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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Snowflake Inc | NYSE:SNOW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.23 | 0.79% | 157.10 | 158.12 | 155.415 | 157.10 | 2,443,792 | 01:00:00 |
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: https://www.businesswire.com/news/home/20240228273435/en/
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.
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.
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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