Slide 1: Snowflake Investor Presentation First Quarter Fiscal 2025
SNOWFLAKE INVESTOR PRESENTATION First Quarter Fiscal 2025 © 2024 Snowflake Inc. All Rights Reserved
Slide 2: Statement Regarding Use of Non-GAAP Financial Measures
Statement Regarding Use of Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures are in addition to, and not a
Slide 3: Safe Harbor
Safe Harbor Other than statements of historical fact, all statements contained in this presentation and accompanying oral Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time commentary (collectively, the “Materials”) are forward-looking sta
Slide 4: 2014: Mobilized Data
2014: MOBILIZED DATA Snowflake busted the limitations of fixed capacity on-prem environments. Separation of storage and compute. Workloads scale up and down, instantly and independently.
Slide 5: 2018: Connected Data
2018: CONNECTED DATA The Data Cloud connected all data, regardless of cloud provider or region, bringing work to the data. Single platform = single governance model.
Slide 6: 2022: Programmable Data
2022: PROGRAMMABLE DATA Snowpark for Python and 3 other languages expanded the type of work possible on the platform. Build pipelines and apps with no governance tradeoffs. DATA SCIENCE & ML ‘N
Slide 7: Journey to the AI Data Cloud
Journey to the AI Data Cloud All Data Single Engine Governed Globally Connected Self-Managing Data Lakehouse Public Programmable Cloud On-Prem 1st Gen EDW Data Lake Marketplace & Monetization © 2024 Snowflake Inc. All Rights Reserved 7
Slide 8: One Platform
ONE PLATFORM PERFORMANCE OPTIMIZATION MANAGEMENT OPTIMIZED Pate STORAGE COLLABORATION UNSTRUCTURED, SEMI-STRUCTURED, ‘STRUCTURED 4} METADATA SECURITY & GOVERNANCE
Slide 9: Powering Many Workloads
POWERING MANY WORKLOADS MARKETPLACE DATA & APPLICATION PSTN tears DATA ENGINEERING So VERNED coLLABor™
Slide 10: AI Data Cloud Growth
AI Data Cloud Growth April 2020 April 2024 Note: Visualization based on actual AI Data Cloud sharing activity as of April 30, 2020 and April 30, 2024, respectively. © 2024 Snowflake Inc. All Rights Reserved 10
Slide 11: An Ever Expanding Partner Ecosystem
An Ever Expanding Partner Ecosystem 11
Slide 12: Proven by Thousands of Customers
Proven by Thousands of Customers 12
Slide 13: Financial Overview
FINANCIAL OVERVIEW © 2024 Snowflake Inc. All Rights Reserved
Slide 14: Q1 Financial Highlights
Q1 Financial Highlights Growth at Scale 34% Y/Y PRODUCT REVENUE GROWTH1 Expansion with Existing Customers 128% NET REVENUE RETENTION RATE1 Large Customer Momentum 485 $1M+ PRODUCT REVENUE CUSTOMERS1 Product Gross Margin 77% NON-GAAP PRODUCT GROSS MARGIN2 Note: Fiscal year ends January 31. All figure
Slide 15: We Focus on Product Revenue and RPO
We Focus on Product Revenue and RPO Product Revenue Product Revenue is the leading indicator of growth Consume Consumption patterns 4 dictate Remaining Performance future bookings Obligations (RPO) RPO represents contracted future 3 Customers’ draw down from bookings as they consume revenue not yet
Slide 16: Our Consumption Model
Our Consumption Model Revenue Recognition Pricing Model Billings Terms Consumption Consumption Typically Upfront Snowflake recognizes the substantial The platform is priced based on Snowflake typically bills customers majority of its revenue as customers consumption of compute, storage, annually in
Slide 17: Strong Combination of Scale & Growth
Strong Combination of Scale & Growth Annual Revenue (Millions) Quarterly Revenue (Millions) 36% Y/Y $2,806 33% Y/Y $829 Growth Growth $775 $734 $2,066 $674 $624 $2,667 $790 $1,219 $738 $1,939 $698 $640 $590 $1,140 FY22 FY23 FY24 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Product Revenue Professional Se
Slide 18: Significant Customer Commitments
Significant Customer Commitments Remaining Performance Obligations1 (Millions) $5,175 $4,988 $3,699 $3,540 $3,409 50% 51% 57% 57% 57% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Expect to Recognize as Revenue in the Next Twelve Months RPO Note: Fiscal year ends January 31. Numbers are rounded for presen
Slide 19: Landing Strategic Organizations
Landing Strategic Organizations Total Customers1 Forbes Global 2000 Customers1 9,822 709 9,455 694 8,885 678 675 8,487 8,087 657 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Note: Fiscal year ends January 31. 1. See definitions provided in the Appendix. © 2024 Snow
Slide 20: Adding Quality Customers
Adding Quality Customers Customers Over $1M Product Revenue1 30% Y/Y Growth 485 460 435 401 373 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Note: Fiscal year ends January 31. 1. See definitions provided in the Appendix. © 2024 Snowflake Inc. All Rights Reserved 20
Slide 21: World-Class Retention Rate
World-Class Retention Rate Net Revenue Retention Rate1 179% 175% 169% 173% 172% 166% 166% 158% 151% 142% 135% 131% 128% Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Note: Fiscal year ends January 31. 1. See definitions provided in the Append
Slide 22: Non-GAAP Product Gross Margin
Non-GAAP Product Gross Margin Non-GAAP Product Gross Margin1 Expansion Drivers 77% 77% • Cloud agreement pricing • Product improvements • Scale • Enterprise customer success 75% 2 Percentage Points Q1 FY23 Q1 FY24 Q1 FY25 Note: Fiscal year ends January 31. Numbers are rounded for presentation purpos
Slide 23: Investing in Efficient Growth
Investing in Efficient Growth Non-GAAP Operating Non-GAAP Adjusted FCF Leverage Drivers Expenses as % of Revenue1 as % of Revenue1 1 Percentage • Revenue Growth Point • Economies of Scale 46% 71% 68% 70% 44% • Larger Customer 10% 8% 7% 43% Relationships 17% 21% 25% • Larger Renewal Mix 1 Percentage
Slide 24: Focus on Free Cash Flow Generation
Focus on Free Cash Flow Generation Non-GAAP Free Cash Flow1 & Non-GAAP Adjusted Free Cash Flow1 (Millions) Free Cash Flow Adjusted Free Cash Flow $366 $324 $324 $332 $283 $287 $111 $102 $88 $69 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Note: Fiscal year ends January 31. Numbers are rounded for present
Slide 25: Hiring to Address our Opportunity
Hiring to Address our Opportunity Employee Headcount by Function 7,296 7,004 6,659 6,783 6,310 963 939 925 925 907 1,095 989 1,055 950 925 2,002 2,108 1,805 1,891 1,612 2,866 2,979 2,978 3,008 3,130 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 S&M R&D G&A Cost of Revenue Note: Fiscal year ends January 31
Slide 26: Expanding Internationally
Expanding Internationally Revenue Mix by Geography 5% 5% 5% 5% 5% 15% 16% 15% 15% 16% 80% 79% 80% 80% 79% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Americas EMEA APJ Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes. We attribute revenue to the Americas, EMEA, and APJ re
Slide 27: AI Data Cloud Metrics
AI Data Cloud Metrics DATA SHARING1 MARKETPLACE LISTINGS1 32% 2,566 Of Customers1 Have at ≥1 Stable 6% Q/Q Growth Edge1 Note: All figures are as of April 30, 2024. 1. See definitions provided in the Appendix. © 2024 Snowflake Inc. All Rights Reserved 27
Slide 28: Fiscal 2025 Guidance
Fiscal 2025 Guidance FY22 FY23 FY24 FY25 Guidance Product Revenue ($M) $1,140 $1,939 $2,667 $3,300 Y/Y Product Revenue Growth 106% 70% 38% 24% Non-GAAP Product Gross Margin1 74% 75% 78% 75% Non-GAAP Operating Margin1 (3)% 5% 8% 3% Non-GAAP Adjusted Free Cash Flow Margin1 12% 25% 29% 26% Note: Fiscal
Slide 29: Appendix
APPENDIX © 2024 Snowflake Inc. All Rights Reserved
Slide 30: Definitions
Definitions Customers Over $1M Product Revenue or $1M+ Product Revenue Customers: 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
Slide 31: GAAP to Non-GAAP Reconciliations: Product Gross Profit, S&M, R&D
GAAP to Non-GAAP Reconciliations Product Gross Profit, Sales & Marketing, Research & Development Q1 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 FY22 FY23 FY24 Product revenue $ 394,434 $ 590,072 $ 640,209 $ 698,478 $ 738,090 $ 789,587 $1,140,469 $ 1,938,783 $ 2,666,849 Professional services and oth
Slide 32: GAAP to Non-GAAP Reconciliations: General & Administrative
GAAP to Non-GAAP Reconciliations General & Administrative Q1 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 FY22 FY23 FY24 Product revenue $ 394,434 $ 590,072 $ 640,209 $ 698,478 $ 738,090 $ 789,587 $1,140,469 $ 1,938,783 $ 2,666,849 Professional services and other revenue 27,937 33,527 33,809 35,695
Slide 33: GAAP to Non-GAAP Reconciliations: Operating Expenses and Income
GAAP to Non-GAAP Reconciliations Total Operating Expenses and Operating Income (Loss) Q1 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 FY22 FY23 FY24 Product revenue $ 394,434 $ 590,072 $ 640,209 $ 698,478 $ 738,090 $ 789,587 $1,140,469 $ 1,938,783 $ 2,666,849 Professional services and other revenue
Slide 34: GAAP to Non-GAAP Reconciliations: Net Income (Loss)
GAAP to Non-GAAP Reconciliations Net Income (Loss) and Net Income (Loss) Attributable to Snowflake Inc. Q1 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 FY22 FY23 FY24 Product revenue $ 394,434 $ 590,072 $ 640,209 $ 698,478 $ 738,090 $ 789,587 $1,140,469 $ 1,938,783 $ 2,666,849 Professional services
Slide 35: GAAP to Non-GAAP Reconciliations: Net Income (Loss) Per Share
GAAP to Non-GAAP Reconciliations Net Income (Loss) Per Share Q1 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 FY22 FY23 FY24 Product revenue $ 394,434 $ 590,072 $ 640,209 $ 698,478 $ 738,090 $ 789,587 $1,140,469 $ 1,938,783 $ 2,666,849 Professional services and other revenue 27,937 33,527 33,809 35,6
Slide 36: GAAP to Non-GAAP Reconciliations: Free Cash Flow
GAAP to Non-GAAP Reconciliations Free Cash Flow and Adjusted Free Cash Flow Q1 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 FY22 FY23 FY24 Product revenue $ 394,434 $ 590,072 $ 640,209 $ 698,478 $ 738,090 $ 789,587 $1,140,469 $ 1,938,783 $ 2,666,849 Professional services and other revenue 27,937 33,
Slide 37: Product Revenue Retention Rate
PRODUCT REVENUE RETENTION RATE FORBES GLOBAL 2000 SNOWFLAKE NET PROMOTER CUSTOMERS terineeeees SCORE (NPS) e three months ended April 30, 2024, 2. As of April 30, 2024. Please see our QIFY25 earnings press release for definition of product revenu description of our total customer count), and Forbes
Slide 38: Thank You
THANK YOU © 2024 Snowflake Inc. All Rights Reserved