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Apr 30, 2022
Snowflake Q1 2023 Earnings Report
Snowflake's Q1 2023 financial results were reported, demonstrating significant revenue growth and strong customer retention.
Key Takeaways
Snowflake reported a strong first quarter in fiscal year 2023, with revenue reaching $422.4 million, representing an 85% year-over-year growth. Product revenue also saw substantial growth at 84%, totaling $394.4 million. The company's net revenue retention rate stood at 174%, with remaining performance obligations at $2.6 billion, indicating continued customer commitment and expansion.
Total revenue reached $422.4 million, an 85% year-over-year increase.
Product revenue was $394.4 million, reflecting an 84% year-over-year growth.
Remaining performance obligations (RPO) amounted to $2.6 billion, representing an 82% year-over-year increase.
Net revenue retention rate was 174% as of April 30, 2022.
Revenue by Segment
Forward Guidance
Snowflake provided financial outlook for the second quarter and full year of fiscal 2023, including product revenue and profitability expectations.
Positive Outlook
- Second quarter product revenue is projected to be between $435 million and $440 million, representing a 71-73% year-over-year growth.
- Full-year product revenue is expected to be between $1.885 billion and $1.9 billion, indicating a 65-67% year-over-year growth.
- The company anticipates achieving a 74.5% product gross profit margin for the full year.
- Operating income is forecasted to be around 1% for the full year.
- Adjusted free cash flow is projected to be approximately 16% for the full year.
Challenges Ahead
- The company anticipates an operating loss of 2% for the second quarter.
- Forward-looking non-GAAP guidance measures are not reconciled to corresponding GAAP measures due to uncertainties in predicting future expenses.
- Stock-based compensation-related charges and employer payroll tax-related items on employee stock transactions can impact future financial results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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