SentinelOne Files 10-Q for Period Ending July 31, 2024

TL;DR

S SentinelOne 10-Q filed. Financials updated for Q2.

AI Summary

SentinelOne, Inc. filed its 10-Q for the period ending July 31, 2024. The filing details financial performance and operational updates for the company. Specific financial figures and operational highlights are presented within the report.

Why It Matters

This filing provides investors and analysts with the latest financial health and strategic direction of SentinelOne, a key player in cybersecurity.

Risk Assessment

Risk Level: medium — As a publicly traded tech company, SentinelOne faces inherent market, competitive, and operational risks detailed in its SEC filings.

Key Players & Entities

• SentinelOne, Inc. (company) — Filer of the 10-Q report
• 20240731 (date) — End of the reporting period
• 0001583708-24-000074 (other) — Accession number for the filing
• 444 CASTRO STREET SUITE 400 MOUNTAIN VIEW CA 94041 (address) — Company's business and mailing address

FAQ

Key Financial Figures

• $0.0001 — stered Class A common stock, par value $0.0001 S The New York Stock Exchange Indicat

Filing Documents

• s-20240731.htm (10-Q) — 1542KB
• sentinelone10-q_exx311q225.htm (EX-31.1) — 9KB
• sentinelone10-q_exx312q225.htm (EX-31.2) — 9KB
• sentinelone10-qex321q225.htm (EX-32.1) — 8KB
• 0001583708-24-000074.txt ( ) — 6826KB
• s-20240731.xsd (EX-101.SCH) — 39KB
• s-20240731_cal.xml (EX-101.CAL) — 83KB
• s-20240731_def.xml (EX-101.DEF) — 280KB
• s-20240731_lab.xml (EX-101.LAB) — 574KB
• s-20240731_pre.xml (EX-101.PRE) — 436KB
• s-20240731_htm.xml (XML) — 789KB

- Financial Information

Part I - Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 5 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Comprehensive Loss 7 Condensed Consolidated Statements of Stockholders' Equity 8 Condensed Consolidated Statements of Cash Flows 10 Notes to Condensed Consolidated Financial Statements 11

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 38

Controls and Procedures

Item 4. Controls and Procedures 39

- Other Information

Part II - Other Information 40

Legal Proceedings

Item 1. Legal Proceedings 41

Risk Factors

Item 1A. Risk Factors 42

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 86

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 86

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 86

Other Information

Item 5. Other Information 86

Exhibits

Item 6. Exhibits 87

Signatures

Signatures 88 Table of Contents Special Note About Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), about us and our industry that involve substantial risks and uncertainties. All statements contained in this Quarterly Report on Form 10-Q, other than statements of historical fact, including statements regarding our future operating results and financial condition, our business strategy and plans, market growth, and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "intend," "could," "would," "project," "target," "plan," "expect," or the negative of these words and similar expressions are intended to identify forward-looking statements.

Forward-looking statements include, but are not limited to, statements about

Forward-looking statements include, but are not limited to, statements about: our future financial performance, including our expectations regarding our total revenue, cost of revenue, gross profit or gross margin, operating expenses, including changes in operating expenses and our ability to achieve and maintain future profitability; the global political, economic, and macroeconomic climate, whether in the cybersecurity industry in general, or among specific types of customers or within particular geographies, including but not limited to, the upcoming U.S. election, actual or perceived instability in the banking industry, supply chain disruptions, a potential recession, inflation, and interest rate volatility; the impact of natural or man-made global events on our business, including wars and other regional geopolitical conflicts, including the conflicts in Ukraine, the Middle East, and tensions between China and Taiwan; the impact of actions that we are taking to improve operational efficiencies and operating costs, including the restructuring plan we approved in June 2023; our business plan and our ability to effectively manage our growth; our total market opportunity; anticipated trends, growth rates, and challenges in our business and in the markets in which we operate; our ability to maintain the security and availability of our platform; market acceptance of our platform and our ability to increase adoption of our platform; beliefs and objectives for future operations; our ability to further penetrate our existing customer base and attract, retain, and expand our customer base; our ability to timely and effectively scale and adapt our platform; future acquisitions or investments in complementary companies, products, services, or technologies and our ability to integrate such acquisitions or investments, including our recent acquisitions of the Krebs Stamos Group LLC (KSG) in November 2023 and both PingSafe Pte. Ltd. (PingSafe) and Stride Securit

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) SENTINELONE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) July 31, January 31, 2024 2024 Assets Current assets: Cash and cash equivalents $ 205,898 $ 256,651 Short-term investments 502,274 669,305 Accounts receivable, net 155,148 214,322 Deferred contract acquisition costs, current 57,355 54,158 Prepaid expenses and other current assets 100,601 102,895 Total current assets 1,021,276 1,297,331 Property and equipment, net 64,257 48,817 Operating lease right-of-use assets 16,535 18,474 Long-term investments 417,161 204,798 Deferred contract acquisition costs, non-current 72,091 71,640 Intangible assets, net 120,307 122,903 Goodwill 629,636 549,411 Other assets 5,856 8,033 Total assets $ 2,347,119 $ 2,321,407 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 6,746 $ 6,759 Accrued liabilities 113,315 104,671 Accrued payroll and benefits 63,681 74,345 Operating lease liabilities, current 4,630 4,689 Deferred revenue, current 399,536 399,603 Total current liabilities 587,908 590,067 Deferred revenue, non-current 103,086 114,930 Operating lease liabilities, non-current 15,497 18,239 Other liabilities 6,941 4,128 Total liabilities 713,432 727,364 Commitments and contingencies (Note 10) Stockholders' equity: Class A common stock; $ 0.0001 par value; 1,500,000,000 shares authorized as of July 31, 2024 and January 31, 2024; 289,715,291 and 269,780,805 shares issued and outstanding as of July 31, 2024 and January 31, 2024, respectively 29 27 Class B common stock; $ 0.0001 par value; 300,000,000 shares authorized as of July 31, 2024 and January 31, 2024; 26,211,913 and 34,910,917 shares issued and outstanding as of July 31, 2024 and January 31, 2024, respectively 3 3 Additional paid-in capital 3,110,843 2,934,607 Accumulated other comprehensive income (loss) 1,145 ( 1,550 ) Accumulated deficit ( 1,478,333

Business

Business SentinelOne, Inc. (SentinelOne, the Company, we, our, or us) was incorporated in January 2013 in the State of Delaware. We are a cybersecurity provider that delivers an artificial intelligence-powered platform to enable autonomous cybersecurity defense. Our headquarters is located in Mountain View, California with various other global office locations. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), and applicable rules and regulations of the Securities and Exchange Commission (SEC), regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2024 filed with the SEC on March 27, 2024 (Annual Report). In management's opinion, the accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which reflect all normal recurring adjustments necessary to present fairly the results for the interim periods, but are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. Principles of Consolidation The condensed consolidated financial statements include the accounts of SentinelOne and our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the condensed consolidated financial statements in confor