SentinelOne Inc at Goldman Sachs Communacopia + Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Gabriela Borges - Goldman Sachs Group, Inc., Research Division - Analyst : Tomer, I wanted to start out with a little bit of a strategic conversation on the importance of the real estate that you own at the end point. I think there are a couple of big secular themes happening between AI and data integration, data security across different vectors in security, maybe that's about a describers consolidation. Where does the endpoint fit longer term in terms of the strategic value you can deliver within the security budget?

Question: Gabriela Borges - Goldman Sachs Group, Inc., Research Division - Analyst : So I want to focus on two different parts of what you said. The first is the data that you have and collect, and then the second is how you apply it. So you mentioned the endpoint and the fidelity of the data being higher than perhaps outside of the endpoint. Help us crystallize why the way SentinelOne collects and processes data is better or different to how your peers on the endpoint do it?

Question: Gabriela Borges - Goldman Sachs Group, Inc., Research Division - Analyst : Why do you think Purple is your tool for security operations center analyst. Why do you think Purple is in realizing that vision of having the work done for you?

Question: Gabriela Borges - Goldman Sachs Group, Inc., Research Division - Analyst : You made an interesting comment there, which was investing the majority of the team's time. Is it fair to say that this AI challenge is the next big technical challenge that you're looking to solve? And it sounds like that then unlocks the $40 billion opportunity for you. Is that a fair way to frame it?

Question: Gabriela Borges - Goldman Sachs Group, Inc., Research Division - Analyst : There is one other piece of the strategy discussion that I wanted to touch on, which is, your comments on the earnings call on the importance of remaining a public company. I believe you've also commented on the Board being aligned in maximizing shareholder value. Help us reconcile those two comments. How do you think about the industrial logic of potentially getting acquired by another company, potentially partnering with another company? Walk us through some of your thinking.

Question: Gabriela Borges - Goldman Sachs Group, Inc., Research Division - Analyst : I have two follow-up questions on your comments. So the first is your comment on competition. And I think, Dave, I would appreciate, your colleague here as well, which is, do you think -- or how would you describe the ways in which competition is different today versus 3, 5 years ago? And what we tend to see in security and technology more broadly is the older generation functionality gets more commoditized. That's why you see the pricing pressure. The newer generation functionality, something like Purple, something like Data Lake, is where you see the ability to extract more value because it's more innovative. And so two-part question. How do you think competition is changing? Maybe a comment specifically on Microsoft as well. And then the second part of the question is, Dave, how do you think about pricing holistically and being able to extract value while the lower end of the market may be getting commoditized?

Question: Gabriela Borges - Goldman Sachs Group, Inc., Research Division - Analyst : How would you characterize the commonalities between easy displacements today versus hard displacements?

Question: Gabriela Borges - Goldman Sachs Group, Inc., Research Division - Analyst : That makes sense. Dave, I want to ask a question on the demand environment. Based on the data sets that you look at, what are you seeing in terms of trends or observations in terms of customer willingness to spend? And I asked this through a lens of helping investors gauge the downside risk of us rolling off a really healthy endpoint cycle [this] month?

Question: Gabriela Borges - Goldman Sachs Group, Inc., Research Division - Analyst : And you made a comment there on new logos. How should we think about the trend of new logos, especially given that not all logos are created equal?

Question: Gabriela Borges - Goldman Sachs Group, Inc., Research Division - Analyst : Absolutely. Let me pause, and go to the audience for questions. Let's stay on the MSSP topic. So Tomer, you made a really interesting comment on the potential for penetration. Out of the MSSP customers -- MSSP partners that you already have, how do you think about what you've -- how do you think about benchmarking the level of penetration that you have today? And is there any reason it conquered 200%? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 06, 2023 / 6:30PM, S.N - SentinelOne Inc at Goldman Sachs Communacopia + Technology Conference

Question: Gabriela Borges - Goldman Sachs Group, Inc., Research Division - Analyst : Absolutely. Thank you both for your time. We appreciate it.