Snowflake(SNOW) - 2024 Q4 - Annual Results

Revenue Growth and Performance - Product revenue for Q4 fiscal 2024 was $738.1 million, representing 33% year-over-year growth[1][2] - Full-year fiscal 2024 product revenue was $2.67 billion, a 38% year-over-year increase[3] - Revenue for the three months ended January 31, 2024, was $774.7 million, a 32% year-over-year increase from $589.0 million in the same period last year[26] - Year-over-year revenue growth for the twelve months ended January 31, 2024, was 36%, reaching $2.81 billion, compared to $2.07 billion in the previous year[32] - Full-year fiscal 2025 product revenue guidance is $3.25 billion, representing 22% year-over-year growth[7] - Q1 fiscal 2025 product revenue guidance is $745-$750 million, representing 26-27% year-over-year growth[8] Customer Metrics - The company has 461 customers with trailing 12-month product revenue greater than $1 million, a 39% year-over-year increase[1][2] - The company has 691 Forbes Global 2000 customers, an 8% year-over-year increase[1][2] - Snowflake's Data Cloud is used by 691 of the 2023 Forbes Global 2000 companies as of January 31, 2024[24] Financial Obligations and Cash Flow - Remaining performance obligations were $5.2 billion, representing 41% year-over-year growth[1][2] - Remaining Performance Obligations (RPO) represent contracted future revenue not yet recognized, including deferred revenue and non-cancelable contracted amounts, but exclude on-demand arrangements and certain time and materials contracts[20] - Net cash provided by operating activities for Q4 fiscal 2024 was $344.6 million, a 59% year-over-year increase[2] - Non-GAAP adjusted free cash flow for fiscal 2024 was $810 million, up 56% year-over-year[3] - Cash and cash equivalents increased to $1.76 billion as of January 31, 2024, compared to $939.9 million as of January 31, 2023[27] - Deferred revenue, current, increased to $2.20 billion as of January 31, 2024, up from $1.67 billion as of January 31, 2023[27] - Net cash provided by operating activities for the three months ended January 31, 2024, was $344.6 million, up from $217.3 million in the same period last year[29] Profitability and Margins - GAAP cost of revenue for the quarter was $241.8 million, representing 31% of revenue, while non-GAAP cost of revenue was $196.1 million, representing 25% of revenue[35] - GAAP gross profit for the quarter was $532.9 million, representing 69% of revenue, while non-GAAP gross profit was $578.6 million, representing 75% of revenue[38] - GAAP operating loss for the quarter was $275.5 million, representing 36% of revenue, while non-GAAP operating income was $71.0 million, representing 9% of revenue[40] - GAAP net loss for the quarter was $169.9 million, representing 22% of revenue, while non-GAAP net income was $127.5 million, representing 16% of revenue[41] - GAAP free cash flow for the quarter was $344.6 million, representing 44% of revenue, while non-GAAP free cash flow was $324.5 million, representing 42% of revenue[42] - Non-GAAP product gross margin for the quarter was 78%, up from 75% in the same period last year[39] - Non-GAAP operating margin for the quarter was 9%, up from 6% in the same period last year[41] - Non-GAAP adjusted free cash flow margin for the quarter was 42%, up from 37% in the same period last year[42] Expenses and Compensation - Research and development expenses for the three months ended January 31, 2024, were $364.5 million, a significant increase from $242.1 million in the same period last year[26] - Stock-based compensation-related charges for the quarter were $320.3 million, representing 42% of revenue[41] - Amortization of acquired intangibles for the quarter was $23.4 million, representing 3% of revenue[41] Net Loss and Improvements - Net loss for the three months ended January 31, 2024, was $169.9 million, an improvement from a net loss of $207.5 million in the same period last year[26]