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Snowflake Reports Financial Results for the Fourth Quarter and Full Year of Fiscal 2021

03/03/2021
  • Product revenue of $178.3 million in the fourth quarter, representing 116% year-over-year growth
  • Remaining performance obligations of $1.3 billion, representing 213% year-over-year growth
  • 4,139 total customers
  • Net revenue retention rate of 168%
  • 77 customers with trailing 12-month product revenue greater than $1 million

SAN MATEO, Calif.--(BUSINESS WIRE)-- Snowflake (NYSE: SNOW), the Data Cloud company, today announced financial results for its fourth quarter and full year of fiscal 2021, ended January 31, 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210303005871/en/

Snowflake FY21 Q4 and Full Year Earnings Infographic (Graphic: Snowflake)

Snowflake FY21 Q4 and Full Year Earnings Infographic (Graphic: Snowflake)

Revenue for the quarter was $190.5 million, representing 117% year-over-year growth. Product revenue for the quarter was $178.3 million, representing 116% year-over-year growth. Remaining performance obligations were $1.3 billion, representing 213% year-over-year growth. Net revenue retention rate was 168% as of January 31, 2021. The company now has 4,139 total customers and 77 customers with trailing 12-month product revenue greater than $1 million. See the section titled “Key Business Metrics” for definitions of product revenue, remaining performance obligations, net revenue retention rate, total customers, and customers with trailing 12-month product revenue greater than $1 million.

“We finished our fiscal year with strong performance and reported triple-digit product revenue growth,” said Snowflake CEO, Frank Slootman. “Remaining performance obligations showed a robust increase year-on-year, reflecting strength in sales across the board. Coupled with this rapid growth, we saw improving operating efficiency while expanding our footprint globally. These results indicate that customers across multiple industries rely on the Snowflake Data Cloud to mobilize their data and enable breakthrough data strategies.”

Fourth Quarter Fiscal 2021 GAAP and Non-GAAP Results:

The following table summarizes our financial results for the fourth quarter of fiscal 2021:

 

Fourth Quarter Fiscal 2021
GAAP Results

 

Fourth Quarter Fiscal 2021
Non-GAAP Results(1)

 

Amount
(millions)

Year/Year
Growth

 

 

 

Product revenue

$178.3

116%

 

 

 

 

 

 

 

 

 

 

Amount
(millions)

Margin

 

Amount
(millions)

Margin

Product gross profit

$114.5

64%

 

$125.3

70%

Operating loss

($200.4)

(105%)

 

($46.0)

(24%)

Net cash provided by operating activities

$19.6

 

 

 

 

Free cash flow

 

 

 

$7.3

4%

Adjusted free cash flow

 

 

 

$17.3

9%

(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 entitled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of non-GAAP financial measures, and the table entitled “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 2021 GAAP and Non-GAAP Results:

The following table summarizes our financial results for the full-year fiscal 2021:

 

Full-Year Fiscal 2021
GAAP Results

 

Full-Year Fiscal 2021
Non-GAAP Results(1)

 

Amount
(millions)

Year/Year
Growth

 

 

 

Product revenue

$553.8

120%

 

 

 

 

 

 

 

 

 

 

Amount
(millions)

Margin

 

Amount
(millions)

Margin

Product gross profit

$360.0

65%

 

$380.4

69%

Operating loss

($543.9)

(92%)

 

($224.9)

(38%)

Net cash used in operating activities

($45.4)

 

 

 

 

Free cash flow

 

 

 

($85.7)

(14%)

Adjusted free cash flow

 

 

 

($71.6)

(12%)

(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 entitled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of non-GAAP financial measures, and the table entitled “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 2022:

 

First Quarter Fiscal 2022
GAAP Guidance

 

First Quarter Fiscal 2022
Non-GAAP Guidance(1)

 

Amount
(millions)

Year/Year
Growth

 

 

 

Product revenue

$195 - $200

92 - 96%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Margin

Operating loss

 

 

 

 

(23%)

 

 

 

 

 

 

 

Amount
(millions)

 

 

 

 

Weighted-average shares used to compute diluted net loss per share attributable to common stockholders - basic and diluted

289

 

 

 

 

(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 entitled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of non-GAAP financial measures.

The following table summarizes our guidance for the full-year fiscal 2022:

 

Full-Year Fiscal 2022
GAAP Guidance

 

Full-Year Fiscal 2022
Non-GAAP Guidance(1)

 

Amount
(millions)

Year/Year
Growth

 

 

 

Product revenue

$1,000 - $1,020

81 - 84%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Margin

Product gross profit

 

 

 

 

71%

Operating loss

 

 

 

 

(19%)

Adjusted free cash flow

 

 

 

 

0%

 

 

 

 

 

 

 

Amount
(millions)

 

 

 

 

Weighted-average shares used to compute diluted net loss per share attributable to common stockholders - basic and diluted

295

 

 

 

 

(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 entitled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of non-GAAP financial measures.

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 expense-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 press 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 2 p.m. Pacific Time on March 3, 2021. Investors and participants can register for the call in advance by visiting http://www.directeventreg.com/registration/event/3553798. After registering, a confirmation will be sent via email, including dial-in details and unique conference call access codes required for call entry.

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 and Operating income (loss). Our non-GAAP product gross profit and operating income (loss) measures exclude the effect of stock-based compensation expense-related charges, including employer payroll tax-related items on employee stock transactions, amortization of acquired intangibles, and expenses associated with acquisitions and strategic investments. 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 and Adjusted 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. Adjusted free cash flow is defined as free cash flow plus cash paid on employer payroll tax-related items on employee stock transactions. Free cash flow margin and adjusted free cash flow margin are calculated as free cash flow or 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

  • 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 includes 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 on 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.
  • Remaining Performance Obligations. Remaining performance obligations (RPO) represent the amount of contracted future revenue that has not yet been recognized, including both deferred revenue and 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. 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 of renewals, the timing of purchases of additional capacity, average contract terms, seasonality, 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.
  • Total Customers. We count the total number of customers at the end of each period. For purposes of determining our customer count, we treat each end-customer account that has at least one corresponding capacity contract or order form as a unique customer, and a single organization with multiple divisions, segments, or subsidiaries may be counted as multiple customers. For purposes of determining our customer count, we do not include customers that consume our platform only under on-demand arrangements. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity.
  • 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. 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. 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.
  • 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. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity.

Use of Forward‑Looking Statements

This release contains 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, the effects of COVID-19 or other public health crises on our business, results of operations, and financial condition, our ability to attract and retain customers, our ability to develop new products and services and enhance existing products and services, our ability to respond rapidly to emerging technology trends, our ability to execute on our business strategy, including our strategy related to the Data Cloud, our ability to increase and predict customer consumption of our platform, 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, 2020 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, 2021.

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 delivers the Data Cloud — a global network where thousands of organizations mobilize data with near-unlimited scale, concurrency, and performance. Inside the Data Cloud, organizations unite their siloed data, easily discover and securely share governed data, and execute diverse analytic workloads. Wherever data or users live, Snowflake delivers a single and seamless experience across multiple public clouds. Snowflake’s platform is the engine that powers and provides access to the Data Cloud, creating a solution for data warehousing, data lakes, data engineering, data science, data application development, and data sharing. Join Snowflake customers, partners, and data providers already taking their businesses to new frontiers in the Data Cloud at Snowflake.com.

Source: Snowflake Inc.

Snowflake Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

(unaudited)

 

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

Revenue

$

190,465

 

 

$

87,692

 

 

$

592,049

 

 

$

264,748

 

Cost of revenue

82,904

 

 

34,522

 

 

242,588

 

 

116,557

 

Gross profit

107,561

 

 

53,170

 

 

349,461

 

 

148,191

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing

154,050

 

 

80,444

 

 

479,317

 

 

293,577

 

Research and development

93,997

 

 

29,709

 

 

237,946

 

 

105,160

 

General and administrative

59,911

 

 

28,129

 

 

176,135

 

 

107,542

 

Total operating expenses

307,958

 

 

138,282

 

 

893,398

 

 

506,279

 

Operating loss

(200,397

)

 

(85,112

)

 

(543,937

)

 

(358,088

)

Interest income

1,853

 

 

2,299

 

 

7,507

 

 

11,551

 

Other income (expense), net

951

 

 

(186

)

 

(610

)

 

(1,005

)

Loss before income taxes

(197,593

)

 

(82,999

)

 

(537,040

)

 

(347,542

)

Provision for income taxes

1,342

 

 

255

 

 

2,062

 

 

993

 

Net loss

$

(198,935

)

 

$

(83,254

)

 

$

(539,102

)

 

$

(348,535

)

Net loss per share attributable to common stockholders - basic and diluted

$

(0.70

)

 

$

(1.67

)

 

$

(3.81

)

 

$

(7.77

)

Weighted-average shares used to compute net loss per share attributable to common stockholders - basic and diluted

284,121,777

 

 

49,992,181

 

 

141,613,196

 

 

44,847,442

 

Snowflake Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

 

January 31, 2021

 

January 31, 2020

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

820,177

 

$

127,206

 

Short-term investments

3,087,887

 

306,844

 

Accounts receivable, net

294,017

 

179,459

 

Deferred commissions, current

32,371

 

26,358

 

Prepaid expenses and other current assets

66,200

 

25,327

 

Total current assets

4,300,652

 

665,194

 

Long-term investments

1,165,275

 

23,532

 

Property and equipment, net

68,968

 

27,136

 

Operating lease right-of-use assets

186,818

 

195,976

 

Goodwill

8,449

 

7,049

 

Intangible assets, net

16,091

 

4,795

 

Deferred commissions, non-current

86,164

 

69,516

 

Other assets

89,322

 

19,522

 

Total assets

$

5,921,739

 

$

1,012,720

 

Liabilities, Redeemable Convertible Preferred Stock and
Stockholders’ Equity (Deficit)

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

5,647

 

$

8,488

 

Accrued expenses and other current liabilities

125,315

 

62,817

 

Operating lease liabilities, current

19,650

 

18,092

 

Deferred revenue, current

638,652

 

327,058

 

Total current liabilities

789,264

 

416,455

 

Operating lease liabilities, non-current

184,887

 

193,175

 

Deferred revenue, non-current

4,194

 

2,907

 

Other liabilities

6,923

 

8,466

 

Redeemable convertible preferred stock

 

936,474

 

Stockholders’ equity (deficit)

4,936,471

 

(544,757

)

Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)

$

5,921,739

 

$

1,012,720

Snowflake Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

2021

 

2020

 

2021

 

2020

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

$

(198,935

)

 

$

(83,254

)

 

$

(539,102

)

 

$

(348,535

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

3,215

 

 

1,265

 

 

9,826

 

 

3,522

 

Non-cash operating lease costs

8,635

 

 

7,978

 

 

33,475

 

 

27,712

 

Amortization of deferred commissions

7,608

 

 

5,578

 

 

28,841

 

 

16,986

 

Stock-based compensation, net of amounts capitalized

143,651

 

 

20,974

 

 

301,441

 

 

78,399

 

Net amortization (accretion) of premiums (discounts) on investments

7,513

 

 

(310

)

 

8,630

 

 

(5,459

)

Other

507

 

 

200

 

 

4,580

 

 

1,476

 

Changes in operating assets and liabilities, net of effect of acquisitions:

 

 

 

 

 

 

 

Accounts receivable

(125,510

)

 

(78,676

)

 

(116,289

)

 

(116,869

)

Deferred commissions

(24,183

)

 

(33,591

)

 

(51,444

)

 

(68,595

)

Prepaid expenses and other assets

(32,869

)

 

(1,955

)

 

(62,349

)

 

(10,811

)

Accounts payable

928

 

 

(9,450

)

 

(2,878

)

 

1,116

 

Accrued expenses and other liabilities

35,775

 

 

20,626

 

 

58,252

 

 

34,994

 

Operating lease liabilities

(7,863

)

 

(7,403

)

 

(31,281

)

 

(13,455

)

Deferred revenue

201,142

 

 

115,226

 

 

312,881

 

 

222,961

 

Net cash provided by (used in) operating activities

19,614

 

 

(42,792

)

 

(45,417

)

 

(176,558

)

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property and equipment

(11,019

)

 

(4,079

)

 

(35,037

)

 

(18,583

)

Capitalized internal-use software development costs

(1,279

)

 

(1,325

)

 

(5,293

)

 

(4,265

)

Cash paid for acquisitions, net of cash acquired

 

 

 

 

(6,035

)

 

(6,314

)

Purchases of intangible assets

(2,190

)

 

 

 

(8,374

)

 

 

Purchases of investments

(3,624,832

)

 

(105,375

)

 

(4,859,852

)

 

(622,854

)

Sales of investments

148,365

 

 

10,691

 

 

177,070

 

 

14,087

 

Maturities and redemptions of investments

329,348

 

 

84,438

 

 

700,876

 

 

776,424

 

Net cash (used in) provided by investing activities

(3,161,607

)

 

(15,650

)

 

(4,036,645

)

 

138,495

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs

 

 

 

 

478,573

 

 

24,121

 

Proceeds from initial public offering and private placements, net of underwriting discounts

 

 

 

 

4,242,284

 

 

 

Proceeds from early exercised stock options

 

 

271

 

 

159

 

 

6,213

 

Proceeds from exercise of stock options

22,278

 

 

6,387

 

 

53,378

 

 

27,526

 

Proceeds from repayment of a nonrecourse promissory note

 

 

 

 

2,090

 

 

 

Repurchases of early exercised stock options and restricted common stock

 

 

 

 

(30

)

 

(391

)

Payments of deferred purchase consideration for acquisitions

 

 

 

 

(1,164

)

 

 

Net cash provided by financing activities

22,278

 

 

6,658

 

 

4,775,290

 

 

57,469

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(11

)

 

 

 

(11

)

 

 

Net (decrease) increase in cash, cash equivalents and restricted cash

(3,119,726

)

 

(51,784

)

 

693,217

 

 

19,406

 

Cash, cash equivalents and restricted cash at beginning of period

3,954,919

 

 

193,760

 

 

141,976

 

 

122,570

 

Cash, cash equivalents and restricted cash at end of period

$

835,193

 

 

$

141,976

 

 

$

835,193

 

 

$

141,976

 

Snowflake Inc.

GAAP to Non-GAAP Reconciliations

(in thousands, except percentages)

(unaudited)

 

 

Three Months Ended January 31, 2021

 

GAAP amounts

 

GAAP amounts
as a % of
revenue

 

Stock-based
compensation
expense-related
charges(1)

 

Amortization of
acquired
intangibles

 

Expenses
associated with
acquisitions
and strategic
investments

 

Non-GAAP
amounts

 

Non-GAAP
amounts as a %
of revenue

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue

$

178,288

 

 

94

%

 

 

 

 

 

 

 

 

 

 

Professional services and other revenue

12,177

 

 

6

%

 

 

 

 

 

 

 

 

 

 

Revenue

190,465

 

 

100

%

 

 

 

 

 

 

 

 

 

 

Year over Year % Growth

117

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product revenue

63,770

 

 

33

%

 

$

(10,171

)

 

$

(566

)

 

$

 

 

$

53,033

 

 

28

%

Cost of professional services and other revenue

19,134

 

 

11

%

 

(8,702

)

 

 

 

 

 

10,432

 

 

5

%

Total cost of revenue

82,904

 

 

44

%

 

(18,873

)

 

(566

)

 

 

 

63,465

 

 

33

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

Product gross profit

114,518

 

 

 

 

10,171

 

 

566

 

 

 

 

125,255

 

 

 

Professional services and other gross profit (loss)

(6,957

)

 

 

 

8,702

 

 

 

 

 

 

1,745

 

 

 

Total gross profit

107,561

 

 

56

%

 

18,873

 

 

566

 

 

 

 

127,000

 

 

67

%

Product gross margin

64

%

 

 

 

6

%

 

%

 

%

 

70

%

 

 

Professional services and other gross margin

(57

%)

 

 

 

71

%

 

%

 

%

 

14

%

 

 

Total gross margin

56

%

 

 

 

11

%

 

%

 

%

 

67

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

154,050

 

 

81

%

 

(52,438

)

 

 

 

 

 

101,612

 

 

54

%

Research and development

93,997

 

 

49

%

 

(53,440

)

 

 

 

 

 

40,557

 

 

21

%

General and administrative

59,911

 

 

31

%

 

(28,713

)

 

(352

)

 

(44

)

 

30,802

 

 

16

%

Total operating expenses

307,958

 

 

161

%

 

(134,591

)

 

(352

)

 

(44

)

 

172,971

 

 

91

%

Operating loss

$

(200,397

)

 

(105

%)

 

$

153,464

 

 

$

918

 

 

$

44

 

 

$

(45,971

)

 

(24

%)

Operating margin

(105

%)

 

 

 

81

%

 

%

 

%

 

(24

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Stock-based compensation expense-related charges included approximately $9.6 million of employer payroll tax-related expenses on employee stock transactions.

 

Three Months Ended January 31, 2020

 

GAAP amounts

 

GAAP amounts
as a % of
revenue

 

Stock-based
compensation
expense-related
charges(1)

 

Amortization of
acquired
intangibles

 

Expenses
associated with
acquisitions
and strategic
investments

 

Non-GAAP
amounts

 

Non-GAAP
amounts as a %
of revenue

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue

$

82,432

 

 

94

%

 

 

 

 

 

 

 

 

 

 

Professional services and other revenue

5,260

 

 

6

%

 

 

 

 

 

 

 

 

 

 

Revenue

87,692

 

 

100

%

 

 

 

 

 

 

 

 

 

 

Year over Year % Growth

139

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product revenue

28,777

 

 

33

%

 

$

(472

)

 

$

(281

)

 

$

 

 

$

28,024

 

 

32

%

Cost of professional services and other revenue

5,745

 

 

6

%

 

(496

)

 

 

 

 

 

5,249

 

 

6

%

Total cost of revenue

34,522

 

 

39

%

 

(968

)

 

(281

)

 

 

 

33,273

 

 

38

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

Product gross profit

53,655

 

 

 

 

472

 

 

281

 

 

 

 

54,408

 

 

 

Professional services and other gross profit (loss)

(485

)

 

 

 

496

 

 

 

 

 

 

11

 

 

 

Total gross profit

53,170

 

 

61

%

 

968

 

 

281

 

 

 

 

54,419

 

 

62

%

Product gross margin

65

%

 

 

 

1

%

 

%

 

%

 

66

%

 

 

Professional services and other gross margin

(9

%)

 

 

 

9

%

 

%

 

%

 

%

 

 

Total gross margin

61

%

 

 

 

1

%

 

%

 

%

 

62

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

80,444

 

 

92

%

 

(5,424

)

 

(16

)

 

 

 

75,004

 

 

86

%

Research and development

29,709

 

 

34

%

 

(4,929

)

 

 

 

 

 

24,780

 

 

28

%

General and administrative

28,129

 

 

32

%

 

(9,758

)

 

 

 

 

 

18,371

 

 

21

%

Total operating expenses

138,282

 

 

158

%

 

(20,111

)

 

(16

)

 

 

 

118,155

 

 

135

%

Operating loss

$

(85,112

)

 

(97

%)

 

$

21,079

 

 

$

297

 

 

$

 

 

$

(63,736

)

 

(73

%)

Operating margin

(97

%)

 

 

 

24

%

 

%

 

%

 

(73

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Stock-based compensation expense-related charges included approximately $0.1 million of employer payroll tax-related expenses on employee stock transactions.

 

Twelve Months Ended January 31, 2021

 

GAAP amounts

 

GAAP amounts
as a % of
revenue

 

Stock-based
compensation
expense-related
charges(1)

 

Amortization of
acquired
intangibles

 

Expenses
associated with
acquisitions
and strategic
investments

 

Non-GAAP
amounts

 

Non-GAAP
amounts as a %
of revenue

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue

$

553,794

 

 

94

%

 

 

 

 

 

 

 

 

 

 

Professional services and other revenue

38,255

 

 

6

%

 

 

 

 

 

 

 

 

 

 

Revenue

592,049

 

 

100

%

 

 

 

 

 

 

 

 

 

 

Year over Year % Growth

124

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product revenue

193,835

 

 

33

%

 

$

(18,724

)

 

$

(1,696

)

 

$

 

 

$

173,415

 

 

29

%

Cost of professional services and other revenue

48,753

 

 

8

%

 

(16,104

)

 

 

 

 

 

32,649

 

 

6

%

Total cost of revenue

242,588

 

 

41

%

 

(34,828

)

 

(1,696

)

 

 

 

206,064

 

 

35

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

Product gross profit

359,959

 

 

 

 

18,724

 

 

1,696

 

 

 

 

380,379

 

 

 

Professional services and other gross profit (loss)

(10,498

)

 

 

 

16,104

 

 

 

 

 

 

5,606

 

 

 

Total gross profit

349,461

 

 

59

%

 

34,828

 

 

1,696

 

 

 

 

385,985

 

 

65

%

Product gross margin

65

%

 

 

 

4

%

 

%

 

%

 

69

%

 

 

Professional services and other gross margin

(27

%)

 

 

 

42

%

 

%

 

%

 

15

%

 

 

Total gross margin

59

%

 

 

 

6

%

 

%

 

%

 

65

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

479,317

 

 

81

%

 

(104,537

)

 

(12

)

 

 

 

374,768

 

 

63

%

Research and development

237,946

 

 

40

%

 

(103,954

)

 

 

 

 

 

133,992

 

 

23

%

General and administrative

176,135

 

 

30

%

 

(72,647

)

 

(1,069

)

 

(296

)

 

102,123

 

 

17

%

Total operating expenses

893,398

 

 

151

%

 

(281,138

)

 

(1,081

)

 

(296

)

 

610,883

 

 

103

%

Operating loss

$

(543,937

)

 

(92

%)

 

$

315,966

 

 

$

2,777

 

 

$

296

 

 

$

(224,898

)

 

(38

%)

Operating margin

(92

%)

 

 

 

54

%

 

%

 

%

 

(38

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Stock-based compensation expense-related charges included approximately $14.2 million of employer payroll tax-related expenses on employee stock transactions.

 

Twelve Months Ended January 31, 2020

 

GAAP amounts

 

GAAP amounts
as a % of
revenue

 

Stock-based
compensation
expense-related
charges(1)

 

Amortization of
acquired
intangibles

 

Expenses
associated with
acquisitions
and strategic
investments

 

Non-GAAP
amounts

 

Non-GAAP
amounts as a %
of revenue

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue

$

252,229

 

 

95

%

 

 

 

 

 

 

 

 

 

 

Professional services and other revenue

12,519

 

 

5

%

 

 

 

 

 

 

 

 

 

 

Revenue

264,748

 

 

100

%

 

 

 

 

 

 

 

 

 

 

Year over Year % Growth

174

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product revenue

96,622

 

 

36

%

 

$

(1,919

)

 

$

(849

)

 

$

 

 

$

93,854

 

 

35

%

Cost of professional services and other revenue

19,935

 

 

8

%

 

(1,732

)

 

 

 

 

 

18,203

 

 

7

%

Total cost of revenue

116,557

 

 

44

%

 

(3,651

)

 

(849

)

 

 

 

112,057

 

 

42

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

Product gross profit

155,607

 

 

 

 

1,919

 

 

849

 

 

 

 

158,375

 

 

 

Professional services and other gross loss

(7,416

)

 

 

 

1,732

 

 

 

 

 

 

(5,684

)

 

 

Total gross profit

148,191

 

 

56

%

 

3,651

 

 

849

 

 

 

 

152,691

 

 

58

%

Product gross margin

62

%

 

 

 

1

%

 

%

 

%

 

63

%

 

 

Professional services and other gross margin

(59

%)

 

 

 

14

%

 

%

 

%

 

(45

%)

 

 

Total gross margin

56

%

 

 

 

1

%

 

1

%

 

%

 

58

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

293,577

 

 

111

%

 

(20,922

)

 

(58

)

 

 

 

272,597

 

 

103

%

Research and development

105,160

 

 

40

%

 

(15,786

)

 

 

 

 

 

89,374

 

 

34

%

General and administrative

107,542

 

 

41

%

 

(38,257

)

 

 

 

(328

)

 

68,957

 

 

26

%

Total operating expenses

506,279

 

 

192

%

 

(74,965

)

 

(58

)

 

(328

)

 

430,928

 

 

163

%

Operating loss

$

(358,088

)

 

(136

%)

 

$

78,616

 

 

$

907

 

 

$

328

 

 

$

(278,237

)

 

(105

%)

Operating margin

(136

%)

 

 

 

30

%

 

1

%

 

%

 

(105

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Stock-based compensation expense-related charges included approximately $0.2 million of employer payroll tax-related expenses on employee stock transactions.

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

Revenue

$

190,465

 

 

$

87,692

 

 

$

592,049

 

 

$

264,748

 

 

 

 

 

 

 

 

 

GAAP net cash provided by (used in) operating activities

$

19,614

 

 

$

(42,792

)

 

$

(45,417

)

 

$

(176,558

)

Less: purchases of property and equipment

(11,019

)

 

(4,079

)

 

(35,037

)

 

(18,583

)

Less: capitalized internal-use software development costs

(1,279

)

 

(1,325

)

 

(5,293

)

 

(4,265

)

Non-GAAP free cash flow

7,316

 

 

(48,196

)

 

(85,747

)

 

(199,406

)

Add: cash paid for employer payroll tax-related items on employee stock transactions

9,940

 

 

105

 

 

14,136

 

 

217

 

Non-GAAP adjusted free cash flow

$

17,256

 

 

$

(48,091

)

 

$

(71,611

)

 

$

(199,189

)

Non-GAAP free cash flow margin

4

%

 

(55

%)

 

(14

%)

 

(75

%)

Non-GAAP adjusted free cash flow margin

9

%

 

(55

%)

 

(12

%)

 

(75

%)

 

 

 

 

 

 

 

 

 

Investor Contact
Jimmy Sexton
IR@snowflake.com

Press Contact
Eszter Szikora
Press@snowflake.com

Source: Snowflake Inc.

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