All right. Good afternoon. I'm Ward Waltemath with the Investment Banking Division, and I'm pleased to be having a conversation with Tomer Weingarten, Co-Founder and CEO of SentinelOne. Thank you, Ward. We're gonna have some time for Q&A at the end, so be thinking of the question you'd like to stump Tomer with or me, but I would rather you try to stump Tomer. We'll leave some time at the end for that. But until then, we thought we'd have a little conversation. Look, Tomer, you reported Q2 earnings, I guess it was about a week ago. I'm just curious, like, in your own words and having reflected on that, like, how do you think it went? What's the state of the business today? Yeah. It went pretty well, I thought. You know, we beat across pretty much every metric. You know, we've been a public company for not too long. I think that sometimes it gets lost on people. I mean, we've been here practically for a year and a quarter. I've just witnessed, you know, this company mature significantly in a year. I think when we IPO'd, we were really on the younger side of companies. I mean, practically the 100 million-ish revenue scale. Looking at it today, I mean, next quarter, you know, we gave guidance, we're gonna be near $1 billion in ARR and near half a billion dollars in ARR. That's just, you know, an amazing growth curve for us. Look at the gross margin. I mean, all of that has just been. I couldn't be prouder of the team. I think that's my conclusion. It's actually, I think, 14.5 months. Yeah At the end of this week. You know, yes, you were about $100 million ARR, but you were in hypergrowth mode. Yeah. I was looking at the website and kind of reflecting on the transcripts and stuff that and I did have the fortune of working in one of the lead banks on SentinelOne, so this is a really fun story to be a part of. I just couldn't believe how much really, in my view, had changed in the business in just that little over a year. Yeah between the acquisitions and a lot of the new tech and stuff. I was just curious, what do you think are the most significant accomplishments in this little over a year? You know, what are the next milestones? Yeah. Look, I mean, even about, I think it was three or four months prior to the IPO, we just acquired a company. We were, you know, IPO-ing at the same time that we're actually integrating a very important technology and a technology that we feel has really created a new category in XDR, and that was the Scalyr acquisition. Later on, we rebranded that into DataSet. I think the best way to put it is really the evolution that happened to our entire platform. I mean, we started, you know, 2020 with a single product, with an endpoint protection product. Today, again, this is, you know, fourteen months of being a public company, we got a fully fledged platform. We got close to 20 different capabilities. We have three distinct product lines in security. Obviously, endpoint still remains our core, but the expansion that we've been experiencing in cloud workload protection and in the cloud security market as a whole has been really phenomenal. You know, the integration of Attivo that, you know, we're 90 days into it looks really, really promising. You know, folding in a complete identity security portfolio, making it one holistic part of our platform. Suddenly it's no longer a company that deals with a product. It's a company that deals with a platform. It's a company that delivers one of the best security experiences for customers out there. Not only we're growing super fast and we're adding cutting-edge capabilities, we're still keeping some of the most important critical companies out there safe. You know, close to 8,000 customers today. That's also a huge leap from where we were, a year ago. I can tell you know, from the front seat, scaling that way is not trivial at all. Being able to innovate, develop new products, but at the same time scale the business at hypergrowth, is just no easy feat. But if you look at the platform today, that's where also the opportunity lies. It really is very obvious that our success with customers on the back of endpoint really paves the way for us to now go in and really address a whole other set of needs for these customers as the infrastructure that they build upon is changing, as their infrastructure is evolving, and as they look for more capabilities to secure all these different separate parts. Cloud is, you know, I guess the forefront there, where a lot of folks have started that journey to the cloud, especially, you know, with the start of the COVID pandemic, everybody needed to start making their services more accessible. The way to do that was to start to shift from on-prem environments and into the cloud. None of these journeys ever take, you know, a year or two. This is a, you know, a multi-year journey for everybody. We're just very fortunate that we're that partner that they're looking to now address all these newly found challenges. I mean, securing the cloud is not the same as securing your your on-prem environment. Obviously, the attack landscape on the flip side is also constantly evolving. It's also constantly moving, and they're looking for new capabilities to address some of these concerns. That's why identity is becoming much more of a, I think, you know, an imperative capability for most enterprises out there. Attackers have shifted away from mostly machine-based compromise and into user-based, identity-based compromise. Then obviously, I mean, you want more detection capabilities, want more monitoring capabilities that will allow you to deal with that emerging threat vector. That's why we also decided to acquire Attivo. Yes. Which we folded into the platform as Singularity Identity. Again, we're just seeing a lot of traction pretty much across the breadth of our portfolio. That was like a great flyby that illustrates the change that's really constant in security, but also kind of the energy and speed of which you've driven the company, which has always been impressive and very unique in my experience. I really wanna kind of unpack really that whole discussion because I think that was a great. You touched on a lot of things I wanted to go into. One, you talked a little bit about the attack landscape, right? That is clearly changing all the time. You know, what was going on at the time of the IPO is different today. Right. Right. If you could just double-click on what your customers need today, I then wanna go into how your technology, you know, marries with that uniquely to solve it. Let's first start with the, you know, customer needs and what's going on with, you know, kind of the bad guys. Yeah. Look, in the market that we're at, you have to play a constant. We call it the two beat approach. It's a short pulse and a long pulse that we always got to operate in. One is tailoring for the challenges of today, and the challenges of today are securing the cloud and securing users, securing identities. We've got two uniquely positioned offerings to do exactly that, and that's where we put most of our effort today. Now, knowing that the puck constantly moves in security, and to me, it was always, you know, not a game of trying to chase the next trap that we need to put in order to catch the attackers. How do we solve it fundamentally? How do we solve it conceptually? Actually, about five years ago, we philosophically decided that what we need to do is get to the point that we allow people out there to re-envision their network, to really solve for visibility, not solve for a specific detection capability, but really how do we create the ability to see all parts of your network? Because attackers, at the end of the day, always go for the weakest links. They always go for the vulnerable points. They always go for the blind side. They always go for what you didn't know was there, and then they exploit that, the least secure element in your environment. We thought that the only way to do that was by providing a super robust security data lake that will be able to aggregate data from each of the parts of your enterprise. Starting obviously with the endpoint footprint, which we knew very, very well. Expanding it to the cloud footprint, which we knew was going to be just the next step in the journey for a lot of these folks, and it's gonna reshape how their network looks like. Users in the other ecosystem products that they have in their environment. That's why even prior to the IPO, we made that acquisition of a data analytics company. Yeah. Scalyr was not a security company. Arguably, it had nothing to do with security. They had no security product. They had no security-based customers. They got about 400 customers. We actually sell our log analytic solutions to, you know, DevOps consumers, you know, the ones that monitor production environments, and we're seeing great success in that. That's definitely not the majority of what we do. We took that technology, and we basically infused our entire security platform with that super robust data analytics back end that will gradually allow us to put, and allow our customers to put more and more data into the platform. When they ask the platform a question, when they run a query, when they wanna search for something, now they get results from their entire network, not just the endpoint footprint, not just the, you know, the cloud footprint, not just the separate silo, but really every piece of data that we can collect. What we launched just a quarter ago was also the ability for everybody that already owns the platform, and that's our entire 8,000 customers today. We finished migrating everybody. It was completely seamless to them. The platform that they use today, you know, the three of the Fortune 10 and all other customers that we have from the smallest SMB to the largest enterprise, it's a platform that already has the capability to ingest more data with one click, to connect other data sources into it and to fuse that data in a way that gives them cross-correlated capabilities, not just the separate flat log lines, to parse through. That's a, you know, major piece of innovation that I think, you know, in the long term, will prove to be what will inherit, you know, what people know today as the SIEM, as the Security Information and Event Management platform, with a much more active and automatic platform. By the way, I think the best part of this entire story is that the cost profile for the platform is heaven and earth to what you find with some of the incumbent solutions in the security analytics space. We literally, you know, do everything they do with, you know, call it fifth to tenth of the cost that it currently costs the customer to aggregate data on an incumbent platform, a SIEM platform. And that in itself, I think is just a major cost saver for folks today, especially in this macro environment. You know, when you show up at the door and you say, "I just wanna sell you another product," that's one type of story. Right. It has great efficacy and it's, you know, amazing capabilities. You know what? It can also save you on your data ingestion costs. It's gonna save you on your data retention costs. I think that becomes a really, really compelling story for a lot of the folks that we talk to today. You talked a little bit about obviously Scalyr- Yep. Which DataSet. Yep. You alluded to Attivo. Yep. Why did you buy Attivo? Was it for the business? Was it for the customers? Was it for tech? Obviously, Scalyr was for tech. Yeah. Attivo was actually a really nice combination of both tech and a financial profile. You know, we definitely looked for capabilities in identity security. We knew, you know, there's gonna be a lot of need for that just on the back of what we were seeing with our customer base. We kind of said, if we can get a market leader in identity, then that's the type of acquisition, the best acquisition that you can make is for a market leader. The more we looked at them, their financial profile was actually accretive to ours, and that became even more appealing. 'Cause now it's not just about buying a good technology and a good capability for our platform, it's also something that contributes to gross margins, contributes to our EBITDA profile, dilutes a bit our you know overall growth rate, but our organic growth rate is so great. Right ... that, you know, I don't mind compromising a few points there. We kind of said, "Look, I mean, this really fits the bill in many different regards. We feel it's gonna be also something that's relatively easy to integrate." Scalyr was not a straightforward integration. We almost kept it as a separate entity. You know, we still wanted to keep that motion with DevOps buyer. It's a different, again, not a security play even. With Attivo it's a bit more straightforward. I mean, we're 90 days in, so you know, I can't, you know, tell you it's gonna be an absolute blazing success, but from where we sit today, you know, it's on track and it's looking good, and it's relatively simple. Again, it's taking the capability, putting it into the platform, and really it's more about enabling our go-to-market to now sell another module, more than anything else. Right now, you know, if I kind of look at the pipeline that we're building, and the ability to cross-sell into Attivo's customer set, Attivo's customer set was also really nice. I mean, they had a lot of Fortune 500s, almost equal amount as we had. I mean, that was their entire business. To us it was another great kind of foot in the door into these accounts, and now we're selling into those accounts as well. All in all, it fit in a lot of different elements that we just found, you know, it kind of became a no-brainer at some point. Well, you mentioned the platform, so it would be great to talk about how you monetize this tech. This is a really compelling part of the story and, you know, I'd love to also learn a little bit how it's evolved in the 14 months since we last double-clicked on that together. Yeah. You know, the main thing is the attachment and the traction that we're seeing for the adjacent modules that we have. I mean, obviously, endpoint protection is a big market in its own right? I mean, it's a $15 billion TAM. Half of it is still in the hands of kind of the long tail of incumbents. I know that when we talk about endpoint, you know, most of the time we kind of talk about McAfee and Symantec and maybe Trend Micro, but there's actually a good part of that TAM that sits in the hands of Webroot and Sophos and ESET and Bitdefender, and it's literally half of the TAM. Now, it's typically in the mid-market that you see most of these players. Luckily we built a very robust, you know, partnership ecosystem that allows us to reach to all these different parts of the TAM. The opportunity in endpoint remains very, very strong. It's our number one imperative. Then seeing the traction that we've had with some of our own in-house developed capabilities, that to me is the most encouraging part of our business, to see, you know, a product line like Ranger, which is our asset management, vulnerability management capability, completely built in-house, started with a small team of about five people, and today generates, you know, a sizable chunk of new ACV every quarter. That's amazing to see. It's amazing to see customers now landing with more than just endpoint. Ranger was one capability that we incubated and now we're seeing, you know, double-digit ACV contribution, growing at triple-digit growth rate. Our MDR offering, Vigilance, same exact thing, completely in-house built, completely in-house developed, and today, you know, 30% attach rate into pretty much every high-end deal that we do. There's a lot more under-penetrated parts of our estate where we can actually go back and market back to our customer set, which we haven't done that much honestly to date. You know, you kind of go into cloud world, which we discussed as well. We graduated from having the best Linux solution in the market about 3.5 years ago into a fully fledged native capability to protect Kubernetes containers directly from the control plane. We had a lot of discussions today about agent versus agentless and all that, you know, endless debate. I think what's important to understand is that when you're talking in cloud environments, it's less about the traditional agent structure, it's more about how you integrate best to protect these environments. In many cases, we just integrate into the control plane and really remove the need to deploy a heavy agent into these containers. We can just employ a sidecar, we can employ a daemon set that is running alongside these containers. We also changed our DNA as a company from, I think, a company that was very much known for its agent-based technology and endpoint protection into something that today is regarded as best of breed in cloud workload protection. What we, I think, said in the last earnings call was also important. We landed two major cloud-native companies for cloud workload protection, even though they weren't our endpoint customers. They were, you know, using our closest competitor, yet they chose to go with us in their journey in the cloud. That comes, again, only if you can provide truly differentiated best-of-breed tech. Otherwise, you know, one would assume it's gonna be the obvious choice and the organic choice to just continue with the vendor that you have. To me, all these parts in what we do are incredibly exciting, and I can go on and on. I mean, obviously, identity now with Attivo becomes, you know, a pretty formidable module for us. The XDR data opportunity that we just discussed is something that we're just starting to unlock. $20 billion in TAM opportunity there in security analytics. You know, a lot of work ahead of us, that's for sure. Well, I would like to go into it a little bit because you touched on a few things that are pretty unique in what I would just call classic security industry, right? Over time, you kind of picked your swim lane. You're an endpoint company, you're a network company, you're an identity company. You had that ecosystem, and there, you know, Splunk, and there was some, you know, data and analytics and things like that kind of came on and became a TAM too. You crossed TAMs. Yeah. Right? That's pretty different. Yeah. Let's say then the other thing is it was usually a rip and replace, right? Yeah. Maybe there was some growth and some footprint, and that was like net new. You know, in the endpoint, everybody's had endpoint for a long time. To be able to land around that, there's an established endpoint and a vendor that's sort of endpoint and provide new things. Both the things are really different. Yeah. How do you do it? Maybe this is a go-to-market question, or how does the sales force- It's Cross the boundaries, cross the different buying groups? Is that the strength of the platform, or is it the sales force? Like, unpack a little bit. I think a lot of it is the platform. I think a lot of it is the approach that we took. To be honest, I mean, it's a lot of assumptions that we've made when we started on how the enterprise environment will eventually look like. I'll explain why, you know, we thought that, you know, the right place for a platform of this sort should go through the evolution that we went through. If you kinda think about endpoint as the most dominant footprint in the enterprise, I mean, obviously the devices that we use are us. This is kind of what we do. This is how we access the network. They also generate the most amount of telemetry in the enterprise. It's not the firewall, it's not the network devices, it's the actual endpoint that we all monitor. As we were kind of becoming more and more proficient in endpoint protection, we started noticing a couple of things. One is our way now and what we can see is far beyond any other vendor in the enterprise. There's nobody that gets the same type of visibility and coverage that we have, not on endpoint environment and not on on-prem server environment. Now, if you look at all that visibility and all these logs and all these events that we're collecting from the endpoint, where do they go? People were starting to try and put them in the same solutions that they have. When you look at like an average SIEM, if people actually transfer all that endpoint telemetry into the SIEM, that amounts to about 60 to 70% of everything you'll find in the SIEM. At some point, you know, we started asking customers, "You know what, if we could find a solution for you to actually put the other 30% into our platform and just fuse all that data together, would that be something that you, that you'll consider? 'Cause we don't charge you for storing all that data, so you kind of have 70% of that data stored for free to begin with." Most people said, I mean, for sure. I mean, why not? I mean, it does make sense. It's the majority of the data. Even shipping the data in itself before you store it costs quite a bit, just transferring data. We kind of said, "Okay, maybe there's something there." We looked even deeper in that opportunity. We saw that some of the SIEM players also had a big problem scaling because guess what? I mean, we were looking to implement a SIEM at SentinelOne, and we have a lot of event data that we want to collect ideally. We started POC-ing all the different vendors, and we found that it's completely cost prohibitive to put the amount of data that we wanted to put in, which was already at the terabyte level. We kind of said, "Look, I mean, no one's gonna put all that data in." The White House just mandated a year-long log retention for all large enterprises. Where are they gonna put all that data? You know, when you look at these solutions, and they're great solutions, you know, they've been the best that you can find. They were designed at the gigabyte era and, you know, maybe the terabyte era to kind of scale. They're node-based systems. They were never designed as cloud-native solutions that enjoy autoscale and cloud scale as a means to actually offset cost. When we looked at that issue, we kind of said, A, you got to solve for something that's going to be petabyte scale because it's going to be petabyte scale. That's not me. That's just what's happening. Yep. It's going to have to be completely cloud-native. These other folks, they're not going to be able to do it. I mean, it's not about taking the architecture that they built and just plug it into the cloud and call it the cloud solution, just have the same node-based architecture now just in the cloud. No, you need complete shared tenancy. You need an auto-scaling solution. You need to enjoy the economies of scale in the cloud. Then we started looking for companies that can potentially do that. We saw two out of the entire gamut of, I think, 15 data analytics company that we saw out there, including potentially OEM-ing. I mean, we didn't, we weren't entirely set to buy something. We saw just two great companies that have done something very unique in cloud scale, cloud-native environments. We said, okay, I mean, that seems like a great solve for our own needs for a back end. Obviously, if we can transfer that into our customer set, then we'll be actually addressing a much bigger need in the market and one that's not going away, you know, anytime soon. That was kind of the inception point and why we felt like the rite of passage we have, you know, with endpoint will then lead to really be the central repository for the entire network, in a sense. Obviously, if you now add cloud into this, now we have the ability to monitor a cloud environment and bring that data back into that same platform, then you start to build, you know, a pretty distinct center of gravity around your platform. Again, when you do it at the right cost structure, then people kind of gravitate toward that. Let me ask you a question. Just, given the, how you've combined all these capabilities that, you know, across traditional markets, how do you think of your TAM? I mean, in some senses, you clearly have encroached on, you know, across the swim lanes. You may have disrupted the economics and, you know, the data and analytics TAMs, but how do you think of it? I think first and foremost, you know, we still look at endpoint as again, our number one imperative. You know, you kind of look at that, and that's an obvious $15 billion TAM. You look at cloud workloads, you know, it's a smallish TAM today, but it's one that's growing incredibly fast. Call it $5 billion today, going to what I would imagine would be a $20 billion dollar in, you know, call it 3 to 5 years. I think that's a major opportunity. Identity protection is another $5 billion TAM, according to Gartner, at least. I kind of, you know, I kind of feel it's a good sizing of the TAM. The overall data analytics TAM is defined by Gartner as a $40 billion TAM. Half of it is specifically security analytics, so call it $20 billion. Then you got vulnerability management. I think that's another sizable TAM, about $5 billion. All in all, I mean, I think you're looking in conservative terms at about $40 billion of applicable market opportunity. Now, I do think that something like the endpoint TAM, as an example, is something that's severely understated in its size, given that it's defined by what I would define as incumbent dollars. Yeah. For us, it's every dollar in antivirus land is actually maybe 3, 4, 5 dollars in EDR land. I really think it's understated, but all in all, it's ample opportunity for a company our size. It's also the reason why we continue and invest in growth, and we continue to believe that the right approach would be to really balance growth and profitability at our current scale. I think a lot of what we do is very elective in the nature of spend that we do. But when you have such an opportunity, I think the wrong thing to do would be to optimize only on profitability or only on our EBITDA profile. We're trying to pair the two. You know, we're showing 30 points of, you know, EBIT improvement every single year along with, you know, triple-digit growth. I think that's pretty unique. I think it's pretty rewarding to our shareholders. Again, I really believe that, you know, give it 12 months and the profile here will reflect, and it's gonna be a very special company. It's already, but will be even more. It was pretty impressive to see that, the operating leverage really- Yeah. Sneak into the business. I was gonna ask you about that, but thanks for going that, and especially in this environment. I mean, that size TAM, I mean, are you sure you're not, you're starving the business for investment? I mean, I realize that we've got to be more conscious about it these days, but like, you know, what are at least some top areas that you know, feel like you've got to keep your foot on the gas? Yeah. Look, we're just trying to balance it. I mean, we can always invest more. I think we can always find more excuses to invest, but we are trying to balance it. We're trying to prioritize. I think that's the best way to put it. You know, we have so many different avenues of growth and, you know, we kind of said we can't execute on all. We can't humanly execute on all, even if we had the capital to do it. I think we're just growing incredibly fast. At some point, you know, you just can't recruit the people fast enough. We kind of said, okay, you know, let's prioritize. Let's take this in a kind of staggered approach. We've got the one-year initiative, we've got the two-year initiative, and we're tapering investments accordingly. I really feel good about how we invest. I really think we're making the right calls in prioritizing where we see yields right here, right now, and how do we get more of those, and how do we make sure that we measure the efficiency of our investment. I think one of the most impressive elements of what we've done in the past, call it a year or so, is take our sales efficiency from something that was right under, you know, one magic number. That's one, I think it was 0.9. Yep. Now it's at 1.3. You know, our competitors are kind of at the 1.4. You know, to me, that's a great testament to how well we use that capital that we deploy. You know, again, as long as these metrics persist, then I feel good about spending. As long as win rates are high, I feel good about spending. As long as pipeline conversion is where it's at, I feel good about spending. You know, we're keeping costs. I mean, there's a lot of uncertainty in the market. You know, we have kind of pulled the levers just a bit and kind of pulled the brakes this past quarter, and we've delivered a bit, I think 20 points better than what we initially forecasted, just because we wanted to be more prudent and just because we wanted to be more conservative. We can do it again. I mean, I hope we don't need to do it again. Well done on that. That's kind of the nature of our business. I do wanna give the audience a chance to ask some questions before I run out all the remaining time. If I could ask someone to bring up a mic. I see a hand here. Why don't we spend a few minutes on questions, and if not, I've got a few more on my own. If you could just identify yourself and then for Tomer and then ask your question. Thanks, Tomer, for taking the question. This is Jerry from Junto Capital. I just wanna ask one on Attivo. I understand historically it's more so deception technology, it kind of recently pivoted towards the identity side. I guess you were to kinda just lay out how the product development has been for that part of the business and if you kinda look forward to the 50% growth you guys kind of guide for that business. More of that gonna come from the identity side, or are you guys thinking more of it'll come from the historic deception side of the technology? Thank you. Yeah. It's a good question. You know, in the past year prior to the acquisition of Attivo really shifted their business to do, you know, more of identity security and Active Directory security. I think it was a wise choice because obviously they saw customers gravitating towards that. The vast majority of new ARR in that business is actually coming from that part. They have a long tail of, let's call it legacy deception customers. The one interesting part about deception is that it's incredibly sticky. A lot of these customers immediately post-acquisition kind of came to us and said, "Hey, keep the deception business, you know, don't kill it. We want it, we love it. We think it's a great safety net for our environment. We kind of said, "You know what? We'll definitely keep it." We're definitely investing more in identity security. When you think about deception, we at some point kind of thought about both identity capabilities and deception is one of the same. It's kind of a continuum of the same spectrum, given that when you look at identity security, you really wanna protect from a privileged user in the environment that may be there because of stolen credentials, and now they're starting to pivot around in your environment, and how do you prevent that? Deception is actually a pretty good tool to do that. We decided to keep on investing, and kind of nurture the deception business, bake it into our own, Singularity Identity suite. To the second part of your question, most of all business will come through that synergy, through folding all of that capability set, all of their technology into our go-to-market, into our platform. It is gonna be a baked-in part of our platform sales starting next year. It already is on the go-to-market side today. Starting next year, it's also gonna be in terms of the product capability and how we deliver it. It's all gonna come on the back of the same platform. To me, it's just another great attach module. It will, I think, generally accelerate what we do in the identity space. We will no longer be looking at the Attivo as a standalone or anything remotely close to that. Any other questions? Okay. Well, I've got one more. So one of the things that kinda comes up, you know, in the industry is you get really good marks for your partnership. What is your philosophy, strategy around creating partnerships and what trends have you really seen? You know, I know there's multiple different types of partnerships that you've had, but, you know, what's really accelerated since the IPO? Yeah. You know, make them successful. I think that's the deepest philosophy I have here. I think we, you know, when we started partnering, you know, we looked at what everybody else was doing in this space, and we started seeing some of our competitors really conflicting with the channel. I mean, they were competing with the channel. The channel didn't like it one bit, and the channel didn't have any weapons to Yeah. to wage that war, to really compete with them. We took, you know, kind of a pretty significant strategic decision, and it was close to six years ago, to say, "We're gonna be a weapon supplier, so to speak, to these folks, and we're gonna give them the best tools that we can to fight their fight. And if they win their fight, then we win as well. And we care about software licenses. We don't really care about the services business, which means that we don't even have to compete with them." And even in the areas that we have a competing offering, we need to be very mindful of that and go in and allow them to also be successful. Even in areas where we have some overlapping capabilities, like MDR as an example. We have our own MDR platform, our own MDR service. It's a highly rated one. It's ranked number one by Gartner Peer Insights out of all MDR vendors. When we go into a customer environment, I mean, we basically leave it to the customer to pick any MDR vendor they want to manage their SentinelOne estate. You wanna buy it from us? Go ahead. I mean, we'll happily oblige. You wanna take it from Mandiant? You wanna buy it from KPMG? Great. I mean, that's fine too. We'll absolutely make that happen, and we'll work in tandem with that partner to make that happen. I think that not only the partners appreciate that obviously, I think also the customer appreciate that freedom to really choose with any vendor of their liking. Maybe it's someone that they had a relationship with in the past. We're just focused on building the best technology that we can so our partners and our customers could enjoy it. That really drove, I think, a major success in parts of the market like MSSP, like all the other incident response providers in the world that needed to compete, you know, with some of these other vendors out there. Integrators, VARs, resellers, everybody really gravitated towards having the ability to build their own practice on top of our platform. We're not trying to eat the entire pie. We're trying to facilitate more business for them and make them more successful. I think it really, really resonated with them. Final thing. Security's been kinda considered a good neighborhood as it relates to IT spending. Yeah. In this kind of less certain time. How are your conversations with customers going? What are you seeing? It remains strong. You know, we've seen I think kind of a degree of very high uncertainty kind of in the June, July timeframe. That translated into just more scrutiny around budget. It wasn't around principally, you know, do we need security or not? That was never the conversation, but it was about capacity. I mean, do we need to buy you know three years forward worth of security and expansion and all of that? I think that folks were kind of dialing back to their needs of today and maybe six months or 12 months after, knowing that they can always come back and true up. I mean, there's no problem with that. That was I think the vast majority of impact that we've seen and why we still believe security is, you know, relatively a safe harbor in this environment. Even that largely subsided, and I think it's a lot of kind of business as usual at this point in time. Look, we're taking it day by day and, you know, every day springs up something new and we remain very, very vigilant as to how customers are thinking about budgets. We're also being relatively conservative. You know, we took the year up, we guided up, but we did it conservatively. I think that in any other environment, you would've seen us do things differently. You know, better safe than sorry and, you know, hopefully we can surprise everybody for the best. Well put. Congrats on your success. Thank you. Thank you for spending some of your time with us today. No, absolutely. Thanks for having me. Number one card. Appreciate it. Thank you. Thank you, Lloyd. Yeah. All right.