News Details

Snowflake Reports Financial Results for the Fourth Quarter and Full-Year of Fiscal 2023

March 1, 2023
  • Product revenue of $555.3 million in the fourth quarter, representing 54% year-over-year growth
  • Remaining performance obligations of $3.7 billion, representing 38% year-over-year growth
  • 7,828 total customers
  • Net revenue retention rate of 158%
  • 330 customers with trailing 12-month product revenue greater than $1 million
  • Authorized a $2.0 billion stock repurchase program

Snowflake (NYSE: SNOW), the Data Cloud company, today announced financial results for its fourth quarter and full-year of fiscal 2023, ended January 31, 2023.

Snowflake Q4 and Full Year FY23 Infographic (Graphic: Snowflake)

Snowflake Q4 and Full Year FY23 Infographic (Graphic: Snowflake)

Revenue for the quarter was $589.0 million, representing 53% year-over-year growth. Product revenue for the quarter was $555.3 million, representing 54% year-over-year growth. Remaining performance obligations were $3.7 billion, representing 38% year-over-year growth. Net revenue retention rate was 158% as of January 31, 2023. The company now has 7,828 total customers and 330 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.

“Snowflake finished fiscal 2023 with 70% year-over-year product revenue growth, totaling $1.9 billion. Non-GAAP adjusted free cash flow margin for the year was 25%,” said Frank Slootman, Chairman and CEO, Snowflake. “We are operating in a vast and growing market, prioritizing capabilities that support the core mission of the enterprise, and staying on track for our $10 billion product revenue goal in fiscal 2029.”

Fourth Quarter Fiscal 2023 GAAP and Non-GAAP Results:

The following table summarizes our financial results for the fourth quarter of fiscal 2023:

 

Fourth Quarter Fiscal 2023

G AAP Results

 

Fourth Quarter Fiscal 2023

N on-GAAP Results(1)

 

Amount

(millions)

Year/Year

Growth

 

 

 

Product revenue

$555.3

54%

 

 

 

 

 

 

 

 

 

 

Amount

(millions)

Margin

 

Amount

(millions)

Margin

Product gross profit

$396.7

71%

 

$416.4

75%

Operating income (loss)

($239.8)

(41%)

 

$32.8

6%

Net cash provided by operating activities

$217.3

 

 

 

 

Free cash flow

 

 

 

$205.3

35%

Adjusted free cash flow

 

 

 

$215.3

37%

 

 

 

 

 

 

(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 2023 GAAP and Non-GAAP Results:

The following table summarizes our financial results for the full-year fiscal 2023:

 

Full-Year Fiscal 2023

G AAP Results

 

Full-Year Fiscal 2023

N on-GAAP Results(1)

 

Amount

(millions)

Year/Year

Growth

 

 

 

Product revenue

$1,938.8

70%

 

 

 

 

 

 

 

 

 

 

Amount

(millions)

Margin

 

Amount

(millions)

Margin

Product gross profit

$1,391.2

72%

 

$1,457.4

75%

Operating income (loss)

($842.3)

(41%)

 

$95.3

5%

Net cash provided by operating activities

$545.6

 

 

 

 

Free cash flow

 

 

 

$496.5

24%

Adjusted free cash flow

 

 

 

$520.4

25%

 

 

 

 

 

 

(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 2024:

 

First Quarter Fiscal 2024

G AAP Guidance

 

First Quarter Fiscal 2024

N on-GAAP Guidance(1)

 

Amount

(millions)

Year/Year

Growth

 

 

 

Product revenue

$568 - $573

44 - 45%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Margin

Operating income

 

 

 

 

—%

 

 

 

 

 

 

 

 

 

 

Amount

(millions)

 

Weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders - diluted(2)

 

 

 

361

 

 

 

 

 

 

 

(1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of non-GAAP financial measures.

 

(2) We may have non-GAAP net income attributable to Snowflake Inc. for the first quarter of fiscal 2024. As a result, we are presenting the weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders - diluted in the non-GAAP column of the table above, giving effect to all potentially dilutive securities (stock options, restricted stock units, and employee stock purchase rights under our 2020 Employee Stock Purchase Plan). These potentially dilutive securities would be excluded from the weighted-average shares used in computing net loss per share attributable to Snowflake Inc. common stockholders - diluted if we have non-GAAP net loss attributable to Snowflake Inc. In addition, the potential impact of our stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders - diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases.

The following table summarizes our guidance for the full-year fiscal 2024:

 

Full-Year Fiscal 2024

G AAP Guidance

 

Full-Year Fiscal 2024

N on-GAAP Guidance(1)

 

Amount

(millions)

Year/Year

Growth

 

 

 

Product revenue

$2,705

40%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Margin

Product gross profit

 

 

 

 

76%

Operating income

 

 

 

 

6%

Adjusted free cash flow

 

 

 

 

25%

 

 

 

 

 

 

 

 

 

 

Amount

(millions)

 

Weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders - diluted(2)

 

 

 

363

 

 

 

 

 

 

 

(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) We may have non-GAAP net income attributable to Snowflake Inc. for full-year fiscal 2024. As a result, we are presenting the weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders - diluted in the non-GAAP column of the table above, giving effect to all potentially dilutive securities (stock options, restricted stock units, and employee stock purchase rights under our 2020 Employee Stock Purchase Plan). These potentially dilutive securities would be excluded from the weighted-average shares used in computing net loss per share attributable to Snowflake Inc. common stockholders - diluted if we have non-GAAP net loss attributable to Snowflake Inc. In addition, the potential impact of our stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders - diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases.

A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP financial results included in this release. Our fiscal year ends January 31, and numbers are rounded for presentation purposes.

Stock Repurchase Program

Our Board of Directors has authorized a stock repurchase program of up to $2.0 billion of our outstanding Class A common stock. Repurchases may be effected, from time to time, either on the open market (including via pre-set trading plans), in privately negotiated transactions, or through other transactions in accordance with applicable securities laws. The program will be funded using Snowflake’s working capital and will expire in March 2025.

The timing and amount of any repurchases will be determined by management based on an evaluation of market conditions and other factors. The program does not obligate Snowflake to acquire any particular amount of Class A common stock, and the repurchase program may be suspended or discontinued at any time at Snowflake’s discretion.

Conference Call Details

We will host a conference call today, beginning at 3 p.m. Mountain Time on March 1, 2023. Investors and participants may attend the call by dialing (844) 200-6205 (Access code: 186085), or if outside the United States, by dialing +1 (929) 526-1599 (Access code: 186085).

The call will also be webcast live on the Snowflake Investor Relations website.

An audio replay of the conference call and webcast will be available two hours after its completion and will be accessible for 30 days on the Snowflake Investor Relations website.

Investor Presentation Details

An investor presentation providing additional information and analysis can be found at https://investors.snowflake.com.

Statement Regarding Use of Non‑GAAP Financial Measures

We report the following non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP), in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

  • Product gross profit, Operating income (loss), Net income (loss), Net income (loss) attributable to Snowflake Inc., and Net income (loss) per share attributable to Snowflake Inc. common stockholders - basic and diluted. Our non-GAAP product gross profit, operating income (loss), net income (loss), and net income (loss) attributable to Snowflake Inc. measures exclude the effect of (i) stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, (ii) amortization of acquired intangibles, (iii) expenses associated with acquisitions and strategic investments, (iv) adjustments attributable to noncontrolling interest, and (v) the related income tax effect of these adjustments as well as the non-recurring income tax expense or benefit associated with acquisitions. Our non-GAAP net income (loss) per share attributable to Snowflake Inc. common stockholders - basic is calculated by dividing non-GAAP net income (loss) attributable to Snowflake Inc. by the weighted-average number of diluted shares of common stock outstanding during the period. Our non-GAAP net income (loss) per share attributable to Snowflake Inc. common stockholders - diluted is calculated by dividing net non-GAAP net income (loss) attributable to Snowflake Inc. by the 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). Amounts attributable to noncontrolling interest were not material for all periods presented. We believe the presentation of operating results that exclude these non-cash or non-recurring items provides useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods.
  • Free cash flow. Free cash flow is defined as net cash provided by (used in) operating activities reduced by purchases of property and equipment and capitalized internal-use software development costs. Cash outflows for employee payroll tax items related to the net share settlement of equity awards are included in cash flow for financing activities and, as a result, do not have an effect on the calculation of free cash flow. Free cash flow margin is calculated as free cash flow as a percentage of revenue. We believe these measures provide useful supplemental information to investors because they are indicators of the strength and performance of our core business operations.
  • Adjusted free cash flow. Adjusted free cash flow is defined as free cash flow plus (minus) net cash paid (received) on employer and employee payroll tax-related items on employee stock transactions. Employee payroll tax-related items on employee stock transactions are generally pass-through transactions that are expected to have a net zero impact on free cash flow over time, but that may impact free cash flow in any given fiscal quarter due to differences between the time that we receive funds from our employees and the time we remit those funds to applicable tax authorities. We believe that excluding the effects of these payroll tax-related items will enhance stockholders' ability to evaluate our free cash flow performance, including on a quarter-over-quarter basis. Adjusted free cash flow margin is calculated as adjusted free cash flow as a percentage of revenue. We believe these measures provide useful supplemental information to investors because they are indicators of the strength and performance of our core business operations.

We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.

Key Business Metrics

We monitor our key business metrics, including (i) free cash flow starting with the fiscal quarter ended January 31, 2022, 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.
  • 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 of renewals, the timing 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.
  • 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 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. 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, and we present our total 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. Starting with the fiscal quarter ended October 31, 2021, 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.
  • 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, and we present our customer count for historical periods reflecting these adjustments.

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,” and regarding our stock repurchase program. 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 fluctuations or volatility in capital markets or foreign currency exchange rates, 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, 2022 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, 2023.

Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Except as required by law, we undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts’ expectations, or to provide interim reports or updates on the progress of the current financial quarter.

About Snowflake

Snowflake enables every organization to mobilize their data with Snowflake’s Data Cloud. Customers use the Data Cloud to unite siloed data, discover and securely share data, and execute diverse analytic workloads. Wherever data or users live, Snowflake delivers a single data experience that spans multiple clouds and geographies. Thousands of customers across many industries, including 573 of the 2022 Forbes Global 2000 (G2K) as of January 31, 2023, use Snowflake Data Cloud to power their businesses. Learn more at snowflake.com.

Source: Snowflake Inc.

Snowflake Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

 

 

 

 

 

 

 

Revenue

$

589,012

 

 

$

383,774

 

 

$

2,065,659

 

 

$

1,219,327

 

Cost of revenue

 

205,657

 

 

 

134,180

 

 

 

717,540

 

 

 

458,433

 

Gross profit

 

383,355

 

 

 

249,594

 

 

 

1,348,119

 

 

 

760,894

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing

 

303,473

 

 

 

203,287

 

 

 

1,106,507

 

 

 

743,965

 

Research and development

 

242,125

 

 

 

123,149

 

 

 

788,058

 

 

 

466,932

 

General and administrative

 

77,507

 

 

 

75,187

 

 

 

295,821

 

 

 

265,033

 

Total operating expenses

 

623,105

 

 

 

401,623

 

 

 

2,190,386

 

 

 

1,475,930

 

Operating loss

 

(239,750

)

 

 

(152,029

)

 

 

(842,267

)

 

 

(715,036

)

Interest income

 

35,531

 

 

 

2,342

 

 

 

73,839

 

 

 

9,129

 

Other income (expense), net

 

(2,893

)

 

 

19,080

 

 

 

(47,565

)

 

 

28,947

 

Loss before income taxes

 

(207,112

)

 

 

(130,607

)

 

 

(815,993

)

 

 

(676,960

)

Provision for (benefit from) income taxes

 

372

 

 

 

1,546

 

 

 

(18,467

)

 

 

2,988

 

Net loss

 

(207,484

)

 

 

(132,153

)

 

 

(797,526

)

 

 

(679,948

)

Less: net loss attributable to noncontrolling interest

 

(315

)

 

 

 

 

 

(821

)

 

 

 

Net loss attributable to Snowflake Inc.

$

(207,169

)

 

$

(132,153

)

 

$

(796,705

)

 

$

(679,948

)

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

$

(0.64

)

 

$

(0.43

)

 

$

(2.50

)

 

$

(2.26

)

Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. common stockholders - basic and diluted

 

321,924

 

 

 

308,693

 

 

 

318,730

 

 

 

300,273

 

 

Snowflake Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

 

January 31, 2023

 

January 31, 2022

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

939,902

 

$

1,085,729

Short-term investments

 

3,067,966

 

 

 

2,766,364

 

Accounts receivable, net

 

715,821

 

 

 

545,629

 

Deferred commissions, current

 

67,901

 

 

 

51,398

 

Prepaid expenses and other current assets

 

193,100

 

 

 

149,523

 

Total current assets

 

4,984,690

 

 

 

4,598,643

 

Long-term investments

 

1,073,023

 

 

 

1,256,207

 

Property and equipment, net

 

160,823

 

 

 

105,079

 

Operating lease right-of-use assets

 

231,266

 

 

 

190,356

 

Goodwill

 

657,370

 

 

 

8,449

 

Intangible assets, net

 

186,013

 

 

 

37,141

 

Deferred commissions, non-current

 

145,286

 

 

 

124,517

 

Other assets

 

283,851

 

 

 

329,306

 

Total assets

$

7,722,322

 

 

$

6,649,698

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

23,672

 

 

$

13,441

 

Accrued expenses and other current liabilities

 

269,069

 

 

 

200,664

 

Operating lease liabilities, current

 

27,301

 

 

 

25,101

 

Deferred revenue, current

 

1,673,475

 

 

 

1,157,887

 

Total current liabilities

 

1,993,517

 

 

 

1,397,093

 

Operating lease liabilities, non-current

 

224,357

 

 

 

181,196

 

Deferred revenue, non-current

 

11,463

 

 

 

11,180

 

Other liabilities

 

24,370

 

 

 

11,184

 

Snowflake Inc. stockholders’ equity

 

5,456,436

 

 

 

5,049,045

 

Noncontrolling interest

 

12,179

 

 

 

 

Total liabilities and stockholders’ equity

$

7,722,322

 

 

$

6,649,698

 

 

Snowflake Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

$

(207,484

)

 

$

(132,153

)

 

$

(797,526

)

 

$

(679,948

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

19,726

 

 

 

5,912

 

 

 

63,535

 

 

 

21,498

 

Non-cash operating lease costs

 

12,661

 

 

 

9,658

 

 

 

46,240

 

 

 

35,553

 

Amortization of deferred commissions

 

15,920

 

 

 

11,052

 

 

 

57,445

 

 

 

37,876

 

Stock-based compensation, net of amounts capitalized

 

250,696

 

 

 

145,703

 

 

 

861,533

 

 

 

605,095

 

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

 

(8,834

)

 

 

11,064

 

 

 

3,497

 

 

 

48,002

 

Net unrealized losses (gains) on strategic investments in equity securities

 

1,339

 

 

 

(19,106

)

 

 

46,435

 

 

 

(27,621

)

Deferred income tax

 

(1,148

)

 

 

 

 

 

(26,425

)

 

 

 

Other

 

940

 

 

 

(1,238

)

 

 

1,618

 

 

 

1,297

 

Changes in operating assets and liabilities, net of effects of business combinations:

 

 

 

 

 

 

 

Accounts receivable

 

(317,688

)

 

 

(290,794

)

 

 

(166,965

)

 

 

(251,652

)

Deferred commissions

 

(31,480

)

 

 

(42,985

)

 

 

(95,107

)

 

 

(95,877

)

Prepaid expenses and other assets

 

(16,073

)

 

 

(46,361

)

 

 

(2,904

)

 

 

(159,159

)

Accounts payable

 

(2,280

)

 

 

2,780

 

 

 

8,024

 

 

 

7,371

 

Accrued expenses and other liabilities

 

46,553

 

 

 

36,666

 

 

 

74,280

 

 

 

79,772

 

Operating lease liabilities

 

(13,166

)

 

 

(13,491

)

 

 

(42,342

)

 

 

(38,249

)

Deferred revenue

 

467,634

 

 

 

402,191

 

 

 

514,301

 

 

 

526,221

 

Net cash provided by operating activities

 

217,316

 

 

 

78,898

 

 

 

545,639

 

 

 

110,179

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property and equipment

 

(5,362

)

 

 

(4,012

)

 

 

(25,128

)

 

 

(16,221

)

Capitalized internal-use software development costs

 

(6,693

)

 

 

(4,160

)

 

 

(24,012

)

 

 

(12,772

)

Cash paid for business combinations, net of cash and cash equivalents acquired

 

(10,054

)

 

 

 

 

 

(362,609

)

 

 

 

Purchases of intangible assets

 

 

 

 

(13,152

)

 

 

(700

)

 

 

(24,334

)

Purchases of investments

 

(1,105,154

)

 

 

(1,207,942

)

 

 

(3,901,321

)

 

 

(4,250,338

)

Sales of investments

 

 

 

 

33,066

 

 

 

58,813

 

 

 

440,069

 

Maturities and redemptions of investments

 

1,062,479

 

 

 

1,232,367

 

 

 

3,657,072

 

 

 

3,842,796

 

Net cash provided by (used in) investing activities

 

(64,784

)

 

 

36,167

 

 

 

(597,885

)

 

 

(20,800

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from exercise of stock options

 

8,798

 

 

 

36,592

 

 

 

39,893

 

 

 

127,036

 

Proceeds from issuance of common stock under employee stock purchase plan

 

 

 

 

 

 

 

40,931

 

 

 

52,227

 

Taxes paid related to net share settlement of equity awards

 

(48,882

)

 

 

 

 

 

(184,648

)

 

 

 

Capital contributions from noncontrolling interest holders

 

 

 

 

 

 

 

13,000

 

 

 

 

Payments of deferred purchase consideration for business combinations

 

 

 

 

(1,065

)

 

 

(1,800

)

 

 

(1,065

)

Net cash provided by (used in) financing activities

 

(40,084

)

 

 

35,527

 

 

 

(92,624

)

 

 

178,198

 

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

 

8,457

 

 

 

(257

)

 

 

(933

)

 

 

(236

)

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

 

120,905

 

 

 

150,335

 

 

 

(145,803

)

 

 

267,341

 

Cash, cash equivalents, and restricted cash—beginning of period

 

835,826

 

 

 

952,199

 

 

 

1,102,534

 

 

 

835,193

 

Cash, cash equivalents, and restricted cash—end of period

$

956,731

 

 

$

1,102,534

 

 

$

956,731

 

 

$

1,102,534

 

 

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,

 

2023

 

2022

 

2023

 

2022

 

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

$

555,329

 

 

94

%

 

$

359,558

 

 

94

%

 

$

1,938,783

 

 

94

%

 

$

1,140,469

 

 

94

%

Professional service and other revenue

 

33,683

 

 

6

%

 

 

24,216

 

 

6

%

 

 

126,876

 

 

6

%

 

 

78,858

 

 

6

%

Revenue

$

589,012

 

 

100

%

 

$

383,774

 

 

100

%

 

$

2,065,659

 

 

100

%

 

$

1,219,327

 

 

100

%

Year-over-year growth

 

53

%

 

 

 

 

101

%

 

 

 

 

69

%

 

 

 

 

106

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP cost of product revenue

$

158,601

 

 

27

%

 

$

102,397

 

 

27

%

 

$

547,547

 

 

27

%

 

$

347,817

 

 

29

%

Less: stock-based compensation-related charges

 

(17,332

)

 

 

 

 

(11,892

)

 

 

 

 

(61,379

)

 

 

 

 

(49,705

)

 

 

Less: amortization of acquired intangibles

 

(2,335

)

 

 

 

 

(566

)

 

 

 

 

(4,767

)

 

 

 

 

(2,266

)

 

 

Non-GAAP cost of product revenue

$

138,934

 

 

24

%

 

$

89,939

 

 

23

%

 

$

481,401

 

 

23

%

 

$

295,846

 

 

24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP cost of professional service and other revenue

$

47,056

 

 

8

%

 

$

31,783

 

 

8

%

 

$

169,993

 

 

8

%

 

$

110,616

 

 

9

%

Less: stock-based compensation-related charges

 

(14,250

)

 

 

 

 

(10,529

)

 

 

 

 

(52,324

)

 

 

 

 

(42,470

)

 

 

Non-GAAP cost of professional service and other revenue

$

32,806

 

 

5

%

 

$

21,254

 

 

6

%

 

$

117,669

 

 

6

%

 

$

68,146

 

 

6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP cost of revenue

$

205,657

 

 

35

%

 

$

134,180

 

 

35

%

 

$

717,540

 

 

35

%

 

$

458,433

 

 

38

%

Less: stock-based compensation-related charges

 

(31,582

)

 

 

 

 

(22,421

)

 

 

 

 

(113,703

)

 

 

 

 

(92,175

)

 

 

Less: amortization of acquired intangibles

 

(2,335

)

 

 

 

 

(566

)

 

 

 

 

(4,767

)

 

 

 

 

(2,266

)

 

 

Non-GAAP cost of revenue

$

171,740

 

 

29

%

 

$

111,193

 

 

29

%

 

$

599,070

 

 

29

%

 

$

363,992

 

 

30

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP product gross profit

$

396,728

 

 

71

%

 

$

257,161

 

 

72

%

 

$

1,391,236

 

 

72

%

 

$

792,652

 

 

70

%

Add: stock-based compensation-related charges

 

17,332

 

 

 

 

 

11,892

 

 

 

 

 

61,379

 

 

 

 

 

49,705

 

 

 

Add: amortization of acquired intangibles

 

2,335

 

 

 

 

 

566

 

 

 

 

 

4,767

 

 

 

 

 

2,266

 

 

 

Non-GAAP product gross profit

$

416,395

 

 

75

%

 

$

269,619

 

 

75

%

 

$

1,457,382

 

 

75

%

 

$

844,623

 

 

74

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP professional services and other revenue gross loss

$

(13,373

)

 

(40

%)

 

$

(7,567

)

 

(31

%)

 

$

(43,117

)

 

(34

%)

 

$

(31,758

)

 

(40

%)

Add: stock-based compensation-related charges

 

14,250

 

 

 

 

 

10,529

 

 

 

 

 

52,324

 

 

 

 

 

42,470

 

 

 

Non-GAAP professional services and other revenue gross profit

$

877

 

 

3

%

 

$

2,962

 

 

12

%

 

$

9,207

 

 

7

%

 

$

10,712

 

 

14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

$

383,355

 

 

65

%

 

$

249,594

 

 

65

%

 

$

1,348,119

 

 

65

%

 

$

760,894

 

 

62

%

Add: stock-based compensation-related charges

 

31,582

 

 

 

 

 

22,421

 

 

 

 

 

113,703

 

 

 

 

 

92,175

 

 

 

Add: amortization of acquired intangibles

 

2,335

 

 

 

 

 

566

 

 

 

 

 

4,767

 

 

 

 

 

2,266

 

 

 

Non-GAAP gross profit

$

417,272

 

 

71

%

 

$

272,581

 

 

71

%

 

$

1,466,589

 

 

71

%

 

$

855,335

 

 

70

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP product gross margin

 

71

%

 

 

 

 

72

%

 

 

 

 

72

%

 

 

 

 

70

%

 

 

Add: stock-based compensation-related charges as a % of product revenue

 

4

%

 

 

 

 

3

%

 

 

 

 

3

%

 

 

 

 

4

%

 

 

Add: amortization of acquired intangibles as a % of product revenue

 

%

 

 

 

 

%

 

 

 

 

%

 

 

 

 

%

 

 

Non-GAAP product gross margin

 

75

%

 

 

 

 

75

%

 

 

 

 

75

%

 

 

 

 

74

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP professional services and other revenue gross margin

 

(40

%)

 

 

 

 

(31

%)

 

 

 

 

(34

%)

 

 

 

 

(40

%)

 

 

Add: stock-based compensation-related charges as a % of professional service and other revenue

 

43

%

 

 

 

 

43

%

 

 

 

 

41

%

 

 

 

 

54

%

 

 

Non-GAAP professional services and other revenue gross margin

 

3

%

 

 

 

 

12

%

 

 

 

 

7

%

 

 

 

 

14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

65

%

 

 

 

 

65

%

 

 

 

 

65

%

 

 

 

 

62

%

 

 

Add: stock-based compensation-related charges as a % of revenue

 

6

%

 

 

 

 

6

%

 

 

 

 

6

%

 

 

 

 

8

%

 

 

Add: amortization of acquired intangibles as a % of revenue

 

%

 

 

 

 

%

 

 

 

 

%

 

 

 

 

%

 

 

Non-GAAP gross margin

 

71

%

 

 

 

 

71

%

 

 

 

 

71

%

 

 

 

 

70

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP sales and marketing expense

$

303,473

 

 

52

%

 

$

203,287

 

 

53

%

 

$

1,106,507

 

 

54

%

 

$

743,965

 

 

61

%

Less: stock-based compensation-related charges

 

(70,844

)

 

 

 

 

(49,791

)

 

 

 

 

(258,056

)

 

 

 

 

(215,760

)

 

 

Less: amortization of acquired intangibles

 

(7,553

)

 

 

 

 

 

 

 

 

 

(25,207

)

 

 

 

 

 

 

 

Non-GAAP sales and marketing expense

$

225,076

 

 

38

%

 

$

153,496

 

 

39

%

 

$

823,244

 

 

39

%

 

$

528,205

 

 

43

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP research and development expense

$

242,125

 

 

41

%

 

$

123,149

 

 

32

%

 

$

788,058

 

 

38

%

 

$

466,932

 

 

38

%

Less: stock-based compensation-related charges

 

(128,026

)

 

 

 

 

(61,686

)

 

 

 

 

(413,080

)

 

 

 

 

(248,032

)

 

 

Less: amortization of acquired intangibles

 

(1,813

)

 

 

 

 

(1,200

)

 

 

 

 

(7,123

)

 

 

 

 

(3,941

)

 

 

Non-GAAP research and development expense

$

112,286

 

 

19

%

 

$

60,263

 

 

16

%

 

$

367,855

 

 

18

%

 

$

214,959

 

 

18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative expense

$

77,507

 

 

13

%

 

$

75,187

 

 

20

%

 

$

295,821

 

 

14

%

 

$

265,033

 

 

22

%

Less: stock-based compensation-related charges

 

(25,833

)

 

 

 

 

(33,868

)

 

 

 

 

(104,160

)

 

 

 

 

(119,492

)

 

 

Less: amortization of acquired intangibles

 

(451

)

 

 

 

 

(412

)

 

 

 

 

(1,731

)

 

 

 

 

(1,621

)

 

 

Less: expenses associated with acquisitions and strategic investments

 

(4,088

)

 

 

 

 

(143

)

 

 

 

 

(9,723

)

 

 

 

 

(574

)

 

 

Non-GAAP general and administrative expense

$

47,135

 

 

8

%

 

$

40,764

 

 

11

%

 

$

180,207

 

 

9

%

 

$

143,346

 

 

12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP total operating expense

$

623,105

 

 

106

%

 

$

401,623

 

 

105

%

 

$

2,190,386

 

 

106

%

 

$

1,475,930

 

 

121

%

Less: stock-based compensation-related charges

 

(224,703

)

 

 

 

 

(145,345

)

 

 

 

 

(775,296

)

 

 

 

 

(583,284

)

 

 

Less: amortization of acquired intangibles

 

(9,817

)

 

 

 

 

(1,612

)

 

 

 

 

(34,061

)

 

 

 

 

(5,562

)

 

 

Less: expenses associated with acquisitions and strategic investments

 

(4,088

)

 

 

 

 

(143

)

 

 

 

 

(9,723

)

 

 

 

 

(574

)

 

 

Non-GAAP total operating expense

$

384,497

 

 

65

%

 

$

254,523

 

 

66

%

 

$

1,371,306

 

 

66

%

 

$

886,510

 

 

73

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating loss

$

(239,750

)

 

(41

%)

 

$

(152,029

)

 

(40

%)

 

$

(842,267

)

 

(41

%)

 

$

(715,036

)

 

(59

%)

Add: stock-based compensation-related charges

 

256,285

 

 

 

 

 

167,766

 

 

 

 

 

888,999

 

 

 

 

 

675,459

 

 

 

Add: amortization of acquired intangibles

 

12,152

 

 

 

 

 

2,178

 

 

 

 

 

38,828

 

 

 

 

 

7,828

 

 

 

Add: expenses associated with acquisitions and strategic investments

 

4,088

 

 

 

 

 

143

 

 

 

 

 

9,723

 

 

 

 

 

574

 

 

 

Non-GAAP operating income (loss)

$

32,775

 

 

6

%

 

$

18,058

 

 

5

%

 

$

95,283

 

 

5

%

 

$

(31,175

)

 

(3

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating margin

 

(41

%)

 

 

 

 

(40

%)

 

 

 

 

(41

%)

 

 

 

 

(59

%)

 

 

Add: stock-based compensation-related charges as a % of revenue

 

44

%

 

 

 

 

44

%

 

 

 

 

44

%

 

 

 

 

55

%

 

 

Add: amortization of acquired intangibles as a % of revenue

 

2

%

 

 

 

 

1

%

 

 

 

 

2

%

 

 

 

 

1

%

 

 

Add: expenses associated with acquisitions and strategic investments as a % of revenue

 

1

%

 

 

 

 

%

 

 

 

 

%

 

 

 

 

%

 

 

Non-GAAP operating margin

 

6

%

 

 

 

 

5

%

 

 

 

 

5

%

 

 

 

 

(3

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss

$

(207,484

)

 

(35

%)

 

$

(132,153

)

 

(34

%)

 

$

(797,526

)

 

(39

%)

 

$

(679,948

)

 

(56

%)

Add: stock-based compensation-related charges(1)

 

256,285

 

 

 

 

 

167,766

 

 

 

 

 

888,999

 

 

 

 

 

675,459

 

 

 

Add: amortization of acquired intangibles

 

12,152

 

 

 

 

 

2,178

 

 

 

 

 

38,828

 

 

 

 

 

7,828

 

 

 

Add: expenses associated with acquisitions and strategic investments

 

4,088

 

 

 

 

 

143

 

 

 

 

 

9,723

 

 

 

 

 

574

 

 

 

Income tax expenses effect related to the above adjustments

 

(16,635

)

 

 

 

 

(1,897

)

 

 

 

 

(50,072

)

 

 

 

 

(1,827

)

 

 

Non-GAAP net income

$

48,406

 

 

8

%

 

$

36,037

 

 

10

%

 

$

89,952

 

 

4

%

 

$

2,086

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Snowflake Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss attributable to Snowflake Inc.

$

(207,169

)

 

(35

%)

 

$

(132,153

)

 

(34

%)

 

$

(796,705

)

 

(39

%)

 

$

(679,948

)

 

(56

%)

Add: stock-based compensation-related charges(1)

 

256,285

 

 

 

 

 

167,766

 

 

 

 

 

888,999

 

 

 

 

 

675,459

 

 

 

Add: amortization of acquired intangibles

 

12,152

 

 

 

 

 

2,178

 

 

 

 

 

38,828

 

 

 

 

 

7,828

 

 

 

Add: expenses associated with acquisitions and strategic investments

 

4,088

 

 

 

 

 

143

 

 

 

 

 

9,723

 

 

 

 

 

574

 

 

 

Income tax expenses effect related to the above adjustments

 

(16,635

)

 

 

 

 

(1,897

)

 

 

 

 

(50,072

)

 

 

 

 

(1,827

)

 

 

Adjustments attributable to noncontrolling interest, net of tax

 

14

 

 

 

 

 

 

 

 

 

 

(361

)

 

 

 

 

 

 

 

Non-GAAP net income attributable to Snowflake Inc.

$

48,735

 

 

8

%

 

$

36,037

 

 

10

%

 

$

90,412

 

 

4

%

 

$

2,086

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$

(0.64

)

 

 

 

$

(0.43

)

 

 

 

$

(2.50

)

 

 

 

$

(2.26

)

 

 

Weighted-average shares used in computing GAAP net loss per share attributable to Snowflake Inc. common stockholders - basic and diluted

 

321,924

 

 

 

 

 

308,693

 

 

 

 

 

318,730

 

 

 

 

 

300,273

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income per share attributable to Snowflake Inc. common stockholders - basic

$

0.15

 

 

 

 

$

0.12

 

 

 

 

$

0.28

 

 

 

 

$

0.01

 

 

 

Weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders - basic

 

321,924

 

 

 

 

 

308,693

 

 

 

 

 

318,730

 

 

 

 

 

300,273

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income per share attributable to Snowflake Inc. common stockholders - diluted

$

0.14

 

 

 

 

$

0.10

 

 

 

 

$

0.25

 

 

 

 

$

0.01

 

 

 

Weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders - diluted(2)

 

359,513

 

 

 

 

 

358,743

 

 

 

 

 

359,144

 

 

 

 

 

357,395

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Free cash flow and adjusted free cash flow:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net cash provided by operating activities

$

217,316

 

 

37

%

 

$

78,898

 

 

21

%

 

$

545,639

 

 

26

%

 

$

110,179

 

 

9

%

Less: purchases of property and equipment

 

(5,362

)

 

 

 

 

(4,012

)

 

 

 

 

(25,128

)

 

 

 

 

(16,221

)

 

 

Less: capitalized internal-use software development costs

 

(6,693

)

 

 

 

 

(4,160

)

 

 

 

 

(24,012

)

 

 

 

 

(12,772

)

 

 

Non-GAAP free cash flow

 

205,261

 

 

35

%

 

 

70,726

 

 

18

%

 

 

496,499

 

 

24

%

 

 

81,186

 

 

7

%

Add: net cash paid on payroll tax-related items on employee stock transactions(3)

 

10,034

 

 

 

 

 

31,378

 

 

 

 

 

23,927

 

 

 

 

 

68,645

 

 

 

Non-GAAP adjusted free cash flow

$

215,295

 

 

37

%

 

$

102,104

 

 

27

%

 

$

520,426

 

 

25

%

 

$

149,831

 

 

12

%

Non-GAAP free cash flow margin

 

35

%

 

 

 

 

18

%

 

 

 

 

24

%

 

 

 

 

7

%

 

 

Non-GAAP adjusted free cash flow margin

 

37

%

 

 

 

 

27

%

 

 

 

 

25

%

 

 

 

 

12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Stock-based compensation-related charges included employer payroll tax-related expenses on employee stock transactions of approximately $4.0 million and $22.7 million for the three and twelve months ended January 31, 2023, respectively, and $21.7 million and $69.1 million for the three and twelve months ended January 31, 2022, respectively.

 

(2) For the periods in which we had non-GAAP net income, the 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). These potentially dilutive securities would be excluded from the weighted-average shares used in computing non-GAAP net loss per share attributable to Snowflake Inc. common stockholders - diluted if we were in a non-GAAP net loss position.

 

(3) 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. No equity awards were net settled prior to the fiscal year ended January 31, 2023.

 

Investor Contact
Jimmy Sexton
IR@snowflake.com

Press Contact
Eszter Szikora
Press@snowflake.com

Source: Snowflake Inc.