SentinelOne: Key Financials & DCF Valuation.xlsx

	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O
1	SentinelOne Financial Trends
2		4Q21	1Q22	2Q22	3Q22	4Q22	1Q23	2Q23	3Q23	4Q23E	FY20	FY21	FY22	TTM	FY23E
3	Revenue ($m)	30	37	46	56	66	78	103	115	125	47	93	205	302	421
4	YoY growth	n/a	108%	121%	128%	120%	109%	124%	106%	89%		100%	120%	114%	105%
5	Annualised QoQ growth		100%	90%	89%	69%	77%	124%	50%	34%
6	ARR	131	161	198	237	292	339	439	487	584
7	Growth	n/a	n/a	127%	131%	123%	110%	122%	106%	100%
8	Customer count	3941	4806	5400	6000	6700	7450	8600	9250
9	Growth	n/a	n/a	75%	75%	70%	55%	60%	55%
10	Cust. >$100k count	219	277	348	416	520	591	755	827
11	Growth	n/a	n/a	140%	140%	137%	113%	117%	99%
12	NDR	n/a	n/a	125%	130%	129%	131%	137%	134%
13	GM	53.70%	51.10%	58.90%	63.70%	63.10%	65.30%	64.60%	64.00%		60.60%	57.70%	60.10%	64.30%
14	Non-GAAP GM	54.00%	53.40%	61.90%	66.80%	65.80%	68.30%	72.20%	71.00%	72.00%		58.00%	63.00%		71.30%
15	S&M %	79%	97%	90%	74%	64%	78%	77%	73%			84%	78%
16	R&D %	68%	74%	68%	62%	65%	59%	54%	45%		79%	67%	67%	54%
17	SBC %	20%	36%	47%	49%	39%	40%	40%	40%		9%	17%	43%	40%
18	EBIT margin	-124%	-165%	-147%	-120%	-108%	-115%	-106%	-90%		-161%	-124%	-130%	-102%
19	Non-GAAP EBIT margin	-104%	127%	-98%	69%	-66%	-73%	-57%	-57%	-39%		-107%	-85%		-51%
20	Net margin	-127%	-167%	-149%	-122%	-109%	-115%	-94%	-86%		-165%	-126%	-132%	-99%
21	FCF margin	-83%	-84%	-94%	-34%	-9%	-67%	-62%	-52%		-102%	-78%	-52%	-50%
22	Rule of 40		24%	28%	95%	111%	43%	62%	54%			22%	68%	64%
23	Cash balance	396	363	1,685	1,665	1,670	1,618	1,219	701		46	396	1,670	701
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