Revenue increased 92% year-over-year
ARR up 88% year-over-year
SentinelOne, Inc. (NYSE: S) today announced financial results
for the fourth quarter of fiscal year 2023 ended January 31,
2023.
“We continued to deliver leading growth and margin improvement,
a result of stronger execution and our competitive position. Our
ARR crossed half a billion dollars, and our global customer-base
exceeded 10,000 - two major milestones. Our sights are set much
higher,” said Tomer Weingarten, CEO of SentinelOne. “We continue to
strengthen our technology leadership. Once again, we are a leader
in Gartner's Magic Quadrant for Endpoint Protection Platform and
achieved the top ranking across all three Gartner's Critical
Capabilities for Endpoint Protection Platforms.”
“Our fourth quarter results exceeded expectations across all key
metrics, indicating strength of our competitive position and unit
economics,” said Dave Bernhardt, CFO of SentinelOne. "Evident in
our fiscal year 2024 outlook, we expect to deliver compelling top
line growth with consistent margin improvement."
Letter to Shareholders
We have also published a letter to shareholders on the Investor
Relations section of our website at investors.sentinelone.com. The
letter provides further discussion of our results for the fourth
quarter of fiscal year 2023 as well as our full fiscal year 2024
financial outlook.
Fourth Quarter Fiscal 2023 Highlights (All metrics are
compared to the fourth quarter of fiscal year 2022 unless otherwise
noted)
- Total revenue increased 92% to $126.1 million, compared
to $65.6 million.
- Annualized recurring revenue (ARR) increased 88% to
$548.7 million as of January 31, 2023.
- Total customer count grew about 50% to over 10,000
customers as of January 31, 2023. Customers with ARR over $100,000
grew 74% to 905 as of January 31, 2023. Dollar-based net revenue
retention rate remained above 130%.
- Gross margin: GAAP gross margin was 68%, compared to
63%. Non-GAAP gross margin was 75%, compared to 66%.
- Operating margin: GAAP operating margin was (79)%,
compared to (108)%. Non-GAAP operating margin was (35)%, compared
to (66)%.
- Cash, cash equivalents, and investments were $1.2
billion as of January 31, 2023.
Full Year Fiscal 2023 Highlights (All metrics are
compared to fiscal year 2022 unless otherwise noted)
- Total revenue increased 106% to $422.2 million, compared
to $204.8 million.
- Gross margin: GAAP gross margin was 66%, compared to
60%. Non-GAAP gross margin was 72%, compared to 63%.
- Operating margin: GAAP operating margin was (95)%,
compared to (130)%. Non-GAAP operating margin was (49)%, compared
to (85)%.
Financial Outlook
We are providing the following guidance for the first quarter of
the fiscal year 2024 (ending April 30, 2023), and for the fiscal
year 2024 (ending January 31, 2024).
Q1FY24
Guidance
Full FY2024
Guidance
Revenue
$137 million
$631-640 million
Non-GAAP gross margin
73.5%
73.5-74.5%
Non-GAAP operating margin
(41)%
(29)-(25)%
These statements are forward-looking and actual results may
differ materially as a result of many factors. Refer to the below
for information on the factors that could cause our actual results
to differ materially from these forward-looking statements.
Guidance for non-GAAP financial measures excludes stock-based
compensation expense, employer payroll tax on employee stock
transactions, amortization expense of acquired intangible assets,
and acquisition-related compensation costs. We have not provided
the most directly comparable GAAP measures because certain items
are out of our control or cannot be reasonably predicted.
Accordingly, a reconciliation of non-GAAP gross margin and non-GAAP
operating margin is not available without unreasonable effort.
Webcast Information
We will host a live audio webcast for analysts and investors to
discuss our earnings results for the fourth quarter of fiscal year
2023, outlook for the first quarter of fiscal year 2024 and our
full fiscal year 2024 today, March 14, 2023, at 2:00 p.m. Pacific
Time (5:00 p.m. Eastern Time). The live webcast and a recording of
the event will be available on the Investor Relations section of
our website at investors.sentinelone.com.
We have used, and intend to continue to use, the Investor
Relations section of our website at investors.sentinelone.com as a
means of disclosing material nonpublic information and for
complying with our disclosure obligations under Regulation FD.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which statements involve risks and uncertainties,
including statements regarding our future growth, execution,
competitive position, and future financial and operating
performance, including our financial outlook for the first quarter
of fiscal year 2024 and our full fiscal year 2024, including
non-GAAP gross profit and non-GAAP operating margin; progress
towards our long-term profitability targets; and general market
trends. The words “believe,” “may,” “will,” “potentially,”
“estimate,” “continue,” “anticipate,” “intend,” “could,” “would,”
“project,” “target,” “plan,” “expect,” or the negative of these
terms and similar expressions are intended to identify
forward-looking statements. However, not all forward-looking
statements contain these identifying words.
There are a significant number of factors that could cause our
actual results to differ materially from statements made in this
press release, including but not limited to: our limited operating
history; our history of losses; intense competition in the market
we compete in; fluctuations in our operating results; network or
security incidents against us; our ability to successfully
integrate acquisitions and strategic investments; defects, errors
or vulnerabilities in our platform; risks associated with managing
our rapid growth; general market, political, economic, and business
conditions, including those related to declining macroeconomic
condition, rising interest rates, supply chain disruptions and
inflation, recent banking sector issues, the continuing impact of
COVID-19 and geopolitical uncertainty, including the effects of the
conflict in Ukraine and the proposed judicial reform in Israel; our
ability to attract new and retain existing customers, or renew and
expand our relationships with them; the ability of our platform to
effectively interoperate within our customers' IT infrastructure;
disruptions or other business interruptions that affect the
availability of our platform; the failure to timely develop and
achieve market acceptance of new products and subscriptions as well
as existing products, subscriptions and support offerings; rapidly
evolving technological developments in the market for security
products and subscription and support offerings; length of sales
cycles; and risks of securities class action litigation.
Additional risks and uncertainties that could affect our
financial results are included under the captions “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” set forth in our filings and reports
with the Securities and Exchange Commission (“SEC”), including our
most recently filed Annual Report on Form 10-K, subsequent
Quarterly Reports on Form 10-Q and other filings and reports that
we may file from time to time with the SEC, copies of which are
available on our website at investors.sentinelone.com and on the
SEC’s website at www.sec.gov.
You should not rely on these forward-looking statements, as
actual outcomes and results may differ materially from those
contemplated by these forward-looking statements as a result of
such risks and uncertainties. All forward-looking statements in
this press release are based on information available to us as of
the date hereof, and were based on current expectations, estimates,
forecasts, and projections as well as the beliefs and assumptions
of management. We do not assume any obligation to update the
forward-looking statements provided to reflect events that occur or
circumstances that exist after the date of this press release or to
reflect new information or the occurrence of unexpected events,
except as required by law. We may not actually achieve the plans,
intentions, or expectations disclosed in our forward-looking
statements, and you should not place undue reliance on our
forward-looking statements.
Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP,
we believe the following non-GAAP measures are useful in evaluating
our operating performance. We use the following non-GAAP financial
information to evaluate our ongoing operations and for internal
planning and forecasting purposes. We believe that non-GAAP
financial information, when taken collectively, with the financial
information presented in accordance with GAAP, may be helpful to
investors because it provides consistency and comparability with
past financial performance. However, non-GAAP financial information
is presented for supplemental informational purposes only, has
limitations as an analytical tool, and should not be considered in
isolation or as a substitute for financial information presented in
accordance with GAAP.
Other companies, including companies in our industry, may
calculate similarly titled non-GAAP measures differently or may use
other measures to evaluate their performance, all of which could
reduce the usefulness of our non-GAAP financial measures as tools
for comparison. In addition, the utility of free cash flow as a
measure of our liquidity is limited as it does not represent the
total increase or decrease in our cash balance for a given
period.
Reconciliations between non-GAAP financial measures to the most
directly comparable financial measure stated in accordance with
GAAP are contained below. Investors are encouraged to review the
related GAAP financial measures and the reconciliation of these
non-GAAP financial measures to their most directly comparable GAAP
financial measures and not rely on any single financial measure to
evaluate our business.
As presented in the “Reconciliation of GAAP to Non-GAAP
Financial Information” table below, each of the non-GAAP financial
measures excludes one or more of the following items:
Stock-based compensation expense
Stock-based compensation expense is a non-cash expense that
varies in amount from period to period and is dependent on market
forces that are often beyond our control. As a result, management
excludes this item from our internal operating forecasts and
models. Management believes that non-GAAP measures adjusted for
stock-based compensation expense provide investors with a basis to
measure our core performance against the performance of other
companies without the variability created by stock-based
compensation as a result of the variety of equity awards used by
other companies and the varying methodologies and assumptions
used.
Employer payroll tax on employee stock transactions
Employer payroll tax expense related to employee stock
transactions are tied to the vesting or exercise of underlying
equity awards and the price of our common stock at the time of
vesting, which varies in amount from period to period and is
dependent on market forces that are often beyond our control. As a
result, management excludes this item from our internal operating
forecasts and models. Management believes that non-GAAP measures
adjusted for employer payroll taxes on employee stock transactions
provide investors with a basis to measure our core performance
against the performance of other companies without the variability
created by employer payroll taxes on employee stock transactions as
a result of the stock price at the time of employee exercise.
Amortization of acquired intangible assets
Amortization of acquired intangible assets expense are tied to
the intangible assets that were acquired in conjunction with
acquisitions, which results in non‑cash expenses that may not
otherwise have been incurred. Management believes excluding the
expense associated with intangible assets from non-GAAP measures
allows for a more accurate assessment of our ongoing operations and
provides investors with a better comparison of period-over-period
operating results.
Acquisition-related compensation costs
Acquisition-related compensation costs include cash-based
compensation expense resulting from the employment retention of
certain employees established in accordance with the terms of the
Attivo acquisition. Acquisition-related cash-based compensation
costs have been excluded as they were specifically negotiated as
part of the Attivo acquisition in order to retain such employees
and relate to cash compensation that was made either in lieu of
stock-based compensation or where the grant of stock-based
compensation awards was not practicable. In most cases, these
acquisition-related compensation costs are not factored into
management's evaluation of potential acquisitions or our
performance after completion of acquisitions, because they are not
related to our core operating performance. In addition, the
frequency and amount of such charges can vary significantly based
on the size and timing of acquisitions and the maturities of the
businesses being acquired. Excluding acquisition-related
compensation costs from non-GAAP measures provides investors with a
basis to compare our results against those of other companies
without the variability caused by purchase accounting.
Income tax provision (benefit)
We believe that excluding the tax benefit associated with the
partial reversal of the valuation allowance against our deferred
tax assets during the second quarter of fiscal year 2023 provides
our senior management as well as other users of our financial
statements with a valuable perspective on the performance and
health of the business. This partial reversal relates to
realization of our deferred tax assets used to offset deferred tax
liabilities recorded in the Attivo acquisition. This one-time
benefit is not indicative of current or future operations and
expenses.
Non-GAAP Cost of Revenue, Non-GAAP Gross Profit, Non-GAAP
Gross Margin, Non-GAAP Loss from Operations, Non-GAAP Operating
Margin, Non-GAAP Net Loss and Non-GAAP Net Loss Per Share
We define these non-GAAP financial measures as their respective
GAAP measures, excluding the expenses referenced above. We use
these non-GAAP financial measures as part of our overall assessment
of our performance, including the preparation of our annual
operating budget and quarterly forecasts, to evaluate the
effectiveness of our business strategies, and to communicate with
our board of directors concerning our financial performance.
Free Cash Flow
We define free cash flow as cash used in operating activities
less purchases of property and equipment and capitalized
internal-use software costs. We believe free cash flow is a useful
indicator of liquidity that provides our management, board of
directors, and investors with information about our future ability
to generate or use cash to enhance the strength of our balance
sheet and further invest in our business and pursue potential
strategic initiatives.
Key Business Metrics
We monitor the following key metrics to help us evaluate our
business, identify trends affecting our business, formulate
business plans, and make strategic decisions.
Annualized Recurring Revenue
We believe that ARR is a key operating metric to measure our
business because it is driven by our ability to acquire new
subscription and capacity customers and to maintain and expand our
relationship with existing customers. ARR represents the annualized
revenue run rate of our subscription and capacity contracts at the
end of a reporting period, assuming contracts are renewed on their
existing terms for customers that are under contracts with us. ARR
is not a forecast of future revenue, which can be impacted by
contract start and end dates and renewal rates.
Customers with ARR of $100,000 or More
We believe that our ability to increase the number of customers
with ARR of $100,000 or more is an indicator of our market
penetration and strategic demand for our platform. We define a
customer as an entity that has an active subscription for access to
our platform. We count Managed Service Providers (MSPs), Managed
Security Service Providerse (MSSPs), Managed Detection &
Response firms (MDRs), and Original Equipment Manufacturers (OEMs),
who may purchase our products on behalf of multiple companies, as a
single customer. We do not count our reseller or distributor
channel partners as customers.
Dollar-Based Net Retention Rate (NRR)
We believe that our ability to retain and expand our revenue
generated from our existing customers is an indicator of the
long-term value of our customer relationships and our potential
future business opportunities. Dollar-based net retention rate
measures the percentage change in our ARR derived from our customer
base at a point in time. To calculate these metrics, we first
determine Prior Period ARR, which is ARR from the population of our
customers as of 12 months prior to the end of a particular
reporting period. We calculate Net Retention ARR as the total ARR
at the end of a particular reporting period from the set of
customers that is used to determine Prior Period ARR. Net Retention
ARR includes any expansion, and is net of contraction and attrition
associated with that set of customers. NRR is the quotient obtained
by dividing Net Retention ARR by Prior Period ARR.
Source: SentinelOne Category: Investors
SENTINELONE, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
(unaudited)
January 31,
January 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
137,941
$
1,669,304
Short-term investments
485,584
374
Accounts receivable, net
151,492
101,491
Deferred contract acquisition costs,
current
37,904
27,546
Prepaid expenses and other current
assets
101,812
18,939
Total current assets
914,733
1,817,654
Property and equipment, net
38,741
24,918
Operating lease right-of-use assets
23,564
23,884
Long-term investments
535,422
6,000
Deferred contract acquisition costs,
non-current
55,536
41,022
Intangible assets, net
145,093
15,807
Goodwill
540,308
108,193
Other assets
5,516
4,703
Total assets
$
2,258,913
$
2,042,181
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
11,214
$
9,944
Accrued liabilities
100,015
22,657
Accrued payroll and benefits
54,955
61,150
Operating lease liabilities, current
3,895
4,613
Deferred revenue, current
303,200
182,957
Total current liabilities
473,279
281,321
Deferred revenue, non-current
103,062
79,062
Operating lease liabilities,
non-current
23,079
24,467
Other liabilities
2,788
6,543
Total liabilities
602,208
391,393
Stockholders’ equity:
Preferred stock
—
—
Class A common stock
21
16
Class B common stock
8
11
Additional paid-in capital
2,663,394
2,271,980
Accumulated other comprehensive income
(loss)
(6,367
)
454
Accumulated deficit
(1,000,351
)
(621,673
)
Total stockholders’ equity
1,656,705
1,650,788
Total liabilities and stockholders’
equity
$
2,258,913
$
2,042,181
SENTINELONE, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except share
and per share data)
(unaudited)
Three Months Ended January
31,
Twelve Months Ended January
31,
2023
2022
2023
2022
Revenue
$
126,096
$
65,636
$
422,179
$
204,799
Cost of revenue(1)
39,771
24,249
144,177
81,677
Gross profit
86,325
41,387
278,002
123,122
Operating expenses:
Research and development(1)
53,904
42,644
207,008
136,274
Sales and marketing(1)
87,254
42,115
310,848
160,576
General and administrative(1)
45,197
27,719
162,722
93,504
Total operating expenses
186,355
112,478
680,578
390,354
Loss from operations
(100,030
)
(71,091
)
(402,576
)
(267,232
)
Interest income
9,906
59
21,408
202
Interest expense
(605
)
(2
)
(1,830
)
(787
)
Other income (expense), net
(648
)
(259
)
(1,293
)
(2,280
)
Loss before income taxes
(91,377
)
(71,293
)
(384,291
)
(270,097
)
Provision (benefit) for income taxes
2,303
416
(5,613
)
1,004
Net loss
$
(93,680
)
$
(71,709
)
$
(378,678
)
$
(271,101
)
Net loss per share attributable to Class A
and Class B common stockholders, basic and diluted
$
(0.33
)
$
(0.27
)
$
(1.36
)
$
(1.56
)
Weighted-average shares used in computing
net loss per share attributable to Class A and Class B common
stockholders, basic and diluted
283,545,048
265,775,986
277,802,861
174,051,203
(1) Includes stock-based compensation
expense as follows:
Cost of revenue
$
3,011
$
1,192
$
10,093
$
3,618
Research and development
13,817
10,361
51,771
35,358
Sales and marketing
11,138
4,660
40,115
15,460
General and administrative
18,182
9,483
62,487
33,453
Total stock-based compensation expense
$
46,148
$
25,696
$
164,466
$
87,889
SENTINELONE, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Twelve Months Ended January
31,
2023
2022
CASH FLOW FROM OPERATING ACTIVITIES:
Net loss
$
(378,678
)
$
(271,101
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
29,721
7,909
Amortization of deferred contract
acquisition costs
36,417
21,670
Non-cash operating lease costs
3,559
2,862
Stock-based compensation expense
164,466
87,889
Loss on investments, accretion of
discounts, and amortization of premiums on investments, net
(12,217
)
—
Other
(1,187
)
(456
)
Changes in operating assets and
liabilities, net of effects of acquisition
Accounts receivable
(44,442
)
(59,082
)
Prepaid expenses and other assets
(14,499
)
(7,319
)
Deferred contract acquisition costs
(61,289
)
(53,565
)
Accounts payable
3,670
(2,076
)
Accrued liabilities
4,976
18,080
Accrued payroll and benefits
(7,205
)
41,462
Operating lease liabilities
(5,320
)
(3,139
)
Deferred revenue
92,496
115,142
Other liabilities
(3,755
)
6,136
Net cash used in operating activities
(193,287
)
(95,588
)
CASH FLOW FROM INVESTING ACTIVITIES:
Purchases of property and equipment
(4,953
)
(3,653
)
Purchases of intangible assets
(407
)
(802
)
Capitalization of internal-use
software
(13,452
)
(5,839
)
Purchases of investments
(1,938,007
)
(6,000
)
Maturities of investments
925,185
—
Cash paid for acquisition, net of cash and
restricted cash acquired
(281,032
)
(3,449
)
Net cash used in investing activities
(1,312,666
)
(19,743
)
CASH FLOW FROM FINANCING ACTIVITIES:
Payments of deferred offering costs
(186
)
(7,416
)
Repayment of debt
—
(20,000
)
Proceeds from exercise of stock
options
17,335
14,622
Proceeds from issuance of common stock
under the employee stock purchase plan
19,159
11,356
Proceeds from initial public offering and
private placement, net of underwriting discounts and
commissions
—
1,388,562
Net cash provided by financing
activities
36,308
1,387,124
EFFECT OF EXCHANGE RATE CHANGES ON CASH
AND CASH EQUIVALENTS
—
1,146
NET CHANGE IN CASH, CASH EQUIVALENTS, AND
RESTRICTED CASH
(1,469,645
)
1,272,939
CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH–Beginning of period
1,672,051
399,112
CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH–End of period
$
202,406
$
1,672,051
SENTINELONE, INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL INFORMATION
(in thousands, except
percentages and per share data)
(unaudited)
Three Months Ended January
31,
Twelve Months Ended January
31,
2023
2022
2023
2022
Cost of revenue reconciliation:
GAAP cost of revenue
$
39,771
$
24,249
$
144,177
$
81,677
Stock-based compensation expense
(3,011
)
(1,192
)
(10,093
)
(3,618
)
Employer payroll tax on employee stock
transactions
(35
)
—
(85
)
—
Amortization of acquired intangible
assets
(5,139
)
(558
)
(15,957
)
(2,165
)
Acquisition-related compensation
(130
)
—
(424
)
—
Non-GAAP cost of revenue
$
31,456
$
22,499
$
117,618
$
75,894
Gross profit reconciliation:
GAAP gross profit
$
86,325
$
41,387
$
278,002
$
123,122
Stock-based compensation expense
3,011
1,192
10,093
3,618
Employer payroll tax on employee stock
transactions
35
—
85
—
Amortization of acquired intangible
assets
5,139
558
15,957
2,165
Acquisition-related compensation
130
—
424
—
Non-GAAP gross profit
$
94,640
$
43,137
$
304,561
$
128,905
Gross margin reconciliation:
GAAP gross margin
68
%
63
%
66
%
60
%
Stock-based compensation expense
2
%
2
%
2
%
2
%
Employer payroll tax on employee stock
transactions
—
%
—
%
—
%
—
%
Amortization of acquired intangible
assets
4
%
1
%
4
%
1
%
Acquisition-related compensation
—
%
—
%
—
%
—
%
Non-GAAP gross margin
75
%
66
%
72
%
63
%
Research and development expense
reconciliation:
GAAP research and development expense
$
53,904
$
42,644
$
207,008
$
136,274
Stock-based compensation expense
(13,817
)
(10,361
)
(51,771
)
(35,358
)
Employer payroll tax on employee stock
transactions
(86
)
(154
)
(250
)
(201
)
Acquisition-related compensation
(437
)
—
(1,165
)
—
Non-GAAP research and development
expense
$
39,564
$
32,129
$
153,822
$
100,715
Sales and marketing expense
reconciliation:
GAAP sales and marketing expense
$
87,254
$
42,115
$
310,848
$
160,576
Stock-based compensation expense
(11,138
)
(4,660
)
(40,115
)
(15,460
)
Employer payroll tax on employee stock
transactions
(127
)
(949
)
(505
)
(1,234
)
Amortization of acquired intangible
assets
(2,143
)
(189
)
(6,613
)
(734
)
Acquisition-related compensation
(706
)
—
(1,780
)
—
Non-GAAP sales and marketing expense
$
73,140
$
36,317
$
261,835
$
143,148
General and administrative expense
reconciliation:
GAAP general and administrative
expense
$
45,197
$
27,719
$
162,722
$
93,504
Stock-based compensation expense
(18,182
)
(9,483
)
(62,487
)
(33,453
)
Employer payroll tax on employee stock
transactions
(1,002
)
(161
)
(1,395
)
(348
)
Amortization of acquired intangible
assets
(19
)
(19
)
(75
)
(73
)
Acquisition-related compensation
(320
)
—
(999
)
—
Non-GAAP general and administrative
expense
$
25,674
$
18,056
$
97,766
$
59,630
Operating loss reconciliation:
GAAP operating loss
$
(100,030
)
$
(71,091
)
$
(402,576
)
$
(267,232
)
Stock-based compensation expense
46,148
25,696
164,466
87,889
Employer payroll tax on employee stock
transactions
1,250
1,264
2,235
1,783
Amortization of acquired intangible
assets
7,301
766
22,645
2,972
Acquisition-related compensation
1,594
—
4,369
—
Non-GAAP operating loss
$
(43,737
)
$
(43,365
)
$
(208,861
)
$
(174,588
)
Operating margin
reconciliation:
GAAP operating margin
(79
) %
(108
) %
(95
) %
(130
) %
Stock-based compensation expense
36
%
39
%
39
%
43
%
Employer payroll tax on employee stock
transactions
1
%
2
%
1
%
1
%
Amortization of acquired intangible
assets
6
%
1
%
5
%
1
%
Acquisition-related compensation
1
%
—
%
1
%
—
%
Non-GAAP operating margin
(35
) %
(66
) %
(49
) %
(85
) %
Net loss reconciliation:
GAAP net loss
$
(93,680
)
$
(71,709
)
$
(378,678
)
$
(271,101
)
Stock-based compensation expense
46,148
25,696
164,466
87,889
Employer payroll tax on employee stock
transactions
1,250
1,264
2,235
1,783
Amortization of acquired intangible
assets
7,301
766
22,645
2,972
Acquisition-related compensation
1,594
—
4,369
—
Income tax provision (benefit)
—
—
(9,667
)
—
Non-GAAP net loss
$
(37,387
)
$
(43,983
)
$
(194,630
)
$
(178,457
)
Basic and diluted EPS
reconciliation:
GAAP net loss per share, basic and
diluted
$
(0.33
)
$
(0.27
)
$
(1.36
)
$
(1.56
)
Stock-based compensation expense
0.16
0.10
0.58
0.50
Employer payroll tax on employee stock
transactions
—
—
0.01
0.01
Amortization of acquired intangible
assets
0.03
—
0.08
0.02
Acquisition-related compensation
0.01
—
0.02
—
Income tax provision (benefit)
—
—
(0.03
)
—
Non-GAAP net loss per share, basic and
diluted
$
(0.13
)
$
(0.17
)
$
(0.70
)
$
(1.03
)
SENTINELONE, INC.
SELECTED CASH FLOW
INFORMATION
(in thousands)
(unaudited)
Reconciliation of cash used in
operating activities to free cash flow
Three Months Ended January
31,
Twelve Months Ended January
31,
2023
2022
2023
2022
GAAP net cash used in operating
activities
$
(22,069
)
$
(5,585
)
$
(193,287
)
$
(95,588
)
Less: Purchases of property and
equipment
(126
)
(385
)
(4,953
)
(3,653
)
Less: Capitalized internal-use
software
(3,173
)
(1,106
)
(13,452
)
(5,839
)
Free cash flow
$
(25,368
)
$
(7,076
)
$
(211,692
)
$
(105,080
)
Net cash used in investing activities
$
(66,674
)
$
(7,773
)
$
(1,312,666
)
$
(19,743
)
Net cash provided by financing
activities
$
16,530
$
17,348
$
36,308
$
1,387,124
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230314005914/en/
Investor relations: Doug Clark E: investors@sentinelone.com
Press: Ted Weismann fama PR for SentinelOne P: 617-986-5000 E:
S1@famapr.com
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