- Product revenue of $148.5 million, representing 115%
year-over-year growth
- Remaining performance obligations of $927.9 million,
representing 240% year-over-year growth
- 3,554 total customers
- Net revenue retention rate of 162%
- 65 customers with trailing 12-month product revenue greater
than $1 million
Snowflake (NYSE: SNOW), provider of the Data Cloud, today
announced financial results for its third quarter of fiscal 2021,
ended October 31, 2020.
Total revenue for the quarter was $159.6 million, representing
119% year-over-year growth. Product revenue was $148.5 million,
representing 115% year-over-year growth. Remaining performance
obligations were $927.9 million, representing 240% year-over-year
growth. Net revenue retention rate was 162% as of October 31, 2020.
The company now has 3,554 total customers and 65 customers with
trailing 12-month product revenue greater than $1 million. See the
section titled “Key Business Metrics” for definitions of product
revenue, remaining performance obligations, net revenue retention
rate, total customers, and customers with trailing 12-month product
revenue greater than $1 million.
“We are pleased with our performance this first quarter as a
public company,” Snowflake CEO, Frank Slootman said. “The period
was marked by continued strong revenue growth coupled with
improving unit economics, cash flow, and operating efficiencies.
Our vision of the Snowflake Data Cloud mobilizing the world’s data
is clearly resonating across our customer base.”
Third Quarter Fiscal 2021 GAAP and Non-GAAP Results:
The following table summarizes our financial results for the
third quarter of fiscal 2021:
Third Quarter Fiscal 2021 GAAP
Results
Third Quarter Fiscal 2021
Non-GAAP Results(1)
Amount (millions)
Year/Year Growth
Product revenue
$148.5
115%
Amount
(millions)
Margin
Amount
(millions)
Margin
Product gross profit
$96.7
65%
$104.5
70%
Operating loss
($169.5)
(106%)
($48.1)
(30%)
Net cash used in operating
activities
($19.8)
Free cash flow
($37.9)
(24%)
Adjusted free cash flow
($37.1)
(23%)
(1) We report non-GAAP financial measures in addition to, and
not as a substitute for, or superior to, financial measures
calculated in accordance with GAAP. See the section entitled
“Statement Regarding Use of Non-GAAP Financial Measures” for an
explanation of non-GAAP measures, and the table entitled “GAAP to
Non-GAAP Reconciliation” for a reconciliation of GAAP to non-GAAP
measures.
Note: Fiscal year ends January 31. Numbers are rounded for
presentation purposes.
Financial Outlook:
Our guidance includes GAAP and non-GAAP financial measures.
The following table summarizes our guidance for the fourth
quarter of fiscal 2021:
Fourth Quarter Fiscal 2021
GAAP Guidance
Fourth Quarter Fiscal 2021
Non-GAAP Guidance(1)
Amount
(millions)
Year/Year Growth
Product revenue
$162 - $167
97 - 103%
Margin
Operating loss
(30%)
Amount
(millions)
Weighted-average shares used to
compute diluted net loss per share attributable to common
stockholders - basic and diluted
283
(1) We report non-GAAP financial measures in addition to, and
not as a substitute for, or superior to, financial measures
calculated in accordance with GAAP. See the section entitled
“Statement Regarding Use of Non-GAAP Financial Measures” for an
explanation of non-GAAP measures.
The following table summarizes our guidance for the full-year
fiscal 2021:
Full-Year Fiscal 2021 GAAP
Guidance
Full-Year Fiscal 2021 Non-GAAP
Guidance(1)
Amount
(millions)
Year/Year Growth
Product revenue
$538 - $543
Margin
Product gross profit
68%
Operating loss
(40%)
Adjusted free cash flow
(18%)
Amount
(millions)
Weighted-average shares used to
compute diluted net loss per share attributable to common
stockholders - basic and diluted
255
(1) We report non-GAAP financial measures in addition to, and
not as a substitute for, or superior to, financial measures
calculated in accordance with GAAP. See the section entitled
“Statement Regarding Use of Non-GAAP Financial Measures” for an
explanation of non-GAAP measures.
A reconciliation of non-GAAP guidance measures to corresponding
GAAP measures is not available on a forward-looking basis without
unreasonable effort due to the uncertainty regarding, and the
potential variability of, expenses that may be incurred in the
future. Stock-based compensation expense-related charges, including
employer payroll tax-related items on employee stock transactions,
are impacted by the timing of employee stock transactions, the
future fair market value of our common stock, and our future hiring
and retention needs, all of which are difficult to predict and
subject to constant change. We have provided a reconciliation of
GAAP to non-GAAP financial measures in the financial statement
tables for our historical non-GAAP results included in this press
release. Our fiscal year ends January 31, and numbers are rounded
for presentation purposes.
Conference Call Details
We will host a conference call today, December 2, 2020, at 2
p.m. Pacific Time to discuss our financial results and outlook.
Investors and participants can register for the call in advance by
visiting http://www.directeventreg.com/registration/event/9355139.
After registering, a confirmation will be sent via email, including
dial-in details and unique conference call access codes required
for call entry.
The call will also be webcast live on the Snowflake Investor
Relations website.
An audio replay of the conference call and webcast will be
available two hours after its completion and will be accessible for
30 days on the Snowflake Investor Relations website.
Investor Presentation Details
An investor presentation providing additional information and
analysis can be found at https://investors.snowflake.com.
Statement Regarding Use of Non-GAAP Financial
Measures
We report the following non-GAAP financial measures, which have
not been prepared in accordance with generally accepted accounting
principles in the United States (GAAP) in addition to, and not as a
substitute for, or superior to, financial measures calculated in
accordance with GAAP.
- Product gross profit and Operating income (loss). Our
non-GAAP product gross profit and operating income (loss) measures
exclude the effect of stock-based compensation expense-related
charges, including employer payroll tax-related items on employee
stock transactions, amortization of acquired intangibles, and
acquisition and other related adjustments. We believe the
presentation of operating results that exclude these non-cash or
non-recurring items provides useful supplemental information to
investors and facilitates the analysis of our operating results and
comparison of operating results across reporting periods.
- Free cash flow and Adjusted free cash flow. Free cash
flow is defined as net cash provided by (used in) operating
activities reduced by purchases of property and equipment and
capitalized internal-use software development costs. Adjusted free
cash flow is defined as free cash flow plus cash paid on employer
payroll tax-related items on employee stock transactions. Free cash
flow margin and adjusted free cash flow margin are calculated as
free cash flow or adjusted free cash flow as a percentage of
revenue. We believe these measures provide useful supplemental
information to investors because they are indicators of the
strength and performance of our core business operations.
We use these non-GAAP financial measures internally for
financial and operational decision-making purposes and as a means
to evaluate period-to-period comparisons. Non-GAAP financial
measures are not meant to be considered in isolation or as a
substitute for comparable GAAP financial measures and should be
read only in conjunction with our condensed consolidated financial
statements prepared in accordance with GAAP. Our presentation of
non-GAAP financial measures may not be comparable to similar
measures used by other companies. We encourage investors to
carefully consider our results under GAAP, as well as our
supplemental non-GAAP information and the reconciliation between
these presentations, to more fully understand our business. Please
see the tables included at the end of this release for the
reconciliation of GAAP to non-GAAP results.
Key Business Metrics
- Product Revenue. Product revenue is a key metric for us
because we recognize revenue based on platform consumption, which
is inherently variable at our customers’ discretion, and not based
on the amount and duration of contract terms. Product revenue
includes compute, storage, and data transfer resources, which are
consumed by customers on our platform as a single, integrated
offering. Customers have the flexibility to consume more than their
contracted capacity during the contract term and may have the
ability to roll over unused capacity to future periods, generally
on the purchase of additional capacity at renewal. Our
consumption-based business model distinguishes us from
subscription-based software companies that generally recognize
revenue ratably over the contract term and may not permit rollover.
Because customers have flexibility in the timing of their
consumption, which can exceed their contracted capacity or extend
beyond the original contract term in many cases, the amount of
product revenue recognized in a given period is an important
indicator of customer satisfaction and the value derived from our
platform. Product revenue excludes our professional services and
other revenue.
- Remaining Performance Obligations. Remaining performance
obligations (RPO) represent the amount of contracted future revenue
that has not yet been recognized, including both deferred revenue
and non-cancelable contracted amounts that will be invoiced and
recognized as revenue in future periods. RPO excludes performance
obligations from on-demand arrangements and certain time and
materials contracts that are billed in arrears. RPO is not
necessarily indicative of future product revenue growth because it
does not account for the timing of customers’ consumption or their
consumption of more than their contracted capacity. Moreover, RPO
is influenced by a number of factors, including the timing of
renewals, the timing of purchases of additional capacity, average
contract terms, seasonality, and the extent to which customers are
permitted to roll over unused capacity to future periods, generally
upon the purchase of additional capacity at renewal.
- Total Customers. We count the total number of customers
at the end of each period. For purposes of determining our customer
count, we treat each customer account that has a corresponding
capacity contract as a unique customer, and a single organization
with multiple divisions, segments, or subsidiaries may be counted
as multiple customers. For purposes of determining our customer
count, we do not include customers that consume our platform only
under on-demand arrangements. Our customer count is subject to
adjustments for acquisitions, consolidations, spin-offs, and other
market activity.
- Net Revenue Retention Rate. To calculate net revenue
retention rate, we first specify a measurement period consisting of
the trailing two years from our current period end. Next, we define
as our measurement cohort the population of customers under
capacity contracts that used our platform at any point in the first
month of the first year of the measurement period. We then
calculate our net revenue retention rate as the quotient obtained
by dividing our product revenue from this cohort in the second year
of the measurement period by our product revenue from this cohort
in the first year of the measurement period. Any customer in the
cohort that did not use our platform in the second year remains in
the calculation and contributes zero product revenue in the second
year. Our net revenue retention rate is subject to adjustments for
acquisitions, consolidations, spin-offs, and other market activity.
Since we will continue to attribute the historical product revenue
to the consolidated contract, consolidation of capacity contracts
within a customer’s organization typically will not impact our net
revenue retention rate unless one of those customers was not a
customer at any point in the first month of the first year of the
measurement period.
- Customers with Trailing 12-Month Product Revenue Greater
than $1 Million. To calculate the number of customers with
trailing 12-month product revenue greater than $1 million, we count
the number of customers under capacity arrangements that
contributed more than $1 million in product revenue in the trailing
12 months. Our customer count is subject to adjustments for
acquisitions, consolidations, spin-offs, and other market
activity.
Use of Forward-Looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
regarding our performance, including but not limited to statements
in the section titled “Financial Outlook.” The forward-looking
statements contained in this release and the accompanying oral
presentation are subject to known and unknown risks, uncertainties,
assumptions, and other factors that may cause actual results or
outcomes to be materially different from any future results or
outcomes expressed or implied by the forward-looking statements.
These risks, uncertainties, assumptions, and other factors include,
but are not limited to, those related to our business and financial
performance, the effects of COVID-19 or other public health crises
on our business, results of operations, and financial condition,
our ability to attract and retain customers, our ability to develop
new products and services and enhance existing products and
services, our ability to respond rapidly to emerging technology
trends, our ability to execute on our business strategy, including
our strategy related to the Data Cloud, our ability to increase and
predict customer consumption of our platform, our ability to
compete effectively, and our ability to manage growth.
Further information on these and additional risks,
uncertainties, and other factors that could cause actual outcomes
and results to differ materially from those included in or
contemplated by the forward-looking statements contained in this
release are included under the caption “Risk Factors” and elsewhere
in our Form 10-Q that will be filed for the third quarter ended
October 31, 2020 and other filings and reports we make with the
Securities and Exchange Commission from time to time, including our
final prospectus dated September 15, 2020 and filed with the SEC
pursuant to Rule 424(b)(4) on September 16, 2020.
Moreover, we operate in a very competitive and rapidly changing
environment, and new risks may emerge from time to time. It is not
possible for us to predict all risks, nor can we assess the impact
of all factors on our business or the extent to which any factor,
or combination of factors, may cause actual results or outcomes to
differ materially from those contained in any forward-looking
statements we may make. Forward-looking statements speak only as of
the date the statements are made and are based on information
available to us at the time those statements are made and/or
management's good faith belief as of that time with respect to
future events. Except as required by law, we undertake no
obligation, and do not intend, to update these forward-looking
statements, to review or confirm analysts’ expectations, or to
provide interim reports or updates on the progress of the current
financial quarter.
About Snowflake
Snowflake delivers the Data Cloud — a global network where
thousands of organizations mobilize data with near-unlimited scale,
concurrency, and performance. Inside the Data Cloud, organizations
unite their siloed data, easily discover and securely share
governed data, and execute diverse analytic workloads. Wherever
data or users live, Snowflake delivers a single and seamless
experience across multiple public clouds. Snowflake’s platform is
the engine that powers and provides access to the Data Cloud,
creating a solution for data warehousing, data lakes, data
engineering, data science, data application development, and data
sharing. Join Snowflake customers, partners, and data providers
already taking their businesses to new frontiers in the Data Cloud
at Snowflake.com.
Source: Snowflake Inc.
Snowflake Inc.
Condensed Consolidated
Statements of Operations
(in thousands, except share
and per share data)
(unaudited)
Three Months Ended October
31,
Nine Months Ended October
31,
2020
2019
2020
2019
Revenue
$
159,624
$
73,012
$
401,584
$
177,056
Cost of revenue
66,681
29,489
159,684
82,035
Gross profit
92,943
43,523
241,900
95,021
Operating expenses:
Sales and marketing
134,727
75,668
325,267
213,133
Research and development
74,138
27,669
143,949
75,451
General and administrative
53,532
30,318
116,224
79,413
Total operating expenses
262,397
133,655
585,440
367,997
Operating loss
(169,454
)
(90,132
)
(343,540
)
(272,976
)
Interest income
1,517
2,491
5,654
9,252
Other expense, net
(519
)
(40
)
(1,561
)
(819
)
Loss before income taxes
(168,456
)
(87,681
)
(339,447
)
(264,543
)
Provision for income taxes
433
376
720
738
Net loss
$
(168,889
)
$
(88,057
)
$
(340,167
)
$
(265,281
)
Net loss per share attributable to common
stockholders - basic and diluted
$
(1.01
)
$
(1.92
)
$
(3.63
)
$
(6.15
)
Weighted-average shares used to compute
net loss per share attributable to common stockholders - basic and
diluted
166,868,200
45,911,449
93,763,599
43,113,683
Snowflake Inc.
Condensed Consolidated Balance
Sheets
(in thousands)
(unaudited)
October 31, 2020
January 31, 2020
Assets
Current assets:
Cash and cash equivalents
$
3,939,925
$
127,206
Short-term investments
814,123
306,844
Accounts receivable, net
168,982
179,459
Deferred commissions, current
28,063
26,358
Prepaid expenses and other current
assets
35,678
25,327
Total current assets
4,986,771
665,194
Long-term investments
347,403
23,532
Property and equipment, net
53,650
27,136
Operating lease right-of-use assets
189,255
195,976
Goodwill
8,449
7,049
Intangible assets, net
14,820
4,795
Deferred commissions, non-current
73,839
69,516
Other assets
38,702
19,522
Total assets
$
5,712,889
$
1,012,720
Liabilities, Redeemable Convertible
Preferred Stock and Stockholders’ Equity (Deficit)
Current liabilities
Accounts payable
$
5,061
$
8,488
Accrued expenses and other current
liabilities
85,038
62,817
Operating lease liabilities, current
19,333
18,092
Deferred revenue, current
438,227
327,058
Total current liabilities
547,659
416,455
Operating lease liabilities,
non-current
186,718
193,175
Deferred revenue, non-current
3,477
2,907
Other liabilities
7,220
8,466
Redeemable convertible preferred stock
—
936,474
Stockholders’ equity (deficit)
4,967,815
(544,757
)
Total liabilities, redeemable convertible
preferred stock, and stockholders’ equity (deficit)
$
5,712,889
$
1,012,720
Snowflake Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended October
31,
Nine Months Ended October
31,
2020
2019
2020
2019
Cash flow from operating
activities:
Net loss
$
(168,889
)
$
(88,057
)
$
(340,167
)
$
(265,281
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
2,849
893
6,611
2,257
Non-cash operating lease costs
8,503
7,778
24,840
19,734
Amortization of deferred commissions
7,167
4,516
21,233
11,408
Stock-based compensation, net of amounts
capitalized
119,141
22,958
157,790
57,425
Net amortization (accretion) of premiums
(discounts) on investments
891
(906
)
1,117
(5,149
)
Other
24
329
4,073
1,276
Changes in operating assets and
liabilities, net of effect of acquisitions:
Accounts receivable
(17,908
)
6,479
9,221
(38,193
)
Deferred commissions
(12,995
)
(15,724
)
(27,261
)
(35,004
)
Prepaid expenses and other assets
(28,028
)
(3,571
)
(29,480
)
(8,856
)
Accounts payable
(963
)
6,566
(3,806
)
10,566
Accrued expenses and other liabilities
11,484
4,891
22,477
14,368
Operating lease liabilities
(6,014
)
(8,618
)
(23,418
)
(6,052
)
Deferred revenue
64,984
38,716
111,739
107,735
Net cash used in operating activities
(19,754
)
(23,750
)
(65,031
)
(133,766
)
Cash flow from investing
activities:
Purchases of property and equipment
(17,270
)
(3,157
)
(24,018
)
(14,504
)
Capitalized internal-use software
development costs
(844
)
(1,319
)
(4,014
)
(2,940
)
Cash paid for acquisitions, net of cash
acquired
—
—
(6,035
)
(6,314
)
Purchases of intangible assets
—
—
(6,184
)
—
Purchases of investments
(622,385
)
(196,834
)
(1,235,020
)
(517,479
)
Sales of investments
25,195
3,396
28,705
3,396
Maturities and redemptions of
investments
181,669
217,108
371,528
691,986
Net cash (used in) provided by investing
activities
(433,635
)
19,194
(875,038
)
154,145
Cash flow from financing
activities:
Proceeds from issuance of redeemable
convertible preferred stock, net of issuance costs
—
11,402
478,573
24,121
Proceeds from initial public offering and
private placements, net of underwriting discounts and other
offering costs (net of reimbursement received from the
underwriters)
4,244,620
—
4,242,284
—
Proceeds from early exercised stock
options
—
5,378
159
5,942
Proceeds from exercise of stock
options
10,364
18,203
31,100
21,139
Proceeds from repayment of a nonrecourse
promissory note
—
—
2,090
—
Repurchases of early exercised stock
options and restricted common stock
—
(63
)
(30
)
(391
)
Payments of deferred purchase
consideration for acquisitions
(564
)
—
(1,164
)
—
Net cash provided by financing
activities
4,254,420
34,920
4,753,012
50,811
Net increase in cash, cash equivalents and
restricted cash
3,801,031
30,364
3,812,943
71,190
Cash, cash equivalents and restricted cash
at beginning of period
153,888
163,396
141,976
122,570
Cash, cash equivalents and restricted cash
at end of period
$
3,954,919
$
193,760
$
3,954,919
$
193,760
Snowflake Inc.
GAAP to Non-GAAP
Reconciliations
(in thousands, except
percentages)
(unaudited)
Three Months Ended October 31,
2020
GAAP amounts
GAAP amounts as a % of
Revenue
Stock-based compensation
expense-related charges
Amortization of acquired
intangibles
Acquisition and other related
adjustments
Non-GAAP amounts
Non-GAAP amounts as a % of
Revenue
Revenue
Product revenue
$
148,473
93
%
Professional service and other revenue
11,151
7
%
Revenue
159,624
100
%
Year over Year % Growth
119
%
Cost of Revenue:
Cost of product revenue
51,816
32
%
$
(7,325)
$
(567)
$
—
$
43,924
28
%
Cost of professional service and other
revenue
14,865
10
%
(6,203)
—
—
8,662
5
%
Total cost of revenue
66,681
42
%
(13,528)
(567)
—
52,586
33
%
Gross profit (loss):
Product gross profit
96,657
7,325
567
—
104,549
Professional services and other gross
profit (loss)
(3,714)
6,203
—
—
2,489
Total gross profit
92,943
58
%
13,528
567
—
107,038
67
%
Product gross margin
65
%
5
%
—
%
—
%
70
%
Professional services and other gross
margin
(33
%)
55
%
—
%
—
%
22
%
Total gross margin
58
%
8
%
—
%
—
%
67
%
Operating expenses:
Sales and marketing
134,727
84
%
(40,337)
—
—
94,390
59
%
Research and development
74,138
46
%
(39,406)
—
—
34,732
22
%
General and administrative
53,532
34
%
(27,197)
(309)
—
26,026
16
%
Total operating expenses
262,397
164
%
(106,940)
(309)
—
155,148
97
%
Operating loss
$
(169,454)
(106
%)
$
120,468
$
876
$
—
$
(48,110)
(30
%)
Operating margin
(106
%)
76
%
—
%
—
%
(30
%)
Three Months Ended October 31,
2019
GAAP amounts
GAAP amounts as a % of
Revenue
Stock-based compensation
expense-related charges
Amortization of acquired
intangibles
Acquisition and other related
adjustments
Non-GAAP amounts
Non-GAAP amounts as a % of
Revenue
Revenue
Product revenue
$
69,213
95
%
Professional service and other revenue
3,799
5
%
Revenue
73,012
100
%
Year over Year % Growth
155
%
Cost of Revenue:
Cost of product revenue
24,646
34
%
$
(384)
$
(282)
$
—
$
23,980
33
%
Cost of professional service and other
revenue
4,843
6
%
(449)
—
—
4,394
6
%
Total cost of revenue
29,489
40
%
(833)
(282)
—
28,374
39
%
Gross profit (loss):
Product gross profit
44,567
384
282
—
45,233
Professional services and other gross
loss
(1,044)
449
—
—
(595)
Total gross profit
43,523
60
%
833
282
—
44,638
61
%
Product gross margin
64
%
1
%
—
%
—
%
65
%
Professional services and other gross
margin
(27
%)
12
%
—
%
—
%
(15
%)
Total gross margin
60
%
1
%
—
%
—
%
61
%
Operating expenses:
Sales and marketing
75,668
104
%
(4,813)
(16)
—
70,839
98
%
Research and development
27,669
38
%
(4,417)
—
—
23,252
32
%
General and administrative
30,318
42
%
(12,919)
—
—
17,399
24
%
Total operating expenses
133,655
184
%
(22,149)
(16)
—
111,490
154
%
Operating loss
$
(90,132)
(124
%)
$
22,982
$
298
$
—
$
(66,852)
(93
%)
Operating margin
(124
%)
31
%
—
%
—
%
(93
%)
Nine Months Ended October 31,
2020
GAAP amounts
GAAP amounts as a % of
Revenue
Stock-based compensation
expense-related charges
Amortization of acquired
intangibles
Acquisition and other related
adjustments
Non-GAAP amounts
Non-GAAP amounts as a % of
Revenue
Revenue
Product revenue
$
375,506
94
%
Professional service and other revenue
26,078
6
%
Revenue
401,584
100
%
Year over Year % Growth
127
%
Cost of Revenue:
Cost of product revenue
130,065
32
%
$
(8,553)
$
(1,130)
$
—
$
120,382
30
%
Cost of professional service and other
revenue
29,619
8
%
(7,402)
—
—
22,217
6
%
Total cost of revenue
159,684
40
%
(15,955)
(1,130)
—
142,599
36
%
Gross profit (loss):
Product gross profit
245,441
8,553
1,130
—
255,124
Professional services and other gross
profit (loss)
(3,541)
7,402
—
—
3,861
Total gross profit
241,900
60
%
15,955
1,130
—
258,985
64
%
Product gross margin
65
%
3
%
—
%
—
%
68
%
Professional services and other gross
margin
(14
%)
29
%
—
%
—
%
15
%
Total gross margin
60
%
4
%
—
%
—
%
64
%
Operating expenses:
Sales and marketing
325,267
81
%
(52,099)
(12)
—
273,156
68
%
Research and development
143,949
36
%
(50,514)
—
—
93,435
23
%
General and administrative
116,224
29
%
(43,934)
(717)
(252)
71,321
18
%
Total operating expenses
585,440
146
%
(146,547)
(729)
(252)
437,912
109
%
Operating loss
$
(343,540)
(86
%)
$
162,502
$
1,859
$
252
$
(178,927)
(45
%)
Operating margin
(86
%)
41
%
—
%
—
%
(45
%)
Nine Months Ended October 31,
2019
GAAP amounts
GAAP amounts as a % of
Revenue
Stock-based compensation
expense-related charges
Amortization of acquired
intangibles
Acquisition and other related
adjustments
Non-GAAP amounts
Non-GAAP amounts as a % of
Revenue
Revenue
Product revenue
$
169,797
96
%
Professional service and other revenue
7,259
4
%
Revenue
177,056
100
%
Year over Year % Growth
N/A
Cost of Revenue:
Cost of product revenue
67,845
38
%
$
(1,447)
$
(568)
$
—
$
65,830
37
%
Cost of professional service and other
revenue
14,190
8
%
(1,236)
—
—
12,954
7
%
Total cost of revenue
82,035
46
%
(2,683)
(568)
—
78,784
44
%
Gross profit (loss):
Product gross profit
101,952
1,447
568
—
103,967
Professional services and other gross
loss
(6,931)
1,236
—
—
(5,695)
Total gross profit
95,021
54
%
2,683
568
—
98,272
56
%
Product gross margin
60
%
1
%
—
%
—
%
61
%
Professional services and other gross
margin
(95
%)
17
%
—
%
—
%
(78
%)
Total gross margin
54
%
2
%
—
%
—
%
56
%
Operating expenses:
Sales and marketing
213,133
120
%
(15,498)
(42)
—
197,593
113
%
Research and development
75,451
43
%
(10,857)
—
—
64,594
36
%
General and administrative
79,413
45
%
(28,499)
—
(328)
50,586
29
%
Total operating expenses
367,997
208
%
(54,854)
(42)
(328)
312,773
178
%
Operating loss
$
(272,976)
(154
%)
$
57,537
$
610
$
328
$
(214,501)
(122
%)
Operating margin
(154
%)
32
%
—
%
—
%
(122
%)
Three Months Ended October
31,
Nine Months Ended October
31,
2020
2019
2020
2019
Revenue
$
159,624
$
73,012
$
401,584
$
177,056
GAAP net cash used in operating
activities
$
(19,754)
$
(23,750)
$
(65,031)
$
(133,766)
Less: purchases of property and
equipment
(17,270)
(3,157)
(24,018)
(14,504)
Less: capitalized internal-use software
development costs
(844)
(1,319)
(4,014)
(2,940)
Non-GAAP free cash flow
(37,868)
(28,226)
(93,063)
(151,210)
Add: cash paid for employer payroll
tax-related items on employee stock transactions
812
24
4,196
112
Non-GAAP adjusted free cash flow
$
(37,056)
$
(28,202)
$
(88,867)
$
(151,098)
Non-GAAP free cash flow margin
(24
%)
(39
%)
(23
%)
(85
%)
Non-GAAP adjusted free cash flow
margin
(23
%)
(39
%)
(22
%)
(85
%)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201202005932/en/
Investor Contact Jimmy Sexton IR@snowflake.com
Press Contact Eszter Szikora Press@snowflake.com
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