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March 4, 2021

Snowflake Reports Financial Results for the Fourth Quarter and Full Year of Fiscal 2021

March 4, 2021 — Snowflake (NYSE: SNOW), a Data Cloud company, has announced financial results for its fourth quarter and full year of fiscal 2021, ended January 31, 2021.

Revenue for the quarter was $190.5 million, representing 117% year-over-year growth. Product revenue for the quarter was $178.3 million, representing 116% year-over-year growth. Remaining performance obligations were $1.3 billion, representing 213% year-over-year growth. Net revenue retention rate was 168% as of January 31, 2021. The company now has 4,139 total customers and 77 customers with trailing 12-month product revenue greater than $1 million. See the section titled “Key Business Metrics” for definitions of product revenue, remaining performance obligations, net revenue retention rate, total customers, and customers with trailing 12-month product revenue greater than $1 million.

  • Product revenue of $178.3 million in the fourth quarter, representing 116% year-over-year growth
  • Remaining performance obligations of $1.3 billion, representing 213% year-over-year growth
  • 4,139 total customers
  • Net revenue retention rate of 168%
  • 77 customers with trailing 12-month product revenue greater than $1 million

“We finished our fiscal year with strong performance and reported triple-digit product revenue growth,” said Snowflake CEO, Frank Slootman. “Remaining performance obligations showed a robust increase year-on-year, reflecting strength in sales across the board. Coupled with this rapid growth, we saw improving operating efficiency while expanding our footprint globally. These results indicate that customers across multiple industries rely on the Snowflake Data Cloud to mobilize their data and enable breakthrough data strategies.”

Fourth Quarter Fiscal 2021 GAAP and Non-GAAP Results:

The following table summarizes our financial results for the fourth quarter of fiscal 2021:

Fourth Quarter Fiscal 2021 

GAAP Results

Fourth Quarter Fiscal 2021 

Non-GAAP Results

Amount
(millions)
Year/Year 

Growth

Product revenue

$178.3

116%

Amount
(millions)
Margin

Amount
(millions)
Margin

Product gross profit

$114.5

64%

$125.3

70%

Operating loss

($200.4)

(105%)

($46.0)

(24%)

Net cash provided by operating activities

$19.6

Free cash flow

$7.3

4%

Adjusted free cash flow

$17.3

9%

Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes.

 

Full-Year Fiscal 2021 GAAP and Non-GAAP Results:

The following table summarizes our financial results for the full-year fiscal 2021:

Full-Year Fiscal 2021 

GAAP Results

Full-Year Fiscal 2021 

Non-GAAP Results

Amount
(millions)
Year/Year 

Growth

Product revenue

$553.8

120%

Amount
(millions)
Margin

Amount
(millions)
Margin

Product gross profit

$360.0

65%

$380.4

69%

Operating loss

($543.9)

(92%)

($224.9)

(38%)

Net cash used in operating activities

($45.4)

Free cash flow

($85.7)

(14%)

Adjusted free cash flow

($71.6)

(12%)

Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes.

Click here for the full announcement.


Source: Snowflake

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