- Product revenue of $738.1 million in the fourth quarter,
representing 33% year-over-year growth
- 461 customers with trailing 12-month product revenue greater
than $1 million
- Net revenue retention rate of 131%
- 691 Forbes Global 2000 customers
- Remaining performance obligations of $5.2 billion, representing
41% year-over-year growth
Snowflake (NYSE: SNOW), the Data Cloud company, today announced
financial results for its fourth quarter and full-year of fiscal
2024, ended January 31, 2024.
This press release features multimedia. View
the full release here:
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Snowflake Q4 and Full-Year FY24
Infographic (Graphic: Snowflake)
Revenue for the quarter was $774.7 million, representing 32%
year-over-year growth. Product revenue for the quarter was $738.1
million, representing 33% year-over-year growth. The company now
has 461 customers with trailing 12-month product revenue greater
than $1 million and 691 Forbes Global 2000 customers, representing
39% and 8% year-over-year growth, respectively. Net revenue
retention rate was 131% as of January 31, 2024. Remaining
performance obligations were $5.2 billion, representing 41%
year-over-year growth. Net cash provided by operating activities
was $344.6 million, representing 59% 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.
“Snowflake finished fiscal 2024 with a 38% year-over-year
product revenue growth, totaling $2.67 billion. Non-GAAP adjusted
free cash flow was $810 million, representing 56% year-over-year
growth,” said Frank Slootman, Chairman of the Board, Snowflake. “We
are successfully campaigning the largest enterprises globally, as
more companies and institutions make Snowflake’s Data Cloud the
platform of their AI and data strategy.”
Fourth Quarter Fiscal 2024 GAAP and Non-GAAP Results:
The following table summarizes our financial results for the
fourth quarter of fiscal 2024:
Fourth Quarter Fiscal 2024
GAAP Results
Fourth Quarter Fiscal 2024
Non-GAAP Results(1)
Amount
(millions)
Year/Year Growth
Product revenue
$738.1
33%
Amount
(millions)
Margin
Amount
(millions)
Margin
Product gross profit
$545.3
74%
$576.0
78%
Operating income (loss)
($275.5)
(36%)
$71.0
9%
Net cash provided by operating
activities
$344.6
Free cash flow
$324.5
42%
Adjusted free cash flow
$324.3
42%
(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.
Full-Year Fiscal 2024 GAAP and Non-GAAP Results:
The following table summarizes our financial results for the
full-year of fiscal 2024:
Full-Year Fiscal 2024
GAAP Results
Full-Year Fiscal 2024
Non-GAAP Results(1)
Amount
(millions)
Year/Year Growth
Product revenue
$2,666.8
38%
Amount
(millions)
Margin
Amount
(millions)
Margin
Product gross profit
$1,965.6
74%
$2,076.0
78%
Operating income (loss)
($1,094.8)
(39%)
$229.7
8%
Net cash provided by operating
activities
$848.1
Free cash flow
$778.9
28%
Adjusted free cash flow
$810.2
29%
(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 first
quarter of fiscal 2025:
First Quarter Fiscal 2025
GAAP Guidance
First Quarter Fiscal 2025
Non-GAAP Guidance(1)
Amount
(millions)
Year/Year Growth
Product revenue
$745 - $750
26 - 27%
Margin
Operating income
3%
Amount
(millions)
Weighted-average shares used in
computing net income per share attributable to Snowflake Inc.
common stockholders - diluted(2)
366
(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 2025:
Full-Year Fiscal 2025
GAAP Guidance
Full-Year Fiscal 2025
Non-GAAP Guidance(1)
Amount
(millions)
Year/Year Growth
Product revenue
$3,250
22%
Margin
Product gross profit
76%
Operating income
6%
Adjusted free cash flow
29%
Amount
(millions)
Weighted-average shares used in
computing net income per share attributable to Snowflake Inc.
common stockholders - diluted(2)
368
(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 February 28, 2024. Investors and participants may
attend the call by dialing (833) 470-1428 (Access code: 766155), or
if outside the United States, by dialing +1 (929) 526-1599 (Access
code: 766155).
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 the United States (GAAP), in addition to, and not as
a substitute for, or superior to, financial measures calculated in
accordance with GAAP.
- 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. Our non-GAAP product gross profit, operating income,
net income, and net income 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. 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, 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 2023
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.” 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. 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; 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 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 the 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; 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 October 31, 2023 and
other filings and reports we make with the Securities and Exchange
Commission from time to time, including our Form 10-K that will be
filed for the fiscal year ended January 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 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, power data
applications, and execute diverse AI/ML and 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 691 of the 2023 Forbes
Global 2000 (G2K) as of January 31, 2024, 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 January
31,
Twelve Months Ended January
31,
2024
2023
2024
2023
Revenue
$
774,699
$
589,012
$
2,806,489
$
2,065,659
Cost of revenue
241,804
205,657
898,558
717,540
Gross profit
532,895
383,355
1,907,931
1,348,119
Operating expenses:
Sales and marketing
361,822
303,473
1,391,747
1,106,507
Research and development
364,476
242,125
1,287,949
788,058
General and administrative
82,102
77,507
323,008
295,821
Total operating expenses
808,400
623,105
3,002,704
2,190,386
Operating loss
(275,505
)
(239,750
)
(1,094,773
)
(842,267
)
Interest income
53,761
35,531
200,663
73,839
Other income (expense), net
47,533
(2,893
)
44,887
(47,565
)
Loss before income taxes
(174,211
)
(207,112
)
(849,223
)
(815,993
)
Provision for (benefit from) income
taxes
(4,299
)
372
(11,233
)
(18,467
)
Net loss
(169,912
)
(207,484
)
(837,990
)
(797,526
)
Less: net loss attributable to
noncontrolling interest
(560
)
(315
)
(1,893
)
(821
)
Net loss attributable to Snowflake
Inc.
$
(169,352
)
$
(207,169
)
$
(836,097
)
$
(796,705
)
Net loss per share attributable to
Snowflake Inc. common stockholders - basic and diluted
$
(0.51
)
$
(0.64
)
$
(2.55
)
$
(2.50
)
Weighted-average shares used in computing
net loss per share attributable to Snowflake Inc. common
stockholders - basic and diluted
331,079
321,924
328,001
318,730
Snowflake Inc.
Condensed Consolidated Balance
Sheets
(in thousands)
(unaudited)
January 31, 2024
January 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
1,762,749
$
939,902
Short-term investments
2,083,499
3,067,966
Accounts receivable, net
926,902
715,821
Deferred commissions, current
86,096
67,901
Prepaid expenses and other current
assets
180,018
193,100
Total current assets
5,039,264
4,984,690
Long-term investments
916,307
1,073,023
Property and equipment, net
247,464
160,823
Operating lease right-of-use assets
252,128
231,266
Goodwill
975,906
657,370
Intangible assets, net
331,411
186,013
Deferred commissions, non-current
187,093
145,286
Other assets
273,810
283,851
Total assets
$
8,223,383
$
7,722,322
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
51,721
$
23,672
Accrued expenses and other current
liabilities
446,860
269,069
Operating lease liabilities, current
33,944
27,301
Deferred revenue, current
2,198,705
1,673,475
Total current liabilities
2,731,230
1,993,517
Operating lease liabilities,
non-current
254,037
224,357
Deferred revenue, non-current
14,402
11,463
Other liabilities
33,120
24,370
Snowflake Inc. stockholders’ equity
5,180,308
5,456,436
Noncontrolling interest
10,286
12,179
Total liabilities and stockholders’
equity
$
8,223,383
$
7,722,322
Snowflake Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended January
31,
Twelve Months Ended January
31,
2024
2023
2024
2023
Cash flows from operating
activities:
Net loss
$
(169,912
)
$
(207,484
)
$
(837,990
)
$
(797,526
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
34,986
19,726
119,903
63,535
Non-cash operating lease costs
13,751
12,661
52,892
46,240
Amortization of deferred commissions
20,065
15,920
74,787
57,445
Stock-based compensation, net of amounts
capitalized
305,498
250,696
1,168,015
861,533
Net amortization (accretion) of premiums
(discounts) on investments
(12,299
)
(8,834
)
(61,525
)
3,497
Net realized and unrealized losses (gains)
on strategic investments in equity securities
(45,704
)
1,339
(46,809
)
46,435
Deferred income tax
(13,655
)
(1,387
)
(26,762
)
(26,664
)
Other
609
940
14,895
1,618
Changes in operating assets and
liabilities, net of effects of business combinations:
Accounts receivable
(417,221
)
(317,688
)
(212,083
)
(166,965
)
Deferred commissions
(68,317
)
(31,480
)
(134,787
)
(95,107
)
Prepaid expenses and other assets
8,221
(16,073
)
59,795
(2,904
)
Accounts payable
(32,460
)
(2,280
)
19,212
8,024
Accrued expenses and other liabilities
137,339
46,792
171,048
74,519
Operating lease liabilities
(11,759
)
(13,166
)
(40,498
)
(42,342
)
Deferred revenue
595,438
467,634
528,029
514,301
Net cash provided by operating
activities
344,580
217,316
848,122
545,639
Cash flows from investing
activities:
Purchases of property and equipment
(13,072
)
(5,362
)
(35,086
)
(25,128
)
Capitalized internal-use software
development costs
(7,029
)
(6,693
)
(34,133
)
(24,012
)
Cash paid for business combinations, net
of cash, cash equivalents, and restricted cash acquired
3,828
(10,054
)
(275,706
)
(362,609
)
Purchases of intangible assets
—
—
(28,744
)
(700
)
Purchases of investments
(380,877
)
(1,105,154
)
(2,476,206
)
(3,901,321
)
Sales of investments
—
—
11,266
58,813
Maturities and redemptions of
investments
919,719
1,062,479
3,670,867
3,657,072
Net cash provided by (used in) investing
activities
522,569
(64,784
)
832,258
(597,885
)
Cash flows from financing
activities:
Proceeds from exercise of stock
options
18,340
8,798
57,194
39,893
Proceeds from issuance of common stock
under employee stock purchase plan
—
—
61,234
40,931
Taxes paid related to net share settlement
of equity awards
(106,971
)
(48,882
)
(380,799
)
(184,648
)
Repurchases of common stock
—
—
(591,732
)
—
Capital contributions from noncontrolling
interest holders
—
—
—
13,000
Payments of deferred purchase
consideration for business combinations
—
—
—
(1,800
)
Net cash used in financing activities
(88,631
)
(40,084
)
(854,103
)
(92,624
)
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
2,564
8,457
(2,031
)
(933
)
Net increase (decrease) in cash, cash
equivalents, and restricted cash
781,082
120,905
824,246
(145,803
)
Cash, cash equivalents, and restricted
cash—beginning of period
999,895
835,826
956,731
1,102,534
Cash, cash equivalents, and restricted
cash—end of period
$
1,780,977
$
956,731
$
1,780,977
$
956,731
Snowflake Inc.
GAAP to Non-GAAP
Reconciliations
(in thousands, except per
share data and percentages)
(unaudited)
Three Months Ended January
31,
Twelve Months Ended January
31,
2024
2023
2024
2023
Amount
Amount as a % of
Revenue
Amount
Amount as a % of
Revenue
Amount
Amount as a % of
Revenue
Amount
Amount as a % of
Revenue
Revenue:
Product revenue
$
738,090
95%
$
555,329
94%
$
2,666,849
95%
$
1,938,783
94%
Professional services and other
revenue
36,609
5%
33,683
6%
139,640
5%
126,876
6%
Revenue
$
774,699
100%
$
589,012
100%
$
2,806,489
100%
$
2,065,659
100%
Year-over-year growth
32%
53%
36%
69%
Cost of revenue:
GAAP cost of product revenue
$
192,776
$
158,601
$
701,200
$
547,547
Adjustments:
Stock-based compensation-related
charges
(20,928)
(17,332)
(78,900)
(61,379)
Amortization of acquired intangibles
(9,760)
(2,335)
(31,403)
(4,767)
Non-GAAP cost of product revenue
$
162,088
$
138,934
$
590,897
$
481,401
GAAP cost of professional services and
other revenue
$
49,028
$
47,056
$
197,358
$
169,993
Adjustments:
Stock-based compensation-related
charges
(13,380)
(14,250)
(58,231)
(52,324)
Amortization of acquired intangibles
(1,663)
—
(6,434)
—
Non-GAAP cost of professional services and
other revenue
$
33,985
$
32,806
$
132,693
$
117,669
GAAP cost of revenue
$
241,804
31%
$
205,657
35%
$
898,558
32%
$
717,540
35%
Adjustments:
Stock-based compensation-related
charges
(34,308)
(31,582)
(137,131)
(113,703)
Amortization of acquired intangibles
(11,423)
(2,335)
(37,837)
(4,767)
Non-GAAP cost of revenue
$
196,073
25%
$
171,740
29%
$
723,590
26%
$
599,070
29%
Gross profit (loss):
GAAP product gross profit
$
545,314
$
396,728
$
1,965,649
$
1,391,236
Adjustments:
Stock-based compensation-related
charges
20,928
17,332
78,900
61,379
Amortization of acquired intangibles
9,760
2,335
31,403
4,767
Non-GAAP product gross profit
$
576,002
$
416,395
$
2,075,952
$
1,457,382
GAAP professional services and other
revenue gross loss
$
(12,419)
$
(13,373)
$
(57,718)
$
(43,117)
Adjustments:
Stock-based compensation-related
charges
13,380
14,250
58,231
52,324
Amortization of acquired intangibles
1,663
—
6,434
—
Non-GAAP professional services and other
revenue gross profit
$
2,624
$
877
$
6,947
$
9,207
GAAP gross profit
$
532,895
69%
$
383,355
65%
$
1,907,931
68%
$
1,348,119
65%
Adjustments:
Stock-based compensation-related
charges
34,308
31,582
137,131
113,703
Amortization of acquired intangibles
11,423
2,335
37,837
4,767
Non-GAAP gross profit
$
578,626
75%
$
417,272
71%
$
2,082,899
74%
$
1,466,589
71%
Gross margin:
GAAP product gross margin
74%
71%
74%
72%
Adjustments:
Stock-based compensation-related charges
as a % of product revenue
3%
4%
3%
3%
Amortization of acquired intangibles as a
% of product revenue
1%
—%
1%
—%
Non-GAAP product gross margin
78%
75%
78%
75%
GAAP professional services and other
revenue gross margin
(34%)
(40%)
(41%)
(34%)
Adjustments:
Stock-based compensation-related charges
as a % of professional services and other revenue
36%
43%
41%
41%
Amortization of acquired intangibles as a
% of professional services and other revenue
5%
—%
5%
—%
Non-GAAP professional services and other
revenue gross margin
7%
3%
5%
7%
GAAP gross margin
69%
65%
68%
65%
Adjustments:
Stock-based compensation-related charges
as a % of revenue
5%
6%
5%
6%
Amortization of acquired intangibles as a
% of revenue
1%
—%
1%
—%
Non-GAAP gross margin
75%
71%
74%
71%
Operating expenses:
GAAP sales and marketing expense
$
361,822
47%
$
303,473
52%
$
1,391,747
50%
$
1,106,507
54%
Adjustments:
Stock-based compensation-related
charges
(77,121)
(70,844)
(319,979)
(258,056)
Amortization of acquired intangibles
(7,800)
(7,553)
(30,235)
(25,207)
Non-GAAP sales and marketing expense
$
276,901
36%
$
225,076
38%
$
1,041,533
37%
$
823,244
39%
GAAP research and development expense
$
364,476
47%
$
242,125
41%
$
1,287,949
46%
$
788,058
38%
Adjustments:
Stock-based compensation-related
charges
(181,059)
(128,026)
(663,471)
(413,080)
Amortization of acquired intangibles
(3,682)
(1,813)
(12,384)
(7,123)
Non-GAAP research and development
expense
$
179,735
23%
$
112,286
19%
$
612,094
22%
$
367,855
18%
GAAP general and administrative
expense
$
82,102
11%
$
77,507
13%
$
323,008
11%
$
295,821
14%
Adjustments:
Stock-based compensation-related
charges
(27,816)
(25,833)
(108,942)
(104,160)
Amortization of acquired intangibles
(451)
(451)
(1,789)
(1,731)
Expenses associated with acquisitions and
strategic investments
(2,811)
(4,088)
(12,715)
(9,723)
Non-GAAP general and administrative
expense
$
51,024
7%
$
47,135
8%
$
199,562
7%
$
180,207
9%
GAAP total operating expense
$
808,400
105%
$
623,105
106%
$
3,002,704
107%
$
2,190,386
106%
Adjustments:
Stock-based compensation-related
charges
(285,996)
(224,703)
(1,092,392)
(775,296)
Amortization of acquired intangibles
(11,933)
(9,817)
(44,408)
(34,061)
Expenses associated with acquisitions and
strategic investments
(2,811)
(4,088)
(12,715)
(9,723)
Non-GAAP total operating expense
$
507,660
66%
$
384,497
65%
$
1,853,189
66%
$
1,371,306
66%
Operating income (loss):
GAAP operating loss
$
(275,505)
(36%)
$
(239,750)
(41%)
$
(1,094,773)
(39%)
$
(842,267)
(41%)
Adjustments:
Stock-based compensation-related
charges(1)
320,304
256,285
1,229,523
888,999
Amortization of acquired intangibles
23,356
12,152
82,245
38,828
Expenses associated with acquisitions and
strategic investments
2,811
4,088
12,715
9,723
Non-GAAP operating income
$
70,966
9%
$
32,775
6%
$
229,710
8%
$
95,283
5%
Operating margin:
GAAP operating margin
(36%)
(41%)
(39%)
(41%)
Adjustments:
Stock-based compensation-related charges
as a % of revenue
42%
44%
44%
44%
Amortization of acquired intangibles as a
% of revenue
3%
2%
3%
2%
Expenses associated with acquisitions and
strategic investments as a % of revenue
—%
1%
—%
—%
Non-GAAP operating margin
9%
6%
8%
5%
Net income (loss):
GAAP net loss
$
(169,912)
(22%)
$
(207,484)
(35%)
$
(837,990)
(30%)
$
(797,526)
(39%)
Adjustments:
Stock-based compensation-related
charges(1)
320,304
256,285
1,229,523
888,999
Amortization of acquired intangibles
23,356
12,152
82,245
38,828
Expenses associated with acquisitions and
strategic investments
2,811
4,088
12,715
9,723
Income tax effect related to the above
adjustments and acquisitions
(49,087)
(16,635)
(134,801)
(50,072)
Non-GAAP net income
$
127,472
16%
$
48,406
8%
$
351,692
13%
$
89,952
4%
Net income (loss) attributable to
Snowflake Inc.:
GAAP net loss attributable to Snowflake
Inc.
$
(169,352)
(22%)
$
(207,169)
(35%)
$
(836,097)
(30%)
$
(796,705)
(39%)
Adjustments:
Stock-based compensation-related
charges(1)
320,304
256,285
1,229,523
888,999
Amortization of acquired intangibles
23,356
12,152
82,245
38,828
Expenses associated with acquisitions and
strategic investments
2,811
4,088
12,715
9,723
Income tax effect related to the above
adjustments and acquisitions
(49,087)
(16,635)
(134,801)
(50,072)
Adjustments attributable to noncontrolling
interest, net of tax
(62)
14
(236)
(361)
Non-GAAP net income attributable to
Snowflake Inc.
$
127,970
17%
$
48,735
8%
$
353,349
13%
$
90,412
4%
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
$
(0.51)
$
(0.64)
$
(2.55)
$
(2.50)
Weighted-average shares used in computing
GAAP net loss per share attributable to Snowflake Inc. common
stockholders - basic and diluted
331,079
321,924
328,001
318,730
Non-GAAP net income per share attributable
to Snowflake Inc. common stockholders - basic
$
0.39
$
0.15
$
1.08
$
0.28
Weighted-average shares used in computing
non-GAAP net income per share attributable to Snowflake Inc. common
stockholders - basic
331,079
321,924
328,001
318,730
Non-GAAP net income per share attributable
to Snowflake Inc. common stockholders - diluted
$
0.35
$
0.14
$
0.98
$
0.25
Non-GAAP weighted-average shares used in
computing non-GAAP net income per share attributable to Snowflake
Inc. common stockholders - diluted(2)
363,757
359,513
362,064
359,144
Free cash flow and adjusted free cash
flow:
GAAP net cash provided by operating
activities
$
344,580
44%
$
217,316
37%
$
848,122
30%
$
545,639
26%
Adjustments:
Purchases of property and equipment
(13,072)
(5,362)
(35,086)
(25,128)
Capitalized internal-use software
development costs
(7,029)
(6,693)
(34,133)
(24,012)
Non-GAAP free cash flow
324,479
42%
205,261
35%
778,903
28%
496,499
24%
Adjustments:
Net cash paid on payroll tax-related items
on employee stock transactions(3)
(182)
10,034
31,282
23,927
Non-GAAP adjusted free cash flow
$
324,297
42%
$
215,295
37%
$
810,185
29%
$
520,426
25%
Non-GAAP free cash flow margin
42%
35%
28%
24%
Non-GAAP adjusted free cash flow
margin
42%
37%
29%
25%
(1)
Stock-based compensation-related
charges included employer payroll tax-related expenses on employee
stock transactions of approximately $11.0 million and $45.5 million
for the three and twelve months ended January 31, 2024,
respectively, and $4.0 million and $22.7 million for the three and
twelve months ended January 31, 2023, 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.
(3)
The amounts for the three and
twelve months ended January 31, 2024 do not include employee
payroll taxes of $107.0 million and $380.8 million, respectively,
and the amounts for the three and twelve months ended January 31,
2023 do not include employee payroll taxes of $48.9 million and
$184.6 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/20240228273435/en/
Investor Contact Jimmy Sexton IR@snowflake.com Press
Contact Eszter Szikora Press@snowflake.com
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