Snowflake Inc. Files Q2 FY25 10-Q Report

TL;DR

Snowflake's Q2 FY25 10-Q is in. Check financials.

AI Summary

Snowflake Inc. filed its 10-Q for the period ending July 31, 2024. The filing covers the second quarter of their fiscal year 2025. Key financial data and business operations for this period are detailed within the report.

Why It Matters

This 10-Q filing provides investors and analysts with the latest financial performance and operational details of Snowflake Inc., crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As a technology company in a competitive market, Snowflake faces inherent risks related to innovation, market adoption, and economic conditions.

Key Players & Entities

• Snowflake Inc. (company) — Filer of the 10-Q report
• 20240731 (date) — End of the reporting period
• 20240829 (date) — Filing date of the report
• 0001640147-24-000207 (other) — Accession number for the filing

FAQ

Key Financial Figures

• $0.0001 — which registered Class A Common Stock, $0.0001 par value SNOW The New York Stock Excha

Filing Documents

• snow-20240731.htm (10-Q) — 2366KB
• ex-101snowflakefy2025q2.htm (EX-10.1) — 22KB
• ex-102snowflakefy2025q2.htm (EX-10.2) — 263KB
• ex-103snowflakefy2025q2.htm (EX-10.3) — 320KB
• ex-311snowflakefy2025q2.htm (EX-31.1) — 12KB
• ex-312snowflakefy2025q2.htm (EX-31.2) — 12KB
• ex-321snowflakefy2025q2.htm (EX-32.1) — 6KB
• ex-322snowflakefy2025q2.htm (EX-32.2) — 6KB
• ex-971snowflakelogo_1a.jpg (GRAPHIC) — 12KB
• ex-971snowflakelogo_2a.jpg (GRAPHIC) — 6KB
• snow-20240731_g1.jpg (GRAPHIC) — 16KB
• 0001640147-24-000207.txt ( ) — 11204KB
• snow-20240731.xsd (EX-101.SCH) — 61KB
• snow-20240731_cal.xml (EX-101.CAL) — 120KB
• snow-20240731_def.xml (EX-101.DEF) — 292KB
• snow-20240731_lab.xml (EX-101.LAB) — 681KB
• snow-20240731_pre.xml (EX-101.PRE) — 496KB
• snow-20240731_htm.xml (XML) — 1796KB

Financial Information

PART I. Financial Information 6

Financial Statements (Unaudited)

ITEM 1. Financial Statements (Unaudited) 6 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Operations 7 Condensed Consolidated Statements of Comprehensive Loss 8 Condensed Consolidated Statements of Stockholders' Equity 9 Condensed Consolidated Statements of Cash Flows 11 Notes to Condensed Consolidated Financial Statements 13

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

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 38

Quantitative and Qualitative Disclosures about Market Risk

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 57

Controls and Procedures

ITEM 4. Controls and Procedures 59

Other Information

PART II. Other Information 60

Legal Proceedings

ITEM 1. Legal Proceedings 60

Risk Factors

ITEM 1A. Risk Factors 60

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 90

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 90

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 90

Other Information

ITEM 5. Other Information 90

Exhibits

ITEM 6. Exhibits 91

Signatures

Signatures 92 2 Table of Contents SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q 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 fact contained in this report, including statements regarding our future results of operations and financial condition, business strategy, capital requirements, market trends, and plans and objectives of management for future operations, are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "anticipate," "believe," "continue," "can," "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, and our customers' adoption and use of such features; 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 effor

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) SNOWFLAKE INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited) July 31, 2024 January 31, 2024 Assets Current assets: Cash and cash equivalents $ 1,282,045 $ 1,762,749 Short-term investments 1,948,462 2,083,499 Accounts receivable, net 431,597 926,902 Deferred commissions, current 86,899 86,096 Prepaid expenses and other current assets 149,085 180,018 Total current assets 3,898,088 5,039,264 Long-term investments 697,406 916,307 Property and equipment, net 264,778 247,464 Operating lease right-of-use assets 272,459 252,128 Goodwill 984,076 975,906 Intangible assets, net 286,538 331,411 Deferred commissions, non-current 177,457 187,093 Other assets 363,084 273,810 Total assets $ 6,943,886 $ 8,223,383 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 134,537 $ 51,721 Accrued expenses and other current liabilities 448,926 446,860 Operating lease liabilities, current 32,843 33,944 Deferred revenue, current 1,848,376 2,198,705 Total current liabilities 2,464,682 2,731,230 Operating lease liabilities, non-current 279,969 254,037 Deferred revenue, non-current 12,280 14,402 Other liabilities 49,367 33,120 Total liabilities 2,806,298 3,032,789 Commitments and contingencies (Note 10) Stockholders' equity: Preferred stock; $ 0.0001 par value per share; 200,000 shares authorized, zero shares issued and outstanding as of each July 31, 2024 and January 31, 2024 — — Common stock; $ 0.0001 par value per share; 2,500,000 Class A shares authorized, 335,620 and 334,453 shares issued and outstanding as of July 31, 2024 and January 31, 2024, respectively (excluding 200 shares held by a wholly-owned subsidiary and treated as treasury stock for accounting purposes as of each July 31, 2024 and January 31, 2024); 185,461 Class B shares authorized, zero shares issued and outstanding as of each July 31, 2024 and January 31, 2024 34 34 Treasury s

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View this 10-Q filing on SEC EDGAR