort of talked about this just briefly in the last question, but I was wondering if you could just double click a bit on the mix of customers across the different singularity peers specifically core control and complete. Thank you. Feedback has been positive and we've issued over 2,000 accreditations to-date. 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. And specifically, when we talk about cloud security, we talk about workload protection platform and runtime protection. Before SentinelOne, Tomer led product development and strategy for the Toluna Group as a VP of Products. 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. A lot of what we do is still related to the concept of the network, but I think thats rapidly changing. Yes. 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. It's about half of our customer we're still use core or control with the larger enterprise customers obviously using the complete solution. We got $9 million ARR when we acquired Scalyr. I realize we're running long here, but wanted to add a second question. 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. Prior to joining us, Mr. Parrinello served as Senior Vice President of Worldwide Sales at Cohesity Inc. from February 2017 to November 2019. The pace of technology today is pretty fast. Good evening. Our ability to not only discover all devices on the network, but now also to automatically deploy and help customers reach all these devices in a completely automatic manner is something that is incredibly unique in this space. Good afternoon everyone and welcome to SentinelOne's earnings call for the second quarter of fiscal year 2022 ended July 31st. We're seeing the ability for almost every customer that we have today to go in and prove by that functionality. 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 for us, I mean, you can take a more prevention first approach. At Tableau Software, Mr. Conder led the companys legal and regulatory affairs from its 2013 IPO through extensive growth and international expansion, including its acquisition, integration, and ongoing growth as a part of Salesforce.com, Inc. Thanks. It jumped in Q2 to above 70. Excluding the redundant costs for the Scalyr migration, we estimate fiscal 2022 gross margin would be roughly similar to our gross margin we achieved this quarter. This is the first. One compromised printer can quickly become an adversary's home base for an attack. That's because of vision, execution and listening to the needs of our customers. The next question is from Tal Liani with Bank of America. Weingarten served as the company's CEO from April of 2006 to May of 2007 when the company was acquired by Toluna Inc. They tend to be similar, standardized and open source. We also expanded our marketplace ecosystem through new partnerships with Zscaler and Cloudflare, partnering with other zero trust leaders strengthens our customers' security postures. Weve seen a leap happening practically overnight with COVID-19 changing pretty much every working model that weve known. The next question is from Andrew Nowinski with Wells Fargo. Weingarten served as the company's co-founder and CTO from May 2011 to May 2012. Now SentinelOne is aiming at three markets valued at nearly $30 billion: Not surprisingly, these markets are full of rivals. And what is the cost look like? Just remember thats the mission, thats why we wake up, thats why we build what we build. Our strong channel metrics are leading pipeline and traction indicators. We will make acquisitions for example, we acquired a data analytics company. Our channel partners are bringing us into an increasing number of opportunities, giving our sales teams access, scale and reach around the globe. SentinelOne's IPO pulls together cybersecurity official Christopher Krebs, CEO Tomer Weingarten, and hedge fund titan Dan Loeb. And it also want to know, enables these partners to basically deliver their services in a much more effective manner. Tomer Weingarten, CEO, and Co-Founder. So I think there are many different drivers to what we're seeing right now in endpoint security. Qualcomm Incorporated includes Qualcomm's licensing business, QTL, and the vast majority of its patent portfolio. Live Webinar | Hacking Multifactor Authentication: An IT Pros Lessons Learned After Testing 150 MFA Products, Best Practices to Safeguard Your Brand and Your Customers' Digital Identity (in Portuguese), Webinar | The X Factor: Building Blocks to a Strong XDR Strategy, Live Webinar I Critical Considerations When Choosing Your Security Awareness Training Vendor, 3 Steps to Secure Everything You Build and Run in the Cloud, eBook: 6 Critical Capabilities for an Application GRC Solution, IDC FutureScape: Worldwide Future of Trust 2023 Predictions, The Definitive Guide to AI and Automation Powered Detection and Response, Top Canadian Cyber Threats Expected in 2020, Leveraging New Technologies in Fraud Investigations, Endpoint Security Challenges in Manufacturing OT and IT Systems Survey. Finally, we have two quick housekeeping items. The company focuses on cloud workload protection and bests its rivals when it comes to performance and deployment since it doesn't tap into the kernel or require an intrusive integration, Weingarten says. We feel better competitive environments more, that's for sure. So for a lot of these new accounts that we're winning that the net new logo motion that we have is already going into other adjacencies in the enterprise, whether it's IoT security or cloud security. So they are able to lead with our technology platform. Yet SentinelOne is doing pretty well. 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. in Computer Science from the University of Arizona and an M.B.A. from the Wharton School of the University of Pennsylvania. So we obviously look for global talent everywhere. Our net retention rate was 129%, a new record for our company, fantastic execution from our sales and go-to market teams. You may proceed. The endpoint security market is large and growing and we're just at the beginning. The chief information security officer of a Fortune 500 oil company captured it well saying SentinelOne's storyline technology fundamentally changes EDR. And I think that comprises the vast majority of our pipeline. Youre building it for the benefit of the world at the end of the day. Any forward-looking statements made during this call are being made as of today. Thanks. Before I turn into Nick and Dave, I want to say I'm excited about what we've achieved as the company. Instead of people having to manually assemble data points, the technology assemble stories for us and even make decisions in real-time, game changer. Generally, service companies are less profitable, because their revenue costs, meaning the amount it costs the company to produce the product or service it supplies, are higher. on the topic: Ron Ross, computer scientist for the National Institute of Standards and A reconciliation of GAAP and non-GAAP results is provided in today's press release and in our shareholder letter. We knew from the beginning that the best solution would have to harness the power of data and AI. We even received a patent on this approach.. "We just see these folks choosing us time and time again in these bake-offs.". And we feel like a lot of our customers are coming back to us now that they're starting their transition into the cloud and theyre deploying into their Kubernetes environment into native cloud environment. in Personnel Management and Industrial Relations, from the Tata Institute of Social Sciences in India. 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 . 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. And to what extent that partnership integration makes your partners more sticky over time and amplifies that loyalty? Thank you very much for taking my question. So yes 37. 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). Very helpful. And with that, let me turn it over to Tomer Weingarten, CEO of SentinelOne. As it relates to some of the $1 million ARR customers that you landed. There are many publicly-traded cybersecurity companies. This net worth evaluation does not reflect any other assets that Mr. Weingarten may own. Now we'll discuss our costs and margins and then provide our guidance outlook. It's incredibly holistic again in nature. in Computer Science from Tourou International University. You may proceed. We added the highest number of million dollar ARR customers this past quarter. David Bernhardt has served as our Chief Financial Officer since September 2020. And this is Nick here. I'm just really trying to get a feel for how long this exceptionally strong momentum can continue? Pipeline and traction indicators assets that Mr. Weingarten May own of beauty: $ 283.. Specifically, when we talk about workload protection platform and runtime protection so far as a global investor, do! The prices of labor some of the $ 1 million ARR customers that you tomer weingarten nationality acquired a data analytics.. Center seem really good uptake go in and prove by that functionality Andrew Nowinski with Wells Fargo for., Mr. Parrinello served as our Chief Financial Officer since September 2020 much every working model that weve.! January 2021, revenue grew 82 % to $ 874 million while it lost $ 93.. Was certainly substantial demand from investors January 2021, revenue grew 82 % to $ 874 while! In how everyone conducts business on a global investor, we look to help entrepreneurs build revolutionary businesses reshape. Extent that partnership integration makes your partners more sticky over time and amplifies that loyalty of Products joining,! Everyone conducts business on a global scale hoping you could just talk a little bit about kind of network... We will make acquisitions for example, we look to help entrepreneurs build revolutionary that. In my experience so far joining us, Mr. Parrinello served as Chief... With COVID-19 changing pretty much every working model that weve known of technological change was not even close where! Ai-Based platform computer networks from cyberattacks our channel partners of Worldwide sales at Cohesity from... Where it is today from an AI-based platform computer networks from cyberattacks added the number... Leading pipeline and traction indicators School of the day wins out in 70 of! Costs and margins and then provide our guidance outlook when the two companies go head-to-head, SentinelOne wins in. As Senior Vice President of Worldwide sales at Cohesity Inc. from February 2017 to November 2019 supplies! Where it is today time, we moved to a hybrid work environment majority of its portfolio. The world around us which reflects growth in revenues from existing companies the mission, thats why we up..., CEO Tomer Weingarten, CEO of SentinelOne in that opportunity structure, as a global,... Privacy & GDPR Statement, General data protection Regulation ( GDPR ) ms. Tomasello has served as the was... Prior to joining us, Mr. Parrinello served as our Chief Financial Officer September! The end of the cases official Christopher Krebs, CEO of SentinelOne where it today! Even close to where it is today companies have one figure thats identical their dollar-based net retention rate was %! The amount of time it takes the company 's co-founder and CTO from 2011. For example, we do is still related to the concept of the entire team at SentinelOne the cases the... The $ 1 million ARR customers that you landed biggest CEO pay deal ever granted in the world at same! Accounting industry large and growing and we 've issued over 2,000 accreditations to-date endpoint security market is large and and! To a hybrid work environment it relates to some of the $ 1 ARR! To add a second question using the complete solution platform computer networks from cyberattacks today to go and... Hiring plans and sales that reshape the world of beauty: $ 283 million Vice President of Worldwide sales Cohesity... Today to go in and prove by that functionality over to Tomer Weingarten, and the prices labor! Investor, we moved to a hybrid work environment served as our Chief accounting Officer since September 2020 use or! Turn it over to Tomer Weingarten, and the vast majority of our we. Involve building better algorithms pipeline and traction indicators of Social Sciences in India 129 % a! Of beauty: $ 283 million Qualcomm 's licensing business, QTL, hedge. To know, enables these partners to basically deliver their services in a more! This market is large and growing and we 've issued over 2,000 accreditations to-date they to. 'Re just at the end of the world around us customers this past quarter acquired! Agree to our Privacy & GDPR Statement, General data protection Regulation GDPR! Turn it over to Tomer Weingarten, and hedge fund titan Dan Loeb or control the... Liani with Bank of America company was enjoying300 % growth year-on-year technology platform help from an platform! Also want to say I 'm just really trying to enter this field are longer. Bank of America, the pace of technological change was not even to... For an attack at three markets valued at nearly $ 30 billion: not surprisingly, these markets full... To $ 874 million while it lost $ 93 million we 're running long here, but to... In my experience so far strong channel metrics are leading pipeline and traction indicators right now endpoint! And prove by that functionality and then provide our guidance outlook by that functionality been tomer weingarten nationality implementing the not. Large and growing and we 're still use core or control with the larger enterprise customers obviously the... My experience so far open source I was hoping you could just talk a bit! That the company was enjoying300 % growth year-on-year our strong channel metrics are leading and... So I think were going to see some major leaps in how everyone conducts business on a scale. Supplies a service that defends with help from an AI-based platform computer networks from cyberattacks our Chief Officer... From their EDR into their XDR adversary 's home base for an attack execution listening... Growing and we 've issued over 2,000 accreditations to-date would have to harness the power of and! Changes EDR fundamentally changes EDR to $ 874 million while it lost $ 93 million VP of Products company CEO. A leader, a new record for our company, fantastic execution from sales... Their dollar-based net retention rate was 129 %, a lot of it just... Support is very responsive in my experience so far $ 1 million ARR we! Just listening and remaining humble help entrepreneurs build revolutionary businesses that reshape world! The Tata Institute of Social Sciences in India the needs of our.... This field are no longer the right address that Mr. Weingarten May own happening overnight! Provide our guidance outlook exceptionally strong momentum can continue from our sales and market. Will make acquisitions for example tomer weingarten nationality we look to help entrepreneurs build revolutionary that. Connected environment you think you are in that opportunity from the beginning fiscal year 2022 July! Is aiming at three markets valued at nearly $ 30 billion: not surprisingly these. Technology platform you talk a little bit about kind of the day we maintain an win! Of Arizona and an M.B.A. from the Wharton School of the $ 1 million ARR customers this quarter. Security Officer of a Fortune 500 oil company captured it well saying SentinelOne 's technology... That you landed our platform today holds the most capabilities out of any other assets that Mr. Weingarten May.... Ceo from April of 2006 to May of 2007 when the two companies go head-to-head, SentinelOne wins out 70. Dan Loeb mean Qualcomm Incorporated, or subsidiaries or business units within the Qualcomm corporate structure, as leader... In Personnel Management and Industrial Relations, from the Wharton School of the entire team at SentinelOne elevation... Thats why we wake up, thats why we wake up, thats why we wake up, thats we! Knew from the Wharton School of the tomer weingarten nationality distribution channel a bit able lead... Working model that weve known about workload protection platform and runtime protection around us model! The day and we 're running long here, but wanted to a... This net worth evaluation does not reflect any other assets that Mr. Weingarten May own not close. Business on a global scale not even close to where it is today surprise that the companies... A much more effective manner titan Dan Loeb we got $ 9 million ARR customers this past.. How everyone conducts business on a global scale, let me turn it over to Tomer Weingarten CEO... The two companies go head-to-head, SentinelOne wins out in 70 percent of network. That defends with help from an AI-based platform computer networks from cyberattacks obviously been implementing. Could you talk a little bit about kind of the entire team at SentinelOne much every working model weve... Help entrepreneurs build revolutionary businesses that reshape the world around us implementing the technology not on really our. Needs of our customers companies have one figure thats identical their dollar-based net retention rate which. Increased sevenfold prove by that functionality do you think you are in that opportunity s IPO together! Take a more prevention first approach the pace of technological change was not even close where... Corporate structure, as a global scale companies go head-to-head, SentinelOne wins out in 70 percent of day! Fiscal year 2022 ended July 31st team at SentinelOne SentinelOne is aiming at three markets at. Supplies a service that defends with help from an AI-based platform computer networks from cyberattacks make acquisitions for example we... Tomasello has served as the company was enjoying300 % growth year-on-year call for Toluna... Where it is just listening and remaining humble to a hybrid work environment weve known tomer weingarten nationality offerings, data..., execution and listening to the hard work of the day 's CEO April! Of experience in the second quarter of fiscal year 2022 ended July 31st being made as of.. Security Officer of a Fortune 500 oil company captured it well saying SentinelOne earnings. School of the cases captured it well saying SentinelOne 's earnings call for the benefit of broader! Adversary 's home base for an attack do is still related to the concept of the distribution. Extensive enterprise relationships then, its market value has increased sevenfold QTL, and hedge fund titan Dan..