Cover
Cover - shares shares in Millions | 3 Months Ended | |
Apr. 30, 2023 | May 12, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-39504 | |
Entity Registrant Name | SNOWFLAKE INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-0636374 | |
Entity Address, Address Line One | Suite 3A | |
Entity Address, Address Line Two | 106 East Babcock Street | |
Entity Address, City or Town | Bozeman | |
Entity Address, State or Province | MT | |
Entity Address, Postal Zip Code | 59715 | |
City Area Code | 844 | |
Local Phone Number | 766-9355 | |
Title of 12(b) Security | Class A Common Stock, $0.0001 par value | |
Trading Symbol | SNOW | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 325.9 | |
Entity Central Index Key | 0001640147 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 653,014 | $ 939,902 |
Short-term investments | 3,292,514 | 3,067,966 |
Accounts receivable, net | 352,993 | 715,821 |
Deferred commissions, current | 69,205 | 67,901 |
Prepaid expenses and other current assets | 201,821 | 193,100 |
Total current assets | 4,569,547 | 4,984,690 |
Long-term investments | 1,090,715 | 1,073,023 |
Property and equipment, net | 176,433 | 160,823 |
Operating lease right-of-use assets | 229,394 | 231,266 |
Goodwill | 711,251 | 657,370 |
Intangible assets, net | 256,419 | 186,013 |
Deferred commissions, non-current | 142,751 | 145,286 |
Other assets | 270,264 | 283,851 |
Total assets | 7,446,774 | 7,722,322 |
Current liabilities: | ||
Accounts payable | 22,221 | 23,672 |
Accrued expenses and other current liabilities | 275,685 | 269,069 |
Operating lease liabilities, current | 29,190 | 27,301 |
Deferred revenue, current | 1,560,445 | 1,673,475 |
Total current liabilities | 1,887,541 | 1,993,517 |
Operating lease liabilities, non-current | 225,653 | 224,357 |
Deferred revenue, non-current | 14,152 | 11,463 |
Other liabilities | 21,443 | 24,370 |
Total liabilities | 2,148,789 | 2,253,707 |
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 April 30, 2023 and January 31, 2023 | 0 | 0 |
Common stock; $0.0001 par value per share; 2,500,000 Class A shares authorized, 326,312 and 323,305 shares issued and outstanding as of April 30, 2023 and January 31, 2023, respectively; 185,461 Class B shares authorized, zero shares issued and outstanding as of each April 30, 2023 and January 31, 2023 | 33 | 32 |
Treasury stock, at cost; 500 and zero shares held as of April 30, 2023 and January 31, 2023, respectively | (68,299) | 0 |
Additional paid-in capital | 8,450,433 | 8,210,750 |
Accumulated other comprehensive loss | (30,828) | (38,272) |
Accumulated deficit | (3,065,096) | (2,716,074) |
Total Snowflake Inc. stockholders’ equity | 5,286,243 | 5,456,436 |
Noncontrolling interest | 11,742 | 12,179 |
Total stockholders’ equity | 5,297,985 | 5,468,615 |
Total liabilities and stockholders’ equity | $ 7,446,774 | $ 7,722,322 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Apr. 30, 2023 | Jan. 31, 2023 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Treasury stock (in shares) | 500,000 | 0 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 2,500,000,000 | 2,500,000,000 |
Common stock, shares issued (in shares) | 326,312,000 | 323,305,000 |
Common stock, shares outstanding (in shares) | 326,312,000 | 323,305,000 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 185,461,000 | 185,461,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 0 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Income Statement [Abstract] | ||
Revenue | $ 623,599 | $ 422,371 |
Cost of revenue | 209,414 | 147,930 |
Gross profit | 414,185 | 274,441 |
Operating expenses: | ||
Sales and marketing | 331,558 | 243,912 |
Research and development | 277,412 | 150,798 |
General and administrative | 78,453 | 68,497 |
Total operating expenses | 687,423 | 463,207 |
Operating loss | (273,238) | (188,766) |
Interest income | 43,131 | 4,759 |
Other expense, net | (2,562) | (8,481) |
Loss before income taxes | (232,669) | (192,488) |
Benefit from income taxes | (6,605) | (26,694) |
Net loss | (226,064) | (165,794) |
Less: net loss attributable to noncontrolling interest | (437) | 0 |
Net loss attributable to Snowflake Inc. | $ (225,627) | $ (165,794) |
Net loss per share attributable to Class A common stockholders- basic (in dollars per share) | $ (0.70) | $ (0.53) |
Net loss per share attributable to Class A common stockholders - diluted (in dollars per share) | $ (0.70) | $ (0.53) |
Weighted-average shares used in computing net loss per share attributable to Class A common stockholders - basic (in shares) | 324,157 | 314,361 |
Weighted-average shares used in computing net loss per share attributable to Class A common stockholders - diluted (in shares) | 324,157 | 314,361 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (226,064) | $ (165,794) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 0 | (1,976) |
Net change in unrealized gains (losses) on available-for-sale debt securities | 7,444 | (28,325) |
Total other comprehensive income (loss) | 7,444 | (30,301) |
Comprehensive loss attributable to Snowflake Inc. | $ (218,620) | $ (196,095) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Total Snowflake Inc. Stockholders’ Equity | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Noncontrolling Interest |
Beginning balance (in shares) at Jan. 31, 2022 | 312,377,000 | |||||||
Beginning balance at Jan. 31, 2022 | $ 5,049,045 | $ 5,049,045 | $ 31 | $ 0 | $ 6,984,669 | $ (16,286) | $ (1,919,369) | $ 0 |
Beginning balance, treasury stock (in shares) at Jan. 31, 2022 | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 2,448,000 | |||||||
Issuance of common stock upon exercise of stock options | 15,130 | 15,130 | $ 1 | 15,129 | ||||
Issuance of common stock under employee stock purchase plan (in shares) | 184,000 | |||||||
Issuance of common stock under employee stock purchase plan | 26,094 | 26,094 | 26,094 | |||||
Issuance of common stock in connection with a business combination (in shares) | 1,840,000 | |||||||
Issuance of common stock in connection with a business combination | 438,916 | 438,916 | 438,916 | |||||
Issuance of common stock in connection with a business combination subject to future vesting (in shares) | 409,000 | |||||||
Vesting of early exercised stock options | 61 | 61 | 61 | |||||
Vesting of restricted stock units (in shares) | 848,000 | |||||||
Shares withheld related to net share settlement of equity awards (in shares) | (292,000) | |||||||
Shares withheld related to net share settlement of equity awards | (54,145) | (54,145) | (54,145) | |||||
Stock-based compensation | 178,988 | 178,988 | 178,988 | |||||
Other comprehensive income | (30,301) | (30,301) | (30,301) | |||||
Net loss | (165,794) | (165,794) | (165,794) | |||||
Ending balance (in shares) at Apr. 30, 2022 | 317,814,000 | |||||||
Ending balance at Apr. 30, 2022 | 5,457,994 | 5,457,994 | $ 32 | $ 0 | 7,589,712 | (46,587) | (2,085,163) | 0 |
Ending balance, treasury stock (in shares) at Apr. 30, 2022 | 0 | |||||||
Beginning balance (in shares) at Jan. 31, 2023 | 323,305,000 | |||||||
Beginning balance at Jan. 31, 2023 | $ 5,468,615 | 5,456,436 | $ 32 | $ 0 | 8,210,750 | (38,272) | (2,716,074) | 12,179 |
Beginning balance, treasury stock (in shares) at Jan. 31, 2023 | 0 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 2,376,000 | 2,376,000 | ||||||
Issuance of common stock upon exercise of stock options | $ 15,333 | 15,333 | $ 1 | 15,332 | ||||
Issuance of common stock under employee stock purchase plan (in shares) | 312,000 | |||||||
Issuance of common stock under employee stock purchase plan | 37,065 | 37,065 | 37,065 | |||||
Vesting of early exercised stock options | 61 | 61 | 61 | |||||
Vesting of restricted stock units (in shares) | 1,862,000 | |||||||
Shares withheld related to net share settlement of equity awards (in shares) | (638,000) | |||||||
Shares withheld related to net share settlement of equity awards | $ (89,003) | (89,003) | (89,003) | |||||
Repurchases of common stock (in shares) | (500,000) | (500,000) | ||||||
Repurchases of common stock as treasury stock | $ (68,299) | (68,299) | $ (68,299) | |||||
Repurchases and retirement of common stock (in shares) | (905,000) | |||||||
Repurchases and retirement of common stock | (123,395) | (123,395) | (123,395) | |||||
Stock-based compensation | 276,228 | 276,228 | 276,228 | |||||
Other comprehensive income | 7,444 | 7,444 | 7,444 | |||||
Net loss | (226,064) | (225,627) | (225,627) | (437) | ||||
Ending balance (in shares) at Apr. 30, 2023 | 326,312,000 | |||||||
Ending balance at Apr. 30, 2023 | $ 5,297,985 | $ 5,286,243 | $ 33 | $ (68,299) | $ 8,450,433 | $ (30,828) | $ (3,065,096) | $ 11,742 |
Ending balance, treasury stock (in shares) at Apr. 30, 2023 | (500,000) | (500,000) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (226,064) | $ (165,794) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 23,163 | 9,941 |
Non-cash operating lease costs | 12,869 | 10,091 |
Amortization of deferred commissions | 17,672 | 13,201 |
Stock-based compensation, net of amounts capitalized | 264,509 | 172,493 |
Net amortization (accretion) of premiums (discounts) on investments | (15,331) | 8,198 |
Net unrealized losses on strategic investments in equity securities | 2,414 | 8,859 |
Deferred income tax | (8,868) | (26,664) |
Other | 9,978 | 1,761 |
Changes in operating assets and liabilities, net of effects of business combinations: | ||
Accounts receivable | 362,893 | 266,656 |
Deferred commissions | (16,440) | (16,718) |
Prepaid expenses and other assets | 5,527 | (57,535) |
Accounts payable | (3,093) | 4,158 |
Accrued expenses and other liabilities | (8,542) | (14,217) |
Operating lease liabilities | (10,763) | (8,376) |
Deferred revenue | (110,480) | (21,441) |
Net cash provided by operating activities | 299,444 | 184,613 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (6,970) | (7,413) |
Capitalized internal-use software development costs | (9,341) | (4,804) |
Cash paid for business combinations, net of cash, cash equivalents, and restricted cash acquired | (123,112) | (177,925) |
Purchases of investments | (1,037,286) | (897,291) |
Sales of investments | 5,652 | 10,974 |
Maturities and redemptions of investments | 808,844 | 886,667 |
Net cash used in investing activities | (362,213) | (189,792) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 15,370 | 15,276 |
Proceeds from issuance of common stock under employee stock purchase plan | 37,065 | 26,094 |
Taxes paid related to net share settlement of equity awards | (84,399) | (53,216) |
Repurchases of common stock | (191,694) | 0 |
Net cash used in financing activities | (223,658) | (11,846) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 535 | (5,098) |
Net decrease in cash, cash equivalents, and restricted cash | (285,892) | (22,123) |
Cash, cash equivalents, and restricted cash—beginning of period | 956,731 | 1,102,534 |
Cash, cash equivalents, and restricted cash—end of period | 670,839 | 1,080,411 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Property and equipment included in accounts payable and accrued expenses | 8,071 | 4,782 |
Stock-based compensation included in capitalized software development costs | 11,719 | 6,291 |
Issuance of common stock in connection with a business combination | 0 | 438,916 |
Unpaid taxes related to net share settlement of equity awards included in accrued expenses and other current liabilities | 4,657 | 928 |
Reconciliation of cash, cash equivalents, and restricted cash: | ||
Cash and cash equivalents | 653,014 | 1,063,401 |
Restricted cash—included in other assets and prepaid expenses and other current assets | 17,825 | 17,010 |
Total cash, cash equivalents, and restricted cash | $ 670,839 | $ 1,080,411 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Apr. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of BusinessSnowflake Inc. (Snowflake or the Company) provides a cloud-based data platform, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data applications, and share data and data products. The Company provides its platform through a customer-centric, consumption-based business model, only charging customers for the resources they use. Through its platform, the Company delivers 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. Snowflake was incorporated in the state of Delaware on July 23, 2012. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Fiscal Year The Company’s fiscal year ends on January 31. For example, references to fiscal 2024 refer to the fiscal year ending January 31, 2024. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2023, which was filed with the SEC on March 29, 2023. In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of April 30, 2023 and the results of operations for the three months ended April 30, 2023 and 2022, and cash flows for the three months ended April 30, 2023 and 2022. The condensed balance sheet as of January 31, 2023 was derived from the audited consolidated financial statements but does not include all disclosures required by GAAP. The results of operations for the three months ended April 30, 2023 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. Principles of Consolidation The condensed consolidated financial statements include the accounts of Snowflake Inc., its wholly-owned subsidiaries, and a majority-owned subsidiary in which the Company has a controlling financial interest. All intercompany transactions and balances have been eliminated in consolidation. The Company records noncontrolling interest in its condensed consolidated financial statements to recognize the minority ownership interest in its majority-owned subsidiary. Profits and losses of the majority-owned subsidiary are attributed to controlling and noncontrolling interests using the hypothetical liquidation at book value method. Segment Information The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. For information regarding the Company’s revenue by geographic area, see Note 3. The following table presents the Company’s long-lived assets, comprising property and equipment, net and operating lease right-of-use assets, by geographic area (in thousands): April 30, 2023 January 31, 2023 United States $ 333,764 $ 329,275 Other (1) 72,063 62,814 Total $ 405,827 $ 392,089 ________________ (1) No individual country outside of the United States accounted for more than 10% of the Company’s long-lived assets as of April 30, 2023 and January 31, 2023. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates include, but are not limited to, stand-alone selling prices (SSP) for each distinct performance obligation, internal-use software development costs, the expected period of benefit for deferred commissions, the fair value of intangible assets acquired in business combinations, the useful lives of long-lived assets, the carrying value of operating lease right-of-use assets, stock-based compensation, accounting for income taxes, and the fair value of investments in marketable and non-marketable securities. The Company bases its estimates on historical experience and also on assumptions that management considers reasonable. These estimates are assessed on a regular basis; however, actual results could differ from these estimates. Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in “Note 2 – Basis of Presentation and Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2023, which was filed with the SEC on March 29, 2023. There have been no significant changes to these policies during the three months ended April 30, 2023. |
Revenue, Accounts Receivable, D
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations | 3 Months Ended |
Apr. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations | Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations Disaggregation of Revenue Revenue consists of the following (in thousands): Three Months Ended April 30, 2023 2022 Product revenue $ 590,072 $ 394,434 Professional services and other revenue 33,527 27,937 Total $ 623,599 $ 422,371 Revenue by geographic area, based on the location of the Company’s customers (or end-customers under reseller arrangements), was as follows (in thousands): Three Months Ended April 30, 2023 2022 Americas: United States $ 482,989 $ 335,925 Other Americas (1) 16,856 9,126 EMEA (1)(2) 94,890 58,018 Asia-Pacific and Japan (1) 28,864 19,302 Total $ 623,599 $ 422,371 ________________ (1) No individual country in these areas represented more than 10% of the Company’s revenue for all periods presented. (2) Includes Europe, the Middle East, and Africa. Accounts Receivable, Net As of April 30, 2023 and January 31, 2023, allowance for credit losses of $2.1 million and $2.2 million was included in the Company’s accounts receivable, net balance, respectively. Significant Customers For purposes of assessing the concentration of credit risk and significant customers, a group of customers under common control or customers that are affiliates of each other are regarded as a single customer. As of April 30, 2023 and January 31, 2023, there were no customers that represented 10% or more of the Company’s accounts receivable, net balance. Additionally, there were no customers that represented 10% or more of the Company’s revenue for each of the three months ended April 30, 2023 and 2022. Deferred Revenue The Company recognized $494.7 million and $339.1 million of revenue for the three months ended April 30, 2023 and 2022, respectively, from the deferred revenue balances as of January 31, 2023 and 2022, respectively. Remaining Performance Obligations Remaining performance obligations (RPO) represent the amount of contracted future revenue that has not yet been recognized, including (i) deferred revenue and (ii) non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. The Company’s RPO excludes performance obligations from on-demand arrangements as there are no minimum purchase commitments associated with these arrangements, and certain time and materials contracts that are billed in arrears. Portions of RPO that are not yet invoiced and are denominated in foreign currencies are revalued into U.S. dollars each period based on the applicable period-end exchange rates. |
Cash Equivalents and Investment
Cash Equivalents and Investments | 3 Months Ended |
Apr. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Cash Equivalents and Investments | Cash Equivalents and Investments The following is a summary of the Company’s cash equivalents, short-term investments, and long-term investments on the condensed consolidated balance sheets (in thousands): April 30, 2023 Amortized Gross Gross Estimated Cash equivalents: Money market funds $ 217,323 $ — $ — $ 217,323 Commercial paper 5,953 — (2) 5,951 Total cash equivalents 223,276 — (2) 223,274 Investments: Corporate notes and bonds 1,904,032 1,374 (17,766) 1,887,640 U.S. government and agency securities 1,132,661 323 (10,498) 1,122,486 Commercial paper 939,214 67 (1,498) 937,783 Certificates of deposit 435,870 117 (667) 435,320 Total investments 4,411,777 1,881 (30,429) 4,383,229 Total cash equivalents and investments $ 4,635,053 $ 1,881 $ (30,431) $ 4,606,503 January 31, 2023 Amortized Gross Gross Estimated Cash equivalents: Money market funds (1) $ 520,138 $ — $ — $ 520,138 Commercial paper 9,305 — (1) 9,304 Corporate notes and bonds 6,902 1 — 6,903 Certificates of deposit 3,045 — (1) 3,044 Total cash equivalents (1) 539,390 1 (2) 539,389 Investments: Corporate notes and bonds 2,124,454 2,096 (23,470) 2,103,080 Commercial paper 883,023 272 (1,947) 881,348 U.S. government and agency securities 715,949 107 (12,220) 703,836 Certificates of deposit 453,557 278 (1,110) 452,725 Total investments 4,176,983 2,753 (38,747) 4,140,989 Total cash equivalents and investments (1) $ 4,716,373 $ 2,754 $ (38,749) $ 4,680,378 ________________ (1) Includes a reclassification of $141.0 million from cash to cash equivalents for the money market funds balance as of January 31, 2023, as presented in the Annual Report on Form 10-K filed with the SEC on March 29, 2023. Such reclassification did not impact the Company’s consolidated balance sheet as of January 31, 2023 or its consolidated statement of cash flows for the fiscal year ended January 31, 2023. The Company included $22.9 million and $19.4 million of interest receivable in prepaid expenses and other current assets on the condensed consolidated balance sheets as of April 30, 2023 and January 31, 2023, respectively. The Company did not recognize an allowance for credit losses against interest receivable as of April 30, 2023 and January 31, 2023 because such potential losses were not material. As of April 30, 2023, the contractual maturities of the Company’s available-for-sale marketable debt securities did not exceed 36 months. The estimated fair values of available-for-sale marketable debt securities, by remaining contractual maturity, are as follows (in thousands): April 30, 2023 Estimated Due within 1 year $ 3,298,465 Due in 1 year to 3 years 1,090,715 Total $ 4,389,180 The following tables show the fair values of, and the gross unrealized losses on, the Company’s available-for-sale marketable debt securities, classified by the length of time that the securities have been in a continuous unrealized loss position and aggregated by investment type, on the condensed consolidated balance sheets (in thousands): April 30, 2023 Less than 12 Months 12 Months or Greater Total Fair Value Gross Fair Value Gross Fair Value Gross Cash equivalents: Commercial paper $ 5,951 $ (2) $ — $ — $ 5,951 $ (2) Total cash equivalents 5,951 (2) — — 5,951 (2) Investments: Corporate notes and bonds 854,692 (5,770) 674,442 (11,996) 1,529,134 (17,766) Commercial paper 872,977 (1,498) — — 872,977 (1,498) U.S. government and agency securities 518,522 (1,987) 269,010 (8,511) 787,532 (10,498) Certificates of deposit 294,143 (667) — — 294,143 (667) Total investments 2,540,334 (9,922) 943,452 (20,507) 3,483,786 (30,429) Total cash equivalents and investments $ 2,546,285 $ (9,924) $ 943,452 $ (20,507) $ 3,489,737 $ (30,431) January 31, 2023 Less than 12 Months 12 Months or Greater Total Fair Value Gross Fair Value Gross Fair Value Gross Cash equivalents: Commercial paper $ 9,304 $ (1) $ — $ — $ 9,304 $ (1) Certificates of deposit 3,044 (1) — — 3,044 (1) Total cash equivalents 12,348 (2) — — 12,348 (2) Investments: Corporate notes and bonds 899,655 (8,521) 736,431 (14,949) 1,636,086 (23,470) U.S. government and agency securities 387,207 (3,157) 232,771 (9,063) 619,978 (12,220) Commercial paper 561,793 (1,947) — — 561,793 (1,947) Certificates of deposit 256,428 (1,110) — — 256,428 (1,110) Total investments 2,105,083 (14,735) 969,202 (24,012) 3,074,285 (38,747) Total cash equivalents and investments $ 2,117,431 $ (14,737) $ 969,202 $ (24,012) $ 3,086,633 $ (38,749) For available-for-sale marketable debt securities with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. The decline in fair value of these securities due to credit related factors was not material as of April 30, 2023 and January 31, 2023. See Note 5 for information regarding the Company’s strategic investments. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The following table presents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of April 30, 2023 (in thousands): Level 1 Level 2 Total Cash equivalents: Money market funds $ 217,323 $ — $ 217,323 Commercial paper — 5,951 5,951 Short-term investments: Corporate notes and bonds — 1,232,949 1,232,949 Commercial paper — 937,783 937,783 U.S. government and agency securities — 686,462 686,462 Certificates of deposit — 435,320 435,320 Long-term investments: Corporate notes and bonds — 654,691 654,691 U.S. government and agency securities — 436,024 436,024 Total $ 217,323 $ 4,389,180 $ 4,606,503 The following table presents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of January 31, 2023 (in thousands): Level 1 Level 2 Total Cash equivalents: Money market funds (1) $ 520,138 $ — $ 520,138 Commercial paper — 9,304 9,304 Corporate notes and bonds — 6,903 6,903 Certificates of deposit — 3,044 3,044 Short-term investments: Corporate notes and bonds — 1,301,296 1,301,296 Commercial paper — 881,348 881,348 Certificates of deposit — 445,194 445,194 U.S. government and agency securities — 440,128 440,128 Long-term investments: Corporate notes and bonds — 801,784 801,784 U.S. government and agency securities — 263,708 263,708 Certificates of deposit — 7,531 7,531 Total (1) $ 520,138 $ 4,160,240 $ 4,680,378 ________________ (1) Includes a reclassification of $141.0 million from cash to cash equivalents for the money market funds balance as of January 31, 2023, as presented in the Annual Report on Form 10-K filed with the SEC on March 29, 2023. Such reclassification did not impact the Company’s consolidated balance sheet as of January 31, 2023 or its consolidated statement of cash flows for the fiscal year ended January 31, 2023. The Company determines the fair value of its security holdings based on pricing from the Company’s service providers and market prices from industry-standard independent data providers. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs), such as yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures. Strategic Investments The tables above do not include the Company’s strategic investments, which consist primarily of (i) non-marketable equity securities recorded at cost minus impairment, if any, and adjusted for observable transactions for the same or similar investments of the same issuer (referred to as the Measurement Alternative), and (ii) marketable equity securities. The Company’s non-marketable equity securities accounted for using the Measurement Alternative are recorded at fair value on a non-recurring basis and classified within Level 3 of the fair value hierarchy because significant unobservable inputs or data in an inactive market are used in estimating their fair value. The estimation of fair value for these assets requires the use of an observable transaction price or other unobservable inputs, including the volatility, rights, and obligations of the securities the Company holds. The Company’s marketable equity securities are recorded at fair value on a recurring basis and classified within Level 1 of the fair value hierarchy because they are valued using the quoted market price. The following table presents the Company’s strategic investments by type (in thousands): April 30, 2023 January 31, 2023 Equity securities: Non-marketable equity securities under Measurement Alternative $ 176,498 $ 174,248 Non-marketable equity securities under equity method 5,104 5,066 Marketable equity securities 19,708 22,122 Debt securities: Non-marketable debt securities 1,500 1,500 Total strategic investments—included in other assets $ 202,810 $ 202,936 The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s strategic investments in equity securities held as of April 30, 2023 (in thousands): Three Months Ended April 30, 2023 2022 Marketable equity securities: Net unrealized losses $ (2,414) $ (8,859) Total—included in other expense, net $ (2,414) $ (8,859) No upward or downward adjustments, or impairments, were recorded related to non-marketable equity securities accounted for using the Measurement Alternative for each of the three months ended April 30, 2023 and 2022. The cumulative upward adjustments and the cumulative impairments to the carrying value of these securities held by the Company as of April 30, 2023 were $37.1 million and $38.0 million, respectively. No realized gains or losses were recognized on the Company’s strategic investments in equity securities during any of periods presented. |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Apr. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): April 30, 2023 January 31, 2023 Leasehold improvements $ 60,546 $ 59,872 Computers, equipment, and software 21,365 20,050 Furniture and fixtures 15,199 14,800 Capitalized internal-use software development costs 50,082 44,059 Construction in progress—capitalized internal-use software development costs 69,516 61,575 Construction in progress—other 13,987 7,313 Total property and equipment, gross 230,695 207,669 Less: accumulated depreciation and amortization (1) (54,262) (46,846) Total property and equipment, net $ 176,433 $ 160,823 ________________ (1) Includes $23.3 million and $19.9 million of accumulated amortization related to capitalized internal-use software development costs as of April 30, 2023 and January 31, 2023, respectively. Depreciation and amortization expense was $7.6 million and $4.6 million for the three months ended April 30, 2023 and 2022, respectively. Included in these amounts were the amortization of capitalized internal-use software development costs of $3.5 million and $1.5 million for the three months ended April 30, 2023 and 2022, respectively. During the three months ended April 30, 2023, the Company recognized impairment charges of $7.1 million related to its capitalized internal-use software development costs previously included in construction in-progress that were no longer probable of being completed. Such impairment charges were recorded as research and development expenses on the condensed consolidated statements of operations. No impairment charge was recognized during the three months ended April 30, 2022. |
Business Combinations
Business Combinations | 3 Months Ended |
Apr. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations Fiscal 2024 Mountain US Corporation (formerly known as Mobilize.Net Corporation) On February 10, 2023, the Company acquired all outstanding stock of Mountain US Corporation (formerly known as Mobilize.Net Corporation) (Mountain), a privately-held company which provides a premier suite of tools for efficiently migrating databases to the Data Cloud, for preliminary consideration of $76.3 million in cash. The Company acquired Mountain primarily for its talent and developed technology. The Company has accounted for this transaction as a business combination. The following table summarizes the preliminary allocation of purchase consideration to assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition: Estimated Fair Value Estimated Useful Life Cash and cash equivalents $ 11,594 Goodwill 45,450 Developed technology intangible asset 33,000 5 Other net tangible liabilities (6,669) Deferred tax liabilities, net (1) (7,114) Total $ 76,261 ________________ (1) Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets. The fair value of the developed technology intangible asset was estimated using the replacement cost method, which utilizes assumptions for the cost to replace it, such as time and resources required, as well as a theoretical profit margin and opportunity cost. The excess of purchase consideration over the preliminary fair value of identifiable net assets acquired was recorded as goodwill, which is not deductible for income tax purposes. The Company believes the goodwill balance associated with this business combination represents the synergies expected from strengthening enablement capabilities and the acceleration of legacy migrations to the Data Cloud, as well as expanding the Company’s professional services footprint. LeapYear Technologies, Inc. On February 10, 2023, the Company acquired all outstanding stock of LeapYear Technologies, Inc. (LeapYear), a privately-held company which provides a differential privacy platform, for preliminary consideration of $62.0 million in cash. The Company acquired LeapYear primarily for its talent and developed technology. The Company has accounted for this transaction as a business combination. The following table summarizes the preliminary allocation of purchase consideration to assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition: Estimated Fair Value Estimated Useful Life Cash, cash equivalents, and restricted cash $ 3,563 Goodwill 8,431 Developed technology intangible asset 53,000 5 Other net tangible liabilities (1,434) Deferred tax liabilities, net (1) (1,552) Total $ 62,008 ________________ (1) Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets. The fair value of the developed technology intangible asset was estimated using the replacement cost method, which utilizes assumptions for the cost to replace it, such as time and resources required, as well as a theoretical profit margin and opportunity cost. The excess of purchase consideration over the preliminary fair value of identifiable net assets acquired was recorded as goodwill, which is not deductible for income tax purposes. The Company believes the goodwill balance associated with this business combination represents the synergies expected from expanded market opportunities when integrating the acquired developed technologies with the Company’s offerings. Acquisition-related costs associated with the Company’s fiscal 2024 business combinations, recorded as general and administrative expenses, were not material for the three months ended April 30, 2023. From the date of acquisitions through April 30, 2023, revenue attributable to Mountain and LeapYear, included in the Company’s condensed consolidated statements of operations for the three months ended April 30, 2023, was not material. It was impracticable to determine the effect on the Company's net loss attributable to Mountain and LeapYear as these operations have been integrated into the Company's ongoing operations since the date of acquisitions. Pro forma financial information has not been presented as the effects of the Mountain and LeapYear business combinations were not material to the Company’s condensed consolidated financial statements. Fiscal 2023 Streamlit, Inc. On March 31, 2022, the Company acquired all outstanding stock of Streamlit, Inc. (Streamlit), a privately-held company which provides an open-source framework for creating and deploying data applications. The Company acquired Streamlit primarily for its talent and developer community. The Company has accounted for this transaction as a business combination. The acquisition date fair value of the purchase consideration was $650.8 million, which was comprised of the following (in thousands): Estimated Fair Value Cash $ 211,839 Common stock (1) 438,916 Total $ 650,755 ________________ (1) Approximately 1.9 million shares of the Company’s Class A common stock were included in the purchase consideration and the fair values of these shares were determined based on the closing market price of $229.13 per share on the acquisition date. In addition, in connection with this business combination, the Company issued to Streamlit’s three founders a total of 0.4 million shares of the Company’s Class A common stock in exchange for a portion of their Streamlit stock. These shares are subject to vesting agreements pursuant to which the shares will vest over three years, subject to each founder’s continued employment with the Company or its affiliates. The $93.7 million fair value of these shares are accounted for as post-combination stock-based compensation over the requisite service period of three years. See Note 11 for further discussion. The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective estimated fair values. The allocation of purchase consideration, inclusive of measurement period adjustments, was as follows: Estimated Fair Value Estimated Useful Life Cash and cash equivalents $ 33,914 Goodwill 494,411 Developer community intangible asset 150,000 5 Other net tangible liabilities (659) Deferred tax liabilities, net (1) (26,911) Total $ 650,755 ________________ (1) Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets. The fair value of the developer community intangible asset was estimated using the replacement cost method which utilizes assumptions for the cost to replace it, such as time and resources required, as well as a theoretical profit margin and opportunity cost. The excess of purchase consideration over the fair value of identifiable net assets acquired was recorded as goodwill, which is not deductible for income tax purposes. The Company believes the goodwill balance associated with this business combination represents the synergies expected from expanded market opportunities when integrating the acquired developed technologies with the Company’s offerings. Acquisition-related costs of $1.9 million associated with this business combination were recorded as general and administrative expenses during the three months ended April 30, 2022. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information summarizes the combined results of operations of the Company and Streamlit, as if Streamlit had been acquired as of February 1, 2021 (in thousands): Pro Forma Three Months Ended April 30, 2022 (unaudited) Revenue $ 422,393 Net loss $ (214,159) The pro forma financial information presented above has been calculated after adjusting the results of operations of Streamlit to reflect certain business combination effects, including the amortization of the acquired intangible asset, stock-based compensation, income tax impact, and acquisition-related costs incurred by both the Company and Streamlit as though this business combination occurred as of February 1, 2021, the beginning of the Company’s fiscal 2022. The historical condensed consolidated financial information has been adjusted in the pro forma combined financial results to give effect to pro forma events that are directly attributable to the business combination, reasonably estimable, and factually supportable. The pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved if this business combination had taken place as of February 1, 2021. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 3 Months Ended |
Apr. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets, Net Intangible assets, net consisted of the following (in thousands): April 30, 2023 Gross Accumulated Amortization Net Finite-lived intangible assets: Developer community $ 150,000 $ (32,513) $ 117,487 Developed technology 134,332 (15,732) 118,600 Assembled workforce 28,252 (12,762) 15,490 Patents 8,874 (4,858) 4,016 Other 47 (47) — Total finite-lived intangible assets $ 321,505 $ (65,912) $ 255,593 Indefinite-lived intangible assets—trademarks 826 Total intangible assets, net $ 256,419 January 31, 2023 Gross Accumulated Amortization Net Finite-lived intangible assets: Developer community $ 150,000 $ (25,206) $ 124,794 Developed technology 48,332 (9,608) 38,724 Assembled workforce 28,252 (11,036) 17,216 Patents 8,874 (4,421) 4,453 Other 47 (47) — Total finite-lived intangible assets $ 235,505 $ (50,318) $ 185,187 Indefinite-lived intangible assets—trademarks 826 Total intangible assets, net $ 186,013 Amortization expense of intangible assets was $15.6 million and $5.3 million for the three months ended April 30, 2023 and 2022, respectively. As of April 30, 2023, future amortization expense is expected to be as follows (in thousands): Amount Fiscal Year Ending January 31, Remainder of 2024 $ 49,673 2025 65,018 2026 58,840 2027 54,687 2028 26,951 Thereafter 424 Total $ 255,593 Goodwill Changes in goodwill were as follows (in thousands): Amount Balance—January 31, 2023 $ 657,370 Additions 53,881 Balance—April 30, 2023 $ 711,251 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Apr. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): April 30, 2023 January 31, 2023 Accrued compensation $ 112,538 $ 123,173 Liabilities associated with sales, marketing and business development programs 49,041 23,444 Accrued third-party cloud infrastructure expenses 30,722 26,535 Accrued taxes 16,037 20,003 Accrued professional services 11,576 11,776 Employee contributions under employee stock purchase plan 10,401 36,648 Accrued purchases of property and equipment 4,218 3,876 Other 41,152 23,614 Total accrued expenses and other current liabilities $ 275,685 $ 269,069 |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Apr. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases —The Company leases its facilities for office space under non-cancelable operating leases with various expiration dates through fiscal 2035. Certain lease agreements include options to renew or terminate the lease, which are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments. In addition, the Company subleases certain of its unoccupied facilities to third parties with various expiration dates through fiscal 2030. Such subleases have all been classified as operating leases. Sublease income is recorded as a reduction to the Company’s operating lease costs. Sublease income was $3.1 million and $3.4 million for the three months ended April 30, 2023 and 2022, respectively. As of April 30, 2023, the Company had committed $37.0 million to a lease signed but not yet commenced. This lease will commence in fiscal 2024, with a lease term of 8.5 years that includes an early termination option. Other Contractual Commitments —Other contractual commitments relate mainly to third-party cloud infrastructure agreements and subscription arrangements used to facilitate the Company’s operations at the enterprise level. There were no material contractual obligations that were entered into during the three months ended April 30, 2023 that were outside the ordinary course of business. 401(k) Plan —The Company sponsors a 401(k) defined contribution plan covering all eligible U.S. employees. Contributions to the 401(k) plan are discretionary. The Company did not make any matching contributions to the 401(k) plan for each of the three months ended April 30, 2023 and 2022. Legal Matters —The Company is involved from time to time in various claims and legal actions arising in the ordinary course of business. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company believes that none of its current legal proceedings will have a material adverse effect on its financial position, results of operations, or cash flows. Letters of Credit —As of April 30, 2023, the Company had a total of $17.8 million in cash collateralized letters of credit outstanding, substantially in favor of certain landlords for the Company’s leased facilities. These letters of credit renew annually and expire at various dates through fiscal 2033. Indemnification —The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, including business partners, investors, contractors, customers, and the Company’s officers, non-employee directors, and certain other employees. The Company has agreed to indemnify and defend the indemnified party for claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party claims due to the Company’s activities or non-compliance with certain representations and warranties made by the Company. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. For each of the three months ended April 30, 2023 and 2022, losses recorded in the condensed consolidated statements of operations in connection with the indemnification provisions were not material. |
Equity
Equity | 3 Months Ended |
Apr. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity | Equity Common Stock —The Company had reserved shares of common stock for future issuance as follows (in thousands): April 30, 2023 January 31, 2023 2012 Equity Incentive Plan: Options outstanding 32,786 35,212 Restricted stock units outstanding 2,048 2,521 2020 Equity Incentive Plan: Options outstanding 642 642 Restricted stock units outstanding 18,496 13,039 Shares available for future grants 62,996 52,989 2020 Employee Stock Purchase Plan: Shares available for future grants 13,967 11,046 Total shares of common stock reserved for future issuance 130,935 115,449 Stock Repurchase Program and Treasury Stock —In February 2023, the Company’s board of directors authorized a stock repurchase program of up to $2.0 billion of its outstanding common stock. Repurchases may be effected, from time to time, either on the open market (including via pre-set trading plans), in privately negotiated transactions, or through other transactions in accordance with applicable securities laws. The program is funded using the Company’s working capital and will expire in March 2025. The timing and amount of any repurchases will be determined by management based on an evaluation of market conditions and other factors. The program does not obligate the Company to acquire any particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. The following table summarizes the stock repurchase activity under the Company’s stock repurchase program (in thousands, except per share data): Three Months Ended April 30, 2023 Number of shares repurchased 1,405 Weighted-average price per share (1) $ 136.39 Aggregate purchase price (1) $ 191,694 ________________ (1) Includes transaction costs associated with the repurchases. As of April 30, 2023, $1.8 billion remained available for future stock repurchases under the stock repurchase program. The first 0.5 million shares repurchased during the three months ended April 30, 2023 were recorded in treasury stock as a reduction to the stockholders’ equity on the condensed consolidated balance sheets. All subsequent repurchases of common stock were retired. Upon retirement, the par value of the common stock repurchased was deducted from common stock and any excess of repurchase price (including associated transaction costs) over par value was recorded entirely to retained earnings (accumulated deficit) on the condensed consolidated balance sheets. Equity Incentive Plans —The Company’s 2020 Equity Incentive Plan (2020 Plan), which became effective in connection with its Initial Public Offering (IPO), provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards (RSUs), performance awards and other forms of equity compensation (collectively, equity awards). All shares that remain available for future grants are under the 2020 Plan. The Company’s 2012 Equity Incentive Plan (2012 Plan) provided for the grant of equity awards to employees, non-employee directors, and other service providers of the Company. The 2012 Plan was terminated in September 2020 in connection with the IPO but continues to govern the terms of outstanding awards that were granted prior to the termination of the 2012 Plan. Upon the expiration, forfeiture, cancellation, or reacquisition of any shares of common stock underlying outstanding equity awards granted under the 2012 Plan, an equal number of shares of Class A common stock will become available for grant under the 2020 Plan. No further equity awards will be granted under the 2012 Plan. The Company’s 2020 Employee Stock Purchase Plan (2020 ESPP), which became effective in connection with the IPO, authorizes the issuance of shares of common stock pursuant to purchase rights granted to employees. Offering periods are generally six months long and begin on March 15 and September 15 of each year, except for the first two offering periods. The initial offering period began on September 15, 2020 and ended on February 26, 2021. The second offering period began on March 1, 2021 and ended on September 14, 2021. On February 1, 2023, the shares available for grant under the 2020 Plan and the 2020 ESPP were automatically increased by 16.2 million shares and 3.2 million shares, respectively, pursuant to the annual evergreen increase provisions under the 2020 Plan and the 2020 ESPP. Stock Options —Stock options granted under the 2012 Plan and the 2020 Plan (collectively, the Plans) generally vest based on continued service over four years and expire ten years from the date of grant. Certain stock options granted under the 2012 Plan are exercisable at any time following the date of grant and expire ten years from the date of grant. A summary of stock option activity and activity regarding shares available for grant under the Plans during the three months ended April 30, 2023 is as follows: Shares Number of Options Outstanding Weighted- Weighted-Average Remaining Contractual Life Aggregate Balance—January 31, 2023 52,989 35,854 $ 11.27 5.9 $ 5,237,549 Shares authorized 16,165 — Options exercised — (2,376) $ 6.45 Options canceled 50 (50) $ 5.38 RSUs granted (7,318) — Shares withheld related to net share settlement of RSUs 638 — RSUs forfeited 472 — Balance—April 30, 2023 62,996 33,428 $ 11.63 5.7 $ 4,599,537 Vested and exercisable as of April 30, 2023 30,487 $ 8.69 5.6 $ 4,259,886 No options were granted during the three months ended April 30, 2023. The weighted-average grant-date fair value of options granted during the three months ended April 30, 2022 was $101.66 per share. The intrinsic value of options exercised in the three months ended April 30, 2023 and 2022 was $321.7 million and $509.9 million, respectively. The aggregate grant-date fair value of options that vested during the three months ended April 30, 2023 and 2022 was $16.5 million and $19.9 million, respectively. RSUs —RSUs granted under the 2012 Plan had both service-based and performance-based vesting conditions, of which the performance-based vesting condition was satisfied upon the effectiveness of the IPO in September 2020. The service-based vesting condition for these awards is typically satisfied over four years with a cliff vesting period of one year and continued vesting quarterly thereafter. Stock-based compensation associated with RSUs granted under the 2012 Plan was recognized using an accelerated attribution method from the time it was deemed probable that the vesting condition was met through the time the service-based vesting condition had been achieved. RSUs granted under the 2020 Plan generally only contain the service-based vesting condition as described above, and the related stock-based compensation for such RSUs is recognized on a straight-line basis over the requisite service period. During the three months ended April 30, 2023, the Company granted, under the 2020 Plan, RSUs that have both service-based and performance-based vesting conditions (PRSUs) to its executive officers and certain other members of its senior leadership team. The service-based vesting condition for these PRSUs is satisfied over four years with a cliff vesting period of one year and continued vesting quarterly thereafter. The performance-based vesting condition is satisfied upon the achievement of certain Company annual performance targets set by the compensation committee of the board of directors of the Company. The ultimate number of PRSUs earned and eligible to vest ranges between 0% to 120% of the target number of PRSUs granted based on the weighted-average achievement of such Company annual performance metrics for the fiscal year ending January 31, 2024. Stock-based compensation associated with these PRSUs is recognized using an accelerated attribution method over the requisite service period, based on the probability of the performance condition being satisfied, which is assessed periodically by the Company. For the three months ended April 30, 2023, the Company recognized stock-based compensation of $3.9 million associated with these PRSUs. A summary of RSU activity, inclusive of PRSU activity, during the three months ended April 30, 2023 is as follows: Number of Shares Weighted-Average Grant Date Unvested Balance—January 31, 2023 15,560 $ 181.17 Granted (1) 7,318 $ 143.56 Vested (1,862) $ 188.47 Forfeited (472) $ 179.39 Unvested Balance—April 30, 2023 20,544 $ 167.15 ________________ (1) Includes 0.5 million PRSUs granted at 120% of the target number of PRSUs, which represents the maximum number of PRSUs that may be earned and eligible to vest with respect to these awards over their full term. Restricted Common Stock —Restricted common stock is not deemed to be outstanding for accounting purposes until it vests. As discussed in Note 7, during the three months ended April 30, 2022, in connection with the Streamlit business combination, the Company issued to Streamlit’s three founders a total of 0.4 million shares of the Company’s common stock outside of the Plans in exchange for a portion of their Streamlit stock. These shares are subject to vesting agreements pursuant to which the shares will vest over three years, subject to each founder’s continued employment with the Company or its affiliates. The $93.7 million fair value of these shares are accounted for as post-combination stock-based compensation over the requisite service period of three years. As of April 30, 2023, 0.3 million shares remained unvested. A summary of restricted common stock activity during the three months ended April 30, 2023 is as follows: Outside of the Plans Number of Shares Weighted-Average Grant Date Unvested Balance—January 31, 2023 428 $ 219.26 Vested (142) $ 199.28 Unvested Balance—April 30, 2023 286 $ 229.13 Stock-Based Compensation — The following table summarizes the assumptions used in estimating the fair value of stock options granted to employees during the three months ended April 30, 2022: Three Months Ended April 30, 2022 Expected term (in years) 6.0 Expected volatility 50.0 % Risk-free interest rate 1.8 % Expected dividend yield — % No stock options were granted during the three months ended April 30, 2023. Expected term —For stock options considered to be “plain vanilla” options, the Company estimates the expected term based on the simplified method, which is essentially the weighted average of the vesting period and contractual term, as the Company’s historical option exercise experience does not provide a reasonable basis upon which to estimate the expected term. Expected volatility —The Company uses the average volatility of its Class A common stock and the stocks of a peer group of representative public companies to develop an expected volatility assumption. Risk-free interest rate —Risk-free rate is estimated based upon quoted market yields for the United States Treasury debt securities for a term consistent with the expected life of the awards in effect at the time of grant. Expected dividend yield —Because the Company has never paid and has no intention to pay cash dividends on common stock, the expected dividend yield is zero. Fair value of underlying common stock —Since the completion of the IPO, the fair value of the Company’s common stock is determined by the closing price, on the date of grant, of its common stock, which is traded on the New York Stock Exchange. The following table summarizes the assumptions used in estimating the fair value of employee stock purchase rights granted under the 2020 ESPP during the three months ended April 30, 2023 and 2022: Three Months Ended April 30, 2023 2022 Expected term (in years) 0.5 0.5 Expected volatility 71.3 % 58.9 % Risk-free interest rate 4.7 % 0.9 % Expected dividend yield — % — % Stock-based compensation included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended April 30, 2023 2022 Cost of revenue $ 30,462 $ 22,635 Sales and marketing 72,295 52,469 Research and development 136,417 73,593 General and administrative 25,335 23,796 Stock-based compensation, net of amounts capitalized 264,509 172,493 Capitalized stock-based compensation 11,719 6,495 Total stock-based compensation $ 276,228 $ 178,988 As of April 30, 2023, total compensation cost related to unvested stock-based awards not yet recognized was $3.1 billion, which will be recognized over a weighted-average period of 3.1 years. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company computes its tax provision for interim periods by applying the estimated annual effective tax rate to year-to-date pre-tax income from recurring operations and adjusting for discrete tax items arising in that quarter. The Company had an effective tax rate of 2.8% and 13.9% for the three months ended April 30, 2023 and 2022, respectively. The Company has incurred U.S. operating losses and has minimal profits in foreign jurisdictions. The Company has evaluated all available evidence, both positive and negative, including historical levels of income and expectations and risks associated with estimates of future taxable income, and has determined that it is more likely than not that its net deferred tax assets will not be realized in the United States and the United Kingdom. Due to uncertainties surrounding the realization of the deferred tax assets, the Company maintains a full valuation allowance against its net deferred tax assets. The Company is subject to income taxes in the United States and numerous foreign jurisdictions. As of April 30, 2023, tax years 2012 and forward generally remain open for examination for U.S. federal and state tax purposes, and tax years 2017 and forward generally remain open for examination for foreign tax purposes. The Company has applied ASC 740 and determined that it has uncertain tax positions giving rise to unrecognized tax benefits for each of the three months ended April 30, 2023 and 2022. The Company’s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. The Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months. None of the unrecognized tax benefits are currently expected to impact the Company’s effective tax rate, if realized, as a result of the full valuation allowance. On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the Inflation Act) into law. The Inflation Act contains certain tax measures, including a corporate alternative minimum tax of 15% on some large corporations and an excise tax of 1% on stock repurchases. For the three months ended April 30, 2023, the Inflation Act had no material impact to the Company, including its stock repurchase program. The Company is continuing to evaluate the various provisions of the Inflation Act and does not anticipate the impact, if any, will be material to the Company. |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Apr. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per ShareBasic and diluted net loss per share attributable to Snowflake Inc. Class A common stockholders is computed in conformity with the two-class method required for participating securities. The Company considers unvested common stock to be participating securities, as the holders of such stock have the right to receive nonforfeitable dividends on a pari passu basis in the event that a dividend is declared on common stock. Basic net loss per share attributable to Snowflake Inc. Class A common stockholders is computed by dividing net loss attributable to Snowflake Inc. Class A common stockholders by the weighted-average number of shares of Snowflake Inc. Class A common stock outstanding during the period. Diluted net loss per share attributable to Snowflake Inc. Class A common stockholders is computed by giving effect to all potentially dilutive Snowflake Inc. Class A common stock equivalents to the extent they are dilutive. For purposes of this calculation, stock options, RSUs, restricted common stock, early exercised stock options, and employee stock purchase rights under the 2020 ESPP are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to Snowflake Inc. Class A common stockholders as their effect is anti-dilutive for all periods presented. The following table presents the calculation of basic and diluted net loss per share attributable to Snowflake Inc. Class A common stockholders (in thousands, except per share data): Three Months Ended April 30, 2023 2022 Numerator: Net loss $ (226,064) $ (165,794) Less: net loss attributable to noncontrolling interest (437) — Net loss attributable to Snowflake Inc. Class A common stockholders $ (225,627) $ (165,794) Denominator: Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted 324,157 314,361 Net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted $ (0.70) $ (0.53) The following potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to Snowflake Inc. Class A common stockholders for the periods presented because the impact of including them would have been anti-dilutive (in thousands): Three Months Ended April 30, 2023 2022 Stock options 33,428 39,837 RSUs 20,544 14,200 Unvested restricted common stock and early exercised stock options 298 738 Employee stock purchase rights under the 2020 ESPP 80 46 Total 54,350 54,821 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Apr. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventOn May 26, 2023, the Company acquired all outstanding stock of Neeva Inc., a privately-held company which provides search technology powered by language models, for approximately $150 million in cash, subject to customary purchase price adjustments. The Company is currently evaluating the purchase price allocation for this transaction. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 30, 2023 | |
Accounting Policies [Abstract] | |
Fiscal Year | Fiscal Year The Company’s fiscal year ends on January 31. For example, references to fiscal 2024 refer to the fiscal year ending January 31, 2024. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2023, which was filed with the SEC on March 29, 2023. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of Snowflake Inc., its wholly-owned subsidiaries, and a majority-owned subsidiary in which the Company has a controlling financial interest. All intercompany transactions and balances have been eliminated in consolidation. The Company records noncontrolling interest in its condensed consolidated financial statements to recognize the minority ownership interest in its majority-owned subsidiary. Profits and losses of the majority-owned subsidiary are attributed to controlling and noncontrolling interests using the hypothetical liquidation at book value method. |
Segment Information | Segment InformationThe Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates include, but are not limited to, stand-alone selling prices (SSP) for each distinct performance obligation, internal-use software development costs, the expected period of benefit for deferred commissions, the fair value of intangible assets acquired in business combinations, the useful lives of long-lived assets, the carrying value of operating lease right-of-use assets, stock-based compensation, accounting for income taxes, and the fair value of investments in marketable and non-marketable securities. |
Remaining Performance Obligations | Remaining performance obligations (RPO) represent the amount of contracted future revenue that has not yet been recognized, including (i) deferred revenue and (ii) non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. The Company’s RPO excludes performance obligations from on-demand arrangements as there are no minimum purchase commitments associated with these arrangements, and certain time and materials contracts that are billed in arrears. Portions of RPO that are not yet invoiced and are denominated in foreign currencies are revalued into U.S. dollars each period based on the applicable period-end exchange rates. |
Fair Value of Financial Instruments | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. |
Strategic Investments | Strategic Investments The tables above do not include the Company’s strategic investments, which consist primarily of (i) non-marketable equity securities recorded at cost minus impairment, if any, and adjusted for observable transactions for the same or similar investments of the same issuer (referred to as the Measurement Alternative), and (ii) marketable equity securities. The Company’s non-marketable equity securities accounted for using the Measurement Alternative are recorded at fair value on a non-recurring basis and classified within Level 3 of the fair value hierarchy because significant unobservable inputs or data in an inactive market are used in estimating their fair value. The estimation of fair value for these assets requires the use of an observable transaction price or other unobservable inputs, including the volatility, rights, and obligations of the securities the Company holds. The Company’s marketable equity securities are recorded at fair value on a recurring basis and classified within Level 1 of the fair value hierarchy because they are valued using the quoted market price. |
Net Loss Per Share | Net Loss per ShareBasic and diluted net loss per share attributable to Snowflake Inc. Class A common stockholders is computed in conformity with the two-class method required for participating securities. The Company considers unvested common stock to be participating securities, as the holders of such stock have the right to receive nonforfeitable dividends on a pari passu basis in the event that a dividend is declared on common stock.Basic net loss per share attributable to Snowflake Inc. Class A common stockholders is computed by dividing net loss attributable to Snowflake Inc. Class A common stockholders by the weighted-average number of shares of Snowflake Inc. Class A common stock outstanding during the period. Diluted net loss per share attributable to Snowflake Inc. Class A common stockholders is computed by giving effect to all potentially dilutive Snowflake Inc. Class A common stock equivalents to the extent they are dilutive. For purposes of this calculation, stock options, RSUs, restricted common stock, early exercised stock options, and employee stock purchase rights under the 2020 ESPP are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to Snowflake Inc. Class A common stockholders as their effect is anti-dilutive for all periods presented. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Long-lived Assets by Geographic Areas | The following table presents the Company’s long-lived assets, comprising property and equipment, net and operating lease right-of-use assets, by geographic area (in thousands): April 30, 2023 January 31, 2023 United States $ 333,764 $ 329,275 Other (1) 72,063 62,814 Total $ 405,827 $ 392,089 ________________ (1) No individual country outside of the United States accounted for more than 10% of the Company’s long-lived assets as of April 30, 2023 and January 31, 2023. |
Revenue, Accounts Receivable,_2
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue consists of the following (in thousands): Three Months Ended April 30, 2023 2022 Product revenue $ 590,072 $ 394,434 Professional services and other revenue 33,527 27,937 Total $ 623,599 $ 422,371 |
Revenue from External Customers by Geographic Areas | Revenue by geographic area, based on the location of the Company’s customers (or end-customers under reseller arrangements), was as follows (in thousands): Three Months Ended April 30, 2023 2022 Americas: United States $ 482,989 $ 335,925 Other Americas (1) 16,856 9,126 EMEA (1)(2) 94,890 58,018 Asia-Pacific and Japan (1) 28,864 19,302 Total $ 623,599 $ 422,371 ________________ (1) No individual country in these areas represented more than 10% of the Company’s revenue for all periods presented. (2) Includes Europe, the Middle East, and Africa. |
Cash Equivalents and Investme_2
Cash Equivalents and Investments (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Cash Equivalents and Investments | The following is a summary of the Company’s cash equivalents, short-term investments, and long-term investments on the condensed consolidated balance sheets (in thousands): April 30, 2023 Amortized Gross Gross Estimated Cash equivalents: Money market funds $ 217,323 $ — $ — $ 217,323 Commercial paper 5,953 — (2) 5,951 Total cash equivalents 223,276 — (2) 223,274 Investments: Corporate notes and bonds 1,904,032 1,374 (17,766) 1,887,640 U.S. government and agency securities 1,132,661 323 (10,498) 1,122,486 Commercial paper 939,214 67 (1,498) 937,783 Certificates of deposit 435,870 117 (667) 435,320 Total investments 4,411,777 1,881 (30,429) 4,383,229 Total cash equivalents and investments $ 4,635,053 $ 1,881 $ (30,431) $ 4,606,503 January 31, 2023 Amortized Gross Gross Estimated Cash equivalents: Money market funds (1) $ 520,138 $ — $ — $ 520,138 Commercial paper 9,305 — (1) 9,304 Corporate notes and bonds 6,902 1 — 6,903 Certificates of deposit 3,045 — (1) 3,044 Total cash equivalents (1) 539,390 1 (2) 539,389 Investments: Corporate notes and bonds 2,124,454 2,096 (23,470) 2,103,080 Commercial paper 883,023 272 (1,947) 881,348 U.S. government and agency securities 715,949 107 (12,220) 703,836 Certificates of deposit 453,557 278 (1,110) 452,725 Total investments 4,176,983 2,753 (38,747) 4,140,989 Total cash equivalents and investments (1) $ 4,716,373 $ 2,754 $ (38,749) $ 4,680,378 ________________ (1) Includes a reclassification of $141.0 million from cash to cash equivalents for the money market funds balance as of January 31, 2023, as presented in the Annual Report on Form 10-K filed with the SEC on March 29, 2023. Such reclassification did not impact the Company’s consolidated balance sheet as of January 31, 2023 or its consolidated statement of cash flows for the fiscal year ended January 31, 2023. |
Schedule of Cash Equivalents and Investments | The following is a summary of the Company’s cash equivalents, short-term investments, and long-term investments on the condensed consolidated balance sheets (in thousands): April 30, 2023 Amortized Gross Gross Estimated Cash equivalents: Money market funds $ 217,323 $ — $ — $ 217,323 Commercial paper 5,953 — (2) 5,951 Total cash equivalents 223,276 — (2) 223,274 Investments: Corporate notes and bonds 1,904,032 1,374 (17,766) 1,887,640 U.S. government and agency securities 1,132,661 323 (10,498) 1,122,486 Commercial paper 939,214 67 (1,498) 937,783 Certificates of deposit 435,870 117 (667) 435,320 Total investments 4,411,777 1,881 (30,429) 4,383,229 Total cash equivalents and investments $ 4,635,053 $ 1,881 $ (30,431) $ 4,606,503 January 31, 2023 Amortized Gross Gross Estimated Cash equivalents: Money market funds (1) $ 520,138 $ — $ — $ 520,138 Commercial paper 9,305 — (1) 9,304 Corporate notes and bonds 6,902 1 — 6,903 Certificates of deposit 3,045 — (1) 3,044 Total cash equivalents (1) 539,390 1 (2) 539,389 Investments: Corporate notes and bonds 2,124,454 2,096 (23,470) 2,103,080 Commercial paper 883,023 272 (1,947) 881,348 U.S. government and agency securities 715,949 107 (12,220) 703,836 Certificates of deposit 453,557 278 (1,110) 452,725 Total investments 4,176,983 2,753 (38,747) 4,140,989 Total cash equivalents and investments (1) $ 4,716,373 $ 2,754 $ (38,749) $ 4,680,378 ________________ (1) Includes a reclassification of $141.0 million from cash to cash equivalents for the money market funds balance as of January 31, 2023, as presented in the Annual Report on Form 10-K filed with the SEC on March 29, 2023. Such reclassification did not impact the Company’s consolidated balance sheet as of January 31, 2023 or its consolidated statement of cash flows for the fiscal year ended January 31, 2023. |
Schedule of Available For Sale Securities Remaining Contractual Maturity | The estimated fair values of available-for-sale marketable debt securities, by remaining contractual maturity, are as follows (in thousands): April 30, 2023 Estimated Due within 1 year $ 3,298,465 Due in 1 year to 3 years 1,090,715 Total $ 4,389,180 |
Schedule of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following tables show the fair values of, and the gross unrealized losses on, the Company’s available-for-sale marketable debt securities, classified by the length of time that the securities have been in a continuous unrealized loss position and aggregated by investment type, on the condensed consolidated balance sheets (in thousands): April 30, 2023 Less than 12 Months 12 Months or Greater Total Fair Value Gross Fair Value Gross Fair Value Gross Cash equivalents: Commercial paper $ 5,951 $ (2) $ — $ — $ 5,951 $ (2) Total cash equivalents 5,951 (2) — — 5,951 (2) Investments: Corporate notes and bonds 854,692 (5,770) 674,442 (11,996) 1,529,134 (17,766) Commercial paper 872,977 (1,498) — — 872,977 (1,498) U.S. government and agency securities 518,522 (1,987) 269,010 (8,511) 787,532 (10,498) Certificates of deposit 294,143 (667) — — 294,143 (667) Total investments 2,540,334 (9,922) 943,452 (20,507) 3,483,786 (30,429) Total cash equivalents and investments $ 2,546,285 $ (9,924) $ 943,452 $ (20,507) $ 3,489,737 $ (30,431) January 31, 2023 Less than 12 Months 12 Months or Greater Total Fair Value Gross Fair Value Gross Fair Value Gross Cash equivalents: Commercial paper $ 9,304 $ (1) $ — $ — $ 9,304 $ (1) Certificates of deposit 3,044 (1) — — 3,044 (1) Total cash equivalents 12,348 (2) — — 12,348 (2) Investments: Corporate notes and bonds 899,655 (8,521) 736,431 (14,949) 1,636,086 (23,470) U.S. government and agency securities 387,207 (3,157) 232,771 (9,063) 619,978 (12,220) Commercial paper 561,793 (1,947) — — 561,793 (1,947) Certificates of deposit 256,428 (1,110) — — 256,428 (1,110) Total investments 2,105,083 (14,735) 969,202 (24,012) 3,074,285 (38,747) Total cash equivalents and investments $ 2,117,431 $ (14,737) $ 969,202 $ (24,012) $ 3,086,633 $ (38,749) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following table presents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of April 30, 2023 (in thousands): Level 1 Level 2 Total Cash equivalents: Money market funds $ 217,323 $ — $ 217,323 Commercial paper — 5,951 5,951 Short-term investments: Corporate notes and bonds — 1,232,949 1,232,949 Commercial paper — 937,783 937,783 U.S. government and agency securities — 686,462 686,462 Certificates of deposit — 435,320 435,320 Long-term investments: Corporate notes and bonds — 654,691 654,691 U.S. government and agency securities — 436,024 436,024 Total $ 217,323 $ 4,389,180 $ 4,606,503 The following table presents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of January 31, 2023 (in thousands): Level 1 Level 2 Total Cash equivalents: Money market funds (1) $ 520,138 $ — $ 520,138 Commercial paper — 9,304 9,304 Corporate notes and bonds — 6,903 6,903 Certificates of deposit — 3,044 3,044 Short-term investments: Corporate notes and bonds — 1,301,296 1,301,296 Commercial paper — 881,348 881,348 Certificates of deposit — 445,194 445,194 U.S. government and agency securities — 440,128 440,128 Long-term investments: Corporate notes and bonds — 801,784 801,784 U.S. government and agency securities — 263,708 263,708 Certificates of deposit — 7,531 7,531 Total (1) $ 520,138 $ 4,160,240 $ 4,680,378 ________________ (1) Includes a reclassification of $141.0 million from cash to cash equivalents for the money market funds balance as of January 31, 2023, as presented in the Annual Report on Form 10-K filed with the SEC on March 29, 2023. Such reclassification did not impact the Company’s consolidated balance sheet as of January 31, 2023 or its consolidated statement of cash flows for the fiscal year ended January 31, 2023. |
Schedule of Fair Value Measurements | The following table presents the Company’s strategic investments by type (in thousands): April 30, 2023 January 31, 2023 Equity securities: Non-marketable equity securities under Measurement Alternative $ 176,498 $ 174,248 Non-marketable equity securities under equity method 5,104 5,066 Marketable equity securities 19,708 22,122 Debt securities: Non-marketable debt securities 1,500 1,500 Total strategic investments—included in other assets $ 202,810 $ 202,936 |
Unrealized Gain (Loss) on Investments | The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s strategic investments in equity securities held as of April 30, 2023 (in thousands): Three Months Ended April 30, 2023 2022 Marketable equity securities: Net unrealized losses $ (2,414) $ (8,859) Total—included in other expense, net $ (2,414) $ (8,859) |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): April 30, 2023 January 31, 2023 Leasehold improvements $ 60,546 $ 59,872 Computers, equipment, and software 21,365 20,050 Furniture and fixtures 15,199 14,800 Capitalized internal-use software development costs 50,082 44,059 Construction in progress—capitalized internal-use software development costs 69,516 61,575 Construction in progress—other 13,987 7,313 Total property and equipment, gross 230,695 207,669 Less: accumulated depreciation and amortization (1) (54,262) (46,846) Total property and equipment, net $ 176,433 $ 160,823 ________________ (1) Includes $23.3 million and $19.9 million of accumulated amortization related to capitalized internal-use software development costs as of April 30, 2023 and January 31, 2023, respectively. |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of purchase consideration to assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition: Estimated Fair Value Estimated Useful Life Cash and cash equivalents $ 11,594 Goodwill 45,450 Developed technology intangible asset 33,000 5 Other net tangible liabilities (6,669) Deferred tax liabilities, net (1) (7,114) Total $ 76,261 ________________ (1) Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets. The following table summarizes the preliminary allocation of purchase consideration to assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition: Estimated Fair Value Estimated Useful Life Cash, cash equivalents, and restricted cash $ 3,563 Goodwill 8,431 Developed technology intangible asset 53,000 5 Other net tangible liabilities (1,434) Deferred tax liabilities, net (1) (1,552) Total $ 62,008 ________________ (1) Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets. Estimated Fair Value Estimated Useful Life Cash and cash equivalents $ 33,914 Goodwill 494,411 Developer community intangible asset 150,000 5 Other net tangible liabilities (659) Deferred tax liabilities, net (1) (26,911) Total $ 650,755 ________________ (1) Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets. |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information summarizes the combined results of operations of the Company and Streamlit, as if Streamlit had been acquired as of February 1, 2021 (in thousands): Pro Forma Three Months Ended April 30, 2022 (unaudited) Revenue $ 422,393 Net loss $ (214,159) |
Schedule of Business Acquisitions, by Acquisition | The acquisition date fair value of the purchase consideration was $650.8 million, which was comprised of the following (in thousands): Estimated Fair Value Cash $ 211,839 Common stock (1) 438,916 Total $ 650,755 ________________ (1) Approximately 1.9 million shares of the Company’s Class A common stock were included in the purchase consideration and the fair values of these shares were determined based on the closing market price of $229.13 per share on the acquisition date. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets, net consisted of the following (in thousands): April 30, 2023 Gross Accumulated Amortization Net Finite-lived intangible assets: Developer community $ 150,000 $ (32,513) $ 117,487 Developed technology 134,332 (15,732) 118,600 Assembled workforce 28,252 (12,762) 15,490 Patents 8,874 (4,858) 4,016 Other 47 (47) — Total finite-lived intangible assets $ 321,505 $ (65,912) $ 255,593 Indefinite-lived intangible assets—trademarks 826 Total intangible assets, net $ 256,419 January 31, 2023 Gross Accumulated Amortization Net Finite-lived intangible assets: Developer community $ 150,000 $ (25,206) $ 124,794 Developed technology 48,332 (9,608) 38,724 Assembled workforce 28,252 (11,036) 17,216 Patents 8,874 (4,421) 4,453 Other 47 (47) — Total finite-lived intangible assets $ 235,505 $ (50,318) $ 185,187 Indefinite-lived intangible assets—trademarks 826 Total intangible assets, net $ 186,013 |
Schedule of Future Amortization Expense | As of April 30, 2023, future amortization expense is expected to be as follows (in thousands): Amount Fiscal Year Ending January 31, Remainder of 2024 $ 49,673 2025 65,018 2026 58,840 2027 54,687 2028 26,951 Thereafter 424 Total $ 255,593 |
Schedule of Goodwill | Changes in goodwill were as follows (in thousands): Amount Balance—January 31, 2023 $ 657,370 Additions 53,881 Balance—April 30, 2023 $ 711,251 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): April 30, 2023 January 31, 2023 Accrued compensation $ 112,538 $ 123,173 Liabilities associated with sales, marketing and business development programs 49,041 23,444 Accrued third-party cloud infrastructure expenses 30,722 26,535 Accrued taxes 16,037 20,003 Accrued professional services 11,576 11,776 Employee contributions under employee stock purchase plan 10,401 36,648 Accrued purchases of property and equipment 4,218 3,876 Other 41,152 23,614 Total accrued expenses and other current liabilities $ 275,685 $ 269,069 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Shares Reserved For Future Issuance | The Company had reserved shares of common stock for future issuance as follows (in thousands): April 30, 2023 January 31, 2023 2012 Equity Incentive Plan: Options outstanding 32,786 35,212 Restricted stock units outstanding 2,048 2,521 2020 Equity Incentive Plan: Options outstanding 642 642 Restricted stock units outstanding 18,496 13,039 Shares available for future grants 62,996 52,989 2020 Employee Stock Purchase Plan: Shares available for future grants 13,967 11,046 Total shares of common stock reserved for future issuance 130,935 115,449 |
Class of Treasury Stock | The following table summarizes the stock repurchase activity under the Company’s stock repurchase program (in thousands, except per share data): Three Months Ended April 30, 2023 Number of shares repurchased 1,405 Weighted-average price per share (1) $ 136.39 Aggregate purchase price (1) $ 191,694 ________________ (1) Includes transaction costs associated with the repurchases. |
Option Activity Rollforward | A summary of stock option activity and activity regarding shares available for grant under the Plans during the three months ended April 30, 2023 is as follows: Shares Number of Options Outstanding Weighted- Weighted-Average Remaining Contractual Life Aggregate Balance—January 31, 2023 52,989 35,854 $ 11.27 5.9 $ 5,237,549 Shares authorized 16,165 — Options exercised — (2,376) $ 6.45 Options canceled 50 (50) $ 5.38 RSUs granted (7,318) — Shares withheld related to net share settlement of RSUs 638 — RSUs forfeited 472 — Balance—April 30, 2023 62,996 33,428 $ 11.63 5.7 $ 4,599,537 Vested and exercisable as of April 30, 2023 30,487 $ 8.69 5.6 $ 4,259,886 |
Option Rollforward Schedule | A summary of stock option activity and activity regarding shares available for grant under the Plans during the three months ended April 30, 2023 is as follows: Shares Number of Options Outstanding Weighted- Weighted-Average Remaining Contractual Life Aggregate Balance—January 31, 2023 52,989 35,854 $ 11.27 5.9 $ 5,237,549 Shares authorized 16,165 — Options exercised — (2,376) $ 6.45 Options canceled 50 (50) $ 5.38 RSUs granted (7,318) — Shares withheld related to net share settlement of RSUs 638 — RSUs forfeited 472 — Balance—April 30, 2023 62,996 33,428 $ 11.63 5.7 $ 4,599,537 Vested and exercisable as of April 30, 2023 30,487 $ 8.69 5.6 $ 4,259,886 |
Schedule of Unvested RSU Rollforward | A summary of RSU activity, inclusive of PRSU activity, during the three months ended April 30, 2023 is as follows: Number of Shares Weighted-Average Grant Date Unvested Balance—January 31, 2023 15,560 $ 181.17 Granted (1) 7,318 $ 143.56 Vested (1,862) $ 188.47 Forfeited (472) $ 179.39 Unvested Balance—April 30, 2023 20,544 $ 167.15 ________________ (1) Includes 0.5 million PRSUs granted at 120% of the target number of PRSUs, which represents the maximum number of PRSUs that may be earned and eligible to vest with respect to these awards over their full term. |
Schedule of Unvested RSA Rollforward | A summary of restricted common stock activity during the three months ended April 30, 2023 is as follows: Outside of the Plans Number of Shares Weighted-Average Grant Date Unvested Balance—January 31, 2023 428 $ 219.26 Vested (142) $ 199.28 Unvested Balance—April 30, 2023 286 $ 229.13 |
Valuation Assumptions Schedule | The following table summarizes the assumptions used in estimating the fair value of stock options granted to employees during the three months ended April 30, 2022: Three Months Ended April 30, 2022 Expected term (in years) 6.0 Expected volatility 50.0 % Risk-free interest rate 1.8 % Expected dividend yield — % |
Valuation Assumptions Other Than Stock Options Schedule | The following table summarizes the assumptions used in estimating the fair value of employee stock purchase rights granted under the 2020 ESPP during the three months ended April 30, 2023 and 2022: Three Months Ended April 30, 2023 2022 Expected term (in years) 0.5 0.5 Expected volatility 71.3 % 58.9 % Risk-free interest rate 4.7 % 0.9 % Expected dividend yield — % — % |
Share-based Compensation Schedule | Stock-based compensation included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended April 30, 2023 2022 Cost of revenue $ 30,462 $ 22,635 Sales and marketing 72,295 52,469 Research and development 136,417 73,593 General and administrative 25,335 23,796 Stock-based compensation, net of amounts capitalized 264,509 172,493 Capitalized stock-based compensation 11,719 6,495 Total stock-based compensation $ 276,228 $ 178,988 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss per Share | The following table presents the calculation of basic and diluted net loss per share attributable to Snowflake Inc. Class A common stockholders (in thousands, except per share data): Three Months Ended April 30, 2023 2022 Numerator: Net loss $ (226,064) $ (165,794) Less: net loss attributable to noncontrolling interest (437) — Net loss attributable to Snowflake Inc. Class A common stockholders $ (225,627) $ (165,794) Denominator: Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted 324,157 314,361 Net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted $ (0.70) $ (0.53) |
Schedule of Potentially Dilutive Securities Excluded from Computation of Net Loss per Share | The following potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to Snowflake Inc. Class A common stockholders for the periods presented because the impact of including them would have been anti-dilutive (in thousands): Three Months Ended April 30, 2023 2022 Stock options 33,428 39,837 RSUs 20,544 14,200 Unvested restricted common stock and early exercised stock options 298 738 Employee stock purchase rights under the 2020 ESPP 80 46 Total 54,350 54,821 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Property, Plant and Equipment | ||
Total | $ 405,827 | $ 392,089 |
United States | ||
Property, Plant and Equipment | ||
Total | 333,764 | 329,275 |
Other | ||
Property, Plant and Equipment | ||
Total | $ 72,063 | $ 62,814 |
Revenue, Accounts Receivable,_3
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 623,599 | $ 422,371 |
Product revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 590,072 | 394,434 |
Professional services and other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 33,527 | $ 27,937 |
Revenue, Accounts Receivable,_4
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations - Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 623,599 | $ 422,371 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 482,989 | 335,925 |
Other Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 16,856 | 9,126 |
EMEA | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 94,890 | 58,018 |
Asia-Pacific and Japan | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 28,864 | $ 19,302 |
Revenue, Accounts Receivable,_5
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Jan. 31, 2023 | |
Disaggregation of Revenue [Line Items] | |||
Allowance for doubtful accounts | $ 2.1 | $ 2.2 | |
Revenue recognized | 494.7 | $ 339.1 | |
Remaining performance obligation | $ 3,400 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-05-01 | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, remaining performance obligation, percentage | 57% | ||
Remaining performance obligation, remaining life | 12 months |
Cash Equivalents and Investme_3
Cash Equivalents and Investments - Schedule of Cash and Cash Equivalents and Investments Fair Value (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Cash equivalents: | ||
Amortized Cost | $ 223,276 | $ 539,390 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | (2) | (2) |
Estimated Fair Value | 223,274 | 539,389 |
Investments: | ||
Amortized Cost | 4,411,777 | 4,176,983 |
Gross Unrealized Gains | 1,881 | 2,753 |
Gross Unrealized Losses | (30,429) | (38,747) |
Estimated Fair Value | 4,383,229 | 4,140,989 |
Amortized Cost | 4,635,053 | 4,716,373 |
Gross Unrealized Gains | 1,881 | 2,754 |
Gross Unrealized Losses | (30,431) | (38,749) |
Estimated Fair Value | 4,606,503 | 4,680,378 |
Commercial paper | ||
Investments: | ||
Amortized Cost | 939,214 | 883,023 |
Gross Unrealized Gains | 67 | 272 |
Gross Unrealized Losses | (1,498) | (1,947) |
Estimated Fair Value | 937,783 | 881,348 |
Corporate notes and bonds | ||
Investments: | ||
Amortized Cost | 1,904,032 | 2,124,454 |
Gross Unrealized Gains | 1,374 | 2,096 |
Gross Unrealized Losses | (17,766) | (23,470) |
Estimated Fair Value | 1,887,640 | 2,103,080 |
U.S. government and agency securities | ||
Investments: | ||
Amortized Cost | 1,132,661 | 715,949 |
Gross Unrealized Gains | 323 | 107 |
Gross Unrealized Losses | (10,498) | (12,220) |
Estimated Fair Value | 1,122,486 | 703,836 |
Certificates of deposit | ||
Investments: | ||
Amortized Cost | 435,870 | 453,557 |
Gross Unrealized Gains | 117 | 278 |
Gross Unrealized Losses | (667) | (1,110) |
Estimated Fair Value | 435,320 | 452,725 |
Money market funds | ||
Cash equivalents: | ||
Amortized Cost | 217,323 | 520,138 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 217,323 | 520,138 |
Money market funds | Revision of Prior Period, Reclassification, Adjustment | ||
Cash equivalents: | ||
Estimated Fair Value | 141,000 | |
Commercial paper | ||
Cash equivalents: | ||
Amortized Cost | 5,953 | 9,305 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (2) | (1) |
Estimated Fair Value | $ 5,951 | 9,304 |
Corporate notes and bonds | ||
Cash equivalents: | ||
Amortized Cost | 6,902 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 6,903 | |
Certificates of deposit | ||
Cash equivalents: | ||
Amortized Cost | 3,045 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (1) | |
Estimated Fair Value | $ 3,044 |
Cash Equivalents and Investme_4
Cash Equivalents and Investments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2023 | Jan. 31, 2023 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Contractual maturities of available-for-sale debt securities, maximum | 36 months | |
Prepaid Expenses and Other Current Assets | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Interest receivable, current | $ 22.9 | $ 19.4 |
Cash Equivalents and Investme_5
Cash Equivalents and Investments - Schedule of Available for Sale Securities Remaining Contractual Maturity (Details) $ in Thousands | Apr. 30, 2023 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due within 1 year | $ 3,298,465 |
Due in 1 year to 3 years | 1,090,715 |
Total | $ 4,389,180 |
Cash Equivalents and Investme_6
Cash Equivalents and Investments - Schedule of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Cash Equivalents, Fair Value | ||
Less than 12 months, fair value | $ 5,951 | $ 12,348 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 5,951 | 12,348 |
Cash Equivalents, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (2) | (2) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | (2) | (2) |
Investments, Fair Value | ||
Less than 12 months, fair value | 2,540,334 | 2,105,083 |
12 months or greater, fair value | 943,452 | 969,202 |
Total, fair value | 3,483,786 | 3,074,285 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (9,922) | (14,735) |
12 months or greater, accumulated losses | (20,507) | (24,012) |
Total, accumulated losses | (30,429) | (38,747) |
Cash Equivalents And Debt Securities, Available-For-Sale [Abstract] | ||
Less than 12 months, fair value | 2,546,285 | 2,117,431 |
12 months or greater, fair value | 943,452 | 969,202 |
Total, fair value | 3,489,737 | 3,086,633 |
Cash Equivalents And Debt Securities, Available-For-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, accumulated losses | (9,924) | (14,737) |
12 months or greater, accumulated losses | (20,507) | (24,012) |
Total, accumulated losses | (30,431) | (38,749) |
Corporate notes and bonds | ||
Investments, Fair Value | ||
Less than 12 months, fair value | 854,692 | 899,655 |
12 months or greater, fair value | 674,442 | 736,431 |
Total, fair value | 1,529,134 | 1,636,086 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (5,770) | (8,521) |
12 months or greater, accumulated losses | (11,996) | (14,949) |
Total, accumulated losses | (17,766) | (23,470) |
Commercial paper | ||
Investments, Fair Value | ||
Less than 12 months, fair value | 872,977 | 561,793 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 872,977 | 561,793 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (1,498) | (1,947) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | (1,498) | (1,947) |
U.S. government and agency securities | ||
Investments, Fair Value | ||
Less than 12 months, fair value | 518,522 | 387,207 |
12 months or greater, fair value | 269,010 | 232,771 |
Total, fair value | 787,532 | 619,978 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (1,987) | (3,157) |
12 months or greater, accumulated losses | (8,511) | (9,063) |
Total, accumulated losses | (10,498) | (12,220) |
Certificates of deposit | ||
Investments, Fair Value | ||
Less than 12 months, fair value | 294,143 | 256,428 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 294,143 | 256,428 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (667) | (1,110) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | (667) | (1,110) |
Commercial paper | ||
Cash Equivalents, Fair Value | ||
Less than 12 months, fair value | 5,951 | 9,304 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 5,951 | 9,304 |
Cash Equivalents, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (2) | (1) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | $ (2) | (1) |
Certificates of deposit | ||
Cash Equivalents, Fair Value | ||
Less than 12 months, fair value | 3,044 | |
12 months or greater, fair value | 0 | |
Total, fair value | 3,044 | |
Cash Equivalents, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (1) | |
12 months or greater, accumulated losses | 0 | |
Total, accumulated losses | $ (1) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Assets, Fair Value Disclosure | ||
Cash equivalents: | $ 223,274 | $ 539,389 |
Short-term investments | 3,292,514 | 3,067,966 |
Long-term investments | 1,090,715 | 1,073,023 |
Money market funds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 217,323 | 520,138 |
Money market funds | Revision of Prior Period, Reclassification, Adjustment | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 141,000 | |
Commercial paper | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 5,951 | 9,304 |
Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 6,903 | |
Certificates of deposit | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 3,044 | |
Level 1 | Money market funds | Revision of Prior Period, Reclassification, Adjustment | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 141,000 | |
Recurring | ||
Assets, Fair Value Disclosure | ||
Total | 4,606,503 | 4,680,378 |
Recurring | Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 1,232,949 | 1,301,296 |
Long-term investments | 654,691 | 801,784 |
Recurring | Commercial paper | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 937,783 | 881,348 |
Recurring | U.S. government and agency securities | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 686,462 | 440,128 |
Long-term investments | 436,024 | 263,708 |
Recurring | Certificates of deposit | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 435,320 | 445,194 |
Long-term investments | 7,531 | |
Recurring | Money market funds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 217,323 | 520,138 |
Recurring | Commercial paper | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 5,951 | 9,304 |
Recurring | Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 6,903 | |
Recurring | Certificates of deposit | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 3,044 | |
Recurring | Level 1 | ||
Assets, Fair Value Disclosure | ||
Total | 217,323 | 520,138 |
Recurring | Level 1 | Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Recurring | Level 1 | Commercial paper | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 0 | 0 |
Recurring | Level 1 | U.S. government and agency securities | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Recurring | Level 1 | Certificates of deposit | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | |
Recurring | Level 1 | Money market funds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 217,323 | 520,138 |
Recurring | Level 1 | Commercial paper | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 0 | 0 |
Recurring | Level 1 | Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 0 | |
Recurring | Level 1 | Certificates of deposit | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 0 | |
Recurring | Level 2 | ||
Assets, Fair Value Disclosure | ||
Total | 4,389,180 | 4,160,240 |
Recurring | Level 2 | Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 1,232,949 | 1,301,296 |
Long-term investments | 654,691 | 801,784 |
Recurring | Level 2 | Commercial paper | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 937,783 | 881,348 |
Recurring | Level 2 | U.S. government and agency securities | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 686,462 | 440,128 |
Long-term investments | 436,024 | 263,708 |
Recurring | Level 2 | Certificates of deposit | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 435,320 | 445,194 |
Long-term investments | 7,531 | |
Recurring | Level 2 | Money market funds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 0 | 0 |
Recurring | Level 2 | Commercial paper | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | $ 5,951 | 9,304 |
Recurring | Level 2 | Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 6,903 | |
Recurring | Level 2 | Certificates of deposit | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | $ 3,044 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Strategic Investments (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Fair Value Disclosures [Abstract] | ||
Non-marketable equity securities under Measurement Alternative | $ 176,498 | $ 174,248 |
Non-marketable equity securities under equity method | 5,104 | 5,066 |
Marketable equity securities | 19,708 | 22,122 |
Non-marketable debt securities | 1,500 | 1,500 |
Total strategic investments—included in other assets | 202,810 | 202,936 |
Cash equivalents: | $ 223,274 | $ 539,389 |
Fair Value Measurements - Unrea
Fair Value Measurements - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | ||
Net unrealized losses | $ (2,414) | $ (8,859) |
Total—included in other expense, net | $ (2,414) | $ (8,859) |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | ||
Upward adjustments | $ 0 | $ 0 |
Downward adjustments | 0 | 0 |
Impairments | 0 | 0 |
Upward adjustments | 37,100,000 | |
Impairments | 38,000,000 | |
Equity securities, realized gain (loss) | $ 0 | $ 0 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Property, Plant and Equipment | ||
Total property and equipment, gross | $ 230,695 | $ 207,669 |
Less: accumulated depreciation and amortization | (54,262) | (46,846) |
Total property and equipment, net | 176,433 | 160,823 |
Leasehold improvements | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 60,546 | 59,872 |
Computers, equipment, and software | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 21,365 | 20,050 |
Furniture and fixtures | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 15,199 | 14,800 |
Capitalized internal-use software development costs | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 50,082 | 44,059 |
Less: accumulated depreciation and amortization | (23,300) | (19,900) |
Construction in progress—capitalized internal-use software development costs | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 69,516 | 61,575 |
Construction in progress—other | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | $ 13,987 | $ 7,313 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 7,600,000 | $ 4,600,000 |
Accumulated amortization, property, plant, and equipment | 3,500,000 | 1,500,000 |
Impairment of capitalized internal-use software | $ 7,100,000 | $ 0 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) $ in Thousands, shares in Millions | 3 Months Ended | ||
Feb. 10, 2023 USD ($) | Mar. 31, 2022 USD ($) founder shares | Apr. 30, 2022 USD ($) founder shares | |
Mountain US Corporation | |||
Business Acquisition [Line Items] | |||
Total | $ 76,300 | ||
LeapYear Technologies, Inc. | |||
Business Acquisition [Line Items] | |||
Total | $ 62,000 | ||
Streamlit, Inc. | |||
Business Acquisition [Line Items] | |||
Payments to acquire businesses, gross | $ 211,839 | ||
Number of founders | founder | 3 | 3 | |
Business combination, acquisition related costs | $ 1,900 | ||
Total | $ 650,755 | ||
Streamlit, Inc. | RCS | Outside of the Plans | Class A Common Stock | |||
Business Acquisition [Line Items] | |||
Granted (shares) | shares | 0.4 | 0.4 | |
Post-combination share-based compensation arrangement by share-based payment award, award vesting period | 3 years | 3 years | |
Post-combination share-based compensation arrangement by share-based payment award, equity instruments other than options, granted in period, total fair value | $ 93,700 | $ 93,700 | |
Post-combination share-based compensation arrangement by share-based payment award, award service period | 3 years | 3 years |
Business Combinations - Schedul
Business Combinations - Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Feb. 10, 2023 | Mar. 31, 2022 | Apr. 30, 2023 | Jan. 31, 2023 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 711,251 | $ 657,370 | ||
Mountain US Corporation | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 11,594 | |||
Goodwill | 45,450 | |||
Developer community intangible asset | 33,000 | |||
Other net tangible liabilities | (6,669) | |||
Deferred tax liabilities, net | (7,114) | |||
Total | $ 76,261 | |||
Estimated Useful Life (in years) | 5 years | |||
LeapYear Technologies, Inc. | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 3,563 | |||
Goodwill | 8,431 | |||
Developer community intangible asset | 53,000 | |||
Other net tangible liabilities | (1,434) | |||
Deferred tax liabilities, net | (1,552) | |||
Total | $ 62,008 | |||
Estimated Useful Life (in years) | 5 years | |||
Streamlit, Inc. | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 33,914 | |||
Goodwill | 494,411 | |||
Developer community intangible asset | 150,000 | |||
Other net tangible liabilities | (659) | |||
Deferred tax liabilities, net | (26,911) | |||
Total | $ 650,755 | |||
Estimated Useful Life (in years) | 5 years |
Business Combinations - Pro For
Business Combinations - Pro Forma Information (Details) - Streamlit, Inc. $ in Thousands | 3 Months Ended |
Apr. 30, 2022 USD ($) | |
Business Acquisition [Line Items] | |
Revenue | $ 422,393 |
Net loss | $ (214,159) |
Business Combinations - Sched_2
Business Combinations - Schedule of Acquisition Date Fair Value of Consideration Transferred (Details) - Streamlit, Inc. $ / shares in Units, $ in Thousands, shares in Millions | Mar. 31, 2022 USD ($) $ / shares shares |
Business Acquisition [Line Items] | |
Cash | $ 211,839 |
Total | 650,755 |
Class A Common Stock | |
Business Acquisition [Line Items] | |
Common stock | $ 438,916 |
Class A Common Stock | Outside of the Plans | |
Business Acquisition [Line Items] | |
Business acquisition, equity interest issued or issuable (in shares) | shares | 1.9 |
Business acquisition, share price (in dollars per share) | $ / shares | $ 229.13 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 321,505 | $ 235,505 |
Accumulated Amortization | (65,912) | (50,318) |
Net | 255,593 | 185,187 |
Indefinite-lived intangible assets—trademarks | 826 | 826 |
Total intangible assets, net | 256,419 | 186,013 |
Developer community | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 150,000 | 150,000 |
Accumulated Amortization | (32,513) | (25,206) |
Net | 117,487 | 124,794 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 134,332 | 48,332 |
Accumulated Amortization | (15,732) | (9,608) |
Net | 118,600 | 38,724 |
Assembled workforce | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 28,252 | 28,252 |
Accumulated Amortization | (12,762) | (11,036) |
Net | 15,490 | 17,216 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 8,874 | 8,874 |
Accumulated Amortization | (4,858) | (4,421) |
Net | 4,016 | 4,453 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 47 | 47 |
Accumulated Amortization | (47) | (47) |
Net | $ 0 | $ 0 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 15.6 | $ 5.3 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2024 | $ 49,673 | |
2025 | 65,018 | |
2026 | 58,840 | |
2027 | 54,687 | |
2028 | 26,951 | |
Thereafter | 424 | |
Net | $ 255,593 | $ 185,187 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 657,370 |
Additions | 53,881 |
Ending balance | $ 711,251 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 112,538 | $ 123,173 |
Liabilities associated with sales, marketing and business development programs | 49,041 | 23,444 |
Accrued third-party cloud infrastructure expenses | 30,722 | 26,535 |
Accrued taxes | 16,037 | 20,003 |
Accrued professional services | 11,576 | 11,776 |
Employee contributions under employee stock purchase plan | 10,401 | 36,648 |
Accrued purchases of property and equipment | 4,218 | 3,876 |
Other | 41,152 | 23,614 |
Total accrued expenses and other current liabilities | $ 275,685 | $ 269,069 |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Sublease income | $ 3,100,000 | $ 3,400,000 |
Lessee, Lease, lease not yet commenced, undiscounted amount | $ 37,000,000 | |
Lessee, lease, lease not yet commenced, term of contract (in years) | 8 years 6 months | |
Cost of matching contributions | $ 0 | $ 0 |
Letters of credit outstanding | $ 17,800,000 |
Equity - Narrative (Details)
Equity - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||
Feb. 01, 2023 shares | Mar. 31, 2022 USD ($) founder shares | Apr. 30, 2023 USD ($) shares | Apr. 30, 2022 USD ($) founder $ / shares shares | Feb. 28, 2023 USD ($) | Jan. 31, 2023 shares | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Stock repurchase program, authorized amount | $ | $ 2,000,000 | |||||
Stock repurchase program, remaining authorized repurchase amount | $ | $ 1,800,000 | |||||
Number of shares repurchased (in shares) | 500,000 | |||||
Additional shares authorized (in shares) | 16,165,000 | |||||
Options granted (shares) | 0 | |||||
Granted (per share) | $ / shares | $ 101.66 | |||||
Intrinsic value of shares exercised | $ | $ 321,700 | $ 509,900 | ||||
Grant date fair value of vested shares | $ | 16,500 | 19,900 | ||||
Share-based compensation expense | $ | $ 264,509 | $ 172,493 | ||||
Expected dividend yield | 0% | |||||
Unrecognized share-based compensation expense | $ | $ 3,100,000 | |||||
Unrecognized share-based compensation expense recognition period (term) | 3 years 1 month 6 days | |||||
Treasury Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Number of shares repurchased (in shares) | 500,000 | |||||
Streamlit, Inc. | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Number of founders | founder | 3 | 3 | ||||
2020 Equity Incentive Plan: | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Additional shares authorized (in shares) | 16,200,000 | |||||
Employee stock purchase rights under the 2020 ESPP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Offering period | 6 months | |||||
Additional shares authorized (in shares) | 3,200,000 | |||||
Expected dividend yield | 0% | 0% | ||||
Stock options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Vesting period (years) | 4 years | |||||
Expiration period (years) | 10 years | |||||
Expected dividend yield | 0% | |||||
Stock options | 2012 Equity Incentive Plan: | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Expiration period (years) | 10 years | |||||
RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Vesting period (years) | 4 years | |||||
Granted (shares) | 7,318,000 | |||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | 20,544,000 | 15,560,000 | ||||
RSUs | Grant Date | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Vesting period (years) | 1 year | |||||
RCS | Outside of the Plans | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | 286,000 | 428,000 | ||||
RCS | Outside of the Plans | Streamlit, Inc. | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | 300,000 | |||||
Performance-based restricted stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Granted (shares) | 500,000 | |||||
Performance-based restricted stock | 2020 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Vesting period (years) | 4 years | |||||
Share-based compensation expense | $ | $ 3,900 | |||||
Performance-based restricted stock | 2020 Plan | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Performance target, percentage | 0% | |||||
Performance-based restricted stock | 2020 Plan | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Performance target, percentage | 120% | |||||
Performance-based restricted stock | 2020 Plan | Grant Date | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Vesting period (years) | 1 year | |||||
Class A Common Stock | RCS | Outside of the Plans | Streamlit, Inc. | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Granted (shares) | 400,000 | 400,000 | ||||
Post-combination share-based compensation arrangement by share-based payment award, award vesting period | 3 years | 3 years | ||||
Post-combination share-based compensation arrangement by share-based payment award, equity instruments other than options, granted in period, total fair value | $ | $ 93,700 | $ 93,700 | ||||
Post-combination share-based compensation arrangement by share-based payment award, award service period | 3 years | 3 years |
Equity - Schedule of Shares Res
Equity - Schedule of Shares Reserved For Future Issuance (Details) - shares shares in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 130,935 | 115,449 |
Employee stock purchase rights under the 2020 ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 13,967 | 11,046 |
2012 Equity Incentive Plan: | Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 32,786 | 35,212 |
2012 Equity Incentive Plan: | RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 2,048 | 2,521 |
2020 Equity Incentive Plan: | Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 642 | 642 |
2020 Equity Incentive Plan: | RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 18,496 | 13,039 |
2020 Equity Incentive Plan: | Options available for future grant | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 62,996 | 52,989 |
Equity - Schedule of Stock Repu
Equity - Schedule of Stock Repurchase Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Number of shares repurchased (in shares) | 1,405 | |
Weighted-average price per share (in dollars per share) | $ 136.39 | |
Aggregate purchase price | $ 191,694 | $ 0 |
Equity - Option Activity Rollfo
Equity - Option Activity Rollforward (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 30, 2023 | Jan. 31, 2023 | |
Shares Available for Grant (in thousands) | ||
Shares authorized (in shares) | 16,165 | |
Options canceled (in shares) | 50 | |
Number of Options Outstanding (in thousands) | ||
Shares outstanding, beginning (in shares) | 35,854 | |
Options exercise (in shares) | (2,376) | |
Options canceled (in shares) | (50) | |
Shares outstanding, ending (in shares) | 33,428 | 35,854 |
Weighted- Average Exercise Price | ||
Shares outstanding, beginning balance (in dollars per share) | $ 11.27 | |
Exercises (in dollars per share) | 6.45 | |
Canceled (in dollars per share) | 5.38 | |
Shares outstanding, ending balance (in dollars per share) | $ 11.63 | $ 11.27 |
Weighted-average remaining contractual life | 5 years 8 months 12 days | 5 years 10 months 24 days |
Aggregate Intrinsic Value (in thousands) | ||
Aggregate intrinsic value | $ 4,599,537 | $ 5,237,549 |
Vested and exercisable (in shares) | 30,487 | |
Vested and exercisable, weighted average share price (in dollars per share) | $ 8.69 | |
Vested and exercisable, weighted average remaining contractual life | 5 years 7 months 6 days | |
Vested and exercisable, intrinsic value | $ 4,259,886 | |
2020 Equity Incentive Plan: | ||
Shares Available for Grant (in thousands) | ||
Shares available for grant, beginning (in shares) | 52,989 | |
Shares available for grant, ending (in shares) | 62,996 | 52,989 |
RSUs | ||
Shares Available for Grant (in thousands) | ||
RSU's granted (in shares) | (7,318) | |
Shares withheld (in shares) | 638 | |
RSU's forfeited (in shares) | 472 |
Equity - Unvested RSA & RSU Rol
Equity - Unvested RSA & RSU Rollforward (Details) shares in Thousands | 3 Months Ended |
Apr. 30, 2023 $ / shares shares | |
RSUs | |
Number of Shares (in thousands) | |
Unvested balance, beginning (shares) | 15,560 |
Granted (shares) | 7,318 |
Vested (shares) | (1,862) |
Forfeited (shares) | (472) |
Unvested balance, ending (shares) | 20,544 |
Weighted-Average Grant Date Fair Value per Share | |
Unvested balance , beginning balance (in dollars per share) | $ / shares | $ 181.17 |
Granted (in dollars per share) | $ / shares | 143.56 |
Vested (in dollars per share) | $ / shares | 188.47 |
Forfeited (in dollars per share) | $ / shares | 179.39 |
Unvested balance , ending balance (in dollars per share) | $ / shares | $ 167.15 |
Performance-based restricted stock | |
Number of Shares (in thousands) | |
Granted (shares) | 500 |
Outside of the Plans | RCS | |
Number of Shares (in thousands) | |
Unvested balance, beginning (shares) | 428 |
Vested (shares) | (142) |
Unvested balance, ending (shares) | 286 |
Weighted-Average Grant Date Fair Value per Share | |
Unvested balance , beginning balance (in dollars per share) | $ / shares | $ 219.26 |
Vested (in dollars per share) | $ / shares | 199.28 |
Unvested balance , ending balance (in dollars per share) | $ / shares | $ 229.13 |
Equity - Valuation Assumptions
Equity - Valuation Assumptions (Details) | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology | ||
Expected dividend yield | 0% | |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology | ||
Expected term (in years) | 6 years | |
Expected volatility | 50% | |
Risk-free interest rate | 1.80% | |
Expected dividend yield | 0% | |
Employee stock purchase rights under the 2020 ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology | ||
Expected term (in years) | 6 months | 6 months |
Expected volatility | 71.30% | 58.90% |
Risk-free interest rate | 4.70% | 0.90% |
Expected dividend yield | 0% | 0% |
Equity - Share-based Compensati
Equity - Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||
Stock-based compensation, net of amounts capitalized | $ 264,509 | $ 172,493 |
Capitalized stock-based compensation | 11,719 | 6,495 |
Total stock-based compensation | 276,228 | 178,988 |
Cost of revenue | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||
Stock-based compensation, net of amounts capitalized | 30,462 | 22,635 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||
Stock-based compensation, net of amounts capitalized | 72,295 | 52,469 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||
Stock-based compensation, net of amounts capitalized | 136,417 | 73,593 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||
Stock-based compensation, net of amounts capitalized | $ 25,335 | $ 23,796 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 2.80% | 13.90% |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (226,064) | $ (165,794) |
Less: net loss attributable to noncontrolling interest | (437) | 0 |
Net loss attributable to Snowflake Inc. | $ (225,627) | $ (165,794) |
Weighted-average shares used in computing net loss per share attributable to Class A common stockholders - basic (in shares) | 324,157 | 314,361 |
Weighted-average shares used in computing net loss per share attributable to Class A common stockholders - diluted (in shares) | 324,157 | 314,361 |
Net loss per share attributable to Class A common stockholders- basic (in dollars per share) | $ (0.70) | $ (0.53) |
Net loss per share attributable to Class A common stockholders - diluted (in dollars per share) | $ (0.70) | $ (0.53) |
Net Loss per Share - Schedule_2
Net Loss per Share - Schedule of Potentially Dilutive Securities Excluded from Computation of Net Loss per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares) | 54,350 | 54,821 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares) | 33,428 | 39,837 |
RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares) | 20,544 | 14,200 |
Unvested restricted common stock and early exercised stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares) | 298 | 738 |
Employee stock purchase rights under the 2020 ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares) | 80 | 46 |
Subsequent Event (Details)
Subsequent Event (Details) $ in Millions | May 26, 2023 USD ($) |
Subsequent Event | Neeva Inc. | |
Subsequent Event [Line Items] | |
Payments to acquire businesses, gross | $ 150 |