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1、 2024 Snowflake Inc.All Rights ReservedSNOWFLAKEINVESTOR PRESENTATIONSecond Quarter Fiscal 2025 2024 Snowflake Inc.All Rights ReservedThis presentation includes certain non-GAAP financial measures,which have not been prepared in accordance with generally accepted accounting principles in the United

2、States(GAAP).These non-GAAP financial measures are in addition to,and not as a substitute for,or superior to,financial measures calculated in accordance with GAAP.There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents.For examp

3、le,other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance,all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.Please see the Appendix for reconciliations of these non-GAAP financial

4、 measures to their nearest GAAP equivalents and for the calculation of certain other financial metrics.Non-GAAP product gross profit,operating income(loss),net income,and net income attributable to Snowflake Inc.are each defined as the respective GAAP measure,excluding,as applicable,the effect of(i)

5、stock-based compensation-related charges,including employer payroll tax-related items on employee stock transactions,(ii)amortization of acquired intangibles,(iii)expenses associated with acquisitions and strategic investments,(iv)adjustments attributable to noncontrolling interest,and(v)the related

6、 income tax effect of these adjustments as well as the non-recurring income tax expense or benefit associated with acquisitions.Non-GAAP product gross margin is calculated as non-GAAP product gross profit as a percentage of product revenue.Non-GAAP operating margin is calculated as non-GAAP operatin

7、g income(loss)as a percentage of revenue.Our non-GAAP net income per share attributable to Snowflake Imon stockholdersbasic is calculated by dividing non-GAAP net income attributable to Snowflake Inc.by the weighted-average number of shares of common stock outstanding during the period.Our non-GAAP

8、net income per share attributable to Snowflake Imon stockholdersdiluted is calculated by dividing non-GAAP net income attributable to Snowflake Inc.by the non-GAAP weighted-average number of diluted shares outstanding,giving effect to all potentially dilutive common stock equivalents(stock options,r

9、estricted stock units,and employee stock purchase rights under our 2020 Employee Stock Purchase Plan).The potential dilutive effect of outstanding restricted stock units with performance conditions not yet satisfied is included in the non-GAAP weighted-average number of diluted shares at forecasted

10、attainment levels to the extent we believe it is probable that the performance conditions will be met.Amounts attributable to noncontrolling interest were not material for all periods presented.We believe the presentation of operating results that exclude these non-cash or non-recurring items provid

11、es useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods.Free cash flow(FCF)is defined as net cash provided by operating activities reduced by purchases of property and equipment and capitalized

12、 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

13、 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 is defined as free cash flow plus(minus)net cash paid(recei

14、ved)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 i

15、n 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

16、 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

17、 our core business operations.2Statement Regarding Use of Non-GAAPFinancial Measures 2024 Snowflake Inc.All Rights ReservedSafe HarborOther than statements of historical fact,all statements contained in this presentation and accompanying oral commentary(collectively,the“Materials”)are forward-lookin

18、g statements(FLS)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,including statements regarding(i)our future operating results,targets,or financial position;(ii)our business strategy,plans,or priorities;(iii

19、)the release,adoption,and use of our new or enhanced products,services,and technology offerings,including those that are under development or not generally available;(iv)market size and growth,trends,and competitive considerations;(v)our vision,strategy and expected benefits relating to artificial i

20、ntelligence,Snowpark,Snowflake Marketplace,the AI Data Cloud,and AI Data Clouds for specific industries,including the expected benefits and network effects of the AI Data Cloud;and(vi)the integration,interoperability,and availability of our products,services,and technology offerings with and on thir

21、d-party products and platforms,including public cloud platforms.We have based the FLS in the Materials largely on our current expectations and projections about future events and trends that we believe may affect our financial condition,results of operations,business strategy,short-term and long-ter

22、m business operations and objectives,and financial needs,but the FLS 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 FLS.These risks

23、,uncertainties,assumptions,and other factors include,but are not limited to,those related to our business and financial performance;general market and business conditions,downturns,or uncertainty,including higher inflation,higher interest rates,fluctuations or volatility in capital markets or foreig

24、n currency exchange rates,and geopolitical instability;our ability to attract and retain customers;the extent to which customers continue to optimize consumption;the impact of new or optimized product features and pricing strategies on consumption,including Iceberg tables and tiered storage pricing;

25、the extent to which customers continue to rationalize budgets and prioritize cash flow management,including through shortened contract durations;our ability to develop new products and services and enhance existing products and services;the extent to which customer adoption of new product capabiliti

26、es results in durable consumption;the growth of successful native applications on the Snowflake Marketplace;our ability to respond rapidly to emerging technology trends,including the use of artificial intelligence;our ability to execute on our business strategy,including our strategy related to arti

27、ficial intelligence,the AI Data Cloud,Snowpark,and Snowflake Marketplace;our ability to increase and predict customer consumption of our platform,particularly in light of the impact of holidays on customer consumption patterns;our ability to compete effectively;the impact of cybersecurity threat act

28、ivity directed at our customers and any resulting reputational or financial damage;and our ability to manage growth.Further information on these and additional risks,uncertainties,assumptions,and other factors that could cause actual results to differ from those included in or contemplated by the FL

29、S contained in the Materials are included in Snowflakes Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K.Moreover,we operate in a very competitive and rapidly changing environment,and new risks may emerge from time to time.It is not possible to predict all risks,nor can we assess the i

30、mpact of all factors on our business or the extent to which any factor(s)may cause actual results or outcomes to differ materially from those included in the FLS in the Materials.As a result of these risks,uncertainties,assumptions,and other factors,you should not rely on any FLS as predictions of f

31、uture events.FLS speak only as of the date the statements are first made and are based on information available to us at the time those statements are made and/or managements good faith belief as of that time.Except as required by law,we undertake no obligation,and do not intend,to update the FLS in

32、 these Materials.The Materials may contain information provided by third-parties.Snowflake has not independently verified this information,and usage of this information does not mean or imply that Snowflake has adopted this information as its own or independently verified its accuracy.2024 Snowflake

33、 Inc.All rights reserved.Snowflake,the Snowflake logo,and all other Snowflake product,feature and service names mentioned in the Materials are registered trademarks or trademarks of Snowflake Inc.in the United States and other countries.All other brand names or logos mentioned or used in the Materia

34、ls are for identification purposes only and may be the trademarks of their respective holder(s).Snowflake may not be associated with,or be sponsored or endorsed by,any such holder(s).3 2024 Snowflake Inc.All Rights ReservedEvery Organization Struggles with SilosProduct UsageAgenciesOLTP DatabasesIoT

35、EnterpriseApplicationsSalesSuppliersThird-PartyFinanceWeb/Log Data4THERE IS NO AI STRATEGY WITHOUT A DATA STRATEGY 2024 Snowflake Inc.All Rights Reserved 2024 Snowflake Inc.All Rights ReservedA Single Data Foundation to Eliminate Silos6 2024 Snowflake Inc.All Rights ReservedUnified Data.All Architec

36、tures.Data WarehouseData LakehouseData LakeData Mesh/FabricCLOUD/ON-PREMSTRUCTUREDSEMI-STRUCTUREDUNSTRUCTUREDOPEN FORMATS 7 2024 Snowflake Inc.All Rights ReservedAll Workloads&UsersSCALAJAVAPYTHONSQLCONTAINERSWorkloadsUsersAL/MLData EngineeringApplicationsData WarehouseData LakeUnistoreCollaboration

37、SQL AnalystsBusiness UsersML EngineersApp DevelopersData ScientistsData Engineers8 2024 Snowflake Inc.All Rights ReservedzUniversal GovernanceINTEROPERABILITYPRIVACYSECURITYCOMPLIANCEACCESSAll ContentDataAppsModelsReplication&BDR40+regions9Backed by Unique Platform Architecture 2024 Snowflake Inc.Al

38、l Rights Reserved10 2024 Snowflake Inc.All Rights ReservedAN EVER EXPANDING PARTNER ECOSYSTEM11 2024 Snowflake Inc.All Rights ReservedPROVEN BY THOUSANDS OF CUSTOMERS12 2024 Snowflake Inc.All Rights ReservedJuly 2024April 2020*Visualization based on actual AI Data Cloud sharing activity as of April

39、30,2020 and July 31,2024 respectively.AI Data Cloud Growth13 2024 Snowflake Inc.All Rights ReservedFINANCIAL OVERVIEW 2024 Snowflake Inc.All Rights ReservedSnowflake Platform TAM($Billions)Large and Growing MarketNote:Calendar year ends December 31.Charts/graphics created by Snowflake based on Gartn

40、er research.Source:Gartner,Forecast:Enterprise Infrastructure Software,Worldwide,2022-2028,1Q24 Update,March 2024;Gartner,Forecast:Enterprise Application Software,Worldwide,2022-2028,1Q24 Update,March 2024;Calculations performed by Snowflake.See Appendix for the Gartner Market information used in es

41、timating the Snowflake Platform TAM.$152$342CY23CY24CY25CY26CY27CY28+2x15 2024 Snowflake Inc.All Rights ReservedQ2 Financial HighlightsGROWTH AT SCALE EXPANSION WITH EXISTING CUSTOMERS30%127%Y/Y Product Revenue Growth1Net Revenue Retention Rate1LARGE CUSTOMER MOMENTUM510$1M+Product Revenue Customers

42、1PRODUCT GROSS MARGIN76%Non-GAAP Product Gross Margin216Note:Fiscal year ends January 31.All figures are as of or for Q2 FY25.1.See definitions provided in the Appendix.2.Please see the Appendix for a reconciliation of non-GAAP product gross margin to its nearest GAAP equivalent and for the calculat

43、ion of certain other financial metrics.2024 Snowflake Inc.All Rights ReservedProduct RevenueProduct Revenue is the leading indicator of growthRemaining Performance Obligations(RPO)RPO represents contracted future revenue not yet recognizedBillingsVariable payment terms mean Billings are not necessar

44、ily indicative of future consumption patterns We Focus on Product Revenue and RPOBookConsumeBill12Customers typically pay annually in advanceCustomers draw down from bookings as they consume3Consumption patterns dictate future bookings417 2024 Snowflake Inc.All Rights ReservedThe platform is priced

45、based on consumption of compute,storage,and data transfer resources Snowflake typically bills customers annually in advance for their capacity contracts Some customers consume on-demand and/or are billed in-arrears 18Our Consumption ModelSnowflake recognizes the substantial majority of its revenue a

46、s customers consume the platformRevenue Recognition ConsumptionPricing Model ConsumptionBillings Terms Typically UpfrontPro:Enables faster growth Pro:Aligned with customer value Pro:Aligned with usage-based costs Consider:Revenue is variable based on customers usage Pro:Customers dont pay for shelf-

47、ware Consider:Performance improvements inherently reduce customer cost Pro:Bookings represent contractual minimumPro:Variable consumption creates upside for renewal cycleConsider:Payment terms are evolving 2024 Snowflake Inc.All Rights Reserved$1,140$1,939$2,667 FY22FY23FY24Annual Product Revenue(Mi

48、llions)Note:Fiscal year ends January 31.Numbers are rounded for presentation purposes.19Strong Combination of Scale&Growth$640$698$738$790$829 Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Quarterly Product Revenue(Millions)38%Y/Y Growth30%Y/Y Growth 2024 Snowflake Inc.All Rights ReservedNote:Fiscal year ends

49、January 31.Numbers are rounded for presentation purposes.The amount of RPO we expect to recognize as revenue in the next twelve months is calculated as of the applicable fiscal quarter end.For example,we expect to recognize 50%of RPO as of July 31,2024 within the twelve months ending July 31,2025.1.

50、See definitions provided in the Appendix.20Significant Customer CommitmentsExpect to Recognize as Revenue in the Next Twelve MonthsRPO57%57%50%51%50%$3,540$3,699$5,175$4,988$5,231 Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Remaining Performance Obligations1(Millions)2024 Snowflake Inc.All Rights Reserved21L

51、anding Strategic Organizations698700720734736Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Forbes Global 2000 Customers18,456 8,852 9,424 9,809 10,249 Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Total Customers1Note:Fiscal year ends January 31.1.See definitions provided in the Appendix.2024 Snowflake Inc.All Rights Res

52、erved22Adding Quality Customers399 433 458 484 510 Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Customers Over$1M Product Revenue128%Y/Y GrowthNote:Fiscal year ends January 31.1.See definitions provided in the Appendix.2024 Snowflake Inc.All Rights ReservedNote:Fiscal year ends January 31.Numbers are rounded

53、for presentation purposes1.See definitions provided in the Appendix.23World-Class Retention Rate142%135%131%128%127%Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Net Revenue Retention Rate1 2024 Snowflake Inc.All Rights ReservedProven Margin Expansion74%75%78%FY22FY23FY24Non-GAAP Product Gross Margin1-3%5%8%FY

54、22FY23FY24Non-GAAP Operating Margin112%25%29%FY22FY23FY24Non-GAAP Adjusted Free Cash Flow Margin1Note:Fiscal year ends January 31.Numbers are rounded for presentation purposes1.Please see the Appendix for reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents and for

55、the calculation of certain other financial metrics for historical periods.24 2024 Snowflake Inc.All Rights Reserved13%8%Q2 FY24Q2 FY25Investing for GrowthNote:Fiscal year ends January 31.Numbers are rounded for presentation purposes1.Please see the Appendix for reconciliations of these non-GAAP fina

56、ncial measures to their nearest GAAP equivalents and for the calculation of certain other financial metrics for historical periods.78%76%Q2 FY24Q2 FY258%5%Q2 FY24Q2 FY25Non-GAAP Product Gross Margin1Non-GAAP Operating Margin1Non-GAAP Adjusted Free Cash Flow Margin125 2024 Snowflake Inc.All Rights Re

57、served26Hiring to Address our Opportunity2,979 2,978 3,008 3,130 3,235 1,805 1,891 2,002 2,108 2,241 950 989 1,055 1,095 1,152 925 925 939 963 1,002 6,659 6,783 7,004 7,296 7,630 Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Employee Headcount by FunctionS&MR&DG&ACost of RevenueNote:Fiscal year ends January 31

58、.2024 Snowflake Inc.All Rights ReservedNote:Fiscal year ends January 31.Numbers are rounded for presentation purposes.We attribute revenue to the Americas,EMEA,and APJ regions,as applicable,based on the location of the customer,which is derived from the ship-to or bill-to information,as applicable,p

59、rovided by each customer.27Global Revenue Opportunity79%80%80%79%79%16%15%15%16%16%5%5%5%5%5%Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Revenue Mix by GeographyAmericasEMEAAPJ 2024 Snowflake Inc.All Rights ReservedAI Data Cloud MetricsNote:All figures are as of July 31,2024.1.See definitions provided in the

60、 Appendix.DATA SHARING1MARKETPLACE LISTINGS134%2,803of customers1 have at 1 stable edge130%Y/Y Growth28 2024 Snowflake Inc.All Rights ReservedFY22FY23FY24FY25 GuidanceProduct Revenue($M)$1,140$1,939$2,667$3,356Y/Y Product Revenue Growth106%70%38%26%Non-GAAP Product Gross Margin174%75%78%75%Non-GAAP

61、Operating Margin1(3)%5%8%3%Non-GAAP Adjusted Free Cash Flow Margin112%25%29%26%Note:Fiscal year ends January 31.Numbers are rounded for presentation purposes.1.Please see the Appendix for reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents and for the calculation o

62、f certain other financial metrics for historical periods.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

63、be incurred in the future.Fiscal 2025 Guidance29 2024 Snowflake Inc.All Rights ReservedAPPENDIX 2024 Snowflake Inc.All Rights Reserved31DefinitionsCustomers Over$1M Product Revenue or$1M+Product Revenue Customers:To calculate the number of customers with trailing 12-month product revenue greater tha

64、n$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.For purposes of determining our customer count,we treat each customer account,including accounts for end-customers under a reseller arrangement,t

65、hat 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.We do not include customers that consume our platform only under on-demand arrangements for purposes of determinin

66、g our customer count.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.Data Sharing:We consider a customer to have engaged in data sharing if such cust

67、omer had at least one stable edge as of July 31,2024.An“edge”is a data or native application share between a Snowflake customer,as a provider,and another Snowflake customer,as a consumer.A“stable edge”is an edge that has produced at least 20 jobs in which compute resources are consumed and such cons

68、umption results in recognized product revenue over two successive three-week periods(20 jobs in each period).Effective February 1,2024,we adjusted the definition of stable edge to include native application shares in addition to data shares,and for the purposes of this presentation,have adjusted com

69、parative period amounts accordingly.Forbes Global 2000 Customers:Our Forbes Global 2000 customer count is a subset of our customer count based on the 2024 Forbes Global 2000 list.Our Forbes Global 2000 customer count is subject to adjustments for annual updates to the list by Forbes,as well as acqui

70、sitions,consolidations,spin-offs,and other market activity with respect to such customers,and we present our Forbes Global 2000 customer count for historical periods reflecting these adjustments.Marketplace Listing:Each live dataset,package of datasets,or data service published by a data provider as

71、 a single product offering on Snowflake Marketplace is counted as a unique listing.A listing may be available in one or more regions where Snowflake Marketplace is available.Net Revenue Retention Rate:To calculate net revenue retention rate,we first specify a measurement period consisting of the tra

72、iling 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.The cohorts used to calculate net revenue retention rate includ

73、e 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

74、 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

75、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 customers organization typically will not impact our net revenue retention rate

76、unless one of those customers was not a customer at any point in the first month of the first year of the measurement period.Product Revenue:Product revenue is primarily derived from the consumption of compute,storage,and data transfer resources by customers on our platform.Customers have the flexib

77、ility 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 c

78、ompanies 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 revenu

79、e 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.Snowflake Platform TAM is estimated based on the following Gartner reports:Remaining Performance Obligations.

80、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 o

81、n-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 U.S.dollars each period based on the applicable period-end exchange rates.RPO is not necessarily indicative

82、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 and size of renewals,the timing and size of purchases of additional

83、capacity,average contract terms,seasonality,changes in foreign currency exchange rates,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 a

84、t 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,segmen

85、ts,or subsidiaries may be counted as multiple customers.We do not include customers that consume our platform only under on-demand arrangements for purposes of determining our customer count.Our customer count is subject to adjustments for acquisitions,consolidations,spin-offs,and other market activ

86、ity,and we present our customer count for historical periods reflecting these adjustments.Gartner SourceGartner MarketForecast:Enterprise Infrastructure Software,Worldwide,2022-2028,1Q24 Update,March 2024Database Management Systems(DBMS)Forecast:Enterprise Infrastructure Software,Worldwide,2022-2028

87、,1Q24 Update,March 2024Data Management Software(Excluding DBMS)Forecast:Enterprise Application Software,Worldwide,2022-2028,1Q24 Update,March 2024Analytic Platforms 2024 Snowflake Inc.All Rights ReservedNote:Fiscal year ends January 31.Numbers are in thousands,except percentages.Numbers are rounded

88、for presentation purposes.GAAP to Non-GAAP ReconciliationsProduct Gross Profit,Sales&Marketing,Research&DevelopmentQ2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25FY22FY23FY24Product revenue$640,209$698,478$738,090$789,587$829,250$1,140,469$1,938,783$2,666,849Professional services and other revenue33,80935,69536

89、,60939,12239,57378,858126,876139,640Revenue$674,018$734,173$774,699$828,709$868,823$1,219,327$2,065,659$2,806,489Gross ProfitGAAP product gross profit$471,163$518,478$545,314$569,930$593,668$792,652$1,391,236$1,965,649GAAP product gross margin74%74%74%72%72%70%72%74%Adjustments:Stock-based compensat

90、ion-related charges19,73819,43420,92827,23529,77849,70561,37978,900Amortization of acquired intangibles7,8779,1859,76010,14710,3362,2664,76731,403Non-GAAP product gross profit$498,778$547,097$576,002$607,312$633,782$844,623$1,457,382$2,075,952Non-GAAP product gross margin78%78%78%77%76%74%75%78%Sale

91、s&MarketingGAAP S&M expense$343,288$355,079$361,822$400,822$400,625$743,965$1,106,507$1,391,747GAAP S&M expense as a%of revenue51%48%47%48%46%61%54%50%Adjustments:Stock-based compensation-related charges(84,822)(78,411)(77,121)(80,621)(83,740)(215,760)(258,056)(319,979)Amortization of acquired intan

92、gibles(7,553)(7,575)(7,800)(7,630)(7,801)-(25,207)(30,235)Non-GAAP S&M expense$250,913$269,093$276,901$312,571$309,084$528,205$823,244$1,041,533Non-GAAP S&M expense as a%of revenue37%37%36%38%35%43%39%37%Research&DevelopmentGAAP R&D expense$313,996$332,065$364,476$410,794$437,660$466,932$788,058$1,2

93、87,949GAAP R&D expense as a%of revenue47%45%47%50%51%38%38%46%Adjustments:Stock-based compensation-related charges(166,258)(169,526)(181,059)(204,041)(209,735)(248,032)(413,080)(663,471)Amortization of acquired intangibles(3,254)(3,624)(3,682)(3,600)(3,679)(3,941)(7,123)(12,384)Non-GAAP R&D expense$

94、144,484$158,915$179,735$203,153$224,246$214,959$367,855$612,094Non-GAAP R&D expense as a%of revenue21%21%23%25%26%18%18%22%32 2024 Snowflake Inc.All Rights Reserved33General&AdministrativeGAAP to Non-GAAP ReconciliationsNote:Fiscal year ends January 31.Numbers are in thousands,except percentages.Num

95、bers are rounded for presentation purposes.Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25FY22FY23FY24Product revenue$640,209$698,478$738,090$789,587$829,250$1,140,469$1,938,783$2,666,849Professional services and other revenue33,80935,69536,60939,12239,57378,858126,876139,640Revenue$674,018$734,173$774,699$828,

96、709$868,823$1,219,327$2,065,659$2,806,489General&AdministrativeGAAP G&A expense$83,749$78,704$82,102$93,148$97,763$265,033$295,821$323,008GAAP G&A expense as a%of revenue12%11%11%11%11%22%14%11%Adjustments:Stock-based compensation-related charges(27,912)(25,566)(27,816)(34,577)(36,395)(119,492)(104,

97、160)(108,942)Amortization of acquired intangibles(451)(451)(451)(441)(451)(1,621)(1,731)(1,789)Expenses associated with acquisitions and strategic investments(4,569)(2,706)(2,811)(982)(1,783)(574)(9,723)(12,715)Non-GAAP G&A expense$50,817$49,981$51,024$57,148$59,134$143,346$180,207$199,562Non-GAAP G

98、&A expense as a%of revenue8%7%7%7%7%12%9%7%2024 Snowflake Inc.All Rights Reserved34Total Operating Expenses and Operating Income(Loss)GAAP to Non-GAAP ReconciliationsNote:Fiscal year ends January 31.Numbers are in thousands,except percentages.Numbers are rounded for presentation purposes.Q2 FY24Q3 F

99、Y24Q4 FY24Q1 FY25Q2 FY25FY22FY23FY24Product revenue$640,209$698,478$738,090$789,587$829,250$1,140,469$1,938,783$2,666,849Professional services and other revenue33,80935,69536,60939,12239,57378,858126,876139,640Revenue$674,018$734,173$774,699$828,709$868,823$1,219,327$2,065,659$2,806,489Total Operati

100、ng ExpensesGAAP total operating expenses$741,033$765,848$808,400$904,764$936,048$1,475,930$2,190,386$3,002,704GAAP total operating expenses as a%of revenue110%104%105%109%108%121%106%107%Adjustments:Stock-based compensation-related charges(278,992)(273,503)(285,996)(319,239)(329,870)(583,284)(775,29

101、6)(1,092,392)Amortization of acquired intangibles(11,258)(11,650)(11,933)(11,671)(11,931)(5,562)(34,061)(44,408)Expenses associated with acquisitions and strategic investments(4,569)(2,706)(2,811)(982)(1,783)(574)(9,723)(12,715)Non-GAAP total operating expenses$446,214$477,989$507,660$572,872$592,46

102、4$886,510$1,371,306$1,853,189Non-GAAP total operating expenses as a%of revenue66%65%66%70%68%73%66%66%Operating Income(Loss)GAAP operating loss$(285,407)$(260,623)$(275,505)$(348,572)$(355,303)$(715,036)$(842,267)$(1,094,773)GAAP operating loss as a%of revenue(42)%(35)%(36)%(42)%(41)%(59)%(41)%(39)%

103、Adjustments:Stock-based compensation-related charges314,241307,357320,304360,389373,337675,459888,9991,229,523Amortization of acquired intangibles20,79722,49823,35623,44523,9297,82838,82882,245Expenses associated with acquisitions and strategic investments4,569 2,706 2,811 9821,7835749,723 12,715 No

104、n-GAAP operating income(loss)$54,200$71,938$70,966$36,244$43,746$(31,175)$95,283$229,710Non-GAAP operating income(loss)as a%of revenue8%10%9%4%5%(3)%5%8%2024 Snowflake Inc.All Rights Reserved35Net Income(Loss)and Net Income(Loss)Attributable to Snowflake Inc.GAAP to Non-GAAP ReconciliationsNote:Fisc

105、al year ends January 31.Numbers are in thousands,except percentages.Numbers are rounded for presentation purposes.Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25FY22FY23FY24Product revenue$640,209$698,478$738,090$789,587$829,250$1,140,469$1,938,783$2,666,849Professional services and other revenue33,80935,69536,

106、60939,12239,57378,858126,876139,640Revenue$674,018$734,173$774,699$828,709$868,823$1,219,327$2,065,659$2,806,489Net Income(Loss)GAAP net loss$(227,320)$(214,694)$(169,912)$(317,816)$(317,770)$(679,948)$(797,526)$(837,990)GAAP net loss as a%of revenue(34)%(29)%(22)%(38)%(36)%(56)%(39)%(30)%Adjustment

107、s:Stock-based compensation-related charges314,241307,357320,304360,389373,337675,459888,9991,229,523Amortization of acquired intangibles20,79722,49823,35623,44523,9297,82838,82882,245Expenses associated with acquisitions and strategic investments4,569 2,706 2,811 9821,7835749,723 12,715 Income tax e

108、ffect related to the above adjustments and acquisitions(31,947)(28,136)(49,087)(15,555)(18,183)(1,827)(50,072)(134,801)Non-GAAP net income$80,340$89,731$127,472$51,445$63,096$2,086$89,952$351,692Non-GAAP net income as a%of revenue12%12%16%6%7%0%4%13%Net Income(Loss)Attributable to Snowflake Inc.GAAP

109、 net loss attributable to Snowflake Inc.$(226,867)$(214,251)$(169,352)$(316,988)$(316,899)$(679,948)$(796,705)$(836,097)GAAP net loss attributable to Snowflake Inc.as a%of revenue(34)%(29)%(22)%(38)%(36)%(56)%(39)%(30)%Adjustments:Stock-based compensation-related charges314,241307,357320,304360,3893

110、73,337675,459888,9991,229,523Amortization of acquired intangibles20,79722,49823,35623,44523,9297,82838,82882,245Expenses associated with acquisitions and strategic investments4,569 2,706 2,811 9821,7835749,723 12,715 Income tax effect related to the above adjustments and acquisitions(31,947)(28,136)

111、(49,087)(15,555)(18,183)(1,827)(50,072)(134,801)Adjustments attributable to noncontrolling interest,net of tax(50)(64)(62)(113)(117)-(361)(236)Non-GAAP net income attributable to Snowflake Inc.$80,743$90,110$127,970$52,160$63,850$2,086$90,412$353,349Non-GAAP net income attributable to Snowflake Inc.

112、as a%of revenue12%12%17%6%7%0%4%13%2024 Snowflake Inc.All Rights Reserved36Net Income(Loss)Per ShareGAAP to Non-GAAP ReconciliationsNote:Fiscal year ends January 31.Numbers are in thousands,except per share data.Numbers are rounded for presentation purposes.1.For the periods in which we had non-GAAP

113、 net income,the non-GAAP weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Imon stockholdersdiluted included the effect of all potentially dilutive common stock equivalents(stock options,restricted stock units,and employee stock purchase rights under o

114、ur 2020 Employee Stock Purchase Plan).The potential dilutive effect of outstanding restricted stock units with performance conditions not yet satisfied is included in the non-GAAP weighted-average number of diluted shares at forecasted attainment levels to the extent we believe it is probable that t

115、he performance conditions will be met.Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25FY22FY23FY24Product revenue$640,209$698,478$738,090$789,587$829,250$1,140,469$1,938,783$2,666,849Professional services and other revenue33,80935,69536,60939,12239,57378,858126,876139,640Revenue$674,018$734,173$774,699$828,709$8

116、68,823$1,219,327$2,065,659$2,806,489Net Income(Loss)Per Share Attributable to Snowflake Inc.Common StockholdersBasic and DilutedGAAP net loss per share attributable to Snowflake Imon stockholdersbasic and diluted$(0.69)$(0.65)$(0.51)$(0.95)$(0.95)$(2.26)$(2.50)$(2.55)Weighted-average shares used in

117、computing GAAP net loss per share attributable to Snowflake Imon stockholdersbasic and diluted327,335329,310331,079333,584334,071300,273318,730328,001Non-GAAP net income per share attributable to Snowflake Imon stockholdersbasic$0.25$0.27$0.39$0.16$0.19$0.01$0.28$1.08Weighted-average shares used in

118、computing non-GAAP net income per share attributable to Snowflake Imon stockholdersbasic327,335329,310331,079333,584334,071300,273318,730328,001Non-GAAP net income per share attributable to Snowflake Imon stockholdersdiluted$0.22$0.25$0.35$0.14$0.18$0.01$0.25$0.98Non-GAAP weighted-average shares use

119、d in computing non-GAAP net income per share attributable to Snowflake Imon stockholdersdiluted1363,033361,667363,757363,314359,319357,395359,144362,064 2024 Snowflake Inc.All Rights Reserved37Free Cash Flow and Adjusted Free Cash FlowGAAP to Non-GAAP ReconciliationsNote:Fiscal year ends January 31.

120、Numbers are in thousands,except percentages.Numbers are rounded for presentation purposes.Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25FY22FY23FY24Product revenue$640,209$698,478$738,090$789,587$829,250$1,140,469$1,938,783$2,666,849Professional services and other revenue33,80935,69536,60939,12239,57378,858126

121、,876139,640Revenue$674,018$734,173$774,699$828,709$868,823$1,219,327$2,065,659$2,806,489Non-GAAP Free Cash Flow and Adjusted Free Cash FlowGAAP net cash provided by operating activities$83,191$120,907$344,580$355,468$69,865$110,179$545,639$848,122GAAP net cash provided by operating activities as a%o

122、f revenue12%16%44%43%8%9%26%30%Adjustments:Purchases of property and equipment(6,298)(8,746)(13,072)(16,519)(5,043)(16,221)(25,128)(35,086)Capitalized internal-use software development costs(7,874)(9,889)(7,029)(7,404)(5,992)(12,772)(24,012)(34,133)Non-GAAP free cash flow$69,019$102,272$324,479$331,

123、545$58,830$81,186$496,499$778,903Non-GAAP free cash flow as a%of revenue10%14%42%40%7%7%24%28%Adjustments:Net cash paid on payroll tax-related items on employee stock transactions19,1388,541(182)34,1467,12168,64523,92731,282Non-GAAP adjusted free cash flow$88,157$110,813$324,297$365,691$65,951$149,831$520,426$810,185Non-GAAP adjusted free cash flow as a%of revenue13%15%42%44%8%12%25%29%2024 Snowflake Inc.All Rights ReservedTHANK YOU