Snowflake Inc. Files 2024 10-K Report

TL;DR

<b>Snowflake Inc. has filed its 2024 10-K report detailing its fiscal year operations and financial standing.</b>

AI Summary

Snowflake Inc. (SNOW) filed a Annual Report (10-K) with the SEC on March 26, 2024. Snowflake Inc. filed its annual 10-K report for the fiscal year ending January 31, 2024. The filing covers the period from February 1, 2023, to January 31, 2024. The company's principal executive offices are located in Bozeman, MT. Snowflake Inc. was formerly known as Snowflake Computing, Inc., with a name change on April 21, 2015. The filing includes financial data for fiscal years 2021, 2022, 2023, and 2024.

Why It Matters

For investors and stakeholders tracking Snowflake Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Snowflake's financial performance, strategic initiatives, and risk factors for the fiscal year 2024, crucial for investors to assess the company's current health and future prospects. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand Snowflake's revenue streams, profitability, and balance sheet strength, informing investment decisions.

Risk Assessment

Risk Level: medium — Snowflake Inc. shows moderate risk based on this filing. The company operates in the rapidly evolving cloud data warehousing and data sharing market, facing intense competition and technological shifts that could impact its growth and market position.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Snowflake's performance and competitive landscape.

Key Numbers

• 2024-01-31 — Fiscal Year End (The end date of the fiscal year covered by the report.)
• 2024-03-26 — Filing Date (The date the 10-K report was filed.)
• 2015-04-21 — Name Change Date (Date when Snowflake Inc. changed its name from Snowflake Computing, Inc.)

Key Players & Entities

• Snowflake Inc. (company) — Filer of the 10-K report.
• Snowflake Computing, Inc. (company) — Former name of the company.
• Bozeman, MT (location) — Location of the company's principal executive offices.

FAQ

Industry Context

Snowflake operates in the data warehousing and data lake market, a segment of the broader cloud computing industry characterized by rapid innovation and increasing demand for data analytics.

Regulatory Implications

As a public company, Snowflake is subject to SEC regulations, including the requirement to file annual (10-K), quarterly (10-Q), and current (8-K) reports to ensure transparency for investors.

What Investors Should Do

1. Analyze Snowflake's revenue growth and profitability trends from the detailed financial statements.
2. Assess the competitive landscape and potential risks outlined in the 10-K filing.
3. Review management's discussion and analysis for insights into strategic priorities and outlook.

Key Dates

• 2024-01-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-26: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ending January 31, 2024, following previous filings for earlier fiscal years.

Key Financial Figures

• $0.0001 — which registered Class A Common Stock, $0.0001 par value SNOW The New York Stock Excha
• $177.71 — quarter), based on the closing price of $177.71 for shares of the Registrant's Class A
• $1 million — of customers that contributed more than $1 million in trailing 12-month product revenue in
• $2.8 b — , 2024, 2023, and 2022, our revenue was $2.8 billion, $2.1 billion, and $1.2 billion,
• $2.1 b — and 2022, our revenue was $2.8 billion, $2.1 billion, and $1.2 billion, respectively,
• $1.2 b — nue was $2.8 billion, $2.1 billion, and $1.2 billion, respectively, representing year-
• $838.0 m — and 69%, respectively. Our net loss was $838.0 million, $797.5 million, and $679.9 milli
• $797.5 m — ively. Our net loss was $838.0 million, $797.5 million, and $679.9 million for the fisca
• $679.9 million — was $838.0 million, $797.5 million, and $679.9 million for the fiscal years ended January 31,

Filing Documents

• snow-20240131.htm (10-K) — 2668KB
• ex-105snowflakefy2024q4.htm (EX-10.5) — 271KB
• ex-106snowflakefy2024q4.htm (EX-10.6) — 302KB
• ex-1017snowflakefy2024q4.htm (EX-10.17) — 22KB
• ex-211snowflakefy2024q4.htm (EX-21.1) — 19KB
• ex-231snowflakefy2024q4.htm (EX-23.1) — 2KB
• ex-311snowflakefy2024q4.htm (EX-31.1) — 12KB
• ex-312snowflakefy2024q4.htm (EX-31.2) — 12KB
• ex-321snowflakefy2024q4.htm (EX-32.1) — 6KB
• ex-322snowflakefy2024q4.htm (EX-32.2) — 6KB
• ex-971snowflakefy2024q4.htm (EX-97.1) — 45KB
• ex-971snowflakelogo_1.jpg (GRAPHIC) — 12KB
• ex-971snowflakelogo_1b.jpg (GRAPHIC) — 12KB
• ex-971snowflakelogo_2.jpg (GRAPHIC) — 6KB
• ex-971snowflakelogo_2b.jpg (GRAPHIC) — 6KB
• snow-20240131_g1.jpg (GRAPHIC) — 16KB
• snow-20240131_g2.jpg (GRAPHIC) — 411KB
• 0001640147-24-000101.txt (&nbsp;) — 15507KB
• snow-20240131.xsd (EX-101.SCH) — 77KB
• snow-20240131_cal.xml (EX-101.CAL) — 167KB
• snow-20240131_def.xml (EX-101.DEF) — 432KB
• snow-20240131_lab.xml (EX-101.LAB) — 977KB
• snow-20240131_pre.xml (EX-101.PRE) — 744KB
• snow-20240131_htm.xml (XML) — 2436KB

Business

ITEM 1. Business. 7

Risk Factors

ITEM 1A. Risk Factors. 19

Unresolved Staff Comments

ITEM 1B. Unresolved Staff Comments. 46

Cybersecurity

ITEM 1C. Cybersecurity 46

Properties

ITEM 2. Properties. 48

Legal Proceedings

ITEM 3. Legal Proceedings. 48

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures. 48 PART II. 49

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 49

[Reserved]

ITEM 6. [Reserved] 49

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 50

Quantitative and Qualitative Disclosures About Market Risk

ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk. 69

Financial Statements and Supplementary Data

ITEM 8. Financial Statements and Supplementary Data. 71

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

ITEM 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 121

Controls and Procedures

ITEM 9A. Controls and Procedures. 121

Other Information

ITEM 9B. Other Information. 122

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 122 PART III. 123

Directors, Executive Officers and Corporate Governance

ITEM 10. Directors, Executive Officers and Corporate Governance. 123

Executive Compensation

ITEM 11. Executive Compensation. 123

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 123

Certain Relationships and Related Transactions, and Director Independence

ITEM 13. Certain Relationships and Related Transactions, and Director Independence. 123

Principal Accounting Fees and Services

ITEM 14. Principal Accounting Fees and Services. 123 PART IV. 124

Exhibits and Financial Statement Schedules

ITEM 15. Exhibits and Financial Statement Schedules. 124

Form 10–K Summary

ITEM 16. Form 10–K Summary. 125

Signatures

Signatures 126 3 Table of Contents SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act), about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this report, including statements regarding our future results of operations and financial condition, business strategy, and plans and objectives of management for future operations, are forward-looking statements. In some cases, forward-looking statements may be identified by words such as "anticipate," "believe," "continue," "could," "design," "estimate," "target," "expect," "intend," "may," "plan," "potentially," "predict," "project," "should," "will," "would," or the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to, statements concerning the following: our expectations regarding our revenue, expenses, and other operating results, including statements relating to the portion of our remaining performance obligations that we expect to recognize as revenue in future periods; our ability to acquire new customers and successfully retain existing customers; our ability to maintain and increase consumption on our platform; our ability to continue to innovate and make new features generally available to customers, including our development and use of artificial intelligence and machine learning; our ability to achieve or sustain our profitability; future investments in our business, our anticipated capital expenditures, and our estimates regarding our capital requirements; the costs and success of our sales and marketing efforts, and our ability to promote our brand; our growth strategies for, and market acceptance of, our

BUSINESS

ITEM 1. BUSINESS We believe that a cloud computing platform that puts data and AI at its core will offer great benefits to organizations by allowing them to realize the value of the data that powers their businesses. By offering rich primitives for data and applications, we believe that we can create a data connected world where organizations have seamless access to explore, share, and unlock the value of data. To realize this vision, we deliver the Data Cloud, a network where Snowflake customers, partners, developers, data providers, and data consumers can break down data silos and derive value from rapidly growing data sets in secure, governed, and compliant ways. Our platform is the innovative technology that powers the Data Cloud, enabling customers to consolidate data into a single source of truth to drive meaningful insights, apply AI to solve business problems, build data applications, and share data and data products. We provide our platform through a customer-centric, consumption-based business model, only charging customers for the resources they use. Snowflake solves the decades-old problem of data silos and data governance. Leveraging the elasticity and performance of the public cloud, our platform enables customers to unify and query data to support a wide variety of use cases. It also provides frictionless and governed data access so users can securely share data inside and outside of their organizations, generally without copying or moving the underlying data. As a result, customers can blend existing data with new data for broader context, augment data science efforts, and create new monetization streams. Delivered as a service, our platform requires near-zero maintenance, enabling customers to focus on deriving value from their data rather than managing infrastructure. Our cloud-native architecture consists of three independently scalable but logically integrated layers across compute, storage, and cloud services. The compute layer provides d

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