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Yahoo
26-05-2025
- Business
- Yahoo
Oppenheimer Maintains Outperform Rating on Snowflake (SNOW), Lifts PT
On Thursday, Oppenheimer raised its price target on Snowflake Inc. (NYSE:SNOW) to $225 from $210, while maintaining an Outperform rating on the shares. The firm noted that Snowflake delivered strong FQ1 2026 results due to broad-based demand and consistent consumption trends. A software engineer at work, surrounded by a wall of computer monitors connected to a 'Data Cloud' platform. The company reported total revenue of $1 billion for the quarter, which was up 26% year-over-year. Product revenue specifically reached $996.8 million and also represented a 26% year-over-year increase. Snowflake now serves 606 customers with trailing 12-month product revenue greater than $1 million, a 27% year-over-year increase, and has 754 Forbes Global 2000 customers, which reflects a 4% year-over-year growth. Sridhar Ramaswamy, CEO of Snowflake, commented on the results, stating that the company delivered 'another strong quarter.' Oppenheimer also highlighted better-than-expected activity in Snowpark and Dynamic Tables, along with robust AI adoption, as indicators that newer products are resonating well with customers. The firm is bullish on Snowflake and considers it a top pick. Oppenheimer anticipates potential upside, particularly if macroeconomic conditions remain stable. Snowflake Inc. (NYSE:SNOW) provides a cloud-based data platform for various organizations globally. While we acknowledge the potential of SNOW to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than SNOW and that has 100x upside potential, check out our report about the cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-05-2025
- Business
- Yahoo
Snowflake Q1 Earnings Beat Estimates, Revenues Up Y/Y, Shares Rise
Snowflake SNOW reported first-quarter fiscal 2026 non-GAAP earnings of 24 cents per share, beating the Zacks Consensus Estimate by 9.09%. The company reported earnings of 14 cents per share in the year-ago of $1.04 billion beat the consensus mark by 3.74% and rallied 25.7% year over year. Americas, EMEA (Europe, the Middle East and Africa) and APJ (Asia Pacific and Japan) contributed 78%, 16% and 6% to revenues, shares gained 10.88% in pre-market trading. Its shares have returned 16% against the Zacks Computer & Technology sector's decline of 2%. Snowflake's product revenues contributed 95.7% to total revenues. The figure was $996.8 million, up 26.2% year over year. Snowflake Inc. price-consensus-eps-surprise-chart | Snowflake Inc. Quote Professional Services and other revenues contributed 4.3% to total revenues. The figure was $45.3 million, up 15.7% year over the fiscal first quarter, Snowflake witnessed a net revenue retention rate of 124% for existing customers, down from 126% reported in the previous company reported 18.8% year-over-year growth in the number of customers, reaching 11,578 in the reported quarter. The company now has 606 customers with trailing 12-month product revenues greater than $1 million (up 27% year over year) and 754 Forbes Global 2000 customers (up 4% year over year). In the reported quarter, SNOW added 451 net new customers, representing a 19% increase year over the first quarter of fiscal 2026, the company expanded AI offerings significantly, with more than 5,200 accounts using AI/ML weekly. The non-GAAP gross margin contracted 90 basis points (bps) year over year to 72.4%.The product gross margin continued to expand, driven by product improvements, favourable cloud agreement pricing, improving scale and a growing enterprise customer & development expenses, as a percentage of revenues, decreased 160 bps on a year-over-year basis to 22.9%.General & administrative expenses, as a percentage of revenues, were 6.1%, down 80 bps year over and marketing expenses, as a percentage of revenues, declined 340 bps on a year-over-year basis to 34.3%.Total operating expenses, as a percentage of revenues, were 63.4% compared with 69.1% reported in the year-ago income was $91.7 million in the reported quarter, compared with $36.2 million reported in the year-ago quarter. As of April 30, 2025, Snowflake had cash, cash equivalents and short-term investments of $3.91 billion compared with $4.63 billion as of Jan. 31, remaining performance obligations at the end of the first quarter of fiscal 2026 were $6.7 billion, up 34% year over year. Snowflake expects nearly 50% to be recognized as revenue over the next 12 adjusted free cash flow was $2.06 billion in the reported quarter compared with the previous quarter's $4.23 billion. For the second quarter of fiscal 2026, Snowflake expects product revenues in the range of $1.03-$1.04 billion. The projection range indicates year-over-year growth of 25%.The operating margin is expected to be 8% for the fiscal second quarter.(Find the latest EPS estimates and surprises on Zacks Earnings Calendar.) Currently, Snowflake has a Zacks Rank #3 (Hold).Broadcom AVGO, PagerDuty PD and GitLab GTLB are some better-ranked stocks that investors can consider in the broader sector. Each stock presently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks shares have returned 25.8% year to date. AVGO is scheduled to release second-quarter fiscal 2025 results on June shares have lost 6.7% year to date. PD is set to report its first-quarter fiscal 2026 results on May shares have lost 7.4% year to date. GTLB is set to release its first-quarter fiscal 2026 results on June 10. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Broadcom Inc. (AVGO) : Free Stock Analysis Report Snowflake Inc. (SNOW) : Free Stock Analysis Report PagerDuty (PD) : Free Stock Analysis Report GitLab Inc. (GTLB) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-05-2025
- Business
- Yahoo
Snowflake stock jumps on outlook, earnings beat
Snowflake (SNOW) reported first quarter results that topped Wall Street estimates on both the top and bottom lines. Diluted earnings per share was $0.24 compared to the Bloomberg consensus estimate of $0.21. Revenue was $1.04 billion versus a $1.01 billion estimate. The company also raised its full-year product sales forecast. To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here. All right, let's get to some earnings here because Snowflake reporting first quarter earnings results and those are just crossing the wires. Let's get you those numbers. Snowflake reports Q1 adjusted diluted EPS, 24 cents. Street was at 21 cents, so that is a beat. Revenue, 1.04 billion. Street was at 1.01 billion. So that is a beat as well. Let's turn ahead in terms of what they see for the second quarter. It looks like they are looking for product revenue 1.04 billion to one, and the street was at 1.03 billion. They still see, and now, and I think this is why you're seeing the stock doing what's doing here in the after hours. They see full year product revenue, they're calling for 4.33 billion. They had seen 4.28 billion and the street was at 4.29 billion and we have the stock up nearly 7% in the after hours. Yeah, and just to put some more details on that, revenue was, that was a 26% gain in revenue year-over-year. Uh, the company is giving a little bit of detail as to what their customers are like in terms of size. They say they have 606 customers with trailing 12-month product revenue of more than a million dollars. Um, they have 754 Forbes Global 2000 customers. So in other words, a pretty high number of large companies that are their, that are their customers here. So they're sort of emphasizing that. They have 11,000 customers overall, according to Sri Ramaswami, who is the CEO of the company. Um, and so, you know, sort of relying on those large enterprises for the growth that the company is seeing. Yeah, lots of questions for this one. What, not just about the print, but obviously broader questions are going to come up in the call. How do they exactly think about the macro, about any potential downstream tariff impact, the competitive landscape? How could that be evolving in Snowflake's place in it? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
National Post
21-05-2025
- Business
- National Post
Snowflake Reports Financial Results for the First Quarter of Fiscal 2026
Article content Product revenue of $996.8 million in the first quarter, representing 26% year-over-year growth Net revenue retention rate of 124% 606 customers with trailing 12-month product revenue greater than $1 million 754 Forbes Global 2000 customers Remaining performance obligations of $6.7 billion, representing 34% year-over-year growth Article content Article content No-Headquarters/BOZEMAN, Mont. — Snowflake (NYSE: SNOW), the AI Data Cloud company, today announced financial results for its first quarter of fiscal 2026, ended April 30, 2025. Article content Revenue for the quarter was $1.0 billion, representing 26% year-over-year growth. Product revenue for the quarter was $996.8 million, representing 26% year-over-year growth. Net revenue retention rate was 124% as of April 30, 2025. The company now has 606 customers with trailing 12-month product revenue greater than $1 million and 754 Forbes Global 2000 customers, representing 27% and 4% year-over-year growth, respectively. Remaining performance obligations were $6.7 billion, representing 34% year-over-year growth. See the section titled 'Key Business Metrics' for definitions of product revenue, net revenue retention rate, customers with trailing 12-month product revenue greater than $1 million, Forbes Global 2000 customers, and remaining performance obligations. Article content 'Snowflake delivered another strong quarter, with product revenue of $997 million, up a strong 26% year-over-year, and remaining performance obligations totaling $6.7 billion,' said Sridhar Ramaswamy, CEO of Snowflake. 'Snowflake's mission is to empower every enterprise to achieve its full potential through data and AI. Our focus on making the Snowflake platform easy to use, to enable fluid access to data wherever it sits, and trusted for enterprise-grade performance, is what makes us differentiated and beloved by more than 11,000 customers. We see an enormous opportunity ahead as we extend this value throughout the full data lifecycle.' Article content Amount (millions) Year/Year Growth Product revenue $996.8 26% Amount (millions) Margin Amount (millions) Margin Product gross profit $711.5 71% $754.1 76% Operating income (loss) ($447.3) (43%) $91.7 9% Net cash provided by operating activities $228.4 22% (2) Free cash flow $183.4 18% Adjusted free cash flow $206.3 20% (1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled 'Statement Regarding Use of Non-GAAP Financial Measures' for an explanation of non-GAAP financial measures, and the table titled 'GAAP to Non-GAAP Reconciliations' for a reconciliation of GAAP to non-GAAP financial measures. (2) Calculated as net cash provided by operating activities as a percentage of revenue. Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes. Article content Margin Operating income 8% Amount (millions) Weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders—diluted (2) 371 (1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled 'Statement Regarding Use of Non-GAAP Financial Measures' for an explanation of non-GAAP financial measures. (2) The potential impact of future repurchases under our stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders—diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases. Additionally, the dilutive effect of the shares issuable upon conversion of our 0% convertible senior notes due 2027 and 0% convertible senior notes due 2029 (the Notes) using the if-converted method, estimated at approximately 14 million shares for the second quarter of fiscal 2026 based on the current conversion price and net of the potential antidilutive impact of the capped call transactions entered into in connection with the Notes (the Capped Calls), is reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders—diluted. Upon conversion of the Notes, we may choose to satisfy our conversion obligations by paying or delivering, as the case may be, cash, shares of our common stock, or a combination of both. The Capped Calls will have an antidilutive impact when the average stock price of our common stock in a given period is higher than their exercise price. The estimated antidilutive impact of the Capped Calls reflected in our guidance is based on the market price of our common stock as of April 30, 2025, and is subject to change with future stock price movements. Article content Product revenue $4,325 25% Margin Operating income 8% Adjusted free cash flow 25% Amount (millions) Weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders—diluted (2) 372 (1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled 'Statement Regarding Use of Non-GAAP Financial Measures' for an explanation of non-GAAP financial measures. (2) The potential impact of future repurchases under our stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders—diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases. Additionally, the dilutive effect of the shares issuable upon conversion of the Notes using the if-converted method, estimated at approximately 14 million shares for the full-year of fiscal 2026 based on the current conversion price and net of the potential antidilutive impact of the Capped Calls, is reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders—diluted. Upon conversion of the Notes, we may choose to satisfy our conversion obligations by paying or delivering, as the case may be, cash, shares of our common stock or a combination of both. The Capped Calls will have an antidilutive impact when the average stock price of our common stock in a given period is higher than their exercise price. The estimated antidilutive impact of the Capped Calls reflected in our guidance is based on the market price of our common stock as of April 30, 2025, and is subject to change with future stock price movements. Article content A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. These factors could be material to our results computed in accordance with GAAP. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP financial results included in this release. Our fiscal year ends January 31, and numbers are rounded for presentation purposes. Article content Conference Call Details Article content The conference call will begin at 3 p.m. Mountain Time on May 21, 2025. Investors and participants may attend the call by dialing (833) 470-1428 (Access code: 692434). For investors and participants outside the United States, see global dial-in numbers at (Access code: 692434). Article content The call will also be webcast live on the Snowflake Investor Relations website at An audio replay of the conference call and webcast will be available two hours after its completion and will be accessible for 30 days on the Snowflake Investor Relations website. Article content We report the following non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP), in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Article content Non-GAAP Product gross profit, Operating income, Net income, Net income attributable to Snowflake Inc., and Net income per share attributable to Snowflake Inc. common stockholders — basic and diluted. Non-GAAP product gross profit, operating income, net income, and net income attributable to Snowflake Inc. are each defined as the respective GAAP measure, excluding, as applicable, the effect of (i) stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, (ii) amortization of acquired intangibles, (iii) expenses associated with acquisitions and strategic investments, (iv) amortization of debt issuance costs, (v) restructuring charges, net of associated income and recoveries, (vi) asset impairment related to office facility exit, net of associated sublease income, if any, (vii) adjustments attributable to noncontrolling interest, and (viii) the related income tax effect of these adjustments as well as the non-recurring income tax expense or benefit associated with acquisitions. Non-GAAP product gross margin is calculated as non-GAAP product gross profit as a percentage of product revenue. Non-GAAP operating margin is calculated as non-GAAP operating income as a percentage of revenue. Our non-GAAP net income per share attributable to Snowflake Inc. common stockholders—basic is calculated by dividing non-GAAP net income attributable to Snowflake Inc. by the weighted-average number of shares of common stock outstanding during the period. Our non-GAAP net income per share attributable to Snowflake Inc. common stockholders—diluted is calculated by dividing non-GAAP net income attributable to Snowflake Inc. by the non-GAAP weighted-average number of diluted shares outstanding, which includes (a) the effect of all potentially dilutive common stock equivalents (stock options, restricted stock units, employee stock purchase rights under our 2020 Employee Stock Purchase Plan), (b) the potential dilutive effect of the shares issuable upon conversion of the Notes using the if-converted method, and (c) the antidilutive impact, if any, of the Capped Calls entered into in connection with the Notes. The Capped Calls are expected to reduce the potential dilution to our common stock upon any conversion of the Notes under certain circumstances. Under GAAP, the antidilutive impact of the Capped Calls is not reflected in diluted shares outstanding until exercised. For the historical periods presented, there was no material antidilutive impact of the Capped Calls. The potential dilutive effect of outstanding restricted stock units with performance conditions not yet satisfied is included in the non-GAAP weighted-average number of diluted shares at forecasted attainment levels to the extent we believe it is probable that the performance conditions will be met. Amounts attributable to noncontrolling interest were not material for all periods presented. We believe the presentation of operating results that exclude these items that are (i) non-cash items, (ii) non-recurring items, or (iii) items that have highly variable amounts due to factors beyond our control and are unrelated to our core operations such that management does not consider them in evaluating the business performance or making operating plans, provides useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods. Free cash flow. Free cash flow is defined as net cash provided by operating activities reduced by purchases of property and equipment and capitalized internal-use software development costs. Cash outflows for employee payroll tax items related to the net share settlement of equity awards are included in cash flow for financing activities and, as a result, do not have an effect on the calculation of free cash flow. Free cash flow margin is calculated as free cash flow as a percentage of revenue. We believe these measures provide useful supplemental information to investors because they are indicators of the strength and performance of our core business operations. Adjusted free cash flow. Adjusted free cash flow is defined as free cash flow plus (minus) net cash paid (received) on employer and employee payroll tax-related items on employee stock transactions. Employee payroll tax-related items on employee stock transactions are generally pass-through transactions that are expected to have a net zero impact on free cash flow over time, but that may impact free cash flow in any given fiscal quarter due to differences between the time that we receive funds from our employees and the time we remit those funds to applicable tax authorities. We believe that excluding the effects of these payroll tax-related items will enhance stockholders' ability to evaluate our free cash flow performance, including on a quarter-over-quarter basis. Adjusted free cash flow margin is calculated as adjusted free cash flow as a percentage of revenue. We believe these measures provide useful supplemental information to investors because they are indicators of the strength and performance of our core business operations. Article content We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results. Article content Key Business Metrics Article content We monitor our key business metrics, including (i) free cash flow and (ii) the other metrics set forth below to help us evaluate our business and growth trends, establish budgets, measure the effectiveness of our sales and marketing efforts, and assess operational efficiencies. See the section titled 'Statement Regarding Use of Non-GAAP Financial Measures' for the definition of free cash flow. The calculation of our key business metrics may differ from other similarly titled metrics used by other companies, securities analysts, or investors. Article content Product Revenue. Product revenue is a key metric for us because we recognize revenue based on platform consumption, which is inherently variable at our customers' discretion, and not based on the amount and duration of contract terms. Product revenue is primarily derived from the consumption of compute, storage, and data transfer resources by customers on our platform. Customers have the flexibility to consume more than their contracted capacity during the contract term and may have the ability to roll over unused capacity to future periods, generally upon the purchase of additional capacity at renewal. Our consumption-based business model distinguishes us from subscription-based software companies that generally recognize revenue ratably over the contract term and may not permit rollover. Because customers have flexibility in the timing of their consumption, which can exceed their contracted capacity or extend beyond the original contract term in many cases, the amount of product revenue recognized in a given period is an important indicator of customer satisfaction and the value derived from our platform. While customer use of our platform in any period is not necessarily indicative of future use, we estimate future revenue using predictive models based on customers' historical usage to plan and determine financial forecasts. Product revenue excludes our professional services and other revenue. Net Revenue Retention Rat e. To calculate net revenue retention rate, we first specify a measurement period consisting of the trailing two years from our current period end. Next, we define as our measurement cohort the population of customers under capacity contracts that used our platform at any point in the first month of the first year of the measurement period. The cohorts used to calculate net revenue retention rate include end-customers under a reseller arrangement. We then calculate our net revenue retention rate as the quotient obtained by dividing our product revenue from this cohort in the second year of the measurement period by our product revenue from this cohort in the first year of the measurement period. Any customer in the cohort that did not use our platform in the second year remains in the calculation and contributes zero product revenue in the second year. Our net revenue retention rate is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our net revenue retention rate for historical periods reflecting these adjustments. Since we will continue to attribute the historical product revenue to the consolidated contract, consolidation of capacity contracts within a customer's organization typically will not impact our net revenue retention rate unless one of those customers was not a customer at any point in the first month of the first year of the measurement period. Customers with Trailing 12-Month Product Revenue Greater than $1 Million. To calculate the number of customers with trailing 12-month product revenue greater than $1 million, we count the number of customers under capacity arrangements that contributed more than $1 million in product revenue in the trailing 12 months. For purposes of determining our customer count, we treat each customer account, including accounts for end-customers under a reseller arrangement, that has at least one corresponding capacity contract as a unique customer, and a single organization with multiple divisions, segments, or subsidiaries may be counted as multiple customers. We do not include customers that consume our platform only under on-demand arrangements for purposes of determining our customer count. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our customer count for historical periods reflecting these adjustments. Forbes Global 2000 Customers. Our Forbes Global 2000 customer count is a subset of our customer count based on the 2024 Forbes Global 2000 list. Our Forbes Global 2000 customer count is subject to adjustments for annual updates to the list by Forbes, as well as acquisitions, consolidations, spin-offs, and other market activity with respect to such customers, and we present our Forbes Global 2000 customer count for historical periods reflecting these adjustments. 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. RPO excludes performance obligations from on-demand 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. RPO is not necessarily indicative of future product revenue growth because it does not account for the timing of customers' consumption or their consumption of more than their contracted capacity. Moreover, RPO is influenced by a number of factors, including the timing and size of renewals, the timing and size of purchases of additional capacity, average contract terms, seasonality, changes in foreign currency exchange rates, and the extent to which customers are permitted to roll over unused capacity to future periods, generally upon the purchase of additional capacity at renewal. Due to these factors, it is important to review RPO in conjunction with product revenue and other financial metrics disclosed elsewhere herein. Article content This release and the accompanying oral presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding our performance, including but not limited to statements in the section titled 'Financial Outlook.' Words such as 'guidance,' 'outlook,' 'expect,' 'anticipate,' 'should,' 'believe,' 'hope,' 'target,' 'project,' 'plan,' 'goals,' 'estimate,' 'potential,' 'predict,' 'may,' 'will,' 'might,' 'could,' 'intend,' 'shall,' and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Other than statements of historical fact, all statements contained in this release and accompanying oral presentation are forward-looking statements, including statements regarding (i) our future operating results, targets, or financial position; (ii) our business strategy, plans, opportunities, or priorities; (iii) the release, adoption, and use of our new or enhanced products, services, and technology offerings, including those that are under development or not generally available; (iv) market size and growth, trends, and competitive considerations; (v) our vision, strategy and expected benefits relating to artificial intelligence, Snowpark, Snowflake Marketplace, the AI Data Cloud, and AI Data Clouds for specific industries or product categories, including the expected benefits and network effects of the AI Data Cloud; and (vi) the integration, interoperability, and availability of our products, services, and technology offerings with and on third-party products and platforms, including public cloud platforms. Article content The forward-looking statements contained in this release and the accompanying oral presentation are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions, and other factors include, but are not limited to, those related to our business and financial performance; general market and business conditions, downturns, or uncertainty, including higher inflation, tariffs and trade wars, higher interest rates, fluctuations or volatility in capital markets or foreign currency exchange rates, and geopolitical instability; our ability to attract and retain customers that use our platform to support their end-to-end data lifecycle; the extent to which customers continue to optimize consumption; the impact of new or optimized product features and pricing strategies on consumption, including Iceberg tables and tiered storage pricing; unforeseen technical, operational, or business challenges impacting the timing, scope, or success of strategic partnerships; the extent to which customers continue to rationalize budgets and prioritize cash flow management, including through shortened contract durations; our ability to develop new products and services and enhance existing products and services; the extent to which customer adoption of new product capabilities results in durable consumption; the growth of successful native applications on the Snowflake Marketplace; our ability to respond rapidly to emerging technology trends, including the adoption and use of artificial intelligence; our ability to execute on our business strategy, including our strategy related to artificial intelligence, the AI Data Cloud, Snowpark, and Snowflake Marketplace; our ability to increase and predict customer consumption of our platform, particularly in light of the impact of holidays on customer consumption patterns; our ability to compete effectively; our ability to increase our penetration into existing markets and enter and grow new markets, including highly-regulated markets such as financial services, healthcare, and the public sector; the impact of cybersecurity threat activity directed at our customers and any resulting reputational or financial damage; our ability to manage growth; our ability to sublease or terminate certain of our office facility commitments and the impact of related asset impairment; the impact and timing of stock repurchases under our stock repurchase program; and our ability to meet the requirements of the Notes and the settlement timing and method for the Notes and the Capped Calls. Article content Further information on these and additional risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this release are included under the caption 'Risk Factors' and elsewhere in our Form 10-K for the fiscal year ended January 31, 2025 and other filings and reports we make with the Securities and Exchange Commission from time to time, including our Form 10-Q that will be filed for the fiscal quarter ended April 30, 2025. Article content Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor(s) may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. As a result of these risks, uncertainties, assumptions, and other factors, you should not rely on any forward-looking statements as predictions of future events. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Except as required by law, we undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts' expectations, or to provide interim reports or updates on the progress of the current financial quarter. Article content April 30, 2025 January 31, 2025 Assets Current assets: Cash and cash equivalents $ 2,243,083 $ 2,628,798 Short-term investments 1,667,601 2,008,873 Accounts receivable, net 530,517 922,805 Deferred commissions, current 104,187 97,662 Prepaid expenses and other current assets 240,586 211,234 Total current assets 4,785,974 5,869,372 Long-term investments 956,144 656,476 Property and equipment, net 290,332 296,393 Operating lease right-of-use assets 261,971 359,439 Goodwill 1,056,559 1,056,559 Intangible assets, net 253,944 278,028 Deferred commissions, non-current 182,761 183,967 Other assets 369,722 333,704 Total assets $ 8,157,407 $ 9,033,938 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 155,263 $ 169,767 Accrued expenses and other current liabilities 528,380 515,454 Operating lease liabilities, current 37,098 35,923 Deferred revenue, current 2,309,803 2,580,039 Total current liabilities 3,030,544 3,301,183 Convertible senior notes, net 2,273,600 2,271,529 Operating lease liabilities, non-current 377,065 377,818 Deferred revenue, non-current 13,724 15,501 Other liabilities 47,620 61,264 Snowflake Inc. stockholders' equity 2,408,000 2,999,929 Noncontrolling interest 6,854 6,714 Total liabilities and stockholders' equity $ 8,157,407 $ 9,033,938 Article content Three Months Ended April 30, 2025 2024 Cash flows from operating activities: Net loss $ (429,952 ) $ (317,816 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 48,804 40,221 Non-cash operating lease costs 17,842 13,722 Amortization of deferred commissions 25,796 22,764 Stock-based compensation, net of amounts capitalized 379,460 331,936 Net accretion of discounts on investments (7,652 ) (11,992 ) Net realized and unrealized losses on strategic investments in equity securities 29,685 20,695 Amortization of debt issuance costs 2,071 — Asset impairment related to office facility exit 106,488 — Other (5,174 ) 669 Changes in operating assets and liabilities: Accounts receivable 393,657 579,319 Deferred commissions (31,114 ) (14,940 ) Prepaid expenses and other assets (17,852 ) (1,111 ) Accounts payable (4,423 ) 21,244 Accrued expenses and other liabilities 3,935 (54,688 ) Operating lease liabilities (11,838 ) (13,374 ) Deferred revenue (271,360 ) (261,181 ) Net cash provided by operating activities 228,373 355,468 Cash flows from investing activities: Purchases of property and equipment (44,989 ) (16,519 ) Capitalized internal-use software development costs — (7,404 ) Purchases of investments (1,012,575 ) (1,078,261 ) Sales of investments 17,399 30,360 Maturities and redemptions of investments 984,182 921,395 Settlement of cash flow hedges — (749 ) Net cash used in investing activities (55,983 ) (151,178 ) Cash flows from financing activities: Proceeds from exercise of stock options 6,260 10,686 Proceeds from issuance of common stock under employee stock purchase plan 53,193 46,735 Taxes paid related to net share settlement of equity awards (132,498 ) (174,590 ) Repurchases of common stock (490,638 ) (516,329 ) Payments of deferred purchase consideration for business combinations (374 ) — Net cash used in financing activities (564,057 ) (633,498 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 12,397 (2,633 ) Net decrease in cash, cash equivalents, and restricted cash (379,270 ) (431,841 ) Cash, cash equivalents, and restricted cash—beginning of period 2,698,678 1,780,977 Article content Three Months Ended April 30, 2025 2024 Amount Amount as a % of Revenue Amount Amount as a % of Revenue Revenue: Product revenue $ 996,813 96% $ 789,587 95% Professional services and other revenue 45,261 4% 39,122 5% Revenue $ 1,042,074 100% $ 828,709 100% Year-over-year growth 26 % 33 % Cost of revenue: GAAP cost of product revenue $ 285,276 $ 219,657 Adjustments: Stock-based compensation-related charges (30,852 ) (27,235 ) Amortization of acquired intangibles (11,735 ) (10,147 ) Non-GAAP cost of product revenue $ 242,689 $ 182,275 GAAP cost of professional services and other revenue $ 63,510 $ 52,860 Adjustments: Stock-based compensation-related charges (14,641 ) (13,915 ) Amortization of acquired intangibles (1,608 ) (1,627 ) Non-GAAP cost of professional services and other revenue $ 47,261 $ 37,318 GAAP cost of revenue $ 348,786 33% $ 272,517 33% Adjustments: Stock-based compensation-related charges (45,493 ) (41,150 ) Amortization of acquired intangibles (13,343 ) (11,774 ) Non-GAAP cost of revenue $ 289,950 28% $ 219,593 26% Gross profit (loss): GAAP product gross profit $ 711,537 $ 569,930 Adjustments: Stock-based compensation-related charges 30,852 27,235 Amortization of acquired intangibles 11,735 10,147 Non-GAAP product gross profit $ 754,124 $ 607,312 GAAP professional services and other revenue gross loss $ (18,249 ) $ (13,738 ) Adjustments: Stock-based compensation-related charges 14,641 13,915 Amortization of acquired intangibles 1,608 1,627 Non-GAAP professional services and other revenue gross profit (loss) $ (2,000 ) $ 1,804 GAAP gross profit $ 693,288 67% $ 556,192 67% Adjustments: Stock-based compensation-related charges 45,493 41,150 Amortization of acquired intangibles 13,343 11,774 Non-GAAP gross profit $ 752,124 72% $ 609,116 74% Gross margin: GAAP product gross margin 71 % 72 % Adjustments: Stock-based compensation-related charges as a % of product revenue 4 % 4 % Amortization of acquired intangibles as a % of product revenue 1 % 1 % Non-GAAP product gross margin 76 % 77 % GAAP professional services and other revenue gross margin (40 %) (35 %) Adjustments: Stock-based compensation-related charges as a % of professional services and other revenue 32 % 36 % Amortization of acquired intangibles as a % of professional services and other revenue 4 % 4 % Non-GAAP professional services and other revenue gross margin (4 %) 5 % GAAP gross margin 67 % 67 % Adjustments: Stock-based compensation-related charges as a % of revenue 4 % 6 % Amortization of acquired intangibles as a % of revenue 1 % 1 % Non-GAAP gross margin 72 % 74 % Operating expenses: GAAP sales and marketing expense $ 458,554 44% $ 400,822 48% Adjustments: Stock-based compensation-related charges (92,911 ) (80,621 ) Amortization of acquired intangibles (7,760 ) (7,630 ) Non-GAAP sales and marketing expense $ 357,883 34% $ 312,571 38% GAAP research and development expense $ 472,404 46% $ 410,794 50% Adjustments: Stock-based compensation-related charges (230,945 ) (204,041 ) Amortization of acquired intangibles (2,645 ) (3,600 ) Restructuring charges, net (1) 8 — Non-GAAP research and development expense $ 238,822 23% $ 203,153 25% GAAP general and administrative expense $ 209,587 20% $ 93,148 11% Adjustments: Stock-based compensation-related charges (39,373 ) (34,577 ) Amortization of acquired intangibles (337 ) (441 ) Expenses associated with acquisitions and strategic investments (378 ) (982 ) Restructuring charges, net (1) 750 — Asset impairment related to office facility exit (2) (106,488 ) — Non-GAAP general and administrative expense $ 63,761 6% $ 57,148 7% GAAP total operating expenses $ 1,140,545 110% $ 904,764 109% Adjustments: Stock-based compensation-related charges (363,229 ) (319,239 ) Amortization of acquired intangibles (10,742 ) (11,671 ) Expenses associated with acquisitions and strategic investments (378 ) (982 ) Restructuring charges, net (1) 758 — Asset impairment related to office facility exit (2) (106,488 ) — Non-GAAP total operating expenses $ 660,466 63% $ 572,872 70% Operating income (loss): GAAP operating loss $ (447,257 ) (43%) $ (348,572 ) (42%) Adjustments: Stock-based compensation-related charges (3) 408,722 360,389 Amortization of acquired intangibles 24,085 23,445 Expenses associated with acquisitions and strategic investments 378 982 Restructuring charges, net (1) (758 ) — Asset impairment related to office facility exit (2) 106,488 — Non-GAAP operating income $ 91,658 9% $ 36,244 4% Operating margin: GAAP operating margin (43 %) (42 %) Adjustments: Stock-based compensation-related charges as a % of revenue 40 % 43 % Amortization of acquired intangibles as a % of revenue 2 % 3 % Expenses associated with acquisitions and strategic investments as a % of revenue — % — % Restructuring charges, net as a % of revenue — % — % Asset impairment related to office facility exit as a % of revenue 10 % — % Non-GAAP operating margin 9 % 4 % Net income (loss): GAAP net loss $ (429,952 ) (41%) $ (317,816 ) (38%) Adjustments: Stock-based compensation-related charges (3) 408,722 360,389 Amortization of acquired intangibles 24,085 23,445 Expenses associated with acquisitions and strategic investments 378 982 Restructuring charges, net (1) (758 ) — Asset impairment related to office facility exit (2) 106,488 — Amortization of debt issuance costs 2,071 — Income tax effect related to the above adjustments and acquisitions (23,462 ) (15,555 ) Non-GAAP net income $ 87,572 8% $ 51,445 6% Net income (loss) attributable to Snowflake Inc.: GAAP net loss attributable to Snowflake Inc. $ (430,092 ) (41%) $ (316,988 ) (38%) Adjustments: Stock-based compensation-related charges (3) 408,722 360,389 Amortization of acquired intangibles 24,085 23,445 Expenses associated with acquisitions and strategic investments 378 982 Restructuring charges, net (1) (758 ) — Asset impairment related to office facility exit (2) 106,488 — Amortization of debt issuance costs 2,071 — Income tax effect related to the above adjustments and acquisitions (23,462 ) (15,555 ) Adjustments attributable to noncontrolling interest, net of tax (147 ) (113 ) Non-GAAP net income attributable to Snowflake Inc. $ 87,285 8% $ 52,160 6% Net income (loss) per share attributable to Snowflake Inc. common stockholders—basic and diluted: GAAP net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted $ (1.29 ) $ (0.95 ) Weighted-average shares used in computing GAAP net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted 332,657 333,584 Non-GAAP net income per share attributable to Snowflake Inc. common stockholders—basic $ 0.26 $ 0.16 Weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders—basic 332,657 333,584 Non-GAAP net income per share attributable to Snowflake Inc. common stockholders—diluted $ 0.24 $ 0.14 GAAP weighted-average shares used in computing GAAP net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted 332,657 333,584 Add: Effect of potentially dilutive common stock equivalents 24,033 29,730 Add: Effect of convertible senior notes, net of antidilutive impact of capped call transactions 14,230 — Non-GAAP weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders—diluted (4) 370,920 363,314 Free cash flow and adjusted free cash flow: GAAP net cash provided by operating activities $ 228,373 22% $ 355,468 43% Adjustments: Purchases of property and equipment (44,989 ) (16,519 ) Capitalized internal-use software development costs — (7,404 ) Non-GAAP free cash flow 183,384 18% 331,545 40% Adjustments: Net cash paid on payroll tax-related items on employee stock transactions (5) 22,885 34,146 Non-GAAP adjusted free cash flow $ 206,269 20% $ 365,691 44% Non-GAAP free cash flow margin 18 % 40 % Non-GAAP adjusted free cash flow margin 20 % 44 % GAAP net cash used in investing activities $ (55,983 ) $ (151,178 ) GAAP net cash used in financing activities $ (564,057 ) $ (633,498 ) (1) Restructuring charges, net represent certain costs incurred by us in connection with a restructuring plan for a majority-owned subsidiary, net of associated income and recoveries. (2) Asset impairment related to office facility exit primarily relates to our San Mateo office facility, which we ceased using during the three months ended April 30, 2025. There was no associated sublease income for the historical periods presented. (3) Stock-based compensation-related charges included employer payroll tax-related expenses on employee stock transactions of approximately $19.5 million and $21.9 million for the three months ended April 30, 2025 and 2024, respectively. (4) For the periods in which we had non-GAAP net income, the non-GAAP weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders—diluted included (a) the effect of all potentially dilutive common stock equivalents (stock options, restricted stock units, and employee stock purchase rights under our 2020 Employee Stock Purchase Plan) and (b) the potential dilutive effect of shares issuable upon conversion of the Notes using the if-converted method, starting from the issuance date of the Notes. The Capped Calls entered into in connection with the Notes had no material antidilutive impact for any of the historical periods presented. The potential dilutive effect of outstanding restricted stock units with performance conditions not yet satisfied is included in the non-GAAP weighted-average number of diluted shares at forecasted attainment levels to the extent we believe it is probable that the performance conditions will be met. (5) The amounts for the three months ended April 30, 2025 and 2024 do not include employee payroll taxes of $132.5 million and $174.6 million, respectively, related to net share settlement of employee restricted stock units, which were reflected as cash outflows for financing activities. Article content Article content Article content Article content Article content Contacts Article content Article content Article content
Yahoo
21-05-2025
- Business
- Yahoo
Syniverse Names Bob Chiodo as Executive Vice President and Chief Revenue Officer
Brings over 30 years of experience and a proven track record of delivering growth and customer satisfaction TAMPA, Fla., May 21, 2025--(BUSINESS WIRE)--Syniverse, the world's most connected company®, has appointed Bob Chiodo as Executive Vice President (EVP) and Chief Revenue Officer (CRO). Chiodo assumes the role after serving briefly as interim CRO, while also serving in a dual role as Senior Vice President of Sales for the Americas. As EVP and CRO, Chiodo is responsible for go-to-market strategies across all verticals and segments, including the public sector. He oversees sales, marketing, customer success, pre-sales, professional services, and business development. With over 30 years of experience in sales and operational leadership, Chiodo offers substantial industry expertise and a proven track record of driving growth, building high-performing teams, and exceeding customer expectations. Since joining Syniverse in 2019, Chiodo has actively contributed to developing and executing the company's go-to-market strategy during its key transformational initiatives. "5G networks, the rise of RCS messaging, and the growing role of satellite technology are reshaping how mobile network operators and enterprises connect. Syniverse is positioned to lead that transformation," said Andrew Davies, Chief Executive Officer of Syniverse. "Bob understands what our customers need as they adapt to these changes. He's a proven sales leader who will continue to drive Syniverse's growth across the industry." Before joining Syniverse, Chiodo held multiple leadership roles at CenturyLink (now Lumen) and AT&T, where his extensive experience in operations, sales, and sales engineering led to progressive growth. "Having worked alongside our cross-functional team for several years, I've seen firsthand how aligned execution and customer focus drive results," Chiodo said. "Collectively, we strive to support our customers with innovation, collaboration, and a shared commitment to living the Syniverse values. I prioritize evolving, growing, and delivering for our global customers, many of whom I already know and look forward to working with more closely." For more information on Syniverse, visit About Syniverse Syniverse is the world's most connected company. We seamlessly connect the world's networks, devices, and people so the world can unlock the full power of communications. Our secure, global technology powers the world's leading carriers, top Forbes Global 2000 companies, and billions of people, devices, and transactions every day. Our engagement platform delivers better, smarter experiences that strengthen relationships between businesses, customers, and employees. For over 30 years, we have accelerated important advances in communications technology. Today we are an essential driver of the world's adoption of intelligent connectivity, from 5G and CPaaS to IoT and beyond. Find out more at View source version on Contacts For more information, contact: Matt McLoughlinmatt@ Karen Wentworthpr@ +1.813.637.5084 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
