10-KPeriod: FY2022

Snowflake Inc. Annual Report, Year Ended Jan 31, 2022

Filed March 30, 2022For Securities:SNOW

Summary

Snowflake Inc. reported strong top-line growth for the fiscal year ended January 31, 2022, with total revenue reaching $1.22 billion, a 106% increase year-over-year. This growth was primarily driven by increased customer consumption of its Data Cloud platform, as indicated by a robust net revenue retention rate of 178%. The company expanded its customer base to 5,944, including a significant number of Fortune 500 and Global 2000 companies. Despite this substantial revenue growth, Snowflake continues to invest heavily in its platform and sales/marketing efforts, resulting in a net loss of $679.9 million for the fiscal year. The company's consumption-based business model, which charges customers for the resources they use, provides flexibility but also leads to less predictable revenue timing compared to traditional subscription models. Snowflake's strategy centers on continued innovation, customer acquisition, expanding usage within the existing customer base, and growing its global footprint. Key investments in research and development are aimed at enhancing its platform's capabilities, particularly in data sharing and supporting diverse data types, to maintain its competitive edge in the rapidly evolving data cloud market.

Financial Highlights

52 data points
Beta

Revenue

$1.22B

62.4% Gross Margin

Net Income

-$679.95M

-55.8% Net Margin

EPS (Diluted)

$-2.26

Total Assets

$6.65B

Cash & Equivalents

$1.09B

Free Cash Flow

$93.96M

Financial Statements
Beta
Revenue$1.22B
Cost of Revenue$458.43M
Gross Profit$760.89M
R&D Expenses$466.93M
Operating Expenses$1.48B
Operating Income-$715.04M
Net Income-$679.95M
EPS (Basic)$-2.26
EPS (Diluted)$-2.26
Shares Outstanding (Basic)300.27M
Shares Outstanding (Diluted)300.27M

Key Highlights

  • 1Revenue grew by 106% year-over-year to $1.22 billion for the fiscal year ended January 31, 2022.
  • 2Total customers increased to 5,944, up from 4,139 in the prior year.
  • 3Net revenue retention rate remained strong at 178% as of January 31, 2022.
  • 4The number of customers with over $1 million in trailing 12-month product revenue more than doubled, from 77 to 184.
  • 5The company reported a net loss of $679.9 million, reflecting significant investments in growth and operations.
  • 6Snowflake's platform is built on a multi-cloud architecture, available across three major public cloud providers.
  • 7The company continues to invest heavily in Research & Development and Sales & Marketing to fuel expansion and innovation.

Frequently Asked Questions

Snowflake reported a significant 106% year-over-year increase in revenue, reaching $1.22 billion for the fiscal year ended January 31, 2022.

The company experienced robust customer growth, ending the fiscal year with 5,944 total customers, an increase from 4,139 customers in the prior year. This includes a growing base of large enterprise clients, with 241 Fortune 500 and 488 Global 2000 customers.

Snowflake maintained a strong net revenue retention rate of 178% as of January 31, 2022. This metric is crucial as it indicates that existing customers are increasing their spending on Snowflake's platform, demonstrating customer satisfaction and the platform's expanding value within their organizations, even before accounting for new customer acquisitions.

No, Snowflake reported a net loss of $679.9 million for the fiscal year ended January 31, 2022. The company is prioritizing significant investments in growth, platform development, and market expansion over short-term profitability.