- Product revenue of $590.1 million in the first quarter,
representing 50% year-over-year growth
- 373 customers with trailing 12-month product revenue greater
than $1 million
- Net revenue retention rate of 151%
- 590 Forbes Global 2000 customers
- Remaining performance obligations of $3.4 billion, representing
31% year-over-year growth
Snowflake (NYSE: SNOW), the Data Cloud company, today announced
financial results for its first quarter of fiscal 2024, ended April
30, 2023.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230524005340/en/
Snowflake Q1 FY24 Infographic (Graphic:
Snowflake)
Revenue for the quarter was $623.6 million, representing 48%
year-over-year growth. Product revenue for the quarter was $590.1
million, representing 50% year-over-year growth. The company now
has 373 customers with trailing 12-month product revenue greater
than $1 million and 590 Forbes Global 2000 customers. Net revenue
retention rate was 151% as of April 30, 2023. Remaining performance
obligations were $3.4 billion, representing 31% year-over-year
growth. See the section titled “Key Business Metrics” for
definitions of product revenue, customers with trailing 12-month
product revenue greater than $1 million, net revenue retention
rate, Forbes Global 2000 customers, and remaining performance
obligations.
“During Q1, Snowflake’s product revenue grew 50%, totaling $590
million. Non-GAAP adjusted free cash flow was $287 million for the
quarter, up 58% year-over-year,” said Frank Slootman, Chairman and
CEO, Snowflake. "Data has gravitational pull, and given the vast
universe of data Snowflake manages, it is no surprise that interest
in data science, AI and machine learning is escalating while its
uses are rapidly evolving."
First Quarter Fiscal 2024 GAAP and Non-GAAP Results:
The following table summarizes our financial results for the
first quarter of fiscal 2024:
First Quarter Fiscal
2024
GAAP Results
First Quarter Fiscal
2024
Non-GAAP
Results(1)
Amount
(millions)
Year/Year
Growth
Product revenue
$590.1
50%
Amount
(millions)
Margin
Amount
(millions)
Margin
Product gross profit
$430.7
73%
$454.1
77%
Operating income (loss)
($273.2)
(44%)
$32.6
5%
Net cash provided by operating
activities
$299.4
Free cash flow
$283.1
45%
Adjusted free cash flow
$286.9
46%
(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, and
the table titled “GAAP to Non-GAAP Reconciliations” for a
reconciliation of GAAP to non-GAAP financial measures.
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 second
quarter of fiscal 2024:
Second Quarter Fiscal
2024
GAAP Guidance
Second Quarter Fiscal
2024
Non-GAAP
Guidance(1)
Amount
(millions)
Year/Year
Growth
Product revenue
$620 - $625
33 - 34%
Margin
Operating income
2%
Amount
(millions)
Weighted-average shares used in
computing net income per share attributable to Snowflake Inc.
common stockholders - diluted(2)
361
(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.
(2) The potential impact of future
repurchases under our existing 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 2024:
Full-Year Fiscal 2024
GAAP Guidance
Full-Year Fiscal 2024
Non-GAAP
Guidance(1)
Amount
(millions)
Year/Year
Growth
Product revenue
$2,600
34%
Margin
Product gross profit
76%
Operating income
5%
Adjusted free cash flow
26%
Amount
(millions)
Weighted-average shares used in
computing net income per share attributable to Snowflake Inc.
common stockholders - diluted(2)
362
(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.
(2) The potential impact of future
repurchases under our existing 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. 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.
Conference Call Details
We will host a conference call today, beginning at 3 p.m.
Mountain Time on May 24, 2023. Investors and participants may
attend the call by dialing (844) 200-6205 (Access code: 450168), or
if outside the United States, by dialing +1 (929) 526-1599 (Access
code: 450168).
The call will also be webcast live on the Snowflake Investor
Relations website.
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 the United States (GAAP), in addition to, and not as
a substitute for, or superior to, financial measures calculated in
accordance with GAAP.
- Product gross profit, Operating income (loss), Net income
(loss), Net income (loss) attributable to Snowflake Inc., and Net
income (loss) per share attributable to Snowflake Inc. common
stockholders - basic and diluted. Our non-GAAP product gross
profit, operating income (loss), net income (loss), and net income
(loss) attributable to Snowflake Inc. measures exclude 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. Our non-GAAP
net income (loss) per share attributable to Snowflake Inc. common
stockholders - basic is calculated by dividing non-GAAP net income
(loss) attributable to Snowflake Inc. by the weighted-average
number of diluted 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. Non-GAAP net loss per share
attributable to Snowflake Inc. common stockholders - diluted is the
same as Non-GAAP net loss per share attributable to Snowflake Inc.
common stockholders - basic as the inclusion of all potential
dilutive common stock equivalents would be anti-dilutive. 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 (used in) 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, which are consumed by customers on our
platform as a single, integrated offering. 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.
- Customers with Trailing 12-Month Product Revenue Greater
than $1 Million. 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.
- 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.
- Forbes Global 2000 Customers. Our Forbes Global 2000
customer count is a subset of our customer count based on the 2022
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.
- 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.” 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, and
fluctuations or volatility in capital markets or foreign currency
exchange rates; our ability to attract and retain customers; the
extent to which customers continue to optimize consumption,
including by reducing storage through shorter data retention
policies; 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; 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 the Data Cloud
and Snowpark; our ability to increase and predict customer
consumption of our platform, particularly in light of slower than
expected consumption from April 2023 through the date of this
release and the impact of holidays on customer consumption
patterns; our ability to compete effectively; 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-K for the fiscal year ended January 31, 2023 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 April 30, 2023.
Moreover, we operate in a very competitive and rapidly changing
environment, and new risks may emerge from time to time. It is not
possible for us to predict all risks, nor can we assess the impact
of all factors on our business or the extent to which any factor,
or combination of factors, may cause actual results or outcomes to
differ materially from those contained in any forward-looking
statements we may make. 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 enables every organization to mobilize their data with
Snowflake’s Data Cloud. Customers use the Data Cloud to unite
siloed data, discover and securely share data, and execute diverse
analytic workloads. Wherever data or users live, Snowflake delivers
a single data experience that spans multiple clouds and
geographies. Thousands of customers across many industries,
including 590 of the 2022 Forbes Global 2000 (G2K) as of April 30,
2023, use Snowflake Data Cloud to power their businesses. Learn
more at snowflake.com.
Source: Snowflake Inc.
Snowflake Inc.
Condensed Consolidated
Statements of Operations
(in thousands, except per
share data)
(unaudited)
Three Months Ended April
30,
2023
2022
Revenue
$
623,599
$
422,371
Cost of revenue
209,414
147,930
Gross profit
414,185
274,441
Operating expenses:
Sales and marketing
331,558
243,912
Research and development
277,412
150,798
General and administrative
78,453
68,497
Total operating expenses
687,423
463,207
Operating loss
(273,238
)
(188,766
)
Interest income
43,131
4,759
Other expense, net
(2,562
)
(8,481
)
Loss before income taxes
(232,669
)
(192,488
)
Benefit from income taxes
(6,605
)
(26,694
)
Net loss
(226,064
)
(165,794
)
Less: net loss attributable to
noncontrolling interest
(437
)
—
Net loss attributable to Snowflake
Inc.
$
(225,627
)
$
(165,794
)
Net loss per share attributable to
Snowflake Inc. common stockholders - basic and diluted
$
(0.70
)
$
(0.53
)
Weighted-average shares used in computing
net loss per share attributable to Snowflake Inc. common
stockholders - basic and diluted
324,157
314,361
Snowflake Inc.
Condensed Consolidated Balance
Sheets
(in thousands)
(unaudited)
April 30, 2023
January 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
653,014
$
939,902
Short-term investments
3,292,514
3,067,966
Accounts receivable, net
352,993
715,821
Deferred commissions, current
69,205
67,901
Prepaid expenses and other current
assets
201,821
193,100
Total current assets
4,569,547
4,984,690
Long-term investments
1,090,715
1,073,023
Property and equipment, net
176,433
160,823
Operating lease right-of-use assets
229,394
231,266
Goodwill
711,251
657,370
Intangible assets, net
256,419
186,013
Deferred commissions, non-current
142,751
145,286
Other assets
270,264
283,851
Total assets
$
7,446,774
$
7,722,322
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
22,221
$
23,672
Accrued expenses and other current
liabilities
275,685
269,069
Operating lease liabilities, current
29,190
27,301
Deferred revenue, current
1,560,445
1,673,475
Total current liabilities
1,887,541
1,993,517
Operating lease liabilities,
non-current
225,653
224,357
Deferred revenue, non-current
14,152
11,463
Other liabilities
21,443
24,370
Snowflake Inc. stockholders’ equity
5,286,243
5,456,436
Noncontrolling interest
11,742
12,179
Total liabilities and stockholders’
equity
$
7,446,774
$
7,722,322
Snowflake Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended April
30,
2023
2022
Cash flows from operating
activities:
Net loss
$
(226,064
)
$
(165,794
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
23,163
9,941
Non-cash operating lease costs
12,869
10,091
Amortization of deferred commissions
17,672
13,201
Stock-based compensation, net of amounts
capitalized
264,509
172,493
Net amortization (accretion) of premiums
(discounts) on investments
(15,331
)
8,198
Net unrealized losses on strategic
investments in equity securities
2,414
8,859
Deferred income tax
(8,868
)
(26,664
)
Other
9,978
1,761
Changes in operating assets and
liabilities, net of effects of business combinations:
Accounts receivable
362,893
266,656
Deferred commissions
(16,440
)
(16,718
)
Prepaid expenses and other assets
5,527
(57,535
)
Accounts payable
(3,093
)
4,158
Accrued expenses and other liabilities
(8,542
)
(14,217
)
Operating lease liabilities
(10,763
)
(8,376
)
Deferred revenue
(110,480
)
(21,441
)
Net cash provided by operating
activities
299,444
184,613
Cash flows from investing
activities:
Purchases of property and equipment
(6,970
)
(7,413
)
Capitalized internal-use software
development costs
(9,341
)
(4,804
)
Cash paid for business combinations, net
of cash, cash equivalents, and restricted cash acquired
(123,112
)
(177,925
)
Purchases of investments
(1,037,286
)
(897,291
)
Sales of investments
5,652
10,974
Maturities and redemptions of
investments
808,844
886,667
Net cash used in investing activities
(362,213
)
(189,792
)
Cash flows from financing
activities:
Proceeds from exercise of stock
options
15,370
15,276
Proceeds from issuance of common stock
under employee stock purchase plan
37,065
26,094
Taxes paid related to net share settlement
of equity awards
(84,399
)
(53,216
)
Repurchases of common stock
(191,694
)
—
Net cash used in financing activities
(223,658
)
(11,846
)
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
535
(5,098
)
Net decrease in cash, cash equivalents,
and restricted cash
(285,892
)
(22,123
)
Cash, cash equivalents, and restricted
cash—beginning of period
956,731
1,102,534
Cash, cash equivalents, and restricted
cash—end of period
$
670,839
$
1,080,411
Snowflake Inc.
GAAP to Non-GAAP
Reconciliations
(in thousands, except per
share data and percentages)
(unaudited)
Three Months Ended April
30,
2023
2022
Amount
Amount as a % of
Revenue
Amount
Amount as a % of
Revenue
Revenue:
Product revenue
$
590,072
95%
$
394,434
93%
Professional services and other
revenue
33,527
5%
27,937
7%
Revenue
$
623,599
100%
$
422,371
100%
Year-over-year growth
48
%
85
%
Cost of revenue:
GAAP cost of product revenue
$
159,378
26%
$
111,411
26%
Less: stock-based compensation-related
charges
(18,800
)
(13,141
)
Less: amortization of acquired
intangibles
(4,581
)
(567
)
Non-GAAP cost of product revenue
$
135,997
22%
$
97,703
23%
GAAP cost of professional services and
other revenue
$
50,036
8%
$
36,519
9%
Less: stock-based compensation-related
charges
(14,920
)
(11,749
)
Less: amortization of acquired
intangibles
(1,446
)
—
Non-GAAP cost of professional services and
other revenue
$
33,670
5%
$
24,770
6%
GAAP cost of revenue
$
209,414
34%
$
147,930
35%
Less: stock-based compensation-related
charges
(33,720
)
(24,890
)
Less: amortization of acquired
intangibles
(6,027
)
(567
)
Non-GAAP cost of revenue
$
169,667
27%
$
122,473
29%
Gross profit (loss):
GAAP product gross profit
$
430,694
73%
$
283,023
72%
Add: stock-based compensation-related
charges
18,800
13,141
Add: amortization of acquired
intangibles
4,581
567
Non-GAAP product gross profit
$
454,075
77%
$
296,731
75%
GAAP professional services and other
revenue gross loss
$
(16,509
)
(49%)
$
(8,582
)
(31%)
Add: stock-based compensation-related
charges
14,920
11,749
Add: amortization of acquired
intangibles
1,446
—
Non-GAAP professional services and other
revenue gross profit (loss)
$
(143
)
—%
$
3,167
11%
GAAP gross profit
$
414,185
66%
$
274,441
65%
Add: stock-based compensation-related
charges
33,720
24,890
Add: amortization of acquired
intangibles
6,027
567
Non-GAAP gross profit
$
453,932
73%
$
299,898
71%
Gross margin:
GAAP product gross margin
73
%
72
%
Add: stock-based compensation-related
charges as a % of product revenue
3
%
3
%
Add: amortization of acquired intangibles
as a % of product revenue
1
%
—
%
Non-GAAP product gross margin
77
%
75
%
GAAP professional services and other
revenue gross margin
(49
%)
(31
%)
Add: stock-based compensation-related
charges as a % of professional services and other revenue
45
%
42
%
Add: amortization of acquired intangibles
as a % of professional services and other revenue
4
%
—
%
Non-GAAP professional services and other
revenue gross margin
—
%
11
%
GAAP gross margin
66
%
65
%
Add: stock-based compensation-related
charges as a % of revenue
6
%
6
%
Add: amortization of acquired intangibles
as a % of revenue
1
%
—
%
Non-GAAP gross margin
73
%
71
%
Operating expenses:
GAAP sales and marketing expense
$
331,558
53%
$
243,912
58%
Less: stock-based compensation-related
charges
(79,625
)
(57,624
)
Less: amortization of acquired
intangibles
(7,307
)
(2,546
)
Non-GAAP sales and marketing expense
$
244,626
39%
$
183,742
44%
GAAP research and development expense
$
277,412
44%
$
150,798
36%
Less: stock-based compensation-related
charges
(146,628
)
(75,784
)
Less: amortization of acquired
intangibles
(1,824
)
(1,766
)
Non-GAAP research and development
expense
$
128,960
21%
$
73,248
17%
GAAP general and administrative
expense
$
78,453
13%
$
68,497
16%
Less: stock-based compensation-related
charges
(27,648
)
(24,943
)
Less: amortization of acquired
intangibles
(436
)
(412
)
Less: expenses associated with
acquisitions and strategic investments
(2,629
)
(1,909
)
Non-GAAP general and administrative
expense
$
47,740
8%
$
41,233
10%
GAAP total operating expense
$
687,423
110%
$
463,207
110%
Less: stock-based compensation-related
charges
(253,901
)
(158,351
)
Less: amortization of acquired
intangibles
(9,567
)
(4,724
)
Less: expenses associated with
acquisitions and strategic investments
(2,629
)
(1,909
)
Non-GAAP total operating expense
$
421,326
68%
$
298,223
71%
Operating income (loss):
GAAP operating loss
$
(273,238
)
(44%)
$
(188,766
)
(45%)
Add: stock-based compensation-related
charges(1)
287,621
183,241
Add: amortization of acquired
intangibles
15,594
5,291
Add: expenses associated with acquisitions
and strategic investments
2,629
1,909
Non-GAAP operating income
$
32,606
5%
$
1,675
—%
Operating margin:
GAAP operating margin
(44
%)
(45
%)
Add: stock-based compensation-related
charges as a % of revenue
46
%
44
%
Add: amortization of acquired intangibles
as a % of revenue
3
%
1
%
Add: expenses associated with acquisitions
and strategic investments as a % of revenue
—
%
—
%
Non-GAAP operating margin
5
%
—
%
Net income (loss):
GAAP net loss
$
(226,064
)
(36%)
$
(165,794
)
(39%)
Add: stock-based compensation-related
charges(1)
287,621
183,241
Add: amortization of acquired
intangibles
15,594
5,291
Add: expenses associated with acquisitions
and strategic investments
2,629
1,909
Income tax expenses effect related to the
above adjustments
(25,631
)
(26,162
)
Non-GAAP net income (loss)
$
54,149
9%
$
(1,515
)
—%
Net income (loss) attributable to
Snowflake Inc.:
GAAP net loss attributable to Snowflake
Inc.
$
(225,627
)
(36%)
$
(165,794
)
(39%)
Add: stock-based compensation-related
charges(1)
287,621
183,241
Add: amortization of acquired
intangibles
15,594
5,291
Add: expenses associated with acquisitions
and strategic investments
2,629
1,909
Income tax expenses effect related to the
above adjustments
(25,631
)
(26,162
)
Adjustments attributable to noncontrolling
interest, net of tax
(60
)
—
Non-GAAP net income (loss) attributable to
Snowflake Inc.
$
54,526
9%
$
(1,515
)
—%
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
$
(0.70
)
$
(0.53
)
Weighted-average shares used in computing
GAAP net loss per share attributable to Snowflake Inc. common
stockholders - basic and diluted
324,157
314,361
Non-GAAP net income (loss) per share
attributable to Snowflake Inc. common stockholders - basic
$
0.17
$
(0.00
)
Weighted-average shares used in computing
non-GAAP net income (loss) per share attributable to Snowflake Inc.
common stockholders - basic
324,157
314,361
Non-GAAP net income (loss) per share
attributable to Snowflake Inc. common stockholders - diluted
$
0.15
$
(0.00
)
Non-GAAP weighted-average shares used in
computing non-GAAP net income per share attributable to Snowflake
Inc. common stockholders - diluted(2)
360,309
N/A
Weighted-average shares used in computing
non-GAAP net loss per share attributable to Snowflake Inc. common
stockholders - diluted
N/A
314,361
Free cash flow and adjusted free cash
flow:
GAAP net cash provided by operating
activities
$
299,444
48%
$
184,613
44%
Less: purchases of property and
equipment
(6,970
)
(7,413
)
Less: capitalized internal-use software
development costs
(9,341
)
(4,804
)
Non-GAAP free cash flow
283,133
45%
172,396
41%
Add: net cash paid on payroll tax-related
items on employee stock transactions(3)
3,785
9,045
Non-GAAP adjusted free cash flow
$
286,918
46%
$
181,441
43%
Non-GAAP free cash flow margin
45
%
41
%
Non-GAAP adjusted free cash flow
margin
46
%
43
%
(1) Stock-based
compensation-related charges included employer payroll tax-related
expenses on employee stock transactions of approximately $15.9
million and $10.2 million for the three months ended April 30, 2023
and 2022, respectively.
(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. These potentially dilutive securities were
excluded from the weighted-average shares used in computing
non-GAAP net loss per share attributable to Snowflake Inc. common
stockholders - diluted when we were in a non-GAAP net loss
position.
(3) The amounts for the three
months ended April 30, 2023 and 2022 do not include employee
payroll taxes of $84.4 million and $53.2 million, respectively,
related to net share settlement of employee restricted stock units,
which were reflected as cash outflows for financing activities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230524005340/en/
Investor Contact Jimmy Sexton IR@snowflake.com
Press Contact Eszter Szikora Press@snowflake.com
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