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SAN MATEO, Calif.--(BUSINESS WIRE)--In the table that summarizes guidance for the full-year fiscal 2021, figure under Year/Year Growth for product revenue should read 113-115% The updated release reads: SNOWFLAKE REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER OF FISCAL 2021 Snowflake (NYSE: SNOW), provider of the Data Cloud, today announced financial results for its third quarter of fiscal 2021, ended October 31, 2020. Total revenue for the quarter was $159.6 million, representing 119% year-over-year growth. Product revenue was $148.5 million, representing 115% year-over-year growth. Remaining performance obligations were $927.9 million, representing 240% year-over-year growth. Net revenue retention rate was 162% as of October 31, 2020. The company now has 3,554 total customers and 65 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. We are pleased with our performance this first quarter as a public company, Snowflake CEO, Frank Slootman said. The period was marked by continued strong revenue growth coupled with improving unit economics, cash flow, and operating efficiencies. Our vision of the Snowflake Data Cloud mobilizing the worlds data is clearly resonating across our customer base. Third Quarter Fiscal 2021 GAAP and Non-GAAP Results: The following table summarizes our financial results for the third quarter of fiscal 2021: Third Quarter Fiscal 2021 GAAP Results Third Quarter Fiscal 2021 Non-GAAP Results(1) Amount (millions) Year/Year Growth Product revenue $148.5 115% Amount (millions) Margin Amount (millions) Margin Product gross profit $96.7 65% $104.5 70% Operating loss ($169.5) (106%) ($48.1) (30%) Net cash used in operating activities ($19.8) Free cash flow ($37.9) (24%) Adjusted free cash flow ($37.1) (23%) (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 entitled Statement Regarding Use of Non-GAAP Financial Measures for an explanation of non-GAAP measures, and the table entitled GAAP to Non-GAAP Reconciliation for a reconciliation of GAAP to non-GAAP measures. Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes. Financial Outlook: Our guidance includes GAAP and non-GAAP financial measures. The following table summarizes our guidance for the fourth quarter of fiscal 2021: Fourth Quarter Fiscal 2021 GAAP Guidance Fourth Quarter Fiscal 2021 Non-GAAP Guidance(1) Amount (millions) Year/Year Growth Product revenue $162 - $167 97 - 103% Margin Operating loss (30%) Amount (millions) Weighted-average shares used to compute diluted net loss per share attributable to common stockholders - basic and diluted 283 (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 entitled Statement Regarding Use of Non-GAAP Financial Measures for an explanation of non-GAAP measures. The following table summarizes our guidance for the full-year fiscal 2021: Full-Year Fiscal 2021 GAAP Guidance Full-Year Fiscal 2021 Non-GAAP Guidance(1) Amount (millions) Year/Year Growth Product revenue $538 - $543 113 - 115% Margin Product gross profit 68% Operating loss (40%) Adjusted free cash flow (18%) Amount (millions) Weighted-average shares used to compute diluted net loss per share attributable to common stockholders - basic and diluted 255 (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 entitled Statement Regarding Use of Non-GAAP Financial Measures for an explanation of non-GAAP measures. A reconciliation of non-GAAP guidance measures to corresponding GAAP 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 expense-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. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP results included in this press release. Our fiscal year ends January 31, and numbers are rounded for presentation purposes. Conference Call Details We will host a conference call today, December 2, 2020, at 2 p.m. Pacific Time to discuss our financial results and outlook. Investors and participants can register for the call in advance by visiting http://www.directeventreg.com/registration/event/9355139. After registering, a confirmation will be sent via email, including dial-in details and unique conference call access codes required for call entry. The call will also be webcast live on the Snowflake Investor Relations website. 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. Investor Presentation Details An investor presentation providing additional information and analysis can be found at https://investors.snowflake.com. Statement Regarding Use of Non-GAAP Financial Measures 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. 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. Key Business Metrics Use of Forward-Looking Statements This release contains 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. 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, the effects of COVID-19 or other public health crises on our business, results of operations, and financial condition, our ability to attract and retain customers, our ability to develop new products and services and enhance existing products and services, our ability to respond rapidly to emerging technology trends, our ability to execute on our business strategy, including our strategy related to the Data Cloud, our ability to increase and predict customer consumption of our platform, our ability to compete effectively, and our ability to manage growth. 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-Q that will be filed for the third quarter ended October 31, 2020 and other filings and reports we make with the Securities and Exchange Commission from time to time, including our final prospectus dated September 15, 2020 and filed with the SEC pursuant to Rule 424(b)(4) on September 16, 2020. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. 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. About Snowflake Snowflake delivers the Data Cloud a global network where thousands of organizations mobilize data with near-unlimited scale, concurrency, and performance. Inside the Data Cloud, organizations unite their siloed data, easily discover and securely share governed data, and execute diverse analytic workloads. Wherever data or users live, Snowflake delivers a single and seamless experience across multiple public clouds. Snowflakes platform is the engine that powers and provides access to the Data Cloud, creating a solution for data warehousing, data lakes, data engineering, data science, data application development, and data sharing. Join Snowflake customers, partners, and data providers already taking their businesses to new frontiers in the Data Cloud at Snowflake.com. Source: Snowflake Inc. Snowflake Inc. Condensed Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2020 2019 2020 2019 Revenue $ 159,624 $ 73,012 $ 401,584 $ 177,056 Cost of revenue 66,681 29,489 159,684 82,035 Gross profit 92,943 43,523 241,900 95,021 Operating expenses: Sales and marketing 134,727 75,668 325,267 213,133 Research and development 74,138 27,669 143,949 75,451 General and administrative 53,532 30,318 116,224 79,413 Total operating expenses 262,397 133,655 585,440 367,997 Operating loss (169,454 ) (90,132 ) (343,540 ) (272,976 ) Interest income 1,517 2,491 5,654 9,252 Other expense, net (519 ) (40 ) (1,561 ) (819 ) Loss before income taxes (168,456 ) (87,681 ) (339,447 ) (264,543 ) Provision for income taxes 433 376 720 738 Net loss $ (168,889 ) $ (88,057 ) $ (340,167 ) $ (265,281 ) Net loss per share attributable to common stockholders - basic and diluted $ (1.01 ) $ (1.92 ) $ (3.63 ) $ (6.15 ) Weighted-average shares used to compute net loss per share attributable to common stockholders - basic and diluted 166,868,200 45,911,449 93,763,599 43,113,683 Snowflake Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited) October 31, 2020 January 31, 2020 Assets Current assets: Cash and cash equivalents $ 3,939,925 $ 127,206 Short-term investments 814,123 306,844 Accounts receivable, net 168,982 179,459 Deferred commissions, current 28,063 26,358 Prepaid expenses and other current assets 35,678 25,327 Total current assets 4,986,771 665,194 Long-term investments 347,403 23,532 Property and equipment, net 53,650 27,136 Operating lease right-of-use assets 189,255 195,976 Goodwill 8,449 7,049 Intangible assets, net 14,820 4,795 Deferred commissions, non-current 73,839 69,516 Other assets 38,702 19,522 Total assets $ 5,712,889 $ 1,012,720 Liabilities, Redeemable Convertible Preferred Stock and Stockholders Equity (Deficit) Current liabilities Accounts payable $ 5,061 $ 8,488 Accrued expenses and other current liabilities 85,038 62,817 Operating lease liabilities, current 19,333 18,092 Deferred revenue, current 438,227 327,058 Total current liabilities 547,659 416,455 Operating lease liabilities, non-current 186,718 193,175 Deferred revenue, non-current 3,477 2,907 Other liabilities 7,220 8,466 Redeemable convertible preferred stock 936,474 Stockholders equity (deficit) 4,967,815 (544,757 ) Total liabilities, redeemable convertible preferred stock, and stockholders equity (deficit) $ 5,712,889 $ 1,012,720 Snowflake Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2020 2019 2020 2019 Cash flow from operating activities: Net loss $ (168,889 ) $ (88,057 ) $ (340,167 ) $ (265,281 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 2,849 893 6,611 2,257 Non-cash operating lease costs 8,503 7,778 24,840 19,734 Amortization of deferred commissions 7,167 4,516 21,233 11,408 Stock-based compensation, net of amounts capitalized 119,141 22,958 157,790 57,425 Net amortization (accretion) of premiums (discounts) on investments 891 (906 ) 1,117 (5,149 ) Other 24 329 4,073 1,276 Changes in operating assets and liabilities, net of effect of acquisitions: Accounts receivable (17,908 ) 6,479 9,221 (38,193 ) Deferred commissions (12,995 ) (15,724 ) (27,261 ) (35,004 ) Prepaid expenses and other assets (28,028 ) (3,571 ) (29,480 ) (8,856 ) Accounts payable (963 ) 6,566 (3,806 ) 10,566 Accrued expenses and other liabilities 11,484 4,891 22,477 14,368 Operating lease liabilities (6,014 ) (8,618 ) (23,418 ) (6,052 ) Deferred revenue 64,984 38,716 111,739 107,735 Net cash used in operating activities (19,754 ) (23,750 ) (65,031 ) (133,766 ) Cash flow from investing activities: Purchases of property and equipment (17,270 ) (3,157 ) (24,018 ) (14,504 ) Capitalized internal-use software development costs (844 ) (1,319 ) (4,014 ) (2,940 ) Cash paid for acquisitions, net of cash acquired (6,035 ) (6,314 ) Purchases of intangible assets (6,184 ) Purchases of investments (622,385 ) (196,834 ) (1,235,020 ) (517,479 ) Sales of investments 25,195 3,396 28,705 3,396 Maturities and redemptions of investments 181,669 217,108 371,528 691,986 Net cash (used in) provided by investing activities (433,635 ) 19,194 (875,038 ) 154,145 Cash flow from financing activities: Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs 11,402 478,573 24,121 Proceeds from initial public offering and private placements, net of underwriting discounts and other offering costs (net of reimbursement received from the underwriters) 4,244,620 4,242,284 Proceeds from early exercised stock options 5,378 159 5,942 Proceeds from exercise of stock options 10,364 18,203 31,100 21,139 Proceeds from repayment of a nonrecourse promissory note 2,090 Repurchases of early exercised stock options and restricted common stock (63 ) (30 ) (391 ) Payments of deferred purchase consideration for acquisitions (564 ) (1,164 ) Net cash provided by financing activities 4,254,420 34,920 4,753,012 50,811 Net increase in cash, cash equivalents and restricted cash 3,801,031 30,364 3,812,943 71,190 Cash, cash equivalents and restricted cash at beginning of period 153,888 163,396 141,976 122,570 Cash, cash equivalents and restricted cash at end of period $ 3,954,919 $ 193,760 $ 3,954,919 $ 193,760 Snowflake Inc. GAAP to Non-GAAP Reconciliations (in thousands, except percentages) (unaudited) Three Months Ended October 31, 2020 GAAP amounts GAAP amounts as a % of Revenue Stock-based compensation expense-related charges Amortization of acquired intangibles Acquisition and other related adjustments Non-GAAP amounts Non-GAAP amounts as a % of Revenue Revenue Product revenue $ 148,473 93 % Professional service and other revenue 11,151 7 % Revenue 159,624 100 % Year over Year % Growth 119 % Cost of Revenue: Cost of product revenue 51,816 32 % $ (7,325) $ (567) $ $ 43,924 28 % Cost of professional service and other revenue 14,865 10 % (6,203) 8,662 5 % Total cost of revenue 66,681 42 % (13,528) (567) 52,586 33 % Gross profit (loss): Product gross profit 96,657 7,325 567 104,549 Professional services and other gross profit (loss) (3,714) 6,203 2,489 Total gross profit 92,943 58 % 13,528 567 107,038 67 % Product gross margin 65 % 5 % % % 70 % Professional services and other gross margin (33 %) 55 % % % 22 % Total gross margin 58 % 8 % % % 67 % Operating expenses: Sales and marketing 134,727 84 % (40,337) 94,390 59 % Research and development 74,138 46 % (39,406) 34,732 22 % General and administrative 53,532 34 % (27,197) (309) 26,026 16 % Total operating expenses 262,397 164 % (106,940) (309) 155,148 97 % Operating loss $ (169,454) (106 %) $ 120,468 $ 876 $ $ (48,110) (30 %) Operating margin (106 %) 76 % % % (30 %) Three Months Ended October 31, 2019 GAAP amounts GAAP amounts as a % of Revenue Stock-based compensation expense-related charges Amortization of acquired intangibles Acquisition and other related adjustments Non-GAAP amounts Non-GAAP amounts as a % of Revenue Revenue Product revenue $ 69,213 95 % Professional service and other revenue 3,799 5 % Revenue 73,012 100 % Year over Year % Growth 155 % Cost of Revenue: Cost of product revenue 24,646 34 % $ (384) $ (282) $ $ 23,980 33 % Cost of professional service and other revenue 4,843 6 % (449) 4,394 6 % Total cost of revenue 29,489 40 % (833) (282) 28,374 39 % Gross profit (loss): Product gross profit 44,567 384 282 45,233 Professional services and other gross loss (1,044) 449 (595) Total gross profit 43,523 60 % 833 282 44,638 61 % Product gross margin 64 % 1 % % % 65 % Professional services and other gross margin (27 %) 12 % % % (15 %) Total gross margin 60 % 1 % % % 61 % Operating expenses: Sales and marketing 75,668 104 % (4,813) (16) 70,839 98 % Research and development 27,669 38 % (4,417) 23,252 32 % General and administrative 30,318 42 % (12,919) 17,399 24 % Total operating expenses 133,655 184 % (22,149) (16) 111,490 154 % Operating loss $ (90,132) (124 %) $ 22,982 $ 298 $ $ (66,852) (93 %) Operating margin (124 %) 31 % % % (93 %) Nine Months Ended October 31, 2020 GAAP amounts GAAP amounts as a % of Revenue Stock-based compensation expense-related charges Amortization of acquired intangibles Acquisition and other related adjustments Non-GAAP amounts Non-GAAP amounts as a % of Revenue Revenue Product revenue $ 375,506 94 % Professional service and other revenue 26,078 6 % Revenue 401,584 100 % Year over Year % Growth 127 % Cost of Revenue: Cost of product revenue 130,065 32 % $ (8,553) $ (1,130) $ $ 120,382 30 % Cost of professional service and other revenue 29,619 8 % (7,402) 22,217 6 % Total cost of revenue 159,684 40 % (15,955) (1,130) 142,599 36 % Gross profit (loss): Product gross profit 245,441 8,553 1,130 255,124 Professional services and other gross profit (loss) (3,541) 7,402 3,861 Total gross profit 241,900 60 % 15,955 1,130 258,985 64 % Product gross margin 65 % 3 % % % 68 % Professional services and other gross margin (14 %) 29 % % % 15 % Total gross margin 60 % 4 % % % 64 % Operating expenses: Sales and marketing 325,267 81 % (52,099) (12) 273,156 68 % Research and development 143,949 36 % (50,514) 93,435 23 % General and administrative 116,224 29 % (43,934) (717) (252) 71,321 18 % Total operating expenses 585,440 146 % (146,547) (729) (252) 437,912 109 % Operating loss $ (343,540) (86 %) $ 162,502 $ 1,859 $ 252 $ (178,927) (45 %) Operating margin (86 %) 41 % % % (45 %) Nine Months Ended October 31, 2019 GAAP amounts GAAP amounts as a % of Revenue Stock-based compensation expense-related charges Amortization of acquired intangibles Acquisition and other related adjustments Non-GAAP amounts Non-GAAP amounts as a % of Revenue Revenue Product revenue $ 169,797 96 % Professional service and other revenue 7,259 4 % Revenue 177,056 100 % Year over Year % Growth N/A Cost of Revenue: Cost of product revenue 67,845 38 % $ (1,447) $ (568) $ $ 65,830 37 % Cost of professional service and other revenue 14,190 8 % (1,236) 12,954 7 % Total cost of revenue 82,035 46 % (2,683) (568) 78,784 44 % Gross profit (loss): Product gross profit 101,952 1,447 568 103,967 Professional services and other gross loss (6,931) 1,236 (5,695) Total gross profit 95,021 54 % 2,683 568 98,272 56 % Product gross margin 60 % 1 % % % 61 % Professional services and other gross margin (95 %) 17 % % % (78 %) Total gross margin 54 % 2 % % % 56 % Operating expenses: Sales and marketing 213,133 120 % (15,498) (42) 197,593 113 % Research and development 75,451 43 % (10,857) 64,594 36 % General and administrative 79,413 45 % (28,499) (328) 50,586 29 % Total operating expenses 367,997 208 % (54,854) (42) (328) 312,773 178 % Operating loss $ (272,976) (154 %) $ 57,537 $ 610 $ 328 $ (214,501) (122 %) Operating margin (154 %) 32 % % % (122 %) Three Months Ended October 31, Nine Months Ended October 31, 2020 2019 2020 2019 Revenue $ 159,624 $ 73,012 $ 401,584 $ 177,056 GAAP net cash used in operating activities $ (19,754) $ (23,750) $ (65,031) $ (133,766) Less: purchases of property and equipment (17,270) (3,157) (24,018) (14,504) Less: capitalized internal-use software development costs (844) (1,319) (4,014) (2,940) Non-GAAP free cash flow (37,868) (28,226) (93,063) (151,210) Add: cash paid for employer payroll tax-related items on employee stock transactions 812 24 4,196 112 Non-GAAP adjusted free cash flow $ (37,056) $ (28,202) $ (88,867) $ (151,098) Non-GAAP free cash flow margin (24 %) (39 %) (23 %) (85 %) Non-GAAP adjusted free cash flow margin (23 %) (39 %) (22 %) (85 %)

Answer: CORRECTING and REPLACING Snowflake Reports Financial Results for the Third Quarter of Fiscal 2021 Product revenue of $148.5 million, representing 115% year-over-year growth Remaining performance obligations of $927.9 million, representing 240% year-over-year growth 3,554 total customers Net revenue retention rate of 162% 65 customers with trailing 12-month product revenue greater than $1 million