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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from   to
Commission File Number: 001-39504
snowflake logo v2.jpg
SNOWFLAKE INC.
(Exact name of registrant as specified in its charter)
Delaware
46-0636374
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
Suite 3A, 106 East Babcock Street
Bozeman, MT 59715
(Address of principal executive offices and zip code)1
(844) 766-9355
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.0001 par valueSNOWThe New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Small reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.      ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 17, 2023, there were 329.3 million shares of the registrant’s Class A common stock, par value of $0.0001 per share, outstanding.
1 We are a Delaware corporation with a globally distributed workforce and no corporate headquarters. Under the Securities and Exchange Commission’s rules, we are required to designate a “principal executive office.” For purposes of this report, we have designated our office in Bozeman, Montana as our principal executive office, as that is where our Chief Executive Officer and Chief Financial Officer are based.

TABLE OF CONTENTS
Page

3
SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act), about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this report, including statements regarding our future results of operations and financial condition, business strategy, and plans and objectives of management for future operations, are forward-looking statements. In some cases, forward-looking statements may be identified by words such as “anticipate,” “believe,” “continue,” “could,” “design,” “estimate,” “target,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to, statements concerning the following:

•our expectations regarding our revenue, expenses, and other operating results, including statements relating to the portion of our remaining performance obligations that we expect to recognize as revenue in future periods;
•our ability to acquire new customers and successfully retain existing customers;
•our ability to maintain and increase consumption on our platform;
•our ability to continue to innovate and make new features generally available to customers, including our development and use of artificial intelligence and machine learning;
•our ability to achieve or sustain our profitability;
•future investments in our business, our anticipated capital expenditures, and our estimates regarding our capital requirements;
•the costs and success of our sales and marketing efforts, and our ability to promote our brand;
•our growth strategies for, and market acceptance of, our platform and the Data Cloud, including Snowflake Marketplace and Snowpark, as well as our ability to execute such strategies;
•our ability to successfully integrate and realize the benefits of strategic acquisitions;
•our reliance on key personnel and our ability to identify, recruit, and retain skilled personnel;
•our ability to effectively manage our growth, including any international expansion;
•our ability to protect our intellectual property rights and any costs associated therewith;
•our ability to prevent or mitigate disruptions, outages, defects, and other performance and quality problems with our platform or with the public cloud and internet infrastructure on which it relies;
•our expectations regarding general market conditions and the effects of those conditions, including on customer and partner activity;
•our ability to compete effectively with existing competitors and new market entrants;
•the growth rates of the markets in which we compete;
•our expectations regarding our stock repurchase program; and
•the impacts of volatility and uncertainty in the global economy on our business and the businesses of our customers and partners.
We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.

4
Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, including risks described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Other sections of this Quarterly Report on Form 10-Q may include additional factors that could harm our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors 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 to differ from those contained in, or implied by, any forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this report or to conform these statements to actual results or to changes in our expectations. You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to this report with the understanding that our actual future results, levels of activity, performance, and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (investors.snowflake.com), our filings with the Securities and Exchange Commission (SEC), webcasts, press releases, and conference calls. We use these mediums, including our website, to communicate with investors and the general public about our company, our products, and other issues. It is possible that the information that we make available on our website may be deemed to be material information. We therefore encourage investors and others interested in our company to review the information that we make available on our website.


5
SELECTED RISKS AFFECTING OUR BUSINESS
Investing in our common stock involves numerous risks, including those set forth below. This summary does not contain all of the information that may be important to you, and you should read this summary together with the more detailed discussion of risks and uncertainties set forth in the section titled “Risk Factors” included elsewhere in this Quarterly Report on Form 10-Q. Below are summaries of some of these risks, any one of which could materially adversely affect our business, results of operations, and financial condition. In that event, the market price of our common stock could decline, and you could lose part or all of your investment. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that adversely affect our business. You should not interpret our disclosure of any of the following risks to imply that such risks have not already materialized.

•We have experienced rapid revenue growth and have a limited operating history, both of which make it difficult to forecast our future results of operations.
•We may not have visibility into our future financial position and results of operations.
•We have a history of operating losses and may not achieve or sustain profitability in the future.
•General market conditions, volatility, or disruptions, including higher inflation, higher interest rates, bank failures, and fluctuations or volatility in capital markets or foreign currency exchange rates, could have an adverse impact on our or our customers’ or partners’ businesses, which could negatively impact our financial condition or results of operations.
•The markets in which we operate are highly competitive, and if we do not compete effectively, our business, financial condition, and results of operations could be harmed.
•If we fail to innovate in response to changing customer needs, new technologies, or other market requirements, our business, financial condition, and results of operations could be harmed.
•If we are not successful in executing our investments in artificial intelligence and machine learning technology, or AI Technology, including generative AI Technology, our business, financial condition, and results of operations could be harmed.
•If we or our third-party service providers experience an actual or perceived security breach or unauthorized parties otherwise obtain access to our customers’ data, our data, or our platform, our platform may be perceived as not being secure, our reputation may be harmed, demand for our platform may be reduced, and we may incur significant liabilities.
•We could suffer disruptions, outages, defects, and other performance and quality problems with our platform or with the public cloud and internet infrastructure on which it relies.
•We expect fluctuations in our financial results, making it difficult to project future results, and if we fail to meet the expectations of securities analysts or investors with respect to our results of operations, our stock price could decline.
•Failure to effectively develop and expand our sales and marketing capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our products and platform.
•Sales efforts to large customers involve risks that may not be present or that are present to a lesser extent with respect to sales to smaller organizations, such as longer sales cycles and more complex customer requirements.
•Unfavorable conditions in our industry or the global economy, reductions in cloud spending, or lower than expected consumption, could limit our ability to grow our business and negatively affect our results of operations.
6
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
SNOWFLAKE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
October 31, 2023January 31, 2023
Assets
Current assets:
Cash and cash equivalents$982,182 $939,902 
Short-term investments2,566,357 3,067,966 
Accounts receivable, net511,034 715,821 
Deferred commissions, current74,574 67,901 
Prepaid expenses and other current assets178,136 193,100 
Total current assets4,312,283 4,984,690 
Long-term investments947,829 1,073,023 
Property and equipment, net216,380 160,823 
Operating lease right-of-use assets254,236 231,266 
Goodwill784,405 657,370 
Intangible assets, net329,767 186,013 
Deferred commissions, non-current150,362 145,286 
Other assets269,117 283,851 
Total assets$7,264,379 $7,722,322 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$75,456 $23,672 
Accrued expenses and other current liabilities318,281 269,069 
Operating lease liabilities, current33,348 27,301 
Deferred revenue, current1,605,587 1,673,475 
Total current liabilities2,032,672 1,993,517 
Operating lease liabilities, non-current253,029 224,357 
Deferred revenue, non-current12,082 11,463 
Other liabilities25,829 24,370 
Total liabilities2,323,612 2,253,707 
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock; $0.0001 par value per share; 200,000 shares authorized, zero shares issued and outstanding as of each October 31, 2023 and January 31, 2023
— — 
Common stock; $0.0001 par value per share; 2,500,000 Class A shares authorized, 329,651 and 323,305 shares issued and outstanding as of October 31, 2023 and January 31, 2023, respectively; 185,461 Class B shares authorized, zero shares issued and outstanding as of each October 31, 2023 and January 31, 2023
33 32 
Treasury stock, at cost; 500 and zero shares held as of October 31, 2023 and January 31, 2023, respectively
(68,299)— 
Additional paid-in capital8,931,647 8,210,750 
Accumulated other comprehensive loss
(27,208)(38,272)
Accumulated deficit(3,906,252)(2,716,074)
Total Snowflake Inc. stockholders’ equity4,929,921 5,456,436 
Noncontrolling interest10,846 12,179 
Total stockholders’ equity4,940,767 5,468,615 
Total liabilities and stockholders’ equity$7,264,379 $7,722,322 
See accompanying notes to condensed consolidated financial statements.
7
SNOWFLAKE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended October 31,Nine Months Ended October 31,
2023202220232022
Revenue$734,173 $557,028 $2,031,790 $1,476,647 
Cost of revenue228,948 190,721 656,754 511,883 
Gross profit505,225 366,307 1,375,036 964,764 
Operating expenses:
Sales and marketing355,079 284,477 1,029,925 803,034 
Research and development332,065 211,387 923,473 545,933 
General and administrative78,704 76,462 240,906 218,314 
Total operating expenses765,848 572,326 2,194,304 1,567,281 
Operating loss(260,623)(206,019)(819,268)(602,517)
Interest income53,491 21,857 146,902 38,308 
Other expense, net
(4,170)(13,271)(2,646)(44,672)
Loss before income taxes(211,302)(197,433)(675,012)(608,881)
Provision for (benefit from) income taxes3,392 4,009 (6,934)(18,839)
Net loss(214,694)(201,442)(668,078)(590,042)
Less: net loss attributable to noncontrolling interest(443)(506)(1,333)(506)
Net loss attributable to Snowflake Inc.$(214,251)$(200,936)$(666,745)$(589,536)
Net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted$(0.65)$(0.63)$(2.04)$(1.86)
Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted329,310 320,135 326,964 317,653 

See accompanying notes to condensed consolidated financial statements.
8
SNOWFLAKE INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands)
(unaudited)
Three Months Ended October 31,Nine Months Ended October 31,
2023202220232022
Net loss$(214,694)$(201,442)$(668,078)$(590,042)
Other comprehensive income (loss):
Foreign currency translation adjustments— (1,108)— (4,158)
Net change in unrealized gains or losses on available-for-sale debt securities
5,927 (20,214)11,796 (48,735)
Other
(891)— (732)— 
Total other comprehensive income (loss)
5,036 (21,322)11,064 (52,893)
Comprehensive loss(209,658)(222,764)(657,014)(642,935)
Less: comprehensive loss attributable to noncontrolling interest
(443)(506)(1,333)(506)
Comprehensive loss attributable to Snowflake Inc.
$(209,215)$(222,258)$(655,681)$(642,429)

See accompanying notes to condensed consolidated financial statements.
9
SNOWFLAKE INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)

Three Months Ended October 31, 2023
Class A Common StockTreasury StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit		Total Snowflake Inc. Stockholders’ EquityNoncontrolling InterestTotal
Stockholders’
Equity
SharesAmountSharesAmount
BALANCE—July 31, 2023
329,878 $33 (500)$(68,299)$8,679,411 $(32,244)$(3,291,963)$5,286,938 $11,289 $5,298,227 
Issuance of common stock upon exercise of stock options1,095 — — — 7,294 — — 7,294 — 7,294 
Issuance of common stock under employee stock purchase plan204 — — — 24,169 — — 24,169 — 24,169 
Vesting of early exercised stock options— — — — 41 — — 41 — 41 
Vesting of restricted stock units1,632 — — — — — — — — — 
Shares withheld related to net share settlement of equity awards(551)— — — (90,162)— — (90,162)— (90,162)
Repurchases and retirement of common stock(2,607)— — — — — (400,038)(400,038)— (400,038)
Stock-based compensation— — — — 310,894 — — 310,894 — 310,894 
Other comprehensive income
— — — — — 5,036 — 5,036 — 5,036 
Net loss— — — — — — (214,251)(214,251)(443)(214,694)
BALANCE—October 31, 2023
329,651 $33 (500)$(68,299)$8,931,647 $(27,208)$(3,906,252)$4,929,921 $10,846 $4,940,767 
Three Months Ended October 31, 2022
Class A Common StockTreasury StockAdditional
Paid-in
Capital		Accumulated
Other
Comprehensive
Loss		Accumulated
Deficit		Total Snowflake Inc. Stockholders’ EquityNoncontrolling InterestTotal
Stockholders’
Equity
SharesAmountSharesAmount
BALANCE—July 31, 2022
319,897 $32 — $— $7,782,117 $(47,857)$(2,307,969)$5,426,323 $— $5,426,323 
Issuance of common stock upon exercise of stock options984 — — — 7,366 — — 7,366 — 7,366 
Issuance of common stock under employee stock purchase plan
102 — — — 14,837 — — 14,837 — 14,837 
Issuance of common stock in connection with a business combination2 — — — — — — — — — 
Vesting of early exercised stock options— — — — 61 — — 61 — 61 
Vesting of restricted stock units786 — — — — — — — — — 
Shares withheld related to net share settlement of equity awards(274)— — — (52,507)— — (52,507)— (52,507)
Stock-based compensation— — — — 236,955 — — 236,955 — 236,955 
Capital contributions from noncontrolling interest holders
— — — — — — — — 13,000 13,000 
Other comprehensive loss— — — — — (21,322)— (21,322)— (21,322)
Net loss— — — — — — (200,936)(200,936)(506)(201,442)
BALANCE—October 31, 2022
321,497 $32 — $— $7,988,829 $(69,179)$(2,508,905)$5,410,777 $12,494 $5,423,271 
10
SNOWFLAKE INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)
Nine Months Ended October 31, 2023
Class A Common StockTreasury StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit		Total Snowflake Inc. Stockholders’ EquityNoncontrolling InterestTotal
Stockholders’
Equity
SharesAmountSharesAmount
BALANCE—January 31, 2023
323,305 $32 — $— $8,210,750 $(38,272)$(2,716,074)$5,456,436 $12,179 $5,468,615 
Issuance of common stock upon exercise of stock options5,951 1 — — 38,820 — — 38,821 — 38,821 
Issuance of common stock under employee stock purchase plan516 — — — 61,234 — — 61,234 — 61,234 
Vesting of early exercised stock options— — — — 163 — — 163 — 163 
Vesting of restricted stock units5,131 — — — — — — — — — 
Shares withheld related to net share settlement of equity awards(1,740)— — — (279,067)— — (279,067)— (279,067)
Repurchases of common stock as treasury stock— — (500)(68,299)— — — (68,299)— (68,299)
Repurchases and retirement of common stock(3,512)— — — — — (523,433)(523,433)— (523,433)
Stock-based compensation— — — — 899,747 — — 899,747 — 899,747 
Other comprehensive income
— — — — — 11,064 — 11,064 — 11,064 
Net loss— — — — — — (666,745)(666,745)(1,333)(668,078)
BALANCE—October 31, 2023
329,651 $33 (500)$(68,299)$8,931,647 $(27,208)$(3,906,252)$4,929,921 $10,846 $4,940,767 
Nine Months Ended October 31, 2022
Class A Common StockTreasury StockAdditional
Paid-in
Capital		Accumulated
Other
Comprehensive
Loss		Accumulated
Deficit		Total Snowflake Inc. Stockholders’ EquityNoncontrolling InterestTotal
Stockholders’
Equity
SharesAmountSharesAmount
BALANCE—January 31, 2022
312,377 $31 — $— $6,984,669 $(16,286)$(1,919,369)$5,049,045 $— $5,049,045 
Issuance of common stock upon exercise of stock options4,926 1 — — 30,932 — — 30,933 — 30,933 
Issuance of common stock under employee stock purchase plan286 — — — 40,931 — — 40,931 — 40,931 
Issuance of common stock in connection with a business combination1,916 — — — 438,916 — — 438,916 — 438,916 
Issuance of common stock in connection with a business combination subject to future vesting409 — — — — — — — — — 
Vesting of early exercised stock options— — — — 183 — — 183 — 183 
Vesting of restricted stock units2,409 — — — — — — — — — 
Shares withheld related to net share settlement of equity awards(826)— — — (138,641)— — (138,641)— (138,641)
Stock-based compensation— — — — 631,839 — — 631,839 — 631,839 
Capital contributions from noncontrolling interest holders
— — — — — — — — 13,000 13,000 
Other comprehensive loss— — — — — (52,893)— (52,893)— (52,893)
Net loss— — — — — — (589,536)(589,536)(506)(590,042)
BALANCE—October 31, 2022
321,497 $32 — $— $7,988,829 $(69,179)$(2,508,905)$5,410,777 $12,494 $5,423,271 

See accompanying notes to condensed consolidated financial statements.
11
SNOWFLAKE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended October 31,
20232022
Cash flows from operating activities:
Net loss$(668,078)$(590,042)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization84,917 43,809 
Non-cash operating lease costs39,141 33,579 
Amortization of deferred commissions54,722 41,525 
Stock-based compensation, net of amounts capitalized862,517 610,837 
Net amortization (accretion) of premiums (discounts) on investments
(49,226)12,331 
Net unrealized losses (gains) on strategic investments in equity securities
(1,105)45,096 
Deferred income tax(13,107)(25,277)
Other14,286 678 
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable205,138 150,723 
Deferred commissions(66,470)(63,627)
Prepaid expenses and other assets51,574 13,169 
Accounts payable51,672 10,304 
Accrued expenses and other liabilities33,709 27,727 
Operating lease liabilities(28,739)(29,176)
Deferred revenue(67,409)46,667 
Net cash provided by operating activities
503,542 328,323 
Cash flows from investing activities:
Purchases of property and equipment(22,014)(19,766)
Capitalized internal-use software development costs(27,104)(17,319)
Cash paid for business combinations, net of cash, cash equivalents, and restricted cash acquired(279,534)(352,555)
Purchases of intangible assets(28,744)(700)
Purchases of investments(2,095,329)(2,796,167)
Sales of investments11,266 58,813 
Maturities and redemptions of investments2,751,148 2,594,593 
Net cash provided by (used in) investing activities
309,689 (533,101)
Cash flows from financing activities:
Proceeds from exercise of stock options38,854 31,095 
Proceeds from issuance of common stock under employee stock purchase plan61,234 40,931 
Taxes paid related to net share settlement of equity awards(273,828)(135,766)
Repurchases of common stock(591,732)— 
Capital contributions from noncontrolling interest holders— 13,000 
Payments of deferred purchase consideration for a business combination— (1,800)
Net cash used in financing activities
(765,472)(52,540)
12
Nine Months Ended October 31,
20232022
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(4,595)(9,390)
Net increase (decrease) in cash, cash equivalents, and restricted cash
43,164 (266,708)
Cash, cash equivalents, and restricted cash—beginning of period956,731 1,102,534 
Cash, cash equivalents, and restricted cash—end of period$999,895 $835,826 
Supplemental disclosures of non-cash investing and financing activities:
Property and equipment included in accounts payable and accrued expenses$7,690 $5,841 
Stock-based compensation included in capitalized software development costs$37,230 $20,295 
Issuance of common stock in connection with a business combination$— $438,916 
Unpaid taxes related to net share settlement of equity awards included in accrued expenses and other current liabilities$5,293 $2,874 
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents$982,182 $819,003 
Restricted cash—included in other assets and prepaid expenses and other current assets17,713 16,823 
Total cash, cash equivalents, and restricted cash$999,895 $835,826 
See accompanying notes to condensed consolidated financial statements.
13
SNOWFLAKE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1. Organization and Description of Business

Snowflake Inc. (Snowflake or the Company) provides a cloud-based data platform, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data applications, and share data and data products. The Company provides its platform through a customer-centric, consumption-based business model, only charging customers for the resources they use. Through its platform, the Company delivers the Data Cloud, a network where Snowflake customers, partners, developers, data providers, and data consumers can break down data silos and derive value from rapidly growing data sets in secure, governed, and compliant ways. Snowflake was incorporated in the state of Delaware on July 23, 2012.

2. Basis of Presentation and Summary of Significant Accounting Policies

Fiscal Year

The Company’s fiscal year ends on January 31. For example, references to fiscal 2024 refer to the fiscal year ending January 31, 2024.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2023, which was filed with the SEC on March 29, 2023.

In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of October 31, 2023 and the results of operations for the three and nine months ended October 31, 2023 and 2022, and cash flows for the nine months ended October 31, 2023 and 2022. The condensed balance sheet as of January 31, 2023 was derived from the audited consolidated financial statements but does not include all disclosures required by GAAP. The results of operations for the three and nine months ended October 31, 2023 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of Snowflake Inc., its wholly-owned subsidiaries, and a majority-owned subsidiary in which the Company has a controlling financial interest. All intercompany transactions and balances have been eliminated in consolidation. The Company records noncontrolling interest in its condensed consolidated financial statements to recognize the minority ownership interest in its majority-owned subsidiary. Profits and losses of the majority-owned subsidiary are attributed to controlling and noncontrolling interests using the hypothetical liquidation at book value method.

Segment Information

The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. For information regarding the Company’s revenue by geographic area, see Note 3, “Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations.”

14
The following table presents the Company’s long-lived assets, comprising property and equipment, net and operating lease right-of-use assets, by geographic area (in thousands):
October 31, 2023January 31, 2023
United States$366,305 $329,275 
Other(1)
104,311 62,814 
Total$470,616 $392,089 
________________
(1)No individual country outside of the United States accounted for more than 10% of the Company’s long-lived assets as of October 31, 2023 and January 31, 2023.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates include, but are not limited to, stand-alone selling prices (SSP) for each distinct performance obligation, internal-use software development costs, the expected period of benefit for deferred commissions, the fair value of intangible assets acquired in business combinations, the useful lives of long-lived assets, the carrying value of operating lease right-of-use assets, stock-based compensation, accounting for income taxes, and the fair value of investments in marketable and non-marketable securities.

The Company bases its estimates on historical experience and also on assumptions that management considers reasonable. These estimates are assessed on a regular basis; however, actual results could differ from these estimates.

Summary of Significant Accounting Policies

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, 2023, which was filed with the SEC on March 29, 2023.

3. Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations

Disaggregation of Revenue

Revenue consists of the following (in thousands):

Three Months Ended October 31,Nine Months Ended October 31,
2023202220232022
Product revenue$698,478 $522,752 $1,928,759 $1,383,454 
Professional services and other revenue35,695 34,276 103,031 93,193 
Total$734,173 $557,028 $2,031,790 $1,476,647 

15

Revenue by geographic area, based on the location of the Company’s customers (or end-customers under reseller arrangements), was as follows (in thousands):

Three Months Ended October 31,Nine Months Ended October 31,
2023202220232022
Americas:
United States$569,743 $441,432 $1,569,099 $1,171,641 
Other Americas(1)
18,083 11,637 52,781 31,316 
EMEA(1)(2)
110,412 79,326 311,586 207,010 
Asia-Pacific and Japan(1)
35,935 24,633 98,324 66,680 
Total$734,173 $557,028 $2,031,790 $1,476,647 
________________
(1)No individual country in these areas represented more than 10% of the Company’s revenue for all periods presented.
(2)Includes Europe, the Middle East, and Africa.

Accounts Receivable, Net

As of October 31, 2023 and January 31, 2023, allowance for credit losses of $6.3 million and $2.2 million, respectively, was included in the Company’s accounts receivable, net balance.

Significant Customers

For purposes of assessing the concentration of credit risk and significant customers, a group of customers under common control or customers that are affiliates of each other are regarded as a single customer. As of October 31, 2023 and January 31, 2023, there were no customers that represented 10% or more of the Company’s accounts receivable, net balance. Additionally, there were no customers that represented 10% or more of the Company’s revenue for each of the three and nine months ended October 31, 2023 and 2022.

Deferred Revenue

The Company recognized $556.1 million and $427.4 million of revenue for the three months ended October 31, 2023 and 2022, respectively, from the deferred revenue balances as of July 31, 2023 and 2022, respectively.

The Company recognized $1.2 billion and $841.8 million of revenue for the nine months ended October 31, 2023 and 2022, respectively, from the deferred revenue balances as of January 31, 2023 and 2022, respectively.

Remaining Performance Obligations

Remaining performance obligations (RPO) represent the amount of contracted future revenue that has not yet been recognized, including (i) deferred revenue and (ii) non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. The Company’s RPO excludes performance obligations from on-demand arrangements as there are no minimum purchase commitments associated with these arrangements, and certain time and materials contracts that are billed in arrears. Portions of RPO that are not yet invoiced and are denominated in foreign currencies are revalued into U.S. dollars each period based on the applicable period-end exchange rates.

As of October 31, 2023, the Company’s RPO was $3.7 billion, of which the Company expects approximately 57% to be recognized as revenue in the twelve months ending October 31, 2024 based on historical customer consumption patterns. However, the amount and timing of revenue recognition are generally dependent upon customers’ future consumption, which is inherently variable at customers’ discretion and can extend beyond the original contract term in cases where customers are permitted to roll over unused capacity to future periods, generally on the purchase of additional capacity at renewal.

16
4. Cash Equivalents and Investments

The following is a summary of the Company’s cash equivalents, short-term investments, and long-term investments on the condensed consolidated balance sheets (in thousands):

October 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Cash equivalents:
Money market funds$579,719 $— $— $579,719 
Time deposits5,285 — — 5,285 
Commercial paper4,997 — (1)4,996 
Total cash equivalents590,001 — (1)590,000 
Investments:
Corporate notes and bonds1,530,205 483 (12,947)1,517,741 
U.S. government and agency securities1,135,128 7 (11,259)1,123,876 
Commercial paper572,082 29 (439)571,672 
Certificates of deposit300,969 93 (165)300,897 
Total investments3,538,384 612 (24,810)3,514,186 
Total cash equivalents and investments$4,128,385 $612 $(24,811)$4,104,186 

January 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Cash equivalents:
Money market funds(1)
$520,138 $— $— $520,138 
Commercial paper9,305 — (1)9,304 
Corporate notes and bonds6,902 1 — 6,903 
Certificates of deposit3,045 — (1)3,044 
Total cash equivalents(1)
539,390 1 (2)539,389 
Investments:
Corporate notes and bonds2,124,454 2,096 (23,470)2,103,080 
Commercial paper883,023 272 (1,947)881,348 
U.S. government and agency securities715,949 107 (12,220)703,836 
Certificates of deposit453,557 278 (1,110)452,725 
Total investments4,176,983 2,753 (38,747)4,140,989 
Total cash equivalents and investments(1)
$4,716,373 $2,754 $(38,749)$4,680,378 
________________
(1)Includes a reclassification of $141.0 million from cash to cash equivalents for the money market funds balance as of January 31, 2023, as presented in the Annual Report on Form 10-K filed with the SEC on March 29, 2023. Such reclassification did not impact the Company’s consolidated balance sheet as of January 31, 2023 or its consolidated statement of cash flows for the fiscal year ended January 31, 2023.

The Company included $23.4 million and $19.4 million of interest receivable in prepaid expenses and other current assets on the condensed consolidated balance sheets as of October 31, 2023 and January 31, 2023, respectively. The Company did not recognize an allowance for credit losses against interest receivable as of October 31, 2023 and January 31, 2023 because such potential losses were not material.
17

As of October 31, 2023, the contractual maturities of the Company’s available-for-sale marketable debt securities did not exceed 36 months. The estimated fair values of available-for-sale marketable debt securities, classified as short-term or long-term investments on the Company’s condensed consolidated balance sheets, by remaining contractual maturity, are as follows (in thousands):

October 31, 2023
Estimated
Fair Value
Due within 1 year$2,566,357 
Due in 1 year to 3 years947,829 
Total$3,514,186 

The following tables show the fair values of, and the gross unrealized losses on, the Company’s available-for-sale marketable debt securities, classified by the length of time that the securities have been in a continuous unrealized loss position and aggregated by investment type, on the condensed consolidated balance sheets (in thousands):

October 31, 2023
Less than 12 Months12 Months or GreaterTotal
Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
Cash equivalents:
Commercial paper$4,997 $(1)$— $— $4,997 $(1)
Total cash equivalents4,997 (1)— — 4,997 (1)
Investments:
Corporate notes and bonds873,774 (7,142)460,730 (5,805)1,334,504 (12,947)
U.S. government and agency securities785,354 (5,392)244,639 (5,867)1,029,993 (11,259)
Commercial paper490,963 (439)— — 490,963 (439)
Certificates of deposit153,122 (165)— — 153,122 (165)
Total investments2,303,213