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1、 2024 Snowflake Inc.All Rights ReservedFirst Quarter Fiscal 2025SNOWFLAKEINVESTORPRESENTATION 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 St

2、ates(GAAP).These non-GAAP financial measures are inaddition 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 GAAPequivalents.For example,o

3、ther 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 measuresas tools for comparison.Please see the Appendix for reconciliations of these non-GAAP financial meas

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

5、,as applicable,theeffect of(i)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 strategicinvestments,(iv)adjustments attributable to noncontrolli

6、ng interest,and(v)the related income tax effect of these adjustments as well as the non-recurring income tax expense or benefit associated with acquisitions.Non-GAAP productgross margin is calculated as non-GAAP product gross profit as a percentage of product revenue.Non-GAAP operating margin is cal

7、culated as non-GAAP operating income as a percentage of revenue.Our non-GAAP net income(loss)per share attributable to Snowflake Imon stockholders-basic is calculated by dividing non-GAAP net income(loss)attributable to Snowflake Inc.by the weighted-average number of shares of common stock outstandi

8、ng during theperiod.Our non-GAAP net income per share attributable to Snowflake Imon stockholders-diluted is calculated by dividing non-GAAP net income attributable to Snowflake Inc.by the non-GAAP weighted-average number ofdiluted shares outstanding,giving effect to all potentially dilutive common

9、stock equivalents(stock options,restricted stock units,and employee stock purchase rights under our 2020 Employee Stock Purchase Plan).The potential dilutiveeffect of outstanding restricted stock units with performance conditions not yet satisfied is included in the non-GAAP weighted-average number

10、of diluted shares at forecasted attainment levels to the extent we believe it is probable that theperformance conditions will be met.Non-GAAP net loss per share attributable to Snowflake Imon stockholders-diluted is the same as Non-GAAP net loss per share attributable to Snowflake Imon stockholders-

11、basic asthe inclusion of all potential dilutive common stock equivalents would be anti-dilutive.Amounts attributable to noncontrolling interest were not material for all periods presented.We believe the presentation of operating results that excludethese non-cash or non-recurring items provides usef

12、ul 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 intern

13、al-use software development costs.Cash outflows for employee payroll tax items relatedto 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

14、 cash flow as a percentageof 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(received)on em

15、ployer and employee payroll tax-related items on employee stock transactions.Employee payroll tax-related items on employee stocktransactions 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 give

16、n fiscal quarter due to differences between the time that wereceive 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 flowperfor

17、mance,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 investorsbecause they are indicators of the strength and performance of our core bus

18、iness operations.2Statement Regarding Use of Non-GAAPFinancial Measures 2024 Snowflake Inc.All Rights Reserved3Safe HarborOther than statements of historical fact,all statements contained in this presentation and accompanying oralcommentary(collectively,the“Materials”)are forward-looking statements(

19、FLS)within the meaning of Section 27Aof 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 businessstrategy,plans,or priorities;(iii)our new or enh

20、anced products,services,and technology offerings,including thosethat are under development or not generally available;(iv)market size and growth,trends,and competitiveconsiderations;(v)our vision,strategy and expected benefits relating to artificial intelligence,Snowpark,SnowflakeMarketplace,the AI

21、Data Cloud,and AI Data Clouds for specific industries,including the expected benefits andnetwork effects of the AI Data Cloud;and(vi)the integration,interoperability,and availability of our products,services,and technology offerings with and on third-party products and platforms,including public clo

22、ud platforms.We have based the FLS in the Materials largely on our current expectations and projections about future events andtrends that we believe may affect our financial condition,results of operations,business strategy,short-term andlong-term business operations and objectives,and financial ne

23、eds,but the FLS are subject to known and unknownrisks,uncertainties,assumptions,and other factors that may cause actual results or outcomes to be materiallydifferent from any future results or outcomes expressed or implied by the FLS.These risks,uncertainties,assumptions,and other factors include,bu

24、t are not limited to,those related to our business and financialperformance;general market and business conditions,downturns,or uncertainty,including higher inflation,higherinterest rates,fluctuations or volatility in capital markets or foreign currency exchange rates,and geopoliticalinstability;our

25、 ability to attract and retain customers;the extent to which customers continue to optimizeconsumption;the impact of new or optimized product features and pricing strategies on consumption,includingIceberg tables and tiered storage pricing;the extent to which customers continue to rationalize budget

26、s andprioritize cash flow management,including through shortened contract durations;our ability to develop newproducts and services and enhance existing products and services;the growth of successful native applications onthe Snowflake Marketplace;our ability to respond rapidly to emerging technolog

27、y trends,including the use ofartificial intelligence;our ability to execute on our business strategy,including our strategy related to artificialintelligence,the AI Data Cloud,Snowpark,and Snowflake Marketplace;our ability to increase and predict customerconsumption of our platform,particularly in l

28、ight of the impact of holidays on customer consumption patterns;ourability to compete effectively;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 orcontempl

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

30、assess the impact of all factors on our business or the extentto which any factor(s)may cause actual results or outcomes to differ materially from those included in the FLS in theMaterials.As a result of these risks,uncertainties,assumptions,and other factors,you should not rely on any FLSas predict

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

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

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

34、ials are foridentification purposes only and may be the trademarks of their respective holder(s).Snowflake may not beassociated with,or be sponsored or endorsed by,any such holder(s).2024 Snowflake Inc.All Rights Reserved7Journey to the AI Data CloudOn-Prem EDW1st Gen Data LakePublic CloudData Lakeh

35、ouseAll DataSingle EngineGovernedGlobally ConnectedSelf-ManagingProgrammableMarketplace&MonetizationONE PLATFORM8POWERINGMANY WORKLOADS9 2024 Snowflake Inc.All Rights Reserved10AI Data Cloud GrowthApril 2020April 2024Note:Visualization based on actual AI Data Cloud sharing activity as of April 30,20

36、20 and April 30,2024,respectively.11An Ever Expanding Partner Ecosystem12Proven by Thousands of Customers 2024 Snowflake Inc.All Rights ReservedFINANCIAL OVERVIEW 2024 Snowflake Inc.All Rights ReservedGrowthat Scale Product Gross Margin34%77%Y/Y PRODUCT REVENUE GROWTH1NON-GAAP PRODUCT GROSS MARGIN2E

37、xpansion with Existing Customers128%NET REVENUE RETENTION RATE1LargeCustomer Momentum$1M+PRODUCT REVENUE CUSTOMERS1Note:Fiscal year ends January 31.All figures are as of or for Q1 FY25.1.See definitions provided in the Appendix.2.Please see the Appendix for a reconciliation of non-GAAP product gross

38、 margin to its nearest GAAP equivalent and for the calculation of certain other financial metrics.48514Q1 Financial Highlights 2024 Snowflake Inc.All Rights ReservedProduct RevenueProduct Revenue is the leading indicator of growthRemaining Performance Obligations(RPO)RPO represents contracted future

39、 revenue not yet recognizedBillingsVariable payment terms mean Billings are not necessarily indicative of future consumption patterns 15We Focus on Product Revenue and RPOBookConsumption patterns dictate future bookingsCustomers typically pay annually in advanceCustomers draw down from bookings as t

40、hey consumeConsumeBill1234 2024 Snowflake Inc.All Rights ReservedThe platform is priced based on consumption of compute,storage,and data transfer resourcesSnowflake typically bills customers annually in advance for their capacity contracts Some customers consume on-demand and/or are billed in-arrear

41、s16Our Consumption ModelSnowflake recognizes the substantial majority of its revenue as 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 C

42、onsider:Revenue is variable based on customers usage Pro:Customers dont pay for shelf-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 Sno

43、wflake Inc.All Rights Reserved$1,140$1,939$2,667$1,219$2,066$2,806 FY22FY23FY24Annual Revenue(Millions)Note:Fiscal year ends January 31.Numbers are rounded for presentation purposes.17Strong Combination of Scale&Growth$590$640$698$738$790$624$674$734$775$829 Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Quarte

44、rly Revenue(Millions)Product RevenueProfessional Services and Other Revenue 36%Y/Y Growth33%Y/Y Growth 2024 Snowflake Inc.All Rights ReservedNote:Fiscal year ends January 31.Numbers are rounded for presentation purposes.The amount of RPO we expect to recognize as revenue in the next twelve months is

45、 calculated as of the applicable fiscal quarter end.For example,weexpect to recognize 51%of RPO as of April 30,2024 within the twelve months ending April 30,2025.1.See definitions provided in the Appendix.18Significant Customer CommitmentsExpect to Recognize as Revenue in the Next Twelve MonthsRPO57

46、%57%57%50%51%$3,409$3,540$3,699$5,175$4,988 Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Remaining Performance Obligations1(Millions)2024 Snowflake Inc.All Rights ReservedNote:Fiscal year ends January 31.1.See definitions provided in the Appendix.19Landing Strategic Organizations657675678694709Q1 FY24Q2 FY24Q

47、3 FY24Q4 FY24Q1 FY25Forbes Global 2000 Customers18,087 8,487 8,885 9,455 9,822 Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Total Customers1 2024 Snowflake Inc.All Rights ReservedNote:Fiscal year ends January 31.1.See definitions provided in the Appendix.20Adding Quality Customers373 401 435 460 485 Q1 FY24Q2

48、 FY24Q3 FY24Q4 FY24Q1 FY25Customers Over$1M Product Revenue130%Y/Y Growth 2024 Snowflake Inc.All Rights ReservedNote:Fiscal year ends January 31.1.See definitions provided in the Appendix.21World-Class Retention Rate166%169%173%179%175%172%166%158%151%142%135%131%128%Q1 FY22Q2 FY22Q3 FY22Q4 FY22Q1 F

49、Y23Q2 FY23Q3 FY23Q4 FY23Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Net Revenue Retention Rate1 2024 Snowflake Inc.All Rights Reserved75%77%77%Q1 FY23Q1 FY24Q1 FY25Non-GAAP Product Gross Margin1Cloud agreement pricingProduct improvementsScaleEnterprise customer successExpansion DriversNote:Fiscal year ends J

50、anuary 31.Numbers are rounded for presentation purposes.1.Please see the Appendix for a reconciliation of non-GAAP product gross margin to its nearest GAAP equivalent and for the calculation of certain other financial metrics.22Non-GAAP Product Gross Margin2 Percentage Points 2024 Snowflake Inc.All

51、Rights Reserved43%46%44%Q1 FY23Q1 FY24Q1 FY25Non-GAAP Adjusted FCF as%of Revenue144%39%38%17%21%25%10%8%7%71%68%70%Q1 FY23Q1 FY24Q1 FY25Non-GAAP Operating Expenses as%of Revenue1S&MR&DG&ARevenue GrowthEconomies of ScaleLarger Customer RelationshipsLarger Renewal Mix Leading to Lower CommissionsLever

52、age DriversNote: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 of certain other financial metrics.23Investing in Efficient Growth1 P

53、ercentage Point1 Percentage Point 2024 Snowflake Inc.All Rights ReservedNote: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 of certa

54、in other financial metrics.24Focus on Free Cash Flow Generation$283$69$102$324$332$287$88$111$324$366 Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Non-GAAP Free Cash Flow1&Non-GAAP Adjusted Free Cash Flow1(Millions)Free Cash FlowAdjusted Free Cash Flow 2024 Snowflake Inc.All Rights Reserved25Hiring to Address

55、 our Opportunity2,866 2,979 2,978 3,008 3,130 1,612 1,805 1,891 2,002 2,108 925 950 989 1,055 1,095 907 925 925 939 963 6,310 6,659 6,783 7,004 7,296 Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Employee Headcount by FunctionS&MR&DG&ACost of RevenueNote:Fiscal year ends January 31.2024 Snowflake Inc.All Right

56、s 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 orbill-to information,as applicable,provided by each customer.26Exp

57、anding Internationally80%79%80%80%79%15%16%15%15%16%5%5%5%5%5%Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Revenue Mix by GeographyAmericasEMEAAPJ 2024 Snowflake Inc.All Rights Reserved27AI Data Cloud MetricsDATA SHARING132%Of Customers1Have at 1 Stable Edge1MARKETPLACE LISTINGS12,5666%Q/Q GrowthNote:All figu

58、res are as of April 30,2024.1.See definitions provided in the Appendix.2024 Snowflake Inc.All Rights ReservedFY22FY23FY24FY25 GuidanceProduct Revenue($M)$1,140$1,939$2,667$3,300Y/Y Product Revenue Growth106%70%38%24%Non-GAAP Product Gross Margin174%75%78%75%Non-GAAP Operating Margin1(3)%5%8%3%Non-GA

59、AP 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 of certain other financial metrics

60、 for historical periods.A reconciliation of non-GAAP guidancemeasures 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.28Fiscal

61、 2025 Guidance 2024 Snowflake Inc.All Rights ReservedAPPENDIX 2024 Snowflake Inc.All Rights Reserved30DefinitionsCustomers 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

62、 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,that has at least one corresponding

63、 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 determining our customer count.Our customer

64、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 customer had at least one stable edge

65、as of April 30,2024.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 consumption results in recognized pro

66、duct 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 comparator period amounts accordingl

67、y.Forbes Global 2000 Customers:Our Forbes Global 2000 customer count is a subset of our customer count based on the 2023 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 acquisitions,consolidations,spin-offs,a

68、nd 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 a single product offering on Snow

69、flake 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 trailing two years from our current p

70、eriod 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 include end-customers under a reseller a

71、rrangement.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 n

72、ot 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 his

73、torical 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 unless one of those customers was

74、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,which are consumed by customers on our platform as a single,integrated offering.Customer

75、s 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

76、-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

77、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

78、 of contracted future revenue that has not yet been recognized,including(i)deferred revenue and(ii)non-cancelable contractedamounts that will be invoiced and recognized as revenue in future periods.RPO excludes performance obligations from on-demand arrangements and certain time and materials contra

79、cts that are billed in arrears.Portions of RPO that arenot 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 of future product revenue growth because it doesnot account

80、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 ofpurchases of additional capacity,average contract terms,seasonality,changes in foreign

81、 currency exchange rates,and the extent to which customers are permitted to roll over unused capacity to future periods,generally upon thepurchase 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 custom

82、er 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.We do n

83、ot 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 activity,and we present our customer count for historical periods re

84、flecting these adjustments.2024 Snowflake Inc.All Rights ReservedNote:Fiscal year ends January 31.Numbers are in thousands,except percentages.Numbers are rounded for presentation purposes.31Product Gross Profit,Sales&Marketing,Research&DevelopmentGAAP to Non-GAAP ReconciliationsQ1 FY23Q1 FY24Q2 FY24

85、Q3 FY24Q4 FY24Q1 FY25FY22FY23FY24Product revenue$394,434$590,072$640,209$698,478$738,090$789,587$1,140,469$1,938,783$2,666,849Professional services and other revenue27,93733,52733,80935,69536,60939,12278,858126,876139,640Revenue$422,371$623,599$674,018$734,173$774,699$828,709$1,219,327$2,065,659$2,8

86、06,489Gross ProfitGAAP product gross profit$283,023$430,694$471,163$518,478$545,314$569,930$792,652$1,391,236$1,965,649GAAP product gross margin72%73%74%74%74%72%70%72%74%Adjustments:Stock-based compensation-related charges13,14118,80019,73819,43420,92827,23549,70561,37978,900Amortization of acquire

87、d intangibles5674,5817,8779,1859,76010,1472,2664,76731,403Non-GAAP product gross profit$296,731$454,075$498,778$547,097$576,002$607,312$844,623$1,457,382$2,075,952Non-GAAP product gross margin75%77%78%78%78%77%74%75%78%Sales&MarketingGAAP S&M expense$243,912$331,558$343,288$355,079$361,822$400,822$7

88、43,965$1,106,507$1,391,747GAAP S&M expense as a%of revenue58%53%51%48%47%48%61%54%50%Adjustments:Stock-based compensation-related charges(57,624)(79,625)(84,822)(78,411)(77,121)(80,621)(215,760)(258,056)(319,979)Amortization of acquired intangibles(2,546)(7,307)(7,553)(7,575)(7,800)(7,630)-(25,207)(

89、30,235)Non-GAAP S&M expense$183,742$244,626$250,913$269,093$276,901$312,571$528,205$823,244$1,041,533Non-GAAP S&M expense as a%of revenue44%39%37%37%36%38%43%39%37%Research&DevelopmentGAAP R&D expense$150,798$277,412$313,996$332,065$364,476$410,794$466,932$788,058$1,287,949GAAP R&D expense as a%of r

90、evenue36%44%47%45%47%50%38%38%46%Adjustments:Stock-based compensation-related charges(75,784)(146,628)(166,258)(169,526)(181,059)(204,041)(248,032)(413,080)(663,471)Amortization of acquired intangibles(1,766)(1,824)(3,254)(3,624)(3,682)(3,600)(3,941)(7,123)(12,384)Non-GAAP R&D expense$73,248$128,960

91、$144,484$158,915$179,735$203,153$214,959$367,855$612,094Non-GAAP R&D expense as a%of revenue17%21%21%21%23%25%18%18%22%2024 Snowflake Inc.All Rights ReservedNote:Fiscal year ends January 31.Numbers are in thousands,except percentages.Numbers are rounded for presentation purposes.32General&Administra

92、tiveGAAP to Non-GAAP ReconciliationsQ1 FY23Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25FY22FY23FY24Product revenue$394,434$590,072$640,209$698,478$738,090$789,587$1,140,469$1,938,783$2,666,849Professional services and other revenue27,93733,52733,80935,69536,60939,12278,858126,876139,640Revenue$422,371$623,59

93、9$674,018$734,173$774,699$828,709$1,219,327$2,065,659$2,806,489General&AdministrativeGAAP G&A expense$68,497$78,453$83,749$78,704$82,102$93,148$265,033$295,821$323,008GAAP G&A expense as a%of revenue16%13%12%11%11%11%22%14%11%Adjustments:Stock-based compensation-related charges(24,943)(27,648)(27,91

94、2)(25,566)(27,816)(34,577)(119,492)(104,160)(108,942)Amortization of acquired intangibles(412)(436)(451)(451)(451)(441)(1,621)(1,731)(1,789)Expenses associated with acquisitions and strategic investments(1,909)(2,629)(4,569)(2,706)(2,811)(982)(574)(9,723)(12,715)Non-GAAP G&A expense$41,233$47,740$50

95、,817$49,981$51,024$57,148$143,346$180,207$199,562Non-GAAP G&A expense as a%of revenue10%8%8%7%7%7%12%9%7%2024 Snowflake Inc.All Rights ReservedNote:Fiscal year ends January 31.Numbers are in thousands,except percentages.Numbers are rounded for presentation purposes.33Total Operating Expenses and Ope

96、rating Income(Loss)GAAP to Non-GAAP ReconciliationsQ1 FY23Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25FY22FY23FY24Product revenue$394,434$590,072$640,209$698,478$738,090$789,587$1,140,469$1,938,783$2,666,849Professional services and other revenue27,93733,52733,80935,69536,60939,12278,858126,876139,640Revenue

97、$422,371$623,599$674,018$734,173$774,699$828,709$1,219,327$2,065,659$2,806,489Total Operating ExpensesGAAP total operating expenses$463,207$687,423$741,033$765,848$808,400$904,764$1,475,930$2,190,386$3,002,704GAAP total operating expenses as a%of revenue110%110%110%104%105%109%121%106%107%Adjustment

98、s:Stock-based compensation-related charges(158,351)(253,901)(278,992)(273,503)(285,996)(319,239)(583,284)(775,296)(1,092,392)Amortization of acquired intangibles(4,724)(9,567)(11,258)(11,650)(11,933)(11,671)(5,562)(34,061)(44,408)Expenses associated with acquisitions and strategic investments(1,909)

99、(2,629)(4,569)(2,706)(2,811)(982)(574)(9,723)(12,715)Non-GAAP total operating expenses$298,223$421,326$446,214$477,989$507,660$572,872$886,510$1,371,306$1,853,189Non-GAAP total operating expenses as a%of revenue71%68%66%65%66%70%73%66%66%Operating Income(Loss)GAAP operating loss$(188,766)$(273,238)$

100、(285,407)$(260,623)$(275,505)$(348,572)$(715,036)$(842,267)$(1,094,773)GAAP operating loss as a%of revenue(45)%(44)%(42)%(35)%(36)%(42)%(59)%(41)%(39)%Adjustments:Stock-based compensation-related charges183,241287,621314,241307,357320,304360,389675,459888,9991,229,523Amortization of acquired intangi

101、bles5,29115,59420,79722,49823,35623,4457,82838,82882,245Expenses associated with acquisitions and strategic investments1,909 2,629 4,569 2,706 2,811 982 574 9,723 12,715 Non-GAAP operating income(loss)$1,675$32,606$54,200$71,938$70,966$36,244$(31,175)$95,283$229,710Non-GAAP operating income(loss)as

102、a%of revenue0%5%8%10%9%4%(3)%5%8%2024 Snowflake Inc.All Rights ReservedNote:Fiscal year ends January 31.Numbers are in thousands,except percentages.Numbers are rounded for presentation purposes.34Net Income(Loss)and Net Income(Loss)Attributable to Snowflake Inc.GAAP to Non-GAAP ReconciliationsQ1 FY2

103、3Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25FY22FY23FY24Product revenue$394,434$590,072$640,209$698,478$738,090$789,587$1,140,469$1,938,783$2,666,849Professional services and other revenue27,93733,52733,80935,69536,60939,12278,858126,876139,640Revenue$422,371$623,599$674,018$734,173$774,699$828,709$1,219,32

104、7$2,065,659$2,806,489Net Income(Loss)GAAP net loss$(165,794)$(226,064)$(227,320)$(214,694)$(169,912)$(317,816)$(679,948)$(797,526)$(837,990)GAAP net loss as a%of revenue(39)%(36)%(34)%(29)%(22)%(38)%(56)%(39)%(30)%Adjustments:Stock-based compensation-related charges183,241287,621314,241307,357320,30

105、4360,389675,459888,9991,229,523Amortization of acquired intangibles5,29115,59420,79722,49823,35623,4457,82838,82882,245Expenses associated with acquisitions and strategic investments1,909 2,629 4,569 2,706 2,811 982 5749,723 12,715 Income tax effect related to the above adjustments and acquisitions(

106、26,162)(25,631)(31,947)(28,136)(49,087)(15,555)(1,827)(50,072)(134,801)Non-GAAP net income(loss)$(1,515)$54,149$80,340$89,731$127,472$51,445$2,086$89,952$351,692Non-GAAP net income as a%of revenue0%9%12%12%16%6%0%4%13%Net Income(Loss)Attributable to Snowflake Inc.GAAP net loss attributable to Snowfl

107、ake Inc.$(165,794)$(225,627)$(226,867)$(214,251)$(169,352)$(316,988)$(679,948)$(796,705)$(836,097)GAAP net loss attributable to Snowflake Inc.as a%of revenue(39)%(36)%(34)%(29)%(22)%(38)%(56)%(39)%(30)%Adjustments:Stock-based compensation-related charges183,241287,621314,241307,357320,304360,389675,

108、459888,9991,229,523Amortization of acquired intangibles5,29115,59420,79722,49823,35623,4457,82838,82882,245Expenses associated with acquisitions and strategic investments1,909 2,629 4,569 2,706 2,811 982 5749,723 12,715 Income tax effect related to the above adjustments and acquisitions(26,162)(25,6

109、31)(31,947)(28,136)(49,087)(15,555)(1,827)(50,072)(134,801)Adjustments attributable to noncontrolling interest,net of tax-(60)(50)(64)(62)(113)-(361)(236)Non-GAAP net income(loss)attributable to Snowflake Inc.$(1,515)$54,526$80,743$90,110$127,970$52,160$2,086$90,412$353,349Non-GAAP net income attrib

110、utable to Snowflake Inc.as a%of revenue0%9%12%12%17%6%0%4%13%2024 Snowflake Inc.All Rights ReservedNote: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 net income,the non-GAAP weighted

111、-average shares used in computing non-GAAP net income per share attributable to Snowflake Imon stockholders-diluted included the effect of all potentially dilutive common stock equivalents(stock options,restricted stock units,and employee stock purchase rights under our 2020 Employee Stock Purchase

112、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 the performance conditions will b

113、e met.These potentially dilutive securities were excluded from the weighted-average shares used in computing non-GAAP net loss per share attributable to Snowflake Imon stockholders-diluted when we were in a non-GAAP net loss position.35Net Income(Loss)Per ShareGAAP to Non-GAAP ReconciliationsQ1 FY23

114、Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25FY22FY23FY24Product revenue$394,434$590,072$640,209$698,478$738,090$789,587$1,140,469$1,938,783$2,666,849Professional services and other revenue27,93733,52733,80935,69536,60939,12278,858126,876139,640Revenue$422,371$623,599$674,018$734,173$774,699$828,709$1,219,327

115、$2,065,659$2,806,489Net Income(Loss)Per Share Attributable to Snowflake Inc.Common Stockholders-Basic and DilutedGAAP net loss per share attributable to Snowflake Imon stockholders-basic and diluted$(0.53)$(0.70)$(0.69)$(0.65)$(0.51)$(0.95)$(2.26)$(2.50)$(2.55)Weighted-average shares used in computi

116、ng GAAP net loss per share attributable to Snowflake Imon stockholders-basic and diluted314,361324,157327,335329,310331,079333,584300,273318,730328,001Non-GAAP net income(loss)per share attributable to Snowflake Imon stockholders-basic$(0.00)$0.17$0.25$0.27$0.39$0.16$0.01$0.28$1.08Weighted-average s

117、hares used in computing non-GAAP net income(loss)per share attributable to Snowflake Imon stockholders-basic314,361324,157327,335329,310331,079333,584300,273318,730328,001Non-GAAP net income(loss)per share attributable to Snowflake Imon stockholders-diluted$(0.00)$0.15$0.22$0.25$0.35$0.14$0.01$0.25$

118、0.98Non-GAAP weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Imon stockholders-diluted1N/A360,309363,033361,667363,757363,314357,395359,144362,064Weighted-average shares used in computing non-GAAP net loss per share attributable to Snowflake Imon sto

119、ckholders-diluted314,361N/AN/AN/AN/AN/AN/AN/AN/A 2024 Snowflake Inc.All Rights ReservedNote:Fiscal year ends January 31.Numbers are in thousands,except percentages.Numbers are rounded for presentation purposes.36Free Cash Flow and Adjusted Free Cash FlowGAAP to Non-GAAP ReconciliationsQ1 FY23Q1 FY24

120、Q2 FY24Q3 FY24Q4 FY24Q1 FY25FY22FY23FY24Product revenue$394,434$590,072$640,209$698,478$738,090$789,587$1,140,469$1,938,783$2,666,849Professional services and other revenue27,93733,52733,80935,69536,60939,12278,858126,876139,640Revenue$422,371$623,599$674,018$734,173$774,699$828,709$1,219,327$2,065,

121、659$2,806,489Non-GAAP Free Cash Flow and Adjusted Free Cash FlowGAAP net cash provided by operating activities$184,613$299,444$83,191$120,907$344,580$355,468$110,179$545,639$848,122GAAP net cash provided by operating activities as a%of revenue44%48%12%16%44%43%9%26%30%Adjustments:Purchases of proper

122、ty and equipment(7,413)(6,970)(6,298)(8,746)(13,072)(16,519)(16,221)(25,128)(35,086)Capitalized internal-use software development costs(4,804)(9,341)(7,874)(9,889)(7,029)(7,404)(12,772)(24,012)(34,133)Non-GAAP free cash flow$172,396$283,133$69,019$102,272$324,479$331,545$81,186$496,499$778,903Non-GA

123、AP free cash flow as a%of revenue41%45%10%14%42%40%7%24%28%Adjustments:Net cash paid on payroll tax-related items on employee stock transactions9,0453,78519,1388,541(182)34,14668,64523,92731,282Non-GAAP adjusted free cash flow$181,441$286,918$88,157$110,813$324,297$365,691$149,831$520,426$810,185Non-GAAP adjusted free cash flow as a%of revenue43%46%13%15%42%44%12%25%29%2024 Snowflake Inc.All Rights ReservedTHANK YOU