Mar 13th, 2024 – $SentinelOne (S.US)$ shares fell 12.13% to $24.55 in post-market trading on Wednesday.
SentinelOne (S) announced its financial results for the fourth quarter and fiscal year 2024 ended January 31, 2024.
Fourth Quarter Fiscal 2024 Highlights
(All metrics are compared to the fourth quarter of fiscal year 2023 unless otherwise noted)
•Total revenue increased 38% to $174.2 million, compared to $126.1 million.
•Annualized recurring revenue (ARR) increased 39% to $724.4 million as of January 31, 2024.
•Customers with ARR of $100,000 or more grew 30% to 1,133 as of January 31, 2024. Dollar-based net retention rate (NRR) was approximately 115%.
•Gross margin: GAAP gross margin was 72%, compared to 68%. Non-GAAP gross margin was 78%, compared to 75%.
•Operating margin: GAAP operating margin was (47)%, compared to (79)%. Non-GAAP operating margin was (9)%, compared to (35)%.
•Cash flow margin: Operating cash flow margin was (4)%, compared to (18)%. Free cash flow margin was (6)%, 14 percentage points higher compared to (20)%.
•Cash, cash equivalents, and investments were $1.1 billion as of January 31, 2024.
Full Year Fiscal 2024 Highlights
(All metrics are compared to fiscal year 2023 unless otherwise noted)
•Total revenue increased 47% to $621.2 million, compared to $422.2 million.
•Gross margin: GAAP gross margin was 71%, compared to 66%. Non-GAAP gross margin was 77%, compared to 72%.
•Operating margin: GAAP operating margin was (61)%, compared to (95)%. Non-GAAP operating margin was (19)%, compared to (49)%.
Financial Outlook
We are providing the following guidance for the first quarter of the fiscal year 2025 (ending April 30, 2024), and for the fiscal year 2025 (ending January 31, 2025).
“We closed the year on a very strong note and surpassed our fourth quarter top and bottom line expectations. In fiscal year 2024, we delivered industry-leading revenue growth of 47% and operating margin improvement of more than 30 percentage points compared to the prior year,” said Tomer Weingarten, CEO of SentinelOne. “Our pace of innovation and security leadership remain unmatched. Enterprises are selecting SentinelOne at a record pace across endpoint, data, cloud security, and more. We are giving control back to the enterprises through enterprise-wide visibility and autonomous cybersecurity.”
“Once again, we delivered strong top-line growth and margin expansion, showcasing the scale and breadth of our Singularity Platform. We achieved our tenth consecutive quarter of over 25 percentage points of year-over-year operating margin improvement,” said Dave Bernhardt, CFO of SentinelOne. “Building on our fiscal year 2024 outperformance, we aim to maintain our industry-leading growth profile while turning the page on profitability by the end of the year.”
About company: SentinelOne, Inc. It was registered in Delaware in January 2013. They founded SentinelOne in 2013 and adopted a completely new approach to network security. They created the world’s first specially built extended Detection and response (XDR) platform based on artificial intelligence, making network security defense truly autonomous from endpoints and elsewhere. Their Singularity Platform can immediately defend against cyber attacks-faster, larger, and more accurate than human methods. On March 29, 2021, the name of the company changed from Sentinel Labs, Inc. Change to SentinelOne, Inc.
Sources:
SentinelOne Announces Fourth Quarter Fiscal Year 2024 Financial Results
Letter to Shareholders, dated March 13, 2024.
