Snowflake Reports Financial Results for the Second Quarter of Fiscal 2025
Snowflake (NYSE: SNOW) reported strong financial results for Q2 FY2025. Product revenue reached $829.3 million, up 30% year-over-year. The company's net revenue retention rate was 127%, with 510 customers generating over $1 million in trailing 12-month product revenue. Snowflake now serves 736 Forbes Global 2000 customers. Remaining performance obligations grew 48% year-over-year to $5.2 billion. The company authorized an additional $2.5 billion for stock repurchases through March 2027. CEO Sridhar Ramaswamy highlighted strong product innovation and early traction in AI products. For Q3 FY2025, Snowflake projects product revenue between $850-$855 million, representing 22% year-over-year growth. The full-year FY2025 product revenue guidance was raised to $3,356 million, a 26% increase.
Snowflake (NYSE: SNOW) ha riportato risultati finanziari solidi per il secondo trimestre dell'anno fiscale 2025. I ricavi da prodotto hanno raggiunto 829,3 milioni di dollari, con un aumento del 30% rispetto allo stesso periodo dell'anno precedente. Il tasso di retention dei ricavi netti dell'azienda è stato del 127%, con 510 clienti che generano oltre 1 milione di dollari in ricavi da prodotto negli ultimi 12 mesi. Snowflake serve ora 736 clienti della classifica Forbes Global 2000. Gli obblighi di prestazione rimanenti sono aumentati del 48% rispetto all'anno precedente, raggiungendo i 5,2 miliardi di dollari. L'azienda ha autorizzato ulteriori 2,5 miliardi di dollari per il riacquisto di azioni fino a marzo 2027. Il CEO Sridhar Ramaswamy ha evidenziato l'innovazione continua dei prodotti e i primi successi nei prodotti AI. Per il terzo trimestre dell'anno fiscale 2025, Snowflake prevede ricavi da prodotto compresi tra 850 e 855 milioni di dollari, rappresentando una crescita del 22% rispetto all'anno precedente. La previsione di ricavi da prodotto per l'intero anno fiscale 2025 è stata aumentata a 3.356 milioni di dollari, con un incremento del 26%.
Snowflake (NYSE: SNOW) reportó sólidos resultados financieros para el segundo trimestre del año fiscal 2025. Los ingresos por productos alcanzaron 829,3 millones de dólares, un aumento del 30% en comparación con el año anterior. La tasa de retención de ingresos netos de la compañía fue del 127%, con 510 clientes generando más de 1 millón de dólares en ingresos por productos en los últimos 12 meses. Snowflake ahora atiende a 736 clientes de Forbes Global 2000. Las obligaciones de rendimiento pendientes crecieron un 48% en comparación con el año anterior, alcanzando los 5,2 mil millones de dólares. La empresa autorizó 2,5 mil millones de dólares adicionales para recompras de acciones hasta marzo de 2027. El CEO Sridhar Ramaswamy destacó la fuerte innovación en productos y la tracción inicial en productos de IA. Para el tercer trimestre del año fiscal 2025, Snowflake proyecta ingresos por productos entre 850 y 855 millones de dólares, lo que representa un crecimiento del 22% en comparación con el año anterior. La guía de ingresos por productos para todo el año fiscal 2025 se elevó a 3.356 millones de dólares, un aumento del 26%.
Snowflake (NYSE: SNOW)는 2025 회계연도 2분기에 강력한 재무 결과를 보고했습니다. 제품 수익은 8억 2,930만 달러에 도달하여 전년 대비 30% 증가했습니다. 회사의 순수익 유지율은 127%였으며, 510명의 고객이 지난 12개월 동안 100만 달러 이상의 제품 수익을 생성했습니다. Snowflake는 현재 736명의 Forbes Global 2000 고객을 서비스하고 있습니다. 남은 성과 의무는 전년 대비 48% 증가하여 52억 달러에 도달했습니다. 회사는 2027년 3월까지 자사주 매입을 위해 추가로 25억 달러를 승인했습니다. CEO Sridhar Ramaswamy는 강력한 제품 혁신과 AI 제품의 초기 성과를 강조했습니다. 2025 회계연도 3분기에 대해 Snowflake는 제품 수익이 8억 5천만에서 8억 5천 5백만 달러 사이로 예상하며, 이는 전년 대비 22% 성장하는 것입니다. 전체 2025 회계연도 제품 수익 가이드는 33억 5,600만 달러로 상향 조정되었으며, 이는 26% 증가한 수치입니다.
Snowflake (NYSE: SNOW) a annoncé de solides résultats financiers pour le deuxième trimestre de l'exercice 2025. Les revenus des produits ont atteint 829,3 millions de dollars, en hausse de 30 % par rapport à l'année précédente. Le taux de fidélisation des revenus nets de l'entreprise était de 127 %, avec 510 clients générant plus de 1 million de dollars de revenus de produit au cours des 12 derniers mois. Snowflake compte désormais 736 clients du Forbes Global 2000. Les obligations de performance restantes ont augmenté de 48 % par rapport à l'année précédente, atteignant 5,2 milliards de dollars. L'entreprise a autorisé un montant supplémentaire de 2,5 milliards de dollars pour le rachat d'actions jusqu'en mars 2027. Le PDG Sridhar Ramaswamy a souligné les fortes innovations produits et les premiers succès des produits d'IA. Pour le troisième trimestre de l'exercice 2025, Snowflake prévoit des revenus de produits compris entre 850 et 855 millions de dollars, représentant une croissance de 22 % par rapport à l'année précédente. Les prévisions de revenus de produits pour l'année entière de l'exercice 2025 ont été rehaussées à 3 356 millions de dollars, soit une augmentation de 26 %.
Snowflake (NYSE: SNOW) hat im zweiten Quartal des Geschäftsjahres 2025 starke Finanzergebnisse veröffentlicht. Die Produktumsätze erreichten 829,3 Millionen US-Dollar und stiegen um 30 % im Vergleich zum Vorjahr. Die Netto-Umsatzbindungsrate des Unternehmens lag bei 127 %, wobei 510 Kunden über 1 Million US-Dollar an Produktumsätzen in den letzten 12 Monaten erwirtschafteten. Snowflake bedient jetzt 736 Kunden der Forbes Global 2000. Die verbleibenden Leistungsverpflichtungen wuchsen um 48 % im Vergleich zum Vorjahr auf 5,2 Milliarden US-Dollar. Das Unternehmen genehmigte zusätzliche 2,5 Milliarden US-Dollar für Aktienrückkäufe bis März 2027. CEO Sridhar Ramaswamy hob die starke Produktinnovation und erste Erfolge bei KI-Produkten hervor. Für das dritte Quartal des Geschäftsjahres 2025 prognostiziert Snowflake Produktumsätze zwischen 850 und 855 Millionen US-Dollar, was einem Wachstum von 22 % im Vergleich zum Vorjahr entspricht. Die Prognose für die Produktumsätze für das gesamte Geschäftsjahr 2025 wurde auf 3.356 Millionen US-Dollar angehoben, was einem Anstieg von 26 % entspricht.
- Product revenue increased 30% year-over-year to $829.3 million
- Net revenue retention rate of 127%
- Remaining performance obligations grew 48% year-over-year to $5.2 billion
- Authorized additional $2.5 billion for stock repurchases
- Raised full-year product revenue guidance to $3,356 million (26% growth)
- GAAP operating loss of $355.3 million (41% of revenue)
- Projected slowdown in product revenue growth to 22% for Q3 FY2025
Snowflake's Q2 FY2025 results demonstrate robust growth, with product revenue reaching
The remaining performance obligations of
Snowflake's performance reflects the growing demand for cloud data platforms and AI-driven solutions. The company's focus on innovation, particularly in AI products, is timely given the industry's rapid shift towards AI-powered data analytics. The strong customer growth among Forbes Global 2000 companies indicates increasing enterprise adoption of Snowflake's technologies.
The emphasis on the "network effect of collaboration" suggests Snowflake is leveraging its platform to create a robust ecosystem, potentially increasing switching costs for customers. This strategy, combined with AI innovations, could lead to sustained competitive advantage in the crowded cloud data market. However, the tech sector's volatility and intense competition from major cloud providers remain key challenges to monitor.
Snowflake's Q2 results and raised guidance reflect a positive market reception to its AI-focused strategy. The
However, investors should note the decelerating growth rate compared to previous years, which is typical for maturing tech companies. The stock repurchase program may help support the share price, but it's essential to monitor how this balances with investments in R&D and market expansion. The company's performance in the emerging AI market segment will be important for maintaining its growth trajectory and justifying its valuation multiples.
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Product revenue of
in the second quarter, representing$829.3 million 30% year-over-year growth -
Net revenue retention rate of
127% -
510 customers with trailing 12-month product revenue greater than
$1 million - 736 Forbes Global 2000 customers
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Remaining performance obligations of
, representing$5.2 billion 48% year-over-year growth -
Authorized the repurchase of an additional
under our stock repurchase program through March 2027$2.5 billion
No-Headquarters/
![Snowflake Q2 FY25 Infographic (Graphic: Snowflake)](https://mms.businesswire.com/media/20240821053167/en/2221245/4/Snowflake_Earnings_Infographic_FY25_Q2_v3.jpg)
Snowflake Q2 FY25 Infographic (Graphic: Snowflake)
Revenue for the quarter was
"Snowflake delivered another strong quarter, surpassing the high end of our Q2 product revenue guidance and, as a result, we're raising our product revenue guidance for the year," said Sridhar Ramaswamy, CEO of Snowflake. "Product revenue was up
Second Quarter Fiscal 2025 GAAP and Non-GAAP Results:
The following table summarizes our financial results for the second quarter of fiscal 2025:
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Second Quarter Fiscal 2025
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We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of non-GAAP financial measures, and the table titled “GAAP to Non-GAAP Reconciliations” for a reconciliation of GAAP to non-GAAP financial measures. |
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Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes. |
Financial Outlook:
Our guidance includes GAAP and non-GAAP financial measures.
The following table summarizes our guidance for the third quarter of fiscal 2025:
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359 |
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(1) |
We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of non-GAAP financial measures. |
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The potential impact of future repurchases under our stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders—diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases. |
The following table summarizes our guidance for the full-year fiscal 2025:
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(1) |
We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of non-GAAP financial measures. |
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(2) |
The potential impact of future repurchases under our stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders—diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases. |
A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. These factors could be material to our results computed in accordance with GAAP. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP financial results included in this release. Our fiscal year ends January 31, and numbers are rounded for presentation purposes.
Stock Repurchase Program
In February 2023, our board of directors authorized a stock repurchase program of up to
The timing and amount of any repurchases will be determined by management based on an evaluation of market conditions and other factors. The program does not obligate Snowflake to acquire any particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at Snowflake’s discretion.
Conference Call Details
The conference call will begin at 3 p.m. Mountain Time on August 21, 2024. Investors and participants may attend the call by dialing (833) 470-1428 (Access code: 788782). For investors and participants outside
The call will also be webcast live on the Snowflake Investor Relations website at https://investors.snowflake.com.
An audio replay of the conference call and webcast will be available two hours after its completion and will be accessible for 30 days on the Snowflake Investor Relations website.
Investor Presentation Details
An investor presentation providing additional information and analysis can be found at https://investors.snowflake.com.
Statement Regarding Use of Non‑GAAP Financial Measures
We report the following non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in
- Non-GAAP Product gross profit, Operating income, Net income, Net income attributable to Snowflake Inc., and Net income per share attributable to Snowflake Inc. common stockholders—basic and diluted. Non-GAAP product gross profit, operating income, net income, and net income attributable to Snowflake Inc. are each defined as the respective GAAP measure, excluding, as applicable, the effect of (i) stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, (ii) amortization of acquired intangibles, (iii) expenses associated with acquisitions and strategic investments, (iv) adjustments attributable to noncontrolling interest, and (v) the related income tax effect of these adjustments as well as the non-recurring income tax expense or benefit associated with acquisitions. Non-GAAP product gross margin is calculated as non-GAAP product gross profit as a percentage of product revenue. Non-GAAP operating margin is calculated as non-GAAP operating income as a percentage of revenue. Our non-GAAP net income per share attributable to Snowflake Inc. common stockholders—basic is calculated by dividing non-GAAP net income attributable to Snowflake Inc. by the weighted-average number of shares of common stock outstanding during the period. Our non-GAAP net income per share attributable to Snowflake Inc. common stockholders—diluted is calculated by dividing non-GAAP net income attributable to Snowflake Inc. by the non-GAAP weighted-average number of diluted shares outstanding, giving effect to all potentially dilutive common stock equivalents (stock options, restricted stock units, and employee stock purchase rights under our 2020 Employee Stock Purchase Plan). The potential dilutive effect of outstanding restricted stock units with performance conditions not yet satisfied is included in the non-GAAP weighted-average number of diluted shares at forecasted attainment levels to the extent we believe it is probable that the performance conditions will be met. Amounts attributable to noncontrolling interest were not material for all periods presented. We believe the presentation of operating results that exclude these non-cash or non-recurring items provides useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods.
- Free cash flow. Free cash flow is defined as net cash provided by operating activities reduced by purchases of property and equipment and capitalized internal-use software development costs. Cash outflows for employee payroll tax items related to the net share settlement of equity awards are included in cash flow for financing activities and, as a result, do not have an effect on the calculation of free cash flow. Free cash flow margin is calculated as free cash flow as a percentage of revenue. We believe these measures provide useful supplemental information to investors because they are indicators of the strength and performance of our core business operations.
- Adjusted free cash flow. Adjusted free cash flow is defined as free cash flow plus (minus) net cash paid (received) on employer and employee payroll tax-related items on employee stock transactions. Employee payroll tax-related items on employee stock transactions are generally pass-through transactions that are expected to have a net zero impact on free cash flow over time, but that may impact free cash flow in any given fiscal quarter due to differences between the time that we receive funds from our employees and the time we remit those funds to applicable tax authorities. We believe that excluding the effects of these payroll tax-related items will enhance stockholders' ability to evaluate our free cash flow performance, including on a quarter-over-quarter basis. Adjusted free cash flow margin is calculated as adjusted free cash flow as a percentage of revenue. We believe these measures provide useful supplemental information to investors because they are indicators of the strength and performance of our core business operations.
We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.
Key Business Metrics
We monitor our key business metrics, including (i) free cash flow and (ii) the other metrics set forth below to help us evaluate our business and growth trends, establish budgets, measure the effectiveness of our sales and marketing efforts, and assess operational efficiencies. See the section titled “Statement Regarding Use of Non-GAAP Financial Measures” for the definition of free cash flow. The calculation of our key business metrics may differ from other similarly titled metrics used by other companies, securities analysts, or investors.
- Product Revenue. Product revenue is a key metric for us because we recognize revenue based on platform consumption, which is inherently variable at our customers’ discretion, and not based on the amount and duration of contract terms. Product revenue is primarily derived from the consumption of compute, storage, and data transfer resources by customers on our platform. Customers have the flexibility to consume more than their contracted capacity during the contract term and may have the ability to roll over unused capacity to future periods, generally upon the purchase of additional capacity at renewal. Our consumption-based business model distinguishes us from subscription-based software companies that generally recognize revenue ratably over the contract term and may not permit rollover. Because customers have flexibility in the timing of their consumption, which can exceed their contracted capacity or extend beyond the original contract term in many cases, the amount of product revenue recognized in a given period is an important indicator of customer satisfaction and the value derived from our platform. Product revenue excludes our professional services and other revenue.
- Net Revenue Retention Rate. To calculate net revenue retention rate, we first specify a measurement period consisting of the trailing two years from our current period end. Next, we define as our measurement cohort the population of customers under capacity contracts that used our platform at any point in the first month of the first year of the measurement period. The cohorts used to calculate net revenue retention rate include end-customers under a reseller arrangement. We then calculate our net revenue retention rate as the quotient obtained by dividing our product revenue from this cohort in the second year of the measurement period by our product revenue from this cohort in the first year of the measurement period. Any customer in the cohort that did not use our platform in the second year remains in the calculation and contributes zero product revenue in the second year. Our net revenue retention rate is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our net revenue retention rate for historical periods reflecting these adjustments. Since we will continue to attribute the historical product revenue to the consolidated contract, consolidation of capacity contracts within a customer’s organization typically will not impact our net revenue retention rate unless one of those customers was not a customer at any point in the first month of the first year of the measurement period.
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Customers with Trailing 12-Month Product Revenue Greater than
. To calculate the number of customers with trailing 12-month product revenue greater than$1 Million , we count the number of customers under capacity arrangements that contributed more than$1 million in product revenue in the trailing 12 months. For purposes of determining our customer count, we treat each customer account, including accounts for end-customers under a reseller arrangement, that has at least one corresponding capacity contract as a unique customer, and a single organization with multiple divisions, segments, or subsidiaries may be counted as multiple customers. We do not include customers that consume our platform only under on-demand arrangements for purposes of determining our customer count. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our customer count for historical periods reflecting these adjustments.$1 million
- Forbes Global 2000 Customers. Our Forbes Global 2000 customer count is a subset of our customer count based on the 2024 Forbes Global 2000 list. Our Forbes Global 2000 customer count is subject to adjustments for annual updates to the list by Forbes, as well as acquisitions, consolidations, spin-offs, and other market activity with respect to such customers, and we present our Forbes Global 2000 customer count for historical periods reflecting these adjustments.
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Remaining Performance Obligations. Remaining performance obligations (RPO) represent the amount of contracted future revenue that has not yet been recognized, including (i) deferred revenue and (ii) non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. RPO excludes performance obligations from on-demand arrangements and certain time and materials contracts that are billed in arrears. Portions of RPO that are not yet invoiced and are denominated in foreign currencies are revalued into
U.S. dollars each period based on the applicable period-end exchange rates. RPO is not necessarily indicative of future product revenue growth because it does not account for the timing of customers’ consumption or their consumption of more than their contracted capacity. Moreover, RPO is influenced by a number of factors, including the timing and size of renewals, the timing and size of purchases of additional capacity, average contract terms, seasonality, changes in foreign currency exchange rates, and the extent to which customers are permitted to roll over unused capacity to future periods, generally upon the purchase of additional capacity at renewal.
Use of Forward‑Looking Statements
This release and the accompanying oral presentation contain 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, regarding our performance, including but not limited to statements in the section titled “Financial Outlook.” Words such as “guidance,” “outlook,” “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “plan,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Other than statements of historical fact, all statements contained in this release and accompanying oral presentation are forward-looking statements, including statements regarding (i) our future operating results, targets, or financial position; (ii) our business strategy, plans, or priorities; (iii) the release, adoption, and use of our new or enhanced products, services, and technology offerings, including those that are under development or not generally available; (iv) market size and growth, trends, and competitive considerations; (v) our vision, strategy and expected benefits relating to artificial intelligence, Snowpark, Snowflake Marketplace, the AI Data Cloud, and AI Data Clouds for specific industries, including the expected benefits and network effects of the AI Data Cloud; and (vi) the integration, interoperability, and availability of our products, services, and technology offerings with and on third-party products and platforms, including public cloud platforms.
The forward-looking statements contained in this release and the accompanying oral presentation are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions, and other factors include, but are not limited to, those related to our business and financial performance; general market and business conditions, downturns, or uncertainty, including higher inflation, higher interest rates, fluctuations or volatility in capital markets or foreign currency exchange rates, and geopolitical instability; our ability to attract and retain customers; the extent to which customers continue to optimize consumption; the impact of new or optimized product features and pricing strategies on consumption, including Iceberg tables and tiered storage pricing; the extent to which customers continue to rationalize budgets and prioritize cash flow management, including through shortened contract durations; our ability to develop new products and services and enhance existing products and services; the extent to which customer adoption of new product capabilities results in durable consumption; the growth of successful native applications on the Snowflake Marketplace; our ability to respond rapidly to emerging technology trends, including the use of artificial intelligence; our ability to execute on our business strategy, including our strategy related to artificial intelligence, the AI Data Cloud, Snowpark, and Snowflake Marketplace; our ability to increase and predict customer consumption of our platform, particularly in light of the impact of holidays on customer consumption patterns; our ability to compete effectively; the impact of cybersecurity threat activity directed at our customers and any resulting reputational or financial damage; and our ability to manage growth.
Further information on these and additional risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this release are included under the caption “Risk Factors” and elsewhere in our Form 10-Q for the fiscal quarter ended April 30, 2024 and other filings and reports we make with the Securities and Exchange Commission from time to time, including our Form 10-Q that will be filed for the fiscal quarter ended July 31, 2024.
Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor(s) may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. As a result of these risks, uncertainties, assumptions, and other factors, you should not rely on any forward-looking statements as predictions of future events. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Except as required by law, we undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts’ expectations, or to provide interim reports or updates on the progress of the current financial quarter.
About Snowflake
Snowflake makes enterprise AI easy, efficient and trusted. Thousands of companies around the globe, including hundreds of the world’s largest, use Snowflake’s AI Data Cloud to share data, build applications, and power their business with AI. The era of enterprise AI is here. Learn more at snowflake.com (NYSE: SNOW).
Source: Snowflake Inc.
Snowflake Inc. |
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||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
||||||||||||
Revenue |
$ |
868,823 |
|
$ |
674,018 |
|
$ |
1,697,532 |
|
$ |
1,297,617 |
|
||||
Cost of revenue |
|
288,078 |
|
|
218,392 |
|
|
560,595 |
|
|
427,806 |
|
||||
Gross profit |
|
580,745 |
|
|
455,626 |
|
|
1,136,937 |
|
|
869,811 |
|
||||
Operating expenses: |
|
|
|
|
||||||||||||
Sales and marketing |
|
400,625 |
|
|
343,288 |
|
|
801,447 |
|
|
674,846 |
|
||||
Research and development |
|
437,660 |
|
|
313,996 |
|
|
848,454 |
|
|
591,408 |
|
||||
General and administrative |
|
97,763 |
|
|
83,749 |
|
|
190,911 |
|
|
162,202 |
|
||||
Total operating expenses |
|
936,048 |
|
|
741,033 |
|
|
1,840,812 |
|
|
1,428,456 |
|
||||
Operating loss |
|
(355,303 |
) |
|
(285,407 |
) |
|
(703,875 |
) |
|
(558,645 |
) |
||||
Interest income |
|
49,265 |
|
|
50,280 |
|
|
104,044 |
|
|
93,411 |
|
||||
Other income (expense), net |
|
(7,946 |
) |
|
4,086 |
|
|
(29,248 |
) |
|
1,524 |
|
||||
Loss before income taxes |
|
(313,984 |
) |
|
(231,041 |
) |
|
(629,079 |
) |
|
(463,710 |
) |
||||
Provision for (benefit from) income taxes |
|
3,786 |
|
|
(3,721 |
) |
|
6,507 |
|
|
(10,326 |
) |
||||
Net loss |
|
(317,770 |
) |
|
(227,320 |
) |
|
(635,586 |
) |
|
(453,384 |
) |
||||
Less: net loss attributable to noncontrolling interest |
|
(871 |
) |
|
(453 |
) |
|
(1,699 |
) |
|
(890 |
) |
||||
Net loss attributable to Snowflake Inc. |
$ |
(316,899 |
) |
$ |
(226,867 |
) |
$ |
(633,887 |
) |
$ |
(452,494 |
) |
||||
Net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted |
$ |
(0.95 |
) |
$ |
(0.69 |
) |
$ |
(1.90 |
) |
$ |
(1.39 |
) |
||||
Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted |
|
334,071 |
|
|
327,335 |
|
|
333,830 |
|
|
325,772 |
|
||||
Snowflake Inc. |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(in thousands) |
||||||||
(unaudited) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
July 31, 2024 |
|
January 31, 2024 |
||||
Assets |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
1,282,045 |
|
|
$ |
1,762,749 |
|
|
Short-term investments |
|
1,948,462 |
|
|
|
2,083,499 |
|
|
Accounts receivable, net |
|
431,597 |
|
|
|
926,902 |
|
|
Deferred commissions, current |
|
86,899 |
|
|
|
86,096 |
|
|
Prepaid expenses and other current assets |
|
149,085 |
|
|
|
180,018 |
|
|
Total current assets |
|
3,898,088 |
|
|
|
5,039,264 |
|
|
Long-term investments |
|
697,406 |
|
|
|
916,307 |
|
|
Property and equipment, net |
|
264,778 |
|
|
|
247,464 |
|
|
Operating lease right-of-use assets |
|
272,459 |
|
|
|
252,128 |
|
|
Goodwill |
|
984,076 |
|
|
|
975,906 |
|
|
Intangible assets, net |
|
286,538 |
|
|
|
331,411 |
|
|
Deferred commissions, non-current |
|
177,457 |
|
|
|
187,093 |
|
|
Other assets |
|
363,084 |
|
|
|
273,810 |
|
|
Total assets |
$ |
6,943,886 |
|
|
$ |
8,223,383 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Accounts payable |
$ |
134,537 |
|
|
$ |
51,721 |
|
|
Accrued expenses and other current liabilities |
|
448,926 |
|
|
|
446,860 |
|
|
Operating lease liabilities, current |
|
32,843 |
|
|
|
33,944 |
|
|
Deferred revenue, current |
|
1,848,376 |
|
|
|
2,198,705 |
|
|
Total current liabilities |
|
2,464,682 |
|
|
|
2,731,230 |
|
|
Operating lease liabilities, non-current |
|
279,969 |
|
|
|
254,037 |
|
|
Deferred revenue, non-current |
|
12,280 |
|
|
|
14,402 |
|
|
Other liabilities |
|
49,367 |
|
|
|
33,120 |
|
|
Snowflake Inc. stockholders’ equity |
|
4,129,001 |
|
|
|
5,180,308 |
|
|
Noncontrolling interest |
|
8,587 |
|
|
|
10,286 |
|
|
Total liabilities and stockholders’ equity |
$ |
6,943,886 |
|
|
$ |
8,223,383 |
|
|
Snowflake Inc. |
||||||||||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||||||||||
(in thousands) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Cash flows from operating activities: |
|
|
|
|
||||||||||||
Net loss |
$ |
(317,770 |
) |
$ |
(227,320 |
) |
$ |
(635,586 |
) |
$ |
(453,384 |
) |
||||
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
||||||||||||
Depreciation and amortization |
|
45,111 |
|
|
29,284 |
|
|
85,332 |
|
|
52,447 |
|
||||
Non-cash operating lease costs |
|
13,846 |
|
|
12,784 |
|
|
27,568 |
|
|
25,653 |
|
||||
Amortization of deferred commissions |
|
22,822 |
|
|
18,181 |
|
|
45,586 |
|
|
35,853 |
|
||||
Stock-based compensation, net of amounts capitalized |
|
356,000 |
|
|
299,722 |
|
|
687,936 |
|
|
564,231 |
|
||||
Net accretion of discounts on investments |
|
(12,780 |
) |
|
(17,661 |
) |
|
(24,772 |
) |
|
(32,992 |
) |
||||
Net realized and unrealized losses (gains) on strategic investments in equity securities |
|
6,508 |
|
|
(5,309 |
) |
|
27,203 |
|
|
(2,895 |
) |
||||
Deferred income tax |
|
49 |
|
|
(4,026 |
) |
|
49 |
|
|
(12,894 |
) |
||||
Other |
|
1,249 |
|
|
1,834 |
|
|
1,918 |
|
|
11,812 |
|
||||
Changes in operating assets and liabilities, net of effects of business combinations: |
|
|
|
|
||||||||||||
Accounts receivable |
|
(87,127 |
) |
|
(53,050 |
) |
|
492,192 |
|
|
309,843 |
|
||||
Deferred commissions |
|
(21,814 |
) |
|
(24,552 |
) |
|
(36,754 |
) |
|
(40,992 |
) |
||||
Prepaid expenses and other assets |
|
34,458 |
|
|
41,389 |
|
|
33,347 |
|
|
46,916 |
|
||||
Accounts payable |
|
70,181 |
|
|
20,562 |
|
|
91,425 |
|
|
17,469 |
|
||||
Accrued expenses and other liabilities |
|
59,325 |
|
|
35,648 |
|
|
4,637 |
|
|
27,106 |
|
||||
Operating lease liabilities |
|
(11,915 |
) |
|
(5,260 |
) |
|
(25,289 |
) |
|
(16,023 |
) |
||||
Deferred revenue |
|
(88,278 |
) |
|
(39,035 |
) |
|
(349,459 |
) |
|
(149,515 |
) |
||||
Net cash provided by operating activities |
|
69,865 |
|
|
83,191 |
|
|
425,333 |
|
|
382,635 |
|
||||
Cash flows from investing activities: |
|
|
|
|
||||||||||||
Purchases of property and equipment |
|
(5,043 |
) |
|
(6,298 |
) |
|
(21,562 |
) |
|
(13,268 |
) |
||||
Capitalized internal-use software development costs |
|
(5,992 |
) |
|
(7,874 |
) |
|
(13,396 |
) |
|
(17,215 |
) |
||||
Cash paid for business combinations, net of cash, cash equivalents, and restricted cash acquired |
|
(8,906 |
) |
|
(141,459 |
) |
|
(8,906 |
) |
|
(264,571 |
) |
||||
Purchases of intangible assets |
|
— |
|
|
(27,480 |
) |
|
— |
|
|
(27,480 |
) |
||||
Purchases of investments |
|
(196,481 |
) |
|
(688,678 |
) |
|
(1,274,742 |
) |
|
(1,725,964 |
) |
||||
Sales of investments |
|
10,437 |
|
|
1,614 |
|
|
40,797 |
|
|
7,266 |
|
||||
Maturities and redemptions of investments |
|
590,063 |
|
|
971,217 |
|
|
1,511,458 |
|
|
1,780,061 |
|
||||
Settlement of cash flow hedges |
|
— |
|
|
— |
|
|
(749 |
) |
|
— |
|
||||
Net cash provided by (used in) investing activities |
|
384,078 |
|
|
101,042 |
|
|
232,900 |
|
|
(261,171 |
) |
||||
Cash flows from financing activities: |
|
|
|
|
||||||||||||
Proceeds from exercise of stock options |
|
12,978 |
|
|
16,149 |
|
|
23,664 |
|
|
31,519 |
|
||||
Proceeds from issuance of common stock under employee stock purchase plan |
|
— |
|
|
— |
|
|
46,735 |
|
|
37,065 |
|
||||
Taxes paid related to net share settlement of equity awards |
|
(103,524 |
) |
|
(98,311 |
) |
|
(278,114 |
) |
|
(182,710 |
) |
||||
Repurchases of common stock |
|
(400,000 |
) |
|
— |
|
|
(916,329 |
) |
|
(191,694 |
) |
||||
Net cash used in financing activities |
|
(490,546 |
) |
|
(82,162 |
) |
|
(1,124,044 |
) |
|
(305,820 |
) |
||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
724 |
|
|
470 |
|
|
(1,909 |
) |
|
1,005 |
|
||||
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
(35,879 |
) |
|
102,541 |
|
|
(467,720 |
) |
|
(183,351 |
) |
||||
Cash, cash equivalents, and restricted cash—beginning of period |
|
1,349,136 |
|
|
670,839 |
|
|
1,780,977 |
|
|
956,731 |
|
||||
Cash, cash equivalents, and restricted cash—end of period |
$ |
1,313,257 |
|
$ |
773,380 |
|
$ |
1,313,257 |
|
$ |
773,380 |
|
||||
Snowflake Inc. |
||||||||||||||||||||||||||||
GAAP to Non-GAAP Reconciliations |
||||||||||||||||||||||||||||
(in thousands, except per share data and percentages) |
||||||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
||||||||||||||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||||||||||
|
|
Amount |
|
Amount as a
|
|
Amount |
|
Amount as a
|
|
Amount |
|
Amount as a
|
|
Amount |
|
Amount as a
|
||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Product revenue |
$ |
829,250 |
|
|
$ |
640,209 |
|
|
$ |
1,618,837 |
|
|
$ |
1,230,281 |
|
|
||||||||||||
Professional services and other revenue |
|
39,573 |
|
|
|
33,809 |
|
|
|
78,695 |
|
|
|
67,336 |
|
|
||||||||||||
Revenue |
$ |
868,823 |
|
|
$ |
674,018 |
|
|
$ |
1,697,532 |
|
|
$ |
1,297,617 |
|
|
||||||||||||
Year-over-year growth |
|
29 |
% |
|
|
36 |
% |
|
|
31 |
% |
|
|
41 |
% |
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Cost of revenue: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
GAAP cost of product revenue |
$ |
235,582 |
|
|
$ |
169,046 |
|
|
$ |
455,239 |
|
|
$ |
328,424 |
|
|
||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Stock-based compensation-related charges |
|
(29,778 |
) |
|
|
(19,738 |
) |
|
|
(57,013 |
) |
|
|
(38,538 |
) |
|
||||||||||||
Amortization of acquired intangibles |
|
(10,336 |
) |
|
|
(7,877 |
) |
|
|
(20,483 |
) |
|
|
(12,458 |
) |
|
||||||||||||
Non-GAAP cost of product revenue |
$ |
195,468 |
|
|
$ |
141,431 |
|
|
$ |
377,743 |
|
|
$ |
277,428 |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
GAAP cost of professional services and other revenue |
$ |
52,496 |
|
|
$ |
49,346 |
|
|
$ |
105,356 |
|
|
$ |
99,382 |
|
|
||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Stock-based compensation-related charges |
|
(13,689 |
) |
|
|
(15,511 |
) |
|
|
(27,604 |
) |
|
|
(30,431 |
) |
|
||||||||||||
Amortization of acquired intangibles |
|
(1,662 |
) |
|
|
(1,662 |
) |
|
|
(3,289 |
) |
|
|
(3,108 |
) |
|
||||||||||||
Non-GAAP cost of professional services and other revenue |
$ |
37,145 |
|
|
$ |
32,173 |
|
|
$ |
74,463 |
|
|
$ |
65,843 |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
GAAP cost of revenue |
$ |
288,078 |
|
|
$ |
218,392 |
|
|
$ |
560,595 |
|
|
$ |
427,806 |
|
|
||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Stock-based compensation-related charges |
|
(43,467 |
) |
|
|
(35,249 |
) |
|
|
(84,617 |
) |
|
|
(68,969 |
) |
|
||||||||||||
Amortization of acquired intangibles |
|
(11,998 |
) |
|
|
(9,539 |
) |
|
|
(23,772 |
) |
|
|
(15,566 |
) |
|
||||||||||||
Non-GAAP cost of revenue |
$ |
232,613 |
|
|
$ |
173,604 |
|
|
$ |
452,206 |
|
|
$ |
343,271 |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Gross profit (loss): |
|
|
|
|
|
|
|
|
||||||||||||||||||||
GAAP product gross profit |
$ |
593,668 |
|
|
$ |
471,163 |
|
|
$ |
1,163,598 |
|
|
$ |
901,857 |
|
|
||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Stock-based compensation-related charges |
|
29,778 |
|
|
|
19,738 |
|
|
|
57,013 |
|
|
|
38,538 |
|
|
||||||||||||
Amortization of acquired intangibles |
|
10,336 |
|
|
|
7,877 |
|
|
|
20,483 |
|
|
|
12,458 |
|
|
||||||||||||
Non-GAAP product gross profit |
$ |
633,782 |
|
|
$ |
498,778 |
|
|
$ |
1,241,094 |
|
|
$ |
952,853 |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
GAAP professional services and other revenue gross loss |
$ |
(12,923 |
) |
|
$ |
(15,537 |
) |
|
$ |
(26,661 |
) |
|
$ |
(32,046 |
) |
|
||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Stock-based compensation-related charges |
|
13,689 |
|
|
|
15,511 |
|
|
|
27,604 |
|
|
|
30,431 |
|
|
||||||||||||
Amortization of acquired intangibles |
|
1,662 |
|
|
|
1,662 |
|
|
|
3,289 |
|
|
|
3,108 |
|
|
||||||||||||
Non-GAAP professional services and other revenue gross profit |
$ |
2,428 |
|
|
$ |
1,636 |
|
|
$ |
4,232 |
|
|
$ |
1,493 |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
GAAP gross profit |
$ |
580,745 |
|
|
$ |
455,626 |
|
|
$ |
1,136,937 |
|
|
$ |
869,811 |
|
|
||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Stock-based compensation-related charges |
|
43,467 |
|
|
|
35,249 |
|
|
|
84,617 |
|
|
|
68,969 |
|
|
||||||||||||
Amortization of acquired intangibles |
|
11,998 |
|
|
|
9,539 |
|
|
|
23,772 |
|
|
|
15,566 |
|
|
||||||||||||
Non-GAAP gross profit |
$ |
636,210 |
|
|
$ |
500,414 |
|
|
$ |
1,245,326 |
|
|
$ |
954,346 |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Gross margin: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
GAAP product gross margin |
|
72 |
% |
|
|
74 |
% |
|
|
72 |
% |
|
|
73 |
% |
|
||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Stock-based compensation-related charges as a % of product revenue |
|
3 |
% |
|
|
3 |
% |
|
|
4 |
% |
|
|
3 |
% |
|
||||||||||||
Amortization of acquired intangibles as a % of product revenue |
|
1 |
% |
|
|
1 |
% |
|
|
1 |
% |
|
|
1 |
% |
|
||||||||||||
Non-GAAP product gross margin |
|
76 |
% |
|
|
78 |
% |
|
|
77 |
% |
|
|
77 |
% |
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
GAAP professional services and other revenue gross margin |
|
(33 |
%) |
|
|
(46 |
%) |
|
|
(34 |
%) |
|
|
(48 |
%) |
|
||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Stock-based compensation-related charges as a % of professional services and other revenue |
|
35 |
% |
|
|
46 |
% |
|
|
35 |
% |
|
|
45 |
% |
|
||||||||||||
Amortization of acquired intangibles as a % of professional services and other revenue |
|
4 |
% |
|
|
5 |
% |
|
|
4 |
% |
|
|
5 |
% |
|
||||||||||||
Non-GAAP professional services and other revenue gross margin |
|
6 |
% |
|
|
5 |
% |
|
|
5 |
% |
|
|
2 |
% |
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
GAAP gross margin |
|
67 |
% |
|
|
68 |
% |
|
|
67 |
% |
|
|
67 |
% |
|
||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Stock-based compensation-related charges as a % of revenue |
|
5 |
% |
|
|
5 |
% |
|
|
5 |
% |
|
|
6 |
% |
|
||||||||||||
Amortization of acquired intangibles as a % of revenue |
|
1 |
% |
|
|
1 |
% |
|
|
1 |
% |
|
|
1 |
% |
|
||||||||||||
Non-GAAP gross margin |
|
73 |
% |
|
|
74 |
% |
|
|
73 |
% |
|
|
74 |
% |
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
GAAP sales and marketing expense |
$ |
400,625 |
|
|
$ |
343,288 |
|
|
$ |
801,447 |
|
|
$ |
674,846 |
|
|
||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Stock-based compensation-related charges |
|
(83,740 |
) |
|
|
(84,822 |
) |
|
|
(164,361 |
) |
|
|
(164,447 |
) |
|
||||||||||||
Amortization of acquired intangibles |
|
(7,801 |
) |
|
|
(7,553 |
) |
|
|
(15,431 |
) |
|
|
(14,860 |
) |
|
||||||||||||
Non-GAAP sales and marketing expense |
$ |
309,084 |
|
|
$ |
250,913 |
|
|
$ |
621,655 |
|
|
$ |
495,539 |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
GAAP research and development expense |
$ |
437,660 |
|
|
$ |
313,996 |
|
|
$ |
848,454 |
|
|
$ |
591,408 |
|
|
||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Stock-based compensation-related charges |
|
(209,735 |
) |
|
|
(166,258 |
) |
|
|
(413,776 |
) |
|
|
(312,886 |
) |
|
||||||||||||
Amortization of acquired intangibles |
|
(3,679 |
) |
|
|
(3,254 |
) |
|
|
(7,279 |
) |
|
|
(5,078 |
) |
|
||||||||||||
Non-GAAP research and development expense |
$ |
224,246 |
|
|
$ |
144,484 |
|
|
$ |
427,399 |
|
|
$ |
273,444 |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
GAAP general and administrative expense |
$ |
97,763 |
|
|
$ |
83,749 |
|
|
$ |
190,911 |
|
|
$ |
162,202 |
|
|
||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Stock-based compensation-related charges |
|
(36,395 |
) |
|
|
(27,912 |
) |
|
|
(70,972 |
) |
|
|
(55,560 |
) |
|
||||||||||||
Amortization of acquired intangibles |
|
(451 |
) |
|
|
(451 |
) |
|
|
(892 |
) |
|
|
(887 |
) |
|
||||||||||||
Expenses associated with acquisitions and strategic investments |
|
(1,783 |
) |
|
|
(4,569 |
) |
|
|
(2,765 |
) |
|
|
(7,198 |
) |
|
||||||||||||
Non-GAAP general and administrative expense |
$ |
59,134 |
|
|
$ |
50,817 |
|
|
$ |
116,282 |
|
|
$ |
98,557 |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
GAAP total operating expenses |
$ |
936,048 |
|
|
$ |
741,033 |
|
|
$ |
1,840,812 |
|
|
$ |
1,428,456 |
|
|
||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Stock-based compensation-related charges |
|
(329,870 |
) |
|
|
(278,992 |
) |
|
|
(649,109 |
) |
|
|
(532,893 |
) |
|
||||||||||||
Amortization of acquired intangibles |
|
(11,931 |
) |
|
|
(11,258 |
) |
|
|
(23,602 |
) |
|
|
(20,825 |
) |
|
||||||||||||
Expenses associated with acquisitions and strategic investments |
|
(1,783 |
) |
|
|
(4,569 |
) |
|
|
(2,765 |
) |
|
|
(7,198 |
) |
|
||||||||||||
Non-GAAP total operating expenses |
$ |
592,464 |
|
|
$ |
446,214 |
|
|
$ |
1,165,336 |
|
|
$ |
867,540 |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Operating income (loss): |
|
|
|
|
|
|
|
|
||||||||||||||||||||
GAAP operating loss |
$ |
(355,303 |
) |
( |
$ |
(285,407 |
) |
( |
$ |
(703,875 |
) |
( |
$ |
(558,645 |
) |
( |
||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Stock-based compensation-related charges(1) |
|
373,337 |
|
|
|
314,241 |
|
|
|
733,726 |
|
|
|
601,862 |
|
|
||||||||||||
Amortization of acquired intangibles |
|
23,929 |
|
|
|
20,797 |
|
|
|
47,374 |
|
|
|
36,391 |
|
|
||||||||||||
Expenses associated with acquisitions and strategic investments |
|
1,783 |
|
|
|
4,569 |
|
|
|
2,765 |
|
|
|
7,198 |
|
|
||||||||||||
Non-GAAP operating income |
$ |
43,746 |
|
|
$ |
54,200 |
|
|
$ |
79,990 |
|
|
$ |
86,806 |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Operating margin: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
GAAP operating margin |
|
(41 |
%) |
|
|
(42 |
%) |
|
|
(41 |
%) |
|
|
(43 |
%) |
|
||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Stock-based compensation-related charges as a % of revenue |
|
43 |
% |
|
|
46 |
% |
|
|
43 |
% |
|
|
46 |
% |
|
||||||||||||
Amortization of acquired intangibles as a % of revenue |
|
3 |
% |
|
|
3 |
% |
|
|
3 |
% |
|
|
3 |
% |
|
||||||||||||
Expenses associated with acquisitions and strategic investments as a % of revenue |
|
— |
% |
|
|
1 |
% |
|
|
— |
% |
|
|
1 |
% |
|
||||||||||||
Non-GAAP operating margin |
|
5 |
% |
|
|
8 |
% |
|
|
5 |
% |
|
|
7 |
% |
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net income (loss): |
|
|
|
|
|
|
|
|
||||||||||||||||||||
GAAP net loss |
$ |
(317,770 |
) |
( |
$ |
(227,320 |
) |
( |
$ |
(635,586 |
) |
( |
$ |
(453,384 |
) |
( |
||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Stock-based compensation-related charges(1) |
|
373,337 |
|
|
|
314,241 |
|
|
|
733,726 |
|
|
|
601,862 |
|
|
||||||||||||
Amortization of acquired intangibles |
|
23,929 |
|
|
|
20,797 |
|
|
|
47,374 |
|
|
|
36,391 |
|
|
||||||||||||
Expenses associated with acquisitions and strategic investments |
|
1,783 |
|
|
|
4,569 |
|
|
|
2,765 |
|
|
|
7,198 |
|
|
||||||||||||
Income tax effect related to the above adjustments and acquisitions |
|
(18,183 |
) |
|
|
(31,947 |
) |
|
|
(33,738 |
) |
|
|
(57,578 |
) |
|
||||||||||||
Non-GAAP net income |
$ |
63,096 |
|
|
$ |
80,340 |
|
|
$ |
114,541 |
|
|
$ |
134,489 |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net income (loss) attributable to Snowflake Inc.: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
GAAP net loss attributable to Snowflake Inc. |
$ |
(316,899 |
) |
( |
$ |
(226,867 |
) |
( |
$ |
(633,887 |
) |
( |
$ |
(452,494 |
) |
( |
||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Stock-based compensation-related charges(1) |
|
373,337 |
|
|
|
314,241 |
|
|
|
733,726 |
|
|
|
601,862 |
|
|
||||||||||||
Amortization of acquired intangibles |
|
23,929 |
|
|
|
20,797 |
|
|
|
47,374 |
|
|
|
36,391 |
|
|
||||||||||||
Expenses associated with acquisitions and strategic investments |
|
1,783 |
|
|
|
4,569 |
|
|
|
2,765 |
|
|
|
7,198 |
|
|
||||||||||||
Income tax effect related to the above adjustments and acquisitions |
|
(18,183 |
) |
|
|
(31,947 |
) |
|
|
(33,738 |
) |
|
|
(57,578 |
) |
|
||||||||||||
Adjustments attributable to noncontrolling interest, net of tax |
|
(117 |
) |
|
|
(50 |
) |
|
|
(230 |
) |
|
|
(110 |
) |
|
||||||||||||
Non-GAAP net income attributable to Snowflake Inc. |
$ |
63,850 |
|
|
$ |
80,743 |
|
|
$ |
116,010 |
|
|
$ |
135,269 |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net income (loss) per share attributable to Snowflake Inc. common stockholders—basic and diluted: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
GAAP net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted |
$ |
(0.95 |
) |
|
$ |
(0.69 |
) |
|
$ |
(1.90 |
) |
|
$ |
(1.39 |
) |
|
||||||||||||
Weighted-average shares used in computing GAAP net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted |
|
334,071 |
|
|
|
327,335 |
|
|
|
333,830 |
|
|
|
325,772 |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Non-GAAP net income per share attributable to Snowflake Inc. common stockholders—basic |
$ |
0.19 |
|
|
$ |
0.25 |
|
|
$ |
0.35 |
|
|
$ |
0.41 |
|
|
||||||||||||
Weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders—basic |
|
334,071 |
|
|
|
327,335 |
|
|
|
333,830 |
|
|
|
325,772 |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Non-GAAP net income per share attributable to Snowflake Inc. common stockholders—diluted |
$ |
0.18 |
|
|
$ |
0.22 |
|
|
$ |
0.32 |
|
|
$ |
0.37 |
|
|
||||||||||||
Non-GAAP weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders—diluted(2) |
|
359,319 |
|
|
|
363,033 |
|
|
|
361,323 |
|
|
|
361,697 |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Free cash flow and adjusted free cash flow: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
GAAP net cash provided by operating activities |
$ |
69,865 |
|
|
$ |
83,191 |
|
|
$ |
425,333 |
|
|
$ |
382,635 |
|
|
||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Purchases of property and equipment |
|
(5,043 |
) |
|
|
(6,298 |
) |
|
|
(21,562 |
) |
|
|
(13,268 |
) |
|
||||||||||||
Capitalized internal-use software development costs |
|
(5,992 |
) |
|
|
(7,874 |
) |
|
|
(13,396 |
) |
|
|
(17,215 |
) |
|
||||||||||||
Non-GAAP free cash flow |
|
58,830 |
|
|
|
69,019 |
|
|
|
390,375 |
|
|
|
352,152 |
|
|
||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net cash paid on payroll tax-related items on employee stock transactions(3) |
|
7,121 |
|
|
|
19,138 |
|
|
|
41,267 |
|
|
|
22,923 |
|
|
||||||||||||
Non-GAAP adjusted free cash flow |
$ |
65,951 |
|
|
$ |
88,157 |
|
|
$ |
431,642 |
|
|
$ |
375,075 |
|
|
||||||||||||
Non-GAAP free cash flow margin |
|
7 |
% |
|
|
10 |
% |
|
|
23 |
% |
|
|
27 |
% |
|
||||||||||||
Non-GAAP adjusted free cash flow margin |
|
8 |
% |
|
|
13 |
% |
|
|
25 |
% |
|
|
29 |
% |
|
(1) |
Stock-based compensation-related charges included employer payroll tax-related expenses on employee stock transactions of approximately |
|
|
||
(2) |
For the periods in which we had non-GAAP net income, the non-GAAP weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders—diluted included the effect of all potentially dilutive common stock equivalents (stock options, restricted stock units, and employee stock purchase rights under our 2020 Employee Stock Purchase Plan). The potential dilutive effect of outstanding restricted stock units with performance conditions not yet satisfied is included in the non-GAAP weighted-average number of diluted shares at forecasted attainment levels to the extent we believe it is probable that the performance conditions will be met. |
|
|
||
(3) |
The amounts for the three and six months ended July 31, 2024 do not include employee payroll taxes of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240821053167/en/
Investor Contact
Jimmy Sexton
IR@snowflake.com
Press Contact
Eszter Szikora
Press@snowflake.com
Source: Snowflake Inc.
FAQ
What was Snowflake's (SNOW) product revenue for Q2 FY2025?
How many customers does Snowflake (SNOW) have with over $1 million in trailing 12-month product revenue?
What is Snowflake's (SNOW) net revenue retention rate as of July 31, 2024?