In Q2, we added world renowned IR partners like Kroll, Alvarez & Marsal and Group-IB. We've had multiple years doing customers of Symantec and McAfee. Thank you. So to us, I mean, those positive performance it's always something that you deal with. He is responsible for the company's direction, products, and services strategy. Yet another datum he compared was sales and marketing expenses as a percentage of revenue among 75 publicly traded cloud computing companies. Mr. Conder brings over 25 years of experience scaling high-growth, public companies in the technology sector. Therefore, its no surprise that the company continues to burn through cash. Can you talk to us maybe from the quantitative or maybe just from a qualitative perspective on the LTV of cohorts over the past few quarters now going to say even a few years, specifically on the heels, or the fact that, your deal with a greater than 1 million have been fantastically on the rise out of the late. There are currently more than 4,700 customers and a majority of them are large enterprises. , Hey guys, congrats on a great quarter. The more conversations you have with your target market customers, the better you design your solution. We grew customers with ARR over $100,000 by 140% versus last year. 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. That's great. In the first quarter alone, it burned through $33 million. Again Ranger is one of our fastest growing modules and same goes for data retention. [PDF] [7d5kicaru8k0]. Qualcomm Ventures Investment Team members are employees of Qualcomm Technologies, Inc. or one of its subsidiaries. Our focus with Scalyr is obviously been on implementing the technology not on really pushing our go-to-market. Thank you. We look forward to talking to you again in the near future. Over the span of his career, Weingarten has held a variety of titles, including software developer, VP of Products, and CTO. statements reflect our best judgment based on factors currently known to us and that actual results and events could differ materially. - the bible of risk assessment and management - will share his unique insights on how to: Sr. Computer Scientist & Information Security Researcher, Cookies enable us to provide the best experience possible and help us understand how visitors use our website. Tomer, maybe for you. Earlier this year, we rolled out a new channel partner training and accreditation program. 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. We listen to our customers adding even more automation capabilities. Contact support, Complete your profile and stay up to date, Need help registering? Tomer Weingarten is the CEO and co-founder of SentinelOne. I'm just really trying to get a feel for how long this exceptionally strong momentum can continue? Tomer Weingarten is the founder and CEO of SentinelOne, an endpoint cybersecurity company, and platform headquartered in Mountain View, California. They use our technology to understand what's going on, stop the attack and remediate the network. Even after backing out the $10 million and acquired ARR from Scalyr, our organic growth was still well into the triple digits. Qualcomm Ventures. From there, Weingarten says, the customer picks and chooses what data to transport into the SIEM for ticketing purposes or to respond to workflows that are already in place. 02:14. And for us, I mean, you can take a more prevention first approach. "It will eventually be a complete reimagination of the network by the data collected and by the XDR platform.". And with that, let me turn it to Nick Warner, our Chief Operating Officer. Yet the market is massive. The next question is from Andrew Nowinski with Wells Fargo. What we don't try to do is hijack a customer's security budget and to forcing them to buy reams of services, hours to support, a non-automated product. Prior to Chegg, Mr. Bernhardt served in various positions at Palantir Technologies Inc., a data analytics software company, including most recently as its Vice President of Finance and an advisor, from May 2009 to August 2013. Our full year operating margin guidance is for negative 99% to 104%. So we like that mix, we feel it's a good mix for us. improve their organizations' risk management capabilities. Thank you. LinkedIn, follow us on It's something that we'll deal with that forever. Implementing AI Systems: Transform Your Business in 6 Steps. Thank you. So all in all, we feel pretty good about our market presence in the channel ecosystem. We use AI to parse petabytes of data, identify anomalies and autonomously mitigate attacks in real-time. In an exclusive presentation, Ross, lead author of NIST Special Publication 800-37 Okay. 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. Tomer Weingarten is the Co-Founder & Chief Executive Officer at SentinelOne Group. Before launching the company in 2013, he had helped to create several other tech startups. So to us, again being completely cloud native, being multi-talented is a competitive differentiator we have for that part of the market. Is it driven by higher R&D costs, in the West Coast or in Israel or is pretty much all the above? Israel cyber firm SentinelOne is trying to hitch a ride on its major rivals success, but the numbers arent in its favor. in Computer Science from the University of Arizona and an M.B.A. from the Wharton School of the University of Pennsylvania. You may proceed. The dollar-based net retention rate: 124%. At SentinelOne, Tomer Weingarten has 36 colleagues including Dan Schienman (Director), Ana Pinczuk (Director) . In the latest development, an Israel-hatched, [], As cybercrime continues to evolve and expand, a startup that is building a business focused on endpoint security has raised a big round of funding. It was akin to bringing a knife to a gunfight, according to the SentinelOne S-1 filing. They wanted a solution that can actually remediate and clean up all the infections they were seeing. So we obviously look for global talent everywhere. And then from a go-to-market perspective, for Nick, what type of incremental benefit will these partnerships bring? "Those are the ones that we're working to complete.". Security teams simply can't analyze and respond to billions of events every day. We feel that what were doing with data, machine learning and artificial intelligence in security is something that very few companies are doing. 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. We added the highest number of million dollar ARR customers this past quarter. The support is very responsive in my experience so far. Now, you can see real bifurcation in XDR approaches.". 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. That concludes the conference call. Biography of Tomer Weingarten. Hey guys, thank you for taking my question and congrats on your first quarter post-IPO. Operator, can you please open up the lines for questions? 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.. We knew that we need ways to deal with attacks that are increasing in frequency and becoming more automated. Tomer Weingarten is responsible for the company's direction, products, and services strategy. Are we seeing escalation and the prices of labor? However, Mountain View-based SentinelOne which went public on June 30 can brag that it is the highest-valued cybersecurity IPO ever, according to CNBC. 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. Weve seen a leap happening practically overnight with COVID-19 changing pretty much every working model that weve known. Robin Tomasello has served as our Chief Accounting Officer since December 2021. Despite the claim, CrowdStrike is more profitable and on the other hand SentinelOnes revenue costs consist mainly of maintaining its cloud. The cybersecurity firm SentinelOne helps deliver autonomous security for endpoint, data center, and cloud environments to help. And about pricing, is it is being cheaper than the next gen competition is the strategic strategic goal for you? We got $9 million ARR when we acquired Scalyr. 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. I'm switching over to SentinelOne this quarter as this has been with the past quarters as well. We caution you that such statements reflect our best judgment based on factors currently known to us and that actual results and events could differ materially. Thank you for taking my question. If you have an ad-blocker enabled you may be blocked from proceeding. 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. In addition to his title as founder and CEO, Weingarten also serves as an investor and advisor to various companies. What type of capacity, you see going forward in terms of your ads for the next couple of quarters? 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. 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. Let's discuss the business. I'm proud of the technology and the innovation we're bringing to customers through our Singularity XDR platform. Hi, good afternoon. That's great. Building the platform has required using the latest in data systems to process petabytes of data in real-time. And now we're seeing I think, of just increasing increase in accelerated attraction across the board, both in partners and with customers, with sales cycles and with competitive win rates. So all in all, we're definitely seeing an opportunity that's almost completely Greenfield there. 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. In Q2, we enhanced our capabilities around automation, zero trust and data. I think we're definitely seeing an elevation of the brand. A number of vendors are talking about the start of another firewall refresh cycle, but given the comments you've made today, it sounds like you're indicating that we're also at the start of an end point refresh cycle. We just announced that we'll be expanding our engineering excellence into the Czech Republic. The road isnt always simple when you lead a company to disrupt a very large space and really break new grounds. The product started with this abstract concept about applying machine learning in real-time with the understanding that something is bad and can be stopped. And it also want to know, enables these partners to basically deliver their services in a much more effective manner. During the latest quarter, revenues soared by 108% to $37.4 million. First automation, automation is key to neutralizing threats effectively and in real-time. 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. And once again, we do look at the peers they're focused on detection and response. 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. If the stock price remains at current levels, it will unlock up to approximately 40 million outstanding shares as of July 31, 2021, excluding vested equity awards. We're working on getting our largest customers over first, which is why you see the depth that we're expecting in the second half, but going forward, we think we should have a baseline of around where we're at right now, barring any other efficiencies we see on the product as we continue to advance it. We support and enable their business. They bundle a service with it. 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. Or how many modules they typically purchase? Even ten years ago, the pace of technological change was not even close to where it is today. I see that landed costs per new logo is certainly much higher than it was last quarter. SentinelOne has focused on protecting workloads and delivering EDR for the cloud, which Weingarten says is very different from others in the space who've concentrated primarily on posture management. You may proceed. 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. Mr. Smith holds a B.S. So all in all, we feel that mix is a healthy one and one that we would like to carry into the future. 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. 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. This is going to drive a lot of the challenges in securing the enterprise environment, and in turn, the data that all of us store with some of these enterprises. The CEO and cofounder of SentinelOne is Tomer Weingarten. Our solution understands in real-time whether theres an anomaly solely through observation and without relying on prior knowledge of whether something is bad or good. 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 doesnt just observe but prevents and deflects 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. in Broadcast Journalism from Arizona State University. At the same time, we moved to a hybrid work environment. Whats more, those ambitious growth goals are tough to beat every quarter. 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%. You may proceed. "It's going to be tough for other vendors to follow anytime soon," Weingarten says. Our open XDR approach is helping unify the entire enterprise view from data to device to cloud. 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. 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. Additional proof of this can be seen in the amount of time it takes the company to recoup its sales and marketing expenditures. 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. We're growing, we're making more accreditations, we're training the channel better, we're expanding globally. There are lots of things to understand, even the political ecosystems within the environments of customers who will eventually procure your product. Obviously, we're very enthusiastic about our top line drivers. I think the tax that we choose to, be very transparent about what the company does is dispelled. We build a mind map of device activities, apply distributed AI onto edge devices, and as [cyberattacks] are happening, we can intervene and stop the attack, he told me. 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. I'm just wondering, ultimately how much of an opportunity there is that those customers for additional purchases? And I think that's why you see customers its scale against multi-million dollar ACVs shifting away. That's what they do. It's a big difference on what the others are doing in this space. 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. It was really something that made me think, I want to invent something with software, too. In the past year, we've more than tripled the number of customers with ARR over 1 million. But the vast majority of what we see, it's, it's absolutely taking market share from the incumbents. LIVE Webinar | Cisco Duo and Umbrella are better together! We created an autonomous cybersecurity platform to deliver our vision. And since this is our first earnings call, I'd like to give some background on our journey and how we got here. Thank you, Mr. Essex. Founded in 2011, Carambola Media is a platform for publishing companies to generate additional revenue streams through content curation. This is the new normal forcing the revolution of how we work, where we work from and fundamentally how we secure the future of work. Lets put it that way. It's incredibly holistic again in nature. And I would now like to pass the call back over to Tomer Weingarten, CEO of SentinelOne. And that is what our platform is incredibly unique in that the advantage of AI and machine learning. And as a result, we're delivering real-time industry leading threat detection and response from endpoint to IoT to cloud. SentinelOne CEO Tomer Weingarten closed on a $11.5-million home in Los Altos, just below the asking price, according to public records. Its a huge undertaking. SentinelOne founder and CEO Tomer Weingarten Credit: SentinelOne But he has no hesitation about bestowing lavish praise on CrowdStrike, the leading player in his market. Before SentinelOne, Tomer led product development and strategy for the Toluna Group as a VP of Products. 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? We feel as far from it and it can vary significantly. Now its worth about $10 billion, according to MarketWatch. For us, it really is a good mix. Our customers want real-time response and protection. We expect the strong momentum we saw in Q2 to continue next quarter and our structural tailwinds to persist. 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SentinelOne -- which provides a machine learning-based solution for monitoring and securing laptops, phones, containerised applications and the many other devices and services connected to a network -- has picked up []. After all, there are stringent disclosure and audit requirements. Dave, when we think about your Czech Republic R&D facility, is that driven by global lack of talent? But at the same time we feel presence in the mid-market is important and it's something that actually is a very efficient go-to-market for us. I think we take a different approach. I think the road is long, and I think what really is important to understand about our platform is we're much more than endpoint security. We dont feel like egos contribute to anything that we do. 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. Articles by Tomer Random thoughts. You want to prevent these infections from happening. Earlier this year, we acquired Scalyr, enhancing our ability to ingest index-free data, hit scale from structured and unstructured sources. "Our competitors have gone down the path of multiple platforms and multiple offerings, beaming data from their EDR into their XDR. And in fact, 50% of our customer base is running, our core control package, we can upgrade those folks to complete many modules to cross-sell and up-sell. This means distilling a solution that would be battle-tested through time, something that serves your customers for years to come. We look at it as a contextual narrative, such as like telling a story, said Weingarten. There was certainly substantial demand from investors. And our platform is a 100% cloud native. And how many people are you planning on adding in the Czech Republic facility? 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. National Institute of Standards and Technology (NIST), SentinelOne's Tomer Weingarten on Cloud, XDR and Analytics, Need help registering? You have to be an incredibly good listener and understand pain points before you propose solutions. He was recognized for his breaking news coverage of the August 2019 coordinated ransomware attack against local governments in Texas as well as for his continued reporting around the SolarWinds hack in late 2020 and early 2021. Two, we don't compete with our channel partners. Nick will talk a lot more about our differentiated go-to market and how that's fueling growth. Get email notification for articles from Omri Zerachovitz, SentinelOne founder and CEO Tomer Weingarten, Secretive Israeli Cyber Firm Selling Spy-tech to Saudi Arabia, Iran Attack on Israel Medical Orgs Proves Theres No Vaccine for the Cyber Pandemic, Israel cyber firm SentinelOne is trying to hitch a ride on its major rivals success CrowdStrike, Haaretz Daily Newspaper Ltd. All Rights Reserved. Tomer Weingarten, SentinelOne CEO, joins 'TechCheck' to discuss how long the company's strong growth can continue, how quickly it can grow on the top line and how he would characterize the way. 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. It's two quick questions for you. 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