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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 July 31, 2024
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 August 20, 2024, there were 335.2 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.

TABLE OF CONTENTS
Page

2
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 fact contained in this report, including statements regarding our future results of operations and financial condition, business strategy, capital requirements, market trends, and plans and objectives of management for future operations, are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “anticipate,” “believe,” “continue,” “can,” “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, and our customers’ adoption and use of such features;
•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 AI Data Cloud, including the 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.

3
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 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 we make available on our website.


4
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 is a summary 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 our platform, including artificial intelligence and machine learning technology, or AI Technology, our business, financial condition, and results of operations could be harmed.
•If we, our customers, or 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 or our third-party service providers 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.
5
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
SNOWFLAKE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
July 31, 2024January 31, 2024
Assets
Current assets:
Cash and cash equivalents$1,282,045 $1,762,749 
Short-term investments1,948,462 2,083,499 
Accounts receivable, net431,597 926,902 
Deferred commissions, current86,899 86,096 
Prepaid expenses and other current assets149,085 180,018 
Total current assets3,898,088 5,039,264 
Long-term investments697,406 916,307 
Property and equipment, net264,778 247,464 
Operating lease right-of-use assets272,459 252,128 
Goodwill984,076 975,906 
Intangible assets, net286,538 331,411 
Deferred commissions, non-current177,457 187,093 
Other assets363,084 273,810 
Total assets$6,943,886 $8,223,383 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$134,537 $51,721 
Accrued expenses and other current liabilities448,926 446,860 
Operating lease liabilities, current32,843 33,944 
Deferred revenue, current1,848,376 2,198,705 
Total current liabilities2,464,682 2,731,230 
Operating lease liabilities, non-current279,969 254,037 
Deferred revenue, non-current12,280 14,402 
Other liabilities49,367 33,120 
Total liabilities2,806,298 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 July 31, 2024 and January 31, 2024
— — 
Common stock; $0.0001 par value per share; 2,500,000 Class A shares authorized, 335,620 and 334,453 shares issued and outstanding as of July 31, 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 July 31, 2024 and January 31, 2024); 185,461 Class B shares authorized, zero shares issued and outstanding as of each July 31, 2024 and January 31, 2024
34 34 
Treasury stock, at cost; 460 and 492 shares held as of July 31, 2024 and January 31, 2024, respectively
(62,800)(67,140)
Additional paid-in capital9,822,965 9,331,238 
Accumulated other comprehensive loss
(5,379)(8,220)
Accumulated deficit(5,625,819)(4,075,604)
Total Snowflake Inc. stockholders’ equity4,129,001 5,180,308 
Noncontrolling interest8,587 10,286 
Total stockholders’ equity4,137,588 5,190,594 
Total liabilities and stockholders’ equity$6,943,886 $8,223,383 
See accompanying notes to condensed consolidated financial statements.
6
SNOWFLAKE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended July 31,Six Months Ended July 31,
2024202320242023
Revenue$868,823 $674,018 $1,697,532 $1,297,617 
Cost of revenue288,078 218,392 560,595 427,806 
Gross profit580,745 455,626 1,136,937 869,811 
Operating expenses:
Sales and marketing400,625 343,288 801,447 674,846 
Research and development437,660 313,996 848,454 591,408 
General and administrative97,763 83,749 190,911 162,202 
Total operating expenses936,048 741,033 1,840,812 1,428,456 
Operating loss(355,303)(285,407)(703,875)(558,645)
Interest income49,265 50,280 104,044 93,411 
Other income (expense), net
(7,946)4,086 (29,248)1,524 
Loss before income taxes(313,984)(231,041)(629,079)(463,710)
Provision for (benefit from) income taxes
3,786 (3,721)6,507 (10,326)
Net loss(317,770)(227,320)(635,586)(453,384)
Less: net loss attributable to noncontrolling interest(871)(453)(1,699)(890)
Net loss attributable to Snowflake Inc.$(316,899)$(226,867)$(633,887)$(452,494)
Net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted$(0.95)$(0.69)$(1.90)$(1.39)
Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted334,071 327,335 333,830 325,772 

See accompanying notes to condensed consolidated financial statements.
7
SNOWFLAKE INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands)
(unaudited)
Three Months Ended July 31,Six Months Ended July 31,
2024202320242023
Net loss$(317,770)$(227,320)$(635,586)$(453,384)
Other comprehensive income (loss):
Net change in unrealized gains or losses on available-for-sale debt securities
10,304 (1,575)2,883 5,869 
Other
30 159 (42)159 
Total other comprehensive income (loss)
10,334 (1,416)2,841 6,028 
Comprehensive loss
(307,436)(228,736)(632,745)(447,356)
Less: comprehensive loss attributable to noncontrolling interest
(871)(453)(1,699)(890)
Comprehensive loss attributable to Snowflake Inc.
$(306,565)$(228,283)$(631,046)$(446,466)

See accompanying notes to condensed consolidated financial statements.
8
SNOWFLAKE INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)

Three Months Ended July 31, 2024
Class A Common StockTreasury StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
 Loss
Accumulated
Deficit		Total Snowflake Inc. Stockholders’ EquityNoncontrolling InterestTotal
Stockholders’
Equity
SharesAmountSharesAmount
BALANCE—April 30, 2024
335,264 $34 (469)$(63,958)$9,546,792 $(15,713)$(4,908,921)$4,558,234 $9,458 $4,567,692 
Issuance of common stock upon exercise of stock options1,816 — — — 12,963 — — 12,963 — 12,963 
Vesting of restricted stock units2,264 1 — — (1)— — — — — 
Shares withheld related to net share settlement of equity awards(767)— — — (98,881)— — (98,881)— (98,881)
Repurchases and retirement of common stock(2,957)(1)— — — — (399,999)(400,000)— (400,000)
Reissuance of treasury stock upon settlement of equity awards— — 9 1,158 (1,156)— — 2 — 2 
Stock-based compensation— — — — 363,248 — — 363,248 — 363,248 
Other comprehensive income
— — — — — 10,334 — 10,334 — 10,334 
Net loss— — — — — — (316,899)(316,899)(871)(317,770)
BALANCE—July 31, 2024
335,620 $34 (460)$(62,800)$9,822,965 $(5,379)$(5,625,819)$4,129,001 $8,587 $4,137,588 



Three Months Ended July 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—April 30, 2023
326,312 $33 (500)$(68,299)$8,450,433 $(30,828)$(3,065,096)$5,286,243 $11,742 $5,297,985 
Issuance of common stock upon exercise of stock options2,480 — — — 16,194 — — 16,194 — 16,194 
Vesting of early exercised stock options— — — — 61 — — 61 — 61 
Vesting of restricted stock units1,637 — — — — — — — — — 
Shares withheld related to net share settlement of equity awards(551)— — — (99,902)— — (99,902)— (99,902)
Stock-based compensation— — — — 312,625 — — 312,625 — 312,625 
Other comprehensive loss— — — — — (1,416)— (1,416)— (1,416)
Net loss— — — — — — (226,867)(226,867)(453)(227,320)
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 




9
SNOWFLAKE INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)
Six Months Ended July 31, 2024
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, 2024
334,453 $34 (492)$(67,140)$9,331,238 $(8,220)$(4,075,604)$5,180,308 $10,286 $5,190,594 
Issuance of common stock upon exercise of stock options3,186 — — — 23,480 — — 23,480 — 23,480 
Issuance of common stock under employee stock purchase plan346 — — — 46,735 — — 46,735 — 46,735 
Issuance of common stock in connection with a business combination1 — — — — — — — — — 
Vesting of restricted stock units5,452 1 — — (1)— — — — — 
Shares withheld related to net share settlement of equity awards(1,879)— — — (275,965)— — (275,965)— (275,965)
Repurchases and retirement of common stock(5,939)(1)— — — — (916,328)(916,329)— (916,329)
Reissuance of treasury stock upon settlement of equity awards— — 32 4,340 (4,257)— — 83 — 83 
Stock-based compensation— — — — 701,735 — — 701,735 — 701,735 
Other comprehensive income
— — — — — 2,841 — 2,841 — 2,841 
Net loss— — — — — — (633,887)(633,887)(1,699)(635,586)
BALANCE—July 31, 2024
335,620 $34 (460)$(62,800)$9,822,965 $(5,379)$(5,625,819)$4,129,001 $8,587 $4,137,588 
Six Months Ended July 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 options4,856 1 — — 31,526 — — 31,527 — 31,527 
Issuance of common stock under employee stock purchase plan312 — — — 37,065 — — 37,065 — 37,065 
Vesting of early exercised stock options— — — — 122 — — 122 — 122 
Vesting of restricted stock units3,499 — — — — — — — — — 
Shares withheld related to net share settlement of equity awards(1,189)— — — (188,905)— — (188,905)— (188,905)
Repurchases of common stock as treasury stock— — (500)(68,299)— — — (68,299)— (68,299)
Repurchases and retirement of common stock(905)— — — — — (123,395)(123,395)— (123,395)
Stock-based compensation— — — — 588,853 — — 588,853 — 588,853 
Other comprehensive income— — — — — 6,028 — 6,028 — 6,028 
Net loss— — — — — — (452,494)(452,494)(890)(453,384)
BALANCE—July 31, 2023
329,878 $33 (500)$(68,299)$8,679,411 $(32,244)$(3,291,963)$5,286,938 $11,289 $5,298,227 
See accompanying notes to condensed consolidated financial statements.
10
SNOWFLAKE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months Ended July 31,
20242023
Cash flows from operating activities:
Net loss$(635,586)$(453,384)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization85,332 52,447 
Non-cash operating lease costs27,568 25,653 
Amortization of deferred commissions45,586 35,853 
Stock-based compensation, net of amounts capitalized687,936 564,231 
Net accretion of discounts on investments
(24,772)(32,992)
Net realized and unrealized losses (gains) on strategic investments in equity securities
27,203 (2,895)
Deferred income tax49 (12,894)
Other1,918 11,812 
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable492,192 309,843 
Deferred commissions(36,754)(40,992)
Prepaid expenses and other assets33,347 46,916 
Accounts payable91,425 17,469 
Accrued expenses and other liabilities4,637 27,106 
Operating lease liabilities(25,289)(16,023)
Deferred revenue(349,459)(149,515)
Net cash provided by operating activities
425,333 382,635 
Cash flows from investing activities:
Purchases of property and equipment(21,562)(13,268)
Capitalized internal-use software development costs(13,396)(17,215)
Cash paid for business combinations, net of cash, cash equivalents, and restricted cash acquired(8,906)(264,571)
Purchases of intangible assets— (27,480)
Purchases of investments(1,274,742)(1,725,964)
Sales of investments40,797 7,266 
Maturities and redemptions of investments1,511,458 1,780,061 
Settlement of cash flow hedges
(749)— 
Net cash provided by (used in) investing activities
232,900 (261,171)
Cash flows from financing activities:
Proceeds from exercise of stock options23,664 31,519 
Proceeds from issuance of common stock under employee stock purchase plan46,735 37,065 
Taxes paid related to net share settlement of equity awards(278,114)(182,710)
Repurchases of common stock(916,329)(191,694)
Net cash used in financing activities
(1,124,044)(305,820)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(1,909)1,005 
11
Six Months Ended July 31,
20242023
Net decrease in cash, cash equivalents, and restricted cash
(467,720)(183,351)
Cash, cash equivalents, and restricted cash—beginning of period1,780,977 956,731 
Cash, cash equivalents, and restricted cash—end of period$1,313,257 $773,380 
Supplemental disclosures of non-cash investing and financing activities:
Property and equipment included in accounts payable and accrued expenses$20,168 $6,474 
Stock-based compensation included in capitalized software development costs$17,141 $24,622 
Unpaid taxes related to net share settlement of equity awards included in accrued expenses and other current liabilities$4,719 $6,249 
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents$1,282,045 $755,192 
Restricted cash—included in other assets and prepaid expenses and other current assets31,212 18,188 
Total cash, cash equivalents, and restricted cash$1,313,257 $773,380 
See accompanying notes to condensed consolidated financial statements.
12
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 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.

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 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 July 31, 2024 and the results of operations for the three and six months ended July 31, 2024 and 2023, and cash flows for the six months ended July 31, 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 and six months ended July 31, 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.”

13
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):
July 31, 2024January 31, 2024
United States$418,999 $379,664 
Other(1)
118,238 119,928 
Total$537,237 $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 July 31, 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. During the six months ended July 31, 2024, the Company updated its revenue recognition accounting policy, as described below. This update was made due to the developments in the Company’s business in connection with a new product capability that became generally available to customers during the three months ended July 31, 2024. Other than this update, there have been no significant changes to the Company’s accounting policies.

Revenue Recognition

The Company accounts for revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606) for all periods presented.

The Company delivers its platform over the internet as a service. Customers choose to consume the platform under either capacity arrangements, in which customers commit to a certain amount of consumption at specified prices, or under on-demand arrangements, in which the Company charges for use of the platform monthly in arrears. Under capacity arrangements, from which a majority of revenue is derived, the Company typically bills its customers annually in advance of their consumption. Revenue from on-demand arrangements typically relates to customers with lower usage levels or overage consumption beyond a customer’s contracted usage amount under a capacity contract or following the expiration of a customer’s capacity contract. Revenue from on-demand arrangements represented approximately 2% of our revenue for each of the three and six months ended July 31, 2024 and 2023. The Company recognizes revenue as customers consume compute, storage, and data transfer resources under either of these arrangements. In limited instances, customers pay an annual deployment fee to gain access to a dedicated instance of a virtual private deployment. Deployment fees are recognized ratably over the contract term.

Customers do not have the contractual right to take possession of the Company’s platform. Pricing for the platform includes embedded support services, data backup and disaster recovery services, as well as future updates, when and if available, offered during the contract term.

14
Customer contracts for capacity typically have a term of one to four years. To the extent customers enter into such contracts and either consume the platform in excess of their capacity commitments or continue to use the platform after expiration of the contract term, they are charged for their incremental consumption. In many cases, customer contracts permit customers to roll over any unused capacity to a subsequent order, generally on the purchase of additional capacity.

Customer contracts are generally non-cancelable during the contract term, although customers can terminate for breach if the Company materially fails to perform. For those customers who do not have a capacity arrangement, the Company’s on-demand arrangements generally have a monthly stated contract term and can be terminated at any time by either the customer or the Company.

For compute resources, consumption is based on the type of compute resource used and the duration of use or, for some features, the volume of data processed. For storage resources, consumption for a given customer is based on the average terabytes per month of all of such customer’s data stored in the platform. For data transfer resources, consumption is based on terabytes of data transferred, the public cloud provider used, and the region to and from which the transfer is executed.

The Company’s revenue also includes professional services and other revenue, which consists primarily of consulting, technical solution services, and training related to the platform. Professional services revenue is recognized over time based on input measures, including time and materials costs incurred relative to total costs, with consideration given to output measures, such as contract deliverables, when applicable. Other revenue consists primarily of fees from customer training delivered on-site or through publicly available classes.

The Company determines revenue recognition in accordance with ASC 606 through the following five steps:

1) Identify the contract with a customer. The Company considers the terms and conditions of the contracts and the Company’s customary business practices in identifying its contracts under ASC 606. The Company determines it has a contract with a customer when the contract has been approved by both parties, it can identify each party’s rights regarding the services to be transferred and the payment terms for the services, it has determined the customer to have the ability and intent to pay, and the contract has commercial substance. At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. The Company applies judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s payment history or, in the case of a new customer, credit and financial information pertaining to the customer.

2) Identify the performance obligations in the contract. Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the services is separately identifiable from other promises in the contract.

Prior to June 2024, the Company treated consumption of its platform for compute, storage, and data transfer resources as a single performance obligation because they were consumed by customers as a single, integrated offering. Each of compute, storage and data transfer worked together to drive consumption on the Company’s platform.

In June 2024, the Company made Iceberg tables generally available to its customers, enabling them to use the Snowflake platform for compute services without requiring storage. As a result, starting from June 2024, customers are allowed to select compute, storage, and data transfer resources separately, at their discretion. Consequently, the Company treats the consumption of its platform for compute, storage, and data transfer resources as separate and distinct performance obligations. This change did not have a material impact on the Company’s condensed consolidated financial statements for any period presented.

The Company treats its virtual private deployments for customers, professional services, technical solution services, and training each as a separate and distinct performance obligation. Some customers have negotiated an option to purchase additional capacity at a stated discount. These options generally do not provide a material right as they are priced at the Company’s SSP, as described below, as the stated discounts are not incremental to the range of discounts typically given.

15
3) Determine the transaction price. The transaction price is determined based on the consideration the Company expects to receive in exchange for transferring services to the customer. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. Variable consideration is estimated based on expected value, primarily relying on the Company’s history. In certain situations, the Company may also use the most likely amount as the basis of its estimate. None of the Company’s contracts contain a significant financing component. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental entities (e.g., sales and other indirect taxes).

4) Allocate the transaction price to performance obligations in the contract. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation on a relative SSP basis. The determination of a relative SSP for each distinct performance obligation requires judgment. The Company determines SSP for performance obligations based on an observable standalone selling price when it is available, as well as other factors, including the overall pricing objectives, which take into consideration market conditions and customer-specific factors, including a review of internal discounting tables, the services being sold, the volume of capacity commitments, the estimated mix of compute, storage, and data transfer, and other factors. The observable standalone selling price is established based on the price at which products and services are sold separately. If an SSP is not observable through past transactions, the Company estimates it using available information including, but not limited to, market data and other observable inputs.

5) Recognize revenue when or as the Company satisfies a performance obligation. Revenue is recognized at the time the related performance obligation is satisfied by transferring the promised service to a customer. Revenue is recognized when control of the services is transferred to the customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those services. The Company determined an output method for capacity arrangements to be the most appropriate measure of progress because it most faithfully represents when the value of the services is simultaneously received and consumed by the customer, and control is transferred. Virtual private deployment fees are recognized ratably over the term of the deployment as the deployment service represents a stand-ready performance obligation provided throughout the deployment term.

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.

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

Disaggregation of Revenue

Revenue consists of the following (in thousands):

Three Months Ended July 31,Six Months Ended July 31,
2024202320242023
Product revenue$829,250 $640,209 $1,618,837 $1,230,281 
Professional services and other revenue39,573 33,809 78,695 67,336 
Total$868,823 $674,018 $1,697,532 $1,297,617 

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 July 31,Six Months Ended July 31,
2024202320242023
Americas:
United States$663,630 $516,367 $1,295,671 $999,356 
Other Americas(1)
22,777 17,842 46,512 34,698 
EMEA(1)(2)
137,872 106,284 269,529 201,174 
Asia-Pacific and Japan(1)
44,544 33,525 85,820 62,389 
Total$868,823 $674,018 $1,697,532 $1,297,617 
________________
(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 July 31, 2024 and January 31, 2024, allowance for credit losses of $4.6 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 July 31, 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 and six months ended July 31, 2024 and 2023.

Deferred Revenue

The Company recognized $642.7 million and $524.0 million of revenue for the three months ended July 31, 2024 and 2023, respectively, from the deferred revenue balances as of April 30, 2024 and 2023, respectively.

The Company recognized $1.2 billion and $896.4 million of revenue for the six months ended July 31, 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.
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As of July 31, 2024, the Company’s RPO was $5.2 billion, of which the Company expects approximately 50% to be recognized as revenue in the twelve months ending July 31, 2025 based on historical customer consumption patterns. However, the amount and timing of revenue recognition are generally dependent upon customers’ future consumption, which is inherently variable at customers’ discretion and can extend beyond the original contract term in cases where customers are permitted to roll over unused capacity to future periods, generally on the purchase of additional capacity at renewal.

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):

July 31, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Cash equivalents:
Money market funds$636,041 $— $— $636,041 
U.S. government securities276,147 — (2)276,145 
Time deposits65,287 — — 65,287 
Commercial paper2,348 — — 2,348 
Total cash equivalents979,823 — (2)979,821 
Investments:
Corporate notes and bonds1,274,237 1,525 (1,682)1,274,080 
U.S. government and agency securities672,427 346 (2,427)670,346 
Commercial paper443,345 40 (226)443,159 
Certificates of deposit258,208 108 (33)258,283 
Total investments2,648,217 2,019 (4,368)2,645,868 
Total cash equivalents and investments$3,628,040 $2,019 $(4,370)$3,625,689 

January 31, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Cash equivalents:
U.S. government securities$742,235 $1 $(2)$742,234 
Money market funds533,211 — — 533,211 
Time deposits56,263 — — 56,263 
Total cash equivalents1,331,709 1 (2)1,331,708 
Investments:
Corporate notes and bonds1,549,151 1,959 (3,394)1,547,716 
U.S. government and agency securities877,496 574 (4,653)873,417 
Commercial paper353,525 154 (131)353,548 
Certificates of deposit224,869 271 (15)225,125 
Total investments3,005,041 2,958 (8,193)2,999,806 
Total cash equivalents and investments$4,336,750 $2,959 $(8,195)$4,331,514