Cover
Cover - shares shares in Millions | 9 Months Ended | |
Oct. 31, 2023 | Nov. 17, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-39504 | |
Entity Registrant Name | SNOWFLAKE INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-0636374 | |
Entity Address, Address Line One | Suite 3A | |
Entity Address, Address Line Two | 106 East Babcock Street | |
Entity Address, City or Town | Bozeman | |
Entity Address, State or Province | MT | |
Entity Address, Postal Zip Code | 59715 | |
City Area Code | 844 | |
Local Phone Number | 766-9355 | |
Title of 12(b) Security | Class A Common Stock, $0.0001 par value | |
Trading Symbol | SNOW | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 329.3 | |
Entity Central Index Key | 0001640147 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 982,182 | $ 939,902 |
Short-term investments | 2,566,357 | 3,067,966 |
Accounts receivable, net | 511,034 | 715,821 |
Deferred commissions, current | 74,574 | 67,901 |
Prepaid expenses and other current assets | 178,136 | 193,100 |
Total current assets | 4,312,283 | 4,984,690 |
Long-term investments | 947,829 | 1,073,023 |
Property and equipment, net | 216,380 | 160,823 |
Operating lease right-of-use assets | 254,236 | 231,266 |
Goodwill | 784,405 | 657,370 |
Intangible assets, net | 329,767 | 186,013 |
Deferred commissions, non-current | 150,362 | 145,286 |
Other assets | 269,117 | 283,851 |
Total assets | 7,264,379 | 7,722,322 |
Current liabilities: | ||
Accounts payable | 75,456 | 23,672 |
Accrued expenses and other current liabilities | 318,281 | 269,069 |
Operating lease liabilities, current | 33,348 | 27,301 |
Deferred revenue, current | 1,605,587 | 1,673,475 |
Total current liabilities | 2,032,672 | 1,993,517 |
Operating lease liabilities, non-current | 253,029 | 224,357 |
Deferred revenue, non-current | 12,082 | 11,463 |
Other liabilities | 25,829 | 24,370 |
Total liabilities | 2,323,612 | 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 October 31, 2023 and January 31, 2023 | 0 | 0 |
Common stock; $0.0001 par value per share; 2,500,000 Class A shares authorized, 329,651 and 323,305 shares issued and outstanding as of October 31, 2023 and January 31, 2023, respectively; 185,461 Class B shares authorized, zero shares issued and outstanding as of each October 31, 2023 and January 31, 2023 | 33 | 32 |
Treasury stock, at cost; 500 and zero shares held as of October 31, 2023 and January 31, 2023, respectively | (68,299) | 0 |
Additional paid-in capital | 8,931,647 | 8,210,750 |
Accumulated other comprehensive loss | (27,208) | (38,272) |
Accumulated deficit | (3,906,252) | (2,716,074) |
Total Snowflake Inc. stockholders’ equity | 4,929,921 | 5,456,436 |
Noncontrolling interest | 10,846 | 12,179 |
Total stockholders’ equity | 4,940,767 | 5,468,615 |
Total liabilities and stockholders’ equity | $ 7,264,379 | $ 7,722,322 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Oct. 31, 2023 | Jan. 31, 2023 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Treasury stock (in shares) | 500,000 | 0 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 2,500,000,000 | 2,500,000,000 |
Common stock, shares issued (in shares) | 329,651,000 | 323,305,000 |
Common stock, shares outstanding (in shares) | 329,651,000 | 323,305,000 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 185,461,000 | 185,461,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 0 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Income Statement [Abstract] | ||||
Revenue | $ 734,173 | $ 557,028 | $ 2,031,790 | $ 1,476,647 |
Cost of revenue | 228,948 | 190,721 | 656,754 | 511,883 |
Gross profit | 505,225 | 366,307 | 1,375,036 | 964,764 |
Operating expenses: | ||||
Sales and marketing | 355,079 | 284,477 | 1,029,925 | 803,034 |
Research and development | 332,065 | 211,387 | 923,473 | 545,933 |
General and administrative | 78,704 | 76,462 | 240,906 | 218,314 |
Total operating expenses | 765,848 | 572,326 | 2,194,304 | 1,567,281 |
Operating loss | (260,623) | (206,019) | (819,268) | (602,517) |
Interest income | 53,491 | 21,857 | 146,902 | 38,308 |
Other expense, net | (4,170) | (13,271) | (2,646) | (44,672) |
Loss before income taxes | (211,302) | (197,433) | (675,012) | (608,881) |
Provision for (benefit from) income taxes | 3,392 | 4,009 | (6,934) | (18,839) |
Net loss | (214,694) | (201,442) | (668,078) | (590,042) |
Less: net loss attributable to noncontrolling interest | (443) | (506) | (1,333) | (506) |
Net loss attributable to Snowflake Inc. | $ (214,251) | $ (200,936) | $ (666,745) | $ (589,536) |
Net loss per share attributable to Class A common stockholders- basic (in dollars per share) | $ (0.65) | $ (0.63) | $ (2.04) | $ (1.86) |
Net loss per share attributable to Class A common stockholders - diluted (in dollars per share) | $ (0.65) | $ (0.63) | $ (2.04) | $ (1.86) |
Weighted-average shares used in computing net loss per share attributable to Class A common stockholders - basic (in shares) | 329,310 | 320,135 | 326,964 | 317,653 |
Weighted-average shares used in computing net loss per share attributable to Class A common stockholders - diluted (in shares) | 329,310 | 320,135 | 326,964 | 317,653 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (214,694) | $ (201,442) | $ (668,078) | $ (590,042) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 0 | (1,108) | 0 | (4,158) |
Net change in unrealized gains or losses on available-for-sale debt securities | 5,927 | (20,214) | 11,796 | (48,735) |
Other | (891) | 0 | (732) | 0 |
Total other comprehensive income (loss) | 5,036 | (21,322) | 11,064 | (52,893) |
Comprehensive loss | (209,658) | (222,764) | (657,014) | (642,935) |
Less: comprehensive loss attributable to noncontrolling interest | (443) | (506) | (1,333) | (506) |
Comprehensive loss attributable to Snowflake Inc. | $ (209,215) | $ (222,258) | $ (655,681) | $ (642,429) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Total Snowflake Inc. Stockholders’ Equity | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Noncontrolling Interest |
Beginning balance (in shares) at Jan. 31, 2022 | 312,377,000 | |||||||
Beginning balance at Jan. 31, 2022 | $ 5,049,045 | $ 5,049,045 | $ 31 | $ 0 | $ 6,984,669 | $ (16,286) | $ (1,919,369) | $ 0 |
Beginning balance, treasury stock (in shares) at Jan. 31, 2022 | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 4,926,000 | |||||||
Issuance of common stock upon exercise of stock options | 30,933 | 30,933 | $ 1 | 30,932 | ||||
Issuance of common stock under employee stock purchase plan (in shares) | 286,000 | |||||||
Issuance of common stock under employee stock purchase plan | 40,931 | 40,931 | 40,931 | |||||
Issuance of common stock in connection with a business combination (in shares) | 1,916,000 | |||||||
Issuance of common stock in connection with a business combination | 438,916 | 438,916 | 438,916 | |||||
Issuance of common stock in connection with a business combination subject to future vesting (in shares) | 409,000 | |||||||
Vesting of early exercised stock options | 183 | 183 | 183 | |||||
Vesting of restricted stock units (in shares) | 2,409,000 | |||||||
Shares withheld related to net share settlement of equity awards (in shares) | (826,000) | |||||||
Shares withheld related to net share settlement of equity awards | (138,641) | (138,641) | (138,641) | |||||
Stock-based compensation | 631,839 | 631,839 | 631,839 | |||||
Capital contributions from noncontrolling interest holders | 13,000 | 13,000 | ||||||
Other comprehensive income (loss) | (52,893) | (52,893) | (52,893) | |||||
Net loss | (590,042) | (589,536) | (589,536) | (506) | ||||
Ending balance (in shares) at Oct. 31, 2022 | 321,497,000 | |||||||
Ending balance at Oct. 31, 2022 | 5,423,271 | 5,410,777 | $ 32 | $ 0 | 7,988,829 | (69,179) | (2,508,905) | 12,494 |
Ending balance, treasury stock (in shares) at Oct. 31, 2022 | 0 | |||||||
Beginning balance (in shares) at Jul. 31, 2022 | 319,897,000 | |||||||
Beginning balance at Jul. 31, 2022 | 5,426,323 | 5,426,323 | $ 32 | $ 0 | 7,782,117 | (47,857) | (2,307,969) | 0 |
Beginning balance, treasury stock (in shares) at Jul. 31, 2022 | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 984,000 | |||||||
Issuance of common stock upon exercise of stock options | 7,366 | 7,366 | 7,366 | |||||
Issuance of common stock under employee stock purchase plan (in shares) | 102,000 | |||||||
Issuance of common stock under employee stock purchase plan | 14,837 | 14,837 | 14,837 | |||||
Issuance of common stock in connection with a business combination (in shares) | 2,000 | |||||||
Vesting of early exercised stock options | 61 | 61 | 61 | |||||
Vesting of restricted stock units (in shares) | 786,000 | |||||||
Shares withheld related to net share settlement of equity awards (in shares) | (274,000) | |||||||
Shares withheld related to net share settlement of equity awards | (52,507) | (52,507) | (52,507) | |||||
Stock-based compensation | 236,955 | 236,955 | 236,955 | |||||
Capital contributions from noncontrolling interest holders | 13,000 | 13,000 | ||||||
Other comprehensive income (loss) | (21,322) | (21,322) | (21,322) | |||||
Net loss | (201,442) | (200,936) | (200,936) | (506) | ||||
Ending balance (in shares) at Oct. 31, 2022 | 321,497,000 | |||||||
Ending balance at Oct. 31, 2022 | 5,423,271 | 5,410,777 | $ 32 | $ 0 | 7,988,829 | (69,179) | (2,508,905) | 12,494 |
Ending balance, treasury stock (in shares) at Oct. 31, 2022 | 0 | |||||||
Beginning balance (in shares) at Jan. 31, 2023 | 323,305,000 | |||||||
Beginning balance at Jan. 31, 2023 | $ 5,468,615 | 5,456,436 | $ 32 | $ 0 | 8,210,750 | (38,272) | (2,716,074) | 12,179 |
Beginning balance, treasury stock (in shares) at Jan. 31, 2023 | 0 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 5,951,000 | |||||||
Issuance of common stock upon exercise of stock options | $ 38,821 | 38,821 | $ 1 | 38,820 | ||||
Issuance of common stock under employee stock purchase plan (in shares) | 516,000 | |||||||
Issuance of common stock under employee stock purchase plan | 61,234 | 61,234 | 61,234 | |||||
Vesting of early exercised stock options | 163 | 163 | 163 | |||||
Vesting of restricted stock units (in shares) | 5,131,000 | |||||||
Shares withheld related to net share settlement of equity awards (in shares) | (1,740,000) | |||||||
Shares withheld related to net share settlement of equity awards | $ (279,067) | (279,067) | (279,067) | |||||
Repurchases of common stock (in shares) | (500,000) | (500,000) | ||||||
Repurchases of common stock as treasury stock | $ (68,299) | (68,299) | $ (68,299) | |||||
Repurchases and retirement of common stock (in shares) | (3,512,000) | |||||||
Repurchases and retirement of common stock | (523,433) | (523,433) | (523,433) | |||||
Stock-based compensation | 899,747 | 899,747 | 899,747 | |||||
Other comprehensive income (loss) | 11,064 | 11,064 | 11,064 | |||||
Net loss | (668,078) | (666,745) | (666,745) | (1,333) | ||||
Ending balance (in shares) at Oct. 31, 2023 | 329,651,000 | |||||||
Ending balance at Oct. 31, 2023 | $ 4,940,767 | 4,929,921 | $ 33 | $ (68,299) | 8,931,647 | (27,208) | (3,906,252) | 10,846 |
Ending balance, treasury stock (in shares) at Oct. 31, 2023 | (500,000) | (500,000) | ||||||
Beginning balance (in shares) at Jul. 31, 2023 | 329,878,000 | |||||||
Beginning balance at Jul. 31, 2023 | $ 5,298,227 | 5,286,938 | $ 33 | $ (68,299) | 8,679,411 | (32,244) | (3,291,963) | 11,289 |
Beginning balance, treasury stock (in shares) at Jul. 31, 2023 | (500,000) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 1,095,000 | 1,095,000 | ||||||
Issuance of common stock upon exercise of stock options | $ 7,294 | 7,294 | 7,294 | |||||
Issuance of common stock under employee stock purchase plan (in shares) | 204,000 | |||||||
Issuance of common stock under employee stock purchase plan | 24,169 | 24,169 | 24,169 | |||||
Vesting of early exercised stock options | 41 | 41 | 41 | |||||
Vesting of restricted stock units (in shares) | 1,632,000 | |||||||
Shares withheld related to net share settlement of equity awards (in shares) | (551,000) | |||||||
Shares withheld related to net share settlement of equity awards | (90,162) | (90,162) | (90,162) | |||||
Repurchases and retirement of common stock (in shares) | (2,607,000) | |||||||
Repurchases and retirement of common stock | (400,038) | (400,038) | (400,038) | |||||
Stock-based compensation | 310,894 | 310,894 | 310,894 | |||||
Other comprehensive income (loss) | 5,036 | 5,036 | 5,036 | |||||
Net loss | (214,694) | (214,251) | (214,251) | (443) | ||||
Ending balance (in shares) at Oct. 31, 2023 | 329,651,000 | |||||||
Ending balance at Oct. 31, 2023 | $ 4,940,767 | $ 4,929,921 | $ 33 | $ (68,299) | $ 8,931,647 | $ (27,208) | $ (3,906,252) | $ 10,846 |
Ending balance, treasury stock (in shares) at Oct. 31, 2023 | (500,000) | (500,000) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (668,078) | $ (590,042) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 84,917 | 43,809 |
Non-cash operating lease costs | 39,141 | 33,579 |
Amortization of deferred commissions | 54,722 | 41,525 |
Stock-based compensation, net of amounts capitalized | 862,517 | 610,837 |
Net amortization (accretion) of premiums (discounts) on investments | (49,226) | 12,331 |
Net unrealized losses (gains) on strategic investments in equity securities | (1,105) | 45,096 |
Deferred income tax | (13,107) | (25,277) |
Other | 14,286 | 678 |
Changes in operating assets and liabilities, net of effects of business combinations: | ||
Accounts receivable | 205,138 | 150,723 |
Deferred commissions | (66,470) | (63,627) |
Prepaid expenses and other assets | 51,574 | 13,169 |
Accounts payable | 51,672 | 10,304 |
Accrued expenses and other liabilities | 33,709 | 27,727 |
Operating lease liabilities | (28,739) | (29,176) |
Deferred revenue | (67,409) | 46,667 |
Net cash provided by operating activities | 503,542 | 328,323 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (22,014) | (19,766) |
Capitalized internal-use software development costs | (27,104) | (17,319) |
Cash paid for business combinations, net of cash, cash equivalents, and restricted cash acquired | (279,534) | (352,555) |
Purchases of intangible assets | (28,744) | (700) |
Purchases of investments | (2,095,329) | (2,796,167) |
Sales of investments | 11,266 | 58,813 |
Maturities and redemptions of investments | 2,751,148 | 2,594,593 |
Net cash provided by (used in) investing activities | 309,689 | (533,101) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 38,854 | 31,095 |
Proceeds from issuance of common stock under employee stock purchase plan | 61,234 | 40,931 |
Taxes paid related to net share settlement of equity awards | (273,828) | (135,766) |
Repurchases of common stock | (591,732) | 0 |
Capital contributions from noncontrolling interest holders | 0 | 13,000 |
Payments of deferred purchase consideration for a business combination | 0 | (1,800) |
Net cash used in financing activities | (765,472) | (52,540) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (4,595) | (9,390) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 43,164 | (266,708) |
Cash, cash equivalents, and restricted cash—beginning of period | 956,731 | 1,102,534 |
Cash, cash equivalents, and restricted cash—end of period | 999,895 | 835,826 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Property and equipment included in accounts payable and accrued expenses | 7,690 | 5,841 |
Stock-based compensation included in capitalized software development costs | 37,230 | 20,295 |
Issuance of common stock in connection with a business combination | 0 | 438,916 |
Unpaid taxes related to net share settlement of equity awards included in accrued expenses and other current liabilities | 5,293 | 2,874 |
Reconciliation of cash, cash equivalents, and restricted cash: | ||
Cash and cash equivalents | 982,182 | 819,003 |
Restricted cash—included in other assets and prepaid expenses and other current assets | 17,713 | 16,823 |
Total cash, cash equivalents, and restricted cash | $ 999,895 | $ 835,826 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Oct. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Snowflake Inc. (Snowflake or the Company) provides a cloud-based data platform, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data applications, and share data and data products. The Company provides its platform through a customer-centric, consumption-based business model, only charging customers for the resources they use. Through its platform, the Company delivers the Data Cloud, a network where Snowflake customers, partners, developers, data providers, and data consumers can break down data silos and derive value from rapidly growing data sets in secure, governed, and compliant ways. Snowflake was incorporated in the state of Delaware on July 23, 2012. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Fiscal Year The Company’s fiscal year ends on January 31. For example, references to fiscal 2024 refer to the fiscal year ending January 31, 2024. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2023, which was filed with the SEC on March 29, 2023. In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of October 31, 2023 and the results of operations for the three and nine months ended October 31, 2023 and 2022, and cash flows for the nine months ended October 31, 2023 and 2022. The condensed balance sheet as of January 31, 2023 was derived from the audited consolidated financial statements but does not include all disclosures required by GAAP. The results of operations for the three and nine months ended October 31, 2023 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. Principles of Consolidation The condensed consolidated financial statements include the accounts of Snowflake Inc., its wholly-owned subsidiaries, and a majority-owned subsidiary in which the Company has a controlling financial interest. All intercompany transactions and balances have been eliminated in consolidation. The Company records noncontrolling interest in its condensed consolidated financial statements to recognize the minority ownership interest in its majority-owned subsidiary. Profits and losses of the majority-owned subsidiary are attributed to controlling and noncontrolling interests using the hypothetical liquidation at book value method. Segment Information The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. For information regarding the Company’s revenue by geographic area, see Note 3, “Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations.” The following table presents the Company’s long-lived assets, comprising property and equipment, net and operating lease right-of-use assets, by geographic area (in thousands): October 31, 2023 January 31, 2023 United States $ 366,305 $ 329,275 Other (1) 104,311 62,814 Total $ 470,616 $ 392,089 ________________ (1) No individual country outside of the United States accounted for more than 10% of the Company’s long-lived assets as of October 31, 2023 and January 31, 2023. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates include, but are not limited to, stand-alone selling prices (SSP) for each distinct performance obligation, internal-use software development costs, the expected period of benefit for deferred commissions, the fair value of intangible assets acquired in business combinations, the useful lives of long-lived assets, the carrying value of operating lease right-of-use assets, stock-based compensation, accounting for income taxes, and the fair value of investments in marketable and non-marketable securities. The Company bases its estimates on historical experience and also on assumptions that management considers reasonable. These estimates are assessed on a regular basis; however, actual results could differ from these estimates. Summary of Significant Accounting Policies |
Revenue, Accounts Receivable, D
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations | 9 Months Ended |
Oct. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations | Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations Disaggregation of Revenue Revenue consists of the following (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Product revenue $ 698,478 $ 522,752 $ 1,928,759 $ 1,383,454 Professional services and other revenue 35,695 34,276 103,031 93,193 Total $ 734,173 $ 557,028 $ 2,031,790 $ 1,476,647 Revenue by geographic area, based on the location of the Company’s customers (or end-customers under reseller arrangements), was as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Americas: United States $ 569,743 $ 441,432 $ 1,569,099 $ 1,171,641 Other Americas (1) 18,083 11,637 52,781 31,316 EMEA (1)(2) 110,412 79,326 311,586 207,010 Asia-Pacific and Japan (1) 35,935 24,633 98,324 66,680 Total $ 734,173 $ 557,028 $ 2,031,790 $ 1,476,647 ________________ (1) No individual country in these areas represented more than 10% of the Company’s revenue for all periods presented. (2) Includes Europe, the Middle East, and Africa. Accounts Receivable, Net As of October 31, 2023 and January 31, 2023, allowance for credit losses of $6.3 million and $2.2 million, respectively, was included in the Company’s accounts receivable, net balance. Significant Customers For purposes of assessing the concentration of credit risk and significant customers, a group of customers under common control or customers that are affiliates of each other are regarded as a single customer. As of October 31, 2023 and January 31, 2023, there were no customers that represented 10% or more of the Company’s accounts receivable, net balance. Additionally, there were no customers that represented 10% or more of the Company’s revenue for each of the three and nine months ended October 31, 2023 and 2022. Deferred Revenue The Company recognized $556.1 million and $427.4 million of revenue for the three months ended October 31, 2023 and 2022, respectively, from the deferred revenue balances as of July 31, 2023 and 2022, respectively. The Company recognized $1.2 billion and $841.8 million of revenue for the nine months ended October 31, 2023 and 2022, respectively, from the deferred revenue balances as of January 31, 2023 and 2022, respectively. Remaining Performance Obligations Remaining performance obligations (RPO) represent the amount of contracted future revenue that has not yet been recognized, including (i) deferred revenue and (ii) non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. The Company’s RPO excludes performance obligations from on-demand arrangements as there are no minimum purchase commitments associated with these arrangements, and certain time and materials contracts that are billed in arrears. Portions of RPO that are not yet invoiced and are denominated in foreign currencies are revalued into U.S. dollars each period based on the applicable period-end exchange rates. As of October 31, 2023, the Company’s RPO was $3.7 billion, of which the Company expects approximately 57% to be recognized as revenue in the twelve months ending October 31, 2024 based on historical customer consumption patterns. However, the amount and timing of revenue recognition are generally dependent upon customers’ future consumption, which is inherently variable at customers’ discretion and can extend beyond the original contract term in cases where customers are permitted to roll over unused capacity to future periods, generally on the purchase of additional capacity at renewal. |
Cash Equivalents and Investment
Cash Equivalents and Investments | 9 Months Ended |
Oct. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Cash Equivalents and Investments | Cash Equivalents and Investments The following is a summary of the Company’s cash equivalents, short-term investments, and long-term investments on the condensed consolidated balance sheets (in thousands): October 31, 2023 Amortized Gross Gross Estimated Cash equivalents: Money market funds $ 579,719 $ — $ — $ 579,719 Time deposits 5,285 — — 5,285 Commercial paper 4,997 — (1) 4,996 Total cash equivalents 590,001 — (1) 590,000 Investments: Corporate notes and bonds 1,530,205 483 (12,947) 1,517,741 U.S. government and agency securities 1,135,128 7 (11,259) 1,123,876 Commercial paper 572,082 29 (439) 571,672 Certificates of deposit 300,969 93 (165) 300,897 Total investments 3,538,384 612 (24,810) 3,514,186 Total cash equivalents and investments $ 4,128,385 $ 612 $ (24,811) $ 4,104,186 January 31, 2023 Amortized Gross Gross Estimated Cash equivalents: Money market funds (1) $ 520,138 $ — $ — $ 520,138 Commercial paper 9,305 — (1) 9,304 Corporate notes and bonds 6,902 1 — 6,903 Certificates of deposit 3,045 — (1) 3,044 Total cash equivalents (1) 539,390 1 (2) 539,389 Investments: Corporate notes and bonds 2,124,454 2,096 (23,470) 2,103,080 Commercial paper 883,023 272 (1,947) 881,348 U.S. government and agency securities 715,949 107 (12,220) 703,836 Certificates of deposit 453,557 278 (1,110) 452,725 Total investments 4,176,983 2,753 (38,747) 4,140,989 Total cash equivalents and investments (1) $ 4,716,373 $ 2,754 $ (38,749) $ 4,680,378 ________________ (1) Includes a reclassification of $141.0 million from cash to cash equivalents for the money market funds balance as of January 31, 2023, as presented in the Annual Report on Form 10-K filed with the SEC on March 29, 2023. Such reclassification did not impact the Company’s consolidated balance sheet as of January 31, 2023 or its consolidated statement of cash flows for the fiscal year ended January 31, 2023. The Company included $23.4 million and $19.4 million of interest receivable in prepaid expenses and other current assets on the condensed consolidated balance sheets as of October 31, 2023 and January 31, 2023, respectively. The Company did not recognize an allowance for credit losses against interest receivable as of October 31, 2023 and January 31, 2023 because such potential losses were not material. As of October 31, 2023, the contractual maturities of the Company’s available-for-sale marketable debt securities did not exceed 36 months. The estimated fair values of available-for-sale marketable debt securities, classified as short-term or long-term investments on the Company’s condensed consolidated balance sheets, by remaining contractual maturity, are as follows (in thousands): October 31, 2023 Estimated Due within 1 year $ 2,566,357 Due in 1 year to 3 years 947,829 Total $ 3,514,186 The following tables show the fair values of, and the gross unrealized losses on, the Company’s available-for-sale marketable debt securities, classified by the length of time that the securities have been in a continuous unrealized loss position and aggregated by investment type, on the condensed consolidated balance sheets (in thousands): October 31, 2023 Less than 12 Months 12 Months or Greater Total Fair Value Gross Fair Value Gross Fair Value Gross Cash equivalents: Commercial paper $ 4,997 $ (1) $ — $ — $ 4,997 $ (1) Total cash equivalents 4,997 (1) — — 4,997 (1) Investments: Corporate notes and bonds 873,774 (7,142) 460,730 (5,805) 1,334,504 (12,947) U.S. government and agency securities 785,354 (5,392) 244,639 (5,867) 1,029,993 (11,259) Commercial paper 490,963 (439) — — 490,963 (439) Certificates of deposit 153,122 (165) — — 153,122 (165) Total investments 2,303,213 (13,138) 705,369 (11,672) 3,008,582 (24,810) Total cash equivalents and investments $ 2,308,210 $ (13,139) $ 705,369 $ (11,672) $ 3,013,579 $ (24,811) January 31, 2023 Less than 12 Months 12 Months or Greater Total Fair Value Gross Fair Value Gross Fair Value Gross 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) For available-for-sale marketable debt securities with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. The decline in fair value of these securities due to credit related factors was not material as of October 31, 2023 and January 31, 2023. See Note 5, “Fair Value Measurements,” for information regarding the Company’s strategic investments. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The following table presents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of October 31, 2023 (in thousands): Level 1 Level 2 Total Cash equivalents: Money market funds $ 579,719 $ — $ 579,719 Time deposits — 5,285 5,285 Commercial paper — 4,996 4,996 Short-term investments: Corporate notes and bonds — 937,328 937,328 U.S. government and agency securities — 756,460 756,460 Commercial paper — 571,672 571,672 Certificates of deposit — 300,897 300,897 Long-term investments: Corporate notes and bonds — 580,413 580,413 U.S. government and agency securities — 367,416 367,416 Total $ 579,719 $ 3,524,467 $ 4,104,186 The following table presents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of January 31, 2023 (in thousands): 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 ________________ (1) Includes a reclassification of $141.0 million from cash to cash equivalents for the money market funds balance as of January 31, 2023, as presented in the Annual Report on Form 10-K filed with the SEC on March 29, 2023. Such reclassification did not impact the Company’s consolidated balance sheet as of January 31, 2023 or its consolidated statement of cash flows for the fiscal year ended January 31, 2023. The Company determines the fair value of its security holdings based on pricing from the Company’s service providers and market prices from industry-standard independent data providers. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs), such as yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures. Strategic Investments The tables above do not include the Company’s strategic investments, which consist primarily of (i) non-marketable equity securities recorded at cost minus impairment, if any, and adjusted for observable transactions for the same or similar investments of the same issuer (referred to as the Measurement Alternative), and (ii) marketable equity securities. The Company’s non-marketable equity securities accounted for using the Measurement Alternative are recorded at fair value on a non-recurring basis and classified within Level 3 of the fair value hierarchy because significant unobservable inputs or data in an inactive market are used in estimating their fair value. The estimation of fair value for these assets requires the use of an observable transaction price or other unobservable inputs, including the volatility, rights, and obligations of the securities the Company holds. The Company’s marketable equity securities are recorded at fair value on a recurring basis and classified within Level 1 of the fair value hierarchy because they are valued using the quoted market price. The following table presents the Company’s strategic investments by type (in thousands): October 31, 2023 January 31, 2023 Equity securities: Non-marketable equity securities under Measurement Alternative $ 192,038 $ 174,248 Non-marketable equity securities under equity method 5,206 5,066 Marketable equity securities 26,329 22,122 Debt securities: Non-marketable debt securities 1,500 1,500 Total strategic investments—included in other assets $ 225,073 $ 202,936 The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s strategic investments in equity securities held as of October 31, 2023 (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Non-marketable equity securities under Measurement Alternative: Upward adjustments $ — $ 1,124 $ — $ 1,124 Impairments (1,000) (7,482) (3,101) (34,037) Marketable equity securities: Net unrealized gains (losses) (790) (6,706) 4,206 (12,183) Total—included in other expense, net $ (1,790) $ (13,064) $ 1,105 $ (45,096) The cumulative upward adjustments and the cumulative impairments to the carrying value of the non-marketable equity securities accounted for using the Measurement Alternative held by the Company as of October 31, 2023 were $37.1 million and $41.1 million, respectively. No realized gains or losses were recognized on the Company’s strategic investments in equity securities during any of periods presented. |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Oct. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): October 31, 2023 January 31, 2023 Leasehold improvements $ 67,366 $ 59,872 Computers, equipment, and software 27,741 20,050 Furniture and fixtures 17,533 14,800 Capitalized internal-use software development costs 78,607 44,059 Construction in progress—capitalized internal-use software development costs 84,266 61,575 Construction in progress—other 13,050 7,313 Total property and equipment, gross 288,563 207,669 Less: accumulated depreciation and amortization (1) (72,183) (46,846) Total property and equipment, net $ 216,380 $ 160,823 ________________ (1) Includes $32.2 million and $19.9 million of accumulated amortization related to capitalized internal-use software development costs as of October 31, 2023 and January 31, 2023, respectively. Depreciation and amortization expense was $10.0 million and $26.0 million for the three and nine months ended October 31, 2023, respectively. Included in these amounts were the amortization of capitalized internal-use software development costs of $5.0 million and $12.3 million for the three and nine months ended October 31, 2023, respectively. Depreciation and amortization expense was $6.6 million and $17.1 million for the three and nine months ended October 31, 2022, respectively. Included in these amounts were the amortization of capitalized internal-use software development costs of $2.9 million and $6.8 million for the three and nine months ended October 31, 2022, respectively. During the nine months ended October 31, 2023, the Company recognized impairment charges of $7.1 million related to its capitalized internal-use software development costs previously included in construction in-progress that were no longer probable of being completed. Such impairment charges were recorded as research and development expenses on the condensed consolidated statements of operations. Impairment charges related to capitalized internal-use software development costs recognized during the nine months ended October 31, 2022 were not material. |
Business Combinations
Business Combinations | 9 Months Ended |
Oct. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations Fiscal 2024 Neeva Inc. During the nine months ended October 31, 2023, the Company acquired all outstanding stock of Neeva Inc. and its equity investee (collectively, Neeva), for total preliminary consideration of $185.4 million in cash. The Company acquired Neeva primarily for its talent and developed technology. The Company has accounted for this transaction as a business combination. The following table summarizes the preliminary allocation of purchase consideration to assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition: Estimated Fair Value Estimated Useful Life 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 ________________ (1) Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets. The fair value of the developed technology intangible assets were estimated using the replacement cost method, which utilizes assumptions for the cost to replace it, such as time and resources required, as well as a theoretical profit margin and opportunity cost. The excess of purchase consideration over the preliminary fair value of identifiable net assets acquired was recorded as goodwill, which is not deductible for income tax purposes. The Company believes the goodwill balance associated with this business combination represents the synergies expected from expanded market opportunities when integrating the acquired developed technologies with the Company’s offerings. Mountain US Corporation (formerly known as Mobilize.Net Corporation) On February 10, 2023, the Company acquired all outstanding stock of Mountain US Corporation (formerly known as Mobilize.Net Corporation) (Mountain), a privately-held company which provides a premier suite of tools for efficiently migrating databases to the Data Cloud, for preliminary consideration of $76.3 million in cash. The Company acquired Mountain primarily for its talent and developed technology. The Company has accounted for this transaction as a business combination. The following table summarizes the preliminary allocation of purchase consideration to assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition: Estimated Fair Value Estimated Useful Life 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 ________________ (1) Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets. The fair value of the developed technology intangible asset was estimated using the replacement cost method, which utilizes assumptions for the cost to replace it, such as time and resources required, as well as a theoretical profit margin and opportunity cost. The excess of purchase consideration over the preliminary fair value of identifiable net assets acquired was recorded as goodwill, which is not deductible for income tax purposes. The Company believes the goodwill balance associated with this business combination represents the synergies expected from strengthening enablement capabilities and the acceleration of legacy migrations to the Data Cloud, as well as expanding the Company’s professional services footprint. LeapYear Technologies, Inc. On February 10, 2023, the Company acquired all outstanding stock of LeapYear Technologies, Inc. (LeapYear), a privately-held company which provides a differential privacy platform, for $62.0 million in cash. The Company acquired LeapYear primarily for its talent and developed technology. The Company has accounted for this transaction as a business combination. The following table summarizes the preliminary allocation of purchase consideration to assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition: Estimated Fair Value Estimated Useful Life 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 ________________ (1) Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets. The fair value of the developed technology intangible asset was estimated using the replacement cost method, which utilizes assumptions for the cost to replace it, such as time and resources required, as well as a theoretical profit margin and opportunity cost. The excess of purchase consideration over the preliminary fair value of identifiable net assets acquired was recorded as goodwill, which is not deductible for income tax purposes. The Company believes the goodwill balance associated with this business combination represents the synergies expected from expanded market opportunities when integrating the acquired developed technologies with the Company’s offerings. Other Business Combination During the nine months ended October 31, 2023, the Company acquired all outstanding stock of a privately-held company for $16.6 million in cash. The Company has accounted for this transaction as a business combination. In allocating the aggregate purchase consideration based on the estimated fair values, the Company recorded $1.6 million of cash acquired, $4.9 million as a developer community intangible asset (to be amortized over an estimated useful life of five years), and $10.1 million as goodwill, which is not deductible for income tax purposes. The excess of purchase consideration over the fair value of net tangible and identifiable assets acquired was recorded as goodwill. The Company believes the goodwill balance associated with this business combination is primarily attributed to the assembled workforce and expected synergies arising from the acquisition. Acquisition-related costs, recorded as general and administrative expenses, associated with each of the business combinations above were not material during the nine months ended October 31, 2023. From the respective dates of acquisition through October 31, 2023, revenue attributable to each of the companies acquired in fiscal 2024, included in the Company’s condensed consolidated statements of operations for the nine months ended October 31, 2023, was not material. It was impracticable to determine the effect on the Company’s net loss attributable to each of the companies acquired in fiscal 2024 as these operations have been integrated into the Company’s ongoing operations since the respective dates of acquisition. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information summarizes the combined results of operations of the Company and Neeva, as if Neeva had been acquired as of February 1, 2022 (in thousands): Pro Forma Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 (unaudited) Revenue $ 734,173 $ 557,044 $ 2,032,036 $ 1,476,684 Net loss $ (214,694) $ (231,175) $ (714,693) $ (669,011) The pro forma financial information for all periods presented above has been calculated after adjusting the results of operations of Neeva to reflect certain business combination effects, including the amortization of the acquired intangible asset, stock-based compensation, income tax impact, and acquisition-related costs incurred by both the Company and Neeva as though this business combination occurred as of February 1, 2022, the beginning of the Company’s fiscal 2023. The historical condensed consolidated financial information in the unaudited pro forma table above has been adjusted in the pro forma combined financial results to give effect to pro forma events that are directly attributable to the business combination, reasonably estimable, and factually supportable. The pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved if this business combination had taken place as of February 1, 2022. Pro forma financial information has not been presented as the effects of each of the Mountain, LeapYear, and other fiscal 2024 business combinations were not material to the Company’s condensed consolidated financial statements. Fiscal 2023 Applica Sp. z.o.o. On September 23, 2022, the Company acquired all outstanding stock of Applica Sp. z.o.o. (Applica), a privately-held company which provides an artificial intelligence platform for document understanding, for $174.7 million in cash. The Company acquired Applica primarily for its talent and developed technology. The Company has accounted for this transaction as a business combination. The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective estimated fair values. The allocation of purchase consideration, inclusive of measurement period adjustments, was as follows: Estimated Fair Value Estimated Useful Life Cash $ 61 Goodwill 146,444 Developed technology intangible asset 35,000 5 Other net tangible liabilities (612) Deferred tax liabilities, net (1) (6,202) Total $ 174,691 ________________ (1) Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets. The fair value of the developed technology intangible asset was estimated using the replacement cost method, which utilizes assumptions for the cost to replace it, such as time and resources required, as well as a theoretical profit margin and opportunity cost. The excess of purchase consideration over the preliminary fair value of identifiable net assets acquired was recorded as goodwill, which is generally not deductible for income tax purposes. The Company believes the goodwill balance associated with this business combination represents the synergies expected from expanded market opportunities when integrating the acquired developed technologies with the Company’s offerings. Acquisition-related costs of $3.4 million associated with this business combination were recorded as general and administrative expenses during the nine months ended October 31, 2022. Streamlit, Inc. On March 31, 2022, the Company acquired all outstanding stock of Streamlit, Inc. (Streamlit), a privately-held company which provides an open-source framework for creating and deploying data applications. The Company acquired Streamlit primarily for its talent and developer community. The Company has accounted for this transaction as a business combination. The acquisition date fair value of the purchase consideration was $650.8 million, which was comprised of the following (in thousands): Estimated Fair Value Cash $ 211,839 Common stock (1) 438,916 Total $ 650,755 ________________ (1) Approximately 1.9 million shares of the Company’s Class A common stock were included in the purchase consideration and the fair values of these shares were determined based on the closing market price of $229.13 per share on the acquisition date. In addition, in connection with this business combination, the Company issued to Streamlit’s three founders a total of 0.4 million shares of the Company’s Class A common stock in exchange for a portion of their Streamlit stock. These shares are subject to vesting agreements pursuant to which the shares will vest over three years, subject to each founder’s continued employment with the Company or its affiliates. The $93.7 million fair value of these shares are accounted for as post-combination stock-based compensation over the requisite service period of three years. See Note 11, “Equity,” for further discussion. The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective estimated fair values. The allocation of purchase consideration, inclusive of measurement period adjustments, was as follows: Estimated Fair Value Estimated Useful Life 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 ________________ (1) Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets. The fair value of the developer community intangible asset was estimated using the replacement cost method which utilizes assumptions for the cost to replace it, such as time and resources required, as well as a theoretical profit margin and opportunity cost. The excess of purchase consideration over the fair value of identifiable net assets acquired was recorded as goodwill, which is not deductible for income tax purposes. The Company believes the goodwill balance associated with this business combination represents the synergies expected from expanded market opportunities when integrating the acquired developed technologies with the Company’s offerings. Acquisition-related costs of $1.9 million associated with this business combination were recorded as general and administrative expenses during the nine months ended October 31, 2022. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information summarizes the combined results of operations of the Company and both of Applica and Streamlit, as if each had been acquired as of February 1, 2021 (in thousands): Pro Forma Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 (unaudited) Revenue $ 557,116 $ 334,839 $ 1,477,232 $ 836,607 Net loss $ (201,510) $ (191,273) $ (650,406) $ (640,111) The pro forma financial information for all periods presented above has been calculated after adjusting the results of operations of Applica and Streamlit to reflect certain business combination effects, including the amortization of the acquired intangible asset, stock-based compensation, income tax impact, and acquisition-related costs incurred by the Company, Applica, and Streamlit as though these business combinations occurred as of February 1, 2021, the beginning of the Company’s fiscal 2022. The historical condensed consolidated financial information in the unaudited pro forma table above has been adjusted in the pro forma combined financial results to give effect to pro forma events that are directly attributable to these business combinations, reasonably estimable, and factually supportable. The pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved if these business combinations had taken place as of February 1, 2021. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 9 Months Ended |
Oct. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets, Net Intangible assets, net consisted of the following (in thousands): October 31, 2023 Gross Accumulated Amortization Net Finite-lived intangible assets: Developed technology $ 218,596 $ (36,330) $ 182,266 Developer community 154,900 (47,641) 107,259 Assembled workforce 55,732 (19,430) 36,302 Patents 8,874 (5,760) 3,114 Other 47 (47) — Total finite-lived intangible assets $ 438,149 $ (109,208) $ 328,941 Indefinite-lived intangible assets—trademarks 826 Total intangible assets, net $ 329,767 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 During the nine months ended October 31, 2023, in addition to the developed technology intangible assets and a developer community intangible asset acquired in connection with fiscal 2024 business combinations, as discussed in Note 7, “Business Combinations,” the Company also acquired $28.7 million of intangible assets, primarily consisting of assembled workforce intangible assets with a useful life of four years. Amortization expense of intangible assets was $22.5 million and $58.9 million for the three and nine months ended October 31, 2023, respectively, and $11.1 million and $26.7 million for the three and nine months ended October 31, 2022, respectively. As of October 31, 2023, future amortization expense is expected to be as follows (in thousands): Amount Fiscal Year Ending January 31, Remainder of 2024 $ 22,780 2025 89,764 2026 83,519 2027 79,366 2028 46,800 Thereafter 6,712 Total $ 328,941 Goodwill Changes in goodwill were as follows (in thousands): Amount Balance—January 31, 2023 $ 657,370 Additions 127,035 Balance—October 31, 2023 $ 784,405 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Oct. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): October 31, 2023 January 31, 2023 Accrued compensation $ 152,440 $ 123,173 Accrued third-party cloud infrastructure expenses 43,252 26,535 Liabilities associated with sales, marketing and business development programs 28,985 23,444 Accrued taxes 17,194 20,003 Employee contributions under employee stock purchase plan 16,072 36,648 Accrued professional services 11,941 11,776 Accrued purchases of property and equipment 4,098 3,876 Other 44,299 23,614 Total accrued expenses and other current liabilities $ 318,281 $ 269,069 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases —The Company leases its facilities for office space under non-cancelable operating leases with various expiration dates through fiscal 2035. Certain lease agreements include options to renew or terminate the lease, which are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments. In March 2023, the Company entered into an agreement related to a new office facility located outside of the United States for a total commitment of $33.8 million based on the exchange rate as of October 31, 2023. The lease commenced during the nine months ended October 31, 2023, with an expiration date in fiscal 2032, and resulted in an increase in the Company’s operating lease right-of-use assets and operating lease liabilities in the amount of approximately $31 million. In addition, the Company subleases certain of its unoccupied facilities to third parties with various expiration dates through fiscal 2030. Such subleases have all been classified as operating leases. Sublease income is recorded as a reduction to the Company’s operating lease costs. Sublease income was $2.9 million and $9.1 million for the three and nine months ended October 31, 2023, respectively, and $3.0 million and $9.7 million for the three and nine months ended October 31, 2022, respectively. Other Contractual Commitments —Other contractual commitments relate mainly to third-party cloud infrastructure agreements and subscription arrangements used to facilitate the Company’s operations at the enterprise level. In June 2023, the Company amended one of its third-party cloud infrastructure agreements. Under the amended agreement, the Company has committed to spend at least $1.0 billion between June 2023 and May 2028 on cloud infrastructure services with no minimum purchase commitment during any year. The Company is required to pay the difference if it fails to meet the minimum purchase commitment as of May 2028, and such payment can be applied to qualifying spending on cloud infrastructure services for up to twelve months after May 2028. Prior to such amendment, the remaining non-cancelable commitments under the agreement was $416.4 million as of January 31, 2023. 401(k) Plan —The Company sponsors a 401(k) defined contribution plan covering all eligible U.S. employees. Contributions to the 401(k) plan are discretionary. The Company did not make any matching contributions to the 401(k) plan for each of the three and nine months ended October 31, 2023 and 2022. Legal Matters —On March 23, 2021, a former employee, whose employment with the Company was terminated on September 29, 2020, filed a charge with the National Labor Relations Board (the NLRB) claiming that he was terminated in retaliation for engaging in concerted activity protected under the National Labor Relations Act. On September 15, 2023, following a hearing before a NLRB administrative law judge, the administrative law judge issued his ruling in favor of the former employee and ordered that he be awarded certain compensatory and other damages. The Company is appealing the ruling to the Board of the NLRB. The Company believes it is reasonably possible that a loss could ultimately result from an unfavorable outcome and that an estimate of the potential range of loss is between zero and $25 million, plus interest. No material loss accrual was recorded in the Company’s condensed consolidated balance sheet as of October 31, 2023, because management believes the likelihood of material loss resulting from this charge is not probable given the further appellate proceedings that are due to take place. In addition, the Company is involved from time to time in various claims and legal actions arising in the ordinary course of business. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company believes that none of its current legal proceedings will have a material adverse effect on its financial position, results of operations, or cash flows. Letters of Credit —As of October 31, 2023, the Company had a total of $17.7 million in cash collateralized letters of credit outstanding, substantially in favor of certain landlords for the Company’s leased facilities. These letters of credit renew annually and expire at various dates through fiscal 2033. Indemnification —The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, including business partners, investors, contractors, customers, and the Company’s officers, non-employee directors, and certain other employees. The Company has agreed to indemnify and defend the indemnified party for claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party claims due to the Company’s activities or non-compliance with certain representations and warranties made by the Company. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. For each of the three and nine months ended October 31, 2023 and 2022, losses recorded in the condensed consolidated statements of operations in connection with the indemnification provisions were not material. |
Equity
Equity | 9 Months Ended |
Oct. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity | Equity Common Stock —The Company had reserved shares of common stock for future issuance as follows (in thousands): October 31, 2023 January 31, 2023 2012 Equity Incentive Plan: Options outstanding 29,174 35,212 Restricted stock units outstanding 1,189 2,521 2020 Equity Incentive Plan: Options outstanding 602 642 Restricted stock units outstanding 18,677 13,039 Shares available for future grants 61,584 52,989 2020 Employee Stock Purchase Plan: Shares available for future grants 13,764 11,046 Total shares of common stock reserved for future issuance 124,990 115,449 Stock Repurchase Program and Treasury Stock —In February 2023, the Company’s board of directors authorized a stock repurchase program of up to $2.0 billion of its outstanding common stock. Repurchases may be effected, from time to time, either on the open market (including via pre-set trading plans), in privately negotiated transactions, or through other transactions in accordance with applicable securities laws. The program is funded using the Company’s working capital and will expire in March 2025. The timing and amount of any repurchases will be determined by management based on an evaluation of market conditions and other factors. The program does not obligate the Company to acquire any particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. The following table summarizes the stock repurchase activity under the Company’s stock repurchase program (in thousands, except per share data): Three Months Ended October 31, 2023 Nine Months Ended October 31, 2023 Number of shares repurchased 2,607 4,012 Weighted-average price per share (1) $ 153.49 $ 147.50 Aggregate purchase price (1) $ 400,038 $ 591,732 ________________ (1) Includes transaction costs associated with the repurchases. As of October 31, 2023, $1.4 billion remained available for future stock repurchases under the stock repurchase program. The first 0.5 million shares repurchased during the nine months ended October 31, 2023 were recorded in treasury stock as a reduction to the stockholders’ equity on the condensed consolidated balance sheets. All subsequent repurchases of common stock were retired. Upon retirement, the par value of the common stock repurchased was deducted from common stock and any excess of repurchase price (including associated transaction costs) over par value was recorded entirely to retained earnings (accumulated deficit) on the condensed consolidated balance sheets. Equity Incentive Plans —The Company’s 2020 Equity Incentive Plan (2020 Plan), which became effective in connection with its Initial Public Offering (IPO), provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards (RSUs), performance awards and other forms of equity compensation (collectively, equity awards). All shares that remain available for future grants are under the 2020 Plan. The Company’s 2012 Equity Incentive Plan (2012 Plan) provided for the grant of equity awards to employees, non-employee directors, and other service providers of the Company. The 2012 Plan was terminated in September 2020 in connection with the IPO but continues to govern the terms of outstanding awards that were granted prior to the termination of the 2012 Plan. Upon the expiration, forfeiture, cancellation, or reacquisition of any shares of common stock underlying outstanding equity awards granted under the 2012 Plan, an equal number of shares of Class A common stock will become available for grant under the 2020 Plan. No further equity awards will be granted under the 2012 Plan. The Company’s 2020 Employee Stock Purchase Plan (2020 ESPP), which became effective in connection with the IPO, authorizes the issuance of shares of common stock pursuant to purchase rights granted to employees. Offering periods are generally six months long and begin on March 15 and September 15 of each year, except for the first two offering periods. The initial offering period began on September 15, 2020 and ended on February 26, 2021. The second offering period began on March 1, 2021 and ended on September 14, 2021. On February 1, 2023, the shares available for grant under the 2020 Plan and the 2020 ESPP were automatically increased by 16.2 million shares and 3.2 million shares, respectively, pursuant to the annual evergreen increase provisions under the 2020 Plan and the 2020 ESPP. Stock Options —Stock options granted under the 2012 Plan and the 2020 Plan (collectively, the Plans) generally vest based on continued service over four years and expire ten years from the date of grant. Certain stock options granted under the 2012 Plan are exercisable at any time following the date of grant and expire ten years from the date of grant. A summary of stock option activity and activity regarding shares available for grant under the Plans during the nine months ended October 31, 2023 is as follows: Shares Number of Options Outstanding Weighted- Weighted-Average Remaining Contractual Life Aggregate 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 Options exercised — (1,095) $ 6.66 Options canceled 22 (22) $ 122.25 RSUs granted (1,504) — Shares withheld related to net share settlement of RSUs 551 — RSUs forfeited 503 — Balance—October 31, 2023 61,584 29,776 $ 11.97 5.2 $ 4,002,528 Vested and exercisable as of October 31, 2023 28,830 $ 9.52 5.2 $ 3,924,611 No options were granted during the nine months ended October 31, 2023. The weighted-average grant-date fair value of options granted during the nine months ended October 31, 2022 was $101.66 per share. The intrinsic value of options exercised in the nine months ended October 31, 2023 and 2022 was $901.4 million and $875.0 million, respectively. The aggregate grant-date fair value of options that vested during the nine months ended October 31, 2023 and 2022 was $36.4 million and $60.7 million, respectively. RSUs —RSUs granted under the 2012 Plan had both service-based and performance-based vesting conditions, of which the performance-based vesting condition was satisfied upon the effectiveness of the IPO in September 2020. The service-based vesting condition for these awards is typically satisfied over four years with a cliff vesting period of one year and continued vesting quarterly thereafter. Stock-based compensation associated with RSUs granted under the 2012 Plan was recognized using an accelerated attribution method from the time it was deemed probable that the vesting condition was met through the time the service-based vesting condition had been achieved. RSUs granted under the 2020 Plan generally only contain a service-based vesting condition that is typically satisfied over four years, and the related stock-based compensation for such RSUs is recognized on a straight-line basis over the requisite service period. During the nine months ended October 31, 2023, the Company granted, under the 2020 Plan, RSUs that have both service-based and performance-based vesting conditions (PRSUs) to its executive officers and certain other members of its senior leadership team. The service-based vesting condition for these PRSUs is satisfied over four years with a cliff vesting period of one year and continued vesting quarterly thereafter. The performance-based vesting condition is satisfied upon the achievement of certain Company annual performance targets set by the compensation committee of the board of directors of the Company. The ultimate number of PRSUs earned and eligible to vest ranges between 0% to 120% of the target number of PRSUs granted based on the weighted-average achievement of such Company annual performance metrics for the fiscal year ending January 31, 2024. Stock-based compensation associated with these PRSUs is recognized using an accelerated attribution method over the requisite service period, based on the probability of the performance condition being satisfied, which is assessed periodically by the Company. For the three and nine months ended October 31, 2023, the Company recognized stock-based compensation of $10.5 million and $20.6 million associated with these PRSUs, respectively. A summary of RSU activity, inclusive of PRSU activity, during the nine months ended October 31, 2023 is as follows: Number of Shares 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 Granted 1,504 $ 157.62 Vested (1,632) $ 168.13 Forfeited (503) $ 173.42 Unvested Balance—October 31, 2023 19,866 $ 167.81 ________________ (1) Includes 0.5 million PRSUs granted at 120% of the target number of PRSUs, which represents the maximum number of PRSUs that may be earned and eligible to vest with respect to these awards over their full term. Restricted Common Stock —Restricted common stock is not deemed to be outstanding for accounting purposes until it vests. As discussed in Note 7, “Business Combinations,” during the nine months ended October 31, 2022, in connection with the Streamlit business combination, the Company issued to Streamlit’s three founders a total of 0.4 million shares of the Company’s common stock outside of the Plans in exchange for a portion of their Streamlit stock. These shares are subject to vesting agreements pursuant to which the shares will vest over three years, subject to each founder’s continued employment with the Company or its affiliates. The $93.7 million fair value of these shares are accounted for as post-combination stock-based compensation over the requisite service period of three years. As of October 31, 2023, 0.3 million shares remained unvested. A summary of restricted common stock activity during the nine months ended October 31, 2023 is as follows: Outside of the Plans Number of Shares Weighted-Average Grant Date Unvested Balance—January 31, 2023 428 $ 219.26 Vested (142) $ 199.28 Unvested Balance—April 30, 2023, July 31, 2023, and October 31, 2023 286 $ 229.13 Stock-Based Compensation — The following table summarizes the assumptions used in estimating the fair value of stock options granted to employees during the nine months ended October 31, 2022: Nine Months Ended October 31, 2022 Expected term (in years) 6.0 Expected volatility 50.0 % Risk-free interest rate 1.8 % Expected dividend yield — % No stock options were granted during the three months ended October 31, 2022 or each of the three and nine months ended October 31, 2023. Expected term —For stock options considered to be “plain vanilla” options, the Company estimates the expected term based on the simplified method, which is essentially the weighted average of the vesting period and contractual term, as the Company’s historical option exercise experience does not provide a reasonable basis upon which to estimate the expected term. Expected volatility —The Company uses the average volatility of its Class A common stock and the stocks of a peer group of representative public companies to develop an expected volatility assumption. Risk-free interest rate —Risk-free rate is estimated based upon quoted market yields for the United States Treasury debt securities for a term consistent with the expected life of the awards in effect at the time of grant. Expected dividend yield —Because the Company has never paid and has no intention to pay cash dividends on common stock, the expected dividend yield is zero. Fair value of underlying common stock —Since the completion of the IPO, the fair value of the Company’s common stock is determined by the closing price, on the date of grant, of its common stock, which is traded on the New York Stock Exchange. The following table summarizes the assumptions used in estimating the fair value of employee stock purchase rights granted under the 2020 ESPP during the three and nine months ended October 31, 2023 and 2022: Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Expected term (in years) 0.5 0.5 0.5 0.5 Expected volatility 48.4 % 74.8 % 48.4% - 71.3% 58.9% - 74.8% Risk-free interest rate 5.5 % 3.8 % 4.7% - 5.5% 0.9% - 3.8% Expected dividend yield — % — % — % — % Stock-based compensation included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Cost of revenue $ 30,530 $ 27,794 $ 93,294 $ 76,499 Sales and marketing 75,708 65,010 226,841 177,641 Research and development 167,445 110,231 466,867 280,721 General and administrative 24,603 26,128 75,515 75,976 Stock-based compensation, net of amounts capitalized 298,286 229,163 862,517 610,837 Capitalized stock-based compensation 12,608 7,792 37,230 21,002 Total stock-based compensation $ 310,894 $ 236,955 $ 899,747 $ 631,839 As of October 31, 2023, total compensation cost related to unvested stock-based awards not yet recognized was $2.9 billion, which will be recognized over a weighted-average period of 2.9 years. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company computes its tax provision for interim periods by applying the estimated annual effective tax rate to year-to-date pre-tax income from recurring operations and adjusting for discrete tax items arising in that quarter. The Company had an effective tax rate of (1.6%) and 1.0% for the three and nine months ended October 31, 2023, respectively, and (2.0%) and 3.1% for the three and nine months ended October 31, 2022, respectively. The Company has incurred U.S. operating losses and has minimal profits in foreign jurisdictions. The Company has evaluated all available evidence, both positive and negative, including historical levels of income and expectations and risks associated with estimates of future taxable income, and has determined that it is more likely than not that its net deferred tax assets will not be realized in the United States and the United Kingdom. Due to uncertainties surrounding the realization of the deferred tax assets, the Company maintains a full valuation allowance against its net deferred tax assets. The Company is subject to income taxes in the United States and numerous foreign jurisdictions. As of October 31, 2023, tax years 2012 and forward generally remain open for examination for U.S. federal and state tax purposes, and tax years 2017 and forward generally remain open for examination for foreign tax purposes. The Company has applied ASC 740 and determined that it has uncertain tax positions giving rise to unrecognized tax benefits for each of the three and nine months ended October 31, 2023 and 2022. The Company’s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. The Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months. None of the unrecognized tax benefits are currently expected to impact the Company’s effective tax rate, if realized, as a result of the full valuation allowance. On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the Inflation Act) into law. The Inflation Act contains certain tax measures, including a corporate alternative minimum tax of 15% on some large corporations and an excise tax of 1% on stock repurchases. For the three and nine months ended October 31, 2023, the Inflation Act had no material impact to the Company, including its stock repurchase program. The Company is continuing to evaluate the various provisions of the Inflation Act and does not anticipate the impact, if any, will be material to the Company. |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Oct. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share Basic and diluted net loss per share attributable to Snowflake Inc. Class A common stockholders is computed in conformity with the two-class method required for participating securities. The Company considers unvested common stock to be participating securities, as the holders of such stock have the right to receive nonforfeitable dividends on a pari passu basis in the event that a dividend is declared on common stock. Basic net loss per share attributable to Snowflake Inc. Class A common stockholders is computed by dividing net loss attributable to Snowflake Inc. Class A common stockholders by the weighted-average number of shares of Snowflake Inc. Class A common stock outstanding during the period. Diluted net loss per share attributable to Snowflake Inc. Class A common stockholders is computed by giving effect to all potentially dilutive Snowflake Inc. Class A common stock equivalents to the extent they are dilutive. For purposes of this calculation, stock options, RSUs, restricted common stock, early exercised stock options, and employee stock purchase rights under the 2020 ESPP are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to Snowflake Inc. Class A common stockholders as their effect is anti-dilutive for all periods presented. The following table presents the calculation of basic and diluted net loss per share attributable to Snowflake Inc. Class A common stockholders (in thousands, except per share data): Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Numerator: Net loss $ (214,694) $ (201,442) $ (668,078) $ (590,042) Less: net loss attributable to noncontrolling interest (443) (506) (1,333) (506) Net loss attributable to Snowflake Inc. Class A common stockholders $ (214,251) $ (200,936) $ (666,745) $ (589,536) Denominator: Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted 329,310 320,135 326,964 317,653 Net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted $ (0.65) $ (0.63) $ (2.04) $ (1.86) The following potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to Snowflake Inc. Class A common stockholders for the periods presented because the impact of including them would have been anti-dilutive (in thousands): Three and Nine Months Ended October 31, 2023 2022 Stock options 29,776 37,106 RSUs 19,866 15,561 Unvested restricted common stock and early exercised stock options 286 543 Employee stock purchase rights under the 2020 ESPP 130 107 Total 50,058 53,317 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) Attributable to Parent | $ (214,251) | $ (200,936) | $ (666,745) | $ (589,536) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Oct. 31, 2023 shares | Oct. 31, 2023 shares | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | Trading Arrangement Action Date Rule 10b5-1* Non-Rule 10b5-1** Total Shares Subject to Trading Arrangement Expiration Date Frank Slootman, Chief Executive Officer and Director Adopted September 26, 2023 X 1,431,475 June 21, 2024 * Intended to satisfy the affirmative defense of Rule 10b5-1(c) ** Not intended to satisfy the affirmative defense of Rule 10b5-1(c) No other officers or directors, as defined in Rule 16a-1(f), adopted and/or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408, during the last fiscal quarter. | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Frank Slootman [Member] | ||
Trading Arrangements, by Individual | ||
Name | Frank Slootman | |
Title | Chief Executive Officer and Director | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | September 26, 2023 | |
Arrangement Duration | 269 days | |
Aggregate Available | 1,431,475 | 1,431,475 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 31, 2023 | |
Accounting Policies [Abstract] | |
Fiscal Year | Fiscal Year The Company’s fiscal year ends on January 31. For example, references to fiscal 2024 refer to the fiscal year ending January 31, 2024. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2023, which was filed with the SEC on March 29, 2023. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of Snowflake Inc., its wholly-owned subsidiaries, and a majority-owned subsidiary in which the Company has a controlling financial interest. All intercompany transactions and balances have been eliminated in consolidation. The Company records noncontrolling interest in its condensed consolidated financial statements to recognize the minority ownership interest in its majority-owned subsidiary. Profits and losses of the majority-owned subsidiary are attributed to controlling and noncontrolling interests using the hypothetical liquidation at book value method. |
Segment Information | Segment Information |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates include, but are not limited to, stand-alone selling prices (SSP) for each distinct performance obligation, internal-use software development costs, the expected period of benefit for deferred commissions, the fair value of intangible assets acquired in business combinations, the useful lives of long-lived assets, the carrying value of operating lease right-of-use assets, stock-based compensation, accounting for income taxes, and the fair value of investments in marketable and non-marketable securities. |
Remaining Performance Obligations | Remaining Performance Obligations |
Fair Value of Financial Instruments | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The Company determines the fair value of its security holdings based on pricing from the Company’s service providers and market prices from industry-standard independent data providers. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs), such as yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures. |
Strategic Investments | Strategic Investments The tables above do not include the Company’s strategic investments, which consist primarily of (i) non-marketable equity securities recorded at cost minus impairment, if any, and adjusted for observable transactions for the same or similar investments of the same issuer (referred to as the Measurement Alternative), and (ii) marketable equity securities. The Company’s non-marketable equity securities accounted for using the Measurement Alternative are recorded at fair value on a non-recurring basis and classified within Level 3 of the fair value hierarchy because significant unobservable inputs or data in an inactive market are used in estimating their fair value. The estimation of fair value for these assets requires the use of an observable transaction price or other unobservable inputs, including the volatility, rights, and obligations of the securities the Company holds. The Company’s marketable equity securities are recorded at fair value on a recurring basis and classified within Level 1 of the fair value hierarchy because they are valued using the quoted market price. |
Net Loss Per Share | Net Loss per Share Basic and diluted net loss per share attributable to Snowflake Inc. Class A common stockholders is computed in conformity with the two-class method required for participating securities. The Company considers unvested common stock to be participating securities, as the holders of such stock have the right to receive nonforfeitable dividends on a pari passu basis in the event that a dividend is declared on common stock. Basic net loss per share attributable to Snowflake Inc. Class A common stockholders is computed by dividing net loss attributable to Snowflake Inc. Class A common stockholders by the weighted-average number of shares of Snowflake Inc. Class A common stock outstanding during the period. Diluted net loss per share attributable to Snowflake Inc. Class A common stockholders is computed by giving effect to all potentially dilutive Snowflake Inc. Class A common stock equivalents to the extent they are dilutive. For purposes of this calculation, stock options, RSUs, restricted common stock, early exercised stock options, and employee stock purchase rights under the 2020 ESPP are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to Snowflake Inc. Class A common stockholders as their effect is anti-dilutive for all periods presented. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Long-lived Assets by Geographic Areas | The following table presents the Company’s long-lived assets, comprising property and equipment, net and operating lease right-of-use assets, by geographic area (in thousands): October 31, 2023 January 31, 2023 United States $ 366,305 $ 329,275 Other (1) 104,311 62,814 Total $ 470,616 $ 392,089 ________________ (1) No individual country outside of the United States accounted for more than 10% of the Company’s long-lived assets as of October 31, 2023 and January 31, 2023. |
Revenue, Accounts Receivable,_2
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue consists of the following (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Product revenue $ 698,478 $ 522,752 $ 1,928,759 $ 1,383,454 Professional services and other revenue 35,695 34,276 103,031 93,193 Total $ 734,173 $ 557,028 $ 2,031,790 $ 1,476,647 |
Revenue from External Customers by Geographic Areas | Revenue by geographic area, based on the location of the Company’s customers (or end-customers under reseller arrangements), was as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Americas: United States $ 569,743 $ 441,432 $ 1,569,099 $ 1,171,641 Other Americas (1) 18,083 11,637 52,781 31,316 EMEA (1)(2) 110,412 79,326 311,586 207,010 Asia-Pacific and Japan (1) 35,935 24,633 98,324 66,680 Total $ 734,173 $ 557,028 $ 2,031,790 $ 1,476,647 ________________ (1) No individual country in these areas represented more than 10% of the Company’s revenue for all periods presented. (2) Includes Europe, the Middle East, and Africa. |
Cash Equivalents and Investme_2
Cash Equivalents and Investments (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Cash Equivalents and Investments | The following is a summary of the Company’s cash equivalents, short-term investments, and long-term investments on the condensed consolidated balance sheets (in thousands): October 31, 2023 Amortized Gross Gross Estimated Cash equivalents: Money market funds $ 579,719 $ — $ — $ 579,719 Time deposits 5,285 — — 5,285 Commercial paper 4,997 — (1) 4,996 Total cash equivalents 590,001 — (1) 590,000 Investments: Corporate notes and bonds 1,530,205 483 (12,947) 1,517,741 U.S. government and agency securities 1,135,128 7 (11,259) 1,123,876 Commercial paper 572,082 29 (439) 571,672 Certificates of deposit 300,969 93 (165) 300,897 Total investments 3,538,384 612 (24,810) 3,514,186 Total cash equivalents and investments $ 4,128,385 $ 612 $ (24,811) $ 4,104,186 January 31, 2023 Amortized Gross Gross Estimated Cash equivalents: Money market funds (1) $ 520,138 $ — $ — $ 520,138 Commercial paper 9,305 — (1) 9,304 Corporate notes and bonds 6,902 1 — 6,903 Certificates of deposit 3,045 — (1) 3,044 Total cash equivalents (1) 539,390 1 (2) 539,389 Investments: Corporate notes and bonds 2,124,454 2,096 (23,470) 2,103,080 Commercial paper 883,023 272 (1,947) 881,348 U.S. government and agency securities 715,949 107 (12,220) 703,836 Certificates of deposit 453,557 278 (1,110) 452,725 Total investments 4,176,983 2,753 (38,747) 4,140,989 Total cash equivalents and investments (1) $ 4,716,373 $ 2,754 $ (38,749) $ 4,680,378 ________________ (1) Includes a reclassification of $141.0 million from cash to cash equivalents for the money market funds balance as of January 31, 2023, as presented in the Annual Report on Form 10-K filed with the SEC on March 29, 2023. Such reclassification did not impact the Company’s consolidated balance sheet as of January 31, 2023 or its consolidated statement of cash flows for the fiscal year ended January 31, 2023. |
Schedule of Cash Equivalents and Investments | The following is a summary of the Company’s cash equivalents, short-term investments, and long-term investments on the condensed consolidated balance sheets (in thousands): October 31, 2023 Amortized Gross Gross Estimated Cash equivalents: Money market funds $ 579,719 $ — $ — $ 579,719 Time deposits 5,285 — — 5,285 Commercial paper 4,997 — (1) 4,996 Total cash equivalents 590,001 — (1) 590,000 Investments: Corporate notes and bonds 1,530,205 483 (12,947) 1,517,741 U.S. government and agency securities 1,135,128 7 (11,259) 1,123,876 Commercial paper 572,082 29 (439) 571,672 Certificates of deposit 300,969 93 (165) 300,897 Total investments 3,538,384 612 (24,810) 3,514,186 Total cash equivalents and investments $ 4,128,385 $ 612 $ (24,811) $ 4,104,186 January 31, 2023 Amortized Gross Gross Estimated Cash equivalents: Money market funds (1) $ 520,138 $ — $ — $ 520,138 Commercial paper 9,305 — (1) 9,304 Corporate notes and bonds 6,902 1 — 6,903 Certificates of deposit 3,045 — (1) 3,044 Total cash equivalents (1) 539,390 1 (2) 539,389 Investments: Corporate notes and bonds 2,124,454 2,096 (23,470) 2,103,080 Commercial paper 883,023 272 (1,947) 881,348 U.S. government and agency securities 715,949 107 (12,220) 703,836 Certificates of deposit 453,557 278 (1,110) 452,725 Total investments 4,176,983 2,753 (38,747) 4,140,989 Total cash equivalents and investments (1) $ 4,716,373 $ 2,754 $ (38,749) $ 4,680,378 ________________ (1) Includes a reclassification of $141.0 million from cash to cash equivalents for the money market funds balance as of January 31, 2023, as presented in the Annual Report on Form 10-K filed with the SEC on March 29, 2023. Such reclassification did not impact the Company’s consolidated balance sheet as of January 31, 2023 or its consolidated statement of cash flows for the fiscal year ended January 31, 2023. |
Schedule of Available For Sale Securities Remaining Contractual Maturity | The estimated fair values of available-for-sale marketable debt securities, classified as short-term or long-term investments on the Company’s condensed consolidated balance sheets, by remaining contractual maturity, are as follows (in thousands): October 31, 2023 Estimated Due within 1 year $ 2,566,357 Due in 1 year to 3 years 947,829 Total $ 3,514,186 |
Schedule of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following tables show the fair values of, and the gross unrealized losses on, the Company’s available-for-sale marketable debt securities, classified by the length of time that the securities have been in a continuous unrealized loss position and aggregated by investment type, on the condensed consolidated balance sheets (in thousands): October 31, 2023 Less than 12 Months 12 Months or Greater Total Fair Value Gross Fair Value Gross Fair Value Gross Cash equivalents: Commercial paper $ 4,997 $ (1) $ — $ — $ 4,997 $ (1) Total cash equivalents 4,997 (1) — — 4,997 (1) Investments: Corporate notes and bonds 873,774 (7,142) 460,730 (5,805) 1,334,504 (12,947) U.S. government and agency securities 785,354 (5,392) 244,639 (5,867) 1,029,993 (11,259) Commercial paper 490,963 (439) — — 490,963 (439) Certificates of deposit 153,122 (165) — — 153,122 (165) Total investments 2,303,213 (13,138) 705,369 (11,672) 3,008,582 (24,810) Total cash equivalents and investments $ 2,308,210 $ (13,139) $ 705,369 $ (11,672) $ 3,013,579 $ (24,811) January 31, 2023 Less than 12 Months 12 Months or Greater Total Fair Value Gross Fair Value Gross Fair Value Gross 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) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following table presents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of October 31, 2023 (in thousands): Level 1 Level 2 Total Cash equivalents: Money market funds $ 579,719 $ — $ 579,719 Time deposits — 5,285 5,285 Commercial paper — 4,996 4,996 Short-term investments: Corporate notes and bonds — 937,328 937,328 U.S. government and agency securities — 756,460 756,460 Commercial paper — 571,672 571,672 Certificates of deposit — 300,897 300,897 Long-term investments: Corporate notes and bonds — 580,413 580,413 U.S. government and agency securities — 367,416 367,416 Total $ 579,719 $ 3,524,467 $ 4,104,186 The following table presents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of January 31, 2023 (in thousands): 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 ________________ (1) Includes a reclassification of $141.0 million from cash to cash equivalents for the money market funds balance as of January 31, 2023, as presented in the Annual Report on Form 10-K filed with the SEC on March 29, 2023. Such reclassification did not impact the Company’s consolidated balance sheet as of January 31, 2023 or its consolidated statement of cash flows for the fiscal year ended January 31, 2023. |
Schedule of Fair Value Measurements | The following table presents the Company’s strategic investments by type (in thousands): October 31, 2023 January 31, 2023 Equity securities: Non-marketable equity securities under Measurement Alternative $ 192,038 $ 174,248 Non-marketable equity securities under equity method 5,206 5,066 Marketable equity securities 26,329 22,122 Debt securities: Non-marketable debt securities 1,500 1,500 Total strategic investments—included in other assets $ 225,073 $ 202,936 |
Unrealized Gain (Loss) on Investments | The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s strategic investments in equity securities held as of October 31, 2023 (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Non-marketable equity securities under Measurement Alternative: Upward adjustments $ — $ 1,124 $ — $ 1,124 Impairments (1,000) (7,482) (3,101) (34,037) Marketable equity securities: Net unrealized gains (losses) (790) (6,706) 4,206 (12,183) Total—included in other expense, net $ (1,790) $ (13,064) $ 1,105 $ (45,096) |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): October 31, 2023 January 31, 2023 Leasehold improvements $ 67,366 $ 59,872 Computers, equipment, and software 27,741 20,050 Furniture and fixtures 17,533 14,800 Capitalized internal-use software development costs 78,607 44,059 Construction in progress—capitalized internal-use software development costs 84,266 61,575 Construction in progress—other 13,050 7,313 Total property and equipment, gross 288,563 207,669 Less: accumulated depreciation and amortization (1) (72,183) (46,846) Total property and equipment, net $ 216,380 $ 160,823 ________________ (1) Includes $32.2 million and $19.9 million of accumulated amortization related to capitalized internal-use software development costs as of October 31, 2023 and January 31, 2023, respectively. |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of purchase consideration to assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition: Estimated Fair Value Estimated Useful Life 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 ________________ (1) Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets. The following table summarizes the preliminary allocation of purchase consideration to assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition: Estimated Fair Value Estimated Useful Life 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 ________________ (1) Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets. The following table summarizes the preliminary allocation of purchase consideration to assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition: Estimated Fair Value Estimated Useful Life 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 ________________ (1) Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets. The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective estimated fair values. The allocation of purchase consideration, inclusive of measurement period adjustments, was as follows: Estimated Fair Value Estimated Useful Life Cash $ 61 Goodwill 146,444 Developed technology intangible asset 35,000 5 Other net tangible liabilities (612) Deferred tax liabilities, net (1) (6,202) Total $ 174,691 ________________ (1) Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets. Estimated Fair Value Estimated Useful Life 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 ________________ (1) Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets. |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information summarizes the combined results of operations of the Company and Neeva, as if Neeva had been acquired as of February 1, 2022 (in thousands): Pro Forma Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 (unaudited) Revenue $ 734,173 $ 557,044 $ 2,032,036 $ 1,476,684 Net loss $ (214,694) $ (231,175) $ (714,693) $ (669,011) The following unaudited pro forma financial information summarizes the combined results of operations of the Company and both of Applica and Streamlit, as if each had been acquired as of February 1, 2021 (in thousands): Pro Forma Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 (unaudited) Revenue $ 557,116 $ 334,839 $ 1,477,232 $ 836,607 Net loss $ (201,510) $ (191,273) $ (650,406) $ (640,111) |
Schedule of Business Acquisitions, by Acquisition | The acquisition date fair value of the purchase consideration was $650.8 million, which was comprised of the following (in thousands): Estimated Fair Value Cash $ 211,839 Common stock (1) 438,916 Total $ 650,755 ________________ (1) Approximately 1.9 million shares of the Company’s Class A common stock were included in the purchase consideration and the fair values of these shares were determined based on the closing market price of $229.13 per share on the acquisition date. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets, net consisted of the following (in thousands): October 31, 2023 Gross Accumulated Amortization Net Finite-lived intangible assets: Developed technology $ 218,596 $ (36,330) $ 182,266 Developer community 154,900 (47,641) 107,259 Assembled workforce 55,732 (19,430) 36,302 Patents 8,874 (5,760) 3,114 Other 47 (47) — Total finite-lived intangible assets $ 438,149 $ (109,208) $ 328,941 Indefinite-lived intangible assets—trademarks 826 Total intangible assets, net $ 329,767 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 |
Schedule of Future Amortization Expense | As of October 31, 2023, future amortization expense is expected to be as follows (in thousands): Amount Fiscal Year Ending January 31, Remainder of 2024 $ 22,780 2025 89,764 2026 83,519 2027 79,366 2028 46,800 Thereafter 6,712 Total $ 328,941 |
Schedule of Goodwill | Changes in goodwill were as follows (in thousands): Amount Balance—January 31, 2023 $ 657,370 Additions 127,035 Balance—October 31, 2023 $ 784,405 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): October 31, 2023 January 31, 2023 Accrued compensation $ 152,440 $ 123,173 Accrued third-party cloud infrastructure expenses 43,252 26,535 Liabilities associated with sales, marketing and business development programs 28,985 23,444 Accrued taxes 17,194 20,003 Employee contributions under employee stock purchase plan 16,072 36,648 Accrued professional services 11,941 11,776 Accrued purchases of property and equipment 4,098 3,876 Other 44,299 23,614 Total accrued expenses and other current liabilities $ 318,281 $ 269,069 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Shares Reserved For Future Issuance | The Company had reserved shares of common stock for future issuance as follows (in thousands): October 31, 2023 January 31, 2023 2012 Equity Incentive Plan: Options outstanding 29,174 35,212 Restricted stock units outstanding 1,189 2,521 2020 Equity Incentive Plan: Options outstanding 602 642 Restricted stock units outstanding 18,677 13,039 Shares available for future grants 61,584 52,989 2020 Employee Stock Purchase Plan: Shares available for future grants 13,764 11,046 Total shares of common stock reserved for future issuance 124,990 115,449 |
Class of Treasury Stock | The following table summarizes the stock repurchase activity under the Company’s stock repurchase program (in thousands, except per share data): Three Months Ended October 31, 2023 Nine Months Ended October 31, 2023 Number of shares repurchased 2,607 4,012 Weighted-average price per share (1) $ 153.49 $ 147.50 Aggregate purchase price (1) $ 400,038 $ 591,732 ________________ (1) Includes transaction costs associated with the repurchases. |
Option Activity Rollforward | A summary of stock option activity and activity regarding shares available for grant under the Plans during the nine months ended October 31, 2023 is as follows: Shares Number of Options Outstanding Weighted- Weighted-Average Remaining Contractual Life Aggregate 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 Options exercised — (1,095) $ 6.66 Options canceled 22 (22) $ 122.25 RSUs granted (1,504) — Shares withheld related to net share settlement of RSUs 551 — RSUs forfeited 503 — Balance—October 31, 2023 61,584 29,776 $ 11.97 5.2 $ 4,002,528 Vested and exercisable as of October 31, 2023 28,830 $ 9.52 5.2 $ 3,924,611 |
Option Rollforward Schedule | A summary of stock option activity and activity regarding shares available for grant under the Plans during the nine months ended October 31, 2023 is as follows: Shares Number of Options Outstanding Weighted- Weighted-Average Remaining Contractual Life Aggregate 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 Options exercised — (1,095) $ 6.66 Options canceled 22 (22) $ 122.25 RSUs granted (1,504) — Shares withheld related to net share settlement of RSUs 551 — RSUs forfeited 503 — Balance—October 31, 2023 61,584 29,776 $ 11.97 5.2 $ 4,002,528 Vested and exercisable as of October 31, 2023 28,830 $ 9.52 5.2 $ 3,924,611 |
Schedule of Unvested RSU Rollforward | A summary of RSU activity, inclusive of PRSU activity, during the nine months ended October 31, 2023 is as follows: Number of Shares 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 Granted 1,504 $ 157.62 Vested (1,632) $ 168.13 Forfeited (503) $ 173.42 Unvested Balance—October 31, 2023 19,866 $ 167.81 ________________ (1) Includes 0.5 million PRSUs granted at 120% of the target number of PRSUs, which represents the maximum number of PRSUs that may be earned and eligible to vest with respect to these awards over their full term. |
Schedule of Unvested RSA Rollforward | A summary of restricted common stock activity during the nine months ended October 31, 2023 is as follows: Outside of the Plans Number of Shares Weighted-Average Grant Date Unvested Balance—January 31, 2023 428 $ 219.26 Vested (142) $ 199.28 Unvested Balance—April 30, 2023, July 31, 2023, and October 31, 2023 286 $ 229.13 |
Valuation Assumptions Schedule | The following table summarizes the assumptions used in estimating the fair value of stock options granted to employees during the nine months ended October 31, 2022: Nine Months Ended October 31, 2022 Expected term (in years) 6.0 Expected volatility 50.0 % Risk-free interest rate 1.8 % Expected dividend yield — % |
Valuation Assumptions Other Than Stock Options Schedule | The following table summarizes the assumptions used in estimating the fair value of employee stock purchase rights granted under the 2020 ESPP during the three and nine months ended October 31, 2023 and 2022: Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Expected term (in years) 0.5 0.5 0.5 0.5 Expected volatility 48.4 % 74.8 % 48.4% - 71.3% 58.9% - 74.8% Risk-free interest rate 5.5 % 3.8 % 4.7% - 5.5% 0.9% - 3.8% Expected dividend yield — % — % — % — % |
Share-based Compensation Schedule | Stock-based compensation included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Cost of revenue $ 30,530 $ 27,794 $ 93,294 $ 76,499 Sales and marketing 75,708 65,010 226,841 177,641 Research and development 167,445 110,231 466,867 280,721 General and administrative 24,603 26,128 75,515 75,976 Stock-based compensation, net of amounts capitalized 298,286 229,163 862,517 610,837 Capitalized stock-based compensation 12,608 7,792 37,230 21,002 Total stock-based compensation $ 310,894 $ 236,955 $ 899,747 $ 631,839 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss per Share | The following table presents the calculation of basic and diluted net loss per share attributable to Snowflake Inc. Class A common stockholders (in thousands, except per share data): Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Numerator: Net loss $ (214,694) $ (201,442) $ (668,078) $ (590,042) Less: net loss attributable to noncontrolling interest (443) (506) (1,333) (506) Net loss attributable to Snowflake Inc. Class A common stockholders $ (214,251) $ (200,936) $ (666,745) $ (589,536) Denominator: Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted 329,310 320,135 326,964 317,653 Net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted $ (0.65) $ (0.63) $ (2.04) $ (1.86) |
Schedule of Potentially Dilutive Securities Excluded from Computation of Net Loss per Share | The following potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to Snowflake Inc. Class A common stockholders for the periods presented because the impact of including them would have been anti-dilutive (in thousands): Three and Nine Months Ended October 31, 2023 2022 Stock options 29,776 37,106 RSUs 19,866 15,561 Unvested restricted common stock and early exercised stock options 286 543 Employee stock purchase rights under the 2020 ESPP 130 107 Total 50,058 53,317 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | $ 470,616 | $ 392,089 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | 366,305 | 329,275 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | $ 104,311 | $ 62,814 |
Revenue, Accounts Receivable,_3
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 734,173 | $ 557,028 | $ 2,031,790 | $ 1,476,647 |
Product revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 698,478 | 522,752 | 1,928,759 | 1,383,454 |
Professional services and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 35,695 | $ 34,276 | $ 103,031 | $ 93,193 |
Revenue, Accounts Receivable,_4
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations - Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 734,173 | $ 557,028 | $ 2,031,790 | $ 1,476,647 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 569,743 | 441,432 | 1,569,099 | 1,171,641 |
Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 18,083 | 11,637 | 52,781 | 31,316 |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 110,412 | 79,326 | 311,586 | 207,010 |
Asia-Pacific and Japan | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 35,935 | $ 24,633 | $ 98,324 | $ 66,680 |
Revenue, Accounts Receivable,_5
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | Jan. 31, 2023 | |
Disaggregation of Revenue [Line Items] | |||||
Allowance for doubtful accounts | $ 6.3 | $ 6.3 | $ 2.2 | ||
Revenue recognized | 556.1 | $ 427.4 | 1,200 | $ 841.8 | |
Remaining performance obligation | $ 3,700 | $ 3,700 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-11-01 | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, remaining performance obligation, percentage | 57% | 57% | |||
Remaining performance obligation, remaining life | 12 months | 12 months |
Cash Equivalents and Investme_3
Cash Equivalents and Investments - Schedule of Cash and Cash Equivalents and Investments Fair Value (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Cash equivalents: | ||
Amortized Cost | $ 590,001 | $ 539,390 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | (1) | (2) |
Estimated Fair Value | 590,000 | 539,389 |
Investments: | ||
Amortized Cost | 3,538,384 | 4,176,983 |
Gross Unrealized Gains | 612 | 2,753 |
Gross Unrealized Losses | (24,810) | (38,747) |
Estimated Fair Value | 3,514,186 | 4,140,989 |
Amortized Cost | 4,128,385 | 4,716,373 |
Gross Unrealized Gains | 612 | 2,754 |
Gross Unrealized Losses | (24,811) | (38,749) |
Estimated Fair Value | 4,104,186 | 4,680,378 |
Corporate notes and bonds | ||
Investments: | ||
Amortized Cost | 1,530,205 | 2,124,454 |
Gross Unrealized Gains | 483 | 2,096 |
Gross Unrealized Losses | (12,947) | (23,470) |
Estimated Fair Value | 1,517,741 | 2,103,080 |
U.S. government and agency securities | ||
Investments: | ||
Amortized Cost | 1,135,128 | 715,949 |
Gross Unrealized Gains | 7 | 107 |
Gross Unrealized Losses | (11,259) | (12,220) |
Estimated Fair Value | 1,123,876 | 703,836 |
Commercial paper | ||
Investments: | ||
Amortized Cost | 572,082 | 883,023 |
Gross Unrealized Gains | 29 | 272 |
Gross Unrealized Losses | (439) | (1,947) |
Estimated Fair Value | 571,672 | 881,348 |
Certificates of deposit | ||
Investments: | ||
Amortized Cost | 300,969 | 453,557 |
Gross Unrealized Gains | 93 | 278 |
Gross Unrealized Losses | (165) | (1,110) |
Estimated Fair Value | 300,897 | 452,725 |
Money market funds | ||
Cash equivalents: | ||
Amortized Cost | 579,719 | 520,138 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 579,719 | 520,138 |
Money market funds | Revision of Prior Period, Reclassification, Adjustment | ||
Cash equivalents: | ||
Estimated Fair Value | 141,000 | |
Time deposits | ||
Cash equivalents: | ||
Amortized Cost | 5,285 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 5,285 | |
Commercial paper | ||
Cash equivalents: | ||
Amortized Cost | 4,997 | 9,305 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | (1) |
Estimated Fair Value | $ 4,996 | 9,304 |
Corporate notes and bonds | ||
Cash equivalents: | ||
Amortized Cost | 6,902 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 6,903 | |
Certificates of deposit | ||
Cash equivalents: | ||
Amortized Cost | 3,045 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (1) | |
Estimated Fair Value | $ 3,044 |
Cash Equivalents and Investme_4
Cash Equivalents and Investments - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Oct. 31, 2023 | Jan. 31, 2023 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Contractual maturities of available-for-sale debt securities, maximum | 36 months | |
Prepaid Expenses and Other Current Assets | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Interest receivable, current | $ 23.4 | $ 19.4 |
Cash Equivalents and Investme_5
Cash Equivalents and Investments - Schedule of Available for Sale Securities Remaining Contractual Maturity (Details) $ in Thousands | Oct. 31, 2023 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due within 1 year | $ 2,566,357 |
Due in 1 year to 3 years | 947,829 |
Total | $ 3,514,186 |
Cash Equivalents and Investme_6
Cash Equivalents and Investments - Schedule of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Cash Equivalents, Fair Value | ||
Less than 12 months, fair value | $ 4,997 | $ 12,348 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 4,997 | 12,348 |
Cash Equivalents, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (1) | (2) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | (1) | (2) |
Investments, Fair Value | ||
Less than 12 months, fair value | 2,303,213 | 2,105,083 |
12 months or greater, fair value | 705,369 | 969,202 |
Total, fair value | 3,008,582 | 3,074,285 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (13,138) | (14,735) |
12 months or greater, accumulated losses | (11,672) | (24,012) |
Total, accumulated losses | (24,810) | (38,747) |
Cash Equivalents And Debt Securities, Available-For-Sale [Abstract] | ||
Less than 12 months, fair value | 2,308,210 | 2,117,431 |
12 months or greater, fair value | 705,369 | 969,202 |
Total, fair value | 3,013,579 | 3,086,633 |
Cash Equivalents And Debt Securities, Available-For-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, accumulated losses | (13,139) | (14,737) |
12 months or greater, accumulated losses | (11,672) | (24,012) |
Total, accumulated losses | (24,811) | (38,749) |
Corporate notes and bonds | ||
Investments, Fair Value | ||
Less than 12 months, fair value | 873,774 | 899,655 |
12 months or greater, fair value | 460,730 | 736,431 |
Total, fair value | 1,334,504 | 1,636,086 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (7,142) | (8,521) |
12 months or greater, accumulated losses | (5,805) | (14,949) |
Total, accumulated losses | (12,947) | (23,470) |
U.S. government and agency securities | ||
Investments, Fair Value | ||
Less than 12 months, fair value | 785,354 | 387,207 |
12 months or greater, fair value | 244,639 | 232,771 |
Total, fair value | 1,029,993 | 619,978 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (5,392) | (3,157) |
12 months or greater, accumulated losses | (5,867) | (9,063) |
Total, accumulated losses | (11,259) | (12,220) |
Commercial paper | ||
Investments, Fair Value | ||
Less than 12 months, fair value | 490,963 | 561,793 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 490,963 | 561,793 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (439) | (1,947) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | (439) | (1,947) |
Certificates of deposit | ||
Investments, Fair Value | ||
Less than 12 months, fair value | 153,122 | 256,428 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 153,122 | 256,428 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (165) | (1,110) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | (165) | (1,110) |
Commercial paper | ||
Cash Equivalents, Fair Value | ||
Less than 12 months, fair value | 4,997 | 9,304 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 4,997 | 9,304 |
Cash Equivalents, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (1) | (1) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | $ (1) | (1) |
Certificates of deposit | ||
Cash Equivalents, Fair Value | ||
Less than 12 months, fair value | 3,044 | |
12 months or greater, fair value | 0 | |
Total, fair value | 3,044 | |
Cash Equivalents, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (1) | |
12 months or greater, accumulated losses | 0 | |
Total, accumulated losses | $ (1) |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Assets, Fair Value Disclosure | ||
Cash equivalents | $ 590,000 | $ 539,389 |
Short-term investments | 2,566,357 | 3,067,966 |
Long-term investments | 947,829 | 1,073,023 |
Money market funds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 579,719 | 520,138 |
Money market funds | Revision of Prior Period, Reclassification, Adjustment | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 141,000 | |
Time deposits | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 5,285 | |
Commercial paper | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 4,996 | 9,304 |
Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 6,903 | |
Certificates of deposit | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 3,044 | |
Level 1 | Money market funds | Revision of Prior Period, Reclassification, Adjustment | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 141,000 | |
Recurring | ||
Assets, Fair Value Disclosure | ||
Total | 4,104,186 | 4,680,378 |
Recurring | Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 937,328 | 1,301,296 |
Long-term investments | 580,413 | 801,784 |
Recurring | U.S. government and agency securities | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 756,460 | 440,128 |
Long-term investments | 367,416 | 263,708 |
Recurring | Commercial paper | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 571,672 | 881,348 |
Recurring | Certificates of deposit | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 300,897 | 445,194 |
Long-term investments | 7,531 | |
Recurring | Money market funds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 579,719 | 520,138 |
Recurring | Time deposits | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 5,285 | |
Recurring | Commercial paper | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 4,996 | 9,304 |
Recurring | Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 6,903 | |
Recurring | Certificates of deposit | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 3,044 | |
Recurring | Level 1 | ||
Assets, Fair Value Disclosure | ||
Total | 579,719 | 520,138 |
Recurring | Level 1 | Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Recurring | Level 1 | U.S. government and agency securities | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Recurring | Level 1 | Commercial paper | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 0 | 0 |
Recurring | Level 1 | Certificates of deposit | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | |
Recurring | Level 1 | Money market funds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 579,719 | 520,138 |
Recurring | Level 1 | Time deposits | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 0 | |
Recurring | Level 1 | Commercial paper | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 0 | 0 |
Recurring | Level 1 | Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 0 | |
Recurring | Level 1 | Certificates of deposit | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 0 | |
Recurring | Level 2 | ||
Assets, Fair Value Disclosure | ||
Total | 3,524,467 | 4,160,240 |
Recurring | Level 2 | Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 937,328 | 1,301,296 |
Long-term investments | 580,413 | 801,784 |
Recurring | Level 2 | U.S. government and agency securities | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 756,460 | 440,128 |
Long-term investments | 367,416 | 263,708 |
Recurring | Level 2 | Commercial paper | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 571,672 | 881,348 |
Recurring | Level 2 | Certificates of deposit | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 300,897 | 445,194 |
Long-term investments | 7,531 | |
Recurring | Level 2 | Money market funds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 0 | 0 |
Recurring | Level 2 | Time deposits | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 5,285 | |
Recurring | Level 2 | Commercial paper | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | $ 4,996 | 9,304 |
Recurring | Level 2 | Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 6,903 | |
Recurring | Level 2 | Certificates of deposit | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | $ 3,044 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Strategic Investments (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Fair Value Disclosures [Abstract] | ||
Non-marketable equity securities under Measurement Alternative | $ 192,038 | $ 174,248 |
Non-marketable equity securities under equity method | 5,206 | 5,066 |
Marketable equity securities | 26,329 | 22,122 |
Non-marketable debt securities | 1,500 | 1,500 |
Total strategic investments—included in other assets | $ 225,073 | $ 202,936 |
Fair Value Measurements - Unrea
Fair Value Measurements - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Fair Value Disclosures [Abstract] | ||||
Upward adjustments | $ 0 | $ 1,124 | $ 0 | $ 1,124 |
Impairments | (1,000) | (7,482) | (3,101) | (34,037) |
Net unrealized gains (losses) | (790) | (6,706) | 4,206 | (12,183) |
Total—included in other expense, net | $ (1,790) | $ (13,064) | $ 1,105 | $ (45,096) |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Fair Value Disclosures [Abstract] | ||||
Upward adjustments | $ 37,100,000 | $ 37,100,000 | ||
Impairments | 41,100,000 | 41,100,000 | ||
Equity securities, realized gain (loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Property, Plant and Equipment | ||
Total property and equipment, gross | $ 288,563 | $ 207,669 |
Less: accumulated depreciation and amortization | (72,183) | (46,846) |
Total property and equipment, net | 216,380 | 160,823 |
Leasehold improvements | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 67,366 | 59,872 |
Computers, equipment, and software | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 27,741 | 20,050 |
Furniture and fixtures | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 17,533 | 14,800 |
Capitalized internal-use software development costs | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 78,607 | 44,059 |
Less: accumulated depreciation and amortization | (32,200) | (19,900) |
Construction in progress—capitalized internal-use software development costs | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 84,266 | 61,575 |
Construction in progress—other | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | $ 13,050 | $ 7,313 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 10,000,000 | $ 6,600,000 | $ 26,000,000 | $ 17,100,000 |
Accumulated amortization, property, plant, and equipment | $ 5,000,000 | $ 2,900,000 | 12,300,000 | 6,800,000 |
Impairment of capitalized internal-use software | $ 7,100,000 | $ 0 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) shares in Millions | 3 Months Ended | 9 Months Ended | |||||
Feb. 10, 2023 USD ($) | Sep. 23, 2022 USD ($) | Mar. 31, 2022 USD ($) founder shares | Oct. 31, 2023 USD ($) | Oct. 31, 2023 USD ($) | Oct. 31, 2022 USD ($) founder shares | Jan. 31, 2023 USD ($) | |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 784,405,000 | $ 784,405,000 | $ 657,370,000 | ||||
Neeva Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Consideration transferred | 185,400,000 | ||||||
Cash acquired | 43,968,000 | 43,968,000 | |||||
Intangible assets acquired | $ 83,000,000 | 83,000,000 | |||||
Useful life (in years) | 5 years | ||||||
Goodwill | $ 63,049,000 | 63,049,000 | |||||
Business combination, acquisition related costs | 0 | ||||||
Mountain US Corporation | |||||||
Business Acquisition [Line Items] | |||||||
Consideration transferred | $ 76,300,000 | ||||||
Cash acquired | 11,594,000 | ||||||
Intangible assets acquired | $ 33,000,000 | ||||||
Useful life (in years) | 5 years | ||||||
Goodwill | $ 45,450,000 | ||||||
Business combination, acquisition related costs | 0 | ||||||
LeapYear Technologies, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Consideration transferred | 62,000,000 | ||||||
Cash acquired | 3,563,000 | ||||||
Intangible assets acquired | $ 53,000,000 | ||||||
Useful life (in years) | 5 years | ||||||
Goodwill | $ 8,431,000 | ||||||
Business combination, acquisition related costs | 0 | ||||||
Privately-Held Company | |||||||
Business Acquisition [Line Items] | |||||||
Consideration transferred | 16,600,000 | ||||||
Cash acquired | 1,600,000 | 1,600,000 | |||||
Intangible assets acquired | 4,900,000 | $ 4,900,000 | |||||
Useful life (in years) | 5 years | ||||||
Goodwill | $ 10,100,000 | $ 10,100,000 | |||||
Business combination, acquisition related costs | $ 0 | ||||||
Applica Sp. z.o.o. | |||||||
Business Acquisition [Line Items] | |||||||
Consideration transferred | $ 174,700,000 | ||||||
Cash acquired | 61,000 | ||||||
Intangible assets acquired | $ 35,000,000 | ||||||
Useful life (in years) | 5 years | ||||||
Goodwill | $ 146,444,000 | ||||||
Business combination, acquisition related costs | $ 3,400,000 | ||||||
Streamlit, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Consideration transferred | $ 650,755,000 | ||||||
Cash acquired | 33,914,000 | ||||||
Intangible assets acquired | $ 150,000,000 | ||||||
Useful life (in years) | 5 years | ||||||
Goodwill | $ 494,411,000 | ||||||
Business combination, acquisition related costs | $ 1,900,000 | ||||||
Number of founders | founder | 3 | 3 | |||||
Streamlit, Inc. | RCS | Outside of the Plans | Class A Common Stock | |||||||
Business Acquisition [Line Items] | |||||||
Granted (shares) | shares | 0.4 | 0.4 | |||||
Post-combination share-based compensation arrangement by share-based payment award, award vesting period | 3 years | 3 years | |||||
Post-combination share-based compensation arrangement by share-based payment award, equity instruments other than options, granted in period, total fair value | $ 93,700,000 | $ 93,700,000 | |||||
Post-combination share-based compensation arrangement by share-based payment award, award service period | 3 years | 3 years |
Business Combinations - Schedul
Business Combinations - Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Feb. 10, 2023 | Sep. 23, 2022 | Mar. 31, 2022 | Oct. 31, 2023 | Jan. 31, 2023 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 784,405 | $ 657,370 | |||
Neeva Inc. | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 43,968 | ||||
Goodwill | 63,049 | ||||
Developer community intangible asset | 83,000 | ||||
Other net tangible liabilities | (789) | ||||
Deferred tax liabilities, net | (3,801) | ||||
Total | $ 185,427 | ||||
Estimated Useful Life (in years) | 5 years | ||||
Mountain US Corporation | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 11,594 | ||||
Goodwill | 45,450 | ||||
Developer community intangible asset | 33,000 | ||||
Other net tangible liabilities | (6,669) | ||||
Deferred tax liabilities, net | (7,114) | ||||
Total | $ 76,261 | ||||
Estimated Useful Life (in years) | 5 years | ||||
LeapYear Technologies, Inc. | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 3,563 | ||||
Goodwill | 8,431 | ||||
Developer community intangible asset | 53,000 | ||||
Other net tangible liabilities | (1,434) | ||||
Deferred tax liabilities, net | (1,552) | ||||
Total | $ 62,008 | ||||
Estimated Useful Life (in years) | 5 years | ||||
Applica Sp. z.o.o. | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 61 | ||||
Goodwill | 146,444 | ||||
Developer community intangible asset | 35,000 | ||||
Other net tangible liabilities | (612) | ||||
Deferred tax liabilities, net | (6,202) | ||||
Total | $ 174,691 | ||||
Estimated Useful Life (in years) | 5 years | ||||
Streamlit, Inc. | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 33,914 | ||||
Goodwill | 494,411 | ||||
Developer community intangible asset | 150,000 | ||||
Other net tangible liabilities | (659) | ||||
Deferred tax liabilities, net | (26,911) | ||||
Total | $ 650,755 | ||||
Estimated Useful Life (in years) | 5 years |
Business Combinations - Pro For
Business Combinations - Pro Forma Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Neeva Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Revenue | $ 734,173 | $ 557,044 | $ 2,032,036 | $ 1,476,684 | ||
Net loss | $ (214,694) | (231,175) | $ (714,693) | (669,011) | ||
Applica And Streamlit | ||||||
Business Acquisition [Line Items] | ||||||
Revenue | 557,116 | $ 334,839 | 1,477,232 | $ 836,607 | ||
Net loss | $ (201,510) | $ (191,273) | $ (650,406) | $ (640,111) |
Business Combinations - Sched_2
Business Combinations - Schedule of Acquisition Date Fair Value of Consideration Transferred (Details) - Streamlit, Inc. $ / shares in Units, $ in Thousands, shares in Millions | Mar. 31, 2022 USD ($) $ / shares shares |
Business Acquisition [Line Items] | |
Cash | $ 211,839 |
Total | 650,755 |
Class A Common Stock | |
Business Acquisition [Line Items] | |
Common stock | $ 438,916 |
Class A Common Stock | Outside of the Plans | |
Business Acquisition [Line Items] | |
Business acquisition, equity interest issued or issuable (in shares) | shares | 1.9 |
Business acquisition, share price (in dollars per share) | $ / shares | $ 229.13 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 438,149 | $ 235,505 |
Accumulated Amortization | (109,208) | (50,318) |
Net | 328,941 | 185,187 |
Indefinite-lived intangible assets—trademarks | 826 | 826 |
Total intangible assets, net | 329,767 | 186,013 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 218,596 | 48,332 |
Accumulated Amortization | (36,330) | (9,608) |
Net | 182,266 | 38,724 |
Developer community | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 154,900 | 150,000 |
Accumulated Amortization | (47,641) | (25,206) |
Net | 107,259 | 124,794 |
Assembled workforce | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 55,732 | 28,252 |
Accumulated Amortization | (19,430) | (11,036) |
Net | 36,302 | 17,216 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 8,874 | 8,874 |
Accumulated Amortization | (5,760) | (4,421) |
Net | 3,114 | 4,453 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 47 | 47 |
Accumulated Amortization | (47) | (47) |
Net | $ 0 | $ 0 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 22.5 | $ 11.1 | $ 58.9 | $ 26.7 |
Assembled workforce | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets acquired | $ 28.7 | |||
Useful life (in years) | 4 years |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2024 | $ 22,780 | |
2025 | 89,764 | |
2026 | 83,519 | |
2027 | 79,366 | |
2028 | 46,800 | |
Thereafter | 6,712 | |
Net | $ 328,941 | $ 185,187 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Thousands | 9 Months Ended |
Oct. 31, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 657,370 |
Additions | 127,035 |
Ending balance | $ 784,405 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 152,440 | $ 123,173 |
Accrued third-party cloud infrastructure expenses | 43,252 | 26,535 |
Liabilities associated with sales, marketing and business development programs | 28,985 | 23,444 |
Accrued taxes | 17,194 | 20,003 |
Employee contributions under employee stock purchase plan | 16,072 | 36,648 |
Accrued professional services | 11,941 | 11,776 |
Accrued purchases of property and equipment | 4,098 | 3,876 |
Other | 44,299 | 23,614 |
Total accrued expenses and other current liabilities | $ 318,281 | $ 269,069 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | Jun. 30, 2023 | Jan. 31, 2023 | |
Other Commitments [Line Items] | ||||||
Sublease income | $ 2,900,000 | $ 3,000,000 | $ 9,100,000 | $ 9,700,000 | ||
Cost of matching contributions | 0 | $ 0 | 0 | $ 0 | ||
Loss contingency accrual | 0 | 0 | ||||
Letters of credit outstanding | 17,700,000 | 17,700,000 | ||||
Minimum | ||||||
Other Commitments [Line Items] | ||||||
Loss contingency, range of possible loss | 0 | 0 | ||||
Maximum | ||||||
Other Commitments [Line Items] | ||||||
Loss contingency, range of possible loss | 25,000,000 | 25,000,000 | ||||
Cloud Infrastructure Agreements, Between June 2023 And May 2028 | ||||||
Other Commitments [Line Items] | ||||||
Payment for other commitment | $ 1,000,000,000 | |||||
Cloud Infrastructure Agreements, Between September 2020 And December 2025 | ||||||
Other Commitments [Line Items] | ||||||
Payment for other commitment | $ 416,400,000 | |||||
Office Facility Outside Of U.S. | ||||||
Other Commitments [Line Items] | ||||||
Lessee, operating lease, liability, to be paid | $ 33,800,000 | 33,800,000 | ||||
Right-of-use asset obtained in exchange for operating lease liability | $ 31,000,000 |
Equity - Schedule of Shares Res
Equity - Schedule of Shares Reserved For Future Issuance (Details) - shares shares in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 124,990 | 115,449 |
Employee stock purchase rights under the 2020 ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 13,764 | 11,046 |
2012 Equity Incentive Plan: | Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 29,174 | 35,212 |
2012 Equity Incentive Plan: | RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 1,189 | 2,521 |
2020 Equity Incentive Plan: | Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 602 | 642 |
2020 Equity Incentive Plan: | RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 18,677 | 13,039 |
2020 Equity Incentive Plan: | Options available for future grant | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 61,584 | 52,989 |
Equity - Narrative (Details)
Equity - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Feb. 01, 2023 shares | Mar. 31, 2022 USD ($) founder shares | Oct. 31, 2023 USD ($) shares | Jul. 31, 2023 shares | Apr. 30, 2023 shares | Oct. 31, 2022 USD ($) shares | Oct. 31, 2023 USD ($) shares | Oct. 31, 2022 USD ($) founder $ / shares shares | Feb. 28, 2023 USD ($) | Jan. 31, 2023 shares | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Stock repurchase program, authorized amount | $ | $ 2,000,000 | |||||||||
Number of shares repurchased (in shares) | 2,607,000 | 4,012,000 | ||||||||
Stock repurchase program, remaining authorized repurchase amount | $ | $ 1,400,000 | $ 1,400,000 | ||||||||
Repurchases of common stock (in shares) | 500,000 | |||||||||
Additional shares authorized (in shares) | 16,165,000 | |||||||||
Options granted (shares) | 0 | 0 | 0 | |||||||
Granted (per share) | $ / shares | $ 101.66 | |||||||||
Intrinsic value of shares exercised | $ | $ 901,400 | $ 875,000 | ||||||||
Grant date fair value of vested shares | $ | 36,400 | 60,700 | ||||||||
Share-based compensation expense | $ | $ 298,286 | $ 229,163 | $ 862,517 | $ 610,837 | ||||||
Expected dividend yield | 0% | |||||||||
Unrecognized share-based compensation expense | $ | $ 2,900,000 | $ 2,900,000 | ||||||||
Unrecognized share-based compensation expense recognition period (term) | 2 years 10 months 24 days | |||||||||
Streamlit, Inc. | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Number of founders | founder | 3 | 3 | ||||||||
2020 Equity Incentive Plan: | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Additional shares authorized (in shares) | 16,200,000 | |||||||||
Employee stock purchase rights under the 2020 ESPP | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Offering period | 6 months | |||||||||
Additional shares authorized (in shares) | 3,200,000 | |||||||||
Expected dividend yield | 0% | 0% | 0% | 0% | ||||||
Stock options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Vesting period (years) | 4 years | |||||||||
Expiration period (years) | 10 years | |||||||||
Expected dividend yield | 0% | |||||||||
Stock options | 2012 Equity Incentive Plan: | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Expiration period (years) | 10 years | |||||||||
RSUs | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Granted (shares) | 1,504,000 | 2,048,000 | 7,318,000 | |||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number in shares | 19,866,000 | 20,497,000 | 20,544,000 | 19,866,000 | 15,560,000 | |||||
RSUs | 2012 Equity Incentive Plan: | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Vesting period (years) | 4 years | |||||||||
RSUs | 2012 Equity Incentive Plan: | Grant Date | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Vesting period (years) | 1 year | |||||||||
RSUs | 2020 Equity Incentive Plan: | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Vesting period (years) | 4 years | |||||||||
RCS | Outside of the Plans | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number in shares | 286,000 | 286,000 | 286,000 | 286,000 | 428,000 | |||||
RCS | Outside of the Plans | Streamlit, Inc. | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number in shares | 300,000 | 300,000 | ||||||||
Performance-based restricted stock | 2020 Equity Incentive Plan: | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Vesting period (years) | 4 years | |||||||||
Share-based compensation expense | $ | $ 10,500 | $ 20,600 | ||||||||
Granted (shares) | 500,000 | |||||||||
Performance-based restricted stock | 2020 Equity Incentive Plan: | Minimum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Performance target, percentage | 0% | |||||||||
Performance-based restricted stock | 2020 Equity Incentive Plan: | Maximum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Performance target, percentage | 120% | 120% | ||||||||
Performance-based restricted stock | 2020 Equity Incentive Plan: | Grant Date | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Vesting period (years) | 1 year | |||||||||
Class A Common Stock | RCS | Outside of the Plans | Streamlit, Inc. | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Granted (shares) | 400,000 | 400,000 | ||||||||
Post-combination share-based compensation arrangement by share-based payment award, award vesting period | 3 years | 3 years | ||||||||
Post-combination share-based compensation arrangement by share-based payment award, equity instruments other than options, granted in period, total fair value | $ | $ 93,700 | $ 93,700 | ||||||||
Post-combination share-based compensation arrangement by share-based payment award, award service period | 3 years | 3 years |
Equity - Schedule of Stock Repu
Equity - Schedule of Stock Repurchase Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |||
Number of shares repurchased (in shares) | 2,607 | 4,012 | |
Weighted-average price per share (in dollars per share) | $ 153.49 | $ 147.50 | |
Aggregate purchase price | $ 400,038 | $ 591,732 | $ 0 |
Equity - Option Activity Rollfo
Equity - Option Activity Rollforward (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 31, 2023 | Jul. 31, 2023 | Apr. 30, 2023 | Oct. 31, 2023 | Jan. 31, 2023 | |
Shares Available for Grant (in thousands) | |||||
Shares authorized (in shares) | 16,165 | ||||
Options canceled (in shares) | 22 | 55 | 50 | ||
Shares available for grant, ending (in shares) | 61,584 | 61,584 | |||
Number of Options Outstanding (in thousands) | |||||
Shares outstanding, beginning (in shares) | 30,893 | 33,428 | 35,854 | 35,854 | |
Options exercise (in shares) | (1,095) | (2,480) | (2,376) | ||
Options canceled (in shares) | (22) | (55) | (50) | ||
Shares outstanding, ending (in shares) | 29,776 | 30,893 | 33,428 | 29,776 | 35,854 |
Weighted- Average Exercise Price | |||||
Shares outstanding, beginning balance (in dollars per share) | $ 11.86 | $ 11.63 | $ 11.27 | $ 11.27 | |
Exercises (in dollars per share) | 6.66 | 6.53 | 6.45 | ||
Canceled (in dollars per share) | 122.25 | 110.24 | 5.38 | ||
Shares outstanding, ending balance (in dollars per share) | $ 11.97 | $ 11.86 | $ 11.63 | $ 11.97 | $ 11.27 |
Weighted-average remaining contractual life | 5 years 2 months 12 days | 5 years 6 months | 5 years 8 months 12 days | 5 years 10 months 24 days | |
Aggregate Intrinsic Value (in thousands) | |||||
Aggregate intrinsic value | $ 4,002,528 | $ 5,141,902 | $ 4,599,537 | $ 4,002,528 | $ 5,237,549 |
Vested and exercisable (in shares) | 28,830 | 28,830 | |||
Vested and exercisable, weighted average share price (in dollars per share) | $ 9.52 | $ 9.52 | |||
Vested and exercisable, weighted average remaining contractual life | 5 years 2 months 12 days | ||||
Vested and exercisable, intrinsic value | $ 3,924,611 | $ 3,924,611 | |||
2020 Equity Incentive Plan: | |||||
Shares Available for Grant (in thousands) | |||||
Shares available for grant, beginning (in shares) | 62,012 | 62,996 | 52,989 | 52,989 | |
Shares available for grant, ending (in shares) | 62,012 | 62,996 | 52,989 | ||
RSUs | |||||
Shares Available for Grant (in thousands) | |||||
RSU's granted (in shares) | (1,504) | (2,048) | (7,318) | ||
Shares withheld (in shares) | 551 | 551 | 638 | ||
RSU's forfeited (in shares) | 503 | 458 | 472 |
Equity - Unvested RSA & RSU Rol
Equity - Unvested RSA & RSU Rollforward (Details) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Jul. 31, 2023 | Apr. 30, 2023 | Jul. 31, 2023 | Oct. 31, 2023 | |
RSUs | |||||
Number of Shares (in thousands) | |||||
Unvested balance, beginning (shares) | 20,497 | 20,544 | 15,560 | 15,560 | 15,560 |
Granted (shares) | 1,504 | 2,048 | 7,318 | ||
Vested (shares) | (1,632) | (1,637) | (1,862) | ||
Forfeited (shares) | (503) | (458) | (472) | ||
Unvested balance, ending (shares) | 19,866 | 20,497 | 20,544 | 20,497 | 19,866 |
Weighted-Average Grant Date Fair Value per Share | |||||
Unvested balance, beginning balance (in dollars per share) | $ 168.72 | $ 167.15 | $ 181.17 | $ 181.17 | $ 181.17 |
Granted (in dollars per share) | 157.62 | 187.08 | 143.56 | ||
Vested (in dollars per share) | 168.13 | 169.81 | 188.47 | ||
Forfeited (in dollars per share) | 173.42 | 176.59 | 179.39 | ||
Unvested balance, ending balance (in dollars per share) | $ 167.81 | $ 168.72 | $ 167.15 | $ 168.72 | $ 167.81 |
Outside of the Plans | RCS | |||||
Number of Shares (in thousands) | |||||
Unvested balance, beginning (shares) | 286 | 286 | 428 | 428 | 428 |
Vested (shares) | (142) | (142) | (142) | ||
Unvested balance, ending (shares) | 286 | 286 | 286 | 286 | 286 |
Weighted-Average Grant Date Fair Value per Share | |||||
Unvested balance, beginning balance (in dollars per share) | $ 229.13 | $ 229.13 | $ 219.26 | $ 219.26 | $ 219.26 |
Vested (in dollars per share) | 199.28 | 199.28 | 199.28 | ||
Unvested balance, ending balance (in dollars per share) | $ 229.13 | $ 229.13 | $ 229.13 | $ 229.13 | $ 229.13 |
Equity - Valuation Assumptions
Equity - Valuation Assumptions (Details) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology | ||||
Expected dividend yield | 0% | |||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology | ||||
Expected term (in years) | 6 years | |||
Expected volatility | 50% | |||
Risk-free interest rate | 1.80% | |||
Expected dividend yield | 0% | |||
Employee stock purchase rights under the 2020 ESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology | ||||
Expected term (in years) | 6 months | 6 months | 6 months | 6 months |
Expected volatility | 48.40% | 74.80% | ||
Risk-free interest rate | 5.50% | 3.80% | ||
Expected dividend yield | 0% | 0% | 0% | 0% |
Employee stock purchase rights under the 2020 ESPP | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology | ||||
Expected volatility | 71.30% | 74.80% | ||
Risk-free interest rate | 5.50% | 3.80% | ||
Employee stock purchase rights under the 2020 ESPP | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology | ||||
Expected volatility | 48.40% | 58.90% | ||
Risk-free interest rate | 4.70% | 0.90% |
Equity - Share-based Compensati
Equity - Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||||
Stock-based compensation, net of amounts capitalized | $ 298,286 | $ 229,163 | $ 862,517 | $ 610,837 |
Capitalized stock-based compensation | 12,608 | 7,792 | 37,230 | 21,002 |
Total stock-based compensation | 310,894 | 236,955 | 899,747 | 631,839 |
Cost of revenue | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||||
Stock-based compensation, net of amounts capitalized | 30,530 | 27,794 | 93,294 | 76,499 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||||
Stock-based compensation, net of amounts capitalized | 75,708 | 65,010 | 226,841 | 177,641 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||||
Stock-based compensation, net of amounts capitalized | 167,445 | 110,231 | 466,867 | 280,721 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||||
Stock-based compensation, net of amounts capitalized | $ 24,603 | $ 26,128 | $ 75,515 | $ 75,976 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | (1.60%) | (2.00%) | 1% | 3.10% |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Numerator: | ||||
Net loss | $ (214,694) | $ (201,442) | $ (668,078) | $ (590,042) |
Less: net loss attributable to noncontrolling interest | (443) | (506) | (1,333) | (506) |
Net loss attributable to Snowflake Inc. | $ (214,251) | $ (200,936) | $ (666,745) | $ (589,536) |
Denominator: | ||||
Weighted-average shares used in computing net loss per share attributable to Class A common stockholders - basic (in shares) | 329,310 | 320,135 | 326,964 | 317,653 |
Weighted-average shares used in computing net loss per share attributable to Class A common stockholders - diluted (in shares) | 329,310 | 320,135 | 326,964 | 317,653 |
Net loss per share attributable to Class A common stockholders- basic (in dollars per share) | $ (0.65) | $ (0.63) | $ (2.04) | $ (1.86) |
Net loss per share attributable to Class A common stockholders - diluted (in dollars per share) | $ (0.65) | $ (0.63) | $ (2.04) | $ (1.86) |
Net Loss per Share - Schedule_2
Net Loss per Share - Schedule of Potentially Dilutive Securities Excluded from Computation of Net Loss per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares) | 50,058 | 53,317 | 50,058 | 53,317 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares) | 29,776 | 37,106 | 29,776 | 37,106 |
RSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares) | 19,866 | 15,561 | 19,866 | 15,561 |
Unvested restricted common stock and early exercised stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares) | 286 | 543 | 286 | 543 |
Employee stock purchase rights under the 2020 ESPP | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares) | 130 | 107 | 130 | 107 |