☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 46-0636374 | ||||||||||
(State or other jurisdiction of | (I.R.S. Employer | ||||||||||
(Address of principal executive offices and | |||||||||||
(844) 766-9355 | |||||||||||
(Registrant’s telephone number, including area code) | |||||||||||
Not Applicable | |||||||||||
(Former name, former address and former fiscal year, if changed since last report) | |||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Class A Common Stock, $0.0001 par value | SNOW | The New York Stock Exchange |
Large accelerated filer | Accelerated filer | ☐ | |||||||||||||||||||||
Non-accelerated filer | Small reporting company | ☐ | |||||||||||||||||||||
Emerging growth company |
Page | |||||
October 31, 2020 | January 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 3,939,925 | $ | 127,206 | |||||||
Short-term investments | 814,123 | 306,844 | |||||||||
Accounts receivable, net | 168,982 | 179,459 | |||||||||
Deferred commissions, current | 28,063 | 26,358 | |||||||||
Prepaid expenses and other current assets | 35,678 | 25,327 | |||||||||
Total current assets | 4,986,771 | 665,194 | |||||||||
Long-term investments | 347,403 | 23,532 | |||||||||
Property and equipment, net | 53,650 | 27,136 | |||||||||
Operating lease right-of-use assets | 189,255 | 195,976 | |||||||||
Goodwill | 8,449 | 7,049 | |||||||||
Intangible assets, net | 14,820 | 4,795 | |||||||||
Deferred commissions, non-current | 73,839 | 69,516 | |||||||||
Other assets | 38,702 | 19,522 | |||||||||
Total assets | $ | 5,712,889 | $ | 1,012,720 | |||||||
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 5,061 | $ | 8,488 | |||||||
Accrued expenses and other current liabilities | 85,038 | 62,817 | |||||||||
Operating lease liabilities, current | 19,333 | 18,092 | |||||||||
Deferred revenue, current | 438,227 | 327,058 | |||||||||
Total current liabilities | 547,659 | 416,455 | |||||||||
Operating lease liabilities, non-current | 186,718 | 193,175 | |||||||||
Deferred revenue, non-current | 3,477 | 2,907 | |||||||||
Other liabilities | 7,220 | 8,466 | |||||||||
Total liabilities | 745,074 | 621,003 | |||||||||
Commitments and contingencies (Note 9) | |||||||||||
Redeemable convertible preferred stock: | |||||||||||
Redeemable convertible preferred stock; $0.0001 par value per share; 0 and 169,921,272 shares authorized as of October 31, 2020 and January 31, 2020, respectively; 0 and 169,921,272 shares issued and outstanding as of October 31, 2020 and January 31, 2020, respectively; aggregate liquidation preference of 0 and $935,389 as of October 31, 2020 and January 31, 2020, respectively; | 0 | 936,474 |
October 31, 2020 | January 31, 2020 | ||||||||||
Stockholders’ equity (deficit): | |||||||||||
Preferred stock; $0.0001 par value per share; 200,000,000 and 0 shares authorized as of October 31, 2020 and January 31, 2020, respectively; 0 shares issued and outstanding as of October 31, 2020 and January 31, 2020 | 0 | 0 | |||||||||
Class A common stock; $0.0001 par value per share; 2,500,000,000 and 2,000 shares authorized as of October 31, 2020 and January 31, 2020, respectively; 40,503,350 and 0 shares issued and outstanding as of October 31, 2020 and January 31, 2020, respectively | 4 | 0 | |||||||||
Class B common stock; $0.0001 par value per share; 355,000,000 and 312,000,000 shares authorized as of October 31, 2020 and January 31, 2020, respectively; 242,616,195 and 55,452,421 shares issued and outstanding as of October 31, 2020 and January 31, 2020, respectively | 24 | 6 | |||||||||
Additional paid-in capital | 6,007,898 | 155,340 | |||||||||
Accumulated other comprehensive income | 375 | 216 | |||||||||
Accumulated deficit | (1,040,486) | (700,319) | |||||||||
Total stockholders’ equity (deficit) | 4,967,815 | (544,757) | |||||||||
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ | 5,712,889 | $ | 1,012,720 |
July 31, 2023 | January 31, 2023 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 755,192 | $ | 939,902 | |||||||
Short-term investments | 2,996,941 | 3,067,966 | |||||||||
Accounts receivable, net | 406,404 | 715,821 | |||||||||
Deferred commissions, current | 71,969 | 67,901 | |||||||||
Prepaid expenses and other current assets | 174,445 | 193,100 | |||||||||
Total current assets | 4,404,951 | 4,984,690 | |||||||||
Long-term investments | 1,100,748 | 1,073,023 | |||||||||
Property and equipment, net | 193,823 | 160,823 | |||||||||
Operating lease right-of-use assets | 262,229 | 231,266 | |||||||||
Goodwill | 774,300 | 657,370 | |||||||||
Intangible assets, net | 346,101 | 186,013 | |||||||||
Deferred commissions, non-current | 146,358 | 145,286 | |||||||||
Other assets | 281,306 | 283,851 | |||||||||
Total assets | $ | 7,509,816 | $ | 7,722,322 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 41,248 | $ | 23,672 | |||||||
Accrued expenses and other current liabilities | 315,133 | 269,069 | |||||||||
Operating lease liabilities, current | 33,846 | 27,301 | |||||||||
Deferred revenue, current | 1,523,085 | 1,673,475 | |||||||||
Total current liabilities | 1,913,312 | 1,993,517 | |||||||||
Operating lease liabilities, non-current | 263,006 | 224,357 | |||||||||
Deferred revenue, non-current | 12,477 | 11,463 | |||||||||
Other liabilities | 22,794 | 24,370 | |||||||||
Total liabilities | 2,211,589 | 2,253,707 | |||||||||
Commitments and contingencies (Note 10) | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock; $0.0001 par value per share; 200,000 shares authorized, zero shares issued and outstanding as of each July 31, 2023 and January 31, 2023 | — | — | |||||||||
Common stock; $0.0001 par value per share; 2,500,000 Class A shares authorized, 329,378 and 323,305 shares issued and outstanding as of July 31, 2023 and January 31, 2023, respectively; 185,461 Class B shares authorized, zero shares issued and outstanding as of each July 31, 2023 and January 31, 2023 | 33 | 32 | |||||||||
Treasury stock, at cost; 500 and zero shares held as of July 31, 2023 and January 31, 2023, respectively | (68,299) | — | |||||||||
Additional paid-in capital | 8,679,411 | 8,210,750 | |||||||||
Accumulated other comprehensive loss | (32,244) | (38,272) | |||||||||
Accumulated deficit | (3,291,963) | (2,716,074) | |||||||||
Total Snowflake Inc. stockholders’ equity | 5,286,938 | 5,456,436 | |||||||||
Noncontrolling interest | 11,289 | 12,179 | |||||||||
Total stockholders’ equity | 5,298,227 | 5,468,615 | |||||||||
Total liabilities and stockholders’ equity | $ | 7,509,816 | $ | 7,722,322 |
Three Months Ended October 31, | Nine Months Ended October 31, | Three Months Ended July 31, | Six Months Ended July 31, | |||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Revenue | Revenue | $ | 159,624 | $ | 73,012 | $ | 401,584 | $ | 177,056 | Revenue | $ | 674,018 | $ | 497,248 | $ | 1,297,617 | $ | 919,619 | ||||||||||||||||||||||||||||
Cost of revenue | Cost of revenue | 66,681 | 29,489 | 159,684 | 82,035 | Cost of revenue | 218,392 | 173,232 | 427,806 | 321,162 | ||||||||||||||||||||||||||||||||||||
Gross profit | Gross profit | 92,943 | 43,523 | 241,900 | 95,021 | Gross profit | 455,626 | 324,016 | 869,811 | 598,457 | ||||||||||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Sales and marketing | Sales and marketing | 134,727 | 75,668 | 325,267 | 213,133 | Sales and marketing | 343,288 | 274,645 | 674,846 | 518,557 | ||||||||||||||||||||||||||||||||||||
Research and development | Research and development | 74,138 | 27,669 | 143,949 | 75,451 | Research and development | 313,996 | 183,748 | 591,408 | 334,546 | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 53,532 | 30,318 | 116,224 | 79,413 | General and administrative | 83,749 | 73,355 | 162,202 | 141,852 | ||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 262,397 | 133,655 | 585,440 | 367,997 | Total operating expenses | 741,033 | 531,748 | 1,428,456 | 994,955 | ||||||||||||||||||||||||||||||||||||
Operating loss | Operating loss | (169,454) | (90,132) | (343,540) | (272,976) | Operating loss | (285,407) | (207,732) | (558,645) | (396,498) | ||||||||||||||||||||||||||||||||||||
Interest income | Interest income | 1,517 | 2,491 | 5,654 | 9,252 | Interest income | 50,280 | 11,692 | 93,411 | 16,451 | ||||||||||||||||||||||||||||||||||||
Other expense, net | (519) | (40) | (1,561) | (819) | ||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | Other income (expense), net | 4,086 | (22,920) | 1,524 | (31,401) | |||||||||||||||||||||||||||||||||||||||||
Loss before income taxes | Loss before income taxes | (168,456) | (87,681) | (339,447) | (264,543) | Loss before income taxes | (231,041) | (218,960) | (463,710) | (411,448) | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | 433 | 376 | 720 | 738 | ||||||||||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | Provision for (benefit from) income taxes | (3,721) | 3,846 | (10,326) | (22,848) | |||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | $ | (168,889) | $ | (88,057) | $ | (340,167) | $ | (265,281) | Net loss | (227,320) | (222,806) | (453,384) | (388,600) | ||||||||||||||||||||||||||||||||
Net loss per share attributable to Class A and Class B common stockholders – basic and diluted | $ | (1.01) | $ | (1.92) | $ | (3.63) | $ | (6.15) | ||||||||||||||||||||||||||||||||||||||
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders – basic and diluted | 166,868,200 | 45,911,449 | 93,763,599 | 43,113,683 | ||||||||||||||||||||||||||||||||||||||||||
Less: net loss attributable to noncontrolling interest | Less: net loss attributable to noncontrolling interest | (453) | — | (890) | — | |||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Snowflake Inc. | Net loss attributable to Snowflake Inc. | $ | (226,867) | $ | (222,806) | $ | (452,494) | $ | (388,600) | |||||||||||||||||||||||||||||||||||||
Net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted | Net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted | $ | (0.69) | $ | (0.70) | $ | (1.39) | $ | (1.23) | |||||||||||||||||||||||||||||||||||||
Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted | Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted | 327,335 | 318,356 | 325,772 | 316,392 |
Three Months Ended October 31, | Nine Months Ended October 31, | Three Months Ended July 31, | Six Months Ended July 31, | |||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | $ | (168,889) | $ | (88,057) | $ | (340,167) | $ | (265,281) | Net loss | $ | (227,320) | $ | (222,806) | $ | (453,384) | $ | (388,600) | ||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains on investments, net of tax | (771) | 170 | 159 | 238 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss | $ | (169,660) | $ | (87,887) | $ | (340,008) | $ | (265,043) | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | Foreign currency translation adjustments | — | (1,074) | — | (3,050) | |||||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains (losses) on available-for-sale debt securities | Net change in unrealized gains (losses) on available-for-sale debt securities | (1,575) | (196) | 5,869 | (28,521) | |||||||||||||||||||||||||||||||||||||||||
Other | Other | 159 | — | 159 | — | |||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | (1,416) | (1,270) | 6,028 | (31,571) | |||||||||||||||||||||||||||||||||||||||||
Comprehensive loss attributable to Snowflake Inc. | Comprehensive loss attributable to Snowflake Inc. | $ | (228,736) | $ | (224,076) | $ | (447,356) | $ | (420,171) |
Three Months Ended October 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock | Class A and Class B Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total Stockholders’ Equity (Deficit) | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
BALANCE—July 31, 2020 | 182,271,099 | $ | 1,415,047 | 62,257,063 | $ | 6 | $ | 219,046 | $ | 1,146 | $ | (871,597) | $ | (651,399) | ||||||||||||||||||||||||||||||||||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering | (182,271,099) | (1,415,047) | 182,271,099 | 18 | 1,415,029 | — | — | 1,415,047 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon initial public offering and private placements, net of underwriting discounts | — | — | 36,366,666 | 4 | 4,242,280 | — | — | 4,242,284 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 2,186,819 | — | 10,362 | — | — | 10,362 | ||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock warrants | — | — | 32,241 | — | 0 | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||
Vesting of early exercised stock options and restricted common stock | — | — | — | — | 1,756 | — | — | 1,756 | ||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | 5,657 | — | — | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 119,425 | — | — | 119,425 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (771) | — | (771) | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (168,889) | (168,889) | ||||||||||||||||||||||||||||||||||||||||||
BALANCE—October 31, 2020 | 0 | $ | 0 | 283,119,545 | $ | 28 | $ | 6,007,898 | $ | 375 | $ | (1,040,486) | $ | 4,967,815 | ||||||||||||||||||||||||||||||||||||
Three Months Ended October 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock | Class A and Class B Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
BALANCE—July 31, 2019 | 169,159,160 | $ | 923,572 | 48,094,553 | $ | 5 | $ | 82,935 | $ | 84 | $ | (529,008) | $ | (445,984) | ||||||||||||||||||||||||||||||||||||
Issuance of Series F redeemable convertible preferred stock at $14.96125 per share | 762,112 | 11,402 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 5,033,760 | — | 18,203 | — | — | 18,203 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of early exercised stock options | — | — | (45,208) | — | — | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | 4,438 | — | — | 4,438 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 1,500 | — | — | 21,792 | — | — | 21,792 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 170 | — | 170 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (88,057) | (88,057) | ||||||||||||||||||||||||||||||||||||||||||
BALANCE—October 31, 2019 | 169,921,272 | $ | 936,474 | 53,083,105 | $ | 5 | $ | 127,368 | $ | 254 | $ | (617,065) | $ | (489,438) | ||||||||||||||||||||||||||||||||||||
Three Months Ended July 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Snowflake Inc. Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE—April 30, 2023 | 326,312 | $ | 33 | (500) | $ | (68,299) | $ | 8,450,433 | $ | (30,828) | $ | (3,065,096) | $ | 5,286,243 | $ | 11,742 | $ | 5,297,985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 2,480 | — | — | — | 16,194 | — | — | 16,194 | — | 16,194 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | 61 | — | — | 61 | — | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock units | 1,637 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares withheld related to net share settlement of equity awards | (551) | — | — | — | (99,902) | — | — | (99,902) | — | (99,902) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 312,625 | — | — | 312,625 | — | 312,625 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (1,416) | — | (1,416) | — | (1,416) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (226,867) | (226,867) | (453) | (227,320) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE—July 31, 2023 | 329,878 | $ | 33 | (500) | $ | (68,299) | $ | 8,679,411 | $ | (32,244) | $ | (3,291,963) | $ | 5,286,938 | $ | 11,289 | $ | 5,298,227 |
Three Months Ended July 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Snowflake Inc. Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE—April 30, 2022 | 317,814 | $ | 32 | — | $ | — | $ | 7,589,712 | $ | (46,587) | $ | (2,085,163) | $ | 5,457,994 | $ | — | $ | 5,457,994 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 1,494 | — | — | — | 8,437 | — | — | 8,437 | — | 8,437 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with a business combination | 74 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | 61 | — | — | 61 | — | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock units | 775 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares withheld related to net share settlement of equity awards | (260) | — | — | — | (31,989) | — | — | (31,989) | — | (31,989) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 215,896 | — | — | 215,896 | — | 215,896 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (1,270) | — | (1,270) | — | (1,270) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (222,806) | (222,806) | — | (222,806) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE—July 31, 2022 | 319,897 | $ | 32 | — | $ | — | $ | 7,782,117 | $ | (47,857) | $ | (2,307,969) | $ | 5,426,323 | $ | — | $ | 5,426,323 |
Nine Months Ended October 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock | Class A and Class B Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total Stockholders’ Equity (Deficit) | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
BALANCE—January 31, 2020 | 169,921,272 | $ | 936,474 | 55,452,421 | $ | 6 | $ | 155,340 | $ | 216 | $ | (700,319) | $ | (544,757) | ||||||||||||||||||||||||||||||||||||
Issuance of Series G-1 and Series G-2 redeemable convertible preferred stock at $38.77 per share, net of issuance costs of $230 | 12,349,827 | 478,573 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering | (182,271,099) | (1,415,047) | 182,271,099 | 18 | 1,415,029 | — | — | 1,415,047 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon initial public offering and private placements, net of underwriting discounts | — | — | 36,366,666 | 4 | 4,242,280 | — | — | 4,242,284 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 9,031,461 | — | 31,098 | — | — | 31,098 | ||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock warrants | — | — | 32,241 | — | 0 | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of early exercised stock options and restricted common stock | — | — | (40,000) | — | — | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||
Vesting of early exercised stock options and restricted common stock | — | — | — | — | 5,341 | — | — | 5,341 | ||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | 5,657 | — | — | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 158,810 | — | — | 158,810 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 159 | — | 159 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (340,167) | (340,167) | ||||||||||||||||||||||||||||||||||||||||||
BALANCE—October 31, 2020 | 0 | $ | 0 | 283,119,545 | $ | 28 | $ | 6,007,898 | $ | 375 | $ | (1,040,486) | $ | 4,967,815 | ||||||||||||||||||||||||||||||||||||
Nine Months Ended October 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock | Class A and Class B Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
BALANCE—January 31, 2019 | 168,309,042 | $ | 910,853 | 45,559,637 | $ | 5 | $ | 39,296 | $ | 16 | $ | (351,784) | $ | (312,467) | ||||||||||||||||||||||||||||||||||||
Issuance of Series F redeemable convertible preferred stock at $14.96125 per share | 1,612,230 | 24,121 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 7,365,690 | — | 21,138 | — | — | 21,138 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of early exercised stock options and restricted common stock | — | — | (520,557) | — | — | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||
Vesting of early exercised stock options and restricted common stock | — | — | — | — | 5,474 | — | — | 5,474 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted common stock | — | — | 16,700 | — | — | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with an acquisition | — | — | 661,635 | — | 4,749 | — | — | 4,749 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 1,500 | — | — | 56,711 | — | — | 56,711 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 238 | — | 238 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (265,281) | (265,281) | ||||||||||||||||||||||||||||||||||||||||||
BALANCE—October 31, 2019 | 169,921,272 | $ | 936,474 | 53,083,105 | $ | 5 | $ | 127,368 | $ | 254 | $ | (617,065) | $ | (489,438) | ||||||||||||||||||||||||||||||||||||
Six Months Ended July 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Snowflake Inc. Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE—January 31, 2023 | 323,305 | $ | 32 | — | $ | — | $ | 8,210,750 | $ | (38,272) | $ | (2,716,074) | $ | 5,456,436 | $ | 12,179 | $ | 5,468,615 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 4,856 | 1 | — | — | 31,526 | — | — | 31,527 | — | 31,527 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under employee stock purchase plan | 312 | — | — | — | 37,065 | — | — | 37,065 | — | 37,065 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | 122 | — | — | 122 | — | 122 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock units | 3,499 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares withheld related to net share settlement of equity awards | (1,189) | — | — | — | (188,905) | — | — | (188,905) | — | (188,905) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock as treasury stock | — | — | (500) | (68,299) | — | — | — | (68,299) | — | (68,299) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases and retirement of common stock | (905) | — | — | — | — | — | (123,395) | (123,395) | — | (123,395) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 588,853 | — | — | 588,853 | — | 588,853 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 6,028 | — | 6,028 | — | 6,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (452,494) | (452,494) | (890) | (453,384) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE—July 31, 2023 | 329,878 | $ | 33 | (500) | $ | (68,299) | $ | 8,679,411 | $ | (32,244) | $ | (3,291,963) | $ | 5,286,938 | $ | 11,289 | $ | 5,298,227 |
Six Months Ended July 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Snowflake Inc. Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE—January 31, 2022 | 312,377 | $ | 31 | — | $ | — | $ | 6,984,669 | $ | (16,286) | $ | (1,919,369) | $ | 5,049,045 | $ | — | $ | 5,049,045 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 3,942 | 1 | — | — | 23,566 | — | — | 23,567 | — | 23,567 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under employee stock purchase plan | 184 | — | — | — | 26,094 | — | — | 26,094 | — | 26,094 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with a business combination | 1,914 | — | — | — | 438,916 | — | — | 438,916 | — | 438,916 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with a business combination subject to future vesting | 409 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | 122 | — | — | 122 | — | 122 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock units | 1,623 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares withheld related to net share settlement of equity awards | (552) | — | — | — | (86,134) | — | — | (86,134) | — | (86,134) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 394,884 | — | — | 394,884 | — | 394,884 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (31,571) | — | (31,571) | — | (31,571) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (388,600) | (388,600) | — | (388,600) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE—July 31, 2022 | 319,897 | $ | 32 | — | $ | — | $ | 7,782,117 | $ | (47,857) | $ | (2,307,969) | $ | 5,426,323 | $ | — | $ | 5,426,323 |
Nine Months Ended October 31, | Six Months Ended July 31, | |||||||||||||||||||||
2020 | 2019 | 2023 | 2022 | |||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||
Net loss | Net loss | $ | (340,167) | $ | (265,281) | Net loss | $ | (453,384) | $ | (388,600) | ||||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 6,611 | 2,257 | Depreciation and amortization | 52,447 | 26,113 | ||||||||||||||||
Non-cash operating lease costs | Non-cash operating lease costs | 24,840 | 19,734 | Non-cash operating lease costs | 25,653 | 21,239 | ||||||||||||||||
Amortization of deferred commissions | Amortization of deferred commissions | 21,233 | 11,408 | Amortization of deferred commissions | 35,853 | 26,971 | ||||||||||||||||
Stock-based compensation, net of amounts capitalized | Stock-based compensation, net of amounts capitalized | 157,790 | 57,425 | Stock-based compensation, net of amounts capitalized | 564,231 | 381,674 | ||||||||||||||||
Net amortization (accretion) of premiums (discounts) on investments | Net amortization (accretion) of premiums (discounts) on investments | 1,117 | (5,149) | Net amortization (accretion) of premiums (discounts) on investments | (32,992) | 12,876 | ||||||||||||||||
Net unrealized losses (gains) on strategic investments in equity securities | Net unrealized losses (gains) on strategic investments in equity securities | (2,895) | 32,032 | |||||||||||||||||||
Deferred income tax | Deferred income tax | (12,894) | (26,664) | |||||||||||||||||||
Other | Other | 4,073 | 1,276 | Other | 11,812 | 2,074 | ||||||||||||||||
Changes in operating assets and liabilities, net of effect of acquisitions: | ||||||||||||||||||||||
Changes in operating assets and liabilities, net of effects of business combinations: | Changes in operating assets and liabilities, net of effects of business combinations: | |||||||||||||||||||||
Accounts receivable | Accounts receivable | 9,221 | (38,193) | Accounts receivable | 309,843 | 239,569 | ||||||||||||||||
Deferred commissions | Deferred commissions | (27,261) | (35,004) | Deferred commissions | (40,992) | (39,906) | ||||||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | (29,480) | (8,856) | Prepaid expenses and other assets | 46,916 | (28,177) | ||||||||||||||||
Accounts payable | Accounts payable | (3,806) | 10,566 | Accounts payable | 17,469 | 6,225 | ||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 22,477 | 14,368 | Accrued expenses and other liabilities | 27,106 | 10,455 | ||||||||||||||||
Operating lease liabilities | Operating lease liabilities | (23,418) | (6,052) | Operating lease liabilities | (16,023) | (18,186) | ||||||||||||||||
Deferred revenue | Deferred revenue | 111,739 | 107,735 | Deferred revenue | (149,515) | (8,649) | ||||||||||||||||
Net cash used in operating activities | (65,031) | (133,766) | ||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 382,635 | 249,046 | |||||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||||||||
Purchases of property and equipment | Purchases of property and equipment | (24,018) | (14,504) | Purchases of property and equipment | (13,268) | (11,261) | ||||||||||||||||
Capitalized internal-use software development costs | Capitalized internal-use software development costs | (4,014) | (2,940) | Capitalized internal-use software development costs | (17,215) | (11,540) | ||||||||||||||||
Cash paid for acquisitions, net of cash acquired | (6,035) | (6,314) | ||||||||||||||||||||
Cash paid for business combinations, net of cash, cash equivalents, and restricted cash acquired | Cash paid for business combinations, net of cash, cash equivalents, and restricted cash acquired | (264,571) | (177,925) | |||||||||||||||||||
Purchases of intangible assets | Purchases of intangible assets | (6,184) | 0 | Purchases of intangible assets | (27,480) | (700) | ||||||||||||||||
Purchases of investments | Purchases of investments | (1,235,020) | (517,479) | Purchases of investments | (1,725,964) | (1,925,257) | ||||||||||||||||
Sales of investments | Sales of investments | 28,705 | 3,396 | Sales of investments | 7,266 | 43,932 | ||||||||||||||||
Maturities and redemptions of investments | Maturities and redemptions of investments | 371,528 | 691,986 | Maturities and redemptions of investments | 1,780,061 | 1,696,512 | ||||||||||||||||
Net cash (used in) provided by investing activities | (875,038) | 154,145 | ||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (261,171) | (386,239) | |||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | 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 | 0 | ||||||||||||||||||||
Proceeds from early exercised stock options | 159 | 5,942 | ||||||||||||||||||||
Proceeds from exercise of stock options | Proceeds from exercise of stock options | 31,100 | 21,139 | Proceeds from exercise of stock options | 31,519 | 23,796 | ||||||||||||||||
Proceeds from repayments of a nonrecourse promissory note | 2,090 | 0 | ||||||||||||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | Proceeds from issuance of common stock under employee stock purchase plan | 37,065 | 26,094 | |||||||||||||||||||
Taxes paid related to net share settlement of equity awards | Taxes paid related to net share settlement of equity awards | (182,710) | (84,109) | |||||||||||||||||||
Repurchases of early exercised stock options and restricted common stock | (30) | (391) | ||||||||||||||||||||
Payments of deferred purchase consideration for acquisitions | (1,164) | 0 | ||||||||||||||||||||
Net cash provided by financing activities | 4,753,012 | 50,811 | ||||||||||||||||||||
Repurchases of common stock | Repurchases of common stock | (191,694) | — | |||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (305,820) | (34,219) |
Nine Months Ended October 31, | |||||||||||
2020 | 2019 | ||||||||||
Net increase in cash, cash equivalents, and restricted cash | 3,812,943 | 71,190 | |||||||||
Cash, cash equivalents, and restricted cash—Beginning of period | 141,976 | 122,570 | |||||||||
Cash, cash equivalents, and restricted cash—End of period | $ | 3,954,919 | $ | 193,760 | |||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for income taxes | $ | 625 | $ | 1,025 | |||||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||||||
Property and equipment included in accounts payable and accrued expenses | $ | 2,803 | $ | 1,767 | |||||||
Vesting of early exercised stock options and restricted common stock | $ | 3,251 | $ | 5,474 | |||||||
Deferred purchase consideration for acquisitions | $ | 1,065 | $ | 1,164 | |||||||
Equity consideration in connection with an acquisition | $ | 0 | $ | 4,749 | |||||||
Reconciliation of cash, cash equivalents and restricted cash: | |||||||||||
Cash and cash equivalents | $ | 3,939,925 | $ | 179,138 | |||||||
Restricted cash – included in other assets and prepaid expenses and other current assets | 14,994 | 14,622 | |||||||||
Total cash, cash equivalents and restricted cash | $ | 3,954,919 | $ | 193,760 |
Six Months Ended July 31, | |||||||||||
2023 | 2022 | ||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 1,005 | (7,388) | |||||||||
Net decrease in cash, cash equivalents, and restricted cash | (183,351) | (178,800) | |||||||||
Cash, cash equivalents, and restricted cash—beginning of period | 956,731 | 1,102,534 | |||||||||
Cash, cash equivalents, and restricted cash—end of period | $ | 773,380 | $ | 923,734 | |||||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||||||
Property and equipment included in accounts payable and accrued expenses | $ | 6,474 | $ | 5,661 | |||||||
Stock-based compensation included in capitalized software development costs | $ | 24,622 | $ | 12,780 | |||||||
Issuance of common stock in connection with a business combination | $ | — | $ | 438,916 | |||||||
Unpaid taxes related to net share settlement of equity awards included in accrued expenses and other current liabilities | $ | 6,249 | $ | 2,025 | |||||||
Reconciliation of cash, cash equivalents, and restricted cash: | |||||||||||
Cash and cash equivalents | $ | 755,192 | $ | 906,663 | |||||||
Restricted cash—included in other assets and prepaid expenses and other current assets | 18,188 | 17,071 | |||||||||
Total cash, cash equivalents, and restricted cash | $ | 773,380 | $ | 923,734 |
July 31, 2023 | January 31, 2023 | ||||||||||
United States | $ | 348,571 | $ | 329,275 | |||||||
Other(1) | 107,481 | 62,814 | |||||||||
Total | $ | 456,052 | $ | 392,089 |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Product revenue | $ | 148,473 | $ | 69,213 | $ | 375,506 | $ | 169,797 | |||||||||||||||
Professional services and other revenue | 11,151 | 3,799 | 26,078 | 7,259 | |||||||||||||||||||
Total | $ | 159,624 | $ | 73,012 | $ | 401,584 | $ | 177,056 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Product revenue | $ | 640,209 | $ | 466,268 | $ | 1,230,281 | $ | 860,702 | |||||||||||||||
Professional services and other revenue | 33,809 | 30,980 | 67,336 | 58,917 | |||||||||||||||||||
Total | $ | 674,018 | $ | 497,248 | $ | 1,297,617 | $ | 919,619 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Americas: | |||||||||||||||||||||||
United States | $ | 516,367 | $ | 394,284 | $ | 999,356 | $ | 730,209 | |||||||||||||||
Other Americas(1) | 17,842 | 10,553 | 34,698 | 19,679 | |||||||||||||||||||
EMEA(1)(2) | 106,284 | 69,666 | 201,174 | 127,684 | |||||||||||||||||||
Asia-Pacific and Japan(1) | 33,525 | 22,745 | 62,389 | 42,047 | |||||||||||||||||||
Total | $ | 674,018 | $ | 497,248 | $ | 1,297,617 | $ | 919,619 |
Revenue | Accounts Receivable, Net | ||||||||||||||||||||||||||||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | October 31, | January 31 | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2020 | ||||||||||||||||||||||||||||||
Customer A | * | * | * | 12 | % | * | * | ||||||||||||||||||||||||||||
October 31, 2020 | July 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||
Cash equivalents: | Cash equivalents: | Cash equivalents: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | $ | 3,778,216 | $ | 9 | $ | (13) | $ | 3,778,212 | ||||||||||||||||||||||||||||||||||||||
Money market funds | Money market funds | 54,422 | 0 | 0 | 54,422 | Money market funds | $ | 409,604 | $ | — | $ | — | $ | 409,604 | ||||||||||||||||||||||||||||||||
Corporate notes and bonds | Corporate notes and bonds | 22,228 | — | — | 22,228 | |||||||||||||||||||||||||||||||||||||||||
U.S. government securities | U.S. government securities | 15,993 | — | (1) | 15,992 | |||||||||||||||||||||||||||||||||||||||||
Commercial paper | Commercial paper | 10,904 | — | (3) | 10,901 | |||||||||||||||||||||||||||||||||||||||||
Total cash equivalents | Total cash equivalents | 3,832,638 | 9 | (13) | 3,832,634 | Total cash equivalents | 458,729 | — | (4) | 458,725 | ||||||||||||||||||||||||||||||||||||
Investments: | Investments: | Investments: | ||||||||||||||||||||||||||||||||||||||||||||
Corporate notes and bonds | Corporate notes and bonds | 1,760,591 | 620 | (15,566) | 1,745,645 | |||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | U.S. government and agency securities | 1,259,084 | 23 | (13,868) | 1,245,239 | |||||||||||||||||||||||||||||||||||||||||
Commercial paper | Commercial paper | 793,135 | 6 | (1,076) | 792,065 | |||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | 315,001 | 53 | (314) | 314,740 | |||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | 982,899 | 397 | (300) | 982,996 | ||||||||||||||||||||||||||||||||||||||||||
Corporate notes and bonds | 111,751 | 402 | (29) | 112,124 | ||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 45,285 | 28 | (1) | 45,312 | ||||||||||||||||||||||||||||||||||||||||||
Commercial paper | 20,837 | 15 | (5) | 20,847 | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 246 | 1 | 0 | 247 | ||||||||||||||||||||||||||||||||||||||||||
Total investments | Total investments | 1,161,018 | 843 | (335) | 1,161,526 | Total investments | 4,127,811 | 702 | (30,824) | 4,097,689 | ||||||||||||||||||||||||||||||||||||
Total cash equivalents and investments | Total cash equivalents and investments | $ | 4,993,656 | $ | 852 | $ | (348) | $ | 4,994,160 | Total cash equivalents and investments | $ | 4,586,540 | $ | 702 | $ | (30,828) | $ | 4,556,414 |
January 31, 2020 | January 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||
Cash equivalents: | Cash equivalents: | Cash equivalents: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | $ | 32,470 | $ | 2 | $ | 0 | $ | 32,472 | ||||||||||||||||||||||||||||||||||||||
Money market funds | 21,379 | 0 | 0 | 21,379 | ||||||||||||||||||||||||||||||||||||||||||
Money market funds(1) | Money market funds(1) | $ | 520,138 | $ | — | $ | — | $ | 520,138 | |||||||||||||||||||||||||||||||||||||
Commercial paper | Commercial paper | 446 | 0 | 0 | 446 | Commercial paper | 9,305 | — | (1) | 9,304 | ||||||||||||||||||||||||||||||||||||
Total cash equivalents | 54,295 | 2 | 0 | 54,297 | ||||||||||||||||||||||||||||||||||||||||||
Corporate notes and bonds | Corporate notes and bonds | 6,902 | 1 | — | 6,903 | |||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | 3,045 | — | (1) | 3,044 | |||||||||||||||||||||||||||||||||||||||||
Total cash equivalents(1) | Total cash equivalents(1) | 539,390 | 1 | (2) | 539,389 | |||||||||||||||||||||||||||||||||||||||||
Investments: | Investments: | Investments: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | 259,738 | 216 | (1) | 259,953 | ||||||||||||||||||||||||||||||||||||||||||
Corporate notes and bonds | Corporate notes and bonds | 30,642 | 57 | 0 | 30,699 | Corporate notes and bonds | 2,124,454 | 2,096 | (23,470) | 2,103,080 | ||||||||||||||||||||||||||||||||||||
Commercial paper | Commercial paper | 17,006 | 2 | 0 | 17,008 | Commercial paper | 883,023 | 272 | (1,947) | 881,348 | ||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | U.S. government and agency securities | 715,949 | 107 | (12,220) | 703,836 | |||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | 12,592 | 12 | 0 | 12,604 | Certificates of deposit | 453,557 | 278 | (1,110) | 452,725 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | 10,104 | 8 | 0 | 10,112 | ||||||||||||||||||||||||||||||||||||||||||
Total investments | Total investments | 330,082 | 295 | (1) | 330,376 | Total investments | 4,176,983 | 2,753 | (38,747) | 4,140,989 | ||||||||||||||||||||||||||||||||||||
Total cash equivalents and investments | $ | 384,377 | $ | 297 | $ | (1) | $ | 384,673 | ||||||||||||||||||||||||||||||||||||||
Total cash equivalents and investments(1) | Total cash equivalents and investments(1) | $ | 4,716,373 | $ | 2,754 | $ | (38,749) | $ | 4,680,378 |
Estimated Fair Value | |||||||||||
Due within 1 year | $ | ||||||||||
Due in 1 year to 3 years | |||||||||||
Total | $ |
July 31, 2023 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||||||||||||
Commercial paper | $ | 10,901 | $ | (3) | $ | — | $ | — | $ | 10,901 | $ | (3) | |||||||||||||||||||||||
U.S. government securities | 5,992 | (1) | — | — | 5,992 | (1) | |||||||||||||||||||||||||||||
Total cash equivalents | 16,893 | (4) | — | — | 16,893 | (4) | |||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||
Corporate notes and bonds | 979,478 | (6,794) | 564,056 | (8,772) | 1,543,534 | (15,566) | |||||||||||||||||||||||||||||
U.S. government and agency securities | 894,573 | (6,556) | 253,934 | (7,312) | 1,148,507 | (13,868) | |||||||||||||||||||||||||||||
Commercial paper | 756,598 | (1,076) | — | — | 756,598 | (1,076) | |||||||||||||||||||||||||||||
Certificates of deposit | 215,833 | (314) | — | — | 215,833 | (314) | |||||||||||||||||||||||||||||
Total investments | 2,846,482 | (14,740) | 817,990 | (16,084) | 3,664,472 | (30,824) | |||||||||||||||||||||||||||||
Total cash equivalents and investments | $ | 2,863,375 | $ | (14,744) | $ | 817,990 | $ | (16,084) | $ | 3,681,365 | $ | (30,828) |
January 31, 2023 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||||||||||||
Commercial paper | $ | 9,304 | $ | (1) | $ | — | $ | — | $ | 9,304 | $ | (1) | |||||||||||||||||||||||
Certificates of deposit | 3,044 | (1) | — | — | 3,044 | (1) | |||||||||||||||||||||||||||||
Total cash equivalents | 12,348 | (2) | — | — | 12,348 | (2) | |||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||
Corporate notes and bonds | 899,655 | (8,521) | 736,431 | (14,949) | 1,636,086 | (23,470) | |||||||||||||||||||||||||||||
U.S. government and agency securities | 387,207 | (3,157) | 232,771 | (9,063) | 619,978 | (12,220) | |||||||||||||||||||||||||||||
Commercial paper | 561,793 | (1,947) | — | — | 561,793 | (1,947) | |||||||||||||||||||||||||||||
Certificates of deposit | 256,428 | (1,110) | — | — | 256,428 | (1,110) | |||||||||||||||||||||||||||||
Total investments | 2,105,083 | (14,735) | 969,202 | (24,012) | 3,074,285 | (38,747) | |||||||||||||||||||||||||||||
Total cash equivalents and investments | $ | 2,117,431 | $ | (14,737) | $ | 969,202 | $ | (24,012) | $ | 3,086,633 | $ | (38,749) |
Level 1 | Level 2 | Total | |||||||||||||||
Cash equivalents: | |||||||||||||||||
U.S. government and agency securities | $ | 0 | $ | 3,778,212 | $ | 3,778,212 | |||||||||||
Money market funds | 54,422 | 0 | 54,422 | ||||||||||||||
Short-term investments: | |||||||||||||||||
U.S. government and agency securities | 0 | 681,018 | 681,018 | ||||||||||||||
Corporate notes and bonds | 0 | 66,946 | 66,946 | ||||||||||||||
Certificates of deposit | 0 | 45,312 | 45,312 | ||||||||||||||
Commercial paper | 0 | 20,847 | 20,847 | ||||||||||||||
Long-term investments: | |||||||||||||||||
U.S. government and agency securities | 0 | 301,978 | 301,978 | ||||||||||||||
Corporate notes and bonds | 0 | 45,178 | 45,178 | ||||||||||||||
Asset-backed securities | 0 | 247 | 247 | ||||||||||||||
Total | $ | 54,422 | $ | 4,939,738 | $ | 4,994,160 |
Level 1 | Level 2 | Total | |||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 409,604 | $ | — | $ | 409,604 | |||||||||||
Corporate notes and bonds | — | 22,228 | 22,228 | ||||||||||||||
U.S. government securities | — | 15,992 | 15,992 | ||||||||||||||
Commercial paper | — | 10,901 | 10,901 | ||||||||||||||
Short-term investments: | |||||||||||||||||
Corporate notes and bonds | — | 1,070,871 | 1,070,871 | ||||||||||||||
U.S. government and agency securities | — | 828,213 | 828,213 | ||||||||||||||
Commercial paper | — | 792,065 | 792,065 | ||||||||||||||
Certificates of deposit | — | 305,792 | 305,792 | ||||||||||||||
Long-term investments: | |||||||||||||||||
Corporate notes and bonds | — | 674,774 | 674,774 | ||||||||||||||
U.S. government and agency securities | — | 417,026 | 417,026 | ||||||||||||||
Certificates of deposit | — | 8,948 | 8,948 | ||||||||||||||
Total | $ | 409,604 | $ | 4,146,810 | $ | 4,556,414 |
Level 1 | Level 2 | Total | |||||||||||||||
Cash equivalents: | |||||||||||||||||
U.S. government and agency securities | $ | 0 | $ | 32,472 | $ | 32,472 | |||||||||||
Money market funds | 21,379 | 0 | 21,379 | ||||||||||||||
Commercial paper | 0 | 446 | 446 | ||||||||||||||
Short-term investments: | |||||||||||||||||
U.S. government securities | 0 | 245,756 | 245,756 | ||||||||||||||
Corporate notes and bonds | 0 | 23,674 | 23,674 | ||||||||||||||
Commercial paper | 0 | 17,008 | 17,008 | ||||||||||||||
Certificates of deposit | 0 | 10,899 | 10,899 | ||||||||||||||
Asset-backed securities | 0 | 9,507 | 9,507 | ||||||||||||||
Long-term investments: | |||||||||||||||||
U.S. government and agency securities | 0 | 14,197 | 14,197 | ||||||||||||||
Corporate notes and bonds | 0 | 7,025 | 7,025 | ||||||||||||||
Certificates of deposit | 0 | 1,705 | 1,705 | ||||||||||||||
Asset-backed securities | 0 | 605 | 605 | ||||||||||||||
Total | $ | 21,379 | $ | 363,294 | $ | 384,673 |
Level 1 | Level 2 | Total | |||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds(1) | $ | 520,138 | $ | — | $ | 520,138 | |||||||||||
Commercial paper | — | 9,304 | 9,304 | ||||||||||||||
Corporate notes and bonds | — | 6,903 | 6,903 | ||||||||||||||
Certificates of deposit | — | 3,044 | 3,044 | ||||||||||||||
Short-term investments: | |||||||||||||||||
Corporate notes and bonds | — | 1,301,296 | 1,301,296 | ||||||||||||||
Commercial paper | — | 881,348 | 881,348 | ||||||||||||||
Certificates of deposit | — | 445,194 | 445,194 | ||||||||||||||
U.S. government and agency securities | — | 440,128 | 440,128 | ||||||||||||||
Long-term investments: | |||||||||||||||||
Corporate notes and bonds | — | 801,784 | 801,784 | ||||||||||||||
U.S. government and agency securities | — | 263,708 | 263,708 | ||||||||||||||
Certificates of deposit | — | 7,531 | 7,531 | ||||||||||||||
Total(1) | $ | 520,138 | $ | 4,160,240 | $ | 4,680,378 |
July 31, 2023 | January 31, 2023 | ||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Non-marketable equity securities under Measurement Alternative | $ | 192,046 | $ | 174,248 | |||||||||||||||||||
Non-marketable equity securities under equity method | 5,165 | 5,066 | |||||||||||||||||||||
Marketable equity securities | 27,119 | 22,122 | |||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
Non-marketable debt securities | 1,500 | 1,500 | |||||||||||||||||||||
Total strategic investments—included in other assets | $ | 225,830 | $ | 202,936 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Non-marketable equity securities under Measurement Alternative: | |||||||||||||||||||||||||||||
Impairments | $ | (2,101) | $ | (26,555) | $ | (2,101) | $ | (26,555) | |||||||||||||||||||||
Marketable equity securities: | |||||||||||||||||||||||||||||
Net unrealized gains (losses) | 7,410 | 3,382 | 4,996 | (5,477) | |||||||||||||||||||||||||
Total—included in other income (expense), net | $ | 5,309 | $ | (23,173) | $ | 2,895 | $ | (32,032) |
October 31, 2020 | January 31, 2020 | ||||||||||||||||
Computers, equipment, and software | $ | 2,785 | $ | 1,998 | |||||||||||||
Furniture and fixtures | 3,629 | 1,043 | |||||||||||||||
Leasehold improvements | 27,026 | 18,219 | |||||||||||||||
Capitalized internal-use software development costs | 12,384 | 4,794 | |||||||||||||||
Construction in progress | 17,483 | 6,014 | |||||||||||||||
Total property and equipment | 63,307 | 32,068 | |||||||||||||||
Less: accumulated depreciation and amortization | (9,657) | (4,932) | |||||||||||||||
Total property and equipment, net | $ | 53,650 | $ | 27,136 |
July 31, 2023 | January 31, 2023 | ||||||||||
Leasehold improvements | $ | 67,590 | $ | 59,872 | |||||||
Computers, equipment, and software | 22,869 | 20,050 | |||||||||
Furniture and fixtures | 16,429 | 14,800 | |||||||||
Capitalized internal-use software development costs | 63,238 | 44,059 | |||||||||
Construction in progress—capitalized internal-use software development costs | 77,138 | 61,575 | |||||||||
Construction in progress—other | 9,253 | 7,313 | |||||||||
Total property and equipment, gross | 256,517 | 207,669 | |||||||||
Less: accumulated depreciation and amortization(1) | (62,694) | (46,846) | |||||||||
Total property and equipment, net | $ | 193,823 | $ | 160,823 |
Estimated Fair Value (in thousands) | Estimated Useful Life (in years) | ||||||||||
Cash and cash equivalents | $ | 43,968 | |||||||||
Goodwill | 63,049 | ||||||||||
Developed technology intangible assets | 83,000 | 5 | |||||||||
Other net tangible liabilities | (789) | ||||||||||
Deferred tax liabilities, net(1) | (3,801) | ||||||||||
Total | $ | 185,427 |
Estimated Fair Value (in thousands) | Estimated Useful Life (in years) | ||||||||||
Cash and cash equivalents | $ | 11,594 | |||||||||
Goodwill | 45,450 | ||||||||||
Developed technology intangible asset | 33,000 | 5 | |||||||||
Other net tangible liabilities | (6,669) | ||||||||||
Deferred tax liabilities, net(1) | (7,114) | ||||||||||
Total | $ | 76,261 |
Estimated Fair Value (in thousands) | Estimated Useful Life (in years) | ||||||||||
Cash, cash equivalents, and restricted cash | $ | 3,563 | |||||||||
Goodwill | 8,431 | ||||||||||
Developed technology intangible asset | 53,000 | 5 | |||||||||
Other net tangible liabilities | (1,434) | ||||||||||
Deferred tax liabilities, net(1) | (1,552) | ||||||||||
Total | $ | 62,008 |
Pro Forma | |||||||||||||||||||||||
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Revenue | $ | 674,156 | $ | 497,261 | $ | 1,297,863 | $ | 919,640 | |||||||||||||||
Net loss | $ | (244,992) | $ | (254,014) | $ | (499,999) | $ | (437,835) |
Estimated Fair Value | |||||
Cash | $ | 211,839 | |||
Common stock(1) | 438,916 | ||||
Total | $ | 650,755 |
Estimated Fair Value (in thousands) | Estimated Useful Life (in years) | ||||||||||
Cash and cash equivalents | $ | 33,914 | |||||||||
Goodwill | 494,411 | ||||||||||
Developer community intangible asset | 150,000 | 5 | |||||||||
Other net tangible liabilities | (659) | ||||||||||
Deferred tax liabilities, net(1) | (26,911) | ||||||||||
Total | $ | 650,755 |
Pro Forma | |||||||||||||||||||||||
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Revenue | $ | 497,248 | $ | 272,198 | $ | 919,641 | $ | 501,112 | |||||||||||||||
Net loss | $ | (222,806) | $ | (219,905) | $ | (436,965) | $ | (431,494) |
October 31, 2020 | January 31, 2020 | ||||||||||||||||
Developed technology | $ | 11,331 | $ | 5,632 | |||||||||||||
Patents | 6,184 | 0 | |||||||||||||||
Other | 47 | 97 | |||||||||||||||
Total intangible assets | 17,562 | 5,729 | |||||||||||||||
Less: accumulated amortization | (2,742) | (934) | |||||||||||||||
Total intangible assets, net | $ | 14,820 | $ | 4,795 |
July 31, 2023 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | |||||||||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||||||||
Developed technology | $ | 217,332 | $ | (25,372) | $ | 191,960 | |||||||||||||||||
Developer community | 150,000 | (40,067) | 109,933 | ||||||||||||||||||||
Assembled workforce | 55,732 | (15,915) | 39,817 | ||||||||||||||||||||
Patents | 8,874 | (5,309) | 3,565 | ||||||||||||||||||||
Other | 47 | (47) | — | ||||||||||||||||||||
Total finite-lived intangible assets | $ | 431,985 | $ | (86,710) | $ | 345,275 | |||||||||||||||||
Indefinite-lived intangible assets—trademarks | 826 | ||||||||||||||||||||||
Total intangible assets, net | $ | 346,101 |
January 31, 2023 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | |||||||||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||||||||
Developer community | $ | 150,000 | $ | (25,206) | $ | 124,794 | |||||||||||||||||
Developed technology | 48,332 | (9,608) | 38,724 | ||||||||||||||||||||
Assembled workforce | 28,252 | (11,036) | 17,216 | ||||||||||||||||||||
Patents | 8,874 | (4,421) | 4,453 | ||||||||||||||||||||
Other | 47 | (47) | — | ||||||||||||||||||||
Total finite-lived intangible assets | $ | 235,505 | $ | (50,318) | $ | 185,187 | |||||||||||||||||
Indefinite-lived intangible assets—trademarks | 826 | ||||||||||||||||||||||
Total intangible assets, net | $ | 186,013 |
Amount | |||||
Fiscal Year Ending January 31, | |||||
Remainder of 2021 | $ | 877 | |||
2022 | 3,503 | ||||
2023 | 3,503 | ||||
2024 | 3,503 | ||||
2025 | 2,654 | ||||
Thereafter | 780 | ||||
Total | $ | 14,820 |
Amount | |||||
Fiscal Year Ending January 31, | |||||
Remainder of 2024 | $ | 44,935 | |||
2025 | 88,529 | ||||
2026 | 82,287 | ||||
2027 | 78,134 | ||||
2028 | 45,569 | ||||
Thereafter | 5,821 | ||||
Total | $ | 345,275 |
$ | |||||
$ | |||||
October 31, 2020 | January 31, 2020 | ||||||||||||||||
Accrued compensation | $ | 42,600 | $ | 40,961 | |||||||||||||
Accrued third-party cloud infrastructure expenses | 12,303 | 8,360 | |||||||||||||||
ESPP employee contributions | 8,764 | 0 | |||||||||||||||
Accrued professional services | 5,123 | 5,200 | |||||||||||||||
Accrued taxes | 2,654 | 2,352 | |||||||||||||||
Accrued purchases of property and equipment | 2,237 | 430 | |||||||||||||||
Other | 11,357 | 5,514 | |||||||||||||||
Total accrued expenses and other current liabilities | $ | 85,038 | $ | 62,817 |
July 31, 2023 | January 31, 2023 | ||||||||||
Accrued compensation | $ | 141,409 | $ | 123,173 | |||||||
Accrued third-party cloud infrastructure expenses | 36,463 | 26,535 | |||||||||
Liabilities associated with sales, marketing and business development programs | 34,775 | 23,444 | |||||||||
Employee contributions under employee stock purchase plan | 25,053 | 36,648 | |||||||||
Accrued taxes | 16,447 | 20,003 | |||||||||
Accrued professional services | 10,531 | 11,776 | |||||||||
Accrued purchases of property and equipment | 4,378 | 3,876 | |||||||||
Other | 46,077 | 23,614 | |||||||||
Total accrued expenses and other current liabilities | $ | 315,133 | $ | 269,069 |
October 31, 2020 | January 31, 2020 | ||||||||||
Redeemable convertible preferred stock | 0 | 169,921,272 | |||||||||
Common stock warrants | 0 | 32,336 | |||||||||
2012 Equity Incentive Plan: | |||||||||||
Options outstanding | 69,634,367 | 80,903,200 | |||||||||
RSUs outstanding | 7,616,097 | 0 | |||||||||
Shares available for future grants | 0 | 412,401 | |||||||||
2020 Equity Incentive Plan: | |||||||||||
Shares available for future grants | 34,342,175 | 0 | |||||||||
2020 ESPP Plan: | 5,700,000 | 0 | |||||||||
Total shares of common stock reserved for future issuance | 117,292,639 | 251,269,209 |
July 31, 2023 | January 31, 2023 | ||||||||||
2012 Equity Incentive Plan: | |||||||||||
Options outstanding | 30,279 | 35,212 | |||||||||
Restricted stock units outstanding | 1,610 | 2,521 | |||||||||
2020 Equity Incentive Plan: | |||||||||||
Options outstanding | 614 | 642 | |||||||||
Restricted stock units outstanding | 18,887 | 13,039 | |||||||||
Shares available for future grants | 62,012 | 52,989 | |||||||||
2020 Employee Stock Purchase Plan: | |||||||||||
Shares available for future grants | 13,967 | 11,046 | |||||||||
Total shares of common stock reserved for future issuance | 127,369 | 115,449 |
Six Months Ended July 31, 2023 | |||||||||||
Number of shares repurchased | 1,405 | ||||||||||
Weighted-average price per share(1) | $ | 136.39 | |||||||||
Aggregate purchase price(1) | $ | 191,694 |
Shares Available for Grant | Number of Options Outstanding | Weighted- Average Exercise Price | Weighted-Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value (in thousands) | |||||||||||||||||||||||||
Balance—January 31, 2020 | 412,401 | 80,903,200 | $ | 6.21 | 8.6 | $ | 1,546,313 | ||||||||||||||||||||||
Shares authorized | 20,870,187 | — | |||||||||||||||||||||||||||
Options granted | (610,936) | 610,936 | $ | 26.64 | |||||||||||||||||||||||||
Options exercised | — | (4,945,720) | $ | 2.23 | |||||||||||||||||||||||||
Options forfeited | 1,354,238 | (1,354,238) | $ | 5.47 | |||||||||||||||||||||||||
Repurchase of unvested common stock | 40,000 | — | |||||||||||||||||||||||||||
RSUs granted | (2,295,492) | — | |||||||||||||||||||||||||||
RSUs forfeited | 10,000 | — | |||||||||||||||||||||||||||
Balance—April 30, 2020 | 19,780,398 | 75,214,178 | $ | 6.65 | 8.5 | $ | 2,416,057 | ||||||||||||||||||||||
Options granted | (130,025) | 130,025 | $ | 34.49 | |||||||||||||||||||||||||
Options exercised | — | (1,898,922) | $ | 5.19 | |||||||||||||||||||||||||
Options forfeited | 1,216,461 | (1,216,461) | $ | 8.68 | |||||||||||||||||||||||||
RSUs granted | (2,587,289) | — | |||||||||||||||||||||||||||
RSUs forfeited | 19,550 | — | |||||||||||||||||||||||||||
Balance—July 31, 2020 | 18,299,095 | 72,228,820 | $ | 6.70 | 8.2 | $ | 6,227,842 | ||||||||||||||||||||||
Shares authorized | 34,100,000 | — | |||||||||||||||||||||||||||
Shares ceased to be available for issuance under the 2012 Plan | (15,696,031) | — | |||||||||||||||||||||||||||
Options granted | (136,000) | 136,000 | $ | 71.91 | |||||||||||||||||||||||||
Options exercised | — | (2,186,819) | $ | 4.74 | |||||||||||||||||||||||||
Options forfeited | 543,634 | (543,634) | $ | 7.52 | |||||||||||||||||||||||||
RSUs granted | (2,841,823) | — | |||||||||||||||||||||||||||
RSUs forfeited | 73,300 | — | |||||||||||||||||||||||||||
Balance—October 31, 2020 | 34,342,175 | 69,634,367 | $ | 6.88 | 8.0 | $ | 16,930,996 | ||||||||||||||||||||||
Vested and exercisable as of October 31, 2020 | 26,842,544 | $ | 4.86 | 7.4 | $ | 6,580,709 |
Shares Available for Grant (in thousands) | Number of Options Outstanding (in thousands) | Weighted- Average Exercise Price | Weighted-Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value (in thousands) | |||||||||||||||||||||||||
Balance—January 31, 2023 | 52,989 | 35,854 | $ | 11.27 | 5.9 | $ | 5,237,549 | ||||||||||||||||||||||
Shares authorized | 16,165 | — | |||||||||||||||||||||||||||
Options exercised | — | (2,376) | $ | 6.45 | |||||||||||||||||||||||||
Options canceled | 50 | (50) | $ | 5.38 | |||||||||||||||||||||||||
RSUs granted | (7,318) | — | |||||||||||||||||||||||||||
Shares withheld related to net share settlement of RSUs | 638 | — | |||||||||||||||||||||||||||
RSUs forfeited | 472 | — | |||||||||||||||||||||||||||
Balance—April 30, 2023 | 62,996 | 33,428 | $ | 11.63 | 5.7 | $ | 4,599,537 | ||||||||||||||||||||||
Options exercised | — | (2,480) | $ | 6.53 | |||||||||||||||||||||||||
Options canceled | 55 | (55) | $ | 110.24 | |||||||||||||||||||||||||
RSUs granted | (2,048) | — | |||||||||||||||||||||||||||
Shares withheld related to net share settlement of RSUs | 551 | — | |||||||||||||||||||||||||||
RSUs forfeited | 458 | — | |||||||||||||||||||||||||||
Balance—July 31, 2023 | 62,012 | 30,893 | $ | 11.86 | 5.5 | $ | 5,141,902 | ||||||||||||||||||||||
Vested and exercisable as of July 31, 2023 | 29,248 | $ | 9.19 | 5.4 | $ | 4,935,165 |
Under the Plan | Out of the Plan | ||||||||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value per Share | Number of Shares | Weighted-Average Grant Date Fair Value per Share | ||||||||||||||||||||
Unvested Balance—January 31, 2020 | 16,700 | $ | 8.58 | 1,603,562 | $ | 2.06 | |||||||||||||||||
Vested | (16,700) | $ | 8.58 | (27,912) | $ | 2.38 | |||||||||||||||||
Unvested Balance—April 30, 2020 | 0 | $ | 0 | 1,575,650 | $ | 2.06 | |||||||||||||||||
Vested | 0 | $ | 0 | (652,914) | $ | 1.99 | |||||||||||||||||
Unvested Balance—July 31, 2020 | 0 | $ | 0 | 922,736 | $ | 2.11 | |||||||||||||||||
Vested | 0 | $ | 0 | (90,412) | $ | 2.10 | |||||||||||||||||
Unvested Balance—October 31, 2020 | 0 | $ | 0 | 832,324 | $ | 2.11 |
Number of Shares (in thousands) | Weighted-Average Grant Date Fair Value per Share | ||||||||||
Unvested Balance—January 31, 2023 | 15,560 | $ | 181.17 | ||||||||
Granted(1) | 7,318 | $ | 143.56 | ||||||||
Vested | (1,862) | $ | 188.47 | ||||||||
Forfeited | (472) | $ | 179.39 | ||||||||
Unvested Balance—April 30, 2023 | 20,544 | $ | 167.15 | ||||||||
Granted | 2,048 | $ | 187.08 | ||||||||
Vested | (1,637) | $ | 169.81 | ||||||||
Forfeited | (458) | $ | 176.59 | ||||||||
Unvested Balance—July 31, 2023 | 20,497 | $ | 168.72 | ||||||||
Number of Shares | Weighted-Average Grant Date Fair Value per Share | ||||||||||
Unvested Balance—January 31, 2020 | 0 | $ | 0 | ||||||||
Granted | 2,295,492 | $ | 38.77 | ||||||||
Forfeited | (10,000) | $ | 38.77 | ||||||||
Unvested Balance—April 30, 2020 | 2,285,492 | $ | 38.77 | ||||||||
Granted | 2,587,289 | $ | 67.02 | ||||||||
Forfeited | (19,550) | $ | 38.77 | ||||||||
Unvested Balance—July 31, 2020 | 4,853,231 | $ | 53.83 | ||||||||
Granted | 2,841,823 | $ | 113.53 | ||||||||
Vested | (5,657) | $ | 45.95 | ||||||||
Forfeited | (73,300) | $ | 75.29 | ||||||||
Unvested Balance—October 31, 2020 | 7,616,097 | $ | 75.91 |
Outside of the Plans | |||||||||||
Number of Shares (in thousands) | Weighted-Average Grant Date Fair Value per Share | ||||||||||
Unvested Balance—January 31, 2023 | 428 | $ | 219.26 | ||||||||
Vested | (142) | $ | 199.28 | ||||||||
Unvested Balance—April 30, 2023 and July 31, 2023 | 286 | $ | 229.13 | ||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Expected term (in years) | 5.9 | 6.1 | 6.0 | 6.0 | |||||||||||||||||||
Expected volatility | 38.4 | % | 36.9 | % | 37.2 | % | 37.0 | % | |||||||||||||||
Risk-free interest rate | 0.4 | % | 1.4 | % | 1.0 | % | 2.0 | % | |||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | 0 | % |
Six Months Ended July 31, 2022 | |||||||||||||||||||||||||||||
Expected term (in years) | 6.0 | ||||||||||||||||||||||||||||
Expected volatility | 50.0 | % | |||||||||||||||||||||||||||
Risk-free interest rate | 1.8 | % | |||||||||||||||||||||||||||
Expected dividend yield | — | % |
Three and Six Months Ended July 31, | |||||||||||
2023 | 2022 | ||||||||||
Expected term (in years) | 0.5 | 0.5 | |||||||||
Expected volatility | 71.3 | % | 58.9 | % | |||||||
Risk-free interest rate | 4.7 | % | 0.9 | % | |||||||
Expected dividend yield | — | % | — | % |
Three Months Ended October 31, | Nine Months Ended October 31, | Three Months Ended July 31, | Six Months Ended July 31, | |||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Cost of revenue | Cost of revenue | $ | 13,226 | $ | 832 | $ | 15,507 | $ | 2,682 | Cost of revenue | $ | 32,302 | $ | 26,070 | $ | 62,764 | $ | 48,705 | ||||||||||||||||||||||||||||
Sales and marketing | Sales and marketing | 39,481 | 4,802 | 49,714 | 15,428 | Sales and marketing | 78,838 | 60,162 | 151,133 | 112,631 | ||||||||||||||||||||||||||||||||||||
Research and development | Research and development | 39,368 | 4,411 | 49,186 | 10,822 | Research and development | 163,005 | 96,897 | 299,422 | 170,490 | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 27,066 | 12,913 | 43,383 | 28,493 | General and administrative | 25,577 | 26,052 | 50,912 | 49,848 | ||||||||||||||||||||||||||||||||||||
Stock-based compensation, net of amounts capitalized | Stock-based compensation, net of amounts capitalized | 119,141 | 22,958 | 157,790 | 57,425 | Stock-based compensation, net of amounts capitalized | 299,722 | 209,181 | 564,231 | 381,674 | ||||||||||||||||||||||||||||||||||||
Capitalized stock-based compensation | Capitalized stock-based compensation | 284 | 334 | 1,020 | 786 | Capitalized stock-based compensation | 12,903 | 6,715 | 24,622 | 13,210 | ||||||||||||||||||||||||||||||||||||
Total stock-based compensation | Total stock-based compensation | $ | 119,425 | $ | 23,292 | $ | 158,810 | $ | 58,211 | Total stock-based compensation | $ | 312,625 | $ | 215,896 | $ | 588,853 | $ | 394,884 |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss attributable to Class A and Class B common stockholders | $ | (168,889) | $ | (88,057) | $ | (340,167) | $ | (265,281) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders – basic and diluted | 166,868,200 | 45,911,449 | 93,763,599 | 43,113,683 | |||||||||||||||||||
Net loss per share attributable to Class A and Class B common stockholders – basic and diluted | $ | (1.01) | $ | (1.92) | $ | (3.63) | $ | (6.15) |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net loss | $ | (227,320) | $ | (222,806) | $ | (453,384) | $ | (388,600) | |||||||||||||||||||||
Less: net loss attributable to noncontrolling interest | (453) | — | (890) | — | |||||||||||||||||||||||||
Net loss attributable to Snowflake Inc. Class A common stockholders | $ | (226,867) | $ | (222,806) | $ | (452,494) | $ | (388,600) | |||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted | 327,335 | 318,356 | 325,772 | 316,392 | |||||||||||||||||||||||||
Net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted | $ | (0.69) | $ | (0.70) | $ | (1.39) | $ | (1.23) |
October 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Redeemable convertible preferred stock | 0 | 169,921,272 | |||||||||||||||||||||
Stock options | 69,634,367 | 79,268,167 | |||||||||||||||||||||
Common stock warrants | 0 | 32,336 | |||||||||||||||||||||
Shares subject to repurchase(1) | 1,171,124 | 4,034,938 | |||||||||||||||||||||
RSUs | 7,616,097 | 0 | |||||||||||||||||||||
ESPP | 85,922 | 0 | |||||||||||||||||||||
Total | 78,507,510 | 253,256,713 |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
United States | $ | 135,427 | $ | 64,102 | $ | 341,892 | $ | 158,207 | |||||||||||||||
Other(1) | 24,197 | 8,910 | 59,692 | 18,849 | |||||||||||||||||||
Total | $ | 159,624 | $ | 73,012 | $ | 401,584 | $ | 177,056 |
Three and Six Months Ended July 31, | |||||||||||
2023 | 2022 | ||||||||||
Stock options | 30,893 | 38,163 | |||||||||
RSUs | 20,497 | 14,337 | |||||||||
Unvested restricted common stock and early exercised stock options | 291 | 641 | |||||||||
Employee stock purchase rights under the 2020 ESPP | 176 | 100 | |||||||||
Total | 51,857 | 53,241 |
October 31, 2020 | January 31, 2020 | ||||||||||
United States | $ | 234,415 | $ | 212,189 | |||||||
Other | 8,490 | 10,923 | |||||||||
Total | $ | 242,905 | $ | 223,112 |
Three Months Ended | |||||||||||||||||||||||||||||||||||
July 31, 2023 | April 30, 2023 | January 31, 2023 | October 31, 2022 | July 31, 2022 | |||||||||||||||||||||||||||||||
Product revenue (in millions) | $640.2 | $ | 590.1 | $ | 555.3 | $ | 522.8 | $ | 466.3 | ||||||||||||||||||||||||||
Free cash flow (non-GAAP) (in millions)(1)(2) | $69.0 | $ | 283.1 | $ | 205.3 | $ | 65.0 | $ | 53.8 |
July 31, 2023 | April 30, 2023 | January 31, 2023 | October 31, 2022 | July 31, 2022 | |||||||||||||||||||||||||
Customers with trailing 12-month product revenue greater than $1 million(3) | 402 | 374 | 333 | 288 | 248 | ||||||||||||||||||||||||
Net revenue retention rate(3) | 142 | % | 151 | % | 158 | % | 165 | % | 172 | % | |||||||||||||||||||
Forbes Global 2000 customers(3) | 639 | 617 | 608 | 581 | 548 | ||||||||||||||||||||||||
Remaining performance obligations (in millions)(4) | $ | 3,540.2 | $ | 3,409.0 | $ | 3,660.5 | $ | 3,003.1 | $ | 2,715.7 | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
July 31, 2023 | April 30, 2023 | January 31, 2023 | October 31, 2022 | July 31, 2022 | |||||||||||||||||||||||||||||||||||||
Net cash paid on payroll tax-related items on employee stock transactions | $ | 19.1 | $ | 3.8 | $ | 10.0 | $ | 0.1 | $ | 4.8 |
Three Months Ended | |||||||||||||||||||||||||||||
October 31, 2020 | July 31, 2020 | April 30, 2020 | January 31, 2020 | October 31, 2019 | |||||||||||||||||||||||||
Product revenue (in millions) | $ | 148.5 | $ | 125.2 | $ | 101.8 | $ | 82.4 | $ | 69.2 |
October 31, 2020 | July 31, 2020 | April 30, 2020 | January 31, 2020 | October 31, 2019 | |||||||||||||||||||||||||
Remaining performance obligations (in millions) | $ | 927.9 | $ | 688.2 | $ | 467.8 | $ | 426.3 | $ | 273.0 | |||||||||||||||||||
Total customers | 3,554 | 3,117 | 2,720 | 2,392 | 1,934 | ||||||||||||||||||||||||
Net revenue retention rate | 162 | % | 158 | % | 171 | % | 169 | % | 189 | % | |||||||||||||||||||
Customers with trailing 12-month product revenue greater than $1 million | 65 | 56 | 48 | 41 | 31 |
Three Months Ended | |||||||||||||||||||||||||||||
July 31, 2023 | April 30, 2023 | January 31, 2023 | October 31, 2022 | July 31, 2022 | |||||||||||||||||||||||||
Net cash provided by operating activities | $ | 83,191 | $ | 299,444 | $ | 217,316 | $ | 79,277 | $ | 64,433 | |||||||||||||||||||
Less: purchases of property and equipment | (6,298) | (6,970) | (5,362) | (8,505) | (3,848) | ||||||||||||||||||||||||
Less: capitalized internal-use software development costs | (7,874) | (9,341) | (6,693) | (5,779) | (6,736) | ||||||||||||||||||||||||
Free cash flow (non-GAAP)(1)(2) | $ | 69,019 | $ | 283,133 | $ | 205,261 | $ | 64,993 | $ | 53,849 |
Three Months Ended | |||||||||||||||||||||||||||||
July 31, 2023 | April 30, 2023 | January 31, 2023 | October 31, 2022 | July 31, 2022 | |||||||||||||||||||||||||
Net cash paid on payroll tax-related items on employee stock transactions | $ | 19,138 | $ | 3,785 | $ | 10,034 | $ | 52 | $ | 4,796 |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenue | $ | 159,624 | $ | 73,012 | $ | 401,584 | $ | 177,056 | |||||||||||||||
Cost of revenue(1) | 66,681 | 29,489 | 159,684 | 82,035 | |||||||||||||||||||
Gross profit | 92,943 | 43,523 | 241,900 | 95,021 | |||||||||||||||||||
Operating expenses(1): | |||||||||||||||||||||||
Sales and marketing | 134,727 | 75,668 | 325,267 | 213,133 | |||||||||||||||||||
Research and development | 74,138 | 27,669 | 143,949 | 75,451 | |||||||||||||||||||
General and administrative | 53,532 | 30,318 | 116,224 | 79,413 | |||||||||||||||||||
Total operating expenses | 262,397 | 133,655 | 585,440 | 367,997 | |||||||||||||||||||
Operating loss | (169,454) | (90,132) | (343,540) | (272,976) | |||||||||||||||||||
Interest income | 1,517 | 2,491 | 5,654 | 9,252 | |||||||||||||||||||
Other expense, net | (519) | (40) | (1,561) | (819) | |||||||||||||||||||
Loss before income taxes | (168,456) | (87,681) | (339,447) | (264,543) | |||||||||||||||||||
Provision for income taxes | 433 | 376 | 720 | 738 | |||||||||||||||||||
Net loss | $ | (168,889) | $ | (88,057) | $ | (340,167) | $ | (265,281) |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue | $ | 674,018 | $ | 497,248 | $ | 1,297,617 | $ | 919,619 | |||||||||||||||
Cost of revenue(1) | 218,392 | 173,232 | 427,806 | 321,162 | |||||||||||||||||||
Gross profit | 455,626 | 324,016 | 869,811 | 598,457 | |||||||||||||||||||
Operating expenses(1): | |||||||||||||||||||||||
Sales and marketing | 343,288 | 274,645 | 674,846 | 518,557 | |||||||||||||||||||
Research and development | 313,996 | 183,748 | 591,408 | 334,546 | |||||||||||||||||||
General and administrative | 83,749 | 73,355 | 162,202 | 141,852 | |||||||||||||||||||
Total operating expenses | 741,033 | 531,748 | 1,428,456 | 994,955 | |||||||||||||||||||
Operating loss | (285,407) | (207,732) | (558,645) | (396,498) | |||||||||||||||||||
Interest income | 50,280 | 11,692 | 93,411 | 16,451 | |||||||||||||||||||
Other income (expense), net | 4,086 | (22,920) | 1,524 | (31,401) | |||||||||||||||||||
Loss before income taxes | (231,041) | (218,960) | (463,710) | (411,448) | |||||||||||||||||||
Provision for (benefit from) income taxes | (3,721) | 3,846 | (10,326) | (22,848) | |||||||||||||||||||
Net loss | (227,320) | (222,806) | (453,384) | (388,600) | |||||||||||||||||||
Less: net loss attributable to noncontrolling interest | (453) | — | (890) | — | |||||||||||||||||||
Net loss attributable to Snowflake Inc. | $ | (226,867) | $ | (222,806) | $ | (452,494) | $ | (388,600) |
Three Months Ended October 31, | Nine Months Ended October 31, | Three Months Ended July 31, | Six Months Ended July 31, | |||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Cost of revenue | Cost of revenue | $ | 13,226 | $ | 832 | $ | 15,507 | $ | 2,682 | Cost of revenue | $ | 32,302 | $ | 26,070 | $ | 62,764 | $ | 48,705 | ||||||||||||||||||||||||||||
Sales and marketing | Sales and marketing | 39,481 | 4,802 | 49,714 | 15,428 | Sales and marketing | 78,838 | 60,162 | 151,133 | 112,631 | ||||||||||||||||||||||||||||||||||||
Research and development | Research and development | 39,368 | 4,411 | 49,186 | 10,822 | Research and development | 163,005 | 96,897 | 299,422 | 170,490 | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 27,066 | 12,913 | 43,383 | 28,493 | General and administrative | 25,577 | 26,052 | 50,912 | 49,848 | ||||||||||||||||||||||||||||||||||||
Total stock-based compensation expense | $ | 119,141 | $ | 22,958 | $ | 157,790 | $ | 57,425 | ||||||||||||||||||||||||||||||||||||||
Total stock-based compensation | Total stock-based compensation | $ | 299,722 | $ | 209,181 | $ | 564,231 | $ | 381,674 |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenue | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||
Cost of revenue | 42 | 40 | 40 | 46 | |||||||||||||||||||
Gross profit | 58 | 60 | 60 | 54 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Sales and marketing | 84 | 104 | 81 | 120 | |||||||||||||||||||
Research and development | 46 | 38 | 36 | 43 | |||||||||||||||||||
General and administrative | 34 | 42 | 29 | 45 | |||||||||||||||||||
Total operating expenses | 164 | 184 | 146 | 208 | |||||||||||||||||||
Operating loss | (106) | (124) | (86) | (154) | |||||||||||||||||||
Interest income | — | 4 | 1 | 5 | |||||||||||||||||||
Other expense, net | — | — | — | — | |||||||||||||||||||
Loss before income taxes | (106) | (120) | (85) | (149) | |||||||||||||||||||
Provision for income taxes | — | 1 | — | 1 | |||||||||||||||||||
Net loss | (106%) | (121%) | (85%) | (150%) |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||
Cost of revenue(1) | 32 | 35 | 33 | 35 | |||||||||||||||||||
Gross profit | 68 | 65 | 67 | 65 | |||||||||||||||||||
Operating expenses(1): | |||||||||||||||||||||||
Sales and marketing | 51 | 55 | 52 | 57 | |||||||||||||||||||
Research and development | 47 | 37 | 46 | 36 | |||||||||||||||||||
General and administrative | 12 | 15 | 12 | 15 | |||||||||||||||||||
Total operating expenses | 110 | 107 | 110 | 108 | |||||||||||||||||||
Operating loss | (42) | (42) | (43) | (43) | |||||||||||||||||||
Interest income | 6 | 2 | 7 | 2 | |||||||||||||||||||
Other income (expense), net | 1 | (4) | — | (3) | |||||||||||||||||||
Loss before income taxes | (35) | (44) | (36) | (44) | |||||||||||||||||||
Provision for (benefit from) income taxes | (1) | 1 | (1) | (2) | |||||||||||||||||||
Net loss | (34) | (45) | (35) | (42) | |||||||||||||||||||
Less: net loss attributable to noncontrolling interest | — | — | — | — | |||||||||||||||||||
Net loss attributable to Snowflake Inc. | (34%) | (45%) | (35%) | (42%) |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cost of revenue | 5 | % | 5 | % | 5 | % | 5 | % | |||||||||||||||
Sales and marketing | 12 | 12 | 12 | 12 | |||||||||||||||||||
Research and development | 23 | 20 | 23 | 20 | |||||||||||||||||||
General and administrative | 4 | 5 | 4 | 5 | |||||||||||||||||||
Total stock-based compensation | 44 | % | 42 | % | 44 | % | 42 | % |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||
Product | $ | 148,473 | $ | 69,213 | 115% | $ | 375,506 | $ | 169,797 | 121% | |||||||||||||||||||||||||
Professional services and other | 11,151 | 3,799 | 194% | 26,078 | 7,259 | 259% | |||||||||||||||||||||||||||||
Total | $ | 159,624 | $ | 73,012 | 119% | $ | 401,584 | $ | 177,056 | 127% | |||||||||||||||||||||||||
Percentage of revenue: | |||||||||||||||||||||||||||||||||||
Product | 93 | % | 95% | 94% | 96% | ||||||||||||||||||||||||||||||
Professional services and other | 7 | % | 5% | 6% | 4% | ||||||||||||||||||||||||||||||
Total | 100 | % | 100% | 100 | % | 100% |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||
Product | $ | 640,209 | $ | 466,268 | 37% | $ | 1,230,281 | $ | 860,702 | 43% | |||||||||||||||||||||||||
Professional services and other | 33,809 | 30,980 | 9% | 67,336 | 58,917 | 14% | |||||||||||||||||||||||||||||
Total | $ | 674,018 | $ | 497,248 | 36% | $ | 1,297,617 | $ | 919,619 | 41% | |||||||||||||||||||||||||
Percentage of revenue: | |||||||||||||||||||||||||||||||||||
Product | 95% | 94% | 95% | 94% | |||||||||||||||||||||||||||||||
Professional services and other | 5% | 6% | 5% | 6% | |||||||||||||||||||||||||||||||
Total | 100% | 100% | 100% | 100% |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||||||||
Product | $ | 51,816 | $ | 24,646 | 110% | $ | 130,065 | $ | 67,845 | 92% | |||||||||||||||||||||||||
Professional services and other | 14,865 | 4,843 | 207% | 29,619 | 14,190 | 109% | |||||||||||||||||||||||||||||
Total cost of revenue | $ | 66,681 | $ | 29,489 | 126% | $ | 159,684 | $ | 82,035 | 95% | |||||||||||||||||||||||||
Gross profit (loss): | |||||||||||||||||||||||||||||||||||
Product | $ | 96,657 | $ | 44,567 | 117% | $ | 245,441 | $ | 101,952 | 141% | |||||||||||||||||||||||||
Professional services and other | (3,714) | (1,044) | 256% | (3,541) | (6,931) | (49%) | |||||||||||||||||||||||||||||
Total gross profit | $ | 92,943 | $ | 43,523 | 114% | $ | 241,900 | $ | 95,021 | 155% | |||||||||||||||||||||||||
Gross margin: | |||||||||||||||||||||||||||||||||||
Product | 65 | % | 64% | 65 | % | 60% | |||||||||||||||||||||||||||||
Professional services and other | (33 | %) | (27%) | (14 | %) | (95%) | |||||||||||||||||||||||||||||
Total gross margin | 58 | % | 60% | 60 | % | 54% | |||||||||||||||||||||||||||||
Headcount (at period end) | |||||||||||||||||||||||||||||||||||
Product | 139 | 68 | 139 | 68 | |||||||||||||||||||||||||||||||
Professional services and other | 143 | 71 | 143 | 71 | |||||||||||||||||||||||||||||||
Total headcount | 282 | 139 | 282 | 139 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||||||||
Product | $ | 169,046 | $ | 131,606 | 28% | $ | 328,424 | $ | 243,017 | 35% | |||||||||||||||||||||||||
Professional services and other | 49,346 | 41,626 | 19% | 99,382 | 78,145 | 27% | |||||||||||||||||||||||||||||
Total cost of revenue | $ | 218,392 | $ | 173,232 | 26% | $ | 427,806 | $ | 321,162 | 33% | |||||||||||||||||||||||||
Gross profit (loss): | |||||||||||||||||||||||||||||||||||
Product | $ | 471,163 | $ | 334,662 | 41% | $ | 901,857 | $ | 617,685 | 46% | |||||||||||||||||||||||||
Professional services and other | (15,537) | (10,646) | 46% | (32,046) | (19,228) | 67% | |||||||||||||||||||||||||||||
Total gross profit | $ | 455,626 | $ | 324,016 | 41% | $ | 869,811 | $ | 598,457 | 45% | |||||||||||||||||||||||||
Gross margin: | |||||||||||||||||||||||||||||||||||
Product | 74% | 72% | 73% | 72% | |||||||||||||||||||||||||||||||
Professional services and other | (46%) | (34%) | (48%) | (33%) | |||||||||||||||||||||||||||||||
Total gross margin | 68% | 65% | 67% | 65% | |||||||||||||||||||||||||||||||
Headcount (at period end) | |||||||||||||||||||||||||||||||||||
Product | 400 | 295 | 400 | 295 | |||||||||||||||||||||||||||||||
Professional services and other | 525 | 427 | 525 | 427 | |||||||||||||||||||||||||||||||
Total headcount | 925 | 722 | 925 | 722 |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Sales and marketing | $ | 134,727 | $ | 75,668 | 78% | $ | 325,267 | $ | 213,133 | 53% | |||||||||||||||||||||||||
Percentage of revenue | 84% | 104% | 81% | 120% | |||||||||||||||||||||||||||||||
Headcount (at period end) | 1,177 | 907 | 1,177 | 907 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Sales and marketing | $ | 343,288 | $ | 274,645 | 25% | $ | 674,846 | $ | 518,557 | 30% | |||||||||||||||||||||||||
Percentage of revenue | 51% | 55% | 52% | 57% | |||||||||||||||||||||||||||||||
Headcount (at period end) | 2,979 | 2,417 | 2,979 | 2,417 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Research and development | $ | 313,996 | $ | 183,748 | 71% | $ | 591,408 | $ | 334,546 | 77% | |||||||||||||||||||||||||
Percentage of revenue | 47% | 37% | 46% | 36% | |||||||||||||||||||||||||||||||
Headcount (at period end) | 1,805 | 1,007 | 1,805 | 1,007 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
General and administrative | $ | 83,749 | $ | 73,355 | 14% | $ | 162,202 | $ | 141,852 | 14% | |||||||||||||||||||||||||
Percentage of revenue | 12% | 15% | 12% | 15% | |||||||||||||||||||||||||||||||
Headcount (at period end) | 950 | 845 | 950 | 845 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Interest income | $ | 50,280 | $ | 11,692 | 330% | $ | 93,411 | $ | 16,451 | 468% |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Impairments related to strategic investments in non-marketable equity securities | $ | (2,101) | $ | (26,555) | (92%) | $ | (2,101) | $ | (26,555) | (92%) | |||||||||||||||||||||||||
Net unrealized gains (losses) on strategic investments in marketable equity securities | 7,410 | 3,382 | 119% | 4,996 | (5,477) | (191%) | |||||||||||||||||||||||||||||
Other | (1,223) | 253 | (583%) | (1,371) | 631 | (317%) | |||||||||||||||||||||||||||||
Other income (expense), net | $ | 4,086 | $ | (22,920) | (118%) | $ | 1,524 | $ | (31,401) | (105%) |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Research and development | $ | 74,138 | $ | 27,669 | 168% | $ | 143,949 | $ | 75,451 | 91% | |||||||||||||||||||||||||
Percentage of revenue | 46% | 38% | 36% | 43% | |||||||||||||||||||||||||||||||
Headcount (at period end) | 440 | 298 | 440 | 298 |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
General and administrative | $ | 53,532 | $ | 30,318 | 77% | $ | 116,224 | $ | 79,413 | 46% | |||||||||||||||||||||||||
Percentage of revenue | 34% | 42% | 29% | 45% | |||||||||||||||||||||||||||||||
Headcount (at period end) | 354 | 178 | 354 | 178 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Loss before income taxes | $ | (231,041) | $ | (218,960) | 6% | $ | (463,710) | $ | (411,448) | 13% | |||||||||||||||||||||||||
Provision for (benefit from) income taxes | (3,721) | 3,846 | (197%) | (10,326) | (22,848) | (55%) | |||||||||||||||||||||||||||||
Effective tax rate | 1.6% | (1.8%) | 2.2% | 5.6% |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Interest income | $ | 1,517 | $ | 2,491 | (39 | %) | $ | 5,654 | $ | 9,252 | (39 | %) |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Loss before income taxes | $ | (168,456) | $ | (87,681) | 92 | % | $ | (339,447) | $ | (264,543) | 28 | % | |||||||||||||||||||||||
Provision for income taxes | 433 | 376 | 15 | % | 720 | 738 | (2 | %) | |||||||||||||||||||||||||||
Effective tax rate | (0.3%) | (0.4%) | (0.2%) | (0.3%) |
Nine Months Ended October 31, | |||||||||||
2020 | 2019 | ||||||||||
Net cash used in operating activities | $ | (65,031) | $ | (133,766) | |||||||
Net cash (used in) provided by investing activities | (875,038) | 154,145 | |||||||||
Net cash provided by financing activities | 4,753,012 | 50,811 |
Six Months Ended July 31, | |||||||||||
2023 | 2022 | ||||||||||
Net cash provided by operating activities | $ | 382,635 | $ | 249,046 | |||||||
Net cash used in investing activities | $ | (261,171) | $ | (386,239) | |||||||
Net cash used in financing activities | $ | (305,820) | $ | (34,219) |
July 31, 2023 | January 31, 2023 | ||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Non-marketable equity securities under Measurement Alternative | $ | 192,046 | $ | 174,248 | |||||||||||||||||||
Non-marketable equity securities under equity method | 5,165 | 5,066 | |||||||||||||||||||||
Marketable equity securities | 27,119 | 22,122 | |||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
Non-marketable debt securities | 1,500 | 1,500 | |||||||||||||||||||||
Total strategic investments—included in other assets | $ | 225,830 | $ | 202,936 |
Trading Arrangement | ||||||||||||||||||||
Action | Date | Rule 10b5-1* | Non-Rule 10b5-1** | Total Shares Subject to Trading Arrangement | Expiration Date | |||||||||||||||
John McMahon, Former Director(1) | Terminate(2) | May 31, 2023 | X | 163,513 | March 11, 2025 |
Exhibit Number | Exhibit Number | Description | Form | File No. | Exhibit | Filing Date | Filed Herewith | Exhibit Number | Description | Form | File No. | Exhibit | Filing Date | Filed Herewith | ||||||||||||||||||||||||||
8-K | 001-39504 | 3.1 | 9/18/2020 | 8-K | 001-39504 | 3.1 | 9/18/2020 | |||||||||||||||||||||||||||||||||
S-1/A | 333-248280 | 3.4 | 9/8/2020 | S-1/A | 333-248280 | 3.4 | 9/8/2020 | |||||||||||||||||||||||||||||||||
8-K | 001-39504 | 3.1 | 3/3/2021 | |||||||||||||||||||||||||||||||||||||
S-1/A | 333-248280 | 10.1 | 9/8/2020 | 8-K | 001-39504 | 10.1 | 8/23/2023 | |||||||||||||||||||||||||||||||||
S-1/A | 333-248280 | 10.6 | 9/8/2020 | |||||||||||||||||||||||||||||||||||||
S-1/A | 333-248280 | 10.7 | 9/8/2020 | |||||||||||||||||||||||||||||||||||||
8-K | 001-39504 | 10.2 | 8/23/2023 | |||||||||||||||||||||||||||||||||||||
8-K | 001-39504 | 10.3 | 8/23/2023 | |||||||||||||||||||||||||||||||||||||
S-1/A | 333-248280 | 10.8 | 9/8/2020 | 8-K | 001-39504 | 10.4 | 8/23/2023 | |||||||||||||||||||||||||||||||||
S-1/A | 333-248280 | 10.8 | 9/8/2020 | |||||||||||||||||||||||||||||||||||||
8-K | 001-39504 | 10.5 | 8/23/2023 | |||||||||||||||||||||||||||||||||||||
S-1 | 333-248280 | 10.13 | 8/24/2020 | 8-K | 001-39504 | 10.6 | 8/23/2023 | |||||||||||||||||||||||||||||||||
S-1 | 333-248280 | 10.14 | 8/24/2020 | 8-K | 001-39504 | 10.7 | 8/23/2023 | |||||||||||||||||||||||||||||||||
S-1 | 333-248280 | 10.17 | 8/24/2020 | |||||||||||||||||||||||||||||||||||||
S-1 | 333-248280 | 10.19 | 8/24/2020 | |||||||||||||||||||||||||||||||||||||
S-1/A | 333-248280 | 10.20 | 9/8/2020 | |||||||||||||||||||||||||||||||||||||
S-1/A | 333-248280 | 10.21 | 9/8/2020 | |||||||||||||||||||||||||||||||||||||
X | X | |||||||||||||||||||||||||||||||||||||||
X | X | |||||||||||||||||||||||||||||||||||||||
X | X | |||||||||||||||||||||||||||||||||||||||
X | X | |||||||||||||||||||||||||||||||||||||||
101.INS | 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | X | 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | X | ||||||||||||||||||||||||||||||||||
101.SCH | 101.SCH | XBRL Taxonomy Extension Schema Document. | X | 101.SCH | XBRL Taxonomy Extension Schema Document. | X | ||||||||||||||||||||||||||||||||||
101.CAL | 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | X | 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | X | ||||||||||||||||||||||||||||||||||
101.DEF | 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | X | 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | X | ||||||||||||||||||||||||||||||||||
101.LAB | 101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | X | 101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | X | ||||||||||||||||||||||||||||||||||
101.PRE | 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | X | 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | X | ||||||||||||||||||||||||||||||||||
104 | 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibits 101) | X | 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibits 101). | X |
SNOWFLAKE INC. | ||||||||
By: | /s/ Frank Slootman | |||||||
Name: | Frank Slootman | |||||||
Title: | Chief Executive Officer and Chairman | |||||||
(Principal Executive Officer) | ||||||||
By: | /s/ Michael P. Scarpelli | |||||||
Name: | Michael P. Scarpelli | |||||||
Title: | Chief Financial Officer | |||||||
(Principal Financial and Accounting Officer) |