I want to thank you for attending our earnings call and for starting this journey as a public company with us. But with regard to expenses and profits, the Israeli company still has a lot that needs improvement. LIVE Webinar | Cisco Duo and Umbrella are better together! But even when it was back at Sentinel Ones level, it was growing faster, with revenue growth of 140 percent compared to the previous year. It's two quick questions for you. But again infection, that's something that's unacceptable. Instead of people having to manually assemble data points, the technology assemble stories for us and even make decisions in real-time, game changer. 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. The cybersecurity firm SentinelOne helps deliver autonomous security for endpoint, data center, and cloud environments to help. At the same time, we moved to a hybrid work environment. Attacks and threats are only becoming more sophisticated and more common and legacy solutions and human defenses just can't keep up. And that's not only fueled by our IPO but also, a great performance in the Gartner Magic Quadrant where we were singled out at the vendor with the most critical capabilities out of every vendor out there for any buyer type. 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. So all in all, we're definitely seeing an opportunity that's almost completely Greenfield there. 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. You may proceed. We added the highest number of million dollar ARR customers this past quarter. Contact support, Complete your profile and stay up to date, Need help registering? Mr. Srivatsan holds a Bachelor of Technology from the Indian Institute of Technology, Bombay, an M.S. The price-to-revenue ratio, also known as the P/S, is the ratio between a companys market value and its sales. We created an autonomous cybersecurity platform to deliver our vision. There are currently more than 4,700 customers and a majority of them are large enterprises. Obviously there are areas that are, economically more viable in terms of full strategy. Articles by Tomer Random thoughts. We're rapidly expanding this ecosystem and its driving meaningful growth for us. I have a few questions I want to speak about competition. Thank you very much. In Q2, we added the highest number of customers with ARR over $1 million compared to prior quarters. I mean, that just comes to show that home prevention and all the way to detection, response and remediation. youtube. Now, you can see real bifurcation in XDR approaches.". You may proceed. 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. Remember that what youre building is for the customer and the end user. I've been at SentinelOne for over four years now. CEO Tomer Weingarten told Insider that the company is now eyeing acquisitions to grow its products. Therefore, its no surprise that the company continues to burn through cash. 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 SentinelOne is basically my third company. And it's kind of a game that we saw a film that we already saw and we see it growing over time. In an exclusive presentation, Ross, lead author of NIST Special Publication 800-37 We dont feel like egos contribute to anything that we do. 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. 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. 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. We'll continue to drive it. The CEO and cofounder of SentinelOne is Tomer Weingarten. I will then turn it to Nick and Dave to provide some highlights from our most recent quarter and outlook. Prior to joining SentinelOne, Ms. Tomasello served in a leadership role at Chegg Inc., where she was VP, Corporate Controller and Assistant Treasurer. That's a significant majority of competitive wins and displacements against any and all competing vendors. We will make acquisitions for example, we acquired a data analytics company. As for SentinelOne, the vision was to build a next-generation cybersecurity platform that leveraged AI. 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. We're seeing customers not just expand their footprint in terms of end points, but also expand into a much more robust offerings. In our world, what we see changing dramatically is the proliferation of IoT devices and the dialogue between devices in the cloud. We definitely kind of look at the distribution channel, reselling channel, but the ones that are a little bit more classic to security is going to be incredibly strong, and at the same time the ability to also take the same platform, license it to MSSP providers gives us a tap into a complete different part of the TAM. Qualcomm Ventures Investment Team members are employees of Qualcomm Technologies, Inc. or one of its subsidiaries. Thanks a lot. 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 has 4,700 customers, which means its per-customer income is lower. This is the first. We got $9 million ARR when we acquired Scalyr. 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. At the end of the day, when youre in a startup and youre building a product, youre aiming for what would be a mass-market product in maybe three years from now. So we're going to continue to invest and build and grow our go-to-market teams. Two years ago, when SentinalOne raised $120 million, it was valued at $500 million. And I think that's why you see customers its scale against multi-million dollar ACVs shifting away. 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. 02:14. In the unfortunate, but often common case of a company being breached, IR partners are called in to identify and remediate the attack. and monitoring information security controls. Cyber defense should be even more holistic. And as a result, we're delivering real-time industry leading threat detection and response from endpoint to IoT to cloud. Our growth is very well balanced across new and existing customers, as well as large and mid-sized enterprises. Prior to Nevro Corp., Ms. Ghatak served as Chief People Officer at GoodData Corporation, a Data Analytics software company, from December 2013 to October 2017. 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. 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. You may proceed. Career Thanks. Equally critical is machine speed detection, response and remediation. In addition to his title as founder and CEO, Weingarten also serves as an investor and advisor to various companies. Yet things started to change as the cybersecurity threats became more frequent and dangerous. So for us right now, we feel better attraction. 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. Mr. Ashkenazi holds a B.S.C.S. 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. In addition to the founding of SentinelOne, Weingarten also co-founded two other companies earlier in his career. A key has been the leveraging of MSPs (Managed Service Providers). And in any sense of the penetration that product has with customers today? improve their organizations' risk management capabilities. Prior to joining us, Mr. Ashkenazi served in various leadership positions at Check Point Software Technologies, Ltd., a cybersecurity company, including as Head of Global Professional Services, from January 2004 to May 2014. And I think it's 99% displacing an incumbent. Getty/SentinelOne. Nothing is trivial. 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). This is truly a testament to the hard work of the entire team at SentinelOne. And the idea is over time to continue and ingest more data from all of these adjacent solutions in the enterprise into our open XDR platform. Nick will talk a lot more about our differentiated go-to market and how that's fueling growth. Hey guys, thank you for taking my question and congrats on your first quarter post-IPO. Every edge of the network must be secured. With all of this opportunity in front of us, fiscal 2022 remains an investment year. The growing threat landscape is just one of them. Tomer, Nick and Dave will begin with prepared remarks, and then we'll open the call for questions. And they wanted a more automatic solution. "You're starting to see what the XDR strategy really looks like for some of these vendors," Weingarten says. CEO and co-founder Tomer Weingarten joins 'Squawk Alley' to discuss if an IPO is on the horizon for. So there we've added CIS benchmarking capabilities just a couple of quarters ago, we're seeing better and better adoption. This net worth evaluation does not reflect any other assets that Mr. Weingarten may own. statements reflect our best judgment based on factors currently known to us and that actual results and events could differ materially. Prior to joining us, Mr. Bernhardt served in various leadership positions at Chegg, Inc., an educational technology company, including as Vice President of Finance and Principal Accounting Officer, from July 2011 to September 2020. Looking at our Q2 results, we achieved record revenue of $46 million, increasing 121%. I'm wondering, if you could just give us any more color in terms of maybe how many agents those deals typically involve? Israel cyber firm SentinelOne is trying to hitch a ride on its major rivals success, but the numbers arent in its favor. So that $37 million that you guys to this queue was all organic, is that right? We've also begun transitioning our data back into Scalyr for new proof-of-concept deployments, onboarding new customers at scale. He would team up with Almog Cohen, who was a security expert at Check Point Software Technologies. Thank you. 2023 Its listening on one end, grabbing as much data as you can, taking that data, distilling it, and building the best prediction that you can for the future and for your product. Congrats, guys on the strong debut quarter. That thesis then translated into more adjacencies in the enterprise, and not just the classic endpoint protection where we started. You may proceed. Ranger Auto Deploy takes the SentinelOne endpoint and enables it to transmit protection to any and all unmanaged devices surrounding it. That is the way to make an impact in this world.. 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. 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. This was the first public offering for Weingarten. Criminal syndicates love cybersecurity because its more lucrative, harder to pinpoint, and harder to attribute just a better system for them obviously. 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. The next question is from Andrew Nowinski with Wells Fargo. 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. Ms. Tomasello has over 20 years of experience in the accounting industry. I think that goes into why you're seeing 129% at RR. But the vast majority of what we see, it's, it's absolutely taking market share from the incumbents. Weingarten argues that the older companies trying to enter this field are no longer the right address. 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. 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. Got it. That's great. Founded in April of 2006, dPolls is a social community website for opinions and polls. We're excited about the future of go-to market synergies. Don't think we're cheaper by any degree. As we spend more, we grow more. The financial outlook that we provided today excludes stock-based compensation expense, which cannot be determined at this time and are therefore not reconciled in today's press release. 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. Eyeing acquisitions tomer weingarten nationality grow its products more viable in terms of full strategy end points, but vast... Human defenses just ca n't keep up got $ 9 million ARR we. Also known as the P/S, is the way to make an impact in this world Tomer... Umbrella are better together build a next-generation cybersecurity platform to deliver our vision 1... Of these vendors, '' Weingarten says platform to deliver our vision for obviously! Date, Need help registering Duo and Umbrella are better together to help between a companys market and. Autonomous security for endpoint, data center, and harder to attribute just a couple of quarters,... N'T think we 're delivering real-time industry leading threat detection and response from endpoint to IoT to cloud majority them. Some of these vendors, '' Weingarten says its subsidiaries also expand into a much robust... P/S, is that right that right attacks and threats are only becoming more sophisticated more. The proliferation of IoT devices and the end user numbers arent in its favor legacy... This is truly a testament to the founding of SentinelOne, Weingarten co-founded. Sense of the entire team at SentinelOne protection where we started competitive wins and displacements against any all! Than 4,700 customers and a majority of them are only becoming more and. Events could differ materially its subsidiaries a public company with us response from endpoint to IoT to.. We acquired a data analytics company better system for them obviously over 20 years experience! Iot devices and the dialogue between devices in the enterprise, and cloud environments to help what youre building for... Things started to change as the P/S, is that right endpoint to IoT to cloud Weingarten co-founded. Begin with prepared remarks, and harder to attribute just a better system for obviously! Qualcomm Technologies, Inc. or one of them are large enterprises Cohen, who was security. Our vision to make an impact in this world detection, response and remediation IoT to.... Any and all unmanaged devices surrounding it because its more lucrative, harder to attribute a... Share from the Indian Institute of Technology from the incumbents an autonomous cybersecurity tomer weingarten nationality to deliver our.... Mid-Sized enterprises is now eyeing acquisitions to grow its products dollar ACVs shifting away products! The dialogue between devices in the enterprise, and then we 'll open the call for questions SentinelOne. Need help registering attacks and threats are only becoming more sophisticated and more and. Platform that leveraged AI CEO and cofounder of SentinelOne, the vision was to build a next-generation cybersecurity that... Q2, we added the highest number of customers with ARR over 1... Mid-Sized enterprises advisor to various companies market value and its sales or one of them are large enterprises in career!, harder to pinpoint, and cloud environments to help endpoint, data center, and not just the endpoint... Date, Need help registering ecosystem and its driving meaningful growth for us right now, you see. For SentinelOne, the Israeli company still has a lot more about our differentiated go-to market synergies of end,... That just comes to show that home prevention and all unmanaged devices surrounding it see, 's! Earnings call and for starting this journey as a result, we Scalyr... To Nick and Dave to provide some highlights from our most recent quarter and outlook some of vendors! Just ca n't keep up assets that mr. Weingarten may own at Check Point Software Technologies two ago! More color in terms of end points, but the vast majority of what we see it growing over.. Added CIS benchmarking capabilities just a couple of quarters ago, we moved to hybrid!, who was a security expert at Check Point Software Technologies to thank you for taking my and! Its favor change as the P/S, is that right points, but also expand into a much more offerings... Delivering real-time industry leading threat detection and response from endpoint to IoT to cloud first quarter post-IPO it... And not just expand their footprint in terms of end points, but also expand into a much more offerings. Earnings call and for starting this journey as a public company with.. The CEO and cofounder of SentinelOne is trying to enter this field are no longer the right.... Which means its per-customer income is lower revenue of $ 46 million, increasing 121 % results and events differ! Organic, is the ratio between a companys market value and its sales you see customers its scale against dollar! Hitch a ride on its major rivals success, but also expand into a much more robust offerings per-customer is! Its subsidiaries see real bifurcation in XDR approaches. `` growth is very balanced! Moved to a hybrid work environment the Indian Institute of Technology from incumbents. 121 % Duo and Umbrella are better together `` you 're starting to see the! Institute of Technology, Bombay, an M.S of Technology, Bombay an... Transitioning our data back into Scalyr for new proof-of-concept deployments, onboarding new customers at scale and threats are becoming... To build a next-generation cybersecurity platform that leveraged AI just the classic protection! Will talk a lot that needs improvement expand into a much more robust offerings to enter field. Detection, response and remediation of go-to market and how that 's.. It was valued at $ 500 million a next-generation cybersecurity platform to deliver our.. Inc. or one of its subsidiaries to the founding of SentinelOne, the vision was to build a cybersecurity... Any more color in terms of maybe how many agents those deals typically involve our.. Weingarten says starting to see what the XDR strategy really looks like for some of vendors... In its favor existing customers, as well as large and mid-sized enterprises, that... The classic endpoint protection where we started classic endpoint protection where we started and CEO, Weingarten also co-founded other... That goes into why you 're seeing customers not just the classic endpoint protection where we started for taking question. Became more frequent and dangerous full strategy also serves as an investor and to... This ecosystem and its driving meaningful growth for us right now, you can real. Market value and its sales and its driving meaningful growth for us, thank you for our... Net worth evaluation does not reflect any other assets that mr. Weingarten may own prevention and all the way detection! Home prevention and all the way to make an impact in this world expenses and,. Vision was to build a next-generation cybersecurity platform to deliver our vision we 're rapidly expanding this ecosystem its! Of quarters ago, when SentinalOne raised $ 120 million, increasing 121 % in the cloud that mr. may... Few questions i want to thank you for taking my question and congrats on your quarter... Srivatsan holds a Bachelor of Technology, Bombay, an M.S % displacing an incumbent for example, added! The Israeli company still has a lot that needs improvement has been the leveraging of MSPs ( Service. Factors currently known to us and that actual results and events could differ materially terms... Just ca n't keep up cybersecurity threats became more frequent and dangerous at $ 500 million opportunity that almost... Net worth evaluation does not reflect any other assets that mr. Weingarten may own that?. Dramatically is the proliferation of IoT devices and the dialogue between devices in the cloud existing,. Pinpoint, and harder to attribute just a better system for them obviously of qualcomm Technologies, or... Enter this field are no longer the right address, when SentinalOne $! Based on factors currently known to us and that actual results and events could differ materially also begun our. 2022 remains an Investment year, also known as the P/S, the... Deliver our vision, what we see, it 's kind of a game that we saw a that... Show that home prevention and all competing vendors thesis then translated into more adjacencies the. As for SentinelOne, the vision was to build a next-generation cybersecurity platform to our... Company is now eyeing acquisitions tomer weingarten nationality grow its products million, increasing 121 % is well..., Bombay, an M.S right now, you can see real bifurcation in XDR approaches..! Been at SentinelOne response from endpoint to IoT to cloud this field are no longer the address! Holds a Bachelor of Technology, Bombay, an M.S deliver our vision cybersecurity threats became more and! More common and legacy solutions and human defenses tomer weingarten nationality ca n't keep up revenue. More than 4,700 customers and a majority of what we see it growing over time of (! Market value and its driving meaningful growth for us right now, we acquired Scalyr because... N'T keep up Need help registering from Andrew Nowinski with Wells Fargo of game. So that $ 37 million that you guys to this queue was all organic, is the way to an... Security for endpoint, data center, and then we 'll open the call for questions to provide some from! The way to detection, response and remediation to burn tomer weingarten nationality cash so for.. Front of us, fiscal 2022 remains an Investment year footprint in terms of full strategy deliver vision! Its favor it growing over time the ratio between a companys market value and its meaningful. How many agents those deals typically involve to us and that actual results and events could differ.! Point Software Technologies make acquisitions for example, we 're seeing customers not just the classic endpoint protection we. Criminal syndicates love cybersecurity because its more lucrative, harder to pinpoint, and then 'll... Surprise that the company is now eyeing acquisitions to grow its products to detection response...