$SNOW Snowflake Reports Financial Results for the First Quarter of Fiscal 2023

on May 25, 2022 News and Tags: , , , with 0 comments

Product revenue of $394.4 million in the first quarter, representing 84% year-over-year growth
Remaining performance obligations of $2.6 billion, representing 82% year-over-year growth
6,322 total customers
Net revenue retention rate of 174%
206 customers with trailing 12-month product revenue greater than $1 million

Snowflake (NYSE: SNOW), the Data Cloud company, today announced financial results for its first quarter of fiscal 2023, ended April 30, 2022.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220525005294/en/

Snowflake Q1 FY23 Infographic (Graphic: Snowflake)

Revenue for the quarter was $422.4 million, representing 85% year-over-year growth. Product revenue for the quarter was $394.4 million, representing 84% year-over-year growth. Remaining performance obligations were $2.6 billion, representing 82% year-over-year growth. Net revenue retention rate was 174% as of April 30, 2022. The company now has 6,322 total customers and 206 customers with trailing 12-month product revenue greater than $1 million. See the section titled “Key Business Metrics” for definitions of product revenue, remaining performance obligations, net revenue retention rate, total customers, and customers with trailing 12-month product revenue greater than $1 million.

"During Q1, product revenue grew 84% year-on-year to $394 million dollars. We closed the quarter with a record $181 million of non-GAAP adjusted free cash flow, pairing high growth with improving unit economics and operational efficiency," said Frank Slootman, Chairman and CEO, Snowflake. "Snowflake's strategic focus is to enable every single workload type that needs access to data."

First Quarter Fiscal 2023 GAAP and Non-GAAP Results:

The following table summarizes our financial results for the first quarter of fiscal 2023:

First Quarter Fiscal 2023
GAAP Results

First Quarter Fiscal 2023
Non-GAAP Results(1)

Amount
(millions)

Year/Year
Growth

Product revenue

$394.4

84%

Amount
(millions)

Margin

Amount
(millions)

Margin

Product gross profit

$283.0

72%

$296.7

75%

Operating income (loss)

($188.8)

(45%)

$1.7

—%

Net cash provided by operating activities

$184.6

Free cash flow

$172.4

41%

Adjusted free cash flow

$181.4

43%

(1)

We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of non-GAAP financial measures, and the table titled “GAAP to Non-GAAP Reconciliations” for a reconciliation of GAAP to non-GAAP financial measures.

Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes.

Financial Outlook:

Our guidance includes GAAP and non-GAAP financial measures.

The following table summarizes our guidance for the second quarter of fiscal 2023:

Second Quarter Fiscal 2023
GAAP Guidance

Second Quarter Fiscal 2023
Non-GAAP Guidance(1)

Amount
(millions)

Year/Year
Growth

Product revenue

$435 - $440

71 - 73%

Margin

Operating loss

(2%)

Amount
(millions)

Weighted-average shares used in computing net income per share attributable to common stockholders - diluted(2)

358

(1)

We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of non-GAAP financial measures.

(2)

We may have a non-GAAP net income for the second quarter of fiscal 2023. As a result, we are presenting the weighted-average shares used in computing net income per share attributable to common stockholders - diluted in the non-GAAP column of the table above, giving effect to all dilutive securities (stock options, restricted stock units, and employee stock purchase rights under our 2020 Employee Stock Purchase Plan). These dilutive securities would be excluded from the weighted-average shares used in computing net loss per share attributable to common stockholders - diluted if we are in a non-GAAP net loss position.

The following table summarizes our guidance for the full-year fiscal 2023:

Full-Year Fiscal 2023
GAAP Guidance

Full-Year Fiscal 2023
Non-GAAP Guidance(1)

Amount
(millions)

Year/Year
Growth

Product revenue

$1,885 - $1,900

65 - 67%

Margin

Product gross profit

74.5%

Operating income

1%

Adjusted free cash flow

16%

Amount
(millions)

Weighted-average shares used in computing net income per share attributable to common stockholders - diluted(2)

358

(1)

We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of non-GAAP financial measures.

(2)

We may have a non-GAAP net income for full-year fiscal 2023. As a result, we are presenting the weighted-average shares used in computing net income per share attributable to common stockholders - diluted in the non-GAAP column of the table above, giving effect to all dilutive securities (stock options, restricted stock units, and employee stock purchase rights under our 2020 Employee Stock Purchase Plan). These dilutive securities would be excluded from the weighted-average shares used in computing net loss per share attributable to common stockholders - diluted if we are in a non-GAAP net loss position.

A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP financial results included in this release. Our fiscal year ends January 31, and numbers are rounded for presentation purposes.

Conference Call Details

We will host a conference call today, beginning at 3 p.m. Mountain Time on May 25, 2022. Investors and participants may attend the call by dialing (844) 200-6205 (Passcode: 167617), or if outside the United States, by dialing (929) 526-1599 (Passcode: 167617).

The call will also be webcast live on the Snowflake Investor Relations website.

An audio replay of the conference call and webcast will be available two hours after its completion and will be accessible for 30 days on the Snowflake Investor Relations website.

Investor Presentation Details

An investor presentation providing additional information and analysis can be found at https://investors.snowflake.com.

Statement Regarding Use of Non‑GAAP Financial Measures

We report the following non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP), in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

Product gross profit, Operating income (loss), and Net income (loss). Our non-GAAP product gross profit, operating income (loss), and net income (loss) measures exclude the effect of stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, amortization of acquired intangibles, expenses associated with acquisitions and strategic investments, and the related income tax effect of these adjustments as well as the non-recurring income tax expense or benefit associated with acquisitions. We believe the presentation of operating results that exclude these non-cash or non-recurring items provides useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods.

Free cash flow. Free cash flow is defined as net cash provided by (used in) operating activities reduced by purchases of property and equipment and capitalized internal-use software development costs. Cash outflows for employee payroll tax items related to the net share settlement of equity awards are included in cash flow for financing activities and, as a result, do not have an effect on the calculation of free cash flow. Free cash flow margin is calculated as free cash flow as a percentage of revenue. We believe these measures provide useful supplemental information to investors because they are indicators of the strength and performance of our core business operations.

Adjusted free cash flow. Adjusted free cash flow is defined as free cash flow plus (minus) net cash paid (received) on employer and employee payroll tax-related items on employee stock transactions. Employee payroll tax-related items on employee stock transactions are generally pass-through transactions that are expected to have a net zero impact on free cash flow over time, but that may impact free cash flow in any given fiscal quarter due to differences between the time that we receive funds from our employees and the time we remit those funds to applicable tax authorities. We believe that excluding the effects of these payroll tax-related items will enhance stockholders' ability to evaluate our free cash flow performance, including on a quarter-over-quarter basis. Adjusted free cash flow margin is calculated as adjusted free cash flow as a percentage of revenue. We believe these measures provide useful supplemental information to investors because they are indicators of the strength and performance of our core business operations.

We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.

Key Business Metrics

We monitor our key business metrics, including (i) free cash flow starting with the fiscal quarter ended January 31, 2022, and (ii) the other metrics set forth below to help us evaluate our business and growth trends, establish budgets, measure the effectiveness of our sales and marketing efforts, and assess operational efficiencies. See the section titled “Statement Regarding Use of Non-GAAP Financial Measures” for the definition of free cash flow. The calculation of our key business metrics may differ from other similarly titled metrics used by other companies, securities analysts, or investors.

Product Revenue. Product revenue is a key metric for us because we recognize revenue based on platform consumption, which is inherently variable at our customers’ discretion, and not based on the amount and duration of contract terms. Product revenue is primarily derived from the consumption of compute, storage, and data transfer resources, which are consumed by customers on our platform as a single, integrated offering. Customers have the flexibility to consume more than their contracted capacity during the contract term and may have the ability to roll over unused capacity to future periods, generally upon the purchase of additional capacity at renewal. Our consumption-based business model distinguishes us from subscription-based software companies that generally recognize revenue ratably over the contract term and may not permit rollover. Because customers have flexibility in the timing of their consumption, which can exceed their contracted capacity or extend beyond the original contract term in many cases, the amount of product revenue recognized in a given period is an important indicator of customer satisfaction and the value derived from our platform. Product revenue excludes our professional services and other revenue.

Remaining Performance Obligations. Remaining performance obligations (RPO) represent the amount of contracted future revenue that has not yet been recognized, including (i) deferred revenue, and (ii) non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. RPO excludes performance obligations from on-demand arrangements and certain time and materials contracts that are billed in arrears. Portions of RPO that are not yet invoiced and are denominated in foreign currencies are revalued into USD each period based on the applicable period-end exchange rates. RPO is not necessarily indicative of future product revenue growth because it does not account for the timing of customers’ consumption or their consumption of more than their contracted capacity. Moreover, RPO is influenced by a number of factors, including the timing of renewals, the timing of purchases of additional capacity, average contract terms, seasonality, and the extent to which customers are permitted to roll over unused capacity to future periods, generally upon the purchase of additional capacity at renewal.

Total Customers. We count the total number of customers at the end of each period. For purposes of determining our customer count, we treat each customer account, including accounts for end-customers under a reseller arrangement, that has at least one corresponding capacity contract as a unique customer, and a single organization with multiple divisions, segments, or subsidiaries may be counted as multiple customers. For purposes of determining our customer count, we do not include customers that consume our platform only under on-demand arrangements. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our total customer count for historical periods reflecting these adjustments.

Net Revenue Retention Rate. To calculate net revenue retention rate, we first specify a measurement period consisting of the trailing two years from our current period end. Next, we define as our measurement cohort the population of customers under capacity contracts that used our platform at any point in the first month of the first year of the measurement period. Starting with the fiscal quarter ended October 31, 2021, the cohorts used to calculate net revenue retention rate include end-customers under a reseller arrangement. We then calculate our net revenue retention rate as the quotient obtained by dividing our product revenue from this cohort in the second year of the measurement period by our product revenue from this cohort in the first year of the measurement period. Any customer in the cohort that did not use our platform in the second year remains in the calculation and contributes zero product revenue in the second year. Our net revenue retention rate is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our net revenue retention rate for historical periods reflecting these adjustments. Since we will continue to attribute the historical product revenue to the consolidated contract, consolidation of capacity contracts within a customer’s organization typically will not impact our net revenue retention rate unless one of those customers was not a customer at any point in the first month of the first year of the measurement period.

Customers with Trailing 12-Month Product Revenue Greater than $1 Million. To calculate the number of customers with trailing 12-month product revenue greater than $1 million, we count the number of customers under capacity arrangements that contributed more than $1 million in product revenue in the trailing 12 months. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our customer count for historical periods reflecting these adjustments.

Use of Forward‑Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding our performance, including but not limited to statements in the section titled “Financial Outlook.” The forward-looking statements contained in this release and the accompanying oral presentation are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions, and other factors include, but are not limited to, those related to our business and financial performance, the effects of COVID-19 or other public health crises on our business, results of operations, and financial condition, general market and business conditions, downturns, or uncertainty, the effects of the recent and developing armed conflict in Ukraine on our business, results of operations, and financial condition, our ability to attract and retain customers, our ability to develop new products and services and enhance existing products and services, our ability to respond rapidly to emerging technology trends, our ability to execute on our business strategy, including our strategy related to the Data Cloud, our ability to increase and predict customer consumption of our platform, our ability to compete effectively, and our ability to manage growth.

Further information on these and additional risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this release are included under the caption “Risk Factors” and elsewhere in our Form 10-K for the fiscal year ended January 31, 2022 and other filings and reports we make with the Securities and Exchange Commission from time to time, including our Form 10-Q that will be filed for the fiscal quarter ended April 30, 2022.

Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Except as required by law, we undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts’ expectations, or to provide interim reports or updates on the progress of the current financial quarter.

About Snowflake
Snowflake enables every organization to mobilize their data with Snowflake’s Data Cloud. Customers use the Data Cloud to unite siloed data, discover and securely share data, and execute diverse analytic workloads. Wherever data or users live, Snowflake delivers a single data experience that spans multiple clouds and geographies. Thousands of customers across many industries, including 506 of the 2021 Forbes Global 2000 (G2K) as of April 30, 2022, use Snowflake Data Cloud to power their businesses. Learn more at snowflake.com.

Source: Snowflake Inc.

Snowflake Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

Three Months Ended April 30,

2022

2021

Revenue

$

422,371

$

228,914

Cost of revenue

147,930

97,346

Gross profit

274,441

131,568

Operating expenses:

Sales and marketing

243,912

166,804

Research and development

150,798

109,796

General and administrative

68,497

60,563

Total operating expenses

463,207

337,163

Operating loss

(188,766

)

(205,595

)

Interest income

4,759

2,612

Other expense, net

(8,481

)

(488

)

Loss before income taxes

(192,488

)

(203,471

)

Benefit from income taxes

(26,694

)

(251

)

Net loss

$

(165,794

)

$

(203,220

)

Net loss per share attributable to common stockholders - basic and diluted

$

(0.53

)

$

(0.70

)

Weighted-average shares used in computing net loss per share attributable to common stockholders - basic and diluted

314,361

291,386

Snowflake Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

April 30, 2022

January 31, 2022

Assets

Current assets:

Cash and cash equivalents

$

1,063,401

$

1,085,729

Short-term investments

2,751,679

2,766,364

Accounts receivable, net

277,559

545,629

Deferred commissions, current

53,943

51,398

Prepaid expenses and other current assets

195,151

149,523

Total current assets

4,341,733

4,598,643

Long-term investments

1,212,378

1,256,207

Property and equipment, net

118,611

105,079

Operating lease right-of-use assets

188,946

190,356

Goodwill

502,614

8,449

Intangible assets, net

181,851

37,141

Deferred commissions, non-current

124,340

124,517

Other assets

352,226

329,306

Total assets

$

7,022,699

$

6,649,698

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

18,442

$

13,441

Accrued expenses and other current liabilities

185,281

200,664

Operating lease liabilities, current

27,298

25,101

Deferred revenue, current

1,132,697

1,157,887

Total current liabilities

1,363,718

1,397,093

Operating lease liabilities, non-current

179,251

181,196

Deferred revenue, non-current

10,434

11,180

Other liabilities

11,302

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11,184

Stockholders’ equity

5,457,994

5,049,045

Total liabilities and stockholders’ equity

$

7,022,699

$

6,649,698

Snowflake Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

Three months ended April 30,

2022

2021

Cash flows from operating activities:

Net loss

$

(165,794

)

$

(203,220

)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

9,941

4,684

Non-cash operating lease costs

10,091

8,509

Amortization of deferred commissions

13,201

8,316

Stock-based compensation, net of amounts capitalized

172,493

151,014

Net amortization of premiums on investments

8,198

13,019

Net unrealized losses on strategic investments in marketable equity securities

8,859

Deferred income tax

(26,664

)

Other

1,761

1,214

Changes in operating assets and liabilities, net of effects of a business combination:

Accounts receivable

266,656

127,179

Deferred commissions

(16,718

)

(14,749

)

Prepaid expenses and other assets

(57,535

)

(54,357

)

Accounts payable

4,158

(1,245

)

Accrued expenses and other liabilities

(14,217

)

(6,567

)

Operating lease liabilities

(8,376

)

(7,833

)

Deferred revenue

(21,441

)

(4,110

)

Net cash provided by operating activities

184,613

21,854

Cash flows from investing activities:

Purchases of property and equipment

(7,413

)

(6,430

)

Capitalized internal-use software development costs

(4,804

)

(2,480

)

Cash paid for a business combination, net of cash and cash equivalents acquired

(177,925

)

Purchases of intangible assets

(10,460

)

Purchases of investments

(897,291

)

(1,145,670

)

Sales of investments

10,974

384,383

Maturities and redemptions of investments

886,667

516,588

Net cash used in investing activities

(189,792

)

(264,069

)

Cash flows from financing activities:

Proceeds from exercise of stock options

15,276

41,402

Proceeds from issuance of common stock under employee stock purchase plan

26,094

26,398

Taxes paid related to net share settlement of equity awards

(53,216

)

Net cash provided by (used in) financing activities

(11,846

)

67,800

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(5,098

)

19

Net decrease in cash, cash equivalents, and restricted cash

(22,123

)

(174,396

)

Cash, cash equivalents, and restricted cash—beginning of period

1,102,534

835,193

Cash, cash equivalents, and restricted cash—end of period

$

1,080,411

$

660,797

Snowflake Inc.

GAAP to Non-GAAP Reconciliations

(in thousands, except percentages)

(unaudited)

Three Months Ended April 30, 2022

GAAP amounts

GAAP amounts
as a % of
revenue

Stock-based
compensation-
related
charges(1)

Amortization of
acquired
intangibles

Expenses
associated
with
acquisitions
and strategic
investments

Non-GAAP
amounts

Non-GAAP
amounts as a
% of revenue

Revenue:

Product revenue

$

394,434

93

%

Professional services and other revenue

27,937

7

%

Revenue

422,371

100

%

Year-over-year growth

85

%

Cost of revenue:

Cost of product revenue

111,411

26

%

$

(13,141

)

$

(567

)

$

$

97,703

23

%

Cost of professional services and other revenue

36,519

9

%

(11,749

)

24,770

6

%

Total cost of revenue

147,930

35

%

(24,890

)

(567

)

122,473

29

%

Gross profit (loss):

Product gross profit

283,023

13,141

567

296,731

Professional services and other gross profit (loss)

(8,582

)

11,749

3,167

Total gross profit

274,441

65

%

24,890

567

299,898

71

%

Product gross margin

72

%

3

%

%

%

75

%

Professional services and other gross margin

(31

%)

42

%

%

%

11

%

Total gross margin

65

%

6

%

%

%

71

%

Operating expenses:

Sales and marketing

243,912

58

%

(57,624

)

(2,546

)

183,742

44

%

Research and development

150,798

36

%

(75,784

)

(1,766

)

73,248

17

%

General and administrative

68,497

16

%

(24,943

)

(412

)

(1,909

)

41,233

10

%

Total operating expenses

463,207

110

%

(158,351

)

(4,724

)

(1,909

)

298,223

71

%

Operating income (loss)

$

(188,766

)

(45

%)

$

183,241

$

5,291

$

1,909

$

1,675

%

Operating margin

(45

%)

44

%

1

%

%

%

(1)

Stock-based compensation-related charges included approximately $10.2 million of employer payroll tax-related expenses on employee stock transactions.

Three Months Ended April 30, 2021

GAAP amounts

GAAP amounts
as a % of
revenue

Stock-based
compensation-
related
charges(1)

Amortization of
acquired
intangibles

Expenses
associated
with
acquisitions
and strategic
investments

Non-GAAP
amounts

Non-GAAP
amounts as a
% of revenue

Revenue:

Product revenue

$

213,830

93

%

Professional services and other revenue

15,084

7

%

Revenue

228,914

100

%

Year-over-year growth

110

%

Cost of revenue:

Cost of product revenue

72,080

32

%

$

(12,168

)

$

(567

)

$

$

59,345

26

%

Cost of professional services and other revenue

25,266

11

%

(12,156

)

13,110

6

%

Total cost of revenue

97,346

43

%

(24,324

)

(567

)

72,455

32

%

Gross profit (loss):

Product gross profit

141,750

12,168

567

154,485

Professional services and other gross profit (loss)

(10,182

)

12,156

1,974

Total gross profit

131,568

57

%

24,324

567

156,459

68

%

Product gross margin

66

%

6

%

%

%

72

%

Professional services and other gross margin

(68

%)

81

%

%

%

13

%

Total gross margin

57

%

11

%

%

%

68

%

Operating expenses:

Sales and marketing

166,804

73

%

(54,245

)

112,559

49

%

Research and development

109,796

48

%

(60,812

)

(855

)

48,129

21

%

General and administrative

60,563

26

%

(28,117

)

(397

)

(471

)

31,578

14

%

Total operating expenses

337,163

147

%

(143,174

)

(1,252

)

(471

)

192,266

84

%

Operating loss

$

(205,595

)

(90

%)

$

167,498

$

1,819

$

471

$

(35,807

)

(16

%)

Operating margin

(90

%)

73

%

1

%

%

(16

%)

(1)

Stock-based compensation-related charges included approximately $16.2 million of employer payroll tax-related expenses on employee stock transactions.

Three Months Ended April 30,

2022

2021

Revenue

$

422,371

$

228,914

GAAP net cash provided by operating activities

$

184,613

$

21,854

Less: purchases of property and equipment

(7,413

)

(6,430

)

Less: capitalized internal-use software development costs

(4,804

)

(2,480

)

Non-GAAP free cash flow

172,396

12,944

Add: net cash paid on payroll tax-related items on employee stock transactions(1)

9,045

10,445

Non-GAAP adjusted free cash flow

$

181,441

$

23,389

Non-GAAP free cash flow margin

41

%

6

%

Non-GAAP adjusted free cash flow margin

43

%

10

%

(1)

The amount for the three months ended April 30, 2022 does not include employee payroll taxes of $53.2 million related to net share settlement of employee restricted stock units, which were reflected as cash outflows for financing activities. No equity awards were net settled prior to the three months ended April 30, 2022.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220525005294/en/

Contacts

Investor Contact
Jimmy Sexton
IR@snowflake.com

Press Contact
Eszter Szikora
Press@snowflake.com