Cover
Cover - shares shares in Millions | 3 Months Ended | |
Apr. 30, 2024 | May 07, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-39504 | |
Entity Registrant Name | SNOWFLAKE INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-0636374 | |
Entity Address, Address Line One | Suite 3A | |
Entity Address, Address Line Two | 106 East Babcock Street | |
Entity Address, City or Town | Bozeman | |
Entity Address, State or Province | MT | |
Entity Address, Postal Zip Code | 59715 | |
City Area Code | 844 | |
Local Phone Number | 766-9355 | |
Title of 12(b) Security | Class A Common Stock, $0.0001 par value | |
Trading Symbol | SNOW | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 334.8 | |
Entity Central Index Key | 0001640147 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2025 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Current assets: | ||
Cash and cash equivalents | $ 1,330,411 | $ 1,762,749 |
Short-term investments | 2,200,935 | 2,083,499 |
Accounts receivable, net | 345,505 | 926,902 |
Deferred commissions, current | 85,448 | 86,096 |
Prepaid expenses and other current assets | 180,991 | 180,018 |
Total current assets | 4,143,290 | 5,039,264 |
Long-term investments | 927,981 | 916,307 |
Property and equipment, net | 263,667 | 247,464 |
Operating lease right-of-use assets | 244,681 | 252,128 |
Goodwill | 975,906 | 975,906 |
Intangible assets, net | 307,967 | 331,411 |
Deferred commissions, non-current | 179,917 | 187,093 |
Other assets | 254,609 | 273,810 |
Total assets | 7,298,018 | 8,223,383 |
Current liabilities: | ||
Accounts payable | 64,239 | 51,721 |
Accrued expenses and other current liabilities | 398,002 | 446,860 |
Operating lease liabilities, current | 30,940 | 33,944 |
Deferred revenue, current | 1,935,642 | 2,198,705 |
Total current liabilities | 2,428,823 | 2,731,230 |
Operating lease liabilities, non-current | 247,501 | 254,037 |
Deferred revenue, non-current | 14,692 | 14,402 |
Other liabilities | 39,310 | 33,120 |
Total liabilities | 2,730,326 | 3,032,789 |
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 April 30, 2024 and January 31, 2024 | 0 | 0 |
Common stock; $0.0001 par value per share; 2,500,000 Class A shares authorized, 335,264 and 334,453 shares issued and outstanding as of April 30, 2024 and January 31, 2024, respectively (excluding $200 shares held by a wholly-owned subsidiary and treated as treasury stock for accounting purposes as of each April 30, 2024 and January 31, 2024); 185,461 Class B shares authorized, zero shares issued and outstanding as of each April 30, 2024 and January 31, 2024 | 34 | 34 |
Treasury stock, at cost; 469 and 492 shares held as of April 30, 2024 and January 31, 2024, respectively | (63,958) | (67,140) |
Additional paid-in capital | 9,546,792 | 9,331,238 |
Accumulated other comprehensive loss | (15,713) | (8,220) |
Accumulated deficit | (4,908,921) | (4,075,604) |
Total Snowflake Inc. stockholders’ equity | 4,558,234 | 5,180,308 |
Noncontrolling interest | 9,458 | 10,286 |
Total stockholders’ equity | 4,567,692 | 5,190,594 |
Total liabilities and stockholders’ equity | $ 7,298,018 | $ 8,223,383 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Apr. 30, 2024 | Jan. 31, 2024 |
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) | 469,000 | 492,000 |
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) | 335,264,000 | 334,453,000 |
Common stock, shares outstanding (in shares) | 335,264,000 | 334,453,000 |
Class A Common Stock | Investing Subsidiary | ||
Treasury stock (in shares) | 200,000 | 200,000 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 185,461,000 | 185,461,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 0 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Income Statement [Abstract] | ||
Revenue | $ 828,709 | $ 623,599 |
Cost of revenue | 272,517 | 209,414 |
Gross profit | 556,192 | 414,185 |
Operating expenses: | ||
Sales and marketing | 400,822 | 331,558 |
Research and development | 410,794 | 277,412 |
General and administrative | 93,148 | 78,453 |
Total operating expenses | 904,764 | 687,423 |
Operating loss | (348,572) | (273,238) |
Interest income | 54,779 | 43,131 |
Other expense, net | (21,302) | (2,562) |
Loss before income taxes | (315,095) | (232,669) |
Provision for (benefit from) income taxes | 2,721 | (6,605) |
Net loss | (317,816) | (226,064) |
Less: net loss attributable to noncontrolling interest | (828) | (437) |
Net loss attributable to Snowflake Inc. | $ (316,988) | $ (225,627) |
Net loss per share attributable to Class A common stockholders- basic (in dollars per share) | $ (0.95) | $ (0.70) |
Net loss per share attributable to Class A common stockholders - diluted (in dollars per share) | $ (0.95) | $ (0.70) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (317,816) | $ (226,064) |
Other comprehensive income (loss): | ||
Net change in unrealized gains or losses on available-for-sale debt securities | (7,421) | 7,444 |
Foreign currency translation adjustments | (23) | 0 |
Other | (49) | 0 |
Total other comprehensive income (loss) | (7,493) | 7,444 |
Comprehensive loss | (325,309) | (218,620) |
Less: comprehensive loss attributable to noncontrolling interest | (828) | (437) |
Comprehensive loss attributable to Snowflake Inc. | $ (324,481) | $ (218,183) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Class A Common Stock | Parent [Member] | Common Stock Class A Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Noncontrolling Interest |
Beginning balance (in shares) at Jan. 31, 2023 | 323,305 | ||||||||
Beginning balance at Jan. 31, 2023 | $ 5,468,615 | $ 5,456,436 | $ 32 | $ 0 | $ 8,210,750 | $ (38,272) | $ (2,716,074) | $ 12,179 | |
Beginning balance, treasury stock (in shares) at Jan. 31, 2023 | 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock upon exercise of stock options (in shares) | 2,376 | ||||||||
Issuance of common stock upon exercise of stock options | 15,333 | 15,333 | $ 1 | 15,332 | |||||
Issuance of common stock under employee stock purchase plan (in shares) | 312 | ||||||||
Issuance of common stock under employee stock purchase plan | 37,065 | 37,065 | 37,065 | ||||||
Vesting of early exercised stock options | 61 | 61 | 61 | ||||||
Vesting of restricted stock units (in shares) | 1,862 | ||||||||
Shares withheld related to net share settlement of equity awards (in shares) | (638) | ||||||||
Shares withheld related to net share settlement of equity awards | (89,003) | (89,003) | (89,003) | ||||||
Repurchases of common stock (in shares) | (500) | ||||||||
Repurchases of common stock as treasury stock | (68,299) | (68,299) | $ (68,299) | ||||||
Repurchases and retirement of common stock (in shares) | (905) | ||||||||
Repurchases and retirement of common stock | (123,395) | (123,395) | (123,395) | ||||||
Stock-based compensation | 276,228 | 276,228 | 276,228 | ||||||
Other comprehensive income (loss) | 7,444 | 7,444 | 7,444 | ||||||
Net loss | (226,064) | (225,627) | (225,627) | (437) | |||||
Ending balance (in shares) at Apr. 30, 2023 | 326,312 | ||||||||
Ending balance at Apr. 30, 2023 | 5,297,985 | 5,286,243 | $ 33 | $ (68,299) | 8,450,433 | (30,828) | (3,065,096) | 11,742 | |
Ending balance, treasury stock (in shares) at Apr. 30, 2023 | (500) | ||||||||
Beginning balance (in shares) at Jan. 31, 2024 | 334,453 | 334,453 | |||||||
Beginning balance at Jan. 31, 2024 | $ 5,190,594 | 5,180,308 | $ 34 | $ (67,140) | 9,331,238 | (8,220) | (4,075,604) | 10,286 | |
Beginning balance, treasury stock (in shares) at Jan. 31, 2024 | (492) | (492) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock upon exercise of stock options (in shares) | 1,379 | 1,370 | |||||||
Issuance of common stock upon exercise of stock options | $ 10,517 | 10,517 | 10,517 | ||||||
Issuance of common stock under employee stock purchase plan (in shares) | 346 | ||||||||
Issuance of common stock under employee stock purchase plan | 46,735 | 46,735 | 46,735 | ||||||
Issuance of common stock in connection with a business combination (in shares) | 1 | ||||||||
Vesting of restricted stock units (in shares) | 3,188 | ||||||||
Shares withheld related to net share settlement of equity awards (in shares) | (1,112) | ||||||||
Shares withheld related to net share settlement of equity awards | $ (177,084) | (177,084) | (177,084) | ||||||
Repurchases of common stock (in shares) | (500) | ||||||||
Repurchases and retirement of common stock (in shares) | (2,982) | ||||||||
Repurchases and retirement of common stock | $ (516,329) | (516,329) | (516,329) | ||||||
Reissuance of treasury stock upon settlement of equity awards (in shares) | 23 | ||||||||
Reissuance of treasury stock upon settlement of equity awards | 81 | 81 | $ 3,182 | (3,101) | |||||
Stock-based compensation | 338,487 | 338,487 | 338,487 | ||||||
Other comprehensive income (loss) | (7,493) | (7,493) | (7,493) | ||||||
Net loss | (317,816) | (316,988) | (316,988) | (828) | |||||
Ending balance (in shares) at Apr. 30, 2024 | 335,264 | 335,264 | |||||||
Ending balance at Apr. 30, 2024 | $ 4,567,692 | $ 4,558,234 | $ 34 | $ (63,958) | $ 9,546,792 | $ (15,713) | $ (4,908,921) | $ 9,458 | |
Ending balance, treasury stock (in shares) at Apr. 30, 2024 | (469) | (469) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (317,816) | $ (226,064) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 40,221 | 23,163 |
Non-cash operating lease costs | 13,722 | 12,869 |
Amortization of deferred commissions | 22,764 | 17,672 |
Stock-based compensation, net of amounts capitalized | 331,936 | 264,509 |
Net accretion of discounts on investments | (11,992) | (15,331) |
Net realized and unrealized losses on strategic investments in equity securities | 20,695 | 2,414 |
Deferred income tax | 0 | (8,868) |
Other | 669 | 9,978 |
Changes in operating assets and liabilities, net of effects of business combinations: | ||
Accounts receivable | 579,319 | 362,893 |
Deferred commissions | (14,940) | (16,440) |
Prepaid expenses and other assets | (1,111) | 5,527 |
Accounts payable | 21,244 | (3,093) |
Accrued expenses and other liabilities | (54,688) | (8,542) |
Operating lease liabilities | (13,374) | (10,763) |
Deferred revenue | (261,181) | (110,480) |
Net cash provided by operating activities | 355,468 | 299,444 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (16,519) | (6,970) |
Capitalized internal-use software development costs | (7,404) | (9,341) |
Cash paid for business combinations, net of cash, cash equivalents, and restricted cash acquired | 0 | (123,112) |
Purchases of investments | (1,078,261) | (1,037,286) |
Sales of investments | 30,360 | 5,652 |
Maturities and redemptions of investments | 921,395 | 808,844 |
Settlement of cash flow hedges | (749) | 0 |
Net cash used in investing activities | (151,178) | (362,213) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 10,686 | 15,370 |
Proceeds from issuance of common stock under employee stock purchase plan | 46,735 | 37,065 |
Taxes paid related to net share settlement of equity awards | (174,590) | (84,399) |
Repurchases of common stock | (516,329) | (191,694) |
Net cash used in financing activities | (633,498) | (223,658) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (2,633) | 535 |
Net decrease in cash, cash equivalents, and restricted cash | (431,841) | (285,892) |
Cash, cash equivalents, and restricted cash—beginning of period | 1,780,977 | 956,731 |
Cash, cash equivalents, and restricted cash—end of period | 1,349,136 | 670,839 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Property and equipment included in accounts payable and accrued expenses | 16,793 | 8,071 |
Stock-based compensation included in capitalized software development costs | 9,295 | 11,719 |
Unpaid taxes related to net share settlement of equity awards included in accrued expenses and other current liabilities | 9,354 | 4,657 |
Reconciliation of cash, cash equivalents, and restricted cash: | ||
Cash and cash equivalents | 1,330,411 | 653,014 |
Restricted cash—included in other assets and prepaid expenses and other current assets | 18,725 | 17,825 |
Total cash, cash equivalents, and restricted cash | $ 1,349,136 | $ 670,839 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Apr. 30, 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 AI 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 | 3 Months Ended |
Apr. 30, 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 2025 refer to the fiscal year ending January 31, 2025. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2024, which was filed with the SEC on March 26, 2024. In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of April 30, 2024 and the results of operations for the three months ended April 30, 2024 and 2023, and cash flows for the three months ended April 30, 2024 and 2023. The condensed balance sheet as of January 31, 2024 was derived from the audited consolidated financial statements but does not include all disclosures required by GAAP. The results of operations for the three months ended April 30, 2024 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. Principles of Consolidation The condensed consolidated financial statements include the accounts of Snowflake Inc., its wholly-owned subsidiaries, and a majority-owned subsidiary in which the Company has a controlling financial interest. All intercompany transactions and balances have been eliminated in consolidation. The Company records noncontrolling interest in its condensed consolidated financial statements to recognize the minority ownership interest in its majority-owned subsidiary. Profits and losses of the majority-owned subsidiary are attributed to controlling and noncontrolling interests using the hypothetical liquidation at book value method. Segment Information The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. For information regarding the Company’s revenue by geographic area, see Note 3, “Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations.” The following table presents the Company’s long-lived assets, comprising property and equipment, net and operating lease right-of-use assets, by geographic area (in thousands): April 30, 2024 January 31, 2024 United States $ 387,161 $ 379,664 Other (1) 121,187 119,928 Total $ 508,348 $ 499,592 ________________ (1) No individual country outside of the United States accounted for more than 10% of the Company’s long-lived assets as of April 30, 2024 and January 31, 2024. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates include, but are not limited to, stand-alone selling prices (SSP) for each distinct performance obligation, internal-use software development costs, the expected period of benefit for deferred commissions, the fair value of intangible assets acquired in business combinations, the useful lives of long-lived assets, the carrying value of operating lease right-of-use assets, stock-based compensation, accounting for income taxes, and the fair value of investments in marketable and non-marketable securities. The Company bases its estimates on historical experience and also on assumptions that management considers reasonable. These estimates are assessed on a regular basis; however, actual results could differ from these estimates. Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in “Note 2 – Basis of Presentation and Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2024, which was filed with the SEC on March 26, 2024. 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 condensed 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 condensed consolidated financial statements and disclosures. |
Revenue, Accounts Receivable, D
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations | 3 Months Ended |
Apr. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations | Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations Disaggregation of Revenue Revenue consists of the following (in thousands): Three Months Ended April 30, 2024 2023 Product revenue $ 789,587 $ 590,072 Professional services and other revenue 39,122 33,527 Total $ 828,709 $ 623,599 Revenue by geographic area, based on the location of the Company’s customers (or end-customers under reseller arrangements), was as follows (in thousands): Three Months Ended April 30, 2024 2023 Americas: United States $ 632,041 $ 482,989 Other Americas (1) 23,735 16,856 EMEA (1)(2) 131,657 94,890 Asia-Pacific and Japan (1) 41,276 28,864 Total $ 828,709 $ 623,599 ________________ (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 April 30, 2024 and January 31, 2024, allowance for credit losses of $3.5 million and $2.5 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 April 30, 2024 and January 31, 2024, there were no customers that represented 10% or more of the Company’s accounts receivable, net balance. Additionally, there were no customers that represented 10% or more of the Company’s revenue for each of the three months ended April 30, 2024 and 2023. Deferred Revenue The Company recognized $673.5 million and $494.7 million of revenue for the three months ended April 30, 2024 and 2023, respectively, from the deferred revenue balances as of January 31, 2024 and 2023, 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 April 30, 2024, the Company’s RPO was $5.0 billion, of which the Company expects approximately 51% to be recognized as revenue in the twelve months ending April 30, 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 | 3 Months Ended |
Apr. 30, 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 condensed consolidated balance sheets (in thousands): April 30, 2024 Amortized Gross Gross Estimated Cash equivalents: Money market funds $ 492,568 $ — $ — $ 492,568 U.S. government securities 367,494 — (1) 367,493 Time deposits 58,145 — — 58,145 Commercial paper 53,742 — (7) 53,735 Corporate notes and bonds 34,423 1 (13) 34,411 Total cash equivalents 1,006,372 1 (21) 1,006,352 Investments: Corporate notes and bonds 1,496,420 901 (6,658) 1,490,663 U.S. government and agency securities 785,243 — (6,125) 779,118 Commercial paper 528,809 37 (798) 528,048 Certificates of deposit 331,079 153 (145) 331,087 Total investments 3,141,551 1,091 (13,726) 3,128,916 Total cash equivalents and investments $ 4,147,923 $ 1,092 $ (13,747) $ 4,135,268 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 The Company included $22.6 million and $24.2 million of interest receivable in prepaid expenses and other current assets on the condensed consolidated balance sheets as of April 30, 2024 and January 31, 2024, respectively. The Company did not recognize an allowance for credit losses against interest receivable as of April 30, 2024 and January 31, 2024 because such potential losses were not material. As of April 30, 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 condensed consolidated balance sheets, by remaining contractual maturity, are as follows (in thousands): April 30, 2024 Estimated Due within 1 year $ 2,200,935 Due in 1 year to 3 years 927,981 Total $ 3,128,916 The following tables show the fair values of, and the gross unrealized losses on, the Company’s available-for-sale marketable debt securities, classified by the length of time that the securities have been in a continuous unrealized loss position and aggregated by investment type, on the condensed consolidated balance sheets (in thousands): April 30, 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 $ 257,696 $ (1) $ — $ — $ 257,696 $ (1) Commercial paper 42,735 (7) — — 42,735 (7) Corporate notes and bonds 21,406 (13) — — 21,406 (13) Total cash equivalents 321,837 (21) — — 321,837 (21) Investments: Corporate notes and bonds 974,840 (5,218) 206,956 (1,440) 1,181,796 (6,658) U.S. government and agency securities 628,114 (3,628) 151,004 (2,497) 779,118 (6,125) Commercial paper 422,472 (798) — — 422,472 (798) Certificates of deposit 109,602 (145) — — 109,602 (145) Total investments 2,135,028 (9,789) 357,960 (3,937) 2,492,988 (13,726) Total cash equivalents and investments $ 2,456,865 $ (9,810) $ 357,960 $ (3,937) $ 2,814,825 $ (13,747) 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) 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 April 30, 2024 and January 31, 2024. See Note 5, “Fair Value Measurements,” for information regarding the Company’s strategic investments. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 30, 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 April 30, 2024 (in thousands): Level 1 Level 2 Total Assets: Cash equivalents: Money market funds $ 492,568 $ — $ 492,568 U.S. government securities — 367,493 367,493 Time deposits — 58,145 58,145 Commercial paper — 53,735 53,735 Corporate notes and bonds — 34,411 34,411 Short-term investments: Corporate notes and bonds — 834,770 834,770 Commercial paper — 528,048 528,048 U.S. government and agency securities — 518,716 518,716 Certificates of deposit — 319,401 319,401 Long-term investments: Corporate notes and bonds — 655,893 655,893 U.S. government and agency securities — 260,402 260,402 Certificates of deposit — 11,686 11,686 Derivative assets: Foreign currency forward contracts — 1,041 1,041 Total assets $ 492,568 $ 3,643,741 $ 4,136,309 Liabilities: Derivative liabilities: Foreign currency forward contracts $ — $ (1,512) $ (1,512) Total liabilities $ — $ (1,512) $ (1,512) 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 Company determines the fair value of its security holdings based on pricing from the Company’s service providers and market prices from industry-standard independent data providers. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs), such as yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures. Strategic Investments The tables above do not include the Company’s strategic investments, which consist primarily of (i) non-marketable equity securities recorded at cost minus impairment, if any, and adjusted for observable transactions for the same or similar investments of the same issuer (referred to as the Measurement Alternative), and (ii) marketable equity securities. The Company’s non-marketable equity securities accounted for using the Measurement Alternative are recorded at fair value on a non-recurring basis and classified within Level 3 of the fair value hierarchy because significant unobservable inputs or data in an inactive market are used in estimating their fair value. The estimation of fair value for these assets requires the use of an observable transaction price or other unobservable inputs, including the volatility, rights, and obligations of the securities the Company holds. The Company’s marketable equity securities are recorded at fair value on a recurring basis and classified within Level 1 of the fair value hierarchy because they are valued using the quoted market price. The following table presents the Company’s strategic investments by type (in thousands): April 30, 2024 January 31, 2024 Equity securities: Non-marketable equity securities under Measurement Alternative $ 198,579 $ 190,238 Non-marketable equity securities under equity method 5,388 5,307 Marketable equity securities 12,606 37,320 Debt securities: Non-marketable debt securities 1,985 1,500 Total strategic investments—included in other assets $ 218,558 $ 234,365 The following table summarizes the gains and losses associated with the Company’s strategic investments in equity securities (in thousands): Three Months Ended April 30, 2024 2023 Unrealized losses on non-marketable equity securities under Measurement Alternative: Impairments $ (18,753) $ — Net unrealized losses on marketable equity securities (3,655) (2,414) Net unrealized losses on strategic investments in equity securities (22,408) (2,414) Net realized gains on marketable equity securities sold (1) 1,713 — Total—included in other expense, net $ (20,695) $ (2,414) ________________ (1) Represents the difference between the sale proceeds and the carrying value of the security at the beginning of the period or the purchase date, if later. 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 April 30, 2024 were $37.1 million and $59.9 million, respectively. |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Apr. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): April 30, 2024 January 31, 2024 Leasehold improvements $ 96,281 $ 67,804 Computers, equipment, and software 46,092 29,859 Furniture and fixtures 22,233 17,593 Capitalized internal-use software development costs 150,350 93,222 Construction in progress—capitalized internal-use software development costs 37,807 78,737 Construction in progress—other 1,548 34,890 Total property and equipment, gross 354,311 322,105 Less: accumulated depreciation and amortization (1) (90,644) (74,641) Total property and equipment, net $ 263,667 $ 247,464 ________________ (1) Includes $40.4 million and $30.0 million of accumulated amortization related to capitalized internal-use software development costs as of April 30, 2024 and January 31, 2024, respectively. Depreciation and amortization expense was $16.8 million and $7.6 million for the three months ended April 30, 2024 and 2023, respectively. Included in these amounts was the amortization of capitalized internal-use software development costs of $10.9 million and $3.5 million for the three months ended April 30, 2024 and 2023, respectively. During the three months ended April 30, 2023, the Company recognized impairment charges of $7.1 million related to its capitalized internal-use software development costs previously included in construction in-progress that were no longer probable of being completed. Such impairment charges were recorded as research and development expenses on the condensed consolidated statements of operations. No impairment charge was recognized during the three months ended April 30, 2024. |
Business Combinations
Business Combinations | 3 Months Ended |
Apr. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Business Combinations | Business Combinations Fiscal 2024 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 AI 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 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 $ 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 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 AI 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 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, 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 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, recorded as general and administrative expenses, associated with each of the business combinations above were not material during the three months ended April 30, 2023. Pro forma financial information has not been presented as the effects of each of the Mountain and LeapYear business combinations were not material to the Company’s condensed consolidated financial statements. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 3 Months Ended |
Apr. 30, 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): April 30, 2024 Gross Accumulated Amortization Net Finite-lived intangible assets: Developed technology $ 243,596 $ (59,853) $ 183,743 Developer community 154,900 (63,072) 91,828 Assembled workforce 55,732 (26,384) 29,348 Patents 8,874 (6,652) 2,222 Total finite-lived intangible assets $ 463,102 $ (155,961) $ 307,141 Indefinite-lived intangible assets—trademarks 826 Total intangible assets, net $ 307,967 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 Amortization expense of intangible assets was $23.4 million and $15.6 million for the three months ended April 30, 2024 and 2023, respectively. As of April 30, 2024, future amortization expense is expected to be as follows (in thousands): Amount Fiscal Year Ending January 31, Remainder of 2025 $ 71,341 2026 88,513 2027 84,360 2028 51,795 2029 11,132 Thereafter — Total $ 307,141 Goodwill |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Apr. 30, 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): April 30, 2024 January 31, 2024 Accrued compensation $ 166,649 $ 205,056 Accrued third-party cloud infrastructure expenses 71,741 48,571 Liabilities associated with sales, marketing and business development programs 56,855 39,571 Employee contributions under employee stock purchase plan 15,943 40,641 Accrued taxes 11,926 37,108 Employee payroll tax withheld on employee stock transactions 11,728 22,479 Accrued professional services 9,397 9,274 Accrued purchases of property and equipment 9,121 4,508 Other 44,642 39,652 Total accrued expenses and other current liabilities $ 398,002 $ 446,860 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 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. Sublease income is recorded as a reduction to the Company’s operating lease costs. Sublease income was $2.4 million and $3.1 million for the three months ended April 30, 2024 and 2023, respectively. In May 2024, the Company entered into an agreement related to a new office facility located in the United States. The lease will commence in fiscal 2025 with an expiration date in fiscal 2039. Total commitment, net of tenant incentives expected to be received, under the lease is estimated to be approximately $96 million. 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. There were no material contractual obligations that were entered into during the three months ended April 30, 2024 that were outside the ordinary course of business. 401(k) Plan —The Company sponsors a 401(k) defined contribution plan covering all eligible U.S. employees. Contributions to the 401(k) plan are discretionary. The Company did not make any matching contributions to the 401(k) plan for each of the three months ended April 30, 2024 and 2023. 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 as of April 30, 2024 and 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 April 30, 2024, the Company had a total of $18.7 million in cash collateralized letters of credit outstanding, substantially in favor of certain landlords for the Company’s leased facilities. These letters of credit renew annually and expire at various dates through fiscal 2033. Indemnification —The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, including business partners, investors, contractors, customers, and the Company’s officers, non-employee directors, and certain employees. The Company has agreed to indemnify and defend the indemnified party for claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party claims due to the Company’s activities or non-compliance with certain representations and warranties made by the Company. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. For each of the three months ended April 30, 2024 and 2023, losses recorded in the condensed consolidated statements of operations in connection with the indemnification provisions were not material. |
Equity
Equity | 3 Months Ended |
Apr. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Equity | Equity Common Stock —The Company had reserved shares of common stock for future issuance as follows (in thousands): April 30, 2024 January 31, 2024 2012 Equity Incentive Plan: Options outstanding 25,296 26,767 Restricted stock units outstanding 388 789 2020 Equity Incentive Plan: Options outstanding 1,562 602 Restricted stock units outstanding 22,653 20,168 Shares available for future grants 71,037 59,371 2020 Employee Stock Purchase Plan: Shares available for future grants 16,759 13,764 Total shares of common stock reserved for future issuance 137,695 121,461 Stock Repurchase Program and Treasury Stock —In February 2023, the Company’s board of directors authorized a stock repurchase program of up to $2.0 billion of its outstanding Class A common stock. Repurchases may be effected, from time to time, either on the open market (including via pre-set trading plans), in privately negotiated transactions, or through other transactions in accordance with applicable securities laws. The program is funded using the Company’s working capital and will expire in March 2025. The timing and amount of any repurchases will be determined by management based on an evaluation of market conditions and other factors. The program does not obligate the Company to acquire any particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. The following table summarizes the stock repurchase activity under the Company’s stock repurchase program (in thousands, except per share data): Three Months Ended April 30, 2024 2023 Number of shares repurchased 2,982 1,405 Weighted-average price per share (1) $ 173.14 $ 136.39 Aggregate purchase price (1) $ 516,329 $ 191,694 ________________ (1) Includes transaction costs associated with the repurchases. As of April 30, 2024, $891.9 million remained available for future stock repurchases under the stock repurchase program. The first 0.5 million shares repurchased during the three months ended April 30, 2023 were recorded in treasury stock as a reduction to the stockholders’ equity on the condensed consolidated balance sheets. All shares of Class A common stock subsequently repurchased were retired. Upon retirement, the par value of the common stock repurchased was deducted from common stock and any excess of repurchase price (including associated transaction costs) over par value was recorded entirely to retained earnings (accumulated deficit) on the condensed consolidated balance sheets. Equity Incentive Plans —The Company’s 2020 Equity Incentive Plan (2020 Plan), which became effective in connection with its Initial Public Offering (IPO), provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards (RSUs), performance awards and other forms of equity compensation (collectively, equity awards). All shares that remain available for future grants are under the 2020 Plan. The Company’s 2012 Equity Incentive Plan (2012 Plan) provided for the grant of equity awards to employees, non-employee directors, and other service providers of the Company. The 2012 Plan was terminated in September 2020 in connection with the IPO but continues to govern the terms of outstanding awards that were granted prior to the termination of the 2012 Plan. Upon the expiration, forfeiture, cancellation, or reacquisition of any shares of common stock underlying outstanding equity awards granted under the 2012 Plan, an equal number of shares of Class A common stock will become available for grant under the 2020 Plan. No further equity awards will be granted under the 2012 Plan. The Company’s 2020 Employee Stock Purchase Plan (2020 ESPP), which became effective in connection with the IPO, authorizes the issuance of shares of common stock pursuant to purchase rights granted to employees. Offering periods are generally six months long and begin on March 15 and September 15 of each year, except for the first two offering periods. The initial offering period began on September 15, 2020 and ended on February 26, 2021. The second offering period began on March 1, 2021 and ended on September 14, 2021. On February 1, 2024, the shares available for grant under the 2020 Plan and the 2020 ESPP were automatically increased by 16.7 million shares and 3.3 million shares, respectively, pursuant to the annual evergreen increase provisions under the 2020 Plan and the 2020 ESPP. Stock Options —Stock options granted under the 2012 Plan and the 2020 Plan (collectively, the Plans) generally vest based on continued service over four years and expire ten years from the date of grant. Certain stock options granted under the 2012 Plan are exercisable at any time following the date of grant and expire ten years from the date of grant. A summary of stock option activity during the three months ended April 30, 2024 is as follows: Number of Shares Weighted- Weighted-Average Remaining Contractual Life Aggregate Balance—January 31, 2024 27,369 $ 12.35 5.0 $ 5,023,664 Granted 960 $ 163.04 Exercised (1,379) $ 7.69 Canceled (92) $ 3.75 Balance—April 30, 2024 26,858 $ 18.01 4.8 $ 3,723,873 Vested and exercisable as of April 30, 2024 25,584 $ 10.61 4.7 $ 3,715,804 During the three months ended April 30, 2024, the Company granted a stock option with a grant-date fair value of $77.89 per share. No options were granted during the three months ended April 30, 2023. The intrinsic value of options exercised in the three months ended April 30, 2024 and 2023 was $241.8 million and $321.7 million, respectively. The aggregate grant-date fair value of options that vested during the three months ended April 30, 2024 and 2023 was $7.3 million and $16.5 million, respectively. 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 these RSUs is recognized on a straight-line basis over the requisite service period. In addition, during each of the three months ended April 30, 2024 and 2023, 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 typically 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 respective fiscal year. 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. The Company recognized stock-based compensation of $12.5 million and $3.9 million associated with Leadership PRSUs during the three months ended April 30, 2024 and 2023, respectively. A summary of equity-classified RSUs activity during the three months ended April 30, 2024 is as follows: Number of Shares Weighted-Average Grant Date Unvested Balance—January 31, 2024 19,575 $ 169.82 Granted (1) 5,869 $ 167.74 Vested (3,202) $ 162.47 Forfeited (533) $ 168.85 Performance adjustment (2) (50) $ 139.58 Unvested Balance—April 30, 2024 21,659 $ 170.44 ________________ (1) Includes 0.8 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. (2) Represents an adjustment in the number of shares outstanding, with regards to Leadership PRSUs granted during the three months ended April 30, 2023, based on the actual achievement of the associated Company annual performance targets for fiscal 2024. Liability-Classified RSUs —During the fourth quarter of fiscal 2024, in connection with a business combination, 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 Company’s stock price and market capitalization. Once granted, Acquisition PRSUs are initially liability-classified and recorded in other liabilities on the Company’s condensed 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. As of April 30, 2024 and January 31, 2024, 1.4 million shares of these Acquisition PRSUs had been granted and remained unvested, and the associated liabilities were $3.2 million and $0.5 million, respectively. Stock-based compensation recognized for these Acquisition PRSUs was not material for the three months ended April 30, 2024. Restricted Common Stock —From time to time, the Company has granted restricted common stock outside of the Plans. Restricted common stock is not deemed to be outstanding for accounting purposes until it vests. A summary of restricted common stock activity during the three months ended April 30, 2024 is as follows: Outside of the Plans Number of Shares Weighted-Average Grant Date Unvested Balance—January 31, 2024 671 $ 209.15 Vested (146) $ 223.42 Unvested Balance—April 30, 2024 525 $ 205.15 Stock-Based Compensation — The following table summarizes the assumptions used in estimating the fair value of a stock option granted to an employee during the three months ended April 30, 2024: Three Months Ended April 30, 2024 Expected term (in years) 4.8 Expected volatility 56.7 % Risk-free interest rate 4.2 % Expected dividend yield — % In addition, for the stock option granted during the three months ended April 30, 2024, the shares to be issued upon exercise are subject to a one-year holding period. As such, the Company applied a 7.6% discount for lack of marketability to the fair value estimated using the Black-Scholes option-pricing model, based on the assumptions included in the table above. No stock options were granted during the three months ended April 30, 2023. The following table summarizes the assumptions used in estimating the fair value of employee stock purchase rights granted under the 2020 ESPP during the three months ended April 30, 2024 and 2023: Three Months Ended April 30, 2024 2023 Expected term (in years) 0.5 0.5 Expected volatility 49.6 % 71.3 % Risk-free interest rate 5.4 % 4.7 % 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 employee stock purchase rights granted under the 2020 ESPP (ESPP Rights) approximates the offering period. Expected volatility —In fiscal 2023 and 2024, the Company used 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. During the three months ended April 30, 2024, the Company began using the average of (i) the historical volatility of its Class A common stock, and (ii) the implied volatility from publicly traded options on its Class A common stock 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 April 30, 2024 and January 31, 2024: April 30, 2024 January 31, 2024 Expected volatility 57.0 % 60.0 % Risk-free interest rate 4.9 % 4.0 % Expected volatility —In fiscal 2024, expected volatility was estimated based on the historical volatility of the Company’s Class A common stock. During the three months ended April 30, 2024, the Company began using the average of (i) the historical volatility of its Class A common stock, and (ii) the implied volatility from publicly traded options on its Class A common stock 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 that approximates the period from the reporting date to January 31, 2027. Stock-based compensation included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended April 30, 2024 2023 Cost of revenue $ 32,408 $ 30,462 Sales and marketing 73,407 72,295 Research and development 194,672 136,417 General and administrative 31,449 25,335 Stock-based compensation, net of amounts capitalized 331,936 264,509 Capitalized stock-based compensation 9,295 11,719 Total stock-based compensation $ 341,231 $ 276,228 As of April 30, 2024, total compensation cost related to unvested awards not yet recognized was $3.6 billion, which will be recognized over a weighted-average period of 3.0 years. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company computes its tax provision for interim periods by applying the estimated annual effective tax rate to year-to-date pre-tax income from recurring operations and adjusting for discrete tax items arising in that quarter. The Company had an effective tax rate of (0.9%) and 2.8% for the three months ended April 30, 2024 and 2023, respectively. The Company has incurred U.S. operating losses and has minimal profits in foreign jurisdictions. The Company has evaluated all available evidence, both positive and negative, including historical levels of income and expectations and risks associated with estimates of future taxable income, and has determined that it is more likely than not that its net deferred tax assets will not be realized in the United States and the United Kingdom. Due to uncertainties surrounding the realization of the deferred tax assets, the Company maintains a full valuation allowance against its net deferred tax assets. The Company is subject to income taxes in the United States and numerous foreign jurisdictions. As of April 30, 2024, tax years 2012 and forward generally remain open for examination for U.S. federal and state tax purposes, and tax years 2019 and forward generally remain open for examination for foreign tax purposes. The Company has applied ASC 740 and determined that it has uncertain tax positions giving rise to unrecognized tax benefits for each of the three months ended April 30, 2024 and 2023. The Company’s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. The Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months. None of the unrecognized tax benefits are currently expected to impact the Company’s effective tax rate, if realized, as a result of the full valuation allowance. On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the Inflation Act) into law. The Inflation Act contains certain tax measures, including a corporate alternative minimum tax of 15% on some large corporations and an excise tax of 1% on stock repurchases. For the three months ended April 30, 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 | 3 Months Ended |
Apr. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share Basic and diluted net loss per share attributable to Snowflake Inc. Class A common stockholders is computed in conformity with the two-class method required for participating securities. The Company considers unvested common stock to be participating securities, as the holders of such stock have the right to receive nonforfeitable dividends on a pari passu basis in the event that a dividend is declared on common stock. Basic net loss per share attributable to Snowflake Inc. Class A common stockholders is computed by dividing net loss attributable to Snowflake Inc. Class A common stockholders by the weighted-average number of shares of Snowflake Inc. Class A common stock outstanding during the period, which excludes treasury stock. Diluted net loss per share attributable to Snowflake Inc. Class A common stockholders is computed by giving effect to all potentially dilutive Snowflake Inc. Class A common stock equivalents to the extent they are dilutive. For purposes of this calculation, stock options, RSUs, restricted common stock, early exercised stock options, and ESPP Rights are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to Snowflake Inc. Class A common stockholders as their effect is anti-dilutive for all periods presented. The following table presents the calculation of basic and diluted net loss per share attributable to Snowflake Inc. Class A common stockholders (in thousands, except per share data): Three Months Ended April 30, 2024 2023 Numerator: Net loss $ (317,816) $ (226,064) Less: net loss attributable to noncontrolling interest (828) (437) Net loss attributable to Snowflake Inc. Class A common stockholders $ (316,988) $ (225,627) Denominator: Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted 333,584 324,157 Net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted $ (0.95) $ (0.70) No Class B common stock was outstanding during any periods presented. The following potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to Snowflake Inc. Class A common stockholders for the periods presented because the impact of including them would have been anti-dilutive (in thousands): Three Months Ended April 30, 2024 2023 Stock options 26,858 33,428 RSUs 23,041 20,544 Unvested restricted common stock and early exercised stock options 525 298 Employee stock purchase rights under the 2020 ESPP 111 80 Total 50,535 54,350 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Apr. 30, 2024 | |
Related Party Transactions [Abstract] | |
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. During the three months ended April 30, 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. Revenue recognized from the Related Party was not material for each of the three months ended April 30, 2024 and 2023. Additionally, as of April 30, 2024 and January 31, 2024, the Company did not have material accounts receivable balance due from the Related Party. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Apr. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event As set forth in Note 10, “Commitments and Contingencies,” in May 2024, the Company entered into an agreement related to a new office facility located in the United States. The lease will commence in fiscal 2025 with an expiration date in fiscal 2039. Total commitment, net of tenant incentives expected to be received, under the lease is estimated to be approximately $96 million. The Company will recognize the related right-of-use asset and lease liability, which have not yet been determined, at the lease commencement date. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) Attributable to Parent | $ (316,988) | $ (225,627) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Apr. 30, 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 Frank Slootman, Director Adopted March 25, 2024 X 1,024,562 (1) December 17, 2024 Grzegorz J. Czajkowski, EVP, Engineering & Support Terminated March 27, 2024 (2) X 561,001 (1) March 31, 2025 Grzegorz J. Czajkowski, EVP, Engineering & Support Adopted March 27, 2024 X 1,279,758 (1) June 24, 2025 Teresa Briggs, Director Adopted March 29, 2024 X 848 July 9, 2024 Benoit Dageville, President of Products and Director Adopted March 29, 2024 X 420,136 (1)(3) June 27, 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 different due to (i) our withholding of certain shares to satisfy tax withholding obligations in connection with the vesting of restricted stock units and/or (ii) the amount of whole shares distributed in connection with the vesting of restricted stock units due to rounding, as applicable. (2) The trading arrangement was originally adopted on December 22, 2023. (3) The trading arrangement provides for a gift of up to 90,000 shares of our common stock. No other directors or officers, 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 |
Non-Rule 10b5-1 Arrangement Terminated | false |
Frank Slootman [Member] | |
Trading Arrangements, by Individual | |
Name | Frank Slootman |
Title | Director |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | March 25, 2024 |
Arrangement Duration | 267 days |
Aggregate Available | 1,024,562 |
Teresa Briggs [Member] | |
Trading Arrangements, by Individual | |
Name | Teresa Briggs |
Title | Director |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | March 29, 2024 |
Arrangement Duration | 102 days |
Aggregate Available | 848 |
Benoit Dageville [Member] | |
Trading Arrangements, by Individual | |
Name | Benoit Dageville |
Title | President of Products and Director |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | March 29, 2024 |
Arrangement Duration | 455 days |
Aggregate Available | 420,136 |
Grzegorz J. Czajkowski December 2023 Plan [Member] | Grzegorz J. Czajkowski [Member] | |
Trading Arrangements, by Individual | |
Name | Grzegorz J. Czajkowski |
Title | EVP, Engineering & Support |
Rule 10b5-1 Arrangement Terminated | true |
Termination Date | March 27, 2024 |
Grzegorz J. Czajkowski March 2024 Plan [Member] | Grzegorz J. Czajkowski [Member] | |
Trading Arrangements, by Individual | |
Name | Grzegorz J. Czajkowski |
Title | EVP, Engineering & Support |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | March 27, 2024 |
Arrangement Duration | 454 days |
Aggregate Available | 1,279,758 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
Fiscal Year | Fiscal Year The Company’s fiscal year ends on January 31. For example, references to fiscal 2025 refer to the fiscal year ending January 31, 2025. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2024, which was filed with the SEC on March 26, 2024. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of Snowflake Inc., its wholly-owned subsidiaries, and a majority-owned subsidiary in which the Company has a controlling financial interest. All intercompany transactions and balances have been eliminated in consolidation. The Company records noncontrolling interest in its condensed consolidated financial statements to recognize the minority ownership interest in its majority-owned subsidiary. Profits and losses of the majority-owned subsidiary are attributed to controlling and noncontrolling interests using the hypothetical liquidation at book value method. |
Segment Information | Segment Information |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates include, but are not limited to, stand-alone selling prices (SSP) for each distinct performance obligation, internal-use software development costs, the expected period of benefit for deferred commissions, the fair value of intangible assets acquired in business combinations, the useful lives of long-lived assets, the carrying value of operating lease right-of-use assets, stock-based compensation, accounting for income taxes, and the fair value of investments in marketable and non-marketable securities. |
Remaining Performance Obligations | Remaining Performance Obligations |
Fair Value of Financial Instruments | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The Company determines the fair value of its security holdings based on pricing from the Company’s service providers and market prices from industry-standard independent data providers. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs), such as yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures. |
Strategic Investments | Strategic Investments The tables above do not include the Company’s strategic investments, which consist primarily of (i) non-marketable equity securities recorded at cost minus impairment, if any, and adjusted for observable transactions for the same or similar investments of the same issuer (referred to as the Measurement Alternative), and (ii) marketable equity securities. The Company’s non-marketable equity securities accounted for using the Measurement Alternative are recorded at fair value on a non-recurring basis and classified within Level 3 of the fair value hierarchy because significant unobservable inputs or data in an inactive market are used in estimating their fair value. The estimation of fair value for these assets requires the use of an observable transaction price or other unobservable inputs, including the volatility, rights, and obligations of the securities the Company holds. The Company’s marketable equity securities are recorded at fair value on a recurring basis and classified within Level 1 of the fair value hierarchy because they are valued using the quoted market price. |
Net Loss Per Share | Net Loss per Share Basic and diluted net loss per share attributable to Snowflake Inc. Class A common stockholders is computed in conformity with the two-class method required for participating securities. The Company considers unvested common stock to be participating securities, as the holders of such stock have the right to receive nonforfeitable dividends on a pari passu basis in the event that a dividend is declared on common stock. Basic net loss per share attributable to Snowflake Inc. Class A common stockholders is computed by dividing net loss attributable to Snowflake Inc. Class A common stockholders by the weighted-average number of shares of Snowflake Inc. Class A common stock outstanding during the period, which excludes treasury stock. Diluted net loss per share attributable to Snowflake Inc. Class A common stockholders is computed by giving effect to all potentially dilutive Snowflake Inc. Class A common stock equivalents to the extent they are dilutive. For purposes of this calculation, stock options, RSUs, restricted common stock, early exercised stock options, and ESPP Rights are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to Snowflake Inc. Class A common stockholders as their effect is anti-dilutive for all periods presented. |
Recently Issued Accounting Pronouncements 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 condensed 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 condensed consolidated financial statements and disclosures. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Apr. 30, 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): April 30, 2024 January 31, 2024 United States $ 387,161 $ 379,664 Other (1) 121,187 119,928 Total $ 508,348 $ 499,592 ________________ (1) No individual country outside of the United States accounted for more than 10% of the Company’s long-lived assets as of April 30, 2024 and January 31, 2024. |
Revenue, Accounts Receivable,_2
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue consists of the following (in thousands): Three Months Ended April 30, 2024 2023 Product revenue $ 789,587 $ 590,072 Professional services and other revenue 39,122 33,527 Total $ 828,709 $ 623,599 |
Revenue from External Customers by Geographic Areas | Revenue by geographic area, based on the location of the Company’s customers (or end-customers under reseller arrangements), was as follows (in thousands): Three Months Ended April 30, 2024 2023 Americas: United States $ 632,041 $ 482,989 Other Americas (1) 23,735 16,856 EMEA (1)(2) 131,657 94,890 Asia-Pacific and Japan (1) 41,276 28,864 Total $ 828,709 $ 623,599 ________________ (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) | 3 Months Ended |
Apr. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Cash and Cash Equivalents | The following is a summary of the Company’s cash equivalents, short-term investments, and long-term investments on the condensed consolidated balance sheets (in thousands): April 30, 2024 Amortized Gross Gross Estimated Cash equivalents: Money market funds $ 492,568 $ — $ — $ 492,568 U.S. government securities 367,494 — (1) 367,493 Time deposits 58,145 — — 58,145 Commercial paper 53,742 — (7) 53,735 Corporate notes and bonds 34,423 1 (13) 34,411 Total cash equivalents 1,006,372 1 (21) 1,006,352 Investments: Corporate notes and bonds 1,496,420 901 (6,658) 1,490,663 U.S. government and agency securities 785,243 — (6,125) 779,118 Commercial paper 528,809 37 (798) 528,048 Certificates of deposit 331,079 153 (145) 331,087 Total investments 3,141,551 1,091 (13,726) 3,128,916 Total cash equivalents and investments $ 4,147,923 $ 1,092 $ (13,747) $ 4,135,268 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 |
Schedule of Debt Securities, Available-for-Sale | The following is a summary of the Company’s cash equivalents, short-term investments, and long-term investments on the condensed consolidated balance sheets (in thousands): April 30, 2024 Amortized Gross Gross Estimated Cash equivalents: Money market funds $ 492,568 $ — $ — $ 492,568 U.S. government securities 367,494 — (1) 367,493 Time deposits 58,145 — — 58,145 Commercial paper 53,742 — (7) 53,735 Corporate notes and bonds 34,423 1 (13) 34,411 Total cash equivalents 1,006,372 1 (21) 1,006,352 Investments: Corporate notes and bonds 1,496,420 901 (6,658) 1,490,663 U.S. government and agency securities 785,243 — (6,125) 779,118 Commercial paper 528,809 37 (798) 528,048 Certificates of deposit 331,079 153 (145) 331,087 Total investments 3,141,551 1,091 (13,726) 3,128,916 Total cash equivalents and investments $ 4,147,923 $ 1,092 $ (13,747) $ 4,135,268 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 |
Schedule of Available For Sale Securities Remaining Contractual Maturity | The estimated fair values of available-for-sale marketable debt securities, classified as short-term or long-term investments on the Company’s condensed consolidated balance sheets, by remaining contractual maturity, are as follows (in thousands): April 30, 2024 Estimated Due within 1 year $ 2,200,935 Due in 1 year to 3 years 927,981 Total $ 3,128,916 |
Schedule of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following tables show the fair values of, and the gross unrealized losses on, the Company’s available-for-sale marketable debt securities, classified by the length of time that the securities have been in a continuous unrealized loss position and aggregated by investment type, on the condensed consolidated balance sheets (in thousands): April 30, 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 $ 257,696 $ (1) $ — $ — $ 257,696 $ (1) Commercial paper 42,735 (7) — — 42,735 (7) Corporate notes and bonds 21,406 (13) — — 21,406 (13) Total cash equivalents 321,837 (21) — — 321,837 (21) Investments: Corporate notes and bonds 974,840 (5,218) 206,956 (1,440) 1,181,796 (6,658) U.S. government and agency securities 628,114 (3,628) 151,004 (2,497) 779,118 (6,125) Commercial paper 422,472 (798) — — 422,472 (798) Certificates of deposit 109,602 (145) — — 109,602 (145) Total investments 2,135,028 (9,789) 357,960 (3,937) 2,492,988 (13,726) Total cash equivalents and investments $ 2,456,865 $ (9,810) $ 357,960 $ (3,937) $ 2,814,825 $ (13,747) 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) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 30, 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 April 30, 2024 (in thousands): Level 1 Level 2 Total Assets: Cash equivalents: Money market funds $ 492,568 $ — $ 492,568 U.S. government securities — 367,493 367,493 Time deposits — 58,145 58,145 Commercial paper — 53,735 53,735 Corporate notes and bonds — 34,411 34,411 Short-term investments: Corporate notes and bonds — 834,770 834,770 Commercial paper — 528,048 528,048 U.S. government and agency securities — 518,716 518,716 Certificates of deposit — 319,401 319,401 Long-term investments: Corporate notes and bonds — 655,893 655,893 U.S. government and agency securities — 260,402 260,402 Certificates of deposit — 11,686 11,686 Derivative assets: Foreign currency forward contracts — 1,041 1,041 Total assets $ 492,568 $ 3,643,741 $ 4,136,309 Liabilities: Derivative liabilities: Foreign currency forward contracts $ — $ (1,512) $ (1,512) Total liabilities $ — $ (1,512) $ (1,512) 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) |
Schedule of Fair Value Measurements | The following table presents the Company’s strategic investments by type (in thousands): April 30, 2024 January 31, 2024 Equity securities: Non-marketable equity securities under Measurement Alternative $ 198,579 $ 190,238 Non-marketable equity securities under equity method 5,388 5,307 Marketable equity securities 12,606 37,320 Debt securities: Non-marketable debt securities 1,985 1,500 Total strategic investments—included in other assets $ 218,558 $ 234,365 |
Unrealized Gain (Loss) on Investments | The following table summarizes the gains and losses associated with the Company’s strategic investments in equity securities (in thousands): Three Months Ended April 30, 2024 2023 Unrealized losses on non-marketable equity securities under Measurement Alternative: Impairments $ (18,753) $ — Net unrealized losses on marketable equity securities (3,655) (2,414) Net unrealized losses on strategic investments in equity securities (22,408) (2,414) Net realized gains on marketable equity securities sold (1) 1,713 — Total—included in other expense, net $ (20,695) $ (2,414) ________________ (1) Represents the difference between the sale proceeds and the carrying value of the security at the beginning of the period or the purchase date, if later. |
Realized Gain (Loss) on Investments | The following table summarizes the gains and losses associated with the Company’s strategic investments in equity securities (in thousands): Three Months Ended April 30, 2024 2023 Unrealized losses on non-marketable equity securities under Measurement Alternative: Impairments $ (18,753) $ — Net unrealized losses on marketable equity securities (3,655) (2,414) Net unrealized losses on strategic investments in equity securities (22,408) (2,414) Net realized gains on marketable equity securities sold (1) 1,713 — Total—included in other expense, net $ (20,695) $ (2,414) ________________ (1) Represents the difference between the sale proceeds and the carrying value of the security at the beginning of the period or the purchase date, if later. |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): April 30, 2024 January 31, 2024 Leasehold improvements $ 96,281 $ 67,804 Computers, equipment, and software 46,092 29,859 Furniture and fixtures 22,233 17,593 Capitalized internal-use software development costs 150,350 93,222 Construction in progress—capitalized internal-use software development costs 37,807 78,737 Construction in progress—other 1,548 34,890 Total property and equipment, gross 354,311 322,105 Less: accumulated depreciation and amortization (1) (90,644) (74,641) Total property and equipment, net $ 263,667 $ 247,464 ________________ (1) Includes $40.4 million and $30.0 million of accumulated amortization related to capitalized internal-use software development costs as of April 30, 2024 and January 31, 2024, respectively. |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | 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 $ 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 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, 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. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets, net consisted of the following (in thousands): April 30, 2024 Gross Accumulated Amortization Net Finite-lived intangible assets: Developed technology $ 243,596 $ (59,853) $ 183,743 Developer community 154,900 (63,072) 91,828 Assembled workforce 55,732 (26,384) 29,348 Patents 8,874 (6,652) 2,222 Total finite-lived intangible assets $ 463,102 $ (155,961) $ 307,141 Indefinite-lived intangible assets—trademarks 826 Total intangible assets, net $ 307,967 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 |
Schedule of Future Amortization Expense | As of April 30, 2024, future amortization expense is expected to be as follows (in thousands): Amount Fiscal Year Ending January 31, Remainder of 2025 $ 71,341 2026 88,513 2027 84,360 2028 51,795 2029 11,132 Thereafter — Total $ 307,141 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Apr. 30, 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): April 30, 2024 January 31, 2024 Accrued compensation $ 166,649 $ 205,056 Accrued third-party cloud infrastructure expenses 71,741 48,571 Liabilities associated with sales, marketing and business development programs 56,855 39,571 Employee contributions under employee stock purchase plan 15,943 40,641 Accrued taxes 11,926 37,108 Employee payroll tax withheld on employee stock transactions 11,728 22,479 Accrued professional services 9,397 9,274 Accrued purchases of property and equipment 9,121 4,508 Other 44,642 39,652 Total accrued expenses and other current liabilities $ 398,002 $ 446,860 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Apr. 30, 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): April 30, 2024 January 31, 2024 2012 Equity Incentive Plan: Options outstanding 25,296 26,767 Restricted stock units outstanding 388 789 2020 Equity Incentive Plan: Options outstanding 1,562 602 Restricted stock units outstanding 22,653 20,168 Shares available for future grants 71,037 59,371 2020 Employee Stock Purchase Plan: Shares available for future grants 16,759 13,764 Total shares of common stock reserved for future issuance 137,695 121,461 |
Class of Treasury Stock | The following table summarizes the stock repurchase activity under the Company’s stock repurchase program (in thousands, except per share data): Three Months Ended April 30, 2024 2023 Number of shares repurchased 2,982 1,405 Weighted-average price per share (1) $ 173.14 $ 136.39 Aggregate purchase price (1) $ 516,329 $ 191,694 ________________ (1) Includes transaction costs associated with the repurchases. |
Option Activity Rollforward | A summary of stock option activity during the three months ended April 30, 2024 is as follows: Number of Shares Weighted- Weighted-Average Remaining Contractual Life Aggregate Balance—January 31, 2024 27,369 $ 12.35 5.0 $ 5,023,664 Granted 960 $ 163.04 Exercised (1,379) $ 7.69 Canceled (92) $ 3.75 Balance—April 30, 2024 26,858 $ 18.01 4.8 $ 3,723,873 Vested and exercisable as of April 30, 2024 25,584 $ 10.61 4.7 $ 3,715,804 |
Schedule of Unvested RSU Rollforward | A summary of equity-classified RSUs activity during the three months ended April 30, 2024 is as follows: Number of Shares Weighted-Average Grant Date Unvested Balance—January 31, 2024 19,575 $ 169.82 Granted (1) 5,869 $ 167.74 Vested (3,202) $ 162.47 Forfeited (533) $ 168.85 Performance adjustment (2) (50) $ 139.58 Unvested Balance—April 30, 2024 21,659 $ 170.44 ________________ (1) Includes 0.8 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. (2) Represents an adjustment in the number of shares outstanding, with regards to Leadership PRSUs granted during the three months ended April 30, 2023, based on the actual achievement of the associated Company annual performance targets for fiscal 2024. |
Schedule of Unvested RSA Rollforward | A summary of restricted common stock activity during the three months ended April 30, 2024 is as follows: Outside of the Plans Number of Shares Weighted-Average Grant Date Unvested Balance—January 31, 2024 671 $ 209.15 Vested (146) $ 223.42 Unvested Balance—April 30, 2024 525 $ 205.15 |
Valuation Assumptions Schedule | The following table summarizes the assumptions used in estimating the fair value of a stock option granted to an employee during the three months ended April 30, 2024: Three Months Ended April 30, 2024 Expected term (in years) 4.8 Expected volatility 56.7 % Risk-free interest rate 4.2 % Expected dividend yield — % |
Valuation Assumptions Other Than Stock Options Schedule | The following table summarizes the assumptions used in estimating the fair value of employee stock purchase rights granted under the 2020 ESPP during the three months ended April 30, 2024 and 2023: Three Months Ended April 30, 2024 2023 Expected term (in years) 0.5 0.5 Expected volatility 49.6 % 71.3 % Risk-free interest rate 5.4 % 4.7 % 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 April 30, 2024 and January 31, 2024: April 30, 2024 January 31, 2024 Expected volatility 57.0 % 60.0 % Risk-free interest rate 4.9 % 4.0 % |
Share-based Compensation Schedule | Stock-based compensation included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended April 30, 2024 2023 Cost of revenue $ 32,408 $ 30,462 Sales and marketing 73,407 72,295 Research and development 194,672 136,417 General and administrative 31,449 25,335 Stock-based compensation, net of amounts capitalized 331,936 264,509 Capitalized stock-based compensation 9,295 11,719 Total stock-based compensation $ 341,231 $ 276,228 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Apr. 30, 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 common stockholders (in thousands, except per share data): Three Months Ended April 30, 2024 2023 Numerator: Net loss $ (317,816) $ (226,064) Less: net loss attributable to noncontrolling interest (828) (437) Net loss attributable to Snowflake Inc. Class A common stockholders $ (316,988) $ (225,627) Denominator: Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted 333,584 324,157 Net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted $ (0.95) $ (0.70) |
Schedule of Potentially Dilutive Securities Excluded from Computation of Net Loss per Share | The following potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to Snowflake Inc. Class A common stockholders for the periods presented because the impact of including them would have been anti-dilutive (in thousands): Three Months Ended April 30, 2024 2023 Stock options 26,858 33,428 RSUs 23,041 20,544 Unvested restricted common stock and early exercised stock options 525 298 Employee stock purchase rights under the 2020 ESPP 111 80 Total 50,535 54,350 |
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 | Apr. 30, 2024 | Jan. 31, 2024 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | $ 508,348 | $ 499,592 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | 387,161 | 379,664 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | $ 121,187 | $ 119,928 |
Revenue, Accounts Receivable,_3
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 828,709 | $ 623,599 |
Product revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 789,587 | 590,072 |
Professional services and other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 39,122 | $ 33,527 |
Revenue, Accounts Receivable,_4
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations - Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 828,709 | $ 623,599 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 632,041 | 482,989 |
Other Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 23,735 | 16,856 |
EMEA | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 131,657 | 94,890 |
Asia-Pacific and Japan | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 41,276 | $ 28,864 |
Revenue, Accounts Receivable,_5
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Jan. 31, 2024 | |
Disaggregation of Revenue [Line Items] | |||
Allowance for doubtful accounts | $ 3.5 | $ 2.5 | |
Revenue recognized | 673.5 | $ 494.7 | |
Remaining performance obligation | $ 5,000 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-05-01 | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, remaining performance obligation, percentage | 51% | ||
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 | Apr. 30, 2024 | Jan. 31, 2024 |
Cash equivalents: | ||
Amortized Cost | $ 1,006,372 | $ 1,331,709 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | (21) | (2) |
Estimated Fair Value | 1,006,352 | 1,331,708 |
Investments: | ||
Amortized Cost | 3,141,551 | 3,005,041 |
Gross Unrealized Gains | 1,091 | 2,958 |
Gross Unrealized Losses | (13,726) | (8,193) |
Estimated Fair Value | 3,128,916 | 2,999,806 |
Amortized Cost | 4,147,923 | 4,336,750 |
Gross Unrealized Gains | 1,092 | 2,959 |
Gross Unrealized Losses | (13,747) | (8,195) |
Estimated Fair Value | 4,135,268 | 4,331,514 |
Corporate notes and bonds | ||
Investments: | ||
Amortized Cost | 1,496,420 | 1,549,151 |
Gross Unrealized Gains | 901 | 1,959 |
Gross Unrealized Losses | (6,658) | (3,394) |
Estimated Fair Value | 1,490,663 | 1,547,716 |
U.S. government and agency securities | ||
Investments: | ||
Amortized Cost | 785,243 | 877,496 |
Gross Unrealized Gains | 0 | 574 |
Gross Unrealized Losses | (6,125) | (4,653) |
Estimated Fair Value | 779,118 | 873,417 |
Commercial paper | ||
Investments: | ||
Amortized Cost | 528,809 | 353,525 |
Gross Unrealized Gains | 37 | 154 |
Gross Unrealized Losses | (798) | (131) |
Estimated Fair Value | 528,048 | 353,548 |
Certificates of deposit | ||
Investments: | ||
Amortized Cost | 331,079 | 224,869 |
Gross Unrealized Gains | 153 | 271 |
Gross Unrealized Losses | (145) | (15) |
Estimated Fair Value | 331,087 | 225,125 |
Money market funds | ||
Cash equivalents: | ||
Amortized Cost | 492,568 | 533,211 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 492,568 | 533,211 |
U.S. government securities | ||
Cash equivalents: | ||
Amortized Cost | 367,494 | 742,235 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | (1) | (2) |
Estimated Fair Value | 367,493 | 742,234 |
Time deposits | ||
Cash equivalents: | ||
Amortized Cost | 58,145 | 56,263 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 58,145 | $ 56,263 |
Commercial paper | ||
Cash equivalents: | ||
Amortized Cost | 53,742 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (7) | |
Estimated Fair Value | 53,735 | |
Corporate notes and bonds | ||
Cash equivalents: | ||
Amortized Cost | 34,423 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (13) | |
Estimated Fair Value | $ 34,411 |
Cash Equivalents and Investme_4
Cash Equivalents and Investments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2024 | Jan. 31, 2024 | |
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 | $ 22.6 | $ 24.2 |
Cash Equivalents and Investme_5
Cash Equivalents and Investments - Schedule of Available for Sale Securities Remaining Contractual Maturity (Details) $ in Thousands | Apr. 30, 2024 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due within 1 year | $ 2,200,935 |
Due in 1 year to 3 years | 927,981 |
Total | $ 3,128,916 |
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 | Apr. 30, 2024 | Jan. 31, 2024 |
Cash Equivalents, Fair Value | ||
Less than 12 months, fair value | $ 321,837 | $ 338,893 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 321,837 | 338,893 |
Cash Equivalents, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (21) | (2) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | (21) | (2) |
Investments, Fair Value | ||
Less than 12 months, fair value | 2,135,028 | 1,395,409 |
12 months or greater, fair value | 357,960 | 513,815 |
Total, fair value | 2,492,988 | 1,909,224 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (9,789) | (2,728) |
12 months or greater, accumulated losses | (3,937) | (5,465) |
Total, accumulated losses | (13,726) | (8,193) |
Cash Equivalents And Debt Securities, Available-For-Sale [Abstract] | ||
Less than 12 months, fair value | 2,456,865 | 1,734,302 |
12 months or greater, fair value | 357,960 | 513,815 |
Total, fair value | 2,814,825 | 2,248,117 |
Cash Equivalents And Debt Securities, Available-For-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, accumulated losses | (9,810) | (2,730) |
12 months or greater, accumulated losses | (3,937) | (5,465) |
Total, accumulated losses | (13,747) | (8,195) |
Corporate notes and bonds | ||
Investments, Fair Value | ||
Less than 12 months, fair value | 974,840 | 625,766 |
12 months or greater, fair value | 206,956 | 321,952 |
Total, fair value | 1,181,796 | 947,718 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (5,218) | (1,259) |
12 months or greater, accumulated losses | (1,440) | (2,135) |
Total, accumulated losses | (6,658) | (3,394) |
U.S. government and agency securities | ||
Investments, Fair Value | ||
Less than 12 months, fair value | 628,114 | 525,408 |
12 months or greater, fair value | 151,004 | 191,863 |
Total, fair value | 779,118 | 717,271 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (3,628) | (1,323) |
12 months or greater, accumulated losses | (2,497) | (3,330) |
Total, accumulated losses | (6,125) | (4,653) |
Commercial paper | ||
Investments, Fair Value | ||
Less than 12 months, fair value | 422,472 | 172,422 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 422,472 | 172,422 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (798) | (131) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | (798) | (131) |
Certificates of deposit | ||
Investments, Fair Value | ||
Less than 12 months, fair value | 109,602 | 71,813 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 109,602 | 71,813 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (145) | (15) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | (145) | (15) |
U.S. government securities | ||
Cash Equivalents, Fair Value | ||
Less than 12 months, fair value | 257,696 | 338,893 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 257,696 | 338,893 |
Cash Equivalents, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (1) | (2) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | (1) | $ (2) |
Commercial paper | ||
Cash Equivalents, Fair Value | ||
Less than 12 months, fair value | 42,735 | |
12 months or greater, fair value | 0 | |
Total, fair value | 42,735 | |
Cash Equivalents, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (7) | |
12 months or greater, accumulated losses | 0 | |
Total, accumulated losses | (7) | |
Corporate notes and bonds | ||
Cash Equivalents, Fair Value | ||
Less than 12 months, fair value | 21,406 | |
12 months or greater, fair value | 0 | |
Total, fair value | 21,406 | |
Cash Equivalents, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (13) | |
12 months or greater, accumulated losses | 0 | |
Total, accumulated losses | $ (13) |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Assets: | ||
Cash equivalents | $ 1,006,352 | $ 1,331,708 |
Short-term investments | 2,200,935 | 2,083,499 |
Long-term investments | 927,981 | 916,307 |
Money market funds | ||
Assets: | ||
Cash equivalents | 492,568 | 533,211 |
U.S. government securities | ||
Assets: | ||
Cash equivalents | 367,493 | 742,234 |
Time deposits | ||
Assets: | ||
Cash equivalents | 58,145 | 56,263 |
Commercial paper | ||
Assets: | ||
Cash equivalents | 53,735 | |
Corporate notes and bonds | ||
Assets: | ||
Cash equivalents | 34,411 | |
Recurring | ||
Assets: | ||
Derivative assets | 1,041 | 60 |
Total assets | 4,136,309 | 4,331,574 |
Liabilities: | ||
Derivative liabilities | (1,512) | (745) |
Total liabilities | (1,512) | (745) |
Recurring | Corporate notes and bonds | ||
Assets: | ||
Short-term investments | 834,770 | 939,727 |
Long-term investments | 655,893 | 607,989 |
Recurring | Commercial paper | ||
Assets: | ||
Short-term investments | 528,048 | 353,548 |
Recurring | U.S. government and agency securities | ||
Assets: | ||
Short-term investments | 518,716 | 573,780 |
Long-term investments | 260,402 | 299,637 |
Recurring | Certificates of deposit | ||
Assets: | ||
Short-term investments | 319,401 | 216,444 |
Long-term investments | 11,686 | 8,681 |
Recurring | Money market funds | ||
Assets: | ||
Cash equivalents | 492,568 | 533,211 |
Recurring | U.S. government securities | ||
Assets: | ||
Cash equivalents | 367,493 | |
Recurring | U.S. government securities | ||
Assets: | ||
Cash equivalents | 742,234 | |
Recurring | Time deposits | ||
Assets: | ||
Cash equivalents | 58,145 | 56,263 |
Recurring | Commercial paper | ||
Assets: | ||
Cash equivalents | 53,735 | |
Recurring | Corporate notes and bonds | ||
Assets: | ||
Cash equivalents | 34,411 | |
Recurring | Level 1 | ||
Assets: | ||
Derivative assets | 0 | |
Total assets | 492,568 | 533,211 |
Liabilities: | ||
Derivative liabilities | 0 | |
Total liabilities | 0 | 0 |
Recurring | Level 1 | Corporate notes and bonds | ||
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 | U.S. government and agency securities | ||
Assets: | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Recurring | Level 1 | Certificates of deposit | ||
Assets: | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Recurring | Level 1 | Money market funds | ||
Assets: | ||
Cash equivalents | 492,568 | 533,211 |
Recurring | Level 1 | U.S. government securities | ||
Assets: | ||
Cash equivalents | 0 | |
Recurring | Level 1 | U.S. government securities | ||
Assets: | ||
Cash equivalents | 0 | |
Recurring | Level 1 | Time deposits | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Recurring | Level 1 | Commercial paper | ||
Assets: | ||
Cash equivalents | 0 | |
Recurring | Level 1 | Corporate notes and bonds | ||
Assets: | ||
Cash equivalents | 0 | |
Recurring | Level 2 | ||
Assets: | ||
Derivative assets | 1,041 | 60 |
Total assets | 3,643,741 | 3,798,363 |
Liabilities: | ||
Derivative liabilities | (1,512) | (745) |
Total liabilities | (1,512) | (745) |
Recurring | Level 2 | Corporate notes and bonds | ||
Assets: | ||
Short-term investments | 834,770 | 939,727 |
Long-term investments | 655,893 | 607,989 |
Recurring | Level 2 | Commercial paper | ||
Assets: | ||
Short-term investments | 528,048 | 353,548 |
Recurring | Level 2 | U.S. government and agency securities | ||
Assets: | ||
Short-term investments | 518,716 | 573,780 |
Long-term investments | 260,402 | 299,637 |
Recurring | Level 2 | Certificates of deposit | ||
Assets: | ||
Short-term investments | 319,401 | 216,444 |
Long-term investments | 11,686 | 8,681 |
Recurring | Level 2 | Money market funds | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Recurring | Level 2 | U.S. government securities | ||
Assets: | ||
Cash equivalents | 367,493 | |
Recurring | Level 2 | U.S. government securities | ||
Assets: | ||
Cash equivalents | 742,234 | |
Recurring | Level 2 | Time deposits | ||
Assets: | ||
Cash equivalents | 58,145 | $ 56,263 |
Recurring | Level 2 | Commercial paper | ||
Assets: | ||
Cash equivalents | 53,735 | |
Recurring | Level 2 | Corporate notes and bonds | ||
Assets: | ||
Cash equivalents | $ 34,411 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Strategic Investments (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Fair Value Disclosures [Abstract] | ||
Non-marketable equity securities under Measurement Alternative | $ 198,579 | $ 190,238 |
Non-marketable equity securities under equity method | 5,388 | 5,307 |
Marketable equity securities | 12,606 | 37,320 |
Non-marketable debt securities | 1,985 | 1,500 |
Total strategic investments—included in other assets | $ 218,558 | $ 234,365 |
Fair Value Measurements - Unrea
Fair Value Measurements - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Fair Value Disclosures [Abstract] | ||
Impairments | $ (18,753) | $ 0 |
Net unrealized losses on marketable equity securities | (3,655) | (2,414) |
Net unrealized losses on strategic investments in equity securities | (22,408) | (2,414) |
Net realized gains on marketable equity securities sold | 1,713 | 0 |
Total—included in other expense, net | $ (20,695) | $ (2,414) |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Millions | Apr. 30, 2024 USD ($) |
Fair Value Disclosures [Abstract] | |
Upward adjustments | $ 37.1 |
Impairments | $ 59.9 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Property, Plant and Equipment | ||
Total property and equipment, gross | $ 354,311 | $ 322,105 |
Less: accumulated depreciation and amortization | (90,644) | (74,641) |
Total property and equipment, net | 263,667 | 247,464 |
Leasehold improvements | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 96,281 | 67,804 |
Computers, equipment, and software | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 46,092 | 29,859 |
Furniture and fixtures | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 22,233 | 17,593 |
Capitalized internal-use software development costs | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 150,350 | 93,222 |
Less: accumulated depreciation and amortization | (40,400) | (30,000) |
Construction in progress—capitalized internal-use software development costs | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 37,807 | 78,737 |
Construction in progress—other | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | $ 1,548 | $ 34,890 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 16.8 | $ 7.6 |
Accumulated amortization, property, plant, and equipment | 10.9 | 3.5 |
Impairment of capitalized internal-use software | $ 0 | $ 7.1 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) | 3 Months Ended | |
Feb. 10, 2023 | Apr. 30, 2023 | |
Mountain US Corporation | ||
Business Acquisition [Line Items] | ||
Consideration transferred | $ 76,300,000 | |
Business combination, acquisition related costs | $ 0 | |
LeapYear Technologies, Inc. | ||
Business Acquisition [Line Items] | ||
Consideration transferred | $ 62,000,000 | |
Business combination, acquisition related costs | $ 0 |
Business Combinations - Schedul
Business Combinations - Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Feb. 10, 2023 | Apr. 30, 2024 | Jan. 31, 2024 |
Business Acquisition [Line Items] | |||
Goodwill | $ 975,906 | $ 975,906 | |
Mountain US 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 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 463,102 | $ 463,102 |
Accumulated Amortization | (155,961) | (132,517) |
Net | 307,141 | 330,585 |
Indefinite-lived intangible assets—trademarks | 826 | 826 |
Total intangible assets, net | 307,967 | 331,411 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 243,596 | 243,596 |
Accumulated Amortization | (59,853) | (47,919) |
Net | 183,743 | 195,677 |
Developer community | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 154,900 | 154,900 |
Accumulated Amortization | (63,072) | (55,442) |
Net | 91,828 | 99,458 |
Assembled workforce | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 55,732 | 55,732 |
Accumulated Amortization | (26,384) | (22,945) |
Net | 29,348 | 32,787 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 8,874 | 8,874 |
Accumulated Amortization | (6,652) | (6,211) |
Net | $ 2,222 | $ 2,663 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Jan. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 23,400 | $ 15,600 | |
Goodwill | $ 975,906 | $ 975,906 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2025 | $ 71,341 | |
2026 | 88,513 | |
2027 | 84,360 | |
2028 | 51,795 | |
2029 | 11,132 | |
Thereafter | 0 | |
Net | $ 307,141 | $ 330,585 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 166,649 | $ 205,056 |
Accrued third-party cloud infrastructure expenses | 71,741 | 48,571 |
Liabilities associated with sales, marketing and business development programs | 56,855 | 39,571 |
Employee contributions under employee stock purchase plan | 15,943 | 40,641 |
Accrued taxes | 11,926 | 37,108 |
Employee payroll tax withheld on employee stock transactions | 11,728 | 22,479 |
Accrued professional services | 9,397 | 9,274 |
Accrued purchases of property and equipment | 9,121 | 4,508 |
Other | 44,642 | 39,652 |
Total accrued expenses and other current liabilities | $ 398,002 | $ 446,860 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) | 3 Months Ended | |||
Apr. 30, 2024 | Apr. 30, 2023 | May 31, 2024 | Jan. 31, 2024 | |
Other Commitments [Line Items] | ||||
Sublease income | $ 2,400,000 | $ 3,100,000 | ||
Cost of matching contributions | 0 | $ 0 | ||
Loss contingency accrual | 0 | $ 0 | ||
Letters of credit outstanding | 18,700,000 | |||
Subsequent Event | New Office Facility Lease In The US | ||||
Other Commitments [Line Items] | ||||
Lessee, operating lease, liability, to be paid | $ 96,000,000 | |||
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) - USD ($) | 3 Months Ended | ||||
Feb. 01, 2024 | Apr. 30, 2024 | Apr. 30, 2023 | Jan. 31, 2024 | Feb. 28, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stock repurchase program, authorized amount | $ 2,000,000,000 | ||||
Stock repurchase program, remaining authorized repurchase amount | $ 891,900,000 | ||||
Repurchases of common stock (in shares) | (500,000) | ||||
Granted (per share) | $ 77.89 | ||||
Options granted (shares) | 960,000 | 0 | |||
Intrinsic value of shares exercised | $ 241,800,000 | $ 321,700,000 | |||
Grant date fair value of vested shares | 7,300,000 | 16,500,000 | |||
Stock-based compensation, net of amounts capitalized | $ 331,936,000 | $ 264,509,000 | |||
Expected dividend yield | 0% | 0% | |||
Unrecognized share-based compensation expense | $ 3,600,000,000 | ||||
Unrecognized share-based compensation expense recognition period (term) | 3 years | ||||
2020 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Shares authorized (in shares) | 16,700,000 | ||||
Employee stock purchase rights under the 2020 ESPP | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Offering period | 6 months | ||||
Shares authorized (in shares) | 3,300,000 | ||||
Expected dividend yield | 0% | 0% | |||
Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Vesting period (years) | 4 years | ||||
Expiration period (years) | 10 years | ||||
Award holding period | 1 year | ||||
Discount for lack of marketability | 7.60% | ||||
Expected dividend yield | 0% | ||||
Stock options | 2012 Equity Incentive Plan: | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Expiration period (years) | 10 years | ||||
Equity-Classified Restricted Stock Units (RSUs) | 2020 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Vesting period (years) | 4 years | ||||
Equity-Classified Restricted Stock Units (RSUs) | 2012 Equity Incentive Plan: | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Vesting period (years) | 4 years | ||||
Equity-Classified Restricted Stock Units (RSUs) | 2012 Equity Incentive Plan: | Grant Date | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Vesting period (years) | 1 year | ||||
Equity-Classified Performance Shares | 2020 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Vesting period (years) | 4 years | ||||
Stock-based compensation, net of amounts capitalized | $ 12,500,000 | $ 3,900,000 | |||
Equity-Classified Performance Shares | 2020 Equity Incentive Plan | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Performance target, percentage | 0% | ||||
Equity-Classified Performance Shares | 2020 Equity Incentive Plan | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Performance target, percentage | 120% | ||||
Equity-Classified Performance Shares | 2020 Equity Incentive Plan | Grant Date | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Vesting period (years) | 1 year | ||||
Liability-Classified Performance Shares | 2020 Equity Incentive Plan | Fiscal Year 2024 Acquisition | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Vesting period (years) | 4 years | ||||
Stock-based compensation, net of amounts capitalized | $ 0 | ||||
Shares available for grant (in shares) | 1,700,000 | ||||
Liability-classified instruments, granted and non-vested (in shares) | 1,400,000 | 1,400,000 | |||
Liability-classified instruments, liability, classified, noncurrent | $ 3,200,000 | $ 500,000 | |||
Liability-Classified Performance Shares | 2020 Equity Incentive Plan | Grant Date | Fiscal Year 2024 Acquisition | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Vesting period (years) | 1 year |
Equity - Shares Reserved For Fu
Equity - Shares Reserved For Future Issuance (Details) - shares shares in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (in shares) | 137,695 | 121,461 |
Employee stock purchase rights under the 2020 ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (in shares) | 16,759 | 13,764 |
2012 Equity Incentive Plan: | Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (in shares) | 25,296 | 26,767 |
2012 Equity Incentive Plan: | RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (in shares) | 388 | 789 |
2020 Equity Incentive Plan | Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (in shares) | 1,562 | 602 |
2020 Equity Incentive Plan | RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (in shares) | 22,653 | 20,168 |
2020 Equity Incentive Plan | Shares available for future grants | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (in shares) | 71,037 | 59,371 |
Equity - Schedule of Stock Repu
Equity - Schedule of Stock Repurchase Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Number of shares repurchased (in shares) | 2,982 | 1,405 |
Weighted-average price per share (in dollars per share) | $ 173.14 | $ 136.39 |
Aggregate purchase price | $ 516,329 | $ 191,694 |
Equity - Option Activity Rollfo
Equity - Option Activity Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | Jan. 31, 2024 | |
Number of Options Outstanding (in thousands) | |||
Shares outstanding, beginning (in shares) | 27,369,000 | ||
Granted (in shares) | (960,000) | 0 | |
Exercised (in shares) | (1,379,000) | ||
Canceled (in shares) | (92,000) | ||
Shares outstanding, ending (in shares) | 26,858,000 | 27,369,000 | |
Weighted- Average Exercise Price | |||
Shares outstanding, beginning balance (in dollars per share) | $ 12.35 | ||
Granted (in dollars per share) | 163.04 | ||
Exercised (in dollars per share) | 7.69 | ||
Canceled (in shares) | 3.75 | ||
Shares outstanding, ending balance (in dollars per share) | $ 18.01 | $ 12.35 | |
Weighted-average remaining contractual life | 4 years 9 months 18 days | 5 years | |
Aggregate Intrinsic Value (in thousands) | |||
Aggregate intrinsic value | $ 3,723,873 | $ 5,023,664 | |
Vested and exercisable (in shares) | 25,584,000 | ||
Vested and exercisable, weighted average share price (in dollars per share) | $ 10.61 | ||
Vested and exercisable, weighted average remaining contractual life | 4 years 8 months 12 days | ||
Vested and exercisable, intrinsic value | $ 3,715,804 |
Equity - Unvested RSA & RSU Rol
Equity - Unvested RSA & RSU Rollforward (Details) shares in Thousands | 3 Months Ended |
Apr. 30, 2024 $ / shares shares | |
Equity-Classified Restricted Stock Units (RSUs) | |
Number of Shares (in thousands) | |
Unvested balance, beginning (in shares) | 19,575 |
Granted (shares) | 5,869 |
Vested (shares) | (3,202) |
Forfeited (shares) | (533) |
Performance adjustment (in shares) | (50) |
Unvested balance, ending (shares) | 21,659 |
Weighted-Average Grant Date Fair Value per Share | |
Unvested balance, beginning balance (in dollars per share) | $ / shares | $ 169.82 |
Granted (in dollars per share) | $ / shares | 167.74 |
Vested (in dollars per share) | $ / shares | 162.47 |
Forfeited (in dollars per share) | $ / shares | 168.85 |
Performance adjustment (in dollars per share) | $ / shares | 139.58 |
Unvested balance, ending balance (in dollars per share) | $ / shares | $ 170.44 |
2020 Equity Incentive Plan | Equity-Classified Performance Shares | |
Number of Shares (in thousands) | |
Granted (shares) | 800 |
2020 Equity Incentive Plan | Equity-Classified Performance Shares | Maximum | |
Weighted-Average Grant Date Fair Value per Share | |
Performance target, percentage | 120% |
Outside of the Plans | RCS | |
Number of Shares (in thousands) | |
Unvested balance, beginning (in shares) | 671 |
Vested (shares) | (146) |
Unvested balance, ending (shares) | 525 |
Weighted-Average Grant Date Fair Value per Share | |
Unvested balance, beginning balance (in dollars per share) | $ / shares | $ 209.15 |
Vested (in dollars per share) | $ / shares | 223.42 |
Unvested balance, ending balance (in dollars per share) | $ / shares | $ 205.15 |
Equity - Valuation Assumptions
Equity - Valuation Assumptions (Details) | 3 Months Ended | |||
Apr. 30, 2024 | Jan. 31, 2024 | Apr. 30, 2024 | Apr. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology | ||||
Expected dividend yield | 0% | 0% | ||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology | ||||
Expected term (in years) | 4 years 9 months 18 days | |||
Expected volatility | 56.70% | |||
Risk-free interest rate | 4.20% | |||
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 | ||
Expected volatility | 49.60% | 71.30% | ||
Risk-free interest rate | 5.40% | 4.70% | ||
Expected dividend yield | 0% | 0% | ||
Liability-Classified Performance Shares | 2020 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology | ||||
Expected volatility | 57% | 60% | ||
Risk-free interest rate | 4.90% | 4% |
Equity - Share-based Compensati
Equity - Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||
Stock-based compensation, net of amounts capitalized | $ 331,936 | $ 264,509 |
Capitalized stock-based compensation | 9,295 | 11,719 |
Total stock-based compensation | 341,231 | 276,228 |
Cost of revenue | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||
Stock-based compensation, net of amounts capitalized | 32,408 | 30,462 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||
Stock-based compensation, net of amounts capitalized | 73,407 | 72,295 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||
Stock-based compensation, net of amounts capitalized | 194,672 | 136,417 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||
Stock-based compensation, net of amounts capitalized | $ 31,449 | $ 25,335 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | (0.90%) | 2.80% |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Numerator: | ||
Net loss | $ (317,816) | $ (226,064) |
Less: net loss attributable to noncontrolling interest | (828) | (437) |
Net loss attributable to Snowflake Inc. | $ (316,988) | $ (225,627) |
Denominator: | ||
Net loss per share attributable to Class A common stockholders- basic (in dollars per share) | $ (0.95) | $ (0.70) |
Net loss per share attributable to Class A common stockholders - diluted (in dollars per share) | $ (0.95) | $ (0.70) |
Class A Common Stock | ||
Denominator: | ||
Weighted-average shares used in computing net loss per share attributable to Class A common stockholders - basic (in shares) | 333,584 | 324,157 |
Weighted-average shares used in computing net loss per share attributable to Class A common stockholders - diluted (in shares) | 333,584 | 324,157 |
Net loss per share attributable to Class A common stockholders- basic (in dollars per share) | $ (0.95) | $ (0.70) |
Net loss per share attributable to Class A common stockholders - diluted (in dollars per share) | $ (0.95) | $ (0.70) |
Net Loss per Share - Schedule_2
Net Loss per Share - Schedule of Potentially Dilutive Securities Excluded from Computation of Net Loss per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares) | 50,535 | 54,350 |
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) | 26,858 | 33,428 |
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) | 23,041 | 20,544 |
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) | 525 | 298 |
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) | 111 | 80 |
Net Loss per Share - Narrative
Net Loss per Share - Narrative (Details) - Class B Common Stock - shares | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Class of Stock [Line Items] | ||
Weighted-average shares used in computing net loss per share attributable to Class B common stockholders - basic (in shares) | 0 | 0 |
Weighted-average shares used in computing net loss per share attributable to Class B common stockholders - diluted (in shares) | 0 | 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - Related Party - USD ($) | 3 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Jan. 31, 2024 | |
Related Party Transaction [Line Items] | |||
Strategic investment, non-marketable equity securities | $ 5,000,000 | ||
Revenue | 0 | $ 0 | |
Receivables | $ 0 | $ 0 |
Subsequent Event (Details)
Subsequent Event (Details) $ in Millions | May 31, 2024 USD ($) |
Subsequent Event | New Office Facility Lease In The US | |
Subsequent Event [Line Items] | |
Lessee, operating lease, liability, to be paid | $ 96 |