Cyber defense should be even more holistic. If SentinelOne will have a P/S ratio similar to that of CrowdStrike, its market value would be between $6 billion and $7 billion. 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. Cohen and Weingarten were actually childhood friends and went to the same college. The Last 12 Months Of Insider Transactions At SentinelOne So all in all, we feel pretty good about our market presence in the channel ecosystem. Thank you. Israel cyber firm SentinelOne is trying to hitch a ride on its major rivals success, but the numbers arent in its favor. So all in all, I mean, it just really kind of falls in line with both of our Zero Trust strategy and our open XDR approach. We are very excited about our performance in the second quarter. Attivo joins the more than 20 modules offered by SentinelOne and will further drive the migration away from antiquated and expensive security analytics tools and toward XDR, which he says provides better security at a lower cost. While its customers do include three of the worlds 10 biggest companies, it only has 37 Fortune 500 companies on the list. LIVE Webinar | Cisco Duo and Umbrella are better together! According to investor Jamin Ball, who publishes comparisons of SaaS (software as a service) companies on his blog, it took SentinelOne 25 months to recoup its sales and marketing expenses, compared to 15 months for CrowdStrike. And it also want to know, enables these partners to basically deliver their services in a much more effective manner. Prior to joining ISMG, he spent four and a half years covering all the major cybersecurity vendors at CRN, with a focus on their programs and offerings for IT service providers. This net worth evaluation does not reflect any other assets that Mr. Weingarten may own. 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. And for us, it's really about, really stepping forward towards a more inclusive, open XDR approach and also kind of producing a more Zero Trust ecosystem around SentinelOne Singularity platform, really fusing together endpoint, which is kind of the edge of the network with the cloud and now identity and the user as well. By building these rules, customers can drive automation between products in a meaningful way and remove risk from the system by reducing the system's dependence on humans, he says. Hi, good afternoon. We go up against incumbent and next gen players all the time. Enterprises represent about two thirds of our business today, and we're gaining even more traction. These are all things that our platform can cover today. I will then turn it to Nick and Dave to provide some highlights from our most recent quarter and outlook. To us prevention is the fundamental component of modern day cybersecurity. The biggest benefits are coming from our increasing scale and business expansion. Opinions expressed by Forbes Contributors are their own. What we're also finding is at time of sale for new customers, they're predicting landing with a complete package with other modules as well. What was the mix in the quarter? From a go-to-market perspective, what it means for our customers is we really allow them to realize even greater ROI on previous solutions that they had purchased. Prior to that he held several application security and consulting roles at various enterprises, and was . After all, lockups will expire creating downward pressure on the stock as early investors sell. facebook, follow us on That's correct. Thanks. 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. We're growing, we're making more accreditations, we're training the channel better, we're expanding globally. I think that goes into why you're seeing 129% at RR. Any forward-looking statements made during this call are being made as of today. 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. And to us, we also continue to bolster that capability. Obviously, we're very enthusiastic about our top line drivers. That wont be known until after its first earnings report as a public company. The initial price range was $26-to-$29 but this was lifted to $31-to-$32. The focus instead should be on having the right data that produces signals that can be modelled. Is this happening to you frequently? Finally, we're focused on data. Got it. Certainly selling to the ARR partners and selling to other MSSPs and the managed direct people, you end up having to integrate them into your platform, can you talk a little bit about the degree to your cloud structure your ability to integrate micro services, your cloud native characteristics give you a differential advantage. And if you can talk about your we spoke about product differentiation, but I want to talk about the value of automation. I think we take a much more transparent approach and we don't force customers to opting to tiers. 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. Nick, Tomer, thank you. Prior to joining SentinelOne, Ms. Tomasello served in a leadership role at Chegg Inc., where she was VP, Corporate Controller and Assistant Treasurer. Microsoft back then wasnt about hardware, there was nothing to feel. 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. His background was mostly in analytics. Qualcomm Incorporated includes Qualcomm's licensing business, QTL, and the vast majority of its patent portfolio. I've been at SentinelOne for over four years now. By browsing bankinfosecurity.com, you agree to our use of cookies. 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. Thanks a lot. Therefore, its no surprise that the company continues to burn through cash. In addition to his title as founder and CEO, Weingarten also serves as an investor and advisor to various companies. Ms. Ghatak is a member of the board of advisors of Findem, Inc., a company that uses an artificial intelligence platform to assist companies in their employee hiring, since February 2021. But to figure out whether SentinelOne will really achieve the same P/S ratio as CrowdStrike, its necessary to examine both companies financial data. 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're helping customers expand agent deployments, access more functionality with package tiers and adopt new module solutions. 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. It's a great question because we look at our channel in a very inclusive manner. We also expanded our marketplace ecosystem through new partnerships with Zscaler and Cloudflare, partnering with other zero trust leaders strengthens our customers' security postures. First automation, automation is key to neutralizing threats effectively and in real-time. You may proceed. Sure. SentinelOne - founded by Almog Cohen and Tomer Weingarten. It also spends more on sales and marketing (97 percent compared to 87 percent). So yes 37. This is Nick here. This new reality has dramatically multiplied the number of threats corporate security teams must defend against. 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 what that's really driven by enabling their business and not competing is incredible loyalty and brand loyalty with SentinelOne, and that's something we've been working really hard on for the last several years. Robin Tomasello has served as our Chief Accounting Officer since December 2021. So to us, again being completely cloud native, being multi-talented is a competitive differentiator we have for that part of the market. But even today, CS is growing at a rate of 74 percent, a very high rate for a company its size. Customers give CrowdStrike high marks. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. The support is very responsive in my experience so far. We added the highest number of million dollar ARR customers this past quarter. Thank you. 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. 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. Yes for sure. The first item is share count. And since this is our first earnings call, I'd like to give some background on our journey and how we got here. Make no mistake, this is a competitive market. Hey guys, thanks for taking my questions here and echo my congrats on becoming a public company. Can you characterize the competition? In fact, our IR partner ecosystem is our fastest growing channel. Weingarten has referred to CrowdStrike as its main competitor. CrowdStrike is much larger than SentinelOne. You may proceed. Tomer co-founded SentinelOne in 2013. No egos. 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. Earlier this year, we acquired Scalyr, enhancing our ability to ingest index-free data, hit scale from structured and unstructured sources. That concludes the conference call. 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. But no one is showing them how - Thank you, Mr. Essex. The next question is from Tal Liani with Bank of America. That was a great question from Roger. I see that landed costs per new logo is certainly much higher than it was last quarter. Identity protection, XDR, data analytics and cloud security have been SentinelOne's biggest areas of investment during 2022, according to co-founder and CEO Tomer Weingarten. And then from a go-to-market perspective, for Nick, what type of incremental benefit will these partnerships bring? Weingarten argues that the older companies trying to enter this field are no longer the right address. Furthermore, the more we can build applications on top of the data that we collect using the platform, the more value we can bring to our customer base and the more extensive our offering can be across many different facets. You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com. We will put more boots on the ground. Most organizations dont have hundreds of people in their security teams; you have to find a way to deal with that scale. 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.. Thank you. Even after backing out the $10 million and acquired ARR from Scalyr, our organic growth was still well into the triple digits. A human powered 1-10-60 benchmark is a legacy model. Tomer Weingarten is responsible for the company's direction, products, and services strategy. So our ability to protect to prevent and to keep our customers safe. We're rapidly expanding this ecosystem and its driving meaningful growth for us. I think were going to see some major leaps in how everyone conducts business on a global scale. A reconciliation of GAAP and non-GAAP results is provided in today's press release and in our shareholder letter. 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. These are the go-to experts who cyber insurers and boards call when there is a breach. 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. Before our founding, Mr. Weingarten held various positions, including Vice President of Products, at Toluna Holdings Limited, a technology company that delivers real-time consumer insights, from May 2007 to December 2012, which he joined following the acquisition of Dpolls, a startup he had previously co-founded. Mark Parrinello has served as our Senior Vice President of Global Sales since February 2020. 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. Two, we don't compete with our channel partners. I think thats something that we try to instill as our company culture. Weingarten served as the company's co-founder and CTO from May 2011 to May 2012. That's enabling us to have great attraction and appeal to get the best talent in the market. Since then, its evolved into a complete platform with about 10 different modules that can address different issues within a corporate enterprise environment. CrowdStrike is in an entirely different league, with expected revenue growth of $1.3 billion. So our thesis was that we can create a piece of security technology thats incredibly autonomous, works by itself, makes decisions without human intervention, and does it at scale. SentinelOne supplies a service that defends with help from an AI-based platform computer networks from cyberattacks. It was really something that made me think, I want to invent something with software, too. Thank you for attending SentinelOne Second Quarter 2022 Earnings Conference Call. Support has been relatively effective, but can be a little slow on response times.. To me, that was inspiring. Its Singularity platform does this in a highly autonomous fashion deflecting attacks in real-time with no human intervention. That means fewer and more accurate alerts based on data. You may proceed, Mr. Weingarten. And maybe just a quick follow-up for Dave. 2023 Information Security Media Group, Corp. Now its worth about $10 billion, according to MarketWatch. Now, you can see real bifurcation in XDR approaches.". We look at it as a contextual narrative, such as like telling a story, said Weingarten. Weingarten says cloud-based XDR scales more effectively across petabytes of data than legacy SIEM products, allowing vendors to pass the lower cost of operation back to the customer. Welcome everyone and thanks for joining our first earnings call as a public company. He is responsible for the company's direction, products, and services strategy. Application security and consulting roles at various enterprises, and we do n't force customers to opting to tiers competitive... 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