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Apr 30, 2021
Snowflake Q1 2022 Earnings Report
Snowflake's Q1 2022 financial results were reported, showcasing significant growth and strong customer engagement.
Key Takeaways
Snowflake announced strong Q1 results with triple-digit growth in product revenue, reflecting strength in customer consumption. Remaining performance obligations showed a robust increase year-on-year, indicating strength in sales across the board.
Product revenue reached $213.8 million, representing a 110% year-over-year increase.
Remaining performance obligations totaled $1.4 billion, marking a 206% year-over-year growth.
The company's net revenue retention rate stood at 168%.
Snowflake served 4,532 total customers, including 104 with trailing 12-month product revenue exceeding $1 million.
Snowflake
Snowflake
Snowflake Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comProfessional Services Revenue
CapyFin.com Forward Guidance
Snowflake provided guidance for the second quarter and full year of fiscal 2022, including estimates for product revenue, product gross profit, operating loss and adjusted free cash flow.
Positive Outlook
- Second quarter product revenue is expected to be between $235 million and $240 million, representing year-over-year growth of 88% to 92%.
- Full-year product revenue is projected to be between $1.02 billion and $1.035 billion, indicating year-over-year growth of 84% to 87%.
- Full-year product gross profit is anticipated to be approximately 72%.
- Second quarter operating loss is expected to be approximately 19%.
- Full-year adjusted free cash flow is expected to be approximately 0%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income