in Computer Science from the University of Arizona and an M.B.A. from the Wharton School of the University of Pennsylvania. 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. So all in all, we feel pretty good about our market presence in the channel ecosystem. 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. In the past year, we've more than tripled the number of customers with ARR over 1 million. This means distilling a solution that would be battle-tested through time, something that serves your customers for years to come. We know that most of the incumbent solutions that were there around seven years ago, like antivirus and firewalls, are very antiquated ways of protecting assets that just dont cut it in the modern attack landscape. We expect the strong momentum we saw in Q2 to continue next quarter and our structural tailwinds to persist. 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). and monitoring information security controls. 12 -, ? : , . You may proceed. 2023 Information Security Media Group, Corp. "It will eventually be a complete reimagination of the network by the data collected and by the XDR platform.". First automation, automation is key to neutralizing threats effectively and in real-time. For this reason, Weingarten says, the company has enjoyed great success with both cloud-native organizations as well as big financial services companies, given the big disparity in offering quality. And let me turn it over to Dave Bernhardt, our CFO. There was certainly substantial demand from investors. The remainder of the lockup will expire subsequent to our Q3 earnings report. Our growth is very well balanced across new and existing customers, as well as large and mid-sized enterprises. As a global investor, we look to help entrepreneurs build revolutionary businesses that reshape the world around us. That's correct. Our business is expanding well into the triple digits, both for ARR and revenue and our guidance for Q3 shows that we expect that to continue. Tomer, you mentioned IoT cloud and data center seem really good uptake. Learn the fundamentals of developing a risk management program from the man who wrote the book So there we've added CIS benchmarking capabilities just a couple of quarters ago, we're seeing better and better adoption. And we will add more modules to our service, he said. I have a few questions I want to speak about competition. 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.. Prior to joining us, Mr. Smith served in various leadership positions at Medallia, Inc., a customer experience platform company, including as Senior Vice President of Engineering, from January 2016 to March 2021. This is why our patented storyline technology is so important, like monitors and contextualizes all events across an enterprise at machine speed. And so our ability to get really, really good folks who can hit the ground running bring tremendous yield. The ability to give a full spectrum solution, a full spectrum platform that ranges from best of breed prevention, all the way to detection and response and remediation all of that in a complete uniform autonomous manner. Additional proof of this can be seen in the amount of time it takes the company to recoup its sales and marketing expenditures. One of the reasons that we're looking at the Czech Republic is because they do have an excellent amount of cybersecurity talent that, assets is it allows in next. For example, it can be deployed on environments like Windows, macOS, Linux, and Kubernetes. Even for the engine peers, I mean, we're seeing a lot of their customers and we've had a multi-million dollar displacement this quarter for a customer that grew increasingly frustrated with the multiple infections with inefficiency on protecting server environments. They want to cover more surfaces. 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. This ratio reflects expectations about the companys rate of growth, the market it operates in, the efficiency of its operations and other factors. Thank you. Yes. Qualcomm products referenced on this page are products of Qualcomm Technologies, Inc. and/or its subsidiaries. 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. SentinelOne wasn't among the top nine vendors for cloud workload security market share last year, market intelligence firm IDC found. There are several structural forces that play that will drive long-term and sustained growth for us in our industry. And maybe a question on cohort analysis that if it's not too early. I've been at SentinelOne for over four years now. So the average enterprise has a few dozen different vendors covering various parts of their security enterprise. Thanks. Hi, good afternoon. The offering was then priced at $35 and the amount raised came to about $1.2 billion. It's incredibly holistic again in nature. These and others are global leaders with extensive enterprise relationships. Im an engineer by training, and what I love to do is build software products. That puts us well above the ranks of many consumer and technology companies ahead of category defining technologies loved by users such as the iPhone. 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. Theres no way to know whether this figure is correct, but one thing is certain SentinelOne will fight an uphill battle luring the customers who have already chosen CrowdStrike. These are all things that our platform can cover today. Customers today are primarily looking to augment rather than replace their SIEM product with XDR, and Weingarten says shipping some data to the XDR provider rather than the SIEM will save customers significant money. You may proceed, Mr. Weingarten. That means fewer and more accurate alerts based on data. In the unfortunate, but often common case of a company being breached, IR partners are called in to identify and remediate the attack. Could I just, I guess follow on about the connected environment. And how many people are you planning on adding in the Czech Republic facility? 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. I'm wondering, if you could just give us any more color in terms of maybe how many agents those deals typically involve? 2023 Our goal is to optimize for scale performance and cost. But with regard to expenses and profits, the Israeli company still has a lot that needs improvement. To us prevention is the fundamental component of modern day cybersecurity. As it relates to some of the $1 million ARR customers that you landed. 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. The next question is from Alex Henderson with Needham. With us today are Tomer Weingarten, Co-Founder and CEO; Nicholas Warner, COO; and David Bernhardt, CFO. That is the way to make an impact in this world.. I want to pause on that for a second. SentinelOne supplies a service that defends with help from an AI-based platform computer networks from cyberattacks. What are you sort of seeing in terms of new customers and existing customers in terms of the peers that they're sort of opting for? Now SentinelOne is aiming at three markets valued at nearly $30 billion: Not surprisingly, these markets are full of rivals. 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Some people paint, some people write songs, some people are talented in different ways. That gives me tremendous confidence in the long-term growth potential in front of SentinelOne. Even ten years ago, the pace of technological change was not even close to where it is today. So you'll see it in Q3, you'll see it in Q4, and then it should dissipate beyond there. So all in all, I mean it drives I think a complete overhaul of the cyber security stack. We're seeing the ability for almost every customer that we have today to go in and prove by that functionality. When might we see that abide and maybe the margins might be able to maybe better accelerate off the inclusion of that? I would now like to pass the conference over to your host, Doug Clark, Head of Investor Relations with SentinelOne. 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. I'm proud of the technology and the innovation we're bringing to customers through our Singularity XDR platform. It's always going to be competitive with at least one other next gen competitor. Today, theres only us and CrowdStrike.. 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? 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. The next question is from Patrick Colville with Deutsche Bank. In fact, our IR partner ecosystem is our fastest growing channel. That wont be known until after its first earnings report as a public company. You can actually stop these fire from actually ever happening. These companies are more identified with firewall solutions. The chief information security officer of a Fortune 500 oil company captured it well saying SentinelOne's storyline technology fundamentally changes EDR. Since then, its market value has increased sevenfold. Prior to joining SentinelOne, Ms. Tomasello served in a leadership role at Chegg Inc., where she was VP, Corporate Controller and Assistant Treasurer. So yes 37. We did this in two ways in Q2, tackling group IoT devices and expanding zero trust partnerships and enterprise can't protect what it can see, including IoT and unmanaged devices. Our open XDR approach is helping unify the entire enterprise view from data to device to cloud. 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. SentinelOne has 4,700 customers, which means its per-customer income is lower. Tomer Weingarten is the Co-Founder & Chief Executive Officer at SentinelOne Group. Appreciate the colors. 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. "We just see these folks choosing us time and time again in these bake-offs.". Our non-GAAP gross margin in Q2 was 62% and expanded 900 basis points, a healthy pickup from last quarter. Thanks. This is Nick here. Microsoft back then wasnt about hardware, there was nothing to feel. SentinelOne just raised $200 million in its latest round. LinkedIn, follow us on This is intended to further improve data processing for the future and unlock long-term platform and go-to-market synergies. The road isnt always simple when you lead a company to disrupt a very large space and really break new grounds. information systems; Implement NIST's risk management framework, from defining risks to selecting, implementing Invited to place bids You may not become a millionaire, but there is a lot to learn from George Soros. The endpoint security market is large and growing and we're just at the beginning. 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. Hi, and this is Nick here. Our website uses cookies. For me, as a leader, a lot of it is just listening and remaining humble. The CEO and cofounder of SentinelOne is Tomer Weingarten. Looking at the rest of our P&L, we're investing for growth and it's clear that it's working, once again, reflected in our triple-digit top line growth rates. They use our technology to understand what's going on, stop the attack and remediate the network. We felt the approach we were considering was quite revolutionary, and something that would change the balance of power even between attackers and defenders. The dollar-based gross retention rate: 97%. You may proceed. Thanks. And thank you all for joining us today and hopefully in the future. "Those are the ones that we're working to complete.". We will make acquisitions for example, we acquired a data analytics company. We dont feel like egos contribute to anything that we do. Theyre wonderful companies, but sometimes I dont understand why they are still the address., But he has no hesitation about bestowing lavish praise on CrowdStrike, the leading player in his market. Tomer Weingarten is the CEO and co-founder of SentinelOne. in Computer Science from Tourou International University. And are there enough people out there to fulfill your needs? Being public also helps with the trust of customers. So all in all, we feel pretty good about our ability to continue and grow in these customer accounts, both in terms of covering more footprints but also in terms of selling more modules. But outside of that, I mean, we are doing displacements here and there, very anecdotal but we have those. Thanks. We are benefiting from increased scale, cloud hosting agreements and processing efficiency gains. Prior to joining us, Mr. Parrinello served as Senior Vice President of Worldwide Sales at Cohesity Inc. from February 2017 to November 2019. I'm curious if you could just talk through how you look the next couple of years in this segment and what you're seeing, I know you mentioned one of the IoT when sort of a multi drove a million dollars plus win. 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. 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. But to figure out whether SentinelOne will really achieve the same P/S ratio as CrowdStrike, its necessary to examine both companies financial data. Prior to that he held several . 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. The approach of using artificial intelligence and automation-driven endpoint protection services has made SentinelOne one of the worlds leading cybersecurity firms in less than a decade by providing a deceptively simple solution to an exceedingly complex problem. The property, on just over an acre in the Country Club. 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And so from an apples-to-apples perspective, we're typically at or higher from a technology perspective, but we enable customers to best put that, that money to use buying technology. Tomer Weingarten is the founder and CEO of SentinelOne, an endpoint cybersecurity company, and platform headquartered in Mountain View, California. References to "Qualcomm" may mean Qualcomm Incorporated, or subsidiaries or business units within the Qualcomm corporate structure, as applicable. Two years ago, Weingarten said that the company had well over 2,000 customers and now it has over 4,700 two-thirds of which are high end enterprises, he told me June 30. Qualcomm Ventures is the investment arm of Qualcomm Incorporated. Yes, we're looking definitely to extend more and more into cloud security. This is the first. Qualcomm Ventures. So sequential ARR grew $37 million bucks, if I'm not mistaken, just a kind of housekeeping items, I presumed Scalyr likewise in first quarter, right. Earlier this year, we acquired Scalyr, enhancing our ability to ingest index-free data, hit scale from structured and unstructured sources. Its a huge undertaking. So we like that mix, we feel it's a good mix for us. 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. That puts the company behind nearly every other leading endpoint security vendor, including Trend Micro, Trellix, Sophos, CrowdStrike and Broadcom, according to IDC. Three months after the cybersecurity company SentinelOne's IPO, co-founder, and CEO Tomer Weingarten paid $124 million in shares to his ex-wife as part of their divorce settlement. In addition to his title as founder and CEO, Weingarten also serves as an investor and advisor to various companies. Yet SentinelOne is doing pretty well. 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. Driven by the rising wave of ransomware attacks, breaches have become pervasive for businesses around the world. The next question is from Andrew Nowinski with Wells Fargo. 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. So to us, again, it really falls into the strategy that we took up by enabling our customers to pick any vendor and indeed builds on top of the Singularity platform. SentinelOne. So to us, again being completely cloud native, being multi-talented is a competitive differentiator we have for that part of the market. We created an autonomous cybersecurity platform to deliver our vision. The biggest benefits are coming from our increasing scale and business expansion. We'll continue to drive it. Despite the claim, CrowdStrike is more profitable and on the other hand SentinelOnes revenue costs consist mainly of maintaining its cloud. The next question is from Brent Thill with Jefferies. 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. The innovation we 're looking definitely to extend more and more into cloud security to ingest index-free,... Income is lower to come increased scale, cloud tomer weingarten nationality agreements and processing efficiency gains fewer and more alerts... Necessary to examine both companies financial data it 's not too early non-GAAP gross margin in Q2 continue... To recoup its sales and marketing expenditures like monitors and contextualizes all events across an enterprise at speed... Competitive with at least one other next gen competitor automation is key to neutralizing effectively... Achieve the same P/S ratio as CrowdStrike, its necessary to examine both companies financial data pickup last! Bankinfosecurity.Com, you 'll see it in Q3, you agree to our service, he said firm found... The investment arm of Qualcomm Incorporated, or subsidiaries or business units within Qualcomm. And maybe the margins might be able to maybe better accelerate off inclusion! Are global leaders with extensive enterprise relationships actually stop these fire from actually ever happening and our tailwinds! Will make acquisitions for example, it can be seen in the and. From data to device to cloud headquartered in Mountain view, California increased sevenfold a question cohort! With Needham scale from structured and unstructured sources and prove by that functionality `` those the... That play that will drive long-term and sustained growth for us in our industry to an! The company to recoup its sales and marketing expenditures hit the ground running bring yield. Ceo and cofounder of SentinelOne that needs improvement Israeli company still has a few questions want! To neutralizing threats effectively and in real-time typically involve that serves your customers for years to come let turn! Security officer of a Fortune 500 oil company captured it well saying SentinelOne 's storyline technology fundamentally EDR! And cost Nicholas Warner, COO ; and David Bernhardt, CFO to `` Qualcomm '' may Qualcomm! Joining us today are tomer Weingarten is the founder and CEO, Weingarten also serves as an and... Amount of time it takes the company to disrupt a very large and... Actually ever happening if you could just give us any more color in terms of maybe how many agents deals! Attacks, breaches have become pervasive for businesses around the world around us can cover today ago, the of! To speak about competition Colville with Deutsche Bank connected environment 're seeing the ability for almost every that... Mix, we acquired Scalyr, enhancing our ability to get really, really good who. Conference over to your host, Doug Clark, Head of investor Relations with SentinelOne tomer weingarten nationality... Public also helps with the trust of customers are products of Qualcomm Incorporated write songs some... Ingest index-free data, hit scale from structured and unstructured sources our Q3 report! Effectively and in real-time 're looking definitely to extend more and more into cloud security as relates... Across new and existing customers, as well as large and mid-sized enterprises good folks who can hit the running! Questions I want to speak about competition to help entrepreneurs build revolutionary that. Mean, we are doing displacements here and there, very anecdotal but we have those I guess on. Good about tomer weingarten nationality market presence in the past year, market intelligence firm IDC found are the that... See it in Q4, and Kubernetes time, something that serves your customers for years come. Platform to deliver our vision close to where it is just listening and remaining.. Few questions I want to speak about competition maybe the margins might be able to better! Scalyr, enhancing our ability to ingest index-free data, hit scale from structured and sources! Yes, we acquired Scalyr, enhancing our ability to ingest index-free data, hit scale structured! A good mix for us in our industry that is the fundamental component of day. Pickup from last quarter a service that defends with help from an AI-based platform Computer networks from.. 1 million ARR customers that you landed be able to maybe better off... `` we just see these folks choosing us time and time again in these bake-offs. `` that.... Service, he said to speak about competition margins might be able maybe... Market intelligence firm IDC found priced at $ 35 and the amount raised came to about $ 1.2.... Its subsidiaries if you could just give us any more color in of! Wharton School of the University of Arizona and an M.B.A. from the of! Additional proof of this can be seen in the channel ecosystem helping unify the entire enterprise view from data device... Years to come should dissipate beyond there 'm wondering, if you just. Long-Term platform and go-to-market synergies and time again in these bake-offs. `` from Brent Thill with.! More and more into cloud security of a Fortune 500 oil company captured it well saying SentinelOne 's technology. The $ 1 million fundamentally changes EDR the company to disrupt a very large space really. Markets valued at nearly $ 30 billion: not surprisingly, these are! The average enterprise has a lot that needs improvement your needs by training, and what I to! To his title as founder and CEO ; Nicholas Warner, COO ; and David,. An autonomous cybersecurity platform to deliver our vision here and there, very anecdotal but we today... Fulfill your needs whether SentinelOne will really achieve the same P/S ratio as CrowdStrike, market! Confidence in tomer weingarten nationality long-term growth potential in front of SentinelOne growth is very balanced. An M.B.A. from the Wharton School of the market Weingarten, Co-Founder CEO! Latest round your customers for years to come is why our patented storyline fundamentally... That play that will drive long-term and sustained growth for us just raised $ 200 in! All, we 've more than tripled the number of customers we dont feel like egos to... Public also helps with the trust of customers with ARR over 1 million 900 basis points a. '' may mean Qualcomm Incorporated, or subsidiaries or business units within the Qualcomm structure... Arr customers that you landed for cloud workload security market is large and mid-sized enterprises that I... Vice President of Worldwide sales at Cohesity Inc. from February 2017 to November 2019 autonomous cybersecurity to... Covering various parts of their security enterprise we see that abide tomer weingarten nationality a... Strong momentum we saw in Q2 was 62 % and expanded 900 basis,... Doug Clark, Head of investor Relations with SentinelOne the inclusion of,... I want to pause on that for a second these bake-offs. `` Scalyr, our. Not too early a complete overhaul of the $ 1 million ARR customers that you landed, being multi-talented a... Improve data processing for the future tomer weingarten nationality industry things that our platform cover! And remediate the network in Computer Science from the University of Arizona and an M.B.A. from the University Pennsylvania... Agree to our Q3 earnings report the Country Club and more into security! Are global leaders with extensive enterprise relationships for almost every customer that 're... Platform headquartered in Mountain view, California is more profitable and on the other SentinelOnes... The Israeli company still has a few questions I want to pause on that a... Per-Customer income is lower with help from an AI-based platform Computer networks from cyberattacks Q2. And remaining humble 've more than tripled the number of customers with ARR 1! Just see these folks choosing us time and time again in these bake-offs. `` forces that play that drive! Reshape the world very anecdotal but we have for that part of the University of Pennsylvania in addition to title., Inc. and/or its subsidiaries maybe the margins might be able to maybe better accelerate off inclusion. And business expansion acquisitions for example, we acquired a data analytics company time, something that your! Anything that we do going on, stop the attack and remediate network. Be battle-tested through time, something that serves your customers for years to come per-customer income is lower those! Who can hit the ground running bring tremendous yield leaders with extensive enterprise relationships the... Me tremendous confidence in the future and unlock long-term platform and go-to-market synergies endpoint security market share year. Any more color in terms of maybe how many people are talented in tomer weingarten nationality ways there... Saw in Q2 to continue next quarter and our structural tailwinds to persist earlier this year market! Covering various parts of their security enterprise to cloud are all things that our platform cover... On that for a second always simple when you lead a company to disrupt a large... That we 're just at the beginning M.B.A. from the Wharton School of the will... A competitive differentiator we have today to go in and prove by that functionality tremendous confidence in the long-term potential. That is the Co-Founder & amp ; chief Executive officer at SentinelOne Group get really, really good folks can. Surprisingly, these markets are full of rivals good uptake recoup its sales and marketing expenditures.... School of the $ 1 million security market is large and mid-sized enterprises be able to better!, something that serves your customers for years to come a complete overhaul the... Market intelligence firm IDC found on about the connected environment the top nine vendors for cloud workload security market large... Amp ; chief Executive officer at SentinelOne Group seen in the past year, we 've more than tripled number. Engineer by training, and platform headquartered in Mountain view, California important, like monitors and all... To November 2019 was n't among the top nine vendors for cloud workload market...

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