March 1, 2023 – Snowflake (NYSE: SNOW), the Data Cloud company, today announced financial results for its fourth quarter and full-year of fiscal 2023, ended January 31, 2023.
Snowflake (NYSE: SNOW) reported non-GAAP Q4 net income of $0.15 per share, Analysts polled by Capital IQ, on average, had been expecting the data-management company to earn $0.05 per share, excluding one-time items.
Revenue rose 54% year-over-year to $555.3 million during the three months ended Jan. 31. The analyst mean had been expecting $575.5 million in Q4 revenue.
Looking forward, the company is projecting between $568 million to $573 million in Q1 revenue. The Street view is expecting $714.9 million in revenue for the three months ending April 30.
Revenue for the quarter was $589.0 million, representing 53% year-over-year growth. Product revenue for the quarter was $555.3 million, representing 54% year-over-year growth. Remaining performance obligations were $3.7 billion, representing 38% year-over-year growth. Net revenue retention rate was 158% as of January 31, 2023. The company now has 7,828 total customers and 330 customers with trailing 12-month product revenue greater than $1 million.
Stock Repurchase Program
Our Board of Directors has authorized a stock repurchase program of up to $2.0 billion of our outstanding Class A common stock.The program will be funded using Snowflake’s working capital and will expire in March 2025.
“Snowflake finished fiscal 2023 with 70% year-over-year product revenue growth, totaling $1.9 billion. Non-GAAP adjusted free cash flow margin for the year was 25%,” said Frank Slootman, Chairman and CEO, Snowflake. “We are operating in a vast and growing market, prioritizing capabilities that support the core mission of the enterprise, and staying on track for our $10 billion product revenue goal in fiscal 2029.”
Snowflake Inc. Condensed Consolidated Statements of Operations
About Snowflake
Snowflake enables every organization to mobilize their data with Snowflake’s Data Cloud. Customers use the Data Cloud to unite siloed data, discover and securely share data, and execute diverse analytic workloads. Wherever data or users live, Snowflake delivers a single data experience that spans multiple clouds and geographies. Thousands of customers across many industries, including 573 of the 2022 Forbes Global 2000 (G2K) as of January 31, 2023, use Snowflake Data Cloud to power their businesses. Learn more at snowflake.com.