Snowflake Inc.

All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star followed by one on your telephone keypad. I would like to pass the conference over to our host, Jimmy Sexton, Head of Investor Relations.

Good afternoon, and thank you for joining us on Snowflake's Q1 Fiscal 2025 Earnings Call. Joining me on the call today is Sridhar Ramaswamy, our Chief Executive Officer, Mike Scarpelli, our Chief Financial Officer, and Christian Kleinerman, our Executive Vice President of Product, who will participate in the Q&A session. During today's call, we will review our financial results for the first quarter fiscal 2025 and discuss our guidance for the second quarter and full year fiscal 2025. During today's call, we will make forward-looking statements, including statements related to our business operations and financial performance. These statements are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning these risks and uncertainties is available in the earnings press release, our most recent form 10A and 10Q, and our other SEC reports. All our statements are made as of today based on information currently available to us. Except as is learned by law, we assume no obligation to update any such statements. During today's call, we will also discuss certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release and an accompanying investor presentation are available on our website at investors.snowflake.com. 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 Sridhar.

Thanks, Jimmy, and good afternoon, everyone. Before we get into it, many of you have given me a warm welcome to my new role over the past few months, and I just wanted to say thank you. I've been focused on three key priorities in my first quarter as CEO. Listening to and learning from our customers, driving execution and alignment within our go-to-market teams, and fueling our innovation and product delivery. I have been really impressed by how the team has responded and by our overall pace of play. We have a lot of opportunity ahead of us, and there's a lot of excitement across our company to go and get it. When I look at the Snowflake growth story, it was first driven by an amazing data product and then by the layers of collaboration and applications that we added on top to make Snowflake a true data cloud. What is exciting about AI is that it can turbocharge our capabilities and growth on all three layers. It also helps democratize access to all the amazing enterprise data in Snowflake massively increasing outreach. The progress we have made in AI over the last year, culminating in the past quarter, is remarkable. We believe AI is going to continue to fuel our platform, helping our customers perform and deliver customer experiences better than ever. As evidence for our Q1 results, our core business is very strong. We're still in the early innings of our plan to bring our world-class data platform to customers around the globe. And in the first quarter alone, we saw some of our largest customers meaningfully increase their usage of our core offering. The combination of our incredibly strong data cloud, now powerfully boosted by AI, is the strength and story of Snowflake. I want to touch on our Q1 results. And Mike will get into the details with you. I'm really proud that our team delivered a very strong Q1. Product revenue for the quarter was $790 million, up 34% year-over-year. Remaining performance obligations totaled $5 billion. Year-over-year growth accelerated to 46%. A non-GAAP adjusted free cash flow margin was 44%. Given the strong quarter, we are increasing our product revenue outlook for the year. Working through the second quarter and beyond, our priorities remain the same. I've had conversations with over 100 customers over the past several months, and I'm very optimistic. Snowflake is a beloved platform, and the value we bring comes through in every customer conversation I have. They're critical in helping our customers run their businesses. For example, one of the largest U.S. telcos relies on us to help them close their books every month. We also help a global financial service customer run their counterparty credit risk process. The art of the possible on Snowflake is really incredible. It's also probably no surprise that AI is top of mind for our customers as well. They want to make all business data in Snowflake available to everyone, not just the business analyst. They want us to help drive clarity, value creation, and reliability as they enter this new frontier. Over the last quarter, my time spent with our go-to-market teams has been focused on driving execution and alignment. Internally, we emphasize consumption and new customer acquisitions. and we are developing an end-to-end cadence for both priorities. This includes developing sales motions in specific workloads such as AI and data engineering. We have more to gain as we standardize our consumption mindset and effectively execute. We expect that this efficiency will contribute to further revenue growth. Those who know me know that I have a relentless focus on product innovation and delivery. Teams across the company are building and delivering at an incredible pace. Earlier this month, we announced that Cortex, our AI layer, is generally available. Iceberg, Snowpark Container Services, and Hybrid Tables will all be generally available later this year. We are investing in AI and machine learning, and our pace of progress in a short amount of time has been fantastic. What is resonating most with our customers is that we are bringing differentiation to the market. Snowflake delivers enterprise AI that is easy, efficient, and trusted. You've seen an impressive ramp in Cortex AI customer adoption since going generally available. As of last week, over 750 customers are using these capabilities. Cortex can increase productivity by reducing time-consuming tasks. For example, Sigma Computing uses Cortex language models to summarize and categorize customer communications from their CRM. In the quarter, we also announced Arctic, our own language model. Arctic outperforms leading open models such as LAMA 270B and Mixtrol 8x7B in various benchmarks. We developed Arctic in less than three months at one-eighth the training cost of peer models. AI is a bridge between structured and unstructured data. We see this with Document AI. Customers find value in extracting features on the fly from piles of documents. We're making meaningful progress on Snowpark container services being generally available in the second half of the year, and dozens of partners are already building solutions that will leverage container services to serve their end customers. We view Snowpark and other new features as our emerging businesses. These are in the early days of revenue contribution, but we're seeing very healthy demand. More than 50% of customers are using Snowpark as of Q1. Revenue from Snowpark is driven by Spark migrations. In Q1, we began the process of migrating several large Global 2000 customers to Snowpark. Our collaboration capability is also a key competitive advantage for us. Nearly a third of our customers are sharing data products as of Q1 2025, up from 24% one year ago. Collaboration already serves as a vehicle for new customer acquisition. Through a strategic collaboration with Fiserv, Snowflake was chosen by more than 20 Fiserv financial institutions and merchant clients to enable secure, direct access to their financial data and insights. We announced support for unstructured data over two years ago. Now, about 40% of our customers are processing unstructured data on Snowflake. And we've added more than 1,000 customers in this category over the last six months. Iceberg is enabling us to play offense and address a larger data footprint. Many of our largest customers have indicated that they will now leverage Snowflake for more workloads as a result of this functionality. More than 300 customers are using Iceberg in public preview. Snowflake has a powerful and unique partner ecosystem. Part of our success is that we have many partners that amplify the power of our platform. They range from big organizations like EY and Deloitte, but also firms like LTI Mindtree and NextPathway. SMP Global sees us as a strong collaborator in their cloud distribution model. And companies like Observe, Blue Yonder, Relational AI, Fivetran, Hex, and Domo have built their software on top of Snowflake. These partners bring on entirely new capabilities and unlock new use cases for us and our customers. They also often bring new customers to us, and they really care about how easy it is to build on Snowflake, how reliable Snowflake is, and also about how we can go to customers jointly. Partners bring enormous power to our data cloud vision. Their success creates success for us and our customers. To wrap it up, Snowflake is the world's best enterprise AI data platform. Combined with our collaboration capability and thriving application platform, we are driving powerful network effects that will fuel our growth. AI vastly amplifies this opportunity, both in the near and medium terms. Our product philosophy is simple. one platform with all features available. We're turning every analyst and data engineer into a sophisticated AI analyst. The magic of Snowflake is that we make difficult tasks easy. Stay tuned for more to come at Snowflake Data Cloud Summit coming up in San Francisco, June 3rd through the 6th. I look forward to seeing you all there. Now, I'll turn it over to Mike.