S Q2 2024 Earnings

Call Details

• Call Title: SentinelOne Q2 2024 Earnings Call
• Date: September 6, 2023 at 9:30 PM UTC
• Management Team:
  • Tomer Weingarten (Chief Executive Officer)
  • Dave Bernhardt (Chief Financial Officer)
  • Doug Clark (Investor Relations)

Call Summary

Financial Performance

• Revenue grew 46% year over year in Q2 fiscal 2024.
• ARR increased 47% year over year to $612M at quarter end.
• Net new ARR was $49M in Q2, which represented sequential net new ARR growth of 17%.
• International revenue grew 57% year over year and represented 36% of total revenue in Q2.
• SentinelOne added about 700 new customers in Q2, bringing total customers to more than 11,000.
• Customers with more than $100,000 in ARR grew 37% year over year in Q2.

Guidance

• Q3 revenue is expected to be about $156M, reflecting growth of 35% year over year.
• Q3 net new ARR is expected to be comparable to Q2 levels, consistent with seasonality commentary.
• Full-year fiscal 2024 revenue guidance was raised to about $605M, reflecting 43% growth and a $10M increase versus the prior midpoint.
• Full-year net new ARR is expected to be about $195M, implying full-year ARR growth in the high 30% range versus prior mid-30% expectations.
• Q3 gross margin is expected to be about 76%, with full-year gross margin guidance raised to 76% (up ~150 basis points versus prior midpoint).
• Q3 operating margin is expected to be roughly negative 22% non-GAAP, and full-year operating margin is expected to be about negative 25% non-GAAP.