Cover
Cover - USD ($) shares in Millions, $ in Billions | 12 Months Ended | ||
Jan. 31, 2024 | Mar. 15, 2024 | Jul. 31, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 31, 2024 | ||
Current Fiscal Year End Date | --01-31 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 56.6 | ||
Entity Common Stock, Shares Outstanding | 334.2 | ||
Documents Incorporated by Reference | Portions of the registrant's definitive Proxy Statement relating to the 2024 Annual Meeting of Stockholders are incorporated herein by references in Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended January 31, 2024. | ||
Entity Central Index Key | 0001640147 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Jan. 31, 2024 | |
Audit Information [Abstract] | |
Auditor name | PricewaterhouseCoopers LLP |
Auditor location | San Jose, California |
Auditor firm ID | 238 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 | |
Current assets: | |||
Cash and cash equivalents | $ 1,762,749 | $ 939,902 | |
Short-term investments | 2,083,499 | 3,067,966 | |
Accounts receivable, net | 926,902 | 715,821 | |
Deferred commissions, current | 86,096 | 67,901 | |
Prepaid expenses and other current assets | 180,018 | 193,100 | |
Total current assets | 5,039,264 | 4,984,690 | |
Long-term investments | 916,307 | 1,073,023 | |
Property and equipment, net | 247,464 | 160,823 | |
Operating lease right-of-use assets | 252,128 | 231,266 | |
Goodwill | 975,906 | 657,370 | |
Intangible assets, net | 331,411 | 186,013 | |
Deferred commissions, non-current | 187,093 | 145,286 | |
Other assets | 273,810 | 283,851 | |
Total assets | 8,223,383 | 7,722,322 | |
Current liabilities: | |||
Accounts payable | 51,721 | 23,672 | |
Accrued expenses and other current liabilities | 446,860 | 269,069 | |
Operating lease liabilities, current | 33,944 | 27,301 | |
Deferred revenue, current | 2,198,705 | 1,673,475 | |
Total current liabilities | 2,731,230 | 1,993,517 | |
Operating lease liabilities, non-current | 254,037 | 224,357 | |
Deferred revenue, non-current | 14,402 | 11,463 | |
Other liabilities | 33,120 | 24,370 | |
Total liabilities | 3,032,789 | 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 January 31, 2024 and 2023 | 0 | 0 | |
Common stock; $0.0001 par value per share; 2,500,000 Class A shares authorized, 334,453 and 323,305 shares issued and outstanding as of January 31, 2024 and 2023, respectively (excluding 200 shares and zero shares of treasury stock held by a wholly-owned subsidiary as of January 31, 2024 and 2023, respectively(1)); 185,461 Class B shares authorized, zero shares issued and outstanding as of each January 31, 2024 and 2023 | [1] | 34 | 32 |
Treasury stock, at cost; 492 shares and zero shares held as of January 31, 2024 and 2023, respectively | (67,140) | 0 | |
Additional paid-in capital | 9,331,238 | 8,210,750 | |
Accumulated other comprehensive loss | (8,220) | (38,272) | |
Accumulated deficit | (4,075,604) | (2,716,074) | |
Total Snowflake Inc. stockholders’ equity | 5,180,308 | 5,456,436 | |
Noncontrolling interest | 10,286 | 12,179 | |
Total stockholders’ equity | 5,190,594 | 5,468,615 | |
Total liabilities and stockholders’ equity | $ 8,223,383 | $ 7,722,322 | |
[1] In connection with a business combination completed on December 20, 2023, the Company issued approximately 0.2 million shares of its Class A common stock to one of its wholly-owned subsidiaries, in exchange for a noncontrolling equity interest in the acquired company that was held by the subsidiary prior to this business combination. These shares are treated as treasury stock for accounting purposes. See Note 7, “Business Combinations,” for further details. |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | 12 Months Ended | |
Jan. 31, 2024 | 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) | 492,000 | 0 |
Investing Subsidiary | Samooha, Inc. | ||
Business acquisition, equity interest issued or issuable (in shares) | 200,000 | |
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) | 334,453,000 | 323,305,000 |
Common stock, shares outstanding (in shares) | 334,453,000 | 323,305,000 |
Class A Common Stock | Investing Subsidiary | ||
Treasury stock (in shares) | 200,000 | 0 |
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 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | ||
Income Statement [Abstract] | ||||
Revenue | $ 2,806,489 | $ 2,065,659 | $ 1,219,327 | |
Cost of revenue | 898,558 | 717,540 | 458,433 | |
Gross profit | 1,907,931 | 1,348,119 | 760,894 | |
Operating expenses: | ||||
Sales and marketing | 1,391,747 | 1,106,507 | 743,965 | |
Research and development | 1,287,949 | 788,058 | 466,932 | |
General and administrative | 323,008 | 295,821 | 265,033 | |
Total operating expenses | 3,002,704 | 2,190,386 | 1,475,930 | |
Operating loss | (1,094,773) | (842,267) | (715,036) | |
Interest income | 200,663 | 73,839 | 9,129 | |
Other income (expense), net | 44,887 | (47,565) | 28,947 | |
Loss before income taxes | (849,223) | (815,993) | (676,960) | |
Provision for (benefit from) income taxes | (11,233) | (18,467) | 2,988 | |
Net loss | (837,990) | (797,526) | (679,948) | |
Less: net loss attributable to noncontrolling interest | (1,893) | (821) | 0 | |
Net loss attributable to Snowflake Inc. | $ (836,097) | $ (796,705) | $ (679,948) | |
Net loss per share attributable to Snowflake Inc. Class A and Class B common stockholders—basic (in dollars per share) | [1] | $ (2.55) | $ (2.50) | $ (2.26) |
Net loss per share attributable to Snowflake Inc. Class A and Class B common stockholders—diluted (in dollars per share) | [1] | $ (2.55) | $ (2.50) | $ (2.26) |
Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. Class A and Class B common stockholders—basic (in shares) | [1] | 328,001 | 318,730 | 300,273 |
Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. Class A and Class B common stockholders—diluted (in shares) | [1] | 328,001 | 318,730 | 300,273 |
[1] On March 1, 2021, all shares of the Company’s then-outstanding Class B common stock were automatically converted into the same number of shares of Class A common stock, pursuant to the terms of the Company’s amended and restated certificate of incorporation. No additional shares of Class B common stock will be issued following such conversion. See Note 11, “Equity,” for further details. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (837,990) | $ (797,526) | $ (679,948) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 0 | (1,367) | (918) |
Net change in unrealized gains or losses on available-for-sale debt securities | 30,760 | (20,619) | (15,807) |
Other | (708) | 0 | 0 |
Total other comprehensive income (loss) | 30,052 | (21,986) | (16,725) |
Comprehensive loss | (807,938) | (819,512) | (696,673) |
Less: comprehensive loss attributable to noncontrolling interest | (1,893) | (821) | 0 |
Comprehensive loss attributable to Snowflake Inc. | $ (806,045) | $ (818,691) | $ (696,673) |
CONSOLIDATED STATEMENTS OF STOC
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 Income (Loss) | Accumulated Deficit | Noncontrolling Interest | ||
Beginning balance (in shares) at Jan. 31, 2021 | [1] | 287,918,000 | ||||||||
Beginning balance at Jan. 31, 2021 | $ 4,936,471 | $ 4,936,471 | $ 28 | [1] | $ 0 | $ 6,175,425 | $ 439 | $ (1,239,421) | $ 0 | |
Beginning balance, treasury stock (in shares) at Jan. 31, 2021 | 0 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 20,903,000 | 20,903,000 | [1] | |||||||
Issuance of common stock upon exercise of stock options | $ 127,001 | 127,001 | $ 3 | [1] | 126,998 | |||||
Issuance of common stock under employee stock purchase plan (in shares) | [1] | 370,000 | ||||||||
Issuance of common stock under employee stock purchase plan | 52,227 | 52,227 | 52,227 | |||||||
Vesting of early exercised stock options | 750 | 750 | 750 | |||||||
Vesting of restricted stock units (in shares) | [1] | 3,186,000 | ||||||||
Stock-based compensation | 629,269 | 629,269 | 629,269 | |||||||
Other comprehensive income (loss) | (16,725) | (16,725) | (16,725) | |||||||
Net loss | (679,948) | (679,948) | (679,948) | |||||||
Ending balance (in shares) at Jan. 31, 2022 | [1] | 312,377,000 | ||||||||
Ending balance at Jan. 31, 2022 | $ 5,049,045 | 5,049,045 | $ 31 | [1] | $ 0 | 6,984,669 | (16,286) | (1,919,369) | 0 | |
Ending 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) | 6,118,000 | 6,118,000 | [1] | |||||||
Issuance of common stock upon exercise of stock options | $ 39,743 | 39,743 | $ 1 | [1] | 39,742 | |||||
Issuance of common stock under employee stock purchase plan (in shares) | [1] | 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] | 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) | [1] | 409,000 | ||||||||
Vesting of early exercised stock options | 244 | 244 | 244 | |||||||
Vesting of restricted stock units (in shares) | [1] | 3,348,000 | ||||||||
Shares withheld related to net share settlement of equity awards (in shares) | [1] | (1,149,000) | ||||||||
Shares withheld related to net share settlement of equity awards | (184,702) | (184,702) | (184,702) | |||||||
Stock-based compensation | 890,950 | 890,950 | 890,950 | |||||||
Capital contributions from noncontrolling interest holders | 13,000 | 13,000 | ||||||||
Other comprehensive income (loss) | (21,986) | (21,986) | (21,986) | |||||||
Net loss | (797,526) | (796,705) | (796,705) | (821) | ||||||
Ending balance (in shares) at Jan. 31, 2023 | [1] | 323,305,000 | ||||||||
Ending balance at Jan. 31, 2023 | $ 5,468,615 | 5,456,436 | $ 32 | [1] | $ 0 | 8,210,750 | (38,272) | (2,716,074) | 12,179 | |
Ending 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) | 8,357,000 | 8,355,000 | [1] | |||||||
Issuance of common stock upon exercise of stock options | $ 57,163 | 57,163 | $ 1 | [1] | 57,162 | |||||
Issuance of common stock under employee stock purchase plan (in shares) | [1] | 516,000 | ||||||||
Issuance of common stock under employee stock purchase plan | 61,234 | 61,234 | 61,234 | |||||||
Issuance of common stock in connection with a business combination (in shares) | [1],[2] | 896,000 | ||||||||
Issuance of common stock in connection with a business combination | [2] | 174,284 | 174,284 | 174,284 | ||||||
Issuance of common stock in connection with a business combination subject to future vesting (in shares) | [1] | 385,000 | ||||||||
Vesting of early exercised stock options | 163 | 163 | 163 | |||||||
Vesting of restricted stock units (in shares) | [1] | 6,804,000 | ||||||||
Vesting of restricted stock units | 0 | 0 | $ 1 | [1] | (1) | |||||
Shares withheld related to net share settlement of equity awards (in shares) | [1] | (2,296,000) | ||||||||
Shares withheld related to net share settlement of equity awards | $ (387,596) | (387,596) | (387,596) | |||||||
Repurchases of common stock as treasury 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) | [1] | (3,512,000) | ||||||||
Repurchases and retirement of common stock | $ (523,433) | (523,433) | (523,433) | |||||||
Reissuance of treasury stock upon settlement of equity awards (in shares) | 8,000 | 8,000 | ||||||||
Reissuance of treasury stock upon settlement of equity awards | $ 27 | 27 | $ 1,159 | (1,132) | ||||||
Stock-based compensation | 1,216,374 | 1,216,374 | 1,216,374 | |||||||
Other comprehensive income (loss) | 30,052 | 30,052 | 30,052 | |||||||
Net loss | (837,990) | (836,097) | (836,097) | (1,893) | ||||||
Ending balance (in shares) at Jan. 31, 2024 | [1] | 334,453,000 | ||||||||
Ending balance at Jan. 31, 2024 | $ 5,190,594 | $ 5,180,308 | $ 34 | [1] | $ (67,140) | $ 9,331,238 | $ (8,220) | $ (4,075,604) | $ 10,286 | |
Ending balance, treasury stock (in shares) at Jan. 31, 2024 | (492,000) | (492,000) | ||||||||
[1] On March 1, 2021, all shares of the Company’s then-outstanding Class B common stock were automatically converted into the same number of shares of Class A common stock, pursuant to the terms of the Company’s amended and restated certificate of incorporation. No additional shares of Class B common stock will be issued following such conversion. See Note 11, “Equity,” for further details. In connection with a business combination completed on December 20, 2023, the Company issued approximately 0.2 million shares of its Class A common stock to one of its wholly-owned subsidiaries, in exchange for a noncontrolling equity interest in the acquired company that was held by the subsidiary prior to this business combination. These shares are treated as treasury stock for accounting purposes. See Note 7, “Business Combinations,” for further details. |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (PARENTHETICAL) - shares shares in Thousands | 12 Months Ended | |
Dec. 20, 2023 | Jan. 31, 2024 | |
Samooha, Inc. | Investing Subsidiary | ||
Business acquisition, equity interest issued or issuable (in shares) | 200 | 200 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Cash flows from operating activities: | |||
Net loss | $ (837,990) | $ (797,526) | $ (679,948) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 119,903 | 63,535 | 21,498 |
Non-cash operating lease costs | 52,892 | 46,240 | 35,553 |
Amortization of deferred commissions | 74,787 | 57,445 | 37,876 |
Stock-based compensation, net of amounts capitalized | 1,168,015 | 861,533 | 605,095 |
Net amortization (accretion) of premiums (discounts) on investments | (61,525) | 3,497 | 48,002 |
Net realized and unrealized losses (gains) on strategic investments in equity securities | (46,809) | 46,435 | (27,621) |
Deferred income tax | (26,762) | (26,664) | (717) |
Other | 14,895 | 1,618 | 2,014 |
Changes in operating assets and liabilities, net of effects of business combinations: | |||
Accounts receivable | (212,083) | (166,965) | (251,652) |
Deferred commissions | (134,787) | (95,107) | (95,877) |
Prepaid expenses and other assets | 59,795 | (2,904) | (159,159) |
Accounts payable | 19,212 | 8,024 | 7,371 |
Accrued expenses and other liabilities | 171,048 | 74,519 | 79,772 |
Operating lease liabilities | (40,498) | (42,342) | (38,249) |
Deferred revenue | 528,029 | 514,301 | 526,221 |
Net cash provided by operating activities | 848,122 | 545,639 | 110,179 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (35,086) | (25,128) | (16,221) |
Capitalized internal-use software development costs | (34,133) | (24,012) | (12,772) |
Cash paid for business combinations, net of cash, cash equivalents, and restricted cash acquired | (275,706) | (362,609) | 0 |
Purchases of intangible assets | (28,744) | (700) | (24,334) |
Purchases of investments | (2,476,206) | (3,901,321) | (4,250,338) |
Sales of investments | 11,266 | 58,813 | 440,069 |
Maturities and redemptions of investments | 3,670,867 | 3,657,072 | 3,842,796 |
Net cash provided by (used in) investing activities | 832,258 | (597,885) | (20,800) |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 57,194 | 39,893 | 127,036 |
Proceeds from issuance of common stock under employee stock purchase plan | 61,234 | 40,931 | 52,227 |
Taxes paid related to net share settlement of equity awards | (380,799) | (184,648) | 0 |
Repurchases of common stock | (591,732) | 0 | 0 |
Capital contributions from noncontrolling interest holders | 0 | 13,000 | 0 |
Payments of deferred purchase consideration for business combinations | 0 | (1,800) | (1,065) |
Net cash provided by (used in) financing activities | (854,103) | (92,624) | 178,198 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (2,031) | (933) | (236) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 824,246 | (145,803) | 267,341 |
Cash, cash equivalents, and restricted cash—beginning of period | 956,731 | 1,102,534 | 835,193 |
Cash, cash equivalents, and restricted cash—end of period | 1,780,977 | 956,731 | 1,102,534 |
Supplemental disclosures of cash flow information: | |||
Cash paid for income taxes | 12,452 | 6,550 | 1,482 |
Supplemental disclosures of non-cash investing and financing activities | |||
Property and equipment included in accounts payable and accrued expenses | 17,463 | 6,317 | 5,115 |
Stock-based compensation included in capitalized software development costs | 48,181 | 28,467 | 23,620 |
Issuance of common stock in connection with business combinations | 174,284 | 438,916 | 0 |
Unpaid taxes related to net share settlement of equity awards included in accrued expenses and other current liabilities | 6,850 | 53 | 0 |
Reconciliation of cash, cash equivalents, and restricted cash: | |||
Cash and cash equivalents | 1,762,749 | 939,902 | 1,085,729 |
Restricted cash—included in other assets and prepaid expenses and other current assets | 18,228 | 16,829 | 16,805 |
Total cash, cash equivalents, and restricted cash | $ 1,780,977 | $ 956,731 | $ 1,102,534 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Jan. 31, 2024 | |
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 insights, apply AI to solve business problems, 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 | 12 Months Ended |
Jan. 31, 2024 | |
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 ended January 31, 2024. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Principles of Consolidation The 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 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): January 31, 2024 January 31, 2023 United States $ 379,664 $ 329,275 Other (1) 119,928 62,814 Total $ 499,592 $ 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 January 31, 2024 and 2023. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the 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. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash, cash equivalents, investments in marketable securities, restricted cash, accounts receivable, and foreign currency forward contracts. The Company maintains its cash, cash equivalents, investments in marketable securities, restricted cash and foreign currency forward contracts with high-quality financial institutions that have investment-grade ratings. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers up to the amounts recorded on the consolidated balance sheets. The Company manages its accounts receivable credit risk through ongoing credit evaluation of its customers’ financial conditions. The Company generally does not require collateral from its customers. For information regarding the Company’s significant customers, see Note 3, “Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations.” Foreign Currency The reporting currency of the Company is the U.S. dollar. The functional currency of the Company’s foreign subsidiaries is primarily the U.S. dollar. Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured to the functional currency at period-end exchange rates. Foreign currency transaction gains and losses resulting from remeasurement are recognized in other income (expense), net in the consolidated statements of operations, and have not been material for any of the periods presented. For those subsidiaries with non-U.S. dollar functional currencies, assets and liabilities are translated into U.S. dollars at period-end exchange rates. Revenue and expenses are translated at the average exchange rates during the period. Equity transactions are translated using historical exchange rates. The resulting translation adjustments are recorded in accumulated other comprehensive income (loss) as a component of stockholders’ equity (deficit). Revenue Recognition The Company accounts for revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606) for all periods presented. The Company delivers its platform over the internet as a service. Customers choose to consume the platform under either capacity arrangements, in which customers commit to a certain amount of consumption at specified prices, or under on-demand arrangements, in which the Company charges for use of the platform monthly in arrears. Under capacity arrangements, from which a majority of revenue is derived, the Company typically bills its customers annually in advance of their consumption. Revenue from on-demand arrangements typically relates to customers with lower usage levels or overage consumption beyond a customer’s contracted usage amount or following the expiration of a customer’s contract. Revenue from on-demand arrangements represented approximately 3%, 2%, and 3% of the Company’s revenue for the fiscal years ended January 31, 2024, 2023, and 2022, respectively. The Company recognizes revenue as customers consume compute, storage, and data transfer resources under either of these arrangements. In limited instances, customers pay an annual deployment fee to gain access to a dedicated instance of a virtual private deployment. Deployment fees are recognized ratably over the contract term. Customers do not have the contractual right to take possession of the Company’s platform. Pricing for the platform includes embedded support services, data backup and disaster recovery services, as well as future updates, when and if available, offered during the contract term. Customer contracts for capacity typically have a term of one For compute resources, consumption is based on the type of compute resource used and the duration of use or, for some features, the volume of data processed. For storage resources, consumption for a given customer is based on the average terabytes per month of all of such customer’s data stored in the platform. For data transfer resources, consumption is based on terabytes of data transferred, the public cloud provider used, and the region to and from which the transfer is executed. The Company’s revenue also includes professional services and other revenue, which consists primarily of consulting, technical solution services, and training related to the platform. Professional services revenue is recognized over time based on input measures, including time and materials costs incurred relative to total costs, with consideration given to output measures, such as contract deliverables, when applicable. Other revenue consists primarily of fees from customer training delivered on-site or through publicly available classes. The Company determines revenue recognition in accordance with ASC 606 through the following five steps: 1) Identify the contract with a customer. The Company considers the terms and conditions of the contracts and the Company’s customary business practices in identifying its contracts under ASC 606. The Company determines it has a contract with a customer when the contract has been approved by both parties, it can identify each party’s rights regarding the services to be transferred and the payment terms for the services, it has determined the customer to have the ability and intent to pay, and the contract has commercial substance. At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. The Company applies judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s payment history or, in the case of a new customer, credit and financial information pertaining to the customer. 2) Identify the performance obligations in the contract. Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the services is separately identifiable from other promises in the contract. The Company treats consumption of its platform for compute, storage, and data transfer resources as one single performance obligation because they are consumed by customers as a single, integrated offering. The Company does not make any one of these resources available for consumption without the others. Instead, each of compute, storage, and data transfer work together to drive consumption on the Company’s platform. The Company treats its virtual private deployments for customers, professional services, technical solution services, and training each as a separate and distinct performance obligation. Some customers have negotiated an option to purchase additional capacity at a stated discount. These options generally do not provide a material right as they are priced at the Company’s SSP, as described below, as the stated discounts are not incremental to the range of discounts typically given. 3) Determine the transaction price. The transaction price is determined based on the consideration the Company expects to receive in exchange for transferring services to the customer. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. Variable consideration is estimated based on expected value, primarily relying on the Company’s history. In certain situations, the Company may also use the most likely amount as the basis of its estimate. None of the Company’s contracts contain a significant financing component. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental entities (e.g., sales and other indirect taxes). 4) Allocate the transaction price to performance obligations in the contract. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation on a relative SSP basis. The determination of a relative SSP for each distinct performance obligation requires judgment. The Company determines SSP for performance obligations based on an observable standalone selling price when it is available, as well as other factors, including the overall pricing objectives, which take into consideration market conditions and customer-specific factors, including a review of internal discounting tables, the services being sold, the volume of capacity commitments, and other factors. The observable standalone selling price is established based on the price at which products and services are sold separately. If an SSP is not observable through past transactions, the Company estimates it using available information including, but not limited to, market data and other observable inputs. 5) Recognize revenue when or as the Company satisfies a performance obligation. Revenue is recognized at the time the related performance obligation is satisfied by transferring the promised service to a customer. Revenue is recognized when control of the services is transferred to the customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those services. The Company determined an output method to be the most appropriate measure of progress because it most faithfully represents when the value of the services is simultaneously received and consumed by the customer, and control is transferred. Virtual private deployment fees are recognized ratably over the term of the deployment as the deployment service represents a stand-ready performance obligation provided throughout the deployment term. Allocation of Overhead Costs Overhead costs that are not substantially dedicated for use by a specific functional group are allocated based on headcount. Such costs include costs associated with office facilities, depreciation of property and equipment, information technology (IT) and general recruiting related expenses and other expenses, such as software and subscription services. Cost of Revenue Cost of revenue consists primarily of (i) third-party cloud infrastructure expenses incurred in connection with the customers’ use of the Snowflake platform and the deployment and maintenance of the platform on public clouds, including different regional deployments, and (ii) personnel-related costs associated with the Company’s customer support team, engineering team that is responsible for maintaining the Company's service availability and security of its platform, and professional services and training departments, including salaries, benefits, bonuses, and stock-based compensation. Cost of revenue also includes amortization of capitalized internal-use software development costs, amortization of acquired intangible assets, costs of contracted third-party partners for professional services, expenses associated with software and subscription services dedicated for use by the Company’s customer support team and engineering team responsible for maintaining the Company's service, and allocated overhead. Research and Development Costs Research and development costs are expensed as incurred, unless they qualify as capitalized internal-use software development costs. Research and development expenses consist primarily of personnel-related expenses associated with the Company’s research and development staff, including salaries, benefits, bonuses, and stock-based compensation. Research and development expenses also include contractor or professional services fees, third-party cloud infrastructure expenses incurred in developing the Company’s platform, amortization of acquired intangible assets, software and subscription services dedicated for use by the Company’s research and development organization, and allocated overhead. Advertising Costs Advertising costs, excluding expenses associated with the Company’s user conferences, are expensed as incurred and are included in sales and marketing expenses in the consolidated statements of operations. These costs were $85.3 million, $68.2 million, and $57.5 million for the fiscal years ended January 31, 2024, 2023, and 2022, respectively. Income Taxes The Company is subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment is required in determining its provision for income taxes and deferred tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws. The Company records a provision for income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts for financial reporting purposes and the tax bases of assets and liabilities, as well as for loss and tax credit carryforwards. The deferred assets and liabilities are measured using the statutorily enacted tax rates anticipated to be in effect when those tax assets and liabilities are expected to be realized or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is established if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company considers all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income in assessing the need for a valuation allowance. The Company’s tax positions are subject to income tax audits by multiple tax jurisdictions throughout the world. The Company recognizes the tax benefit of an uncertain tax position only if it is more likely than not the position will be sustainable upon examination by the taxing authority, including resolution of any related appeals or litigation processes. This evaluation is based on all available evidence and assumes that the tax authorities have full knowledge of all relevant information concerning the tax position. The tax benefit recognized is measured as the largest amount of benefit which is more likely than not (greater than 50% likely) to be realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in income tax expense. The Company makes adjustments to these reserves in accordance with the income tax guidance when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different from the amounts recorded, such differences may affect the provision for income taxes in the period in which such determination is made and could have a material impact on the Company’s financial condition and operating results. Stock-Based Compensation The Company’s equity awards include stock options, restricted stock unit awards (RSUs), restricted common stock granted to employees, non-employee directors, and other service providers, and stock purchase rights granted under the Employee Stock Purchase Plan (ESPP Rights) to employees. Equity awards are reviewed in determining whether such awards are equity-classified or liability-classified. Stock-based compensation related to equity-classified awards is measured based on the estimated fair value of the awards on the date of grant and generally recognized on a straight-line basis over the requisite service period. The fair value of each stock option granted and ESPP Rights is estimated using the Black-Scholes option-pricing model. The determination of the grant-date fair value using an option-pricing model is affected by the estimated fair value of the Company’s common stock as well as assumptions regarding a number of other complex and subjective variables. These variables include expected stock price volatility over an expected term, actual and projected employee stock option exercise behaviors, the risk-free interest rate for an expected term, and expected dividends. The fair value of each RSU is based on the fair value of the Company’s common stock on the date of grant. For equity-classified awards with both service-based and performance-based vesting conditions, the stock-based compensation is recognized using an accelerated attribution method over the requisite service period, based on the Company’s periodic assessment of the probability that the performance condition will be achieved. Certain RSUs with both service-based and performance-based vesting conditions are liability-classified, as the monetary value of the obligation under each potential outcome of the performance condition is predominantly based on a fixed monetary amount known at inception and will be settled in a variable number of the Company’s common stock. The fair value of these awards is estimated using the Monte Carlo simulation model, which requires the use of various assumptions, including the expected stock price volatility and risk-free interest rate. These awards are subsequently remeasured to the fair value at each reporting date until the number of these awards eligible to vest is fixed, at which time these awards will be reclassified to equity. Stock-based compensation associated with these awards is recognized based on the probable outcome of the performance condition, using an accelerated attribution method over the requisite service period, with a cumulative catch-up adjustment recognized for changes in the fair value estimated at each reporting date. If an award contains a provision whereby vesting is accelerated upon a change in control, such a change in control is considered to be outside of the Company’s control and is not considered probable until it occurs. Forfeitures are accounted for in the period in which they occur. During the fiscal year ended January 31, 2023, the Company began funding withholding taxes due upon the vesting of employee RSUs in certain jurisdictions by net share settlement, rather than its previous approach of selling shares of the Company’s common stock. The amount of withholding taxes related to net share settlement of employee RSUs is reflected as (i) a reduction to additional paid-in-capital, and (ii) cash outflows for financing activities when the payments are made. The shares withheld by the Company as a result of the net share settlement of RSUs are not considered issued and outstanding, and do not impact the calculation of basic net income (loss) per share attributable to Snowflake Inc. Class A and Class B common stockholders. Net Loss Per Share Attributable to Snowflake Inc. Class A and Class B Common Stockholders As discussed in Note 11, “Equity,” on March 1, 2021, all shares of the Company’s then-outstanding Class B common stock were automatically converted into the same number of shares of Class A common stock pursuant to the terms of the Company’s amended and restated certificate of incorporation. Basic and diluted net loss per share attributable to Snowflake Inc. 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. common stockholders is computed by dividing net loss attributable to Snowflake Inc. common stockholders by the weighted-average number of shares of Snowflake Inc. common stock outstanding during the period, which excludes treasury stock. Diluted net loss per share attributable to Snowflake Inc. common stockholders is computed by giving effect to all potentially dilutive Snowflake Inc. common stock equivalents to the extent they are dilutive. For purposes of this calculation, stock options, RSUs, restricted common stock, ESPP Rights, and early exercised stock options are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to Snowflake Inc. common stockholders as their effect is anti-dilutive for all periods presented. The rights, including the liquidation and dividend rights, of the holders of Snowflake Inc. Class A and Class B common stock are identical, except with respect to voting, converting, and transfer rights. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net loss per share attributable to Snowflake Inc. common stockholders are, therefore, the same for both Snowflake Inc. Class A and Class B common stock on both individual and combined basis. Cash and Cash Equivalents The Company considers all highly liquid investments with original or remaining maturities of three months or less when purchased to be cash equivalents. Restricted Cash Restricted cash primarily consists of collateralized letters of credit established in connection with lease agreements for the Company’s facilities. Restricted cash is included in current assets for leases that expire within one year and is included in non-current assets for leases that expire more than one year from the balance sheet date. Investments The Company’s investments in marketable debt securities have been classified and accounted for as available-for-sale and are recorded at estimated fair value. The Company classifies its marketable debt securities as either short-term or long-term at each balance sheet date based on each instrument’s underlying contractual maturity date. Short-term investments are investments with original maturities of less than one year when purchased. Purchase premiums and discounts are amortized or accreted using the effective interest method over the life of the related security and such amortization and accretion are included in interest income in the consolidated statements of operations. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell or it is more likely than not that the Company will be required to sell the security before the recovery of its entire amortized cost basis. If either of these criteria is met, the security’s amortized cost basis is written down to fair value through other income (expense), net in the consolidated statements of operations. If neither of these criteria is met, the Company further assesses whether the decline in fair value below amortized cost is due to credit or non-credit related factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. Credit-related unrealized losses are recognized as an allowance on the consolidated balance sheets with a corresponding charge in the other income (expense), net in the consolidated statements of operations. Non-credit related unrealized losses and unrealized gains on available-for-sale debt securities are included in accumulated other comprehensive income (loss). Realized gains and losses are determined based on the specific identification method and are reported in other income (expense), net in the consolidated statements of operations. Strategic Investments The Company’s strategic investments consist of non-marketable equity and debt securities in privately-held companies and marketable equity securities in publicly-traded companies, in which the Company does not have a controlling interest or significant influence. Strategic investments are included in other assets on the consolidated balance sheets. Non-marketable equity securities are recorded at cost and adjusted for observable transactions for the same or similar investments of the same issuer (referred to as the Measurement Alternative) or impairment. For these investments, the Company recognizes remeasurement adjustments, including upward and downward adjustments, and impairments, if any, in other income (expense), net in the consolidated statements of operations. Valuations of privately-held securities are inherently complex due to the lack of readily available market data and require the use of judgment. For example, determining whether an orderly transaction is for an identical or similar investment requires judgment based on the rights and obligations that are attached to the securities. In determining the estimated fair value of these investments, the Company uses the most recent data available to the Company. Marketable equity securities are measured at fair value with changes in fair value recorded in other income (expense), net in the consolidated statements of operations. Non-marketable debt securities are classified as available-for-sale and are recorded at their estimated fair value with changes in fair value recorded through accumulated other comprehensive income (loss). Strategic investments are subject to periodic impairment analysis, which would involve an assessment of both qualitative and quantitative factors, including the investee’s financial metrics, market acceptance of the investee’s product or technology, and the rate at which the investee is using its cash. If the investment is considered impaired, the Company recognizes an impairment through other income (expense), net in the consolidated statements of operations and establishes a new carrying value for the investment. Fair Value of Financial Instruments The Company’s primary financial instruments include cash equivalents, investments in marketable securities, strategic investments, restricted cash, accounts receivable, derivative assets and liabilities, accounts payable and accrued expenses. The carrying amounts of cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value due to their short-term nature. See Note 5, “Fair Value Measurements,” for information regarding the fair value of the Company’s investments in marketable securities, strategic investments, and derivative assets and liabilities. Derivative Financial Instruments The Company’s derivative financial instruments, which are carried at fair value on the consolidated balance sheets, consist of foreign currency forward contracts as described below: Non-Designated Hedges— The Company utilizes foreign currency forward contracts to manage its exposure to certain foreign currency exchange risks primarily associated with (i) a portion of its net outstanding monetary assets and liabilities positions and (ii) certain intercompany balances denominated in currencies other than the U.S. dollar. These foreign currency forward contracts have maturities of twelve months or less and are not designated as hedging instruments (Non-Designated Hedges). As such, all changes in the fair value of these derivative instruments are recorded in other income (expense), net on the consolidated statements of operations, and are intended to offset the foreign currency transaction gains or losses associated with the underlying balances being hedged. Cash flows at settlement of such foreign currency forward contracts are classified as operating activities in the consolidated statement of cash flows. Cash Flow Hedge— During the fiscal year ended January 31, 2024, the Company began utilizing foreign currency forward contracts to manage the volatility in cash flows associated with (i) certain forecasted capital expenditures and (ii) a portion of its forecasted operating expenses denominated in certain currencies other than the U.S. dollar. These foreign currency forward contracts have a maturity of twelve months or less and are designated and qualify as cash flow hedges, and, in general, closely match the underlying hedged forecasted transactions in duration. The effectiveness of the cash flow hedges is assessed quantitatively using regression at inception and at each reporting date. The effective portion of these foreign currency forward contracts’ gains and losses resulting from changes in fair value is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets, and subsequently reclassified into the same line items on the Company’s consolidated statements of operations as the underlying hedged forecasted transactions in the same period that such transactions affect earnings. In the event the underlying forecasted transactions do not occur, or it becomes probable that they will not occur within the defined hedge period, the gains or losses on the related cash flow hedges are reclassified immediately from accumulated other comprehensive income (loss) to net income (loss) in the Company’s consolidated financial statements. Cash flows from such foreign currency for |
Revenue, Accounts Receivable, D
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations | 12 Months Ended |
Jan. 31, 2024 | |
Revenue Recognition and Deferred Revenue [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): Fiscal Year Ended January 31, 2024 2023 2022 Product revenue $ 2,666,849 $ 1,938,783 $ 1,140,469 Professional services and other revenue 139,640 126,876 78,858 Total $ 2,806,489 $ 2,065,659 $ 1,219,327 Revenue by geographic area, based on the location of the Company’s customers (or end-customers under reseller arrangements), was as follows (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 Americas: United States $ 2,166,448 $ 1,633,843 $ 977,077 Other Americas (1) 72,784 46,577 26,324 EMEA (1)(2) 432,634 292,666 169,268 Asia-Pacific and Japan (1) 134,623 92,573 46,658 Total $ 2,806,489 $ 2,065,659 $ 1,219,327 ________________ (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 January 31, 2024 and 2023, allowance for credit losses of $2.5 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 January 31, 2024 and 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 fiscal years ended January 31, 2024, 2023, and 2022. Deferred Revenue The Company recognized $1.4 billion, $974.3 million, and $535.8 million of revenue for the fiscal years ended January 31, 2024, 2023, and 2022, respectively, from the deferred revenue balances as of January 31, 2023, 2022, and 2021, 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 January 31, 2024, the Company’s RPO was $5.2 billion, of which the Company expects approximately 50% to be recognized as revenue in the twelve months ending January 31, 2025 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 | 12 Months Ended |
Jan. 31, 2024 | |
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 consolidated balance sheets (in thousands): January 31, 2024 Amortized Gross Gross Estimated Cash equivalents: U.S. government securities $ 742,235 $ 1 $ (2) $ 742,234 Money market funds 533,211 — — 533,211 Time deposits 56,263 — — 56,263 Total cash equivalents 1,331,709 1 (2) 1,331,708 Investments: Corporate notes and bonds 1,549,151 1,959 (3,394) 1,547,716 U.S. government and agency securities 877,496 574 (4,653) 873,417 Commercial paper 353,525 154 (131) 353,548 Certificates of deposit 224,869 271 (15) 225,125 Total investments 3,005,041 2,958 (8,193) 2,999,806 Total cash equivalents and investments $ 4,336,750 $ 2,959 $ (8,195) $ 4,331,514 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 $24.2 million and $19.4 million of interest receivable in prepaid expenses and other current assets on the consolidated balance sheets as of January 31, 2024 and 2023, respectively. The Company did not recognize an allowance for credit losses against interest receivable as of January 31, 2024 and 2023 because such potential losses were not material. As of January 31, 2024, 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 consolidated balance sheets, by remaining contractual maturity, is as follows (in thousands): January 31, 2024 Estimated Due within 1 year $ 2,083,499 Due in 1 year to 3 years 916,307 Total $ 2,999,806 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 consolidated balance sheets (in thousands): January 31, 2024 Less than 12 Months 12 Months or Greater Total Fair Value Gross Fair Value Gross Fair Value Gross Cash equivalents: U.S. government securities $ 338,893 $ (2) $ — $ — $ 338,893 $ (2) Total cash equivalents 338,893 (2) — — 338,893 (2) Investments: Corporate notes and bonds 625,766 (1,259) 321,952 (2,135) 947,718 (3,394) U.S. government and agency securities 525,408 (1,323) 191,863 (3,330) 717,271 (4,653) Commercial paper 172,422 (131) — — 172,422 (131) Certificates of deposit 71,813 (15) — — 71,813 (15) Total investments 1,395,409 (2,728) 513,815 (5,465) 1,909,224 (8,193) Total cash equivalents and investments $ 1,734,302 $ (2,730) $ 513,815 $ (5,465) $ 2,248,117 $ (8,195) 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 values of these securities due to credit related factors was not material as of January 31, 2024 and 2023. See Note 5, “Fair Value Measurements,” for information regarding the Company’s strategic investments. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 31, 2024 | |
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 and liabilities measured at fair value on a recurring basis as of January 31, 2024 (in thousands): Level 1 Level 2 Total Assets: Cash equivalents: U.S. government securities $ — $ 742,234 $ 742,234 Money market funds 533,211 — 533,211 Time deposits — 56,263 56,263 Short-term investments: Corporate notes and bonds — 939,727 939,727 U.S. government and agency securities — 573,780 573,780 Commercial paper — 353,548 353,548 Certificates of deposit — 216,444 216,444 Long-term investments: Corporate notes and bonds — 607,989 607,989 U.S. government and agency securities — 299,637 299,637 Certificates of deposit — 8,681 8,681 Derivative assets: Foreign currency forward contracts — 60 60 Total assets $ 533,211 $ 3,798,363 $ 4,331,574 Liabilities: Derivative liabilities: Foreign currency forward contracts $ — $ (745) $ (745) Total liabilities $ — $ (745) $ (745) 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 non-marketable equity securities accounted for using the Measurement Alternative and 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): January 31, 2024 January 31, 2023 Equity securities: Non-marketable equity securities under Measurement Alternative $ 190,238 $ 174,248 Non-marketable equity securities under equity method 5,307 5,066 Marketable equity securities 37,320 22,122 Debt securities: Non-marketable debt securities 1,500 1,500 Total strategic investments—included in other assets $ 234,365 $ 202,936 The following table summarizes the realized and unrealized gains and losses included in the carrying value of the Company’s strategic investments in equity securities held as of January 31, 2024 (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 Unrealized gains (losses) on non-marketable equity securities under Measurement Alternative: Upward adjustments $ — $ 4,125 $ 32,975 Impairments (3,101) (38,036) — Net unrealized gains (losses) on marketable equity securities 15,197 (12,524) (5,354) Net unrealized gains (losses) on strategic investments in equity securities 12,096 (46,435) 27,621 Realized gains on non-marketable equity securities under Measurement Alternative (1) 34,713 — — Total—included in other income (expense), net $ 46,809 $ (46,435) $ 27,621 ________________ (1) Includes primarily a remeasurement gain of $34.0 million recognized on a previously held equity interest as a result of a business combination completed during the fiscal year ended January 31, 2024. See Note 7, “Business Combinations,” for further details. 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 January 31, 2024 were $37.1 million and $41.1 million, respectively. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Jan. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): January 31, 2024 January 31, 2023 Leasehold improvements $ 67,804 $ 59,872 Computers, equipment, and software 29,859 20,050 Furniture and fixtures 17,593 14,800 Capitalized internal-use software development costs 93,222 44,059 Construction in progress—capitalized internal-use software development costs 78,737 61,575 Construction in progress—other 34,890 7,313 Total property and equipment, gross 322,105 207,669 Less: accumulated depreciation and amortization (1) (74,641) (46,846) Total property and equipment, net $ 247,464 $ 160,823 ________________ (1) Includes $30.0 million and $19.9 million of accumulated amortization related to capitalized internal-use software development costs as of January 31, 2024 and 2023, respectively. Depreciation and amortization expense was $37.7 million, $24.7 million, and $13.7 million for the fiscal years ended January 31, 2024, 2023, and 2022, respectively. Included in these amounts was the amortization of capitalized internal-use software development costs of $19.0 million, $10.2 million, and $4.2 million for the fiscal years ended January 31, 2024, 2023, and 2022, respectively. During the fiscal year ended January 31, 2024, 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 consolidated statements of operations. Impairment charges related to capitalized internal-use software development costs recognized during the fiscal years ended January 31, 2023 and 2022 were not material. |
Business Combinations
Business Combinations | 12 Months Ended |
Jan. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations Fiscal 2024 Samooha, Inc. On December 20, 2023, the Company acquired all outstanding stock of Samooha, Inc. (Samooha), a privately-held company which developed data clean room technology that enabled multiple parties to securely collaborate on sensitive data. The Company acquired Samooha for its talent and developed technology. The Company has accounted for this transaction as a business combination. Prior to this business combination, the Company, via one of its wholly-owned subsidiaries (the Investing Subsidiary), held a noncontrolling equity interest in Samooha, which was accounted for using the Measurement Alternative with a carrying amount of $4.8 million (the Previously Held Equity Interest). In connection with this business combination, the Company remeasured the Previously Held Equity Interest at the date of the acquisition and recognized a gain of $34.0 million, which was recorded in other income (expense), net on the Company’s consolidated statement of operations for the fiscal year ended January 31, 2024. The acquisition date fair value of the preliminary purchase consideration was $219.0 million, which was comprised of the following (in thousands): Estimated Fair Value Cash $ 5,761 Deferred cash consideration 231 Common stock (1) 174,225 Fair value of previously held equity interest (2) 38,818 Total $ 219,035 ________________ (1) Approximately 0.9 million shares of the Company’s Class A common stock, issued to selling stockholders that were not affiliated with the Company, were included in the purchase consideration, and the fair values of these shares were determined based on the closing market price of $194.28 per share on the acquisition date. (2) In connection with this business combination, the Company issued approximately 0.2 million shares of its Class A common stock to the Investing Subsidiary in exchange for the Previously Held Equity Interest. The fair values of these shares were determined based on the closing market price of $194.28 per share on the acquisition date. These shares are treated as treasury stock for accounting purposes. In connection with this business combination, the Company also issued to certain of Samooha’s employees a total of 0.4 million shares of the Company’s Class A common stock in exchange for a portion of their Samooha stock. These shares are subject to vesting agreements pursuant to which the shares will vest over four years, subject to each of these employees’ continued employment with the Company or its affiliates. The $74.8 million fair value of these shares is accounted for as post-combination stock-based compensation over the requisite service period of four years. In addition, the Company agreed to grant under its 2020 Equity Incentive Plan certain RSUs that contain both post-combination service-based and performance-based vesting conditions to eligible existing or future employees. See Note 11, “Equity,” for further discussion. 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 $ 9,589 Goodwill 189,838 Developed technology intangible asset 25,000 5 Other net tangible liabilities (345) Deferred tax liabilities, net (1) (5,047) Total $ 219,035 ________________ (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 discounted cash flow method, which utilizes assumptions including projected future revenue generated from the acquired developed technology, projected profit margin, discount rate, and technology migration curve. The excess of purchase consideration over the preliminary fair values 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. Neeva Inc. During the three months ended July 31, 2023, the Company acquired all outstanding stock of Neeva Inc. and its equity investee (collectively, Neeva), for $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 purchase consideration was preliminarily allocated to assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition. During the three months ended January 31, 2024, the Company recorded a measurement period adjustment which did not have a material impact on goodwill. The updated preliminary allocation of purchase consideration, inclusive of measurement period adjustments, was as follows: Estimated Fair Value Estimated Useful Life Cash and cash equivalents $ 43,968 Goodwill 63,138 Developed technology intangible assets 83,000 5 Other net tangible liabilities (790) Deferred tax liabilities, net (1) (3,889) 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 values 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 values 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 provided a suite of tools for efficiently migrating databases to the Data Cloud, for $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 purchase consideration was preliminarily allocated to assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition. During the three months ended January 31, 2024, the Company recorded a measurement period adjustment which did not have a material impact on goodwill. The updated preliminary allocation of purchase consideration, inclusive of measurement period adjustments, was as follows: Estimated Fair Value Estimated Useful Life Cash and cash equivalents $ 11,594 Goodwill 46,426 Developed technology intangible asset 33,000 5 Other net tangible liabilities (6,623) Deferred tax liabilities, net (1) (8,136) 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 values 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 provided 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 purchase consideration was preliminarily allocated to assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition. During the three months ended January 31, 2024, the Company recorded a measurement period adjustment which did not have a material impact on goodwill. The updated preliminary allocation of purchase consideration, inclusive of measurement period adjustments, was as follows: Estimated Fair Value Estimated Useful Life Cash, cash equivalents, and restricted cash $ 3,563 Goodwill 9,029 Developed technology intangible asset 53,000 5 Other net tangible liabilities (1,434) Deferred tax liabilities, net (1) (2,150) 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 values 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 fiscal year ended January 31, 2024, 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 values 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 fiscal year ended January 31, 2024. From the respective dates of acquisition through January 31, 2024, revenue attributable to each of the companies acquired in fiscal 2024, included in the Company’s consolidated statements of operations for the fiscal year ended January 31, 2024 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 both of Samooha and Neeva, as if each had been acquired as of February 1, 2022 (in thousands): Pro Forma Fiscal Year Ended January 31, 2024 2023 (unaudited) Revenue $ 2,806,739 $ 2,065,730 Net loss $ (932,308) $ (937,873) The pro forma financial information for all periods presented above has been calculated after adjusting the results of operations of Samooha and 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 the Company, Samooha, and Neeva as though these business combinations occurred as of February 1, 2022, the beginning of the Company’s fiscal 2023. The historical 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, 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 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 provided 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 values 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 fiscal year ended January 31, 2023. Streamlit, Inc. On March 31, 2022, the Company acquired all outstanding stock of Streamlit, Inc. (Streamlit), a privately-held company which provided 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 is 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 values 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 fiscal year ended January 31, 2023. Other Business Combination During the fiscal year ended January 31, 2023, the Company acquired all outstanding stock of a privately-held company for $10.4 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 $2.0 million as a developed technology intangible asset (to be amortized over an estimated useful life of five years), $0.3 million of net tangible assets acquired, and $8.1 million as goodwill, which is not deductible for income tax purposes. The excess of purchase consideration over the fair values 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 this business combination were not material for the fiscal year ended January 31, 2023. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information summarizes the combined results of operations of the Company and the above three companies acquired during fiscal 2023, as if each had been acquired as of February 1, 2021 (in thousands): Pro Forma Fiscal Year Ended January 31, 2023 2022 (unaudited) Revenue $ 2,067,262 $ 1,221,461 Net loss $ (866,099) $ (817,848) The pro forma financial information for all periods presented above has been calculated after adjusting the results of operations of these three acquired companies 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 and these three acquired companies as though these business combinations occurred as of February 1, 2021, the beginning of the Company’s fiscal 2022. The historical consolidated financial information in the unaudited pro forma tables 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 | 12 Months Ended |
Jan. 31, 2024 | |
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): January 31, 2024 Gross Accumulated Amortization Net Finite-lived intangible assets: Developed technology $ 243,596 $ (47,919) $ 195,677 Developer community 154,900 (55,442) 99,458 Assembled workforce 55,732 (22,945) 32,787 Patents 8,874 (6,211) 2,663 Total finite-lived intangible assets $ 463,102 $ (132,517) $ 330,585 Indefinite-lived intangible assets—trademarks 826 Total intangible assets, net $ 331,411 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 fiscal year ended January 31, 2024, in addition to the developed technology and developer community intangible assets acquired in connection with fiscal 2024 business combinations, the Company also acquired $27.5 million of intangible assets, primarily consisting of assembled workforce intangible assets with a useful life of four years. Intangible assets acquired during the fiscal year ended January 31, 2023 consisted primarily of developer community and developed technology intangible assets acquired in connection with fiscal 2023 business combinations. See Note 7, “Business Combinations,” for further details. Amortization expense of intangible assets was $82.2 million, $38.8 million, and $7.8 million for the fiscal years ended January 31, 2024, 2023, and 2022, respectively. As of January 31, 2024, future amortization expense is expected to be as follows (in thousands): Amount Fiscal Year Ending January 31, 2025 $ 94,777 2026 88,519 2027 84,366 2028 51,800 2029 11,123 Thereafter — Total $ 330,585 Goodwill Changes in goodwill were as follows (in thousands): Amount Balance—January 31, 2022 $ 8,449 Additions and related adjustments (1) 648,921 Balance—January 31, 2023 657,370 Additions and related adjustments (1) 318,536 Balance—January 31, 2024 $ 975,906 ________________ (1) Includes measurement period adjustments related to the preliminary fair values of the assets acquired and liabilities assumed in business combinations. These adjustments did not have a material impact on goodwill. See Note 7, “Business Combinations,” for further details. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Jan. 31, 2024 | |
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): January 31, 2024 January 31, 2023 Accrued compensation $ 205,056 $ 123,173 Accrued third-party cloud infrastructure expenses 48,571 35,093 Employee contributions under employee stock purchase plan 40,641 36,648 Liabilities associated with sales, marketing and business development programs 39,571 24,218 Accrued taxes 37,108 20,003 Employee payroll tax withheld on employee stock transactions 22,479 592 Accrued professional services 9,274 11,776 Accrued purchases of property and equipment 4,508 3,876 Other 39,652 13,690 Total accrued expenses and other current liabilities $ 446,860 $ 269,069 |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Jan. 31, 2024 | |
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 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. The components of lease costs and other information related to leases were as follows (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 Operating lease costs $ 52,892 $ 46,240 $ 35,745 Variable lease costs 11,667 7,906 6,029 Sublease income (11,943) (12,782) (12,722) Total lease costs $ 52,616 $ 41,364 $ 29,052 Supplemental cash flow information and non-cash activity related to the Company’s operating leases were as follows (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 Cash payments (receipts) included in the measurement of operating lease liabilities—operating cash flows $ 40,498 $ 42,342 $ 38,249 Operating lease liabilities arising from obtaining right-of-use assets $ 56,037 $ 72,158 $ 28,314 Weighted-average remaining lease term and discount rate for the Company’s operating leases were as follows: January 31, 2024 January 31, 2023 Weighted-average remaining lease term (years) 7.5 8.2 Weighted-average discount rate 6.1 % 6.5 % The total remaining lease payments under non-cancelable operating leases and lease receipts for subleases as of January 31, 2024 were as follows (in thousands): Operating Leases Subleases Total Fiscal Year Ending January 31, 2025 $ 46,530 $ (7,709) $ 38,821 2026 47,944 (5,774) 42,170 2027 46,651 (5,960) 40,691 2028 45,132 (6,153) 38,979 2029 43,001 (6,351) 36,650 Thereafter 136,207 (3,235) 132,972 Total lease payments (receipts) $ 365,465 $ (35,182) $ 330,283 Less: imputed interest (77,484) Present value of operating lease liabilities $ 287,981 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. Future minimum payments under the Company’s non-cancelable purchase commitments with a remaining term in excess of one year as of January 31, 2024 are presented in the table below (in thousands): Amount Fiscal Year Ending January 31, 2025 $ 498,704 2026 528,063 2027 563,994 2028 656,162 2029 1,176,725 (1)(2) Thereafter — Total $ 3,423,648 ________________ (1) Includes $929.5 million of remaining non-cancelable contractual commitments as of January 31, 2024 related to one of the Company’s third-party cloud infrastructure agreements, under which the Company committed to spend an aggregate of at least $1.0 billion between June 2023 and May 2028 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 by May 2028 and such payment can be applied to qualifying expenditures for cloud infrastructure services for up to twelve months after May 2028. (2) Also includes $247.2 million of remaining non-cancelable contractual commitments as of January 31, 2024 related to another one of the Company’s third-party cloud infrastructure agreements, under which the Company committed to spend an aggregate of at least $250.0 million between January 2024 and December 2028 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 by December 2028. 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 fiscal years ended January 31, 2024, 2023, and 2022. Legal Matters —On March 23, 2021, a former employee 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 consolidated balance sheet as of January 31, 2024, 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 January 31, 2024, the Company had a total of $18.2 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 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 fiscal years ended January 31, 2024, 2023, and 2022, losses recorded in the consolidated statements of operations in connection with the indemnification provisions were not material. |
Equity
Equity | 12 Months Ended |
Jan. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Equity | Equity Preferred Stock —In connection with the Initial Public Offering (IPO) in September 2020, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 200.0 million shares of undesignated preferred stock with a par value of $0.0001 per share and with rights and preferences, including voting rights, designated from time to time by the board of directors. Common Stock and Elimination of Dual-Class Structure —The Company has two classes of common stock authorized: Class A common stock and Class B common stock. In connection with the IPO in September 2020, the Company’s amended and restated certificate of incorporation authorized the issuance of 2.5 billion shares of Class A common stock and 355.0 million shares of Class B common stock. On March 1, 2021, all 169.5 million shares of the Company's then-outstanding Class B common stock, par value $0.0001 per share, were automatically converted into the same number of shares of Class A common stock, par value $0.0001 per share, pursuant to the terms of the Company’s amended and restated certificate of incorporation. No additional shares of Class B common stock will be issued following such conversion. The shares of Class A common stock and Class B common stock were identical prior to the conversion, except with respect to voting, converting, and transfer rights. Prior to the conversion, each share of Class B common stock was entitled to cast ten votes per share on any matter submitted to a vote of the Company’s stockholders. As a result of the conversion, all former holders of shares of Class B common stock are now holders of shares of Class A common stock, which is entitled to only one vote per share on all matters subject to a stockholder vote. Class A and Class B common stock are referred to as common stock throughout the notes to the consolidated financial statements, unless otherwise indicated. Holders of common stock are entitled to receive any dividends as may be declared from time to time by the board of directors. Prior to the conversion, shares of Class B common stock were convertible to Class A common stock at any time at the option of the stockholder, and shares of Class B common stock would automatically convert to Class A common stock upon the following: (i) sale or transfer of such share of Class B common stock; (ii) the death of the Class B common stockholder (or nine months after the date of death if the stockholder is one of the Company’s founders); and (iii) on the final conversion date, defined as the earlier to occur following an IPO of (a) the first trading day on or after the date on which the outstanding shares of Class B common stock represented less than 10% of the then outstanding Class A and Class B common stock; (b) September 15, 2027, which is the seventh anniversary of the effectiveness of the registration statement filed in connection with the IPO; or (c) the date specified by a vote of the holders of a majority of the outstanding shares of Class B common stock, voting as a single class. In addition, on March 3, 2021, the Company filed a certificate with the Secretary of State of the State of Delaware effecting the retirement of the shares of Class B common stock that were issued but no longer outstanding following the conversion. Upon the effectiveness of the certificate, the Company’s total number of authorized shares of capital stock was reduced by the retirement of 169.5 million shares of Class B common stock. The Company had reserved shares of common stock for future issuance as follows (in thousands): January 31, 2024 January 31, 2023 2012 Equity Incentive Plan: Options outstanding 26,767 35,212 Restricted stock units outstanding 789 2,521 2020 Equity Incentive Plan: Options outstanding 602 642 Restricted stock units outstanding 20,168 13,039 Shares available for future grants 59,371 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 121,461 115,449 Stock Repurchase Program —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): Fiscal Year Ended January 31, 2024 Number of shares repurchased 4,012 Weighted-average price per share (1) $ 147.50 Aggregate purchase price (1) $ 591,732 ________________ (1) Includes transaction costs associated with the repurchases. As of January 31, 2024, $1.4 billion remained available for future stock repurchases under the stock repurchase program. The first 0.5 million shares repurchased during the fiscal year ended January 31, 2024 were recorded in treasury stock as a reduction to the stockholders’ equity on the 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 consolidated balance sheets. Treasury Stock —As described above, 0.5 million shares were repurchased under the Company’s authorized stock repurchase program and recorded in treasury stock, of which 8,000 shares were reissued upon settlement of equity awards during the fiscal year ended January 31, 2024. In addition, during the fiscal year ended January 31, 2024, in connection with the Samooha business combination as discussed in Note 7, “Business Combinations,” the Company issued approximately 0.2 million shares of its Class A common stock to one of its wholly-owned subsidiaries in exchange for a noncontrolling equity interest in Samooha that was held by the subsidiary prior to this business combination. These shares are treated as treasury stock for accounting purposes. Equity Incentive Plans —The Company’s 2020 Equity Incentive Plan (2020 Plan), which became effective in connection with its IPO in September 2020, provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock 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. On March 1, 2021, all shares of the Company’s then-outstanding Class B common stock were automatically converted into the same number of shares of Class A common stock. As a result of this conversion, options and RSUs that were previously denominated in shares of Class B common stock and issued under the 2012 Plan remained unchanged, except that they represent the right to receive shares of Class A common stock. A total of 34.1 million shares of the Company’s Class A common stock was initially reserved for issuance under the 2020 Plan in addition to (i) any annual automatic evergreen increases in the number of shares of Class A common stock reserved for issuance under the 2020 Plan and (ii) upon the expiration, forfeiture, cancellation, or reacquisition of any shares of Class B common stock underlying outstanding stock awards granted under the 2012 Plan, an equal number of shares of Class A common stock, such number of shares not to exceed 78.8 million. On February 1, 2023, the shares available for future grants under the 2020 Plan were automatically increased by 16.2 million shares pursuant to the provision described in the preceding sentence. 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. A total of 5.7 million shares of the Company’s Class A common stock was initially reserved for future issuance under the 2020 ESPP, in addition to any annual automatic evergreen increases in the number of shares of Class A common stock reserved for future issuance under the 2020 ESPP. On February 1, 2023, the shares available for future grants under the 2020 ESPP were automatically increased by 3.2 million shares pursuant to the provision described in the preceding sentence. The price at which Class A common stock is purchased under the 2020 ESPP is equal to 85% of the fair market value of a share of the Company’s Class A common stock on the first or last day of the offering period, whichever is lower. 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. 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 fiscal years ended January 31, 2024, 2023, and 2022 is as follows: Shares Number of Options Outstanding Weighted- Weighted-Average Remaining Contractual Life Aggregate Balance—January 31, 2021 32,870 64,575 $ 7.04 7.7 $ 17,138,896 Shares authorized 14,397 — Options exercised — (20,903) $ 6.08 Options canceled 1,629 (1,629) $ 6.80 RSUs granted (4,026) — RSUs forfeited 576 — Balance—January 31, 2022 45,446 42,043 $ 7.53 6.9 $ 11,283,299 Shares authorized 15,619 — Options granted (642) 642 $ 207.56 Options exercised — (6,118) $ 6.50 Options canceled 713 (713) $ 8.02 RSUs granted (10,788) — Shares withheld related to net share settlement of RSUs 1,149 — RSUs forfeited 1,492 — Balance—January 31, 2023 52,989 35,854 $ 11.27 5.9 $ 5,237,549 Shares authorized 16,165 — Options exercised — (8,357) $ 6.84 Options canceled 128 (128) $ 70.59 RSUs granted (14,088) — Shares withheld related to net share settlement of RSUs 2,296 — RSUs forfeited 1,881 — Balance—January 31, 2024 59,371 27,369 $ 12.35 5.0 $ 5,023,664 Vested and exercisable as of January 31, 2024 26,774 $ 10.00 5.0 $ 4,973,515 The weighted-average grant-date fair value of options granted during the fiscal year ended January 31, 2023 was $101.66. No options were granted during each of the fiscal years ended January 31, 2024 and January 31, 2022. The intrinsic value of options exercised during the fiscal years ended January 31, 2024, 2023, and 2022 was $1.3 billion, $1.0 billion, and $5.7 billion, respectively. The aggregate grant-date fair value of options that vested during the fiscal years ended January 31, 2024, 2023, and 2022 was $42.3 million, $79.1 million, and $81.0 million, respectively. Early Exercised Stock Options —Common stock purchased pursuant to an early exercise of stock options is not deemed to be outstanding for accounting purposes until those shares vest. The consideration received for an exercise of an option is considered to be a deposit of the exercise price and the related dollar amount is recorded in other liabilities on the consolidated balance sheets. The shares issued upon the early exercise of these unvested stock option awards, which are reflected as exercises in the stock option activity table above, are considered to be legally issued and outstanding on the date of exercise. Upon termination of service, the Company may repurchase unvested shares acquired through the early exercise of stock options at a price equal to the price per share paid upon the exercise of such options. No unvested shares were subject to repurchase as a result of early exercised options as of January 31, 2024, and unvested shares subject to repurchase as a result of early exercised options were not material as of January 31, 2023. Equity-Classified RSUs —RSUs granted under the 2012 Plan are equity-classified and 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. Equity-classified RSUs granted under the 2020 Plan include those that only contain a service-based vesting condition that is typically satisfied over four years, and the related stock-based compensation for RSUs is recognized on a straight-line basis over the requisite service period. In addition, during the fiscal year ended January 31, 2024, the Company granted, under the 2020 Plan, equity-classified RSUs that have both service-based and performance-based vesting conditions (Leadership PRSUs) to its executive officers and certain other members of its senior leadership team. The service-based vesting condition for these Leadership 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 the Leadership PRSUs eligible to vest ranges between 0% to 120% of the target number of the Leadership PRSUs based on the weighted-average achievement of such Company annual performance metrics for the fiscal year ended January 31, 2024. Stock-based compensation associated with these Leadership PRSUs is recognized using an accelerated attribution method over the requisite service period, based on the Company’s periodic assessment of the probability that the performance condition will be achieved. For the fiscal year ended January 31, 2024, the Company recognized stock-based compensation of $30.8 million associated with these PRSUs. A summary of equity-classified RSUs activity during the fiscal years ended January 31, 2024, 2023, and 2022 is as follows: Number of Shares Weighted-Average Grant-Date Fair Value per Share Unvested Balance—January 31, 2021 9,348 $ 125.06 Granted 4,026 $ 250.46 Vested (3,186) $ 109.44 Forfeited (576) $ 169.74 Unvested Balance—January 31, 2022 9,612 $ 180.08 Granted 10,788 $ 180.65 Vested (3,348) $ 165.30 Forfeited (1,492) $ 206.02 Unvested Balance—January 31, 2023 15,560 $ 181.17 Granted (1) 12,706 $ 158.28 Vested (6,810) $ 172.38 Forfeited (1,881) $ 176.44 Unvested Balance—January 31, 2024 19,575 $ 169.82 ________________ (1) Includes 0.5 million Leadership PRSUs granted at 120% of the target number of these awards, which represents the maximum number of Leadership PRSUs that may be eligible to vest with respect to these awards over their full term. Liability-Classified RSUs —During the fiscal year ended January 31, 2024, in connection with the Samooha business combination as discussed in Note 7, “Business Combinations,” the Company agreed to grant, under the 2020 Plan, RSUs that contain both post-combination service-based and performance-based vesting conditions (Acquisition PRSUs) to eligible existing or future employees, subject to a maximum total number of approximately 1.7 million shares. The post-combination service-based vesting condition for these Acquisition 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 contingent on the achievement of certain performance metric over the twelve-month period ending January 31, 2027. Acquisition PRSUs will vest when both service-based and performance-based conditions are satisfied. The ultimate number of Acquisition PRSUs eligible to vest is determined based on the actual achievement of the performance metric, which takes into account certain factors including the price of the Company’s stock price and market capitalization. Once granted, Acquisition PRSUs are initially liability-classified and recorded in other liabilities on the Company’s consolidated balance sheets, as the monetary value of the obligation under each potential outcome of the performance condition is predominantly based on a fixed monetary amount known at inception and will be settled in a variable number of shares. Subsequently, these awards are remeasured to the fair value at each reporting date until the number of Acquisition PRSUs eligible to vest is fixed, at which time these awards will be reclassified to equity. Stock-based compensation associated with these awards is recognized based on the probable outcome of the performance condition, using an accelerated attribution method over the requisite service period, with a cumulative catch-up adjustment recognized for changes in the fair value estimated at each reporting date. For the fiscal year ended January 31, 2024, the Company recognized stock-based compensation of $0.5 million associated with Acquisition PRSUs. A summary of liability-classified RSUs activity during the fiscal year ended January 31, 2024 is as follows: Number of Shares Unvested Balance—January 31, 2023 — Granted (1) 1,382 Unvested Balance—January 31, 2024 1,382 ________________ (1) Represents the maximum number of Acquisition PRSUs that may be 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. From time to time, the Company has granted restricted common stock outside of the Plans. A summary of restricted common stock activity outside of the Plans during the fiscal years ended January 31, 2024, 2023, and 2022 is as follows: Outside of the Plans Number of Shares Weighted-Average Grant-Date Fair Value per Share Unvested Balance—January 31, 2021 742 $ 2.11 Vested (362) $ 2.10 Unvested Balance—January 31, 2022 380 $ 2.11 Granted 409 $ 229.13 Vested (361) $ 2.10 Unvested Balance—January 31, 2023 428 $ 219.26 Granted 385 $ 194.28 Vested (142) $ 199.28 Unvested Balance—January 31, 2024 671 $ 209.15 During the fiscal year ended January 31, 2024, in connection with the Samooha business combination, the Company issued to certain of Samooha’s employees a total of 0.4 million shares of the Company’s Class A common stock in exchange for a portion of their Samooha stock. These shares are subject to vesting agreements pursuant to which the shares will vest over four years, subject to each of these employees’ continued employment with the Company or its affiliates. The $74.8 million fair value of these shares is accounted for as post-combination stock-based compensation over the requisite service period of four years. As of January 31, 2024, all 0.4 million shares remained unvested. During the fiscal year ended January 31, 2023, 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 is accounted for as post-combination stock-based compensation over the requisite service period of three years. As of January 31, 2024 and 2023, 0.3 million and 0.4 million shares remained unvested. See Note 7, “Business Combinations,” for further details. Stock-Based Compensation — The following table summarizes the assumptions used in estimating the grant-date fair value of stock options granted to employees during the fiscal year ended January 31, 2023: Fiscal Year Ended January 31, 2023 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 each of the fiscal years ended January 31, 2024 and January 31, 2022. The following table summarizes the assumptions used in estimating the fair values of employee stock purchase rights granted under the 2020 ESPP during the fiscal years ended January 31, 2024, 2023, and 2022: Fiscal Year Ended January 31, 2024 2023 2022 Expected term (in years) 0.5 0.5 0.5 Expected volatility 48.4% - 71.3% 58.9% - 74.8% 37.3% - 49.5% Risk-free interest rate 4.7% - 5.5% 0.9% - 3.8% 0.1% Expected dividend yield — % — % — % 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. The expected term for ESPP Rights approximates the offering period. 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 liability-classified Acquisition PRSUs as of January 31, 2024: January 31, 2024 Expected volatility 60.0 % Risk-free interest rate 4.0 % Expected volatility —Expected volatility is estimated based on the historical volatility of the Company’s Class A common stock. Risk-free interest rate —Risk-free rate is estimated based upon quoted market yields for the United States Treasury debt securities for a term that approximates the period from the reporting date to January 31, 2027. Stock-based compensation included in the consolidated statements of operations was as follows (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 Cost of revenue $ 123,363 $ 106,302 $ 87,336 Sales and marketing 299,657 246,811 185,970 Research and development 644,928 407,524 232,867 General and administrative 100,067 100,896 98,922 Stock-based compensation, net of amounts capitalized 1,168,015 861,533 605,095 Capitalized stock-based compensation 48,830 29,417 24,174 Total stock-based compensation $ 1,216,845 $ 890,950 $ 629,269 As of January 31, 2024, total compensation cost related to unvested awards not yet recognized was $3.0 billion, which will be recognized over a weighted-average period of 2.9 years. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of loss before income taxes were as follows (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 U.S. $ (875,703) $ (851,538) $ (717,208) Foreign 26,480 35,545 40,248 Loss before income taxes $ (849,223) $ (815,993) $ (676,960) The provision for (benefit from) income taxes consists of the following (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 Current provision: State $ 754 $ 626 $ 288 Foreign 14,775 7,571 3,417 Deferred benefit: Federal (15,376) (21,647) — State (4,700) (4,410) — Foreign (6,686) (607) (717) Provision for (benefit from) income taxes $ (11,233) $ (18,467) $ 2,988 The effective income tax rate differs from the federal statutory income tax rate applied to the loss before income taxes due to the following (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 Income tax benefit computed at federal statutory rate $ (178,337) $ (171,359) $ (142,162) State taxes, net of federal benefit 26,380 14,948 35,360 Research and development credits (101,725) (58,136) (142,544) Stock-based compensation (148,600) (71,295) (898,234) Change in valuation allowance 371,767 213,532 1,159,276 IRC Section 59A waived deductions 11,550 49,476 — Other 7,732 4,367 (8,708) Provision for (benefit from) income taxes $ (11,233) $ (18,467) $ 2,988 A valuation allowance has been recognized to offset the Company’s deferred tax assets, as necessary, by the amount of any tax benefits that, based on evidence, are not expected to be realized. As of January 31, 2024 and 2023, the Company believes it is more likely than not that its U.S. and U.K. deferred tax assets will not be fully realizable and continues to maintain a full valuation allowance against these net deferred tax assets. Significant components of the Company’s deferred tax assets and deferred tax liabilities are shown below (in thousands): January 31, 2024 January 31, 2023 Deferred tax assets: Net operating losses carryforwards $ 1,673,213 $ 1,567,135 Capitalized research and development 420,491 147,328 Tax credit carryforwards 376,804 274,690 Stock-based compensation 109,446 123,408 Deferred revenue 82,683 31,527 Operating lease liabilities 54,008 55,079 Net unrealized losses on strategic investments 2,443 5,669 Other 31,776 14,834 Total deferred tax assets 2,750,864 2,219,670 Less: valuation allowance (2,621,009) (2,100,594) Net deferred tax assets 129,855 119,076 Deferred tax liabilities: Intangible assets (39,173) (39,426) Deferred commissions (41,609) (31,940) Operating lease right-of-use assets (48,629) (53,829) Other (1,326) (2,358) Total deferred tax liabilities (130,737) (127,553) Net deferred tax liabilities $ (882) $ (8,477) The valuation allowance was $2.6 billion and $2.1 billion as of January 31, 2024 and 2023, respectively, primarily relating to U.S. federal and state net operating loss carryforwards, capitalized research and development, and tax credit carryforwards. The valuation allowance increased $520.4 million during the fiscal year ended January 31, 2024, primarily due to increased capitalized research and development, U.S. federal and state net operating loss carryforwards, tax credit carryforwards, and deferred revenue. The valuation allowance increased $241.9 million during the fiscal year ended January 31, 2023, primarily due to increased capitalized research and development, tax credit carryforwards, U.S. federal and state net operating loss carryforwards, and stock-based compensation. As of January 31, 2024, the Company had U.S. federal, state, and foreign net operating loss carryforwards of $6.2 billion, $5.6 billion, and $175.2 million, respectively. Of the $6.2 billion U.S. federal net operating loss carryforwards, $6.1 billion may be carried forward indefinitely with utilization limited to 80% of taxable income, and the remaining $0.1 billion will begin to expire in 2032. The state net operating loss carryforwards begin to expire in 2024. Of the $175.2 million foreign net operating loss carryforwards, $169.6 million may be carried forward indefinitely, and the remaining $5.6 million will begin to expire in 2027. As of January 31, 2024, the Company also had federal and state tax credits of $356.9 million and $158.0 million, respectively. The federal tax credit carryforwards will expire beginning in 2032 if not utilized. The state tax credit carryforwards do not expire. Utilization of the Company’s net operating loss and tax credit carryforwards may be subject to annual limitation due to the ownership change limitations provided by the Internal Revenue Code and similar state provisions. Such an annual limitation could result in the expiration of the net operating loss and tax credit carryforwards before utilization. Foreign withholding taxes have not been provided for the cumulative undistributed earnings of the Company’s foreign subsidiaries as of January 31, 2024 due to the Company’s intention to permanently reinvest such earnings. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable. The following table shows the changes in the gross amount of unrecognized tax benefits (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 Beginning balance $ 75,180 $ 57,715 $ 19,349 Increases based on tax positions during the prior period 12,708 1,816 20 Increases based on tax positions during the current period 27,365 15,649 38,346 Ending balance $ 115,253 $ 75,180 $ 57,715 There were no interest and penalties associated with unrecognized income tax benefits for each of the fiscal years ended January 31, 2024, 2023, and 2022. Although it is reasonably possible that certain unrecognized tax benefits may increase or decrease within the next 12 months due to tax examination changes, settlement activities, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities, the Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months. The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions, and in various international jurisdictions. Tax years 2012 and forward generally remain open for examination for federal and state tax purposes. Tax years 2017 and forward generally remain open for examination for foreign tax purposes. To the extent utilized in future years’ tax returns, net operating loss carryforwards at January 31, 2024 and 2023 will remain subject to examination until the respective tax year is closed. 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 fiscal year ended January 31, 2024, 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 | 12 Months Ended |
Jan. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share The following table presents the calculation of basic and diluted net loss per share attributable to Snowflake Inc. Class A and Class B common stockholders (in thousands, except per share data): Fiscal Year Ended January 31, 2024 2023 2022 Numerator: Net loss $ (837,990) $ (797,526) $ (679,948) Less: net loss attributable to noncontrolling interest (1,893) (821) — Net loss attributable to Snowflake Inc. Class A and Class B common stockholders $ (836,097) $ (796,705) $ (679,948) Denominator: Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. Class A and Class B common stockholders—basic and diluted 328,001 318,730 300,273 Net loss per share attributable to Snowflake Inc. Class A and Class B common stockholders—basic and diluted $ (2.55) $ (2.50) $ (2.26) The following potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to Snowflake Inc. Class A and Class B common stockholders for the periods presented because the impact of including them would have been anti-dilutive (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 Stock options 27,369 35,854 42,043 RSUs 20,957 15,560 9,612 Unvested restricted common stock and early exercised stock options 671 446 426 Employee stock purchase rights under the 2020 ESPP 284 265 116 Total 49,281 52,125 52,197 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions A member of the Company’s board of directors currently serves as the Chief Executive Officer of a privately-held company (the Related Party), which has been the Company’s customer since 2018. In January 2024, the Company renewed its customer agreement with the Related Party for a term of two years with a total contract value of $22.5 million. With respect to the Related Party, the Company recognized $6.8 million, $3.7 million, and $2.4 million of revenue for the fiscal years ended January 31, 2024, 2023 and 2022, respectively, and had an accounts receivable balance due from the Related Party of $5.0 million and zero as of January 31, 2024 and 2023, respectively. In March 2024, as a minority investor, the Company made a strategic investment of approximately $5.0 million by purchasing non-marketable equity securities issued by the Related Party. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Jan. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event Effective February 27, 2024, Frank Slootman retired as Chief Executive Officer, and Sridhar Ramaswamy was appointed to succeed Mr. Slootman as the Company’s new Chief Executive Officer. Mr. Slootman remains Chairman of the Company’s board of directors, and Mr. Ramaswamy serves as a board member. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ (836,097) | $ (796,705) | $ (679,948) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Jan. 31, 2024 shares | Jan. 31, 2024 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 Christian Kleinerman, EVP, Product Management Adopted December 22, 2023 X 354,439 (1) March 31, 2025 Grzegorz J. Czajkowski, EVP, Engineering & Support Adopted December 22, 2023 X 561,001 (2) March 31, 2025 Christopher W. Degnan, Chief Revenue Officer Adopted December 27, 2023 X 398,775 April 30, 2025 * Intended to satisfy the affirmative defense of Rule 10b5-1(c) ** Not intended to satisfy the affirmative defense of Rule 10b5-1(c) (1) The actual number of shares subject to the trading arrangement under the Rule 10b5-1 Plan may be lower due to: (i) our withholding of certain shares to satisfy tax withholding obligations in connection with the vesting of restricted stock units; (ii) the amount of restricted stock units acquired following determination of the achievement of pre-established financial performance goals for fiscal year 2025; and (iii) the amount of whole shares distributed in connection with the vesting of restricted stock units due to rounding. (2) The actual number of shares subject to the trading arrangement under the Rule 10b5-1 Plan may be lower due to our withholding of certain shares to satisfy tax withholding obligations in connection with the vesting of restricted stock units. 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 | |
Christian Kleinerman [Member] | ||
Trading Arrangements, by Individual | ||
Name | Christian Kleinerman | |
Title | EVP, Product Management | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | December 22, 2023 | |
Arrangement Duration | 465 days | |
Aggregate Available | 354,439 | 354,439 |
Grzegorz J. Czajkowski [Member] | ||
Trading Arrangements, by Individual | ||
Name | Grzegorz J. Czajkowski | |
Title | EVP, Engineering & Support | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | December 22, 2023 | |
Arrangement Duration | 465 days | |
Aggregate Available | 561,001 | 561,001 |
Christopher W. Degnan [Member] | ||
Trading Arrangements, by Individual | ||
Name | Christopher W. Degnan | |
Title | Chief Revenue Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | December 27, 2023 | |
Arrangement Duration | 490 days | |
Aggregate Available | 398,775 | 398,775 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2024 | |
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 ended January 31, 2024. |
Basis of Presentation | Basis of Presentation |
Principles of Consolidation | Principles of Consolidation The 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 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 consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the 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. |
Concentration of Credit Risk | Concentration of Credit Risk |
Foreign Currency | Foreign Currency The reporting currency of the Company is the U.S. dollar. The functional currency of the Company’s foreign subsidiaries is primarily the U.S. dollar. Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured to the functional currency at period-end exchange rates. Foreign currency transaction gains and losses resulting from remeasurement are recognized in other income (expense), net in the consolidated statements of operations, and have not been material for any of the periods presented. For those subsidiaries with non-U.S. dollar functional currencies, assets and liabilities are translated into U.S. dollars at period-end exchange rates. Revenue and expenses are translated at the average exchange rates during the period. Equity transactions are translated using historical exchange rates. The resulting translation adjustments are recorded in accumulated other comprehensive income (loss) as a component of stockholders’ equity (deficit). |
Revenue Recognition, Cost of Revenue, Deferred Commissions, Deferred Revenue | Revenue Recognition The Company accounts for revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606) for all periods presented. The Company delivers its platform over the internet as a service. Customers choose to consume the platform under either capacity arrangements, in which customers commit to a certain amount of consumption at specified prices, or under on-demand arrangements, in which the Company charges for use of the platform monthly in arrears. Under capacity arrangements, from which a majority of revenue is derived, the Company typically bills its customers annually in advance of their consumption. Revenue from on-demand arrangements typically relates to customers with lower usage levels or overage consumption beyond a customer’s contracted usage amount or following the expiration of a customer’s contract. Revenue from on-demand arrangements represented approximately 3%, 2%, and 3% of the Company’s revenue for the fiscal years ended January 31, 2024, 2023, and 2022, respectively. The Company recognizes revenue as customers consume compute, storage, and data transfer resources under either of these arrangements. In limited instances, customers pay an annual deployment fee to gain access to a dedicated instance of a virtual private deployment. Deployment fees are recognized ratably over the contract term. Customers do not have the contractual right to take possession of the Company’s platform. Pricing for the platform includes embedded support services, data backup and disaster recovery services, as well as future updates, when and if available, offered during the contract term. Customer contracts for capacity typically have a term of one For compute resources, consumption is based on the type of compute resource used and the duration of use or, for some features, the volume of data processed. For storage resources, consumption for a given customer is based on the average terabytes per month of all of such customer’s data stored in the platform. For data transfer resources, consumption is based on terabytes of data transferred, the public cloud provider used, and the region to and from which the transfer is executed. The Company’s revenue also includes professional services and other revenue, which consists primarily of consulting, technical solution services, and training related to the platform. Professional services revenue is recognized over time based on input measures, including time and materials costs incurred relative to total costs, with consideration given to output measures, such as contract deliverables, when applicable. Other revenue consists primarily of fees from customer training delivered on-site or through publicly available classes. The Company determines revenue recognition in accordance with ASC 606 through the following five steps: 1) Identify the contract with a customer. The Company considers the terms and conditions of the contracts and the Company’s customary business practices in identifying its contracts under ASC 606. The Company determines it has a contract with a customer when the contract has been approved by both parties, it can identify each party’s rights regarding the services to be transferred and the payment terms for the services, it has determined the customer to have the ability and intent to pay, and the contract has commercial substance. At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. The Company applies judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s payment history or, in the case of a new customer, credit and financial information pertaining to the customer. 2) Identify the performance obligations in the contract. Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the services is separately identifiable from other promises in the contract. The Company treats consumption of its platform for compute, storage, and data transfer resources as one single performance obligation because they are consumed by customers as a single, integrated offering. The Company does not make any one of these resources available for consumption without the others. Instead, each of compute, storage, and data transfer work together to drive consumption on the Company’s platform. The Company treats its virtual private deployments for customers, professional services, technical solution services, and training each as a separate and distinct performance obligation. Some customers have negotiated an option to purchase additional capacity at a stated discount. These options generally do not provide a material right as they are priced at the Company’s SSP, as described below, as the stated discounts are not incremental to the range of discounts typically given. 3) Determine the transaction price. The transaction price is determined based on the consideration the Company expects to receive in exchange for transferring services to the customer. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. Variable consideration is estimated based on expected value, primarily relying on the Company’s history. In certain situations, the Company may also use the most likely amount as the basis of its estimate. None of the Company’s contracts contain a significant financing component. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental entities (e.g., sales and other indirect taxes). 4) Allocate the transaction price to performance obligations in the contract. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation on a relative SSP basis. The determination of a relative SSP for each distinct performance obligation requires judgment. The Company determines SSP for performance obligations based on an observable standalone selling price when it is available, as well as other factors, including the overall pricing objectives, which take into consideration market conditions and customer-specific factors, including a review of internal discounting tables, the services being sold, the volume of capacity commitments, and other factors. The observable standalone selling price is established based on the price at which products and services are sold separately. If an SSP is not observable through past transactions, the Company estimates it using available information including, but not limited to, market data and other observable inputs. 5) Recognize revenue when or as the Company satisfies a performance obligation. Revenue is recognized at the time the related performance obligation is satisfied by transferring the promised service to a customer. Revenue is recognized when control of the services is transferred to the customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those services. The Company determined an output method to be the most appropriate measure of progress because it most faithfully represents when the value of the services is simultaneously received and consumed by the customer, and control is transferred. Virtual private deployment fees are recognized ratably over the term of the deployment as the deployment service represents a stand-ready performance obligation provided throughout the deployment term. Cost of Revenue Cost of revenue consists primarily of (i) third-party cloud infrastructure expenses incurred in connection with the customers’ use of the Snowflake platform and the deployment and maintenance of the platform on public clouds, including different regional deployments, and (ii) personnel-related costs associated with the Company’s customer support team, engineering team that is responsible for maintaining the Company's service availability and security of its platform, and professional services and training departments, including salaries, benefits, bonuses, and stock-based compensation. Cost of revenue also includes amortization of capitalized internal-use software development costs, amortization of acquired intangible assets, costs of contracted third-party partners for professional services, expenses associated with software and subscription services dedicated for use by the Company’s customer support team and engineering team responsible for maintaining the Company's service, and allocated overhead. Deferred Commissions Deferred Revenue The Company records deferred revenue when the Company receives customer payments in advance of satisfying the performance obligations on the Company’s contracts. Capacity arrangements are generally billed and paid in advance of satisfaction of performance obligations, and the Company’s on-demand arrangements are billed in arrears generally on a monthly basis. Deferred revenue also includes amounts that have been invoiced but not yet collected, classified as accounts receivable, when the Company has an enforceable right to consideration for capacity arrangements. Deferred revenue relating to the Company’s capacity arrangements that have a contractual expiration date of less than 12 months are classified as current. For capacity arrangements that have a contractual expiration date of greater than 12 months, the Company apportions deferred revenue between current and non-current based upon an assumed ratable consumption of these capacity arrangements over the entire term of the arrangement, even though it does not recognize revenue ratably over the term of the contract as customers have flexibility in their consumption and revenue is generally recognized on consumption. In addition, in many cases, the Company’s customer contracts also permit customers to roll over any unused capacity to a subsequent order, generally on the purchase of additional capacity. As such, the current or non-current classification of deferred revenue may not reflect the actual timing of revenue recognition. |
Allocation of Overhead Costs | Allocation of Overhead Costs Overhead costs that are not substantially dedicated for use by a specific functional group are allocated based on headcount. Such costs include costs associated with office facilities, depreciation of property and equipment, information technology (IT) and general recruiting related expenses and other expenses, such as software and subscription services. |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred, unless they qualify as capitalized internal-use software development costs. Research and development expenses consist primarily of personnel-related expenses associated with the Company’s research and development staff, including salaries, benefits, bonuses, and stock-based compensation. Research and development expenses also include contractor or professional services fees, third-party cloud infrastructure expenses incurred in developing the Company’s platform, amortization of acquired intangible assets, software and subscription services dedicated for use by the Company’s research and development organization, and allocated overhead. |
Advertising Costs | Advertising Costs |
Income Taxes | Income Taxes The Company is subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment is required in determining its provision for income taxes and deferred tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws. The Company records a provision for income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts for financial reporting purposes and the tax bases of assets and liabilities, as well as for loss and tax credit carryforwards. The deferred assets and liabilities are measured using the statutorily enacted tax rates anticipated to be in effect when those tax assets and liabilities are expected to be realized or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is established if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company considers all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income in assessing the need for a valuation allowance. The Company’s tax positions are subject to income tax audits by multiple tax jurisdictions throughout the world. The Company recognizes the tax benefit of an uncertain tax position only if it is more likely than not the position will be sustainable upon examination by the taxing authority, including resolution of any related appeals or litigation processes. This evaluation is based on all available evidence and assumes that the tax authorities have full knowledge of all relevant information concerning the tax position. The tax benefit recognized is measured as the largest amount of benefit which is more likely than not (greater than 50% likely) to be realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in income tax expense. The Company makes adjustments to these reserves in accordance with the income tax guidance when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different from the amounts recorded, such differences may affect the provision for income taxes in the period in which such determination is made and could have a material impact on the Company’s financial condition and operating results. |
Stock-Based Compensation | Stock-Based Compensation The Company’s equity awards include stock options, restricted stock unit awards (RSUs), restricted common stock granted to employees, non-employee directors, and other service providers, and stock purchase rights granted under the Employee Stock Purchase Plan (ESPP Rights) to employees. Equity awards are reviewed in determining whether such awards are equity-classified or liability-classified. Stock-based compensation related to equity-classified awards is measured based on the estimated fair value of the awards on the date of grant and generally recognized on a straight-line basis over the requisite service period. The fair value of each stock option granted and ESPP Rights is estimated using the Black-Scholes option-pricing model. The determination of the grant-date fair value using an option-pricing model is affected by the estimated fair value of the Company’s common stock as well as assumptions regarding a number of other complex and subjective variables. These variables include expected stock price volatility over an expected term, actual and projected employee stock option exercise behaviors, the risk-free interest rate for an expected term, and expected dividends. The fair value of each RSU is based on the fair value of the Company’s common stock on the date of grant. For equity-classified awards with both service-based and performance-based vesting conditions, the stock-based compensation is recognized using an accelerated attribution method over the requisite service period, based on the Company’s periodic assessment of the probability that the performance condition will be achieved. Certain RSUs with both service-based and performance-based vesting conditions are liability-classified, as the monetary value of the obligation under each potential outcome of the performance condition is predominantly based on a fixed monetary amount known at inception and will be settled in a variable number of the Company’s common stock. The fair value of these awards is estimated using the Monte Carlo simulation model, which requires the use of various assumptions, including the expected stock price volatility and risk-free interest rate. These awards are subsequently remeasured to the fair value at each reporting date until the number of these awards eligible to vest is fixed, at which time these awards will be reclassified to equity. Stock-based compensation associated with these awards is recognized based on the probable outcome of the performance condition, using an accelerated attribution method over the requisite service period, with a cumulative catch-up adjustment recognized for changes in the fair value estimated at each reporting date. If an award contains a provision whereby vesting is accelerated upon a change in control, such a change in control is considered to be outside of the Company’s control and is not considered probable until it occurs. Forfeitures are accounted for in the period in which they occur. During the fiscal year ended January 31, 2023, the Company began funding withholding taxes due upon the vesting of employee RSUs in certain jurisdictions by net share settlement, rather than its previous approach of selling shares of the Company’s common stock. The amount of withholding taxes related to net share settlement of employee RSUs is reflected as (i) a reduction to additional paid-in-capital, and (ii) cash outflows for financing activities when the payments are made. The shares withheld by the Company as a result of the net share settlement of RSUs are not considered issued and outstanding, and do not impact the calculation of basic net income (loss) per share attributable to Snowflake Inc. Class A and Class B common stockholders. |
Net Loss Per Share Attributable to Snowflake Inc. Class A and Class B Common Stockholders | Net Loss Per Share Attributable to Snowflake Inc. Class A and Class B Common Stockholders As discussed in Note 11, “Equity,” on March 1, 2021, all shares of the Company’s then-outstanding Class B common stock were automatically converted into the same number of shares of Class A common stock pursuant to the terms of the Company’s amended and restated certificate of incorporation. Basic and diluted net loss per share attributable to Snowflake Inc. 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. common stockholders is computed by dividing net loss attributable to Snowflake Inc. common stockholders by the weighted-average number of shares of Snowflake Inc. common stock outstanding during the period, which excludes treasury stock. Diluted net loss per share attributable to Snowflake Inc. common stockholders is computed by giving effect to all potentially dilutive Snowflake Inc. common stock equivalents to the extent they are dilutive. For purposes of this calculation, stock options, RSUs, restricted common stock, ESPP Rights, and early exercised stock options are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to Snowflake Inc. common stockholders as their effect is anti-dilutive for all periods presented. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents The Company considers all highly liquid investments with original or remaining maturities of three months or less when purchased to be cash equivalents. Restricted Cash |
Investments and Strategic Investments | Investments The Company’s investments in marketable debt securities have been classified and accounted for as available-for-sale and are recorded at estimated fair value. The Company classifies its marketable debt securities as either short-term or long-term at each balance sheet date based on each instrument’s underlying contractual maturity date. Short-term investments are investments with original maturities of less than one year when purchased. Purchase premiums and discounts are amortized or accreted using the effective interest method over the life of the related security and such amortization and accretion are included in interest income in the consolidated statements of operations. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell or it is more likely than not that the Company will be required to sell the security before the recovery of its entire amortized cost basis. If either of these criteria is met, the security’s amortized cost basis is written down to fair value through other income (expense), net in the consolidated statements of operations. If neither of these criteria is met, the Company further assesses whether the decline in fair value below amortized cost is due to credit or non-credit related factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. Credit-related unrealized losses are recognized as an allowance on the consolidated balance sheets with a corresponding charge in the other income (expense), net in the consolidated statements of operations. Non-credit related unrealized losses and unrealized gains on available-for-sale debt securities are included in accumulated other comprehensive income (loss). Realized gains and losses are determined based on the specific identification method and are reported in other income (expense), net in the consolidated statements of operations. Strategic Investments The Company’s strategic investments consist of non-marketable equity and debt securities in privately-held companies and marketable equity securities in publicly-traded companies, in which the Company does not have a controlling interest or significant influence. Strategic investments are included in other assets on the consolidated balance sheets. Non-marketable equity securities are recorded at cost and adjusted for observable transactions for the same or similar investments of the same issuer (referred to as the Measurement Alternative) or impairment. For these investments, the Company recognizes remeasurement adjustments, including upward and downward adjustments, and impairments, if any, in other income (expense), net in the consolidated statements of operations. Valuations of privately-held securities are inherently complex due to the lack of readily available market data and require the use of judgment. For example, determining whether an orderly transaction is for an identical or similar investment requires judgment based on the rights and obligations that are attached to the securities. In determining the estimated fair value of these investments, the Company uses the most recent data available to the Company. Marketable equity securities are measured at fair value with changes in fair value recorded in other income (expense), net in the consolidated statements of operations. Non-marketable debt securities are classified as available-for-sale and are recorded at their estimated fair value with changes in fair value recorded through accumulated other comprehensive income (loss). Strategic investments are subject to periodic impairment analysis, which would involve an assessment of both qualitative and quantitative factors, including the investee’s financial metrics, market acceptance of the investee’s product or technology, and the rate at which the investee is using its cash. If the investment is considered impaired, the Company recognizes an impairment through other income (expense), net in the consolidated statements of operations and establishes a new carrying value for the investment. Strategic Investments The tables above do not include the Company’s strategic investments, which consist primarily of non-marketable equity securities accounted for using the Measurement Alternative and 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. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s primary financial instruments include cash equivalents, investments in marketable securities, strategic investments, restricted cash, accounts receivable, derivative assets and liabilities, accounts payable and accrued expenses. The carrying amounts of cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value due to their short-term nature. See Note 5, “Fair Value Measurements,” for information regarding the fair value of the Company’s investments in marketable securities, strategic investments, and derivative assets and liabilities. 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. |
Derivative Financial Instruments | Derivative Financial Instruments The Company’s derivative financial instruments, which are carried at fair value on the consolidated balance sheets, consist of foreign currency forward contracts as described below: Non-Designated Hedges— The Company utilizes foreign currency forward contracts to manage its exposure to certain foreign currency exchange risks primarily associated with (i) a portion of its net outstanding monetary assets and liabilities positions and (ii) certain intercompany balances denominated in currencies other than the U.S. dollar. These foreign currency forward contracts have maturities of twelve months or less and are not designated as hedging instruments (Non-Designated Hedges). As such, all changes in the fair value of these derivative instruments are recorded in other income (expense), net on the consolidated statements of operations, and are intended to offset the foreign currency transaction gains or losses associated with the underlying balances being hedged. Cash flows at settlement of such foreign currency forward contracts are classified as operating activities in the consolidated statement of cash flows. Cash Flow Hedge— During the fiscal year ended January 31, 2024, the Company began utilizing foreign currency forward contracts to manage the volatility in cash flows associated with (i) certain forecasted capital expenditures and (ii) a portion of its forecasted operating expenses denominated in certain currencies other than the U.S. dollar. These foreign currency forward contracts have a maturity of twelve months or less and are designated and qualify as cash flow hedges, and, in general, closely match the underlying hedged forecasted transactions in duration. The effectiveness of the cash flow hedges is assessed quantitatively using regression at inception and at each reporting date. The effective portion of these foreign currency forward contracts’ gains and losses resulting from changes in fair value is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets, and subsequently reclassified into the same line items on the Company’s consolidated statements of operations as the underlying hedged forecasted transactions in the same period that such transactions affect earnings. In the event the underlying forecasted transactions do not occur, or it becomes probable that they will not occur within the defined hedge period, the gains or losses on the related cash flow hedges are reclassified immediately from accumulated other comprehensive income (loss) to net income (loss) in the Company’s consolidated financial statements. Cash flows from such foreign currency forward contracts are classified in the same category on the Company’s consolidated statements of cash flows as the cash flows from the underlying hedged forecasted transactions. These derivative financial instruments did not have a material impact on the Company’s consolidated financial statements for any period presented. |
Accounts Receivable, Net | Accounts Receivable, Net |
Capitalized Internal-Use Software Development Costs | Capitalized Internal-Use Software Development Costs The Company capitalizes qualifying internal-use software development costs, primarily related to its cloud platform. The costs consist of personnel costs (including related benefits and stock-based compensation) that are incurred during the application development stage. Capitalization of costs begins when two criteria are met: (1) the preliminary project stage is completed, and (2) it is probable that the software will be completed and used for its intended function. Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all significant testing. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred. Capitalized costs are included in property and equipment, net on the consolidated balance sheets. These costs are amortized over the estimated useful life of the software, which is three years, on a straight-line basis. Cost and accumulated amortization of fully amortized capitalized internal-use software development costs are removed from the consolidated balance sheets when the related software is no longer in use. The amortization of capitalized costs related to the Company’s platform applications is primarily included in cost of revenue in the consolidated statements of operations. |
Property and Equipment, Net | Property and Equipment, Net three |
Leases | Leases The Company determines if an arrangement is or contains a lease at inception by evaluating various factors, including if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration and other facts and circumstances. Lease classification is determined at the lease commencement date. Operating leases are included in operating lease right-of-use assets, operating lease liabilities, current, and operating lease liabilities, non-current on the consolidated balance sheets. The Company did not have any material finance leases for all periods presented. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Lease payments consist primarily of the fixed payments under the arrangement, less any lease incentives. Variable lease payments are expensed as incurred and include certain non-lease components, such as maintenance and other services provided by the lessor to the extent the charges are variable. The Company uses an estimate of its incremental borrowing rate (IBR) based on the information available at the lease commencement date in determining the present value of lease payments, unless the implicit rate is readily determinable. In determining the appropriate IBR, the Company considers various factors, including, but not limited to, its credit rating, the lease term, and the currency in which the arrangement is denominated. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company does not separate non-lease components from lease components for its facility asset portfolio. In addition, the Company does not recognize right-of-use assets and lease liabilities for short-term leases, which have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. Lease cost for short-term leases is recognized on a straight-line basis over the lease term. In addition, the Company subleases certain of its unoccupied facilities to third parties. Any impairment to the associated right-of-use assets, leasehold improvements, or other assets as a result of a sublease is recognized in the period the sublease is executed and recorded in the consolidated statements of operations. The Company recognizes sublease income on a straight-line basis over the sublease term. Sublease income is recorded as a reduction to the Company’s operating lease costs. |
Business Combinations | Business Combinations |
Impairment of Goodwill, Intangible Assets, and Other Long-Lived Assets | Impairment of Goodwill, Intangible Assets, and Other Long-Lived Assets The Company’s long-lived assets with finite lives consist primarily of property and equipment, capitalized development software costs, operating lease right-of-use assets and acquired intangible assets. Long-lived assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset exceeds these estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the assets exceeds the fair value of the asset or asset group. Goodwill and indefinite-lived intangible assets are not amortized but rather tested for impairment at least annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that impairment may exist. Goodwill impairment is recognized when the quantitative assessment results in the carrying value of the reporting unit exceeding its fair value, in which case an impairment charge is recorded to goodwill to the extent the carrying value exceeds the fair value, limited to the amount of goodwill. The Company did not recognize any impairment of goodwill for all periods presented. |
Recently Issued Accounting Pronouncements Not Yet Adopted and Recent Securities and Exchange Commission (SEC) Final Rules Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss, and an amount for other segment items by reportable segment and a description of its composition. This guidance also requires disclosures on the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources, and interim disclosures of reportable segment’s profit or loss and assets. This guidance is effective for the Company for its fiscal year beginning February 1, 2024 and interim periods within its fiscal year beginning February 1, 2025 on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires annual disclosure on disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This guidance is effective for the Company for its fiscal year beginning February 1, 2025 on a prospective basis. Early adoption and retrospective application are permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and disclosures. Recent Securities and Exchange Commission (SEC) Final Rules Not Yet Adopted In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors , which requires registrants to provide certain climate-related information in their registration statements and annual reports. The rules require information about a registrant's climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. The required information about climate-related risks will also include disclosure of a registrant's greenhouse gas emissions. In addition, the rules will require registrants to present certain climate-related financial metrics in their audited financial statements. These requirements are effective for the Company in various fiscal years, starting with its fiscal year beginning February 1, 2025. Disclosures will be required prospectively, with information for prior periods required only to the extent it was previously disclosed in an SEC filing. The Company is currently evaluating the impact of these final rules on its consolidated financial statements and disclosures. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
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): January 31, 2024 January 31, 2023 United States $ 379,664 $ 329,275 Other (1) 119,928 62,814 Total $ 499,592 $ 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 January 31, 2024 and 2023. |
Revenue, Accounts Receivable,_2
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue | Revenue consists of the following (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 Product revenue $ 2,666,849 $ 1,938,783 $ 1,140,469 Professional services and other revenue 139,640 126,876 78,858 Total $ 2,806,489 $ 2,065,659 $ 1,219,327 |
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): Fiscal Year Ended January 31, 2024 2023 2022 Americas: United States $ 2,166,448 $ 1,633,843 $ 977,077 Other Americas (1) 72,784 46,577 26,324 EMEA (1)(2) 432,634 292,666 169,268 Asia-Pacific and Japan (1) 134,623 92,573 46,658 Total $ 2,806,489 $ 2,065,659 $ 1,219,327 ________________ (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) | 12 Months Ended |
Jan. 31, 2024 | |
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 consolidated balance sheets (in thousands): January 31, 2024 Amortized Gross Gross Estimated Cash equivalents: U.S. government securities $ 742,235 $ 1 $ (2) $ 742,234 Money market funds 533,211 — — 533,211 Time deposits 56,263 — — 56,263 Total cash equivalents 1,331,709 1 (2) 1,331,708 Investments: Corporate notes and bonds 1,549,151 1,959 (3,394) 1,547,716 U.S. government and agency securities 877,496 574 (4,653) 873,417 Commercial paper 353,525 154 (131) 353,548 Certificates of deposit 224,869 271 (15) 225,125 Total investments 3,005,041 2,958 (8,193) 2,999,806 Total cash equivalents and investments $ 4,336,750 $ 2,959 $ (8,195) $ 4,331,514 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 consolidated balance sheets (in thousands): January 31, 2024 Amortized Gross Gross Estimated Cash equivalents: U.S. government securities $ 742,235 $ 1 $ (2) $ 742,234 Money market funds 533,211 — — 533,211 Time deposits 56,263 — — 56,263 Total cash equivalents 1,331,709 1 (2) 1,331,708 Investments: Corporate notes and bonds 1,549,151 1,959 (3,394) 1,547,716 U.S. government and agency securities 877,496 574 (4,653) 873,417 Commercial paper 353,525 154 (131) 353,548 Certificates of deposit 224,869 271 (15) 225,125 Total investments 3,005,041 2,958 (8,193) 2,999,806 Total cash equivalents and investments $ 4,336,750 $ 2,959 $ (8,195) $ 4,331,514 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 consolidated balance sheets, by remaining contractual maturity, is as follows (in thousands): January 31, 2024 Estimated Due within 1 year $ 2,083,499 Due in 1 year to 3 years 916,307 Total $ 2,999,806 |
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 consolidated balance sheets (in thousands): January 31, 2024 Less than 12 Months 12 Months or Greater Total Fair Value Gross Fair Value Gross Fair Value Gross Cash equivalents: U.S. government securities $ 338,893 $ (2) $ — $ — $ 338,893 $ (2) Total cash equivalents 338,893 (2) — — 338,893 (2) Investments: Corporate notes and bonds 625,766 (1,259) 321,952 (2,135) 947,718 (3,394) U.S. government and agency securities 525,408 (1,323) 191,863 (3,330) 717,271 (4,653) Commercial paper 172,422 (131) — — 172,422 (131) Certificates of deposit 71,813 (15) — — 71,813 (15) Total investments 1,395,409 (2,728) 513,815 (5,465) 1,909,224 (8,193) Total cash equivalents and investments $ 1,734,302 $ (2,730) $ 513,815 $ (5,465) $ 2,248,117 $ (8,195) 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) | 12 Months Ended |
Jan. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following table presents the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis as of January 31, 2024 (in thousands): Level 1 Level 2 Total Assets: Cash equivalents: U.S. government securities $ — $ 742,234 $ 742,234 Money market funds 533,211 — 533,211 Time deposits — 56,263 56,263 Short-term investments: Corporate notes and bonds — 939,727 939,727 U.S. government and agency securities — 573,780 573,780 Commercial paper — 353,548 353,548 Certificates of deposit — 216,444 216,444 Long-term investments: Corporate notes and bonds — 607,989 607,989 U.S. government and agency securities — 299,637 299,637 Certificates of deposit — 8,681 8,681 Derivative assets: Foreign currency forward contracts — 60 60 Total assets $ 533,211 $ 3,798,363 $ 4,331,574 Liabilities: Derivative liabilities: Foreign currency forward contracts $ — $ (745) $ (745) Total liabilities $ — $ (745) $ (745) 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): January 31, 2024 January 31, 2023 Equity securities: Non-marketable equity securities under Measurement Alternative $ 190,238 $ 174,248 Non-marketable equity securities under equity method 5,307 5,066 Marketable equity securities 37,320 22,122 Debt securities: Non-marketable debt securities 1,500 1,500 Total strategic investments—included in other assets $ 234,365 $ 202,936 |
Realized and Unrealized Gain (Loss) on Investments | The following table summarizes the realized and unrealized gains and losses included in the carrying value of the Company’s strategic investments in equity securities held as of January 31, 2024 (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 Unrealized gains (losses) on non-marketable equity securities under Measurement Alternative: Upward adjustments $ — $ 4,125 $ 32,975 Impairments (3,101) (38,036) — Net unrealized gains (losses) on marketable equity securities 15,197 (12,524) (5,354) Net unrealized gains (losses) on strategic investments in equity securities 12,096 (46,435) 27,621 Realized gains on non-marketable equity securities under Measurement Alternative (1) 34,713 — — Total—included in other income (expense), net $ 46,809 $ (46,435) $ 27,621 ________________ (1) Includes primarily a remeasurement gain of $34.0 million recognized on a previously held equity interest as a result of a business combination completed during the fiscal year ended January 31, 2024. See Note 7, “Business Combinations,” for further details. |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): January 31, 2024 January 31, 2023 Leasehold improvements $ 67,804 $ 59,872 Computers, equipment, and software 29,859 20,050 Furniture and fixtures 17,593 14,800 Capitalized internal-use software development costs 93,222 44,059 Construction in progress—capitalized internal-use software development costs 78,737 61,575 Construction in progress—other 34,890 7,313 Total property and equipment, gross 322,105 207,669 Less: accumulated depreciation and amortization (1) (74,641) (46,846) Total property and equipment, net $ 247,464 $ 160,823 ________________ (1) Includes $30.0 million and $19.9 million of accumulated amortization related to capitalized internal-use software development costs as of January 31, 2024 and 2023, respectively. |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The acquisition date fair value of the preliminary purchase consideration was $219.0 million, which was comprised of the following (in thousands): Estimated Fair Value Cash $ 5,761 Deferred cash consideration 231 Common stock (1) 174,225 Fair value of previously held equity interest (2) 38,818 Total $ 219,035 ________________ (1) Approximately 0.9 million shares of the Company’s Class A common stock, issued to selling stockholders that were not affiliated with the Company, were included in the purchase consideration, and the fair values of these shares were determined based on the closing market price of $194.28 per share on the acquisition date. (2) In connection with this business combination, the Company issued approximately 0.2 million shares of its Class A common stock to the Investing Subsidiary in exchange for the Previously Held Equity Interest. The fair values of these shares were determined based on the closing market price of $194.28 per share on the acquisition date. These shares are treated as treasury stock for accounting purposes. 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. |
Schedule of Recognized Identified 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 $ 9,589 Goodwill 189,838 Developed technology intangible asset 25,000 5 Other net tangible liabilities (345) Deferred tax liabilities, net (1) (5,047) Total $ 219,035 ________________ (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 $ 43,968 Goodwill 63,138 Developed technology intangible assets 83,000 5 Other net tangible liabilities (790) Deferred tax liabilities, net (1) (3,889) 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. Estimated Fair Value Estimated Useful Life Cash and cash equivalents $ 11,594 Goodwill 46,426 Developed technology intangible asset 33,000 5 Other net tangible liabilities (6,623) Deferred tax liabilities, net (1) (8,136) 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. Estimated Fair Value Estimated Useful Life Cash, cash equivalents, and restricted cash $ 3,563 Goodwill 9,029 Developed technology intangible asset 53,000 5 Other net tangible liabilities (1,434) Deferred tax liabilities, net (1) (2,150) 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 both of Samooha and Neeva, as if each had been acquired as of February 1, 2022 (in thousands): Pro Forma Fiscal Year Ended January 31, 2024 2023 (unaudited) Revenue $ 2,806,739 $ 2,065,730 Net loss $ (932,308) $ (937,873) The following unaudited pro forma financial information summarizes the combined results of operations of the Company and the above three companies acquired during fiscal 2023, as if each had been acquired as of February 1, 2021 (in thousands): Pro Forma Fiscal Year Ended January 31, 2023 2022 (unaudited) Revenue $ 2,067,262 $ 1,221,461 Net loss $ (866,099) $ (817,848) |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets, net consisted of the following (in thousands): January 31, 2024 Gross Accumulated Amortization Net Finite-lived intangible assets: Developed technology $ 243,596 $ (47,919) $ 195,677 Developer community 154,900 (55,442) 99,458 Assembled workforce 55,732 (22,945) 32,787 Patents 8,874 (6,211) 2,663 Total finite-lived intangible assets $ 463,102 $ (132,517) $ 330,585 Indefinite-lived intangible assets—trademarks 826 Total intangible assets, net $ 331,411 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 January 31, 2024, future amortization expense is expected to be as follows (in thousands): Amount Fiscal Year Ending January 31, 2025 $ 94,777 2026 88,519 2027 84,366 2028 51,800 2029 11,123 Thereafter — Total $ 330,585 |
Schedule of Goodwill | Changes in goodwill were as follows (in thousands): Amount Balance—January 31, 2022 $ 8,449 Additions and related adjustments (1) 648,921 Balance—January 31, 2023 657,370 Additions and related adjustments (1) 318,536 Balance—January 31, 2024 $ 975,906 ________________ (1) Includes measurement period adjustments related to the preliminary fair values of the assets acquired and liabilities assumed in business combinations. These adjustments did not have a material impact on goodwill. See Note 7, “Business Combinations,” for further details. |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): January 31, 2024 January 31, 2023 Accrued compensation $ 205,056 $ 123,173 Accrued third-party cloud infrastructure expenses 48,571 35,093 Employee contributions under employee stock purchase plan 40,641 36,648 Liabilities associated with sales, marketing and business development programs 39,571 24,218 Accrued taxes 37,108 20,003 Employee payroll tax withheld on employee stock transactions 22,479 592 Accrued professional services 9,274 11,776 Accrued purchases of property and equipment 4,508 3,876 Other 39,652 13,690 Total accrued expenses and other current liabilities $ 446,860 $ 269,069 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Lease Cost | The components of lease costs and other information related to leases were as follows (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 Operating lease costs $ 52,892 $ 46,240 $ 35,745 Variable lease costs 11,667 7,906 6,029 Sublease income (11,943) (12,782) (12,722) Total lease costs $ 52,616 $ 41,364 $ 29,052 Supplemental cash flow information and non-cash activity related to the Company’s operating leases were as follows (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 Cash payments (receipts) included in the measurement of operating lease liabilities—operating cash flows $ 40,498 $ 42,342 $ 38,249 Operating lease liabilities arising from obtaining right-of-use assets $ 56,037 $ 72,158 $ 28,314 Weighted-average remaining lease term and discount rate for the Company’s operating leases were as follows: January 31, 2024 January 31, 2023 Weighted-average remaining lease term (years) 7.5 8.2 Weighted-average discount rate 6.1 % 6.5 % |
Schedule of Operating Leases and Subleases | The total remaining lease payments under non-cancelable operating leases and lease receipts for subleases as of January 31, 2024 were as follows (in thousands): Operating Leases Subleases Total Fiscal Year Ending January 31, 2025 $ 46,530 $ (7,709) $ 38,821 2026 47,944 (5,774) 42,170 2027 46,651 (5,960) 40,691 2028 45,132 (6,153) 38,979 2029 43,001 (6,351) 36,650 Thereafter 136,207 (3,235) 132,972 Total lease payments (receipts) $ 365,465 $ (35,182) $ 330,283 Less: imputed interest (77,484) Present value of operating lease liabilities $ 287,981 |
Schedule of Other Contractual Commitments | Future minimum payments under the Company’s non-cancelable purchase commitments with a remaining term in excess of one year as of January 31, 2024 are presented in the table below (in thousands): Amount Fiscal Year Ending January 31, 2025 $ 498,704 2026 528,063 2027 563,994 2028 656,162 2029 1,176,725 (1)(2) Thereafter — Total $ 3,423,648 ________________ (1) Includes $929.5 million of remaining non-cancelable contractual commitments as of January 31, 2024 related to one of the Company’s third-party cloud infrastructure agreements, under which the Company committed to spend an aggregate of at least $1.0 billion between June 2023 and May 2028 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 by May 2028 and such payment can be applied to qualifying expenditures for cloud infrastructure services for up to twelve months after May 2028. (2) Also includes $247.2 million of remaining non-cancelable contractual commitments as of January 31, 2024 related to another one of the Company’s third-party cloud infrastructure agreements, under which the Company committed to spend an aggregate of at least $250.0 million between January 2024 and December 2028 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 by December 2028. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
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): January 31, 2024 January 31, 2023 2012 Equity Incentive Plan: Options outstanding 26,767 35,212 Restricted stock units outstanding 789 2,521 2020 Equity Incentive Plan: Options outstanding 602 642 Restricted stock units outstanding 20,168 13,039 Shares available for future grants 59,371 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 121,461 115,449 |
Share Repurchase Activity | The following table summarizes the stock repurchase activity under the Company’s stock repurchase program (in thousands, except per share data): Fiscal Year Ended January 31, 2024 Number of shares repurchased 4,012 Weighted-average price per share (1) $ 147.50 Aggregate purchase price (1) $ 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 fiscal years ended January 31, 2024, 2023, and 2022 is as follows: Shares Number of Options Outstanding Weighted- Weighted-Average Remaining Contractual Life Aggregate Balance—January 31, 2021 32,870 64,575 $ 7.04 7.7 $ 17,138,896 Shares authorized 14,397 — Options exercised — (20,903) $ 6.08 Options canceled 1,629 (1,629) $ 6.80 RSUs granted (4,026) — RSUs forfeited 576 — Balance—January 31, 2022 45,446 42,043 $ 7.53 6.9 $ 11,283,299 Shares authorized 15,619 — Options granted (642) 642 $ 207.56 Options exercised — (6,118) $ 6.50 Options canceled 713 (713) $ 8.02 RSUs granted (10,788) — Shares withheld related to net share settlement of RSUs 1,149 — RSUs forfeited 1,492 — Balance—January 31, 2023 52,989 35,854 $ 11.27 5.9 $ 5,237,549 Shares authorized 16,165 — Options exercised — (8,357) $ 6.84 Options canceled 128 (128) $ 70.59 RSUs granted (14,088) — Shares withheld related to net share settlement of RSUs 2,296 — RSUs forfeited 1,881 — Balance—January 31, 2024 59,371 27,369 $ 12.35 5.0 $ 5,023,664 Vested and exercisable as of January 31, 2024 26,774 $ 10.00 5.0 $ 4,973,515 |
Option Rollforward Schedule | A summary of stock option activity and activity regarding shares available for grant under the Plans during the fiscal years ended January 31, 2024, 2023, and 2022 is as follows: Shares Number of Options Outstanding Weighted- Weighted-Average Remaining Contractual Life Aggregate Balance—January 31, 2021 32,870 64,575 $ 7.04 7.7 $ 17,138,896 Shares authorized 14,397 — Options exercised — (20,903) $ 6.08 Options canceled 1,629 (1,629) $ 6.80 RSUs granted (4,026) — RSUs forfeited 576 — Balance—January 31, 2022 45,446 42,043 $ 7.53 6.9 $ 11,283,299 Shares authorized 15,619 — Options granted (642) 642 $ 207.56 Options exercised — (6,118) $ 6.50 Options canceled 713 (713) $ 8.02 RSUs granted (10,788) — Shares withheld related to net share settlement of RSUs 1,149 — RSUs forfeited 1,492 — Balance—January 31, 2023 52,989 35,854 $ 11.27 5.9 $ 5,237,549 Shares authorized 16,165 — Options exercised — (8,357) $ 6.84 Options canceled 128 (128) $ 70.59 RSUs granted (14,088) — Shares withheld related to net share settlement of RSUs 2,296 — RSUs forfeited 1,881 — Balance—January 31, 2024 59,371 27,369 $ 12.35 5.0 $ 5,023,664 Vested and exercisable as of January 31, 2024 26,774 $ 10.00 5.0 $ 4,973,515 |
Schedule of Unvested RSU Rollforward | A summary of equity-classified RSUs activity during the fiscal years ended January 31, 2024, 2023, and 2022 is as follows: Number of Shares Weighted-Average Grant-Date Fair Value per Share Unvested Balance—January 31, 2021 9,348 $ 125.06 Granted 4,026 $ 250.46 Vested (3,186) $ 109.44 Forfeited (576) $ 169.74 Unvested Balance—January 31, 2022 9,612 $ 180.08 Granted 10,788 $ 180.65 Vested (3,348) $ 165.30 Forfeited (1,492) $ 206.02 Unvested Balance—January 31, 2023 15,560 $ 181.17 Granted (1) 12,706 $ 158.28 Vested (6,810) $ 172.38 Forfeited (1,881) $ 176.44 Unvested Balance—January 31, 2024 19,575 $ 169.82 ________________ (1) Includes 0.5 million Leadership PRSUs granted at 120% of the target number of these awards, which represents the maximum number of Leadership PRSUs that may be eligible to vest with respect to these awards over their full term. A summary of liability-classified RSUs activity during the fiscal year ended January 31, 2024 is as follows: Number of Shares Unvested Balance—January 31, 2023 — Granted (1) 1,382 Unvested Balance—January 31, 2024 1,382 ________________ (1) Represents the maximum number of Acquisition PRSUs that may be eligible to vest with respect to these awards over their full term. |
Schedule of Unvested RSA Rollforward | A summary of restricted common stock activity outside of the Plans during the fiscal years ended January 31, 2024, 2023, and 2022 is as follows: Outside of the Plans Number of Shares Weighted-Average Grant-Date Fair Value per Share Unvested Balance—January 31, 2021 742 $ 2.11 Vested (362) $ 2.10 Unvested Balance—January 31, 2022 380 $ 2.11 Granted 409 $ 229.13 Vested (361) $ 2.10 Unvested Balance—January 31, 2023 428 $ 219.26 Granted 385 $ 194.28 Vested (142) $ 199.28 Unvested Balance—January 31, 2024 671 $ 209.15 |
Schedule of Valuation Assumptions | The following table summarizes the assumptions used in estimating the grant-date fair value of stock options granted to employees during the fiscal year ended January 31, 2023: Fiscal Year Ended January 31, 2023 Expected term (in years) 6.0 Expected volatility 50.0 % Risk-free interest rate 1.8 % Expected dividend yield — % |
Schedule of Valuation Assumptions Other than Stock Options | The following table summarizes the assumptions used in estimating the fair values of employee stock purchase rights granted under the 2020 ESPP during the fiscal years ended January 31, 2024, 2023, and 2022: Fiscal Year Ended January 31, 2024 2023 2022 Expected term (in years) 0.5 0.5 0.5 Expected volatility 48.4% - 71.3% 58.9% - 74.8% 37.3% - 49.5% Risk-free interest rate 4.7% - 5.5% 0.9% - 3.8% 0.1% Expected dividend yield — % — % — % |
Schedule of Valuation Assumptions, Liability-Classified Performance Shares | The following table summarizes the assumptions used in estimating the fair value of liability-classified Acquisition PRSUs as of January 31, 2024: January 31, 2024 Expected volatility 60.0 % Risk-free interest rate 4.0 % |
Share-based Compensation Schedule | Stock-based compensation included in the consolidated statements of operations was as follows (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 Cost of revenue $ 123,363 $ 106,302 $ 87,336 Sales and marketing 299,657 246,811 185,970 Research and development 644,928 407,524 232,867 General and administrative 100,067 100,896 98,922 Stock-based compensation, net of amounts capitalized 1,168,015 861,533 605,095 Capitalized stock-based compensation 48,830 29,417 24,174 Total stock-based compensation $ 1,216,845 $ 890,950 $ 629,269 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Loss Before Income Taxes | The components of loss before income taxes were as follows (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 U.S. $ (875,703) $ (851,538) $ (717,208) Foreign 26,480 35,545 40,248 Loss before income taxes $ (849,223) $ (815,993) $ (676,960) |
Schedule of Provision for Income Taxes | The provision for (benefit from) income taxes consists of the following (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 Current provision: State $ 754 $ 626 $ 288 Foreign 14,775 7,571 3,417 Deferred benefit: Federal (15,376) (21,647) — State (4,700) (4,410) — Foreign (6,686) (607) (717) Provision for (benefit from) income taxes $ (11,233) $ (18,467) $ 2,988 |
Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rate differs from the federal statutory income tax rate applied to the loss before income taxes due to the following (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 Income tax benefit computed at federal statutory rate $ (178,337) $ (171,359) $ (142,162) State taxes, net of federal benefit 26,380 14,948 35,360 Research and development credits (101,725) (58,136) (142,544) Stock-based compensation (148,600) (71,295) (898,234) Change in valuation allowance 371,767 213,532 1,159,276 IRC Section 59A waived deductions 11,550 49,476 — Other 7,732 4,367 (8,708) Provision for (benefit from) income taxes $ (11,233) $ (18,467) $ 2,988 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and deferred tax liabilities are shown below (in thousands): January 31, 2024 January 31, 2023 Deferred tax assets: Net operating losses carryforwards $ 1,673,213 $ 1,567,135 Capitalized research and development 420,491 147,328 Tax credit carryforwards 376,804 274,690 Stock-based compensation 109,446 123,408 Deferred revenue 82,683 31,527 Operating lease liabilities 54,008 55,079 Net unrealized losses on strategic investments 2,443 5,669 Other 31,776 14,834 Total deferred tax assets 2,750,864 2,219,670 Less: valuation allowance (2,621,009) (2,100,594) Net deferred tax assets 129,855 119,076 Deferred tax liabilities: Intangible assets (39,173) (39,426) Deferred commissions (41,609) (31,940) Operating lease right-of-use assets (48,629) (53,829) Other (1,326) (2,358) Total deferred tax liabilities (130,737) (127,553) Net deferred tax liabilities $ (882) $ (8,477) |
Schedule of Unrecognized Tax Benefits | The following table shows the changes in the gross amount of unrecognized tax benefits (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 Beginning balance $ 75,180 $ 57,715 $ 19,349 Increases based on tax positions during the prior period 12,708 1,816 20 Increases based on tax positions during the current period 27,365 15,649 38,346 Ending balance $ 115,253 $ 75,180 $ 57,715 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
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 and Class B common stockholders (in thousands, except per share data): Fiscal Year Ended January 31, 2024 2023 2022 Numerator: Net loss $ (837,990) $ (797,526) $ (679,948) Less: net loss attributable to noncontrolling interest (1,893) (821) — Net loss attributable to Snowflake Inc. Class A and Class B common stockholders $ (836,097) $ (796,705) $ (679,948) Denominator: Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. Class A and Class B common stockholders—basic and diluted 328,001 318,730 300,273 Net loss per share attributable to Snowflake Inc. Class A and Class B common stockholders—basic and diluted $ (2.55) $ (2.50) $ (2.26) |
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 and Class B common stockholders for the periods presented because the impact of including them would have been anti-dilutive (in thousands): Fiscal Year Ended January 31, 2024 2023 2022 Stock options 27,369 35,854 42,043 RSUs 20,957 15,560 9,612 Unvested restricted common stock and early exercised stock options 671 446 426 Employee stock purchase rights under the 2020 ESPP 284 265 116 Total 49,281 52,125 52,197 |
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 | Jan. 31, 2024 | Jan. 31, 2023 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | $ 499,592 | $ 392,089 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | 379,664 | 329,275 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | $ 119,928 | $ 62,814 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Concentration Risk [Line Items] | |||
Advertising costs | $ 85,300,000 | $ 68,200,000 | $ 57,500,000 |
Incremental cost amortization period | 5 years | ||
Impairment losses | $ 0 | $ 0 | $ 0 |
Software and Software Development Costs | |||
Concentration Risk [Line Items] | |||
Estimated useful life | 3 years | ||
Minimum | |||
Concentration Risk [Line Items] | |||
Contract term | 1 year | ||
Estimated useful life | 3 years | ||
Maximum | |||
Concentration Risk [Line Items] | |||
Contract term | 4 years | ||
Estimated useful life | 7 years | ||
On-demand arrangements | Revenue from Contract with Customer Benchmark | Product and Service | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 3% | 2% | 3% |
Revenue, Accounts Receivable,_3
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 2,806,489 | $ 2,065,659 | $ 1,219,327 |
Product revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,666,849 | 1,938,783 | 1,140,469 |
Professional services and other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 139,640 | $ 126,876 | $ 78,858 |
Revenue, Accounts Receivable,_4
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations - Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 2,806,489 | $ 2,065,659 | $ 1,219,327 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,166,448 | 1,633,843 | 977,077 |
Other Americas | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 72,784 | 46,577 | 26,324 |
EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 432,634 | 292,666 | 169,268 |
Asia-Pacific and Japan | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 134,623 | $ 92,573 | $ 46,658 |
Revenue, Accounts Receivable,_5
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |||
Allowance for doubtful accounts | $ 2.5 | $ 2.2 | |
Revenue recognized | 1,400 | $ 974.3 | $ 535.8 |
Remaining performance obligation | $ 5,200 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-02-01 | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, remaining performance obligation, percentage | 50% | ||
Remaining performance obligation, remaining life | 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 | Jan. 31, 2024 | Jan. 31, 2023 |
Cash equivalents: | ||
Amortized Cost | $ 1,331,709 | $ 539,390 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | (2) | (2) |
Estimated Fair Value | 1,331,708 | 539,389 |
Investments: | ||
Amortized Cost | 3,005,041 | 4,176,983 |
Gross Unrealized Gains | 2,958 | 2,753 |
Gross Unrealized Losses | (8,193) | (38,747) |
Estimated Fair Value | 2,999,806 | 4,140,989 |
Amortized Cost | 4,336,750 | 4,716,373 |
Gross Unrealized Gains | 2,959 | 2,754 |
Gross Unrealized Losses | (8,195) | (38,749) |
Estimated Fair Value | 4,331,514 | 4,680,378 |
Corporate notes and bonds | ||
Investments: | ||
Amortized Cost | 1,549,151 | 2,124,454 |
Gross Unrealized Gains | 1,959 | 2,096 |
Gross Unrealized Losses | (3,394) | (23,470) |
Estimated Fair Value | 1,547,716 | 2,103,080 |
U.S. government and agency securities | ||
Investments: | ||
Amortized Cost | 877,496 | 715,949 |
Gross Unrealized Gains | 574 | 107 |
Gross Unrealized Losses | (4,653) | (12,220) |
Estimated Fair Value | 873,417 | 703,836 |
Commercial paper | ||
Investments: | ||
Amortized Cost | 353,525 | 883,023 |
Gross Unrealized Gains | 154 | 272 |
Gross Unrealized Losses | (131) | (1,947) |
Estimated Fair Value | 353,548 | 881,348 |
Certificates of deposit | ||
Investments: | ||
Amortized Cost | 224,869 | 453,557 |
Gross Unrealized Gains | 271 | 278 |
Gross Unrealized Losses | (15) | (1,110) |
Estimated Fair Value | 225,125 | 452,725 |
U.S. government securities | ||
Cash equivalents: | ||
Amortized Cost | 742,235 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (2) | |
Estimated Fair Value | 742,234 | |
Money market funds | ||
Cash equivalents: | ||
Amortized Cost | 533,211 | 520,138 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 533,211 | 520,138 |
Money market funds | Reclassification adjustment | ||
Cash equivalents: | ||
Estimated Fair Value | 141,000 | |
Time deposits | ||
Cash equivalents: | ||
Amortized Cost | 56,263 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | $ 56,263 | |
Commercial paper | ||
Cash equivalents: | ||
Amortized Cost | 9,305 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (1) | |
Estimated Fair Value | 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 | 12 Months Ended | |
Jan. 31, 2024 | 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 | $ 24.2 | $ 19.4 |
Cash Equivalents and Investme_5
Cash Equivalents and Investments - Available for Sale Securities Remaining Contractual Maturity (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Due within 1 year | $ 2,083,499 | |
Due in 1 year to 3 years | 916,307 | |
Total | 2,999,806 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Less than 12 months, fair value | 338,893 | $ 12,348 |
Cash Equivalents, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2) | (2) |
12 months or greater, fair value | 0 | 0 |
Cash Equivalents, Continuous Unrealized Loss Position, 12 Months Or Longer, Accumulated Loss | 0 | 0 |
Cash Equivalents, Unrealized loss position, fair value | 338,893 | 12,348 |
Cash Equivalents, Unrealized Loss Position, Accumulated Loss | (2) | (2) |
Less than 12 months, fair value | 1,395,409 | 2,105,083 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,728) | (14,735) |
12 months or greater, fair value | 513,815 | 969,202 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (5,465) | (24,012) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,909,224 | 3,074,285 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | (8,193) | (38,747) |
Cash Equivalents And Debt Securities, Available-For-Sale, Continuous Unrealized Loss Position, Less Than 12 Months | 1,734,302 | 2,117,431 |
Cash Equivalents And Debt Securities, Available-For-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Accumulated Loss | (2,730) | (14,737) |
Cash Equivalents And Debt Securities, Available-For-Sale, Continuous Unrealized Loss Position, 12 Months Or Longer | 513,815 | 969,202 |
Cash Equivalents And Debt Securities, Available-For-Sale, Continuous Unrealized Loss Position, 12 Months Or Longer, Accumulated Loss | (5,465) | (24,012) |
Cash Equivalents And Debt Securities, Available-For-Sale, Unrealized Loss Position | 2,248,117 | 3,086,633 |
Cash Equivalents And Debt Securities, Available-For-Sale, Unrealized Loss Position, Accumulated Loss | (8,195) | (38,749) |
Corporate notes and bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Less than 12 months, fair value | 625,766 | 899,655 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,259) | (8,521) |
12 months or greater, fair value | 321,952 | 736,431 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2,135) | (14,949) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 947,718 | 1,636,086 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | (3,394) | (23,470) |
U.S. government and agency securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Less than 12 months, fair value | 525,408 | 387,207 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,323) | (3,157) |
12 months or greater, fair value | 191,863 | 232,771 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (3,330) | (9,063) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 717,271 | 619,978 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | (4,653) | (12,220) |
Commercial paper | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Less than 12 months, fair value | 172,422 | 561,793 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (131) | (1,947) |
12 months or greater, fair value | 0 | 0 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 172,422 | 561,793 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | (131) | (1,947) |
Certificates of deposit | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Less than 12 months, fair value | 71,813 | 256,428 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (15) | (1,110) |
12 months or greater, fair value | 0 | 0 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 71,813 | 256,428 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | $ (15) | (1,110) |
Commercial paper | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Less than 12 months, fair value | 9,304 | |
Cash Equivalents, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1) | |
12 months or greater, fair value | 0 | |
Cash Equivalents, Continuous Unrealized Loss Position, 12 Months Or Longer, Accumulated Loss | 0 | |
Cash Equivalents, Unrealized loss position, fair value | 9,304 | |
Cash Equivalents, Unrealized Loss Position, Accumulated Loss | (1) | |
Certificates of deposit | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Less than 12 months, fair value | 3,044 | |
Cash Equivalents, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1) | |
12 months or greater, fair value | 0 | |
Cash Equivalents, Continuous Unrealized Loss Position, 12 Months Or Longer, Accumulated Loss | 0 | |
Cash Equivalents, Unrealized loss position, fair value | 3,044 | |
Cash Equivalents, Unrealized Loss Position, Accumulated Loss | $ (1) |
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 | Jan. 31, 2024 | Jan. 31, 2023 |
Cash Equivalents, Fair Value | ||
Less than 12 months, fair value | $ 338,893 | $ 12,348 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 338,893 | 12,348 |
Cash Equivalents, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (2) | (2) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | (2) | (2) |
Investments, Fair Value | ||
Less than 12 months, fair value | 1,395,409 | 2,105,083 |
12 months or greater, fair value | 513,815 | 969,202 |
Total, fair value | 1,909,224 | 3,074,285 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (2,728) | (14,735) |
12 months or greater, accumulated losses | (5,465) | (24,012) |
Total, accumulated losses | (8,193) | (38,747) |
Cash Equivalents And Debt Securities, Available-For-Sale [Abstract] | ||
Less than 12 months, fair value | 1,734,302 | 2,117,431 |
12 months or greater, fair value | 513,815 | 969,202 |
Total, fair value | 2,248,117 | 3,086,633 |
Cash Equivalents And Debt Securities, Available-For-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, accumulated losses | (2,730) | (14,737) |
12 months or greater, accumulated losses | (5,465) | (24,012) |
Total, accumulated losses | (8,195) | (38,749) |
Corporate notes and bonds | ||
Investments, Fair Value | ||
Less than 12 months, fair value | 625,766 | 899,655 |
12 months or greater, fair value | 321,952 | 736,431 |
Total, fair value | 947,718 | 1,636,086 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (1,259) | (8,521) |
12 months or greater, accumulated losses | (2,135) | (14,949) |
Total, accumulated losses | (3,394) | (23,470) |
U.S. government and agency securities | ||
Investments, Fair Value | ||
Less than 12 months, fair value | 525,408 | 387,207 |
12 months or greater, fair value | 191,863 | 232,771 |
Total, fair value | 717,271 | 619,978 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (1,323) | (3,157) |
12 months or greater, accumulated losses | (3,330) | (9,063) |
Total, accumulated losses | (4,653) | (12,220) |
Commercial paper | ||
Investments, Fair Value | ||
Less than 12 months, fair value | 172,422 | 561,793 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 172,422 | 561,793 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (131) | (1,947) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | (131) | (1,947) |
Certificates of deposit | ||
Investments, Fair Value | ||
Less than 12 months, fair value | 71,813 | 256,428 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 71,813 | 256,428 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (15) | (1,110) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | (15) | $ (1,110) |
U.S. government securities | ||
Cash Equivalents, Fair Value | ||
Less than 12 months, fair value | 338,893 | |
12 months or greater, fair value | 0 | |
Total, fair value | 338,893 | |
Cash Equivalents, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (2) | |
12 months or greater, accumulated losses | 0 | |
Total, accumulated losses | $ (2) |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Assets: | ||
Cash equivalents: | $ 1,331,708 | $ 539,389 |
Short-term investments | 2,083,499 | 3,067,966 |
Long-term investments | $ 916,307 | 1,073,023 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid expenses and other current assets | |
Liabilities: | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other current liabilities | |
U.S. government securities | ||
Assets: | ||
Cash equivalents: | $ 742,234 | |
Money market funds | ||
Assets: | ||
Cash equivalents: | 533,211 | 520,138 |
Money market funds | Reclassification adjustment | ||
Assets: | ||
Cash equivalents: | 141,000 | |
Time deposits | ||
Assets: | ||
Cash equivalents: | 56,263 | |
Commercial paper | ||
Assets: | ||
Cash equivalents: | 9,304 | |
Corporate notes and bonds | ||
Assets: | ||
Cash equivalents: | 6,903 | |
Certificates of deposit | ||
Assets: | ||
Cash equivalents: | 3,044 | |
Level 1 | Money market funds | Reclassification adjustment | ||
Assets: | ||
Cash equivalents: | 141,000 | |
Recurring | ||
Assets: | ||
Derivative assets | 60 | |
Total assets | 4,331,574 | 4,680,378 |
Liabilities: | ||
Derivative liabilities | (745) | |
Total liabilities | (745) | |
Recurring | Corporate notes and bonds | ||
Assets: | ||
Short-term investments | 939,727 | 1,301,296 |
Long-term investments | 607,989 | 801,784 |
Recurring | U.S. government and agency securities | ||
Assets: | ||
Short-term investments | 573,780 | 440,128 |
Long-term investments | 299,637 | 263,708 |
Recurring | Commercial paper | ||
Assets: | ||
Short-term investments | 353,548 | 881,348 |
Recurring | Certificates of deposit | ||
Assets: | ||
Short-term investments | 216,444 | 445,194 |
Long-term investments | 8,681 | 7,531 |
Recurring | U.S. government securities | ||
Assets: | ||
Cash equivalents: | 742,234 | |
Recurring | Money market funds | ||
Assets: | ||
Cash equivalents: | 533,211 | 520,138 |
Recurring | Time deposits | ||
Assets: | ||
Cash equivalents: | 56,263 | |
Recurring | Commercial paper | ||
Assets: | ||
Cash equivalents: | 9,304 | |
Recurring | Corporate notes and bonds | ||
Assets: | ||
Cash equivalents: | 6,903 | |
Recurring | Certificates of deposit | ||
Assets: | ||
Cash equivalents: | 3,044 | |
Recurring | Level 1 | ||
Assets: | ||
Derivative assets | 0 | |
Total assets | 533,211 | 520,138 |
Liabilities: | ||
Derivative liabilities | 0 | |
Total liabilities | 0 | |
Recurring | Level 1 | Corporate notes and bonds | ||
Assets: | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Recurring | Level 1 | U.S. government and agency securities | ||
Assets: | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Recurring | Level 1 | Commercial paper | ||
Assets: | ||
Short-term investments | 0 | 0 |
Recurring | Level 1 | Certificates of deposit | ||
Assets: | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Recurring | Level 1 | U.S. government securities | ||
Assets: | ||
Cash equivalents: | 0 | |
Recurring | Level 1 | Money market funds | ||
Assets: | ||
Cash equivalents: | 533,211 | 520,138 |
Recurring | Level 1 | Time deposits | ||
Assets: | ||
Cash equivalents: | 0 | |
Recurring | Level 1 | Commercial paper | ||
Assets: | ||
Cash equivalents: | 0 | |
Recurring | Level 1 | Corporate notes and bonds | ||
Assets: | ||
Cash equivalents: | 0 | |
Recurring | Level 1 | Certificates of deposit | ||
Assets: | ||
Cash equivalents: | 0 | |
Recurring | Level 2 | ||
Assets: | ||
Derivative assets | 60 | |
Total assets | 3,798,363 | 4,160,240 |
Liabilities: | ||
Derivative liabilities | (745) | |
Total liabilities | (745) | |
Recurring | Level 2 | Corporate notes and bonds | ||
Assets: | ||
Short-term investments | 939,727 | 1,301,296 |
Long-term investments | 607,989 | 801,784 |
Recurring | Level 2 | U.S. government and agency securities | ||
Assets: | ||
Short-term investments | 573,780 | 440,128 |
Long-term investments | 299,637 | 263,708 |
Recurring | Level 2 | Commercial paper | ||
Assets: | ||
Short-term investments | 353,548 | 881,348 |
Recurring | Level 2 | Certificates of deposit | ||
Assets: | ||
Short-term investments | 216,444 | 445,194 |
Long-term investments | 8,681 | 7,531 |
Recurring | Level 2 | U.S. government securities | ||
Assets: | ||
Cash equivalents: | 742,234 | |
Recurring | Level 2 | Money market funds | ||
Assets: | ||
Cash equivalents: | 0 | 0 |
Recurring | Level 2 | Time deposits | ||
Assets: | ||
Cash equivalents: | $ 56,263 | |
Recurring | Level 2 | Commercial paper | ||
Assets: | ||
Cash equivalents: | 9,304 | |
Recurring | Level 2 | Corporate notes and bonds | ||
Assets: | ||
Cash equivalents: | 6,903 | |
Recurring | Level 2 | Certificates of deposit | ||
Assets: | ||
Cash equivalents: | $ 3,044 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Measurements (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Fair Value Disclosures [Abstract] | ||
Non-marketable equity securities under Measurement Alternative | $ 190,238 | $ 174,248 |
Non-marketable equity securities under equity method | 5,307 | 5,066 |
Marketable equity securities | 37,320 | 22,122 |
Non-marketable debt securities | 1,500 | 1,500 |
Total strategic investments—included in other assets | $ 234,365 | $ 202,936 |
Fair Value Measurements - Unrea
Fair Value Measurements - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Upward adjustments | $ 0 | $ 4,125 | $ 32,975 |
Impairments | (3,101) | (38,036) | 0 |
Net unrealized gains (losses) on marketable equity securities | 15,197 | (12,524) | (5,354) |
Net unrealized gains (losses) on strategic investments in equity securities | 12,096 | (46,435) | 27,621 |
Realized gains on non-marketable equity securities under measurement alternative | 34,713 | 0 | 0 |
Total—included in other income (expense), net | 46,809 | $ (46,435) | $ 27,621 |
Samooha, Inc. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity interest in acquiree, remeasurement gain | $ 34,000 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Millions | Jan. 31, 2024 USD ($) |
Fair Value Disclosures [Abstract] | |
Cumulative amount of upward adjustments | $ 37.1 |
Impairments | $ 41.1 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Property, Plant and Equipment | ||
Total property and equipment, gross | $ 322,105 | $ 207,669 |
Less: accumulated depreciation and amortization | (74,641) | (46,846) |
Total property and equipment, net | 247,464 | 160,823 |
Leasehold improvements | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 67,804 | 59,872 |
Computers, equipment, and software | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 29,859 | 20,050 |
Furniture and fixtures | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 17,593 | 14,800 |
Capitalized internal-use software development costs | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 93,222 | 44,059 |
Less: accumulated depreciation and amortization | (30,000) | (19,900) |
Construction in progress—capitalized internal-use software development costs | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 78,737 | 61,575 |
Construction in progress—other | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | $ 34,890 | $ 7,313 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 37,700,000 | $ 24,700,000 | $ 13,700,000 |
Accumulated amortization, property, plant, and equipment | 19,000,000 | 10,200,000 | 4,200,000 |
Impairment of capitalized internal-use software | $ 7,100,000 | $ 0 | $ 0 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) shares in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 20, 2023 USD ($) shares | Feb. 10, 2023 USD ($) | Sep. 23, 2022 USD ($) | Mar. 31, 2022 USD ($) founder shares | Jul. 31, 2023 USD ($) | Jan. 31, 2024 USD ($) shares | Jan. 31, 2023 USD ($) founder shares | Dec. 19, 2023 USD ($) | Jan. 31, 2022 USD ($) | |
Business Acquisition [Line Items] | |||||||||
Non-marketable equity securities under Measurement Alternative | $ 190,238,000 | $ 174,248,000 | |||||||
Goodwill | $ 975,906,000 | $ 657,370,000 | $ 8,449,000 | ||||||
Restricted Common Stock | Outside of the Plans | |||||||||
Business Acquisition [Line Items] | |||||||||
Granted (in shares) | shares | 385 | 409 | |||||||
Samooha, Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Non-marketable equity securities under Measurement Alternative | $ 4,800,000 | ||||||||
Samooha, Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity interest in acquiree, remeasurement gain | $ 34,000,000 | ||||||||
Cash acquired | $ 9,589,000 | ||||||||
Intangible assets acquired | $ 25,000,000 | ||||||||
Estimated Useful Life (in years) | 5 years | ||||||||
Goodwill | $ 189,838,000 | ||||||||
Business combination, acquisition related costs | 0 | ||||||||
Consideration transferred | $ 5,761,000 | ||||||||
Samooha, Inc. | Restricted Common Stock | Outside of the Plans | Class A Common Stock | |||||||||
Business Acquisition [Line Items] | |||||||||
Granted (in shares) | shares | 400 | ||||||||
Vesting period (in years) | 4 years | ||||||||
Fair value | $ 74,800,000 | ||||||||
Requisite service period | 4 years | ||||||||
Neeva Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Consideration transferred | $ 185,400,000 | ||||||||
Cash acquired | 43,968,000 | ||||||||
Intangible assets acquired | $ 83,000,000 | ||||||||
Estimated Useful Life (in years) | 5 years | ||||||||
Goodwill | $ 63,138,000 | ||||||||
Business combination, acquisition related costs | 0 | ||||||||
Streamlit, Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Consideration transferred | $ 650,755,000 | ||||||||
Cash acquired | 33,914,000 | ||||||||
Intangible assets acquired | $ 150,000,000 | ||||||||
Estimated Useful Life (in years) | 5 years | ||||||||
Goodwill | $ 494,411,000 | ||||||||
Business combination, acquisition related costs | $ 1,900,000 | ||||||||
Consideration transferred | $ 211,839,000 | ||||||||
Number of founders | founder | 3 | 3 | |||||||
Streamlit, Inc. | Restricted Common Stock | Outside of the Plans | Class A Common Stock | |||||||||
Business Acquisition [Line Items] | |||||||||
Granted (in shares) | shares | 400 | ||||||||
Vesting period (in years) | 3 years | ||||||||
Fair value | $ 93,700,000 | ||||||||
Requisite service period | 3 years | ||||||||
Applica Sp. z.o.o. | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash acquired | $ 61,000 | ||||||||
Intangible assets acquired | $ 35,000,000 | ||||||||
Estimated Useful Life (in years) | 5 years | ||||||||
Goodwill | $ 146,444,000 | ||||||||
Business combination, acquisition related costs | $ 3,400,000 | ||||||||
Consideration transferred | $ 174,700,000 | ||||||||
Mountain US Corporation (formerly known as Mobilize.Net Corporation) | |||||||||
Business Acquisition [Line Items] | |||||||||
Consideration transferred | $ 76,300,000 | ||||||||
Cash acquired | 11,594,000 | ||||||||
Intangible assets acquired | $ 33,000,000 | ||||||||
Estimated Useful Life (in years) | 5 years | ||||||||
Goodwill | $ 46,426,000 | ||||||||
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 | ||||||||
Estimated Useful Life (in years) | 5 years | ||||||||
Goodwill | $ 9,029,000 | ||||||||
Business combination, acquisition related costs | 0 | ||||||||
Privately-Held Company | |||||||||
Business Acquisition [Line Items] | |||||||||
Consideration transferred | 16,600,000 | ||||||||
Cash acquired | 1,600,000 | ||||||||
Intangible assets acquired | $ 4,900,000 | ||||||||
Estimated Useful Life (in years) | 5 years | ||||||||
Goodwill | $ 10,100,000 | 8,100,000 | |||||||
Business combination, acquisition related costs | 0 | ||||||||
Consideration transferred | 10,400,000 | ||||||||
Intangible assets | $ 2,000,000 | ||||||||
Estimated useful life | 5 years | ||||||||
Net tangible assets acquired | $ 300,000 | ||||||||
Mountain US Corporation | |||||||||
Business Acquisition [Line Items] | |||||||||
Business combination, acquisition related costs | $ 0 |
Business Combinations - Schedul
Business Combinations - Schedule of Acquisition Date Fair Value of Consideration Transferred (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 20, 2023 | Mar. 31, 2022 | Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Business Acquisition [Line Items] | |||||
Common stock | $ 174,284 | $ 438,916 | $ 0 | ||
Samooha, Inc. | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 5,761 | ||||
Deferred cash consideration | 231 | ||||
Fair value of previously held equity investment | 38,818 | ||||
Total | $ 219,035 | ||||
Business acquisition, share price (in dollars per share) | $ 194.28 | ||||
Samooha, Inc. | Investing Subsidiary | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, equity interest issued or issuable (in shares) | 200 | 200 | |||
Samooha, Inc. | Class A Common Stock | |||||
Business Acquisition [Line Items] | |||||
Common stock | $ 174,225 | ||||
Samooha, Inc. | Class A Common Stock | Non-affiliated Selling Stockholders | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, equity interest issued or issuable (in shares) | 900 | ||||
Streamlit, Inc. | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 211,839 | ||||
Streamlit, Inc. | Class A Common Stock | |||||
Business Acquisition [Line Items] | |||||
Common stock | $ 438,916 | ||||
Business acquisition, equity interest issued or issuable (in shares) | 1,900 | ||||
Business acquisition, share price (in dollars per share) | $ 229.13 |
Business Combinations - Sched_2
Business Combinations - Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||||
Dec. 20, 2023 | Feb. 10, 2023 | Sep. 23, 2022 | Mar. 31, 2022 | Jul. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 975,906 | $ 657,370 | $ 8,449 | |||||
Samooha, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash and cash equivalents | $ 9,589 | |||||||
Goodwill | 189,838 | |||||||
Developed technology intangible asset | 25,000 | |||||||
Other net tangible liabilities | (345) | |||||||
Deferred tax liabilities, net | (5,047) | |||||||
Total | $ 219,035 | |||||||
Estimated Useful Life (in years) | 5 years | |||||||
Neeva Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash and cash equivalents | $ 43,968 | |||||||
Goodwill | 63,138 | |||||||
Developed technology intangible asset | 83,000 | |||||||
Other net tangible liabilities | (790) | |||||||
Deferred tax liabilities, net | (3,889) | |||||||
Total | $ 185,427 | |||||||
Estimated Useful Life (in years) | 5 years | |||||||
Mountain US Corporation (formerly known as Mobilize.Net Corporation) | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash and cash equivalents | $ 11,594 | |||||||
Goodwill | 46,426 | |||||||
Developed technology intangible asset | 33,000 | |||||||
Other net tangible liabilities | (6,623) | |||||||
Deferred tax liabilities, net | (8,136) | |||||||
Total | $ 76,261 | |||||||
Estimated Useful Life (in years) | 5 years | |||||||
LeapYear Technologies, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash and cash equivalents | $ 3,563 | |||||||
Goodwill | 9,029 | |||||||
Developed technology intangible asset | 53,000 | |||||||
Other net tangible liabilities | (1,434) | |||||||
Deferred tax liabilities, net | (2,150) | |||||||
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 | |||||||
Developed technology 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 | |||||||
Developed technology 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 | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Samooha, Inc. And Neeva Inc. | |||
Business Acquisition [Line Items] | |||
Revenue | $ 2,806,739 | $ 2,065,730 | |
Net loss | $ (932,308) | (937,873) | |
Applica Sp. z.o.o., Streamlit, Inc, And Privately-Held Company | |||
Business Acquisition [Line Items] | |||
Revenue | 2,067,262 | $ 1,221,461 | |
Net loss | $ (866,099) | $ (817,848) |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 463,102 | $ 235,505 |
Accumulated Amortization | (132,517) | (50,318) |
Net | 330,585 | 185,187 |
Indefinite-lived intangible assets—trademarks | 826 | 826 |
Total intangible assets, net | 331,411 | 186,013 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 243,596 | 48,332 |
Accumulated Amortization | (47,919) | (9,608) |
Net | 195,677 | 38,724 |
Developer community | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 154,900 | 150,000 |
Accumulated Amortization | (55,442) | (25,206) |
Net | 99,458 | 124,794 |
Assembled workforce | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 55,732 | 28,252 |
Accumulated Amortization | (22,945) | (11,036) |
Net | 32,787 | 17,216 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 8,874 | 8,874 |
Accumulated Amortization | (6,211) | (4,421) |
Net | $ 2,663 | 4,453 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 47 | |
Accumulated Amortization | (47) | |
Net | $ 0 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 82.2 | $ 38.8 | $ 7.8 |
Assembled workforce | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets acquired | $ 27.5 | ||
Estimated Useful Life (in years) | 4 years |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2025 | $ 94,777 | |
2026 | 88,519 | |
2027 | 84,366 | |
2028 | 51,800 | |
2029 | 11,123 | |
Thereafter | 0 | |
Net | $ 330,585 | $ 185,187 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 657,370 | $ 8,449 |
Additions and related adjustments | 318,536 | 648,921 |
Ending balance | $ 975,906 | $ 657,370 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 205,056 | $ 123,173 |
Accrued third-party cloud infrastructure expenses | 48,571 | 35,093 |
Employee contributions under employee stock purchase plan | 40,641 | 36,648 |
Liabilities associated with sales, marketing and business development programs | 39,571 | 24,218 |
Accrued taxes | 37,108 | 20,003 |
Employee payroll tax withheld on employee stock transactions | 22,479 | 592 |
Accrued professional services | 9,274 | 11,776 |
Accrued purchases of property and equipment | 4,508 | 3,876 |
Other | 39,652 | 13,690 |
Accrued expenses and other current liabilities | $ 446,860 | $ 269,069 |
Commitment and Contingencies -
Commitment and Contingencies - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease costs | $ 52,892 | $ 46,240 | $ 35,745 |
Variable lease costs | 11,667 | 7,906 | 6,029 |
Sublease income | (11,943) | (12,782) | (12,722) |
Total lease costs | $ 52,616 | $ 41,364 | $ 29,052 |
Commitment and Contingencies _2
Commitment and Contingencies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Cash payments (receipts) included in the measurement of operating lease liabilities—operating cash flows | $ 40,498 | $ 42,342 | $ 38,249 |
Operating lease liabilities arising from obtaining right-of-use assets | $ 56,037 | $ 72,158 | $ 28,314 |
Commitment and Contingencies _3
Commitment and Contingencies - Weighted Average Remaining Lease Term and Discount Rate (Details) | Jan. 31, 2024 | Jan. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Weighted-average remaining lease term (years) | 7 years 6 months | 8 years 2 months 12 days |
Weighted-average discount rate | 6.10% | 6.50% |
Commitment and Contingencies _4
Commitment and Contingencies - Schedule of Operating Leases and Subleases (Details) $ in Thousands | Jan. 31, 2024 USD ($) |
Operating Leases | |
2025 | $ 46,530 |
2026 | 47,944 |
2027 | 46,651 |
2028 | 45,132 |
2029 | 43,001 |
Thereafter | 136,207 |
Total lease payments (receipts) | 365,465 |
Less: imputed interest | (77,484) |
Present value of operating lease liabilities | 287,981 |
Subleases | |
2025 | (7,709) |
2026 | (5,774) |
2027 | (5,960) |
2028 | (6,153) |
2029 | (6,351) |
Thereafter | (3,235) |
Total lease payments (receipts) | (35,182) |
Total | |
2025 | 38,821 |
2026 | 42,170 |
2027 | 40,691 |
2028 | 38,979 |
2029 | 36,650 |
Thereafter | 132,972 |
Total lease payments (receipts) | $ 330,283 |
Commitment and Contingencies _5
Commitment and Contingencies - Schedule of Other Contractual Commitments (Details) $ in Thousands | Jan. 31, 2024 USD ($) |
Other Commitment, Fiscal Year Maturity [Abstract] | |
2025 | $ 498,704 |
2026 | 528,063 |
2027 | 563,994 |
2028 | 656,162 |
2029 | 1,176,725 |
Thereafter | 0 |
Total | 3,423,648 |
Third-Party Cloud Infrastructure Agreements And Subscription Arrangements, Spending Commitments Between June 2023 And May 2028 | |
Other Commitment, Fiscal Year Maturity [Abstract] | |
2029 | 929,500 |
Third-Party Cloud Infrastructure Agreements And Subscription Arrangements, Spending Commitments Between June 2023 And May 2028 | Minimum | |
Other Commitment, Fiscal Year Maturity [Abstract] | |
Total | 1,000,000 |
Third-Party Cloud Infrastructure Agreements And Subscription Arrangements, Spending Commitments Between January 2024 And December 2028 | |
Other Commitment, Fiscal Year Maturity [Abstract] | |
2029 | 247,200 |
Third-Party Cloud Infrastructure Agreements And Subscription Arrangements, Spending Commitments Between January 2024 And December 2028 | Minimum | |
Other Commitment, Fiscal Year Maturity [Abstract] | |
Total | $ 250,000 |
Commitment and Contingencies _6
Commitment and Contingencies - Narrative (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Other Commitments [Line Items] | |||
Cost of matching contributions | $ 0 | $ 0 | $ 0 |
Loss contingency accrual | 0 | ||
Letters of credit outstanding | 18,200,000 | ||
Minimum | |||
Other Commitments [Line Items] | |||
Loss contingency, range of possible loss | 0 | ||
Maximum | |||
Other Commitments [Line Items] | |||
Loss contingency, range of possible loss | $ 25,000,000 |
Equity - Narrative (Details)
Equity - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||||
Dec. 20, 2023 USD ($) shares | Feb. 01, 2023 shares | Mar. 31, 2022 USD ($) founder shares | Mar. 03, 2021 shares | Mar. 01, 2021 vote $ / shares shares | Feb. 28, 2021 vote | Jan. 31, 2024 USD ($) $ / shares shares | Jan. 31, 2023 USD ($) founder $ / shares shares | Jan. 31, 2022 USD ($) shares | Feb. 28, 2023 USD ($) | Jan. 31, 2021 shares | Sep. 30, 2020 class $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Common stock, number of classes of stock | class | 2 | |||||||||||
Conversion, percent threshold | 10% | |||||||||||
Stock repurchase program, authorized amount | $ | $ 2,000,000 | |||||||||||
Shares authorized for repurchase | $ | $ 1,400,000 | |||||||||||
Repurchases of common stock as treasury stock (in shares) | (500,000) | |||||||||||
Treasury stock reissued (in shares) | 8,000 | |||||||||||
Common stock reserved for future issuances (shares) | 121,461,000 | 115,449,000 | ||||||||||
Shares authorized (in shares) | 16,165,000 | 15,619,000 | 14,397,000 | |||||||||
Granted (per share) | $ / shares | $ 101.66 | |||||||||||
Options granted (shares) | 0 | 642,000 | 0 | |||||||||
Intrinsic value of shares exercised | $ | $ 1,300,000 | $ 1,000,000 | $ 5,700,000 | |||||||||
Grant date fair value of vested shares | $ | $ 42,300 | $ 79,100 | $ 81,000 | |||||||||
Shares available for grant (in shares) | 59,371,000 | 52,989,000 | 45,446,000 | 32,870,000 | ||||||||
Stock-based compensation, net of amounts capitalized | $ | $ 1,168,015 | $ 861,533 | $ 605,095 | |||||||||
Expected dividend yield | 0% | 0% | 0% | |||||||||
Unrecognized share-based compensation expense | $ | $ 3,000,000 | |||||||||||
Unrecognized share-based compensation expense recognition period (term) | 2 years 10 months 24 days | |||||||||||
Employee stock purchase rights under the 2020 ESPP | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Common stock reserved for future issuances (shares) | 13,764,000 | 11,046,000 | ||||||||||
Shares authorized (in shares) | 3,200,000 | |||||||||||
Stock market discount | 85% | |||||||||||
Offering period | 6 months | |||||||||||
Expected dividend yield | 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% | |||||||||||
Equity-Classified Restricted Stock Units (RSUs) | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Granted (in shares) | 12,706,000 | 10,788,000 | 4,026,000 | |||||||||
Nonvested (in shares) | 19,575,000 | 15,560,000 | 9,612,000 | 9,348,000 | ||||||||
2020 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Shares authorized (in shares) | 16,200,000 | |||||||||||
2020 Plan | Stock options | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Common stock reserved for future issuances (shares) | 602,000 | 642,000 | ||||||||||
2020 Plan | RSUs | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Common stock reserved for future issuances (shares) | 20,168,000 | 13,039,000 | ||||||||||
2020 Plan | Equity-Classified Performance Shares | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Vesting period (years) | 4 years | |||||||||||
Stock-based compensation, net of amounts capitalized | $ | $ 30,800 | |||||||||||
Granted (in shares) | 500,000 | |||||||||||
2020 Plan | Equity-Classified Performance Shares | Minimum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Performance target, percentage | 0% | |||||||||||
2020 Plan | Equity-Classified Performance Shares | Maximum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Performance target, percentage | 120% | |||||||||||
2020 Plan | Equity-Classified Performance Shares | Grant Date | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Vesting period (years) | 1 year | |||||||||||
2020 Plan | Equity-Classified Restricted Stock Units (RSUs) | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Vesting period (years) | 4 years | |||||||||||
2012 Plan | Stock options | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Common stock reserved for future issuances (shares) | 26,767,000 | 35,212,000 | ||||||||||
Expiration period (years) | 10 years | |||||||||||
2012 Plan | RSUs | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Common stock reserved for future issuances (shares) | 789,000 | 2,521,000 | ||||||||||
2012 Plan | Equity-Classified Restricted Stock Units (RSUs) | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Vesting period (years) | 4 years | |||||||||||
2012 Plan | Equity-Classified Restricted Stock Units (RSUs) | Grant Date | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Vesting period (years) | 1 year | |||||||||||
Outside of the Plans | Restricted Common Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Granted (in shares) | 385,000 | 409,000 | ||||||||||
Nonvested (in shares) | 671,000 | 428,000 | 380,000 | 742,000 | ||||||||
Samooha, Inc. | Investing Subsidiary | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Business acquisition, equity interest issued or issuable (in shares) | 200,000 | 200,000 | ||||||||||
Samooha, Inc. | 2020 Plan | Liability-Classified Performance Shares | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Vesting period (years) | 4 years | |||||||||||
Shares available for grant (in shares) | 1,700,000 | |||||||||||
Stock-based compensation, net of amounts capitalized | $ | $ 500 | |||||||||||
Samooha, Inc. | 2020 Plan | Liability-Classified Performance Shares | Grant Date | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Vesting period (years) | 1 year | |||||||||||
Streamlit, Inc. | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Number of founders | founder | 3 | 3 | ||||||||||
Class A Common Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Common stock, shares authorized (in shares) | 2,500,000,000 | 2,500,000,000 | 2,500,000,000 | |||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Common stock, voting rights, votes per share | vote | 1 | |||||||||||
Class A Common Stock | Employee stock purchase rights under the 2020 ESPP | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Common stock reserved for future issuances (shares) | 5,700,000 | |||||||||||
Class A Common Stock | 2020 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Common stock reserved for future issuances (shares) | 34,100,000 | |||||||||||
Maximum common shares authorized to be outstanding (shares) | 78,800,000 | |||||||||||
Class A Common Stock | Samooha, Inc. | Restricted Common Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Nonvested (in shares) | 400,000 | |||||||||||
Class A Common Stock | Samooha, Inc. | Outside of the Plans | Restricted Common Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Granted (in shares) | 400,000 | |||||||||||
Vesting period (in years) | 4 years | |||||||||||
Fair value | $ | $ 74,800 | |||||||||||
Requisite service period | 4 years | |||||||||||
Class A Common Stock | Streamlit, Inc. | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Business acquisition, equity interest issued or issuable (in shares) | 1,900,000 | |||||||||||
Class A Common Stock | Streamlit, Inc. | Outside of the Plans | Restricted Common Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Granted (in shares) | 400,000 | |||||||||||
Vesting period (in years) | 3 years | |||||||||||
Fair value | $ | $ 93,700 | |||||||||||
Requisite service period | 3 years | |||||||||||
Nonvested (in shares) | 300,000 | 400,000 | ||||||||||
Class B Common Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Common stock, shares authorized (in shares) | 185,461,000 | 185,461,000 | 355,000,000 | |||||||||
Shares converted (in shares) | 169,500,000 | 169,500,000 | ||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Common stock, voting rights, votes per share | vote | 10 |
Equity - Shares Reserved For Fu
Equity - Shares Reserved For Future Issuance (Details) - shares shares in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 121,461 | 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 Plan | Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 26,767 | 35,212 |
2012 Plan | RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 789 | 2,521 |
2020 Plan | Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 602 | 642 |
2020 Plan | RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 20,168 | 13,039 |
2020 Plan | Shares available for future grants | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 59,371 | 52,989 |
Equity - Schedule of Stock Repu
Equity - Schedule of Stock Repurchase Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |||
Number of shares repurchased (in shares) | 4,012 | ||
Weighted-average price per share (in dollars per share) | $ 147.50 | ||
Aggregate purchase price | $ 591,732 | $ 0 | $ 0 |
Equity - Option Activity Rollfo
Equity - Option Activity Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Shares Available for Grant (in thousands) | ||||
Shares available for grant, beginning (in shares) | 52,989,000 | 45,446,000 | 32,870,000 | |
Shares authorized (in shares) | 16,165,000 | 15,619,000 | 14,397,000 | |
Options canceled (in shares) | 128,000 | 713,000 | 1,629,000 | |
Options granted (shares) | 0 | (642,000) | 0 | |
Granted (in dollars per share) | $ 207.56 | |||
Shares available for grant, ending (in shares) | 59,371,000 | 52,989,000 | 45,446,000 | 32,870,000 |
Number of Options Outstanding (in thousands) | ||||
Shares outstanding, beginning (in shares) | 35,854,000 | 42,043,000 | 64,575,000 | |
Options exercise (in shares) | (8,357,000) | (6,118,000) | (20,903,000) | |
Options canceled (in shares) | (128,000) | (713,000) | (1,629,000) | |
Shares outstanding, ending (in shares) | 27,369,000 | 35,854,000 | 42,043,000 | 64,575,000 |
Weighted- Average Exercise Price | ||||
Shares outstanding, beginning balance (in dollars per share) | $ 11.27 | $ 7.53 | $ 7.04 | |
Exercises (in dollars per share) | 6.84 | 6.50 | 6.08 | |
Canceled (in shares) | 70.59 | 8.02 | 6.80 | |
Shares outstanding, ending balance (in dollars per share) | $ 12.35 | $ 11.27 | $ 7.53 | $ 7.04 |
Weighted-average remaining contractual life | 5 years | 5 years 10 months 24 days | 6 years 10 months 24 days | 7 years 8 months 12 days |
Aggregate Intrinsic Value (in thousands) | ||||
Aggregate intrinsic value | $ 5,023,664 | $ 5,237,549 | $ 11,283,299 | $ 17,138,896 |
Vested and exercisable (in shares) | 26,774,000 | |||
Vested and exercisable, weighted average share price (in dollars per share) | $ 10 | |||
Vested and exercisable, weighted average remaining contractual life | 5 years | |||
Vested and exercisable, intrinsic value | $ 4,973,515 | |||
RSUs | ||||
Shares Available for Grant (in thousands) | ||||
RSU's granted (in shares) | (14,088,000) | (10,788,000) | (4,026,000) | |
Shares withheld (in shares) | 2,296,000 | 1,149,000 | ||
RSU's forfeited (in shares) | 1,881,000 | 1,492,000 | 576,000 |
Equity - Unvested RSA & RSU Rol
Equity - Unvested RSA & RSU Rollforward (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Equity-Classified Restricted Stock Units (RSUs) | |||
Number of Shares (in thousands) | |||
Unvested balance, beginning (in shares) | 15,560 | 9,612 | 9,348 |
Granted (in shares) | 12,706 | 10,788 | 4,026 |
Vested (in shares) | (6,810) | (3,348) | (3,186) |
Forfeited (in shares) | (1,881) | (1,492) | (576) |
Unvested balance, ending (in shares) | 19,575 | 15,560 | 9,612 |
Weighted-Average Grant Date Fair Value per Share | |||
Unvested balance , beginning balance (in dollars per share) | $ 181.17 | $ 180.08 | $ 125.06 |
Granted (in dollars per share) | 158.28 | 180.65 | 250.46 |
Vested (in dollars per share) | 172.38 | 165.30 | 109.44 |
Forfeited (in dollars per share) | 176.44 | 206.02 | 169.74 |
Unvested balance , ending balance (in dollars per share) | $ 169.82 | $ 181.17 | $ 180.08 |
2020 Plan | Equity-Classified Performance Shares | |||
Number of Shares (in thousands) | |||
Granted (in shares) | 500 | ||
2020 Plan | Liability-Classified Performance Shares | |||
Number of Shares (in thousands) | |||
Unvested balance, beginning (in shares) | 0 | ||
Granted (in shares) | 1,382 | ||
Unvested balance, ending (in shares) | 1,382 | 0 | |
Outside of the Plans | Restricted Common Stock | |||
Number of Shares (in thousands) | |||
Unvested balance, beginning (in shares) | 428 | 380 | 742 |
Granted (in shares) | 385 | 409 | |
Vested (in shares) | (142) | (361) | (362) |
Unvested balance, ending (in shares) | 671 | 428 | 380 |
Weighted-Average Grant Date Fair Value per Share | |||
Unvested balance , beginning balance (in dollars per share) | $ 219.26 | $ 2.11 | $ 2.11 |
Granted (in dollars per share) | 194.28 | 229.13 | |
Vested (in dollars per share) | 199.28 | 2.10 | 2.10 |
Unvested balance , ending balance (in dollars per share) | $ 209.15 | $ 219.26 | $ 2.11 |
Equity - Valuation Assumptions
Equity - Valuation Assumptions (Details) | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology | |||
Expected dividend yield | 0% | 0% | 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 |
Expected volatility, minimum | 48.40% | 58.90% | 37.30% |
Expected volatility, maximum | 71.30% | 74.80% | 49.50% |
Risk-free interest rate, maximum | 5.50% | 3.80% | |
Risk-free interest rate | 0.10% | ||
Expected dividend yield | 0% | 0% | 0% |
Risk-free interest rate, minimum | 4.70% | 0.90% | |
Liability-Classified Performance Shares | 2020 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology | |||
Expected volatility | 60% | ||
Risk-free interest rate | 4% |
Equity - Share-based Compensati
Equity - Share-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | |||
Stock-based compensation, net of amounts capitalized | $ 1,168,015 | $ 861,533 | $ 605,095 |
Capitalized stock-based compensation | 48,830 | 29,417 | 24,174 |
Total stock-based compensation | 1,216,845 | 890,950 | 629,269 |
Cost of revenue | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | |||
Stock-based compensation, net of amounts capitalized | 123,363 | 106,302 | 87,336 |
Sales and marketing | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | |||
Stock-based compensation, net of amounts capitalized | 299,657 | 246,811 | 185,970 |
Research and development | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | |||
Stock-based compensation, net of amounts capitalized | 644,928 | 407,524 | 232,867 |
General and administrative | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | |||
Stock-based compensation, net of amounts capitalized | $ 100,067 | $ 100,896 | $ 98,922 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (875,703) | $ (851,538) | $ (717,208) |
Foreign | 26,480 | 35,545 | 40,248 |
Loss before income taxes | $ (849,223) | $ (815,993) | $ (676,960) |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Current provision: | |||
State | $ 754 | $ 626 | $ 288 |
Foreign | 14,775 | 7,571 | 3,417 |
Deferred benefit: | |||
Federal | (15,376) | (21,647) | 0 |
State | (4,700) | (4,410) | 0 |
Foreign | (6,686) | (607) | (717) |
Provision for (benefit from) income taxes | $ (11,233) | $ (18,467) | $ 2,988 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Income tax benefit computed at federal statutory rate | $ (178,337) | $ (171,359) | $ (142,162) |
State taxes, net of federal benefit | 26,380 | 14,948 | 35,360 |
Research and development credits | (101,725) | (58,136) | (142,544) |
Stock-based compensation | (148,600) | (71,295) | (898,234) |
Change in valuation allowance | 371,767 | 213,532 | 1,159,276 |
IRC Section 59A waived deductions | 11,550 | 49,476 | 0 |
Other | 7,732 | 4,367 | (8,708) |
Provision for (benefit from) income taxes | $ (11,233) | $ (18,467) | $ 2,988 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Deferred tax assets: | ||
Net operating losses carryforwards | $ 1,673,213 | $ 1,567,135 |
Capitalized research and development | 420,491 | 147,328 |
Tax credit carryforwards | 376,804 | 274,690 |
Stock-based compensation | 109,446 | 123,408 |
Deferred revenue | 82,683 | 31,527 |
Operating lease liabilities | 54,008 | 55,079 |
Net unrealized losses on strategic investments | 2,443 | 5,669 |
Other | 31,776 | 14,834 |
Total deferred tax assets | 2,750,864 | 2,219,670 |
Less: valuation allowance | (2,621,009) | (2,100,594) |
Net deferred tax assets | 129,855 | 119,076 |
Deferred tax liabilities: | ||
Deferred commissions | (41,609) | (31,940) |
Intangible assets | (39,173) | (39,426) |
Operating lease right-of-use assets | (48,629) | (53,829) |
Other | (1,326) | (2,358) |
Total deferred tax liabilities | (130,737) | (127,553) |
Net deferred tax liabilities | $ (882) | $ (8,477) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Tax Credit Carryforward [Line Items] | |||
Valuation allowance | $ 2,621,009,000 | $ 2,100,594,000 | |
Increase in valuation allowance | 520,400,000 | 241,900,000 | |
Net operating loss carryforwards, U.S. federal | 6,200,000,000 | ||
Net operating loss carryforwards, state | 5,600,000,000 | ||
Net operating loss carryforwards, foreign | 175,200,000 | ||
Interest and penalties | 0 | $ 0 | $ 0 |
Federal | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards, not subject to expiration | 6,100,000,000 | ||
Net operating loss carryforward, subject to expiration | 100,000,000 | ||
Deferred tax assets, tax credit carryforward, subject to expiration | 356,900,000 | ||
Foreign | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards, not subject to expiration | 169,600,000 | ||
Net operating loss carryforward, subject to expiration | 5,600,000 | ||
State | |||
Tax Credit Carryforward [Line Items] | |||
Deferred tax assets, tax credit carryforward, not subject to expiration | $ 158,000,000 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 75,180 | $ 57,715 | $ 19,349 |
Increases based on tax positions during the prior period | 12,708 | 1,816 | 20 |
Increases based on tax positions during the current period | 27,365 | 15,649 | 38,346 |
Ending balance | $ 115,253 | $ 75,180 | $ 57,715 |
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 | 12 Months Ended | |||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | ||
Numerator: | ||||
Net loss | $ (837,990) | $ (797,526) | $ (679,948) | |
Less: comprehensive loss attributable to noncontrolling interest | (1,893) | (821) | 0 | |
Net loss attributable to Snowflake Inc. | $ (836,097) | $ (796,705) | $ (679,948) | |
Denominator: | ||||
Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. Class A and Class B common stockholders—basic (in shares) | [1] | 328,001 | 318,730 | 300,273 |
Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. Class A and Class B common stockholders—diluted (in shares) | [1] | 328,001 | 318,730 | 300,273 |
Net loss per share attributable to Snowflake Inc. Class A and Class B common stockholders—basic (in dollars per share) | [1] | $ (2.55) | $ (2.50) | $ (2.26) |
Net loss per share attributable to Snowflake Inc. Class A and Class B common stockholders—diluted (in dollars per share) | [1] | $ (2.55) | $ (2.50) | $ (2.26) |
[1] On March 1, 2021, all shares of the Company’s then-outstanding Class B common stock were automatically converted into the same number of shares of Class A common stock, pursuant to the terms of the Company’s amended and restated certificate of incorporation. No additional shares of Class B common stock will be issued following such conversion. See Note 11, “Equity,” for further details. |
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 | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 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) | 49,281 | 52,125 | 52,197 |
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) | 27,369 | 35,854 | 42,043 |
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) | 20,957 | 15,560 | 9,612 |
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) | 671 | 446 | 426 |
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) | 284 | 265 | 116 |
Related Party Transactions (Det
Related Party Transactions (Details) - Related Party - USD ($) | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Related Party Transaction [Line Items] | ||||
Contract term (in years) | 2 years | |||
Contract asset | $ 22,500,000 | |||
Revenue | 6,800,000 | $ 3,700,000 | $ 2,400,000 | |
Receivables | $ 5,000,000 | $ 0 | ||
Subsequent Event | ||||
Related Party Transaction [Line Items] | ||||
Strategic investment, non-marketable equity securities | $ 5,000,000 |