10-Q 1 snow-20240430.htm 10-Q snow-20240430
00016401471/312025Q1FALSE267454102455xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pure00016401472024-02-012024-04-3000016401472024-05-0700016401472024-04-3000016401472024-01-310001640147us-gaap:CommonClassBMember2024-01-310001640147us-gaap:CommonClassAMember2024-01-310001640147us-gaap:CommonClassBMember2024-04-300001640147us-gaap:CommonClassAMember2024-04-300001640147snow:InvestingSubsidiaryMemberus-gaap:CommonClassAMember2024-04-300001640147snow:InvestingSubsidiaryMemberus-gaap:CommonClassAMember2024-01-3100016401472023-02-012023-04-300001640147us-gaap:CommonClassAMember2024-02-012024-04-300001640147us-gaap:CommonClassAMember2023-02-012023-04-300001640147us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-01-310001640147us-gaap:TreasuryStockCommonMember2024-01-310001640147us-gaap:AdditionalPaidInCapitalMember2024-01-310001640147us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-310001640147us-gaap:RetainedEarningsMember2024-01-310001640147us-gaap:ParentMember2024-01-310001640147us-gaap:NoncontrollingInterestMember2024-01-310001640147us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-02-012024-04-300001640147us-gaap:AdditionalPaidInCapitalMember2024-02-012024-04-300001640147us-gaap:ParentMember2024-02-012024-04-300001640147us-gaap:RetainedEarningsMember2024-02-012024-04-300001640147us-gaap:TreasuryStockCommonMember2024-02-012024-04-300001640147us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-02-012024-04-300001640147us-gaap:NoncontrollingInterestMember2024-02-012024-04-300001640147us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-04-300001640147us-gaap:TreasuryStockCommonMember2024-04-300001640147us-gaap:AdditionalPaidInCapitalMember2024-04-300001640147us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-300001640147us-gaap:RetainedEarningsMember2024-04-300001640147us-gaap:ParentMember2024-04-300001640147us-gaap:NoncontrollingInterestMember2024-04-300001640147us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-01-310001640147us-gaap:TreasuryStockCommonMember2023-01-310001640147us-gaap:AdditionalPaidInCapitalMember2023-01-310001640147us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-310001640147us-gaap:RetainedEarningsMember2023-01-310001640147us-gaap:ParentMember2023-01-310001640147us-gaap:NoncontrollingInterestMember2023-01-3100016401472023-01-310001640147us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-02-012023-04-300001640147us-gaap:AdditionalPaidInCapitalMember2023-02-012023-04-300001640147us-gaap:ParentMember2023-02-012023-04-300001640147us-gaap:TreasuryStockCommonMember2023-02-012023-04-300001640147us-gaap:RetainedEarningsMember2023-02-012023-04-300001640147us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-02-012023-04-300001640147us-gaap:NoncontrollingInterestMember2023-02-012023-04-300001640147us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-04-300001640147us-gaap:TreasuryStockCommonMember2023-04-300001640147us-gaap:AdditionalPaidInCapitalMember2023-04-300001640147us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-300001640147us-gaap:RetainedEarningsMember2023-04-300001640147us-gaap:ParentMember2023-04-300001640147us-gaap:NoncontrollingInterestMember2023-04-3000016401472023-04-300001640147country:US2024-04-300001640147country:US2024-01-310001640147us-gaap:NonUsMember2024-04-300001640147us-gaap:NonUsMember2024-01-310001640147us-gaap:ProductMember2024-02-012024-04-300001640147us-gaap:ProductMember2023-02-012023-04-300001640147snow:ProfessionalServicesAndOtherMember2024-02-012024-04-300001640147snow:ProfessionalServicesAndOtherMember2023-02-012023-04-300001640147country:US2024-02-012024-04-300001640147country:US2023-02-012023-04-300001640147snow:OtherAmericasMember2024-02-012024-04-300001640147snow:OtherAmericasMember2023-02-012023-04-300001640147us-gaap:EMEAMember2024-02-012024-04-300001640147us-gaap:EMEAMember2023-02-012023-04-300001640147snow:AsiaPacificAndJapanMember2024-02-012024-04-300001640147snow:AsiaPacificAndJapanMember2023-02-012023-04-3000016401472024-05-012024-04-300001640147us-gaap:MoneyMarketFundsMember2024-04-300001640147us-gaap:USGovernmentDebtSecuritiesMember2024-04-300001640147us-gaap:BankTimeDepositsMember2024-04-300001640147us-gaap:CommercialPaperMember2024-04-300001640147us-gaap:CorporateDebtSecuritiesMember2024-04-300001640147us-gaap:CorporateDebtSecuritiesMember2024-04-300001640147us-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-04-300001640147us-gaap:CommercialPaperMember2024-04-300001640147us-gaap:CertificatesOfDepositMember2024-04-300001640147us-gaap:USGovernmentDebtSecuritiesMember2024-01-310001640147us-gaap:MoneyMarketFundsMember2024-01-310001640147us-gaap:BankTimeDepositsMember2024-01-310001640147us-gaap:CorporateDebtSecuritiesMember2024-01-310001640147us-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-01-310001640147us-gaap:CommercialPaperMember2024-01-310001640147us-gaap:CertificatesOfDepositMember2024-01-310001640147us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2024-04-300001640147us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2024-01-310001640147us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-04-300001640147us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-04-300001640147us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-04-300001640147us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentDebtSecuritiesMember2024-04-300001640147us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentDebtSecuritiesMember2024-04-300001640147us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentDebtSecuritiesMember2024-04-300001640147us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-04-300001640147us-gaap:FairValueInputsLevel2Memberus-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMember2024-04-300001640147us-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMember2024-04-300001640147us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-04-300001640147us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-04-300001640147us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-04-300001640147us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-04-300001640147us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-04-300001640147us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-04-300001640147us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-04-300001640147us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-04-300001640147us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-04-300001640147us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-04-300001640147us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-04-300001640147us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-04-300001640147us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-04-300001640147us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-04-300001640147us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-04-300001640147us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2024-04-300001640147us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2024-04-300001640147us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2024-04-300001640147us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-01-310001640147us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-04-300001640147us-gaap:FairValueMeasurementsRecurringMember2024-04-300001640147us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-04-300001640147us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2024-01-310001640147us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2024-01-310001640147us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2024-01-310001640147us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-01-310001640147us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-01-310001640147us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-01-310001640147us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-01-310001640147us-gaap:FairValueInputsLevel2Memberus-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-310001640147us-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-310001640147us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-01-310001640147us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-01-310001640147us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-01-310001640147us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-01-310001640147us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-01-310001640147us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-01-310001640147us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-01-310001640147us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-01-310001640147us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-01-310001640147us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2024-01-310001640147us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2024-01-310001640147us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2024-01-310001640147us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-01-310001640147us-gaap:FairValueMeasurementsRecurringMember2024-01-310001640147us-gaap:LeaseholdImprovementsMember2024-04-300001640147us-gaap:LeaseholdImprovementsMember2024-01-310001640147snow:ComputerEquipmentAndSoftwareMember2024-04-300001640147snow:ComputerEquipmentAndSoftwareMember2024-01-310001640147us-gaap:FurnitureAndFixturesMember2024-04-300001640147us-gaap:FurnitureAndFixturesMember2024-01-310001640147us-gaap:SoftwareDevelopmentMember2024-04-300001640147us-gaap:SoftwareDevelopmentMember2024-01-310001640147snow:ConstructionInProgressCapitalizedInternalUseSoftwareDevelopmentCostsMember2024-04-300001640147snow:ConstructionInProgressCapitalizedInternalUseSoftwareDevelopmentCostsMember2024-01-310001640147snow:ConstructionInProgressOtherMember2024-04-300001640147snow:ConstructionInProgressOtherMember2024-01-310001640147snow:MountainUSCorporationFormerlyKnownAsMobilizeNetCorporationMember2023-02-102023-02-100001640147snow:MountainUSCorporationFormerlyKnownAsMobilizeNetCorporationMember2023-02-100001640147snow:LeapYearTechnologiesIncMember2023-02-102023-02-100001640147snow:LeapYearTechnologiesIncMember2023-02-100001640147snow:MountainUSCorporationFormerlyKnownAsMobilizeNetCorporationMember2023-02-012023-04-300001640147snow:LeapYearTechnologiesIncMember2023-02-012023-04-300001640147us-gaap:DevelopedTechnologyRightsMember2024-04-300001640147snow:DeveloperCommunityMember2024-04-300001640147snow:AssembledWorkforceMember2024-04-300001640147us-gaap:PatentsMember2024-04-300001640147us-gaap:DevelopedTechnologyRightsMember2024-01-310001640147snow:DeveloperCommunityMember2024-01-310001640147snow:AssembledWorkforceMember2024-01-310001640147us-gaap:PatentsMember2024-01-310001640147snow:NewOfficeFacilityLeaseInTheUSMemberus-gaap:SubsequentEventMember2024-05-310001640147srt:MinimumMember2024-04-300001640147srt:MaximumMember2024-04-300001640147snow:A2012EquityIncentivePlanMemberus-gaap:EmployeeStockOptionMember2024-04-300001640147snow:A2012EquityIncentivePlanMemberus-gaap:EmployeeStockOptionMember2024-01-310001640147snow:A2012EquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2024-04-300001640147snow:A2012EquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2024-01-310001640147snow:A2020EquityIncentivePlanMemberus-gaap:EmployeeStockOptionMember2024-04-300001640147snow:A2020EquityIncentivePlanMemberus-gaap:EmployeeStockOptionMember2024-01-310001640147snow:A2020EquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2024-04-300001640147snow:A2020EquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2024-01-310001640147snow:A2020EquityIncentivePlanMembersnow:SharesAvailableForFutureGrantMember2024-04-300001640147snow:A2020EquityIncentivePlanMembersnow:SharesAvailableForFutureGrantMember2024-01-310001640147us-gaap:EmployeeStockMember2024-04-300001640147us-gaap:EmployeeStockMember2024-01-3100016401472023-02-280001640147us-gaap:EmployeeStockMember2024-02-012024-04-300001640147snow:A2020EquityIncentivePlanMember2024-02-012024-02-010001640147us-gaap:EmployeeStockMember2024-02-012024-02-010001640147us-gaap:EmployeeStockOptionMember2024-02-012024-04-300001640147snow:A2012EquityIncentivePlanMemberus-gaap:EmployeeStockOptionMember2024-02-012024-04-3000016401472023-02-012024-01-310001640147snow:A2012EquityIncentivePlanMembersnow:EquityClassifiedRestrictedStockUnitsRSUsMember2024-02-012024-04-300001640147us-gaap:ShareBasedCompensationAwardTrancheOneMembersnow:A2012EquityIncentivePlanMembersnow:EquityClassifiedRestrictedStockUnitsRSUsMember2024-02-012024-04-300001640147snow:A2020EquityIncentivePlanMembersnow:EquityClassifiedRestrictedStockUnitsRSUsMember2024-02-012024-04-300001640147snow:A2020EquityIncentivePlanMembersnow:EquityClassifiedPerformanceSharesMember2024-02-012024-04-300001640147snow:A2020EquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMembersnow:EquityClassifiedPerformanceSharesMember2024-02-012024-04-300001640147snow:A2020EquityIncentivePlanMembersrt:MinimumMembersnow:EquityClassifiedPerformanceSharesMember2024-02-012024-04-300001640147snow:A2020EquityIncentivePlanMembersrt:MaximumMembersnow:EquityClassifiedPerformanceSharesMember2024-02-012024-04-300001640147snow:A2020EquityIncentivePlanMembersnow:EquityClassifiedPerformanceSharesMember2023-02-012023-04-300001640147snow:EquityClassifiedRestrictedStockUnitsRSUsMember2024-01-310001640147snow:EquityClassifiedRestrictedStockUnitsRSUsMember2024-02-012024-04-300001640147snow:EquityClassifiedRestrictedStockUnitsRSUsMember2024-04-300001640147snow:A2020EquityIncentivePlanMembersnow:LiabilityClassifiedPerformanceSharesMembersnow:FiscalYear2024AcquisitionMember2024-04-300001640147snow:A2020EquityIncentivePlanMembersnow:LiabilityClassifiedPerformanceSharesMembersnow:FiscalYear2024AcquisitionMember2024-02-012024-04-300001640147snow:A2020EquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMembersnow:LiabilityClassifiedPerformanceSharesMembersnow:FiscalYear2024AcquisitionMember2024-02-012024-04-300001640147snow:A2020EquityIncentivePlanMembersnow:LiabilityClassifiedPerformanceSharesMembersnow:FiscalYear2024AcquisitionMember2024-01-310001640147snow:OutsideOfThePlansMembersnow:RestrictedCommonStockMember2024-01-310001640147snow:OutsideOfThePlansMembersnow:RestrictedCommonStockMember2024-02-012024-04-300001640147snow:OutsideOfThePlansMembersnow:RestrictedCommonStockMember2024-04-300001640147us-gaap:EmployeeStockMember2023-02-012023-04-300001640147snow:A2020EquityIncentivePlanMembersnow:LiabilityClassifiedPerformanceSharesMember2024-04-302024-04-300001640147snow:A2020EquityIncentivePlanMembersnow:LiabilityClassifiedPerformanceSharesMember2024-01-312024-01-310001640147us-gaap:CostOfSalesMember2024-02-012024-04-300001640147us-gaap:CostOfSalesMember2023-02-012023-04-300001640147us-gaap:SellingAndMarketingExpenseMember2024-02-012024-04-300001640147us-gaap:SellingAndMarketingExpenseMember2023-02-012023-04-300001640147us-gaap:ResearchAndDevelopmentExpenseMember2024-02-012024-04-300001640147us-gaap:ResearchAndDevelopmentExpenseMember2023-02-012023-04-300001640147us-gaap:GeneralAndAdministrativeExpenseMember2024-02-012024-04-300001640147us-gaap:GeneralAndAdministrativeExpenseMember2023-02-012023-04-300001640147us-gaap:CommonClassBMember2024-02-012024-04-300001640147us-gaap:CommonClassBMember2023-02-012023-04-300001640147us-gaap:EmployeeStockOptionMember2024-02-012024-04-300001640147us-gaap:EmployeeStockOptionMember2023-02-012023-04-300001640147us-gaap:RestrictedStockUnitsRSUMember2024-02-012024-04-300001640147us-gaap:RestrictedStockUnitsRSUMember2023-02-012023-04-300001640147snow:UnvestedRestrictedCommonStockAndEarlyExercisedStockOptionsMember2024-02-012024-04-300001640147snow:UnvestedRestrictedCommonStockAndEarlyExercisedStockOptionsMember2023-02-012023-04-300001640147us-gaap:EmployeeStockMember2024-02-012024-04-300001640147us-gaap:EmployeeStockMember2023-02-012023-04-300001640147us-gaap:RelatedPartyMember2024-02-012024-04-300001640147us-gaap:RelatedPartyMember2023-02-012023-04-300001640147us-gaap:RelatedPartyMember2024-04-300001640147us-gaap:RelatedPartyMember2024-01-310001640147snow:FrankSlootmanMember2024-02-012024-04-300001640147snow:FrankSlootmanMember2024-04-300001640147snow:GrzegorzJ.CzajkowskiDecember2023PlanMembersnow:GrzegorzJ.CzajkowskiMember2024-02-012024-04-300001640147snow:GrzegorzJ.CzajkowskiMarch2024PlanMembersnow:GrzegorzJ.CzajkowskiMember2024-02-012024-04-300001640147snow:GrzegorzJ.CzajkowskiMarch2024PlanMembersnow:GrzegorzJ.CzajkowskiMember2024-04-300001640147snow:TeresaBriggsMember2024-02-012024-04-300001640147snow:TeresaBriggsMember2024-04-300001640147snow:BenoitDagevilleMember2024-02-012024-04-300001640147snow:BenoitDagevilleMember2024-04-30

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 April 30, 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 filerAccelerated filer
Non-accelerated filerSmall 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 May 7, 2024, there were 334.8 million shares of the registrant’s Class A common stock, par value of $0.0001 per share, outstanding (excluding approximately 0.2 million shares of Class A common stock held by a wholly owned subsidiary of the registrant which are treated as treasury stock for accounting purposes).
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

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 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;
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.

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 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.


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 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 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 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)
April 30, 2024January 31, 2024
Assets
Current assets:
Cash and cash equivalents$1,330,411 $1,762,749 
Short-term investments2,200,935 2,083,499 
Accounts receivable, net345,505 926,902 
Deferred commissions, current85,448 86,096 
Prepaid expenses and other current assets180,991 180,018 
Total current assets4,143,290 5,039,264 
Long-term investments927,981 916,307 
Property and equipment, net263,667 247,464 
Operating lease right-of-use assets244,681 252,128 
Goodwill975,906 975,906 
Intangible assets, net307,967 331,411 
Deferred commissions, non-current179,917 187,093 
Other assets254,609 273,810 
Total assets$7,298,018 $8,223,383 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$64,239 $51,721 
Accrued expenses and other current liabilities398,002 446,860 
Operating lease liabilities, current30,940 33,944 
Deferred revenue, current1,935,642 2,198,705 
Total current liabilities2,428,823 2,731,230 
Operating lease liabilities, non-current247,501 254,037 
Deferred revenue, non-current14,692 14,402 
Other liabilities39,310 33,120 
Total liabilities2,730,326 3,032,789 
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock; $0.0001 par value per share; 200,000 shares authorized, zero shares issued and outstanding as of each April 30, 2024 and January 31, 2024
  
Common stock; $0.0001 par value per share; 2,500,000 Class A shares authorized, 335,264 and 334,453 shares issued and outstanding as of April 30, 2024 and January 31, 2024, respectively (excluding 200 shares held by a wholly-owned subsidiary and treated as treasury stock for accounting purposes as of each April 30, 2024 and January 31, 2024); 185,461 Class B shares authorized, zero shares issued and outstanding as of each April 30, 2024 and January 31, 2024
34 34 
Treasury stock, at cost; 469 and 492 shares held as of April 30, 2024 and January 31, 2024, respectively
(63,958)(67,140)
Additional paid-in capital9,546,792 9,331,238 
Accumulated other comprehensive loss
(15,713)(8,220)
Accumulated deficit(4,908,921)(4,075,604)
Total Snowflake Inc. stockholders’ equity4,558,234 5,180,308 
Noncontrolling interest9,458 10,286 
Total stockholders’ equity4,567,692 5,190,594 
Total liabilities and stockholders’ equity$7,298,018 $8,223,383 
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 April 30,
20242023
Revenue$828,709 $623,599 
Cost of revenue272,517 209,414 
Gross profit556,192 414,185 
Operating expenses:
Sales and marketing400,822 331,558 
Research and development410,794 277,412 
General and administrative93,148 78,453 
Total operating expenses904,764 687,423 
Operating loss(348,572)(273,238)
Interest income54,779 43,131 
Other expense, net
(21,302)(2,562)
Loss before income taxes(315,095)(232,669)
Provision for (benefit from) income taxes
2,721 (6,605)
Net loss(317,816)(226,064)
Less: net loss attributable to noncontrolling interest(828)(437)
Net loss attributable to Snowflake Inc.$(316,988)$(225,627)
Net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted$(0.95)$(0.70)
Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted333,584 324,157 

See accompanying notes to condensed consolidated financial statements.
8

SNOWFLAKE INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands)
(unaudited)
Three Months Ended April 30,
20242023
Net loss$(317,816)$(226,064)
Other comprehensive income (loss):
Net change in unrealized gains or losses on available-for-sale debt securities
(7,421)7,444 
Foreign currency translation adjustments(23) 
Other
(49) 
Total other comprehensive income (loss)
(7,493)7,444 
Comprehensive loss
(325,309)(218,620)
Less: comprehensive loss attributable to noncontrolling interest
(828)(437)
Comprehensive loss attributable to Snowflake Inc.
$(324,481)$(218,183)

See accompanying notes to condensed consolidated financial statements.
9

SNOWFLAKE INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)
Three Months Ended April 30, 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 options1,370 — — — 10,517 — — 10,517 — 10,517 
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 units3,188 — — — — — — — — — 
Shares withheld related to net share settlement of equity awards(1,112)— — — (177,084)— — (177,084)— (177,084)
Repurchases and retirement of common stock(2,982)— — — — — (516,329)(516,329)— (516,329)
Reissuance of treasury stock upon settlement of equity awards— — 23 3,182 (3,101)— — 81 — 81 
Stock-based compensation— — — — 338,487 — — 338,487 — 338,487 
Other comprehensive loss
— — — — — (7,493)— (7,493)— (7,493)
Net loss— — — — — — (316,988)(316,988)(828)(317,816)
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 
Three Months Ended April 30, 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 options2,376 1 — — 15,332 — — 15,333 — 15,333 
Issuance of common stock under employee stock purchase plan312 — — — 37,065 — — 37,065 — 37,065 
Vesting of early exercised stock options— — — — 61 — — 61 — 61 
Vesting of restricted stock units1,862 — — — — — — — — — 
Shares withheld related to net share settlement of equity awards(638)— — — (89,003)— — (89,003)— (89,003)
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— — — — 276,228 — — 276,228 — 276,228 
Other comprehensive income— — — — — 7,444 — 7,444 — 7,444 
Net loss— — — — — — (225,627)(225,627)(437)(226,064)
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 
See accompanying notes to consolidated financial statements.
10

SNOWFLAKE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended April 30,
20242023
Cash flows from operating activities:
Net loss$(317,816)$(226,064)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization40,221 23,163 
Non-cash operating lease costs13,722 12,869 
Amortization of deferred commissions22,764 17,672 
Stock-based compensation, net of amounts capitalized331,936 264,509 
Net accretion of discounts on investments
(11,992)(15,331)
Net realized and unrealized losses on strategic investments in equity securities
20,695 2,414 
Deferred income tax (8,868)
Other669 9,978 
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable579,319 362,893 
Deferred commissions(14,940)(16,440)
Prepaid expenses and other assets(1,111)5,527 
Accounts payable21,244 (3,093)
Accrued expenses and other liabilities(54,688)(8,542)
Operating lease liabilities(13,374)(10,763)
Deferred revenue(261,181)(110,480)
Net cash provided by operating activities
355,468 299,444 
Cash flows from investing activities:
Purchases of property and equipment(16,519)(6,970)
Capitalized internal-use software development costs(7,404)(9,341)
Cash paid for business combinations, net of cash, cash equivalents, and restricted cash acquired (123,112)
Purchases of investments(1,078,261)(1,037,286)
Sales of investments30,360 5,652 
Maturities and redemptions of investments921,395 808,844 
Settlement of cash flow hedges
(749) 
Net cash used in investing activities
(151,178)(362,213)
Cash flows from financing activities:
Proceeds from exercise of stock options10,686 15,370 
Proceeds from issuance of common stock under employee stock purchase plan46,735 37,065 
Taxes paid related to net share settlement of equity awards(174,590)(84,399)
Repurchases of common stock(516,329)(191,694)
Net cash used in financing activities
(633,498)(223,658)
11

Three Months Ended April 30,
20242023
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(2,633)535 
Net decrease in cash, cash equivalents, and restricted cash
(431,841)(285,892)
Cash, cash equivalents, and restricted cash—beginning of period1,780,977 956,731 
Cash, cash equivalents, and restricted cash—end of period$1,349,136 $670,839 
Supplemental disclosures of non-cash investing and financing activities:
Property and equipment included in accounts payable and accrued expenses$16,793 $8,071 
Stock-based compensation included in capitalized software development costs$9,295 $11,719 
Unpaid taxes related to net share settlement of equity awards included in accrued expenses and other current liabilities$9,354 $4,657 
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents$1,330,411 $653,014 
Restricted cash—included in other assets and prepaid expenses and other current assets18,725 17,825 
Total cash, cash equivalents, and restricted cash$1,349,136 $670,839 
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 April 30, 2024 and the results of operations for the three months ended April 30, 2024 and 2023, and cash flows for the three months ended April 30, 2024 and 2023. The condensed balance sheet as of January 31, 2024 was derived from the audited consolidated financial statements but does not include all disclosures required by GAAP. The results of operations for the three months ended April 30, 2024 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.

Principles of Consolidation

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

Segment Information

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

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):
April 30, 2024January 31, 2024
United States$387,161 $379,664 
Other(1)
121,187 119,928 
Total$508,348 $499,592 
________________
(1)No individual country outside of the United States accounted for more than 10% of the Company’s long-lived assets as of April 30, 2024 and January 31, 2024.

Use of Estimates

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

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

Summary of Significant Accounting Policies

The Company’s significant accounting policies are discussed in “Note 2 – Basis of Presentation and Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2024, which was filed with the SEC on March 26, 2024.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss, and an amount for other segment items by reportable segment and a description of its composition. This guidance also requires disclosures on the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources, and interim disclosures of reportable segment’s profit or loss and assets. This guidance is effective for the Company for its fiscal year beginning February 1, 2024 and interim periods within its fiscal year beginning February 1, 2025 on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its condensed consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires annual disclosure on disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This guidance is effective for the Company for its fiscal year beginning February 1, 2025 on a prospective basis. Early adoption and retrospective application are permitted. The Company is currently evaluating the impact of the adoption of this guidance on its condensed consolidated financial statements and disclosures.

14

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

Disaggregation of Revenue

Revenue consists of the following (in thousands):

Three Months Ended April 30,
20242023
Product revenue$789,587 $590,072 
Professional services and other revenue39,122 33,527 
Total$828,709 $623,599 

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

Three Months Ended April 30,
20242023
Americas:
United States$632,041 $482,989 
Other Americas(1)
23,735 16,856 
EMEA(1)(2)
131,657 94,890 
Asia-Pacific and Japan(1)
41,276 28,864 
Total$828,709 $623,599 
________________
(1)No individual country in these areas represented more than 10% of the Company’s revenue for all periods presented.
(2)Includes Europe, the Middle East, and Africa.

Accounts Receivable, Net

As of April 30, 2024 and January 31, 2024, allowance for credit losses of $3.5 million and $2.5 million, respectively, was included in the Company’s accounts receivable, net balance.

Significant Customers

For purposes of assessing the concentration of credit risk and significant customers, a group of customers under common control or customers that are affiliates of each other are regarded as a single customer. As of April 30, 2024 and January 31, 2024, there were no customers that represented 10% or more of the Company’s accounts receivable, net balance. Additionally, there were no customers that represented 10% or more of the Company’s revenue for each of the three months ended April 30, 2024 and 2023.

Deferred Revenue

The Company recognized $673.5 million and $494.7 million of revenue for the three months ended April 30, 2024 and 2023, respectively, from the deferred revenue balances as of January 31, 2024 and 2023, respectively.

Remaining Performance Obligations

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

15


As of April 30, 2024, the Company’s RPO was $5.0 billion, of which the Company expects approximately 51% to be recognized as revenue in the twelve months ending April 30, 2025 based on historical customer consumption patterns. However, the amount and timing of revenue recognition are generally dependent upon customers’ future consumption, which is inherently variable at customers’ discretion and can extend beyond the original contract term in cases where customers are permitted to roll over unused capacity to future periods, generally on the purchase of additional capacity at renewal.

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):

April 30, 2024
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Cash equivalents:
Money market funds$492,568 $ $ $492,568 
U.S. government securities367,494  (1)367,493 
Time deposits58,145   58,145 
Commercial paper53,742  (7)53,735 
Corporate notes and bonds34,423 1 (13)34,411 
Total cash equivalents1,006,372 1 (21)1,006,352 
Investments:
Corporate notes and bonds1,496,420 901 (6,658)1,490,663 
U.S. government and agency securities785,243  (6,125)779,118 
Commercial paper528,809 37 (798)528,048 
Certificates of deposit331,079 153 (145)331,087 
Total investments3,141,551 1,091 (13,726)3,128,916 
Total cash equivalents and investments$4,147,923 $1,092 $(13,747)$4,135,268 

January 31, 2024
Amortized
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 

The Company included $22.6 million and $24.2 million of interest receivable in prepaid expenses and other current assets on the condensed consolidated balance sheets as of April 30, 2024 and January 31, 2024, respectively. The Company did not recognize an allowance for credit losses against interest receivable as of April 30, 2024 and January 31, 2024 because such potential losses were not material.
16


As of April 30, 2024, the contractual maturities of the Company’s available-for-sale marketable debt securities did not exceed 36 months. The estimated fair values of available-for-sale marketable debt securities, classified as short-term or long-term investments on the Company’s condensed consolidated balance sheets, by remaining contractual maturity, are as follows (in thousands):

April 30, 2024
Estimated
Fair Value
Due within 1 year$2,200,935 
Due in 1 year to 3 years927,981 
Total$3,128,916 

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

April 30, 2024
Less than 12 Months12 Months or GreaterTotal
Fair ValueGross
Unrealized
Losses
Fair ValueGross
Unrealized
Losses
Fair ValueGross
Unrealized
Losses
Cash equivalents:
U.S. government securities$257,696 $(1)$ $ $257,696 $(1)
Commercial paper42,735 (7)  42,735 (7)
Corporate notes and bonds21,406 (13)  21,406 (13)
Total cash equivalents321,837 (21)  321,837 (21)
Investments:
Corporate notes and bonds974,840 (5,218)206,956 (1,440)1,181,796 (6,658)
U.S. government and agency securities628,114 (3,628)151,004 (2,497)779,118 (6,125)
Commercial paper422,472 (798)  422,472 (798)
Certificates of deposit109,602 (145)  109,602 (145)
Total investments2,135,028 (9,789)357,960 (3,937)2,492,988 (13,726)
Total cash equivalents and investments$2,456,865 $(9,810)$357,960 $(3,937)$2,814,825 $(13,747)

17

January 31, 2024
Less than 12 Months12 Months or GreaterTotal
Fair ValueGross
Unrealized
Losses
Fair ValueGross
Unrealized
Losses
Fair ValueGross
Unrealized
Losses
Cash equivalents:
U.S. government securities$338,893 $(2)$ $ $338,893 $(2)
Total cash equivalents338,893 (2)  338,893 (2)
Investments:
Corporate notes and bonds625,766 (1,259)321,952 (2,135)947,718 (3,394)
U.S. government and agency securities525,408 (1,323)191,863 (3,330)717,271 (4,653)
Commercial paper172,422 (131)  172,422 (131)
Certificates of deposit71,813 (15)  71,813 (15)
Total investments1,395,409 (2,728)513,815 (5,465)1,909,224 (8,193)
Total cash equivalents and investments$1,734,302 $(2,730)$513,815 $(5,465)$2,248,117 $(8,195)

For available-for-sale marketable debt securities with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. The decline in fair values of these securities due to credit related factors was not material as of April 30, 2024 and January 31, 2024.

See Note 5, “Fair Value Measurements,” for information regarding the Company’s strategic investments.

5. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows:

Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

18

The following table presents the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis as of April 30, 2024 (in thousands):

Level 1
Level 2
Total
Assets:
Cash equivalents:
Money market funds$492,568 $ $492,568 
U.S. government securities 367,493 367,493 
Time deposits 58,145 58,145 
Commercial paper 53,735 53,735 
Corporate notes and bonds 34,411 34,411 
Short-term investments:
Corporate notes and bonds 834,770 834,770 
Commercial paper 528,048 528,048 
U.S. government and agency securities 518,716 518,716 
Certificates of deposit 319,401 319,401 
Long-term investments:
Corporate notes and bonds 655,893 655,893 
U.S. government and agency securities 260,402 260,402 
Certificates of deposit 11,686 11,686 
Derivative assets:
Foreign currency forward contracts 1,041 1,041 
Total assets$492,568 $3,643,741 $4,136,309 
Liabilities:
Derivative liabilities:
Foreign currency forward contracts$ $(1,512)$(1,512)
Total liabilities
$ $(1,512)$(1,512)
19


The following table presents the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis as of January 31, 2024 (in thousands):

Level 1
Level 2
Total
Assets:
Cash equivalents:
U.S. government securities$ $742,234 $742,234 
Money market funds533,211  533,211 
Time deposits 56,263 56,263 
Short-term investments:
Corporate notes and bonds 939,727 939,727 
U.S. government and agency securities 573,780 573,780 
Commercial paper 353,548 353,548 
Certificates of deposit 216,444 216,444 
Long-term investments:
Corporate notes and bonds 607,989 607,989 
U.S. government and agency securities 299,637 299,637 
Certificates of deposit 8,681 8,681 
Derivative assets:
Foreign currency forward contracts 60 60 
Total assets$533,211 $3,798,363 $4,331,574 
Liabilities:
Derivative liabilities:
Foreign currency forward contracts$ $(745)$(745)
Total liabilities
$ $(745)$(745)

The Company determines the fair value of its security holdings based on pricing from the Company’s service providers and market prices from industry-standard independent data providers. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs), such as yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures.

Strategic Investments

The tables above do not include the Company’s strategic investments, which consist primarily of (i) non-marketable equity securities recorded at cost minus impairment, if any, and adjusted for observable transactions for the same or similar investments of the same issuer (referred to as the Measurement Alternative), and (ii) marketable equity securities.

The Company’s non-marketable equity securities accounted for using the Measurement Alternative are recorded at fair value on a non-recurring basis and classified within Level 3 of the fair value hierarchy because significant unobservable inputs or data in an inactive market are used in estimating their fair value. The estimation of fair value for these assets requires the use of an observable transaction price or other unobservable inputs, including the volatility, rights, and obligations of the securities the Company holds. The Company’s marketable equity securities are recorded at fair value on a recurring basis and classified within Level 1 of the fair value hierarchy because they are valued using the quoted market price.
20


The following table presents the Company’s strategic investments by type (in thousands):

April 30, 2024January 31, 2024
Equity securities:
Non-marketable equity securities under Measurement Alternative$198,579 $190,238 
Non-marketable equity securities under equity method5,388 5,307 
Marketable equity securities12,606 37,320 
Debt securities:
Non-marketable debt securities1,985 1,500 
Total strategic investments—included in other assets$218,558 $234,365 

The following table summarizes the gains and losses associated with the Company’s strategic investments in equity securities (in thousands):

Three Months Ended April 30,
20242023
Unrealized losses on non-marketable equity securities under Measurement Alternative:
Impairments$(18,753)$ 
Net unrealized losses on marketable equity securities
(3,655)(2,414)
Net unrealized losses on strategic investments in equity securities
(22,408)(2,414)
Net realized gains on marketable equity securities sold(1)
1,713  
Total—included in other expense, net$(20,695)$(2,414)
________________
(1)Represents the difference between the sale proceeds and the carrying value of the security at the beginning of the period or the purchase date, if later.

The cumulative upward adjustments and the cumulative impairments to the carrying value of the non-marketable equity securities accounted for using the Measurement Alternative held by the Company as of April 30, 2024 were $37.1 million and $59.9 million, respectively.

6. Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):

April 30, 2024January 31, 2024
Leasehold improvements$96,281 $67,804 
Computers, equipment, and software46,092 29,859 
Furniture and fixtures22,233 17,593 
Capitalized internal-use software development costs150,350 93,222 
Construction in progress—capitalized internal-use software development costs37,807 78,737 
Construction in progress—other1,548 34,890 
Total property and equipment, gross354,311 322,105 
Less: accumulated depreciation and amortization(1)
(90,644)(74,641)
Total property and equipment, net$263,667 $247,464 
________________
(1)Includes $40.4 million and $30.0 million of accumulated amortization related to capitalized internal-use software development costs as of April 30, 2024 and January 31, 2024, respectively.

21

Depreciation and amortization expense was $16.8 million and $7.6 million for the three months ended April 30, 2024 and 2023, respectively. Included in these amounts was the amortization of capitalized internal-use software development costs of $10.9 million and $3.5 million for the three months ended April 30, 2024 and 2023, respectively.

During the three months ended April 30, 2023, the Company recognized impairment charges of $7.1 million related to its capitalized internal-use software development costs previously included in construction in-progress that were no longer probable of being completed. Such impairment charges were recorded as research and development expenses on the condensed consolidated statements of operations. No impairment charge was recognized during the three months ended April 30, 2024.

7. Business Combinations

Fiscal 2024

Mountain US Corporation (formerly known as Mobilize.Net Corporation)

On February 10, 2023, the Company acquired all outstanding stock of Mountain US Corporation (formerly known as Mobilize.Net Corporation) (Mountain), a privately-held company which provided a suite of tools for efficiently migrating databases to the AI Data Cloud, for $76.3 million in cash. The Company acquired Mountain primarily for its talent and developed technology. The Company has accounted for this transaction as a business combination.

The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective estimated fair values. The allocation of purchase consideration, inclusive of measurement period adjustments, was as follows:

Estimated Fair Value
(in thousands)
Estimated Useful Life
(in years)
Cash and cash equivalents$11,594 
Goodwill46,426 
Developed technology intangible asset33,000 
5
Other net tangible liabilities(6,623)
Deferred tax liabilities, net(1)
(8,136)
Total$76,261 
________________
(1)Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets.

The fair value of the developed technology intangible asset was estimated using the replacement cost method, which utilizes assumptions for the cost to replace it, such as time and resources required, as well as a theoretical profit margin and opportunity cost.

The excess of purchase consideration over the fair values of identifiable net assets acquired was recorded as goodwill, which is not deductible for income tax purposes. The Company believes the goodwill balance associated with this business combination represents the synergies expected from strengthening enablement capabilities and the acceleration of legacy migrations to the AI Data Cloud, as well as expanding the Company’s professional services footprint.

LeapYear Technologies, Inc.

On February 10, 2023, the Company acquired all outstanding stock of LeapYear Technologies, Inc. (LeapYear), a privately-held company which provided a differential privacy platform, for $62.0 million in cash. The Company acquired LeapYear primarily for its talent and developed technology. The Company has accounted for this transaction as a business combination.

The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective estimated fair values. The allocation of purchase consideration, inclusive of measurement period adjustments, was as follows:
22


Estimated Fair Value
(in thousands)
Estimated Useful Life
(in years)
Cash, cash equivalents, and restricted cash$3,563 
Goodwill9,029 
Developed technology intangible asset53,000 
5
Other net tangible liabilities(1,434)
Deferred tax liabilities, net(1)
(2,150)
Total$62,008 
________________
(1)Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets.

The fair value of the developed technology intangible asset was estimated using the replacement cost method, which utilizes assumptions for the cost to replace it, such as time and resources required, as well as a theoretical profit margin and opportunity cost.

The excess of purchase consideration over the fair values of identifiable net assets acquired was recorded as goodwill, which is not deductible for income tax purposes. The Company believes the goodwill balance associated with this business combination represents the synergies expected from expanded market opportunities when integrating the acquired developed technologies with the Company’s offerings.

Acquisition-related costs, recorded as general and administrative expenses, associated with each of the business combinations above were not material during the three months ended April 30, 2023.

Pro forma financial information has not been presented as the effects of each of the Mountain and LeapYear business combinations were not material to the Company’s condensed consolidated financial statements.

8. Intangible Assets and Goodwill

Intangible Assets, Net

Intangible assets, net consisted of the following (in thousands):

April 30, 2024
GrossAccumulated AmortizationNet
Finite-lived intangible assets:
Developed technology$243,596 $(59,853)$183,743 
Developer community154,900 (63,072)91,828 
Assembled workforce55,732 (26,384)29,348 
Patents8,874 (6,652)2,222 
Total finite-lived intangible assets$463,102 $(155,961)$307,141 
Indefinite-lived intangible assets—trademarks826 
Total intangible assets, net$307,967 

23

January 31, 2024
GrossAccumulated AmortizationNet
Finite-lived intangible assets:
Developed technology$243,596 $(47,919)$195,677 
Developer community154,900 (55,442)99,458 
Assembled workforce55,732 (22,945)32,787 
Patents8,874 (6,211)2,663 
Total finite-lived intangible assets$463,102 $(132,517)$330,585 
Indefinite-lived intangible assets—trademarks826 
Total intangible assets, net$331,411 

Amortization expense of intangible assets was $23.4 million and $15.6 million for the three months ended April 30, 2024 and 2023, respectively.

As of April 30, 2024, future amortization expense is expected to be as follows (in thousands):

Amount
Fiscal Year Ending January 31,
Remainder of 2025$71,341 
202688,513 
202784,360 
202851,795 
202911,132 
Thereafter 
Total$307,141 
Goodwill

As of April 30, 2024 and January 31, 2024, goodwill was $975.9 million.

9. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):

April 30, 2024January 31, 2024
Accrued compensation$166,649 $205,056 
Accrued third-party cloud infrastructure expenses71,741 48,571 
Liabilities associated with sales, marketing and business development programs56,855 39,571 
Employee contributions under employee stock purchase plan15,943 40,641 
Accrued taxes11,926 37,108 
Employee payroll tax withheld on employee stock transactions11,728 22,479 
Accrued professional services9,397 9,274 
Accrued purchases of property and equipment9,121 4,508 
Other44,642 39,652 
Total accrued expenses and other current liabilities