#1snowflake SNOWFLAKE INVESTOR PRESENTATION Third Quarter Fiscal 2024 © 2023 Snowflake Inc. All Rights Reserved#2Statement Regarding Use of Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures are in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Please see the Appendix for reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents and for the calculation of certain other financial metrics. Our non-GAAP product gross profit, operating income (loss), net income (loss), and net income (loss) attributable to Snowflake Inc. measures exclude 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) adjustments attributable to noncontrolling interest, and (v) the related income tax effect of these adjustments as well as the non-recurring income tax expense or benefit associated with acquisitions. Our non-GAAP net income (loss) per share attributable to Snowflake Inc. common stockholders - basic is calculated by dividing non-GAAP net income (loss) 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, giving effect to all potentially dilutive common stock equivalents (stock options, restricted stock units, and employee stock purchase rights under our 2020 Employee Stock Purchase Plan). 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. Non-GAAP net loss per share attributable to Snowflake Inc. common stockholders diluted is the same as Non-GAAP net loss per share attributable to Snowflake Inc. common stockholders basic as the inclusion of all potential dilutive common stock equivalents would be anti-dilutive. Amounts attributable to noncontrolling interest were not material for all periods presented. We believe the presentation of operating results that exclude these non-cash or non-recurring items 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 is defined as net cash provided by (used in) 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 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. © 2023 Snowflake Inc. All Rights Reserved 2#3Safe Harbor Other than statements of historical fact, all statements contained in this presentation and accompanying oral commentary (collectively, the "Materials") are forward-looking statements ("FLS") 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, including statements regarding (i) our future operating results, targets, or financial position; (ii) our business strategy, plans, or priorities; (iii) 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 for Snowpark, the Data Cloud, and industry-specific Data Clouds, including the expected benefits and network effects of the 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 and through the Powered By: Snowflake program. We have based the FLS in the Materials largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs, but the FLS 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 FLS. 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, higher interest rates, and fluctuations or volatility in capital markets or foreign currency exchange rates; our ability to attract and retain customers; the extent to which customers continue to optimize consumption, including by reducing storage through shorter data retention policies; 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; he growth of successful native applications on the Snowflake Marketplace; our ability to respond rapidly to emerging technology trends, including the use of artificial intelligence; our ability to execute on our business strategy, including our strategy related to the 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; and our ability to manage growth. Further information on these and additional risks, uncertainties, assumptions, and other factors that could cause actual results to differ from those included in or contemplated by the FLS contained in the Materials are included in Snowflake's Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. 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 included in the FLS in the Materials. As a result of these risks, uncertainties, assumptions, and other factors, you should not rely on any FLS as predictions of future events. FLS speak only as of the date the statements are first 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. Except as required by law, we undertake no obligation, and do not intend, to update the FLS in these Materials. The Materials may contain information provided by third-parties. Snowflake has not independently verified this information, and usage of this information does not mean or imply that Snowflake has adopted this information as its own or independently verified its accuracy. © 2023 Snowflake Inc. All rights reserved. Snowflake, the Snowflake logo, and all other Snowflake product, feature and service names mentioned in the Materials are registered trademarks or trademarks of Snowflake Inc. in the United States and other countries. All other brand names or logos mentioned or used in the Materials are for identification purposes only and may be the trademarks of their respective holder(s). Snowflake may not be associated with, or be sponsored or endorsed by, any such holder(s). © 2023 Snowflake Inc. All Rights Reserved 3#42014: MOBILIZED DATA Snowflake busted the limitations of fixed capacity on-prem environments. Separation of storage and compute. Workloads scale up and down, instantly and independently.#5governance model. 2018: CONNECTED DATA The Data Cloud connected all data, regardless of cloud provider or region, bringing work to the data. Single platform = single *#62022: Snowpark for Python and other languages expanded the type of work possible on the platform. PROGRAMMABLE DATA Build pipelines and apps with no governance tradeoffs. DATA SCIENCE & ML Streamlit </> APPLICATIONS#7Journey to the Data Cloud CO Data Lakehouse Public Cloud On-Prem EDW 1st Gen Data Lake © 2023 Snowflake Inc. All Rights Reserved ✓ All Data ✓ Single Engine ✓ Governed ✓ Globally Connected ✓ Self-Managing ✓ Programmable ✓ Marketplace & Monetization 7#8SNOWGRID: CROSS-CLOUD & CLOUD SERVICES PYTHON SQL | JAVA | SCALA ELASTIC MUL OPTIMIZED STORAGE UNSTRUCTURED, SEMI-STRUCTURED, STRUCTURED GLOBAL COMPUTE ONE PLATFORM PERFORMANCE OPTIMIZATION © 2023 Snowflake Inc. All Rights Reserved MANAGEMENT HIGH AVAILABILITY SECURITY & GOVERNANCE SHARING & COLLABORATION {...} METADATA 8#9POWERING MANY WORKLOADS © 2023 Snowflake Inc. All Rights Reserved MARKETPLACE DATA & APPLICATIONS WORKLOADS </> AI/ML APPLICATIONS CYBERSECURITY 0 DATA ENGINEERING DATA WAREHOUSE DATA LAKE UNISTORE GOVERNED COLLABORATION 9#10Data Cloud Growth April 2020 Note: Visualization based on actual Data Cloud sharing activity as of April 30, 2020 and October 31, 2023, respectively. © 2023 Snowflake Inc. All Rights Reserved October 2023 10#11Alation alteryx aws Amazon SageMaker data Collibra BlackRock. BlueYonder iku Fulfill your potential" DataRobot dbt Labs Fivetran Google Cloud H₂O.ai fiserv. Keboola HealthCatalyst Hunters. FACTSET innovaccer LACEWORK. Informatica A MATILLION Power Bl MuleSoft Microsoft Azure panther piano securonix Simon salesforce +ableau A Salesforce Company sigma Qlik Q. ThoughtSpot NVIDIA. WATCH Mphasis Datalytyx The Next Applied initions SIRIUS A CDW COMPANY strata ZETA Z zoominfo Vid=oamp An Ever Expanding Partner Ecosystem accenture Analytics8 Atos Business & Decision Capgemini Cognizant DAS42 ADP Ⓐ Amplitude braze Deloitte. CXC TECHNOLOGY EY #HASHMAP HCL IBM. an NTT DATA Company INFINITY WORKS Part of Accenture Infosys dun & bradstreet EQUIFAX ...FUNNEL Navigate your next interworks kipi.bi LTIMindtree an Apisero company Leading Edge IT NTT DATA phData sdg O Heap Π ☐ ☐ group HubSpot mixpanel Ice NYSE slalom tos SOLITA © 2023 Snowflake Inc. All Rights Reserved TATA CONSULTANCY SERVICES TEKsystems TREDENCE vision.bi wipro SPECIALISTS Beyond Possible S&P Global MARKETING SERVICES Own change insight into value STARSCHEMA 11#12Coke CONA SERVICES LLC STRAVA PEPSICO deliveroo theTradeDesk Ice MCKESSON hp SIEMENS Sainsbury's LSEG Elevance Health Kimberly-Clark tapestry COACH kate spade SILARE WELTZMAN logitech Rakuten Micron SONOS coupa Medtronic NORTHERN TRUST HERSHEY KFC Emirates Disney Ad Sales Pizza Hut okta PACIFIC LIFE Sachs EA Goldman US. 11 FOODS WARNER MUSIC GROUP instacart Capital One® mastercard A Adobe DocuSign Nielsen COMCAST Proven by Thousands of Customers YAMAHA יווייוויי CISCO DOORDASH ExxonMobil NBCUniversal Dropbox Kraft Heinz QVIA Albertsons asics NatWest ACCOR S&P Global Market Intelligence Figma 8451 peak experian. ◉Square AXA PROLOGIS petco pitney bowes THE HEALTH + WELLNESS CO. eDF AT&T jetBlue WU Honeywell NOVARTIS UNIVERSITY OF NOTRE DAME STATE STREET. citi BE PowerSchool URBAN OUTFITTERS THE MATCH ROKU NYC HEALTH+ HOSPITALS © 2023 Snowflake Inc. All Rights Reserved 12#13FINANCIAL OVERVIEW © 2023 Snowflake Inc. All Rights Reserved#14Q3 Financial Highlights Rapid Growth at Scale 34% Y/Y PRODUCT REVENUE GROWTH1 Significant Expansion 135% NET REVENUE RETENTION1 with Existing Customers Strong Large 436 $1M+ PRODUCT REVENUE CUSTOMERS1 Customer Momentum Improving Product Gross Margin 78% NON-GAAP PRODUCT GROSS MARGIN Note: Fiscal year ends January 31. All figures are as of or for Q3 FY24. Please see the Appendix for a reconciliation of non-GAAP product gross margin to its nearest GAAP equivalent. 1. See definitions provided in the Appendix. © 2023 Snowflake Inc. All Rights Reserved 14#15We Focus on Product Revenue and RPO Consumption patterns dictate future bookings Consume Customers' draw down from bookings as they consume $ Customers typically pay annually in 1 Book © 2023 Snowflake Inc. All Rights Reserved advance 2 Bill Product Revenue Product Revenue is the leading indicator of growth Remaining Performance Obligations (RPO) RPO represents contracted future revenue not yet recognized Billings Variable payment terms mean Billings are not necessarily indicative of future consumption patterns 15#16Our Consumption Model Revenue Recognition Consumption Snowflake recognizes the substantial majority of its revenue as customers consume the platform > Pro: Enables faster growth Pro: Aligned with customer value Pro: Aligned with usage-based costs Consider: Revenue is variable based on customers' usage Pricing Model Consumption The platform is priced based on consumption of compute, storage, and data transfer resources Pro: Customers don't pay for shelf-ware Consider: Performance improvements inherently reduce customer cost Billings Terms Typically Upfront Snowflake typically bills customers annually in advance for their capacity contracts Some customers consume on- demand and/or are billed in-arrears Pro: Bookings represent contractual minimum Pro: Variable consumption creates upside for renewal cycle Consider: Payment terms are evolving © 2023 Snowflake Inc. All Rights Reserved 16#17Strong Combination of Scale & Growth Annual Revenue (Millions) Quarterly Revenue (Millions) $2,066 69% Y/Y Growth 32% Y/Y Growth $734 $674 $624 $1,219 $589 $557 $1,939 $592 $1,140 $554 FY21 FY22 FY23 $698 $640 $590 $555 $523 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Product Revenue Professional Services and Other Revenue Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes. © 2023 Snowflake Inc. All Rights Reserved 17#18Significant Customer Commitments Remaining Performance Obligations¹ (Millions) $3,661 $3,003 $3,409 $3,699 $3,540 57% 55% 57% 57% 55% Q3 FY23 Q4 FY23 Q1 FY24 Expect to Recognize as Revenue in the Next Twelve Months Q2 FY24 RPO Q3 FY24 Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes. The amount of RPO we expect to recognize as revenue in the next twelve months is calculated as of the applicable fiscal quarter end. For example, we expect to recognize 57% of RPO as of October 31, 2023 within the twelve months ending October 31, 2024. 1. See definitions provided in the Appendix. © 2023 Snowflake Inc. All Rights Reserved 18#19Landing Strategic Organizations Total Customers¹ Forbes Global 2000 Customers¹ 8,132 7,776 7,212 8,528 8,907 586 623 614 645 647 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Note: Fiscal year ends January 31. 1. See definitions provided in the Appendix. © 2023 Snowflake Inc. All Rights Reserved 19#20Adding Quality Customers Customers Over $1M Product Revenue¹ 52% Y/Y Growth 287 Q3 FY23 Note: Fiscal year ends January 31. 1. See definitions provided in the Appendix. © 2023 Snowflake Inc. All Rights Reserved 332 436 401 373 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 20#21World-Class Retention Rate Net Revenue Retention Rate¹ 178% 164% 165% 166% 169% 172% 175% 172% 166% 158% 151% 142% 135% Q3 FY21 Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Note: Fiscal year ends January 31. 1. See definitions provided in the Appendix. © 2023 Snowflake Inc. All Rights Reserved 21#22Improving Product Gross Margin Non-GAAP Product Gross Margin¹ 74.6% 75.4% 3.7 Percentage Points Q3 FY22 Q3 FY23 78.3% Q3 FY24 Expansion Drivers • Cloud agreement pricing • Product improvements • Scale . Enterprise customer success Note: Fiscal year ends January 31. 1. Please see the Appendix for a reconciliation of non-GAAP product gross margin to its nearest GAAP equivalent and for the calculation of certain other financial metrics. © 2023 Snowflake Inc. All Rights Reserved 22 22#23Operating Leverage While Investing in Growth Non-GAAP Operating Expenses as % of Revenue¹ 3 Percentage Points Non-GAAP Adjusted FCF as % of Revenue¹ 15% • Leverage Drivers Revenue Growth 68% 63% 65% 11% 7% 8% 17% 18% 21% 40% 37% 37% 6% Q3 FY22 Q3 FY23 ■S&M R&D G&A 12% Q3 FY24 Q3 FY22 Q3 FY23 9 Percentage Points Q3 FY24 • Economies of Scale • . Larger Customer Relationships Larger Renewal Mix Leading to Lower Commissions Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes. 1. Please see the Appendix for reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents and for the calculation of certain other financial metrics. © 2023 Snowflake Inc. All Rights Reserved 23 23#24Focus on Free Cash Flow Generation Non-GAAP Free Cash Flow¹ & Non-GAAP Adjusted Free Cash Flow¹ (Millions) ■Free Cash Flow Adjusted Free Cash Flow $65 $65 $215 $205 $287 $283 $111 $102 $88 $69 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes. 1. Please see the Appendix for reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents and for the calculation of certain other financial metrics. © 2023 Snowflake Inc. All Rights Reserved Q3 FY24 24#25Hiring to Address our Opportunity Employee Headcount by Function 6,659 6,783 6,310 5,884 925 925 5,547 907 861 950 989 801 925 907 886 1,805 1,891 1,612 1,378 1,235 2,625 2,738 2,866 2,979 2,978 Q3 FY23 Q4 FY23 Note: Fiscal year ends January 31. © 2023 Snowflake Inc. All Rights Reserved Q1 FY24 S&M R&D G&A Cost of Revenue Q2 FY24 Q3 FY24 25#26Expanding Internationally 5% 4% Revenue Mix by Geography 5% 14% 15% 15% 5% 5% 15% 16% 81% 81% 80% 79% 80% Q3 FY23 Q4 FY23 Q1 FY24 ■Americas EMEA APJ Q2 FY24 Q3 FY24 Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes. We attribute revenue to the Americas, EMEA, and APJ regions, as applicable, based on the location of the customer, which is derived from the ship-to or bill-to information, as applicable, provided by each customer. © 2023 Snowflake Inc. All Rights Reserved 26#27Data Cloud Metrics DATA SHARING1 28% Of Customers1 Have at ≥1 Stable Edge1 MARKETPLACE LISTINGS1 2,332 9% Q/Q Growth Note: All figures are as of October 31, 2023. 1. See definitions provided in the Appendix. © 2023 Snowflake Inc. All Rights Reserved 27#28Fiscal 2024 Guidance Product Revenue ($M) Y/Y Product Revenue Growth FY21 FY22 FY23 FY24 Guidance $554 $1,140 $1,939 $2,650 120% 106% 70% 37% Non-GAAP Product Gross Margin¹ 69% 74% 75% 77% Non-GAAP Operating Margin¹ (38)% (3)% 5% 7% Non-GAAP Adjusted Free Cash Margin¹ (12)% 12% 25% 27% Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes. 1. Please see the Appendix for reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents and for the calculation of certain other financial metrics for historical periods. A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. © 2023 Snowflake Inc. All Rights Reserved 28#29Long-Term Operating Model Product Revenue ($M) FY22 FY23 FY24 Guidance FY29 Target $2,650 ~$10,000 $1,140 $1,939 Non-GAAP Product Gross Margin¹ 74% 75% 77% -78% Non-GAAP Operating Margin¹ (3)% 5% 7% ~25% Non-GAAP Adjusted Free Cash Margin¹ 12% 25% 27% -30% Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes. 1. Please see the Appendix for reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents and for the calculation of certain other financial metrics for historical periods. 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. © 2023 Snowflake Inc. All Rights Reserved 29#30APPENDIX © 2023 Snowflake Inc. All Rights Reserved#31Definitions Forbes Global 2000 Customers: Our Forbes Global 2000 customer count is a subset of our customer count based on the 2023 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. Total Customers: We count the total number of customers at the end of each period. 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. For purposes of determining our customer count, we do not include customers that consume our platform only under on-demand arrangements. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our total customer count for historical periods reflecting these adjustments. Customers Over $1M Product Revenue: 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. 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. Product Revenue: Product Revenue primarily derived from the consumption of compute, storage, and data transfer resources, which are consumed by customers on our platform as a single, integrated offering. 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. Net Revenue Retention Rate: 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. 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. Data Sharing: We consider a customer to have engaged in data sharing if such customer had at least one stable edge as of October 31, 2023. An "edge" is a data share between a Snowflake customer and a data provider. A "stable edge" is an edge that has produced at least 20 transactions in which a providers' data is accessed and compute resources are consumed, resulting in recognized product revenue over two successive three-week periods (with at least 20 transactions in each period). Marketplace Listing: Each live dataset, package of datasets, or data service published by a data provider as a single product offering on Snowflake Marketplace is counted as a unique listing. A listing may be available in one or more regions where Snowflake Marketplace is available. © 2023 Snowflake Inc. All Rights Reserved 31#32GAAP to Non-GAAP Reconciliations Product Gross Profit, Sales & Marketing, Research & Development Product revenue Professional services and other revenue Revenue Gross Profit GAAP product gross profit Q3 FY22 $ 312,458 21,983 Q3 FY23 $ 522,752 34,276 $ 334,441 $ 557,028 Q4 FY23 $ 555,329 33,683 $ 589,012 Q1 FY24 $590,072 33,527 $ 623,599 Q2 FY24 $ 640,209 33,809 $ 674,018 Q3 FY24 $ 698,478 35,695 $ 734,173 FY21 $553,794 38,255 $ 592,049 FY22 $1,140,469 78,858 $ 1,219,327 FY23 $ 1,938,783 126,876 $ 2,065,659 $ 220,166 70% 12,419 $ 376,823 72% 15,784 1,299 $ 396,728 71 % 17,332 $ 430,694 73 % $ 471,163 74% $ 518,478 74% $ 359,959 65 % $ 792,652 70% $ 1,391,236 72% 18,800 2,335 4,581 19,738 7,877 19,434 18,724 49,705 61,379 9,185 1,696 2,266 4,767 $ 393,906 $416,395 $ 454,075 $ 498,778 $ 547,097 $ 380,379 $ 844,623 $ 1,457,382 75.4% 75.0 % 77.0 % 77.9% 78.3 % 68.7 % 74.1 % 75.2% GAAP product gross margin Add: Stock-based compensation-related charges Add: Amortization of acquired intangibles 567 $ 233,152 74.6 % Non-GAAP product gross profit Non-GAAP product gross margin Sales & Marketing GAAP S&M expense GAAP S&M expense as a % of revenue Less: Stock-based compensation-related charges Less: Amortization of acquired intangibles Non-GAAP S&M expense Non-GAAP S&M expense as a % of revenue Research & Development GAAP R&D expense GAAP R&D expense as a % of revenue Less: Stock-based compensation-related charges Less: Amortization of acquired intangibles $ 190,971 57 % (54,098) $ 136,873 40% $ 115,900 35% $ 209,509 Non-GAAP R&D expense Non-GAAP R&D expense as a % of revenue $ 284,477 51 % (67,415) (7,553) $ 303,473 52% $ 331,558 53% $ 343,288 51 % (70,844) (7,553) (79,625) $ 225,076 $ 244,626 (7,307) $ 250,913 (84,822) (7,553) 37% 38 % 39 % 37% $ 355,079 48 % $ 479,317 37% (78,411) (7,575) $ 269,093 $ 374,768 63 % 81% (104,537) (12) $ 743,965 61 % (215,760) $ 528,205 43 % $ 1,106,507 54% (258,056) (25,207) $ 823,244 39 % $ 211,387 38 % (59,693) (944) (111,431) $ 242,125 41 % (128,026) $ 277,412 44 % $ 313,996 47 % $ 332,065 45% (1,785) (1,813) (146,628) (1,824) (166,258) (3,254) $ 55,263 $ 98,171 $ 112,286 $ 128,960 $ 144,484 17 % 18% 19% 21 % 21 % (169,526) (3,624) $ 158,915 21% $ 237,946 40 % (103,954) $ 133,992 $ 214,959 23% 18% $466,932 38 % (248,032) (3,941) $ 788,058 38 % (413,080) (7,123) $ 367,855 18 % Note: Fiscal year ends January 31. Numbers are in thousands, except percentages. Numbers are rounded for presentation purposes. © 2023 Snowflake Inc. All Rights Reserved 32#33GAAP to Non-GAAP Reconciliations General & Administrative and Operating Income (Loss) Product revenue Professional services and other revenue Revenue General & Administrative GAAP G&A expense GAAP G&A expense as a % of revenue Less: Stock-based compensation-related charges Less: Amortization of acquired intangibles Less: Expenses associated with acquisitions and strategic investments Non-GAAP G&A expense Non-GAAP G&A expense as a % of revenue Operating Income (Loss) GAAP operating loss GAAP operating loss as a % of revenue Add: Stock-based compensation-related charges Add: Amortization of acquired intangibles Add: Expenses associated with acquisitions and strategic investments Non-GAAP operating income (loss) Non-GAAP operating income (loss) as a % of revenue Q3 FY22 $ 312,458 21,983 $ 334,441 Q3 FY23 $ 522,752 34,276 $ 557,028 Q4 FY23 $ 555,329 33,683 $ 589,012 Q1 FY24 $590,072 33,527 $ 623,599 Q2 FY24 $ 640,209 33,809 $ 674,018 Q3 FY24 $ 698,478 35,695 $ 734,173 FY21 $553,794 38,255 $ 592,049 FY22 $1,140,469 78,858 $ 1,219,327 FY23 $ 1,938,783 126,876 $ 2,065,659 $ 64,055 19% $ 76,462 14% (27,668) (411) (35) $ 35,941 11 % (26,808) (451) (3,112) $ 77,507 13 % (25,833) $ 78,453 13% $ 83,749 12% $ 78,704 11% $ 176,135 30% $ 265,033 22% $ 295,821 14% (27,648) (451) (4,088) (436) (2,629) (27,912) (451) (4,569) (25,566) (451) (2,706) (72,647) (1,069) (296) (119,492) (1,621) (574) (104,160) (1,731) (9,723) $ 46,091 8% $ 47,135 8% $ 47,740 8% $ 50,817 8% $ 49,981 7% $ 102,123 17% $ 143,346 $ 180,207 12% 9% $(157,271) (47)% 163,786 1,922 35 $(206,019) (37)% 235,191 11,088 3,112 $(239,750) (41)% 256,285 12,152 4,088 $(273,238) (44)% 287,621 15,594 2,629 $(285,407) (42)% 314,241 20,797 4,569 $(260,623) (35)% 307,357 22,498 2,706 $(543,937) (92)% 315,966 $(715,036) (59)% 675,459 $(842,267) (41)% 888,999 2,777 296 7,828 574 38,828 9,723 $ 8,472 $ 43,372 $ 32,775 $ 32,606 $ 54,200 $ 71,938 3% 8% 6% 5% 8% 10% $(224,898) (38)% $(31,175) $ 95,283 (3)% 5% Note: Fiscal year ends January 31. Numbers are in thousands, except percentages. Numbers are rounded for presentation purposes. © 2023 Snowflake Inc. All Rights Reserved 33#34GAAP to Non-GAAP Reconciliations Net Income (Loss) and Net Income (Loss) Attributable to Snowflake Inc. Q3 FY22 $ 312,458 21,983 Q3 FY23 $ 522,752 34,276 Q4 FY23 $ 555,329 33,683 $ 334,441 $ 557,028 $ 589,012 Q1 FY24 $590,072 33,527 $ 623,599 Q2 FY24 $ 640,209 33,809 $ 674,018 Q3 FY24 $ 698,478 35,695 $ 734,173 FY21 $553,794 38,255 $ 592,049 FY22 $1,140,469 78,858 $ 1,219,327 FY23 $1,938,783 126,876 $ 2,065,659 Product revenue Professional services and other revenue Revenue Net Income (Loss) GAAP net loss GAAP net loss as a % of revenue Add: Stock-based compensation-related charges Add: Amortization of acquired intangibles Add: Expenses associated with acquisitions and strategic investments Income tax expenses effect related to the above adjustments Non-GAAP net income (loss) Non-GAAP net income (loss) as a % of revenue $(154,856) (46)% 163,786 $(201,442) (36)% 235,191 $(207,484) (35)% 256,285 $(226,064) (36)% 287,621 1,922 35 (56) $ 10,831 4% 11,088 3,112 (9,501) 12,152 4,088 (16,635) 15,594 2,629 $(227,320) (34)% 314,241 20,797 $(214,694) (29)% 307,357 22,498 (25,631) 4,569 (31,947) 2,706 (28,136) $(539,102) (91)% 315,966 2,777 296 (3,258) $(679,948) (56)% 675,459 $(797,526) (39)% 888,999 7,828 38,828 574 (1,827) 9,723 (50,072) $ 38,448 7% $ 48,406 8% $ 54,149 9% $ 80,340 12% $ 89,731 12% $(223,321) (38)% $ 2,086 0% $ 89,952 4% Net Income (Loss) Attributable to Snowflake Inc. GAAP net loss attributable to Snowflake Inc. $(154,856) $(200,936) GAAP net loss attributable to Snowflake Inc. as a % of revenue (46)% Add: Stock-based compensation-related charges Add: Amortization of acquired intangibles 163,786 (36)% 235,191 $(207,169) (35)% 256,285 $(225,627) (36)% 287,621 1,922 11,088 Add: Expenses associated with acquisitions and strategic investments Income tax expenses effect related to the above adjustments 35 (56) 3,112 (9,501) 12,152 4,088 (16,635) 15,594 2,629 (25,631) $(226,867) (34)% 314,241 20,797 4,569 (31,947) $(214,251) (29)% 307,357 22,498 2,706 (28,136) $(539,102) (91)% 315,966 $(679,948) (56)% 675,459 $(796,705) (39)% 888,999 2,777 296 (3,258) 7,828 574 (1,827) 38,828 9,723 (50,072) Adjustments attributable to noncontrolling interest, net of tax (375) 14 (60) (50) (64) (361) Non-GAAP net income (loss) attributable to Snowflake Inc. $ 10,831 $ 38,579 $ 48,735 $ 54,526 $ 80,743 $ 90,110 $(223,321) $ 2,086 $ 90,412 Non-GAAP net income (loss) attributable to Snowflake Inc. as a % of revenue 4% 7% 8% 9% 12% 12% (38)% 0% 4% Note: Fiscal year ends January 31. Numbers are in thousands, except percentages. Numbers are rounded for presentation purposes. © 2023 Snowflake Inc. All Rights Reserved 34#35GAAP to Non-GAAP Reconciliations Net Income (Loss) Per Share Product revenue Professional services and other revenue Revenue 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 Weighted-average shares used in computing GAAP net loss per share attributable to Snowflake Inc. common stockholders - basic and diluted Non-GAAP net income (loss) per share attributable to Snowflake Inc. common stockholders - basic Weighted-average shares used in computing non-GAAP net income (loss) per share attributable to Snowflake Inc. common stockholders - basic Non-GAAP net income (loss) per share attributable to Snowflake Inc. common stockholders - diluted $ 623,599 Q2 FY24 $ 640,209 33,809 $ 674,018 Q3 FY24 $ 698,478 FY21 $553,794 38,255 35,695 $592,049 $ 734,173 FY22 $1,140,469 78,858 $ 1,219,327 FY23 $ 1,938,783 126,876 $ 2,065,659 Q3 FY22 $ 312,458 21,983 $ 334,441 Q3 FY23 $ 522,752 34,276 $ 557,028 Q4 FY23 $ 555,329 33,683 Q1 FY24 $ 590,072 33,527 $ 589,012 $(0.51) $(0.63) $(0.64) $(0.70) $(0.69) $(0.65) $(3.81) $(2.26) $(2.50) 303,007 320,135 321,924 324,157 327,335 329,310 141,613 300,273 318,730 $ 0.04 $ 0.12 $ 0.15 $ 0.17 $ 0.25 $ 0.27 $(1.58) $ 0.01 $ 0.28 303,007 320,135 321,924 324,157 327,335 329,310 141,613 300,273 318,730 $ 0.03 $ 0.11 $ 0.14 $ 0.15 $ 0.22 $ 0.25 $(1.58) $ 0.01 $ 0.25 Non-GAAP weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders - diluted¹ Weighted-average shares used in computing non-GAAP net loss per share attributable to Snowflake Inc. common stockholders - diluted 357,882 359,850 359,513 360,309 363,033 361,667 N/A 357,395 359,144 N/A N/A N/A N/A N/A N/A 141,613 N/A N/A Note: Fiscal year ends January 31. Numbers are in thousands, except per share data. Numbers are rounded for presentation purposes. 1. 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 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). 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. These potentially dilutive securities were excluded from the weighted-average shares used in computing non-GAAP net loss per share attributable to Snowflake Inc. common stockholders - diluted when we were in a non-GAAP net loss position. © 2023 Snowflake Inc. All Rights Reserved 35#36GAAP to Non-GAAP Reconciliations Free Cash Flow and Adjusted Free Cash Flow Q4 FY23 $ 555,329 33,683 Q1 FY24 $ 590,072 33,527 $ 623,599 Q2 FY24 $ 640,209 33,809 $ 674,018 Q3 FY24 $ 698,478 35,695 $ 734,173 FY21 $553,794 38,255 $ 592,049 FY22 $1,140,469 78,858 $ 1,219,327 FY23 $ 1,938,783 126,876 $ 2,065,659 Q3 FY22 $ 312,458 21,983 $ 334,441 Q3 FY23 $ 522,752 34,276 $ 557,028 $ 589,012 Product revenue Professional services and other revenue Revenue Non-GAAP Free Cash Flow and Adjusted Free Cash Flow GAAP net cash provided by operating activities GAAP net cash provided by operating activities as a % of revenue Less: purchases of property and equipment Less: capitalized internal-use software development costs Non-GAAP free cash flow Non-GAAP free cash flow as a % of revenue Add: net cash paid on payroll tax-related items on employee stock transactions Non-GAAP adjusted free cash flow Non-GAAP adjusted free cash flow as a % of revenue $ 15,538 5% (2,282) (3,788) $ 9,468 12,058 $ 21,526 6% 12% 52 3% $ 79,277 14% (8,505) (5,779) $ 64,993 $ 65,045 $ 217,316 37% (5,362) (6,693) $ 215,295 $ 299,444 48 % (6,970) (9,341) $ 83,191 12% $ 120,907 16% $(45,417) (8)% $ 110,179 (6,298) (8,746) (35,037) (7,874) (9,889) (5,293) $ 205,261 35% 10,034 $ 283,133 $ 69,019 $ 102,272 $(85,747) $ 81,186 45% 3,785 10% 14% 19,138 8,541 $ 286,918 $ 88,157 $ 110,813 12% 37% 46 % 13 % 15 % (14)% 14,136 $(71,611) (12)% 9% (16,221) (12,772) 7% 68,645 $ 149,831 12% $ 545,639 26% (25,128) (24,012) $ 496,499 24% 23,927 $520,426 25% Note: Fiscal year ends January 31. Numbers are in thousands, except percentages. Numbers are rounded for presentation purposes. © 2023 Snowflake Inc. All Rights Reserved 36#37snowflake PRODUCT REVENUE 1 NET REVENUE RETENTION RATE 2 $ $698.5M +34% YoY Growth 135% AS OF OCTOBER 31, 2023 - Q3 FY24 TOTAL CUSTOMERS 2 $IM CUSTOMERS 2 8,907 + 24% YoY Growth 436 + 52% YoY Growth Customers with Trailing 12-Month Product Revenue Greater than $1M FORBES GLOBAL 2000 CUSTOMERS 2 SNOWFLAKE MARKETPLACE LISTINGS 3 CUSTOMER SATISFACTION DRESNER CUSTOMER SATISFACTION SCORE 4 NET PROMOTER SCORE (NPS) 5 SNOWFLAKE DATA CLOUD 647 +10% YoY Growth 2,332 Total Listings +9% QoQ Growth 100% Of Customers Recommend Snowflake for Sixth Consecutive Year 67 Most Customers Would Recommend Snowflake to a Friend or Colleague DATA CLOUD CLOUD DATA PLATFORM LOUD DATA WAREHOUSE CLOUD NATIVE ARCHITECTURE 2020 AND 2014 2019 BEYOND 1. For the three months ended October 31, 2023. 2. As of October 31, 2023. Please see our Q3 FY24 earnings press release for definitions of net revenue retention rate, customers with trailing 12-month product revenue greater than $1 million (which definition includes a description of our total customer count), and Forbes Global 2000 customers. 3. As of October 31, 2023. Each live dataset, package of datasets, or data service published by a data provider as a single product offering on Snowflake Marketplace is counted as a unique listing. A listing may be available in one or more regions where Snowflake Marketplace is available. 4. One hundred percent of Snowflake customer survey participants said they would recommend Snowflake to other organizations via Dresner Advisory Services: 2023 Wisdom of CrowdsⓇ Analytical Data Infrastructure (ADI) Market Study, January 2023. 5. As of July 2023. The NPS score is based on our annual Customer Experience Survey conducted in partnership with Walker. If a customer fails to (i) respond to each required question in the survey or (ii) submit a complete set of responses by the end of the survey period, we consider that customer's survey incomplete. Our NPS as of July 2023 excludes incomplete survey responses from the calculation.#38THANK YOU snowflake © 2023 Snowflake Inc. All Rights Reserved