Snowflake Inc (LTS:0A93)
$ 115.49 0.36 (0.31%) Market Cap: 38.13 Bil Enterprise Value: 35.21 Bil PE Ratio: 0 PB Ratio: 9.24 GF Score: 74/100
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Q1 2025 Snowflake Inc. Earnings Call Transcript

May 22, 2024 / 09:00 PM GMT
Release Date Price: $163.55 (-0.47%)

Key Points

Positve
  • Snowflake Inc (SNOW) reported a strong Q1 with product revenue of $790 million, up 34% year-over-year.
  • The company saw a significant increase in remaining performance obligations, totaling $5 billion, with a year-over-year growth of 46%.
  • Snowflake Inc (SNOW) is making substantial progress in AI, with over 750 customers using its AI capabilities, including the newly launched Cortex AI.
  • The company has a robust partner ecosystem, including collaborations with major firms like EY, Deloitte, and S&P Global, which amplify its platform's power.
  • Snowflake Inc (SNOW) is expanding its product offerings with new features like Iceberg, Snowpark container services, and hybrid tables, which are expected to drive future revenue growth.
Negative
  • Non-GAAP product gross margin decreased slightly year-over-year to 76.9%, impacted by GPU-related costs for AI initiatives.
  • The company is lowering its full-year margin guidance due to increased GPU-related costs associated with AI investments.
  • Deferred revenue was down more sequentially than in prior years, partly due to some large deals being structured with monthly payments in arrears.
  • April saw moderated growth in usage, attributed to seasonal factors like holidays in Europe, which impacted daily consumption.
  • The introduction of tiered storage pricing impacted revenue by $6 million to $8 million in the quarter, affecting margins.


Refinitiv StreetEvents Event Transcript
P R E L I M I N A R Y V E R S I O N

SNOW.N - Snowflake Inc
Q1 2025 Snowflake Inc. Earnings Call
May 22, 2024 / 09:00PM GMT

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Conference Call Participants
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* Jimmy Sexton - Head of IR
* Sridhar Ramaswamy - CEO
* Michael Scarpelli - CFO
* Keith Weiss - Morgan Stanley, Research Division
* Mark Murphy - JPMorgan Chase & Co, Research Division
* Kirk Materne - Evercore ISI Institutional Equities, Research Division
* Karl Keirstead - UBS Investment Bank, Research Division
* Raimo Lenschow - Barclays Bank PLC, Research Division
* Brent Thill - Jefferies LLC, Research Division
* Matthew Hedberg - RBC Capital Markets, Research Division
* Brent Bracelin - Piper Sandler & Co., Research Division
* Christian Kleinerman - Senior Key Executive
* Tyler Radke - Citigroup Inc., Research Division
* Aleksandr Zukin - Wolfe Research, LLC

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Presentation
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