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Check out the on-demand sessions from the Low-Code/No-Code Summit to learn how to successfully innovate and achieve efficiency by upskilling and scaling citizen developers. Watch now.

Today, Snowflake is the favorite for all things data. The company started as a simple data warehouse platform a decade ago but has since evolved into an all-encompassing data cloud supporting a wide range of workloads, including that of a data lake

More than 6,000 enterprises currently trust Snowflake to handle their data workloads and produce insights and applications for business growth. They jointly have more than 250 petabytes of data on the data cloud, with more than 515 million data workloads running each day.

Now, when the scale is this big, cybersecurity concerns are bound to come across. Snowflake recognizes this and offers scalable security and access control features that ensure the highest levels of security for not only accounts and users but also the data they store. However, organizations can miss out on certain basics, leaving data clouds partially secure. 

Here are some quick tips to fill these gaps and build a secure enterprise data cloud.


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1. Make your connection secure

First of all, all organizations using Snowflake, regardless of size, should focus on using secured networks and SSL/TLS protocols to prevent network-level threats. According to Matt Vogt, VP for global solution architecture at Immuta, a good way to start would be connecting to Snowflake over a private IP address using cloud service providers’ private connectivity such as AWS PrivateLink or Azure Private Link. This will create private VPC endpoints that allow direct, secure connectivity between your AWS/Azure VPCs and the Snowflake VPC without traversing the public Internet. In addition to this, network access controls, such as IP filtering, can also be used for third-party integrations, further strengthening security.

2. Protect source data

While Snowflake offers multiple layers of protection – like time travel and fail-safe – for data that has already been ingested, these tools cannot help if the source data itself is missing, corrupted or compromised (like malicious encrypted for ransom) in any way. This kind of issue, as Clumio’s VP of product Chadd Kenney suggests, can only be addressed by adopting measures to protect the data when it is resident in an object storage repository such as Amazon S3 – before ingest. Further, to protect against logical deletes, it is advisable to maintain continuous, immutable, and preferably air-gapped backups that are instantly recoverable into Snowpipe.

3. Consider SCIM with multi-factor authentication

Enterprises should use SCIM (system for cross-domain identity management) to help facilitate automated provisioning and management of user identities and groups (i.e. roles used for authorizing access to objects like tables, views, and functions) in Snowflake. This makes user data more secure and simplifies the user experience by reducing the role of local system accounts. Plus, by using SCIM where possible, enterprises will also get the option to configure SCIM providers to synchronize users and roles with active directory users and groups.

On top of this, enterprises also should use multi-factor authentication to set up an additional layer of security. Depending on the interface used, such as client applications using drivers, Snowflake UI, or Snowpipe, the platform can support multiple authentication methods, including username/password, OAuth, keypair, external browser, federated authentication using SAML and Okta native authentication. If there’s support for multiple methods, the company recommends giving top preference to OAuth (either snowflake OAuth or external OAuth) followed by external browser authentication and Okta native authentication and key pair authentication.

4. Column-level access control

Organizations should use Snowflake’s dynamic data masking and external tokenization capabilities to restrict certain users’ access to sensitive information in certain columns. For instance, dynamic data masking, which can dynamically obfuscate column data based on who’s querying it, can be used to restrict the visibility of columns based on the user’s country, like a U.S. employee can only view the U.S. order data, while French employees can only view order data from France.

Both features are pretty effective, but they use masking policies to work. To make the most of it, organizations should first determine whether they want to centralize masking policy management or decentralize it to individual database-owning teams, depending on their needs. Plus, they would also have to use invoker_role() in policy conditions to enable unauthorized users to view aggregate data on protected columns while keeping individual data hidden.

5. Implement a unified audit model

Finally, organizations should not forget to implement a unified audit model to ensure transparency of the policies being implemented. This will help them actively monitor policy changes, like who created what policy that granted user X or group Y access to certain data, and is as critical as monitoring query and data access patterns. 

To view account usage patterns, use system-defined, read-only shared database named SNOWFLAKE. It has a schema named ACCOUNT_USAGE containing views that provide access to one year of audit logs.

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Mon, 28 Nov 2022 01:20:00 -0600 Shubham Sharma en-US text/html
Killexams : Thrust into 4A, Snowflake has marched to another state championship game Kay Solomon, center, Snowflake High School football head coach, speaks during the Arizona Interscholastic Association high school football state championship media day at a BarroÕs Pizza in Gilbert on December 6, 2022. © Joel Angel Juarez/The Republic Kay Solomon, center, Snowflake High School football head coach, speaks during the Arizona Interscholastic Association high school football state championship media day at a BarroÕs Pizza in Gilbert on December 6, 2022.

Snowflake didn’t like the decision when it came down last spring. The AIA, in its pursuit of competitive balance, had moved the Lobos up to 4A. On the football field, the move made sense. Snowflake was the reigning back-to-back 3A champion.

Lost in that focus on wins and losses is context. In the 3A East Region — where its other athletic teams still play — Snowflake’s 878 student enrollment was in line with the competition. Rivalries were natural and festered for decades. They meant something, because even the furthest opponent, Payson, was only an hour and a half away.

Now, the 4A East Sky region pairs Snowflake with schools in Gilbert, Apache Junction, Queen Creek and San Tan Valley. By the time the regular season was up, Snowflake had racked up 1,400 miles of driving traveling to its five road games, twice as many as last year. The wear and tear isn’t exclusive to school buses, either. A lack of bus drivers in the district has forced the Lobos to call on coaches to drive vans and minibuses. “Whatever it takes to get it done,” Snowflake coach Kay Solomon said Tuesday, at the AIA state championship media day in Gilbert — 167 miles from home.

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This, Solomon knew, is what lay ahead for Snowflake as soon as the AIA’s decision came down. So with the help of athletic director Kevin Standerfer, he appealed to remain in 3A. A denial of that appeal, of course, wasn’t the desired outcome. But when it came down, Solomon responded with a search for the silver lining. That day, he met with his seniors and delivered a message: “You guys can be the first group from Snowflake to play for a championship in Sun Devil Stadium.”

On Friday, that’s what the Lobos will do when they take on ALA-Gilbert North with a third-consecutive title on the line.

“We knew it would be a challenge moving up a level,” Solomon said. “We didn't know if we could expect this kind of success. Obviously, we set that goal to do it. And we're just thrilled that we've been able to manage it.”

Snowflake’s arrival on this stage presents an interesting contrast in pathways to success.

All around the state, elite teams are populated by players who transferred in, seeking to play with a certain coach or to put themselves on the recruiting radar or to bolster their chances of a state championship. Despite all the accompanying controversies, the openness of the state works. Arizona has developed into national hotbed for talent, with pipelines to high-level college programs. On Friday, the Lobos will be tasked with defending two of those talents — NAU-bound quarterback Adam Damante and junior receiver Brandon Phelps, who has three Power Five offers. Together, the pair has combined for 26 touchdowns.

Snowflake, as a whole, has 14 passing touchdowns. There’s one development pipeline, and the kids who come through it are the kids who play on Friday nights.

“They're Lobos when they're in little league, they're Lobos through their junior high years, they're Lobos when they come into the high school,” Solomon said. “That's just the way it is.”

Sometimes, that presents unique challenges.

This year, for example, Solomon tabbed senior Easton Butler as his starting quarterback after a summer competition with junior Brennan Bryant. After an October loss to Apache Junction, though, the Lobos had dropped three of four, scoring just 8.5 points per game in the process. Butler wasn’t the culprit, but with a thin roster and few playmakers, Solomon needed him to switch to receiver, adding a talented skill player who could threaten opposing defenses.

“I was obviously shocked,” Butler said. “But I told (Solomon) I was gonna do what was best for the team. … I was just willing to do whatever it took to win, to get to where we're at now. So I wasn't gonna try to be selfish and still stay at that spot.”

Over the past six weeks, the move has paid off handsomely. The Lobos are still a defense-first team, but with Bryant under center, they’re scoring 27.2 points per game — all wins.

“It takes kids that are bought into the team,” Solomon said. “They have to realize that the team needs to be first, the team has to be what you put your focus on. That's what you're gonna need.”

Now, those kids will play for a state championship. At Sun Devil Stadium.

This article originally appeared on Arizona Republic: Thrust into 4A, Snowflake has marched to another state championship game

Thu, 08 Dec 2022 08:47:00 -0600 en-US text/html
Killexams : 3 Reasons Snowflake Stands Out to Investors

Data-cloud platform company Snowflake (SNOW 2.13%) impressed investors with its fiscal third-quarter earnings report this week. Shares of the growth stock managed to rise nearly 8% by the time the market closed Thursday -- the first trading day following the company's earnings report. Making the move even more impressive, it occurred on a day the S&P 500 declined slightly.

Here's a close look at some of the reasons why the company continues to stand out to investors following the earnings report.

1. Rapid growth

First and foremost, there's Snowflake's rapid growth. After guiding for its product revenue to grow 60% to 62% year over year, the company actually grew product revenue 67% to $523 million. Total revenue was $557 million, also increasing 67% year over year.

"Data is becoming deeply ingrained in how global enterprises think, act, decide, and strategize," said Snowflake CEO Frank Slootman in the company's fiscal third-quarter earnings call when discussing the company's momentum. "Snowflake's Data Cloud strongly resonates in large enterprises and institutions," he added.

2. Tons of cash

Another strength of the company is its balance sheet. Snowflake ended the quarter with $4.9 billion in cash, cash equivalents, and short-term and long-term investments. Even more, the tech giant carries no debt.

Going forward, this cash position is likely to remain robust as Snowflake operates its business with positive cash flow. The company generated $65 million of free cash flow -- the cash flow after regular operations and capital expenditures are taken care of.

3. No layoffs

In one more important point, the company has been able to continue hiring, while many other tech companies have had to either pause hiring or lay off employees. The tech industry shed nearly 10,000 jobs in October, according to consulting firm Challenger Gray & Christmas, and that number may have increased in November. But Snowflake has been taking advantage of this.

"Year to date, we've added over 1,500 net new employees," said Snowflake chief financial officer Mike Scarpelli in the company's fiscal third-quarter earnings call this week. "We view the current hiring market as favorable for Snowflake, and we'll continue to focus hiring in product, engineering, and sales."

Looking forward, Snowflake expects to slow hiring. It anticipates adding 1,000 net new employees in fiscal 2024. But this isn't a bad thing. Indeed, it's one of the company's first major demonstrations of scale since its initial public offering.

If it believes it can continue investing in its business and serving its customers while slowing the pace of hiring, Snowflake's operating margin should Improve significantly next year. Indeed, that's what management is saying it expects.

Not everything was positive in the update, however. Snowflake's revenue guidance was underwhelming, showing it's not immune to a deteriorating macro environment.

Management said it expects fiscal fourth-quarter product revenue to increase 49% to 50% year over year, representing the company's lowest growth rate, by far, since the company went public in 2020. But Snowflake's strong cash position, rapid growth, and its confidence to continue hiring when many others are doing layoffs is enough reason for investors to overlook this slowing growth for now.

Daniel Sparks has no position in any of the stocks mentioned. His clients may own shares of the companies mentioned. The Motley Fool has positions in and recommends Snowflake. The Motley Fool has a disclosure policy.

Fri, 02 Dec 2022 17:01:00 -0600 Daniel Sparks en text/html
Killexams : Snowflake plunges as Q4 guidance, product revenue shows slowing growth
Snowflake corporate headquarters in Silicon Valley

Sundry Photography

Snowflake (NYSE:SNOW) shares plunged nearly 14% in extended-hours trading after the data warehousing company reported third-quarter results that beat expectations but said product revenue for the next quarter would slow down.

For the period ending October 31, the Frank Slootman-led Snowflake (SNOW) said it generated $557M in revenue, up 67% year-over-year, including $522.8M in product revenue.

A consensus of analysts were expecting Snowflake (SNOW) to earn an adjusted 5 cents per share on $538.91M in revenue.

Looking ahead to the next quarter, Snowflake (SNOW) said it expects product revenue to be between $535M and $540M, a growth rate of 49% to 50% year-over-year, or well below the 67% the company saw in the third quarter.

Snowflake (SNOW) also said it expects adjusted operating margins to be 1% in the upcoming period.

Full-year revenue is forecast to be between $1.919B and $1.924B, compared to estimates of $1.92B. The company raised its expectations for adjusted operating margins for the full year, however, as it now expects the metric to be 3%, up from a prior view of 2%.

The company will hold a conference call at 5 p.m. EST to discuss the results.

Last month, investment firm Bernstein started coverage on Snowflake (SNOW), noting that even though the company has seen strong growth, it may be difficult to take away business from the entrenched cloud competitors.

Wed, 30 Nov 2022 06:16:00 -0600 en text/html
Killexams : Snowflake CEO on the company's light guidance Wed, 30 Nov 2022 10:36:00 -0600 en text/html Killexams : Snowflake shares drop on light product revenue guidance

The New York Stock Exchange welcomes Snowflake (NYSE:SNOW), on Tues. Dec 21st, 2021, to usher in the first day of winter. To honor the occasion, Snowflake the bear, joined by Chris Taylor, Vice President, NYSE Listings and Services, rings The Opening Bell®.


Shares of the cloud data platform provider Snowflake fell more than 5% in extended trading on Wednesday after the company released third-quarter results that beat estimates but offered light product revenue guidance.

Here's how the company did:

  • Earnings per share: 11 cents, adjusted, vs. 4 cents expected by analysts, according to Refinitiv
  • Revenue: $557 million vs. $539 million expected by analysts, according to Refinitiv

The company's revenue was up 67% year over year, but that growth was lower than the 83% increase last quarter. The largest part of revenue, product revenue, also grew 67% year over year to $523 million. Product revenue is a key metric for Snowflake since it recognizes revenue based on platform consumption.

Snowflake said it anticipates product revenue will be between $535 million and $540 million in its fourth quarter, short of the $553 million expected by analysts estimates according to StreetAccount. The company expects to report between $1.919 billion and $1.924 billion for the full year.

Product gross profit margins, operating income margins and adjusted free cash flow are expected to be 75%, 3% and 21% respectively for the full year.

Snowflake said it had 7,292 customers in the quarter, which ended Oct. 31.

The company will hold its quarterly call with investors Wednesday at 5 p.m. ET.

Wed, 30 Nov 2022 09:56:00 -0600 en text/html
Killexams : Is Snowflake Stock a Buy Right Now?

Snowflake (SNOW 2.13%) has one of the highest net promoter scores of all companies I follow. That could be an indicator of excellent stock performance in the long term.

Stock prices used were the afternoon prices of Dec. 1, 2022. The video was published on Dec. 2, 2022.

Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Snowflake. The Motley Fool has a disclosure policy.

Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.

Fri, 02 Dec 2022 23:33:00 -0600 Parkev Tatevosian, CFA en text/html
Killexams : Frank Slootman on Snowflake’s blossoming partnership with AWS

Snowflake Inc. built its data warehouse business on top of Amazon Web Services. In the early days, the company looked at AWS as a platform to remove the hassle of managing infrastructure, while at the same time enabling virtually infinite scaling of resources.

That allowed Snowflake to rethink database architecture entirely to exploit the native advantages of cloud by, for example, separating compute from storage and having multiple clusters query the same data without making endless copies. It did all this while dramatically reducing the complexity of spinning up data warehouses.

In time, AWS and Snowflake became increasingly competitive, particularly as Snowflake encroached on the domain of AWS Redshift and AWS added Snowflake-like capabilities. Rather than market against those similarities, Snowflake continued to innovate, adding multicloud support and data sharing features with strong governance and so-called data clean rooms. And last June Snowflake extended its platform to allow developers to build applications on top of Snowflake.

But customers are the final arbiter. In the field, sellers soon realized that partnering was far more lucrative than competing and the relationship between AWS and Snowflake has blossomed. It’s on track to generate about $2 billion in revenue this fiscal year, and about 80% of Snowflake’s business runs on AWS’ cloud.

Collaboration at scale

In an exclusive emailed interview with SiliconANGLE, Snowflake Chief Executive Frank Slootman (pictured) said his company’s partnership with AWS has matured to become a huge win-win, with both parties delivering material value to each other and their joint customers. It has also helped Snowflake to close on hundreds of new opportunities, he said.

“[It] is collaboration at scale, and it’s a boon to our customers to have their data platform provider working so closely with their cloud services provider,” Slootman insisted. “Last year we did $1.2 billion in co-sell with our cloud partners, most of which was with AWS. This year, that number will be much larger.”

One of the ways in which the collaboration is bearing fruit is that it has helped Snowflake to offer more focused, industry-specific solutions to its customers. Slootman said Snowflake has responded to this need by advancing its Data Cloud as the standard across multiple industries, collaborating closely with AWS on multiple sales, marketing and production initiatives.

“AWS has been a supporting partner for each of these launches, providing industry solutions with complementary AWS services,” he explained.

Putting data into operation, together

Data is increasingly being put into operation as the lifeblood of business applications and application development, and Snowflake’s collaboration with AWS has enabled customers to accelerate their digital transformations in pursuit of this. According to Slootman, companies today are faced with more data than ever before, and are challenged by where to start, how to manage that data, and how to derive key insights from it efficiently. Yet they need to “lean on that data to inform what they’re building, how they’re building it and what issues their solutions will address,” he said.

“A company that has been completely transformed with technology is able to effectively garner data driven insights by breaking down data silos, leveraging third-party data through data sharing, and building applications that take advantage of this data,” Slootman added.

AWS innovation: lifeblood for Snowflake

Snowflake has been aided in this by the evolution of AWS. In latest years, the cloud giant has focused higher up the stack in terms of higher-level services and line-of-business-focused solutions. Some might perceive this innovation as AWS trying to compete with Snowflake, but Slootman said it has instead created “ample opportunity” for his company to “level up with new services and solutions.”

He explained that innovation is the lifeblood of Snowflake. “Innovation across the industry gives customers a choice in the solutions and tools that they choose, and drives organizations to level-up their offerings with better products and services,” he said.

For instance, Snowflake and AWS collaborate very closely in the area of artificial intelligence and machine learning, which is being rapidly adopted across their joint customer base. Slootman said the companies’ AI and machine learning teams often work collaboratively, for example, and that they have a history of announcing integrations at previous re:Invents.

Here’s the full interview with Slootman:

Q: How many years have you been an AWS Partner and how many years have you been participating in AWS re:invent?

A: We joined the Amazon Partner Network in 2013 and have participated in re:Invent every year since 2015.

Q: Describe your company’s journey to the cloud (born in the cloud, add-on cloud offerings, on-premises with links to key services)?

A: The Snowflake Data Cloud was born in the cloud and is a cloud-native solution. We continue to evolve and announced earlier this year partnerships with organizations like Dell Technologies and Pure Storage to enable integration with their on-premise storage solutions.

Q: Chronicle your partnership with AWS – things haven’t always been smooth sailing. What were some of the challenges and how do you characterize it today? How have your market opportunities evolved?

A: The Snowflake and AWS partnership has matured over the years to be a win-win, delivering material value for each of our organizations and our joint customers. Today, our partnership with the AWS field is very strong. Our own account executives have confirmed that AWS has helped us close many hundreds of opportunities so far this year. That is collaboration at scale, and it’s a boon to our customers to have their data platform provider working so closely with their cloud services provider. Last year, we did $1.2 billion in co-sell without cloud partners, most of which was with AWS. This year, that number will be much larger.

We are very happy with the AWS partnership now. Both companies have come to the table time and time again to expand strategic investment across joint sales, marketing, and alliances – a focused effort to explore new frontiers and drive customer-focused innovation.

Q: Cloud adoption is continuing to accelerate, yet it is still early days in cloud with a majority of IT remaining on-premises and staying there in hybrid “steady state” operational mode. But it feels like we are at a tipping point, with platforms and industry clouds being built on top of AWS (and other CSPs) primitive services – more horsepower, higher-level services, industry-specific capabilities – rendering itself into a new kind of cloud, a next-generation cloud. What are you seeing customers doing differently now? Is the role of ISV or SaaS application changed? Do you consider yourself an ISV?

A: The needs of our customers are becoming more industry-specific, so we are focused on advancing the Data Cloud as the standard across industries. In working with partners like AWS, we can deliver best-in-class, industry-specific solutions to our customers. We have invested in sales, marketing, and product initiatives with AWS to hone in on promoting industry solutions to line-of-business managers alongside IT.

We launched four industry-specific Data Clouds in the past year, to offer partner-delivered solutions to our customers that are designed to increase overall impact. AWS has been a supporting partner for each of these launches, providing industry solutions with complementary AWS services. Take the CPG industry for example – we’re integrating order data from Amazon Vendor Central and using Amazon Forecast for customers to identify forecast demand.

Q: As AWS continues to innovate and reinforce its leadership with new capabilities and maturity of some of its core building blocks, what are you seeing as the challenges customers continue to face? How does Snowflake plan to address or capitalize on those challenges? What is the most important thing happening right now that can transform business and why?

A: During uncertain economic times, the ability to uncover data insights from across an organization’s entire data stack at speed and scale is essential.

Organizations have data silos on-premises and across different applications in the cloud, making it difficult to see a full view of a business to make an informed decision. With Snowflake as the Data Cloud enabling nearly all types of data workloads and AWS as an infrastructure layer, we are well positioned to offer our joint customers a holistic view of their data, as well as the capabilities to use the data for business impact.

Q: Let’s talk about data. If you take digital (business) transformation to completion, companies have been completely transformed with technology, what does that look like? In particular, how do you see the tsunami of data being operationalized as the lifeblood of applications and application development?

A: We are in the age of data – it is not possible to transform a company or run operations effectively without leveraging data. On top of that, companies are faced with more data than ever and challenged by where to start, how to manage it, and most importantly, how to efficiently derive insights from it that drive better business outcomes. A company that has been completely transformed with technology is able to effectively garner data driven insights by breaking down data silos, leveraging third-party data through data sharing, and building applications that take advantage of this data.

We are laser-focused on our next frontier of innovation – transforming how cloud applications are built, deployed, sold and transacted. Companies will lean on data to inform what they’re building, how they’re building it and what issues their solutions will address.

Q: How is Snowflake helping to address these challenges for customers who have already standardized on AWS? What is it that Snowflake brings to the table that AWS services are not already solving?

A: We can deliver the most compelling solutions through joint collaboration between our account teams to bring a combination of Snowflake and AWS products to our customers.

Together with AWS, we’re looking at the full digital transformation journey for our customers, providing powerful capabilities and services throughout that can be leveraged to address specific customer needs.

Q: We can certainly expect AWS to make some significant announcements in Machine Learning and AI, in addition to many other areas. What are you seeing in terms of AI/ML adoption across your joint AWS/Snowflake customer base and how you are helping to build success in this process?

A: Our AI/ML product teams work collaboratively – AWS has announced integrations between our companies in past years at re:Invent. We innovate based on customer needs and are always seeking opportunities to build integrations between our products in order to utterly amaze our customers.

Q: AWS has made significant strides in developing its own chips to increase performance, lower prices, and Improve the sustainability of cloud computing. What are your thoughts on this direction they are taking? Are you taking advantage of AWS’ chip innovations and how do you think it serves AWS’s partner community?

A: Graviton chips have allowed AWS to deliver better functionality at lower cost to their partners and customers. This is obviously a benefit to AWS’ ecosystem as it has driven 10% improvement in price performance.

Q: One of the directions we’ve seen from AWS over the last few years is an increasing focus higher up the stack in terms of higher level services and even line-of-business-focused solutions. Do you see this as an area of opportunity or contention for you and the broader AWS partner community?

A: AWS’ continued innovation provides ample opportunity for Snowflake, and the entire AWS ecosystem, to continue to level-up with new services and solutions.

Innovation is the lifeblood of our enterprise. Innovation across the industry gives customers a choice in the solutions and tools that they choose, and drives organizations to level-up their offerings with better products and services. In continuing to build and innovate together with AWS, we can provide more compelling solutions to our ecosystems and our customers – that remains our joint center of focus.

Q: Let’s talk about security and governance in the cloud, which has come a long way, but is a job that is never done. Especially for customers who are adopting cloud services and solutions on top of AWS and sharing data. How should the customers think about the role of security and governance from the data perspective as it relates to partner solutions. How are security and governance changing?

A: Security and governance ensure sensitive data maintained by any organization is protected from inappropriate access and tampering, and helps businesses achieve and maintain regulatory compliance. Especially if a company is large or in an industry subject to regulation such as healthcare or banking, data governance and security are critical. Snowflake’s platform, and its broad ecosystem of partners, provide a foundation for improved data governance. Snowflake interoperates with security and governance tools such as Collibra, Informatica, Talend, Atlan and Immuta, among others, to provide the highest levels of governance and security for our customers.

Customers need to make sure they have the right practices, processes, and tools for handling and using data — so everyone within the organization can use the data to fix business problems and discover opportunities, ultimately allowing the entire organization to march toward the same objective. Effective data governance today means it is a repeatable process, especially since it is not a one-and-done project.

Q: If you had to put a bumper sticker on your activities at re:Invent 2022, what would it be? What’s the bottom line?

A: Snowflake + AWS: Mobilizing the World’s Data, Together

Photo: SiliconANGLE

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Sun, 04 Dec 2022 00:09:00 -0600 en-US text/html
Killexams : Snowflake: Tepid Guidance But Revenue Is Snowballing
cloud computing technology concept transfer database to cloud. There is a large cloud icon that stands out in the center of the abstract world above the polygon with a dark blue background.


Snowflake Inc. (NYSE:SNOW) is a leading data warehouse provider which is poised to benefit from the growth in "Big Data." The proliferation of data sources means the Big Data industry is forecasted to grow at an 11% compounded annual growth rate and be worth $273.4 billion by 2026.

Snowflake recently announced solid Q3 financial results, beating revenue and earnings estimates. However, tepid guidance for the fourth quarter has caused an avalanche in the stock price, which fell by over 5% in pre-market trading. In this post, I'm going to break down the company's third-quarter financials and valuation in granular detail, so let's dive in.

Data by YCharts

Solid Third Quarter Financials

Snowflake reported solid financial results for the third quarter of the fiscal year 2023. Revenue was $557 million, which beat analyst estimates by 3.35% and increased by a blistering 67% year-over-year.

Snowflake earnings

Snowflake earnings (Q3,FY23 report)

Total revenue was driven by strong product revenue growth (light blue bar in the chart above), which increased by 67% to $523 million. While the company's revenue under contract or remaining performance obligations [RPO] increased by 66% year-over-year to $3 billion.

Snowflakes Data Cloud continues to resonate well with large enterprises as they aim to aggregate siloed department data in one place. As you can see from the graphic below, the Snowflake platform can take in unstructured or structured data from various sources. Machine Learning and AI can then be run on the "Big data," which can then be further used to produce insights, predictions and develop applications.

Snowflake platform

Snowflake platform (Snowflake)

The unique thing about Snowflake is the platform can operate easily across multiple cloud infrastructure providers such as AWS, Azure, and Google Cloud.

Given a large number of enterprises are adopting a hybrid cloud model for their digital transformation, this makes the Snowflake value proposition enticing. Therefore, it is no surprise to see that G2, a popular enterprise software review website, has Snowflake rated as the number one data warehouse provider by rating. The platform is rated 4.5 stars out of 5, which beats Amazon's Redshift, which has 4.3 stars out of 5. I have discussed Snowflake's business model in more detail in my prior post, if you wish to learn more.

Snowflake has continued to grow its customer base of enterprises and added 28 Global 2000 customers in the third quarter. Total Customers increased by 34% year-over-year, to 7,292.

Total Customers

Total Customers (Q3,FY23)

Snowflake now has ~40% of its customers from global 2000 companies and has grown its Customers with over $1 million in product revenue by a rapid 94% year-over-year to 287. Growing "upmarket" is a brilliant strategy, as enterprise customers tend to be more "sticky" by nature and offer greater opportunities for cross-selling products.

Customers $1 million

Customers $1 million (Q3,FY23)

The beautiful thing about Snowflake is it has built an ecosystem of data providers via its marketplace which acts as a global data-sharing network. This means companies can buy and sell data in order to Improve the accuracy of their own machine-learning models and generate extra revenue. Marketplace listings increased by 11% YOY to 1,700 as the service continues to increase in popularity. The goal for Snowflake is to bring the "work to the data" rather than bringing the data to the work, which was the legacy method.

Snowflake further expanded its platform model with the $800 million acquisition of Streamlit, which will enable developers to build data-based applications on top of Snowflake. Since the acquisition in early 2022, the platform has grown its community by over 60% to include 70,000 developers. I believe this is a fantastic acquisition, as the customers of Snowflake have already been using the Streamlit platform to build data apps, and thus it is a natural fit. The Streamlit platform enables apps to creates with simple Python, which is a fairly easy-to-use programming language. The development of Apps on top of the Snowflake platform will likely increase switching costs and thus result in improved customer retention. Snowflake already has a super-high dollar-based net revenue retention rate of 165%, which means customers are staying with the platform and spending more.

Net Retention

Net Retention (Q3,FY23)

By geography, Snowflake reported its fastest growth in North America and the EMEA region, which are its largest segments. By industry, Snowflake is fairly diversified, although its largest segment Financial services increased at the fastest rate overall. Advertising and entertainment sectors lagged, as these industries are currently going through a cyclical downturn.

Profitability, Expenses and Cash Flow

Snowflake has a high gross margin of 75% (non-GAAP), which has improved by 6% year-over-year due to product improvements and increased scale.

Snowflake reported EPS of $0.11 which beat analyst estimates by 139.34% according to Google Finance data. This was driven by top-line growth as well as a reduction in operating expenses as a portion of revenue. For instance, Snowflake has reduced its G&A expenses from 17% of revenue in FY21 to just 9% by FY23, as the company benefits from economies of scale. The business has also improved its Sales and Marketing efficiency substantially and R&D as a portion of revenue.

Operating Expenses

Operating Expenses (Q3,FY 23 report)

Snowflake reported $65 million in FCF (Free Cash Flow, non-GAPP) at an adjusted free cash flow margin at 12%. This was an improvement over last quarter due to collections and last year as a whole. Like many contract-based SaaS companies, Snowflake will likely see a boom in cash flow in Q1 FY24, as that matches with the timing of contract renewals and collections. You can see a similar pattern play out in Q1,FY23 with a spike in cash flow on the chart below.

Cash Flow

Cash Flow (Q3,FY23)

Snowflake has a solid balance sheet with $4.9 billion in cash, cash equivalents, and marketable securities. In addition, the company has minimal debt of approximately $241 million as per the Seeking Alpha Balance sheet report (which may not be fully updated yet) or virtually zero debt as per the company's released documentation.

Tepid Guidance

Snowflake's management has reported tepid guidance despite confidence in latest consumption patterns by customers. The company is guiding for between $535 million and $540 million of revenue in the fourth quarter, which would represent an increase of between 49% and 50%. This is substantially slower than this quarters year-over-year product revenue growth of 67%. However, management does state they are taking a "conservative approach," which makes sense given the macroeconomic environment.

Advanced Valuation

In order to value Snowflake, I have plugged its latest financials into my advanced valuation model which uses the discounted cash flow ("DCF") method of valuation. I have forecasted a conservative 50% revenue growth for next year (including Q4) which is aligned with management estimates. Then, in years 2 to 5, I have forecasted the revenue growth rate to increase slightly to 52% per year, as economic conditions improve.

Snowflake stock valuation 1

Snowflake stock valuation 1 (Created by author Ben at Motivation 2 Invest)

To increase the valuation accuracy, I have capitalized R&D expenses. In addition, I have forecasted a target pre-tax operating margin of 23% over the next 10 years, which is the average for the software industry. I expect this to be driven by continual improvements in operating leverage, and efficiency in marketing.

Snowflake stock valuation 1

Snowflake stock valuation 1 (created by author Ben at Motivation 2 Invest)

Given these factors, I get a fair value of $182 per share. The stock is trading at $142 per share at the time of writing and is thus is 22.2% undervalued. As an extra data point, Snowflake trades at a Price to Sales ratio = 22, which is still fairly high but cheaper than historic multiples of over 90.

Data by YCharts


Recession/Longer Sales Cycles

The high inflation and rising interest rate environment has caused many analysts to forecast a recession. This environment has stricken fear into the hearts of decision-makers at corporate companies. Human beings have a tendency to freeze in times of fear like a rabbit caught in the headlights of an oncoming vehicle. Therefore, I expect longer sales cycles and larger buying committees, which could mean a further slowdown in growth.

Final Thoughts

Snowflake Inc. is a tremendous technology company that is continually innovating its product for consumers. The company has continued to produce strong financial results, and the latest guidance is prudent based on the economic conditions. Snowflake is a stock that is rarely undervalued, but after the latest decline, the stock now looks to be a great long-term investment.

Thu, 01 Dec 2022 02:13:00 -0600 en text/html
Killexams : Snowflake Inc. (SNOW) Q3 2023 Earnings Call Transcript

Snowflake Inc. (NYSE:SNOW) Q3 2023 Earnings Call Transcript November 30, 2022

Snowflake Inc. beats earnings expectations. Reported EPS is $0.11, expectations were $0.04.

Operator: Good afternoon, and thank you for attending today’s Snowflake Q3 Fiscal 2023 Earnings Conference Call. My name is Austin, and I will be your moderator for today. I would now like to pass the conference over to our host, Jimmy Sexton, Head of Investor Relations with Snowflake. Jimmy, please go ahead.

Jimmy Sexton: Good afternoon, and thank you for joining us on Snowflake’s Q3 fiscal 2023 earnings call. With me and both in Montana are Frank Slootman, our Chairman and Chief Executive Officer; Mike Scarpelli, our Chief Financial Officer; and Christian Kleinerman, our Senior Vice President of Products, who will join us for the Q&A session. During today’s call, we will review our financial results for the third quarter fiscal 2023, discuss our guidance for the fourth quarter and full year fiscal 2023 and discuss our fiscal 2024 outlook. During today’s call, we will make forward-looking statements including statements related to the expected performance of our business, future financial results, strategy, products and features, long-term growth and overall future prospects.

These statements are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed after market close today and in our SEC filings, including our most recently filed Form 10-Q for the fiscal quarter ended July 31, 2022, and the Form 10-Q for the quarter ended October 31, 2022, that we will file with the SEC. We caution you to not place undue reliance on forward-looking statements and undertake no duty or obligation to update any forward-looking statements as a result of new information, future events or changes in our expectations. We’d also like to point out on today’s call, we will report both GAAP and non-GAAP results.

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 presented in addition to and not as a substitute for financial measures calculated in accordance with GAAP. To see the reconciliations of these non-GAAP financial measures, please refer to our earnings press release distributed earlier today in our investor presentation, which are posted at A replay of today’s call will also be posted on the website. With that, I would now like to turn the call over to Frank.

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Frank Slootman: Thanks, Jimmy, and good afternoon, everybody. Snowflake continues to drive strong growth at scale, coupled with strengthened unit economics, operating profit and free cash flow. While we acknowledge the weakening global macro context, we remain resilient in terms of our results. We believe this resilience reflects the importance of data strategy in modern enterprises and institutions. Data is becoming deeply ingrained in how global enterprises think, act, decide and strategize. Relying on anecdotal observations will increasingly take a back seat to data-driven operations. The company is reporting $523 million in product revenue, growing 67% year-on-year. Our remaining performance obligations, or RPO, grew 66% year-on-year to $3 billion.

On a non-GAAP basis, product gross margin came in at 75%, operating margin at 8% and adjusted free cash flow margin at 12%. Snowflake’s Data Cloud strongly resonates in large enterprises and institutions. The idea of getting your data siloed again in the public cloud stack holds limited appeal. Data Cloud maximizes the power and promise of data science and artificial intelligence, a high priority in the modern enterprise. In the quarter, we added 28 Global 2000 customers. Product revenue from the Global 2000 outpaced the company as a whole, growing 14% quarter-over-quarter. Global 2000 customers now represent over 40% of revenue. Our mission is the Data Cloud, a single data universe across geographies, data sources, compute clouds and cloud regions, a single point of inquiry, analytics and intelligence, maximum enablement of data sciences, analytics and intelligence.

Today, Snowflake operates across 37 regional deployments. Year-over-year, we’ve expanded our footprint by more than 30%. Customers are embracing this vision. 22% of customers have at least one stable edge, up from 17% a year ago. 66% of customers with over $1 million in trailing 12-month product revenue have at least one stable edge. Snowflake’s marketplace listings grew 11% quarter-over-quarter, now with more than 1,700 data listings. Our strategy is a global data sharing network, coupled with unlimited workload enablement. Work needs to find its way to the data instead of the historical habit of moving data to the work. Much of the work in the announcements you’ve seen from Snowflake in latest years reflects our progress in and across the workload spectrum from data engineering to data warehousing to data science to data applications and transaction processing.

We recently announced the general availability of Python for Snowpark. This is foundational for many workloads and user types. Global 2000 customers, Charter Communications, EDF Energy and Northern Trust have adopted Snowflake for Python. Earlier next year, we will offer native Streamlit integration in private preview. With Streamlit, we’re helping developers and data engineers build applications in Snowflake. Since acquisition, the Streamlit community has grown more than 60% and now has approximately 70,000 developers. We’re enabling data science workloads with Snowpark optimized workhouses — warehouses, now in public preview. Optimized warehouses represent a step function improvement for compute-intensive workloads and allow customers to bring ML training into Snowflake.

In Q3, we hosted our Data Cloud World Tour, which brought our product announcements to a global audience. We travelled to 18 cities across 12 countries and reached over 12,000 attendees. In November, we hosted our Annual Developer Conference BUILD, a virtual kickoff at over 4,000 attendees and local breakouts are scheduled in 16 cities across 10 countries. Aside from world-class scale performance and economics, Snowflake differentiates with a relentless focus on enterprise-grade high trust implementation, for security and compliant capabilities enable the largest enterprises and institutions worldwide to deploy Snowflake for the most critical use cases and applications. Privacy and compliance, of course, have become far greater challenges in latest years and created new challenges in data operations.

For example, our data clean room operations, which originated in the role of advertising, are now spreading to other vertical industries. Snowflake continues to deepen and strengthen its industry orientation. We expect to understand our customer challenges, solve their problems and speak their language, leading industries for Snowflake are financial services, advertising, media and entertainment, followed by retail and consumer packaged goods, technology and healthcare and life sciences. In Q3, product revenue from the financial services industry grew 13% quarter-over-quarter. Financial services client, The Depository Trust & Clearing Corporation, or DTCC, recently announced their use of Snowflake Marketplace. Providing clearing and settlement services, DTCC has access to a vast amount of training data.

DTCC allows clients to engage with its data through Snowflake to better understand market liquidity and investor sentiment. During the quarter, at advertising week, we announced an investment in OpenAP, the advanced advertising company. This will accelerate the development of the OpenAP Data Hub, which is a new cross-publisher and cross-platform clean room solution for the television industry powered by Snowflake. The addition of Snowflake validates the commitment FOX, NBCUniversal, Paramount and Warner Bros Discovery have made to transforming the TV ad industry. We are aware of the weakening macro economy. Customer behavior informs our outlook and investment approach. In Q3, we demonstrated our ability to execute through different economic environments.

Our focus remains on revenue growth balanced with free cash flow generation. We are well positioned to drive efficient and durable growth, which Mike will discuss further. The opportunity ahead is massive and will take years to unfold. With that, I will turn the call over to Mike.

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Mike Scarpelli: Thank you, Frank. Q3 product revenues were $523 million, representing 67% year-over-year growth, and our remaining performance obligations grew 66% year-over-year totaling $3 billion. Of the $3 billion in RPO, we expect approximately 55% to be recognized as revenue in the next 12 months. This represents a 68% increase compared to our estimate as of the same quarter last year. Our net revenue retention rate of 165% includes 14 new customers with $1 million in trailing 12-month product revenue and reflects durable growth among our largest customers. With a focus on the acquisition and growth of the largest enterprises in the world, we added 28 Global 2000 customers in the quarter, our largest quarterly addition in the last five periods.

We have confidence in our growth opportunity in these accounts because G2K customers only represent $1.3 million of trailing 12-month product revenue on average. This compares to an average of $3.7 million among customers over $1 million in product revenue. We will continue to grow these accounts through value selling and workload enablement. We are seeing this in our largest accounts today. Quarter-over-quarter, six of our top 10 customers grew faster than the company overall. We are monitoring our key business metrics, which we believe are leading indicators of the macro economy impacting our business. In the quarter, we saw varying degrees of strength and weakness worldwide, making it challenging to identify a consistent trend. Our largest segments, North America and EMEA outperformed SMB and APJ, the strength in North America includes the headwind from the consumer Internet companies we mentioned earlier this year.

This shows the resiliency of Snowflake as enterprises continue to prioritize data operations. Taking a closer look at specific industries, financial services, our largest vertical, grew faster than the company overall while advertising and media entertainment grew slower, technology as a sector underperformed in the quarter. Each geography and vertical had unique circumstances in the quarter, which will always happen with the consumption model. With that being said, Q3 results reflect strong consumption overall. While we did experience a foreign exchange revenue headwind in the quarter, less than 5% of our revenue is invoiced in currencies other than the U.S. dollar. At the moment, we do not evaluate our business on a constant currency basis given the immateriality.

Now turning to margins on a non-GAAP basis. Our product gross margin was 75%. Scale in our public cloud data centers and continued growth in large customer accounts contributed to year-over-year gross margin improvement. Operating margin was 8%, benefiting from revenue outperformance and favorability on headcount and marketing spend. Our adjusted free cash flow margin was 12%, positively impacted by strong collections. We ended the quarter in a strong cash position with $4.9 billion in cash, cash equivalents and short-term and long-term investments. Now let’s turn to our guidance. We remain committed to driving towards greater profitability. We are focused on revenue growth through expanding operating and free cash flow margins. Over the past six weeks, we have seen weaker consumption in APJ and SMB segment.

However, latest consumption patterns supply us confidence that our largest and most strategic customers will continue to grow. With the holidays approaching and uncertainty with how customers will operate, we believe taking a more conservative approach is responsible as we resource plan for Q4 and fiscal 2024. Even with slower-than-expected growth, we are committed to generating meaningful free cash flow. For the fourth quarter, we expect product revenue between $535 million and $540 million, representing year-over-year growth between 49% and 50%. Turning to margins. We expect on a non-GAAP basis, 1% operating margin, and we expect 360 million diluted weighted average shares outstanding. For the full fiscal year 2023, we expect product revenues between $1.919 billion and $1.924 billion, representing year-over-year growth between 68% and 69%.

Turning to profitability. For the full fiscal year 2023, we expect, on a non-GAAP basis, approximately 75% product gross margin 3% operating margin and 21% adjusted free cash flow margin, and we expect 359 million diluted weighted average shares outstanding. Year-to-date, we’ve added over 1,500 net new employees. We view the current hiring market as favorable for Snowflake and we’ll continue to focus hiring in product, engineering and sales. While we are currently in our planning cycle, we would like to discuss next year’s growth outlook based on the consumption we are seeing today. For the full fiscal year 2024, we expect product revenue growth of approximately 47% and non-GAAP adjusted free cash flow margin of 23% and continued expansion of operating margin.

This outlook includes a slowdown in hiring, which we evaluate on a monthly basis, but assumes adding over 1,000 net new employees. Our long-term opportunity remains strong, and we look forward to executing. With that, operator, you can now open up the line for questions.

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Operator: Our first question is with Raimo Lenschow from Barclays.

Raimo Lenschow: My question was, as you think about next year, how should we think about existing customers versus new customers? You obviously had a record new customer adds. What are you seeing in terms of customers’ willingness to (ph) it like normally in the olden days in people would stay with the incumbent in tough times and just batten down the hatches, et cetera. It seems to be different for you. So could you speak a little bit of what you’re expecting new customers versus existing customers in the guidance?

Mike Scarpelli: Yes. Well, Raimo, in terms of — from a revenue perspective, most of the revenue is really driven by our existing customers because it takes customers time to get their data into Snowflake and ramp up production. But with that said, we’re still very much focused on landing new customers. It’s not really the quantity. It’s the quality of new customers. We tend to focus very much on the largest enterprises and Global 2000 is one of the metrics that we give. But it’s not just Global 2000, it’s large public sector clients as well as a lot of the big private companies in the world as well, too. And so we’re going to continue to do that. And as you can see by the Global 2000, they’re still willing to do — bring in new vendors.

Operator: Our next question is with Kirk Materne from Evercore.

Kirk Materne : Mike, you mentioned that there weren’t any patterns or stuff to decipher just given you guys are across a number of different verticals and geographies. But I was curious in the verticals that are doing well, like financial services and the like are you starting to see that the network effects that come along with Snowflake are really helping those verticals do well despite the macro backdrop. It’s just interesting to note that your stable edges are up. And I expect those verticals where you’ve really built out industry-specific functionalities playing out and perhaps those customers are able to grow faster just because they’re more locked in across the entire industry. Can you just talk about that?

Mike Scarpelli: Yes. Well, I’ll start and then I’ll let Frank. Well, clearly, the network effect is important, and we really do see that in financial services, which have the biggest concentration of stable edges. And you can see that in the outperformance of financial services. But definitely, we are seeing the network effect and it’s really the data sharing is one of the things that — things that is driving that.

Frank Slootman: Yes. The other thing, Kirk, is every industry has its own unique set of dynamics that we call in other words, things that are driving data networking relationships between entities. For example, in healthcare, it’s through relationships between payers and providers, in media and entertainment, there’s enormous amount of data sharing going on there in terms of consumer packaged goods, the advertisers, retailers and so on. So they’re all a little different. As Mike said, financial is very much driven by the fact that historically in financial services institutions are pumping massive amounts of data around every single night to all these different destinations, especially in asset management and subsectors like that.

So we really view — I mean, data network in plays out differently in every industry sector and subsector, but they become — there’s a lot of data gravity is what we call it that starts to happen that benefits us enormously. It really lowers the friction of getting access to new accounts, and you see that very pronounced in verticals like financial services.

Operator: Our next question is with Keith Weiss from Morgan Stanley.

Sanjit Singh: This is Sanjit Singh for Keith. I wanted to go back, Mike, to some of the guidance framework that you laid out for us, particularly with respect to fiscal year ’24, I think you talked about 47% growth. Is there any way you can sort of draw the bridge for us in terms of next quarter you’re guiding to think about 49% at the high end; and then for the full year next year, approximately 47%. What sort of gives you the confidence that your Q4 exit growth rate is going to be durable going into next year?

Mike Scarpelli: Sure. Well, I’ll say Q4 is — it is a quarter that has a lot of holidays in it, and we do think we’ve lived through COVID that people are traveling more. There is a big human component as well, too. So we all along have been forecasting that Q4, we’d see the impact of that, but we also have a number of significant customers that we have signed up, that we see them ramping up next year on Snowflake as well as some of the things we’re doing with Snowpark with Python, we’re starting to see traction in that as well, too. But we think that’s going to be more of a 2024 impact.

Tue, 06 Dec 2022 04:51:00 -0600 en-US text/html
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