SentinelOne Stock Slips After Q4 Results, Beats Estimates, Guides Q1 And FY23 Revenue Above Consensus

by Akanksha Bakshi, Benzinga Editor
March 15, 2022 4:38 PM | 1 min read |
  • SentinelOne Inc S reported fourth-quarter revenue growth of 120% year-over-year to $65.5 million, beating the consensus of $60.68 million.
  • ARR increased 123% Y/Y to $292.3 million as of January 31, 2022.
  • Total customer count grew +70% Y/Y to over 6,700 customers; Customers with ARR over $100K grew 137% Y/Y to 520.
  • Adjusted EPS improved to $(0.17) from $(0.84) a year ago, beating the consensus of ($0.18).
  • Adjusted gross margin improved to 66% from 54% in 4Q21.
  • Adjusted operating margin was (66)% in Q4, versus (104)% in 4Q21.
  • Net cash used in operating activities totaled $95.59 million in FY22, versus $66.57 million in FY21. Free cash outflow totaled $105.08 million.
  • SentinelOne held cash, cash equivalents, and short-term investments of $1.7 billion as of January 31, 2022.
  • 1Q23 Outlook: SentinelOne expects revenue in the range of $74 million -$75 million versus a consensus of $68.2 million. It expects an Adjusted gross margin of 63%-64% and adjusted operating margin of (86)%-(84)%.
  • FY23 Outlook: The company expects revenue in the range of $366 million -$370 million versus a consensus of $347.2 million. It expects an Adjusted gross margin of 65%-67% and adjusted operating margin of (60)%-(55)%.
  • Earlier, SentinelOne announced the acquisition of Attivo Networks, a leading identity security, and lateral movement protection company, in a cash and stock transaction valued at $616.5 million.
  • This transaction will expand SentinelOne's total addressable market by $4 billion in the fast-growing, critical identity security category.
  • The acquisition is additive to SentinelOne's hypergrowth, accretive to GAAP and non-GAAP gross margin.
  • Price Action: S shares are trading lower by 6.47% at $28.89 during the post-market session on Tuesday.
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