And maybe Tomer, I would love to get your feedback on, I think in your prepared remarks you talked about two-thirds of your businesses is enterprise focused. CrowdStrike highlighted on the last call that they won Workday from you and they highlighted false positives and reasons why they said that this customer switched to them. As it relates to some of the $1 million ARR customers that you landed. 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. You have to be an incredibly good listener and understand pain points before you propose solutions. Remember that what youre building is for the customer and the end user. Hey guys, congrats on a great quarter. 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. Next, I'll share some insights on our go-to market. Ultimately, when you examine the numbers behind SentinelOnes operating structure, you can see that the company is less efficient and will continue to be so in the future, to the detriment of shareholders. David Bernhardt has served as our Chief Financial Officer since September 2020. Next, success with AI would not be about having huge amounts of data either. Turning to the business, in Q2, our ARR growth accelerated to 127% year-over-year and our revenue was up 121%. 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. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. We feel better competitive environments more, that's for sure. Every second counts when it comes to fending off cyberattacks. You want to prevent these infections from happening. Make no mistake, this is a competitive market. Additionally, we're also starting to see benefits from our renegotiated cloud hosting agreement, which we signed earlier this year to align with our expected growth. Prior to joining SentinelOne, Ms. Tomasello served in a leadership role at Chegg Inc., where she was VP, Corporate Controller and Assistant Treasurer. LinkedIn, follow us on The SentinelOne system is flexible as well. Building the platform has required using the latest in data systems to process petabytes of data in real-time. 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. We're still early with our modules and see this as a long-term lever for our business. Thanks a lot. 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. 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. That's over 2000 more than last year. Youre building for the benefit of the world at the end of the day. 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? 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 gives me tremendous confidence in the long-term growth potential in front of SentinelOne. Thank you for your participation and enjoy the rest of your day. Some people paint, some people write songs, some people are talented in different ways. And these devices, theyre almost an extension of us and an extension of our identity. In the shareholder letter, we've reiterated our long-term margin targets. Were on the path to becoming a public company, Voice of the Consumer: Endpoint Detection and Response Solutions. We're hearing that you're quite cheaper than the competition next gen competition? Everyone here has a lot to be proud of, especially how quickly we've scaled in just the past year alone. I mean, you mentioned real quick the duplicative costs associated with the Scalyr migration. Our mission to protect our customers in our way of life has never been more important in a digitized world. Definitely on the enterprise side, weve seen more lends with our complete tier, actually were more attached to ranger, more attached to vigilance, more attached to data retention. Sorry, just $10 million was it 1Q and does it. What was the mix in the quarter? Thanks. 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. In Q3, we expect revenue of $49 million to $50 million, reflecting growth of 102% at the midpoint. Qualcomm Ventures. Microsoft back then wasnt about hardware, there was nothing to feel. It was a lot of hard work, he said. Thank you. The more conversations you have with your target market customers, the better you design your solution. And I would now like to pass the call back over to Tomer Weingarten, CEO of SentinelOne. Yet things started to change as the cybersecurity threats became more frequent and dangerous. Welcome everyone and thanks for joining our first earnings call as a public company. Weingarten argues that the older companies trying to enter this field are no longer the right address. I think if you look at it, apples-to-apples you'll see that the prices are pretty much similar. 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. Most importantly, this remains well above 53% we reported in the first fiscal quarter of this year and at or above 58% we delivered in fiscal 2021. Please. So you'll see it in Q3, you'll see it in Q4, and then it should dissipate beyond there. 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? And what is the cost look like? Thank you. Sure. In an exclusive presentation, Ross, lead author of NIST Special Publication 800-37 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. Could I just, I guess follow on about the connected environment. He. Hi there. 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. We definitely see the ability to expand into other footprints in the enterprise, almost every account that we land. 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. Thanks for the questions, Hamza. So I think it's in different environments you might see different difficulties. Its basically the go-to console for security operations people in some of the worlds largest organizations. We're making tremendous progress with large enterprises, which represent about two thirds of our business. With Rob Owens [Piper Sandler], you may proceed. 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. Your feedback and trust puts us on the winning side of cyber warfare every day. 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. Yes, we're looking definitely to extend more and more into cloud security. 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. During her tenure at Chegg Inc., Ms. Tomasello guided the companys accounting team from its 2013 IPO through periods of extensive revenue growth. David, maybe my follow-up for you. 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. Yes, hi there. 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. And we'll do that for the foreseeable future. Clearly competition in this industry will remain fierce. Now its worth about $10 billion, according to MarketWatch. 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. The chief information security officer of a Fortune 500 oil company captured it well saying SentinelOne's storyline technology fundamentally changes EDR. What is Tomer Weingarten's net worth? We've achieved many important milestones already this year. You may proceed. Prior to joining us, Mr. Parrinello served as Senior Vice President of Worldwide Sales at Cohesity Inc. from February 2017 to November 2019. This is the first. 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 means distilling a solution that would be battle-tested through time, something that serves your customers for years to come. 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. We just announced that we'll be expanding our engineering excellence into the Czech Republic. And just my follow-up question. For me, writing code and building software products is the way I express myself. Mr. Srivatsan holds a Bachelor of Technology from the Indian Institute of Technology, Bombay, an M.S. I think it's just fair to ask the question, if you can refer to their statements and announcements on this customer? So the average enterprise has a few dozen different vendors covering various parts of their security enterprise. 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. It's not just quantity, but quality. "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. 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%. See Also: OnDemand | Navigating the Difficulties of Patching OT. We use AI to parse petabytes of data, identify anomalies and autonomously mitigate attacks in real-time. We are very excited about our performance in the second quarter. Where do you think you are in that opportunity? It's something that's highly unique to us. About seven years ago, my co-founder and I started looking at what type of solutions enable enterprises to figure out where the attack landscape is headed. And thank you all for joining us today and hopefully in the future. Prior to SentinelOne, he was Executive Vice President, General Counsel and Corporate Secretary at Tableau Software. The support is very responsive in my experience so far. 96% would recommend it and one reviewer was mostly positive noting Product does a lot of things very well & is a milestone leap upwards in our capabilities compared to our prior product, especially in respect to EDR capabilities. Got it. Absolutely. When CS was at the same revenue level as S1 is today, its growth rate was higher - and that was even before the coronavirus, which proved a boon for the cyber market. Our decision was to create a solution that doesnt just observe but reacts and deflects in real time. Down the road, are they buying everything and maxing out their purchase on the initial purchase to get to that million plus spend? Since then, its evolved into a complete platform with about 10 different modules that can address different issues within a corporate enterprise environment. They wanted a solution that can actually remediate and clean up all the infections they were seeing. 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. 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. He says the company is expanding into critical areas such as cloud security posture management and cloud infrastructure entitlement management. And so that's also driving a lot of the adoption. The next question is from Patrick Colville with Deutsche Bank. Tomer, maybe for you. So it's not only about protecting those attack surfaces, it's also about ease of deployment and simplicity of use. SentinelOne is a platform that addresses almost every cybersecurity need that an enterprise would have. Cloud Security I mean, some the hybrid work environment and to rephrase those cycles through increase need of abilities to the government pointing out EDR solutions as one that that should become mandatory environment. "You're starting to see what the XDR strategy really looks like for some of these vendors," Weingarten says. It's about half of our customer we're still use core or control with the larger enterprise customers obviously using the complete solution. 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. We feel like for a lot of these customers, I mean, they're going more and more frustrated frustrated by this need to constantly put down fires. That's because of vision, execution and listening to the needs of our customers. Any forward-looking statements made during this call are being made as of today. 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. In our world, what we see changing dramatically is the proliferation of IoT devices and the dialogue between devices in the cloud. Finally, we have two quick housekeeping items. Robin Tomasello has served as our Chief Accounting Officer since December 2021. Mr. Parrinello holds a B.A. He would team up with Almog Cohen, who was a security expert at Check Point Software Technologies. I think what we're seeing really is best characterized as a generational shift away from signature-based approaches to machine learning and automated driven protection and visibility. We feel as far from it and it can vary significantly. So to us, I mean, those positive performance it's always something that you deal with. As we spend more, we grow more. We equip them with industry-leading capabilities and in return we get tremendous market access and scale. His background was mostly in analytics. 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. In the past year, we've more than tripled the number of customers with ARR over 1 million. This new reality has dramatically multiplied the number of threats corporate security teams must defend against. 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. on the topic: Ron Ross, computer scientist for the National Institute of Standards and So to only the end point refresh cycle, there's actually something that drives in overall look at your entire cyber security posture. National Institute of Standards and Technology (NIST), SentinelOne's Tomer Weingarten on Cloud, XDR and Analytics, Need help registering? Not If We Focus on Cyber Resilience, Protecting the Hidden Layer in Neural Networks, Crime Blotter: Hackers Fail to Honor Promises to Delete Data, How the Economic Downturn Has Affected Security Funding, M&A. Our website uses cookies. The Movie The Professional is what made Natalie Portman a Lolita. I think it's a combination of quite a few factors, different some tailwinds. That's what they do. On Wednesday's episode of "Mad Money," SentinelOne CEO and co-founder Tomer Weingarten discusses the cybersecurity firm's fiscal second quarter 2022 results. The estimated net worth of Tomer Weingarten is at least $3.91 million as of December 12th, 2022. I'm just wondering, ultimately how much of an opportunity there is that those customers for additional purchases? 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. With regard to revenues, SentinelOnes numbers are only slightly lower than CrowdStrikes were back when it was the same size. Wed, Sep 8 2021 7:07 PM EDT. That wont be known until after its first earnings report as a public company. 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. In Q2, we added the highest number of customers with ARR over $1 million compared to prior quarters. To me, that was inspiring. The company raised close to $700 million over eight rounds of funding. You may proceed. A lot of what we do is still related to the concept of the network, but I think thats rapidly changing. Tomer co-founded SentinelOne in 2013. Tiger Global, Insight Venture Partners, Third Point Ventures, and Sequoia Capital also participated in a $50 million concurrent private placement for the stock. We created an autonomous cybersecurity platform to deliver our vision. With STAR security teams can now create custom detection response rules and deploy them in real-time. Hear how and why we're today's fastest growing cybersecurity platform . So we've been really maniacally tracking sales efficiency, and that has been improving quarter-after-quarter. The firm recently bought the startup Scalyr to beef up its ability to crunch customer data. Our internal sales and support teams combined with our diverse and growing partner ecosystem gives us an incredibly vast reach. I have a few questions I want to speak about competition. Feedback has been positive and we've issued over 2,000 accreditations to-date. And I think that's why you see customers its scale against multi-million dollar ACVs shifting away. Founded in 2011, Carambola Media is a platform for publishing companies to generate additional revenue streams through content curation. This was very compelling to us. One thing I would add to that, this is Nick here is, from a budget perspective. Opinions expressed by Forbes Contributors are their own. 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 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. Its going to be mostly a handshake between devices in the cloud at the end of the day. I am proud of the scale of our business and the triple digit growth rates we've now delivered for two consecutive quarters. Over 5,400 customers use our Singularity XDR platform. 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. Even after backing out the $10 million and acquired ARR from Scalyr, our organic growth was still well into the triple digits. In Q2, we added Storyline Active Response, or STAR. Yes. Mr. Bernhardt holds a B.S.c. There are several structural forces that play that will drive long-term and sustained growth for us in our industry. In the past, Weingarten claimed when the two companies go head-to-head, SentinelOne wins out in 70 percent of the cases. And let me turn it over to Dave Bernhardt, our CFO. Cybersecurity is fundamentally a data problem. As for SentinelOne, the vision was to build a next-generation cybersecurity platform that leveraged AI. We partner with managed security service providers, MSSPs, managed detection and response providers, MDRs, and incident response, IR partners. Hi, and this is Nick here. Thank you. 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. And I think that's the reason why we're winning both against incumbents, that don't only provide the protection fees, but also think about hardening, think about anti-tempering. I mean, we feel it's going to hover around these rates for kind of the foreseeable future, and we like their contribution. When I think about how we're doing in the market, three things captured most effectively. Let me share some more detail from the quarter. Definitely part of the reason why we've expanded our offering and knowledge scalar is a data analytics backend. Jun 30, 2021, 3:00 AM. And our platform is a 100% cloud native. Can you characterize the competition? And they wanted a more automatic solution. But Weingarten says SentinelOne's ability to protect cloud, Linux and Kubernetes environments without requiring a cumbersome deployment sets it apart. Thank you very much for taking my question. One compromised printer can quickly become an adversary's home base for an attack. We got $9 million ARR when we acquired Scalyr. I didnt always realize there would be a line between being an entrepreneur and a software developer. Obviously the incumbent vendors in our space are relatively weak, using antiquated technologies that are not up to par with the current threat landscape, so for us its about continuing to grab market share.. And how many people are you planning on adding in the Czech Republic facility? During the latest quarter, revenues soared by 108% to $37.4 million. 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. SentinelOne first offered shares at $35 each and they ended the day up 21% at $42.50. It's incredibly holistic again in nature. Thanks. That's great. Divya Ghatak has served as our Chief People Officer since August 2019. Finally, for operating margin we expect negative 96% to 99% in Q3. I guess the question is how do you sort of judge the scale of your channel? What drives them now to, to migrate and then also the competition versus the new players like CrowdStrike and others? Lets put it that way. By submitting this form you agree to our Privacy & GDPR Statement, General Data Protection Regulation (GDPR). I think thats something that we try to instill as our company culture. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. 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. LIVE Webinar | Cisco Duo and Umbrella are better together! In the first few years, it was an absolute battle to get the trust of customers, said Weingarten. Before SentinelOne, Tomer led product development and strategy for the Toluna Group as a VP of Products. Thanks. Thank you. Can you characterize your competition between, you highlighted 70% win rate. 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. As a global investor, we look to help entrepreneurs build revolutionary businesses that reshape the world around us. And obviously, Qualcomm is a main driver in the 5G revolution which will also almost recreate what the network model looks like. 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. We've seen huge lengthen expand opportunities. How so? Earlier this year, we rolled out a new channel partner training and accreditation program. Any forward-looking statements made during this call are being made as of today. But also you can probably, probably see the same type of buying motion in the enterprise as well were conducting the DLC, deploying the platform is becoming easier and easier in all in the cloud delivered fashion. Now its true that SentinelOne faces intense competition. Thank you. They want to cover more surfaces. So all in all we feel the potential is quite significant. Given the level of rivalry in this industry, it would be worth waiting to buy this stock until it becomes clearer whether SentinelOne can grow faster than investors expect. 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. Earlier this year, we acquired Scalyr, enhancing our ability to ingest index-free data, hit scale from structured and unstructured sources. If you have an ad-blocker enabled you may be blocked from proceeding. Prior to joining PANW, Mr. Srivatsan served as Managing Director, Business Operations & Strategy at Google Cloud, a cloud computing services company, from October 2015 to January 2019. in Finance from Santa Clara University. You call that the success with tears in modules, wondering if you can talk about the impact of cloud workload protection? What that enables customers to do is achieve the outcome we're driving for them and our prospects and customers, which is protection and prevention. We've also begun transitioning our data back into Scalyr for new proof-of-concept deployments, onboarding new customers at scale. Its just code, and it becomes this important part of pretty much everything. Well, you will encounter challenges to overcome on a daily basis. They use our technology to understand what's going on, stop the attack and remediate the network. The American company has 11,400 customers, including 61 Fortune 100 companies and 214 Fortune 500 ones. 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. We're definitely investing for growth. If SentinelOne will have a P/S ratio similar to that of CrowdStrike, its market value would be between $6 billion and $7 billion. And we're definitely seeing more market presence. It's a big difference on what the others are doing in this space. We are XDR. 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. It's completely cloud delivered. [Operator Instructions] The first question is from the line of Hamza Fodderwala with Morgan Stanley. Haaretz.com, the online English edition of Haaretz Newspaper in Israel, gives you breaking news, analyses and opinions about Israel, the Middle East and the Jewish World. New players like CrowdStrike and others attack and remediate the network, but think. That we land encounter challenges to overcome on a daily basis expect revenue of $ 49 to! At $ 42.50 about tomer weingarten nationality impact of cloud workload Protection highest number of threats corporate security can! 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