{"id":20605,"date":"2026-07-06T05:08:33","date_gmt":"2026-07-05T20:08:33","guid":{"rendered":"https:\/\/tomorrowaccess.com\/?page_id=20605"},"modified":"2026-10-27T14:24:37","modified_gmt":"2026-10-27T05:24:37","slug":"snowflake-2020","status":"publish","type":"page","link":"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/snowflake-2020","title":{"rendered":"Designed by Oracle Alumni. Bought by Warren Buffett."},"content":{"rendered":"<style>@import url('https:\/\/fonts.googleapis.com\/css2?family=Newsreader:ital,opsz,wght@0,6..72,400;0,6..72,500;0,6..72,600;1,6..72,400&display=swap');html,body {max-width: 100vw !important;overflow-x: hidden !important;}main,main > .entry-content,main > .wp-block-post-content,main > .wp-block-post-content.is-layout-constrained,main > .wp-block-post-content.is-layout-constrained > *,main .wp-block-group,main .wp-block-post-content {max-width: 100% !important;padding-left: 0 !important;padding-right: 0 !important;margin-left: 0 !important;margin-right: 0 !important;}main#wp--skip-link--target {padding: 0 !important;margin-top: 0 !important;max-width: 100% !important;}.s1-figure-inline {display: block;width: 100%;max-width: 100%;margin: 60px 0;padding: 0;box-sizing: border-box;}.s1-figure-inline picture {display: block;width: 100%;}.s1-figure-inline img {display: block;width: 100%;max-width: 100%;height: auto;margin: 0;}@media (max-width: 720px) {.s1-hero-grid {grid-template-columns: 1fr !important;}.s1-hero-grid > div {border-right: none !important;border-bottom: 1px solid #e6e6e6 !important;padding: 24px 12px !important;}.s1-hero-grid > div:last-child {border-bottom: none !important;}.s1-hero-grid > div > div:first-child {font-size: 32px !important;white-space: normal !important;}.s1-body-table,.s1-body-table tbody,.s1-body-table tr,.s1-body-table td,.s1-body-table th {display: block !important;width: 100% !important;max-width: 100% !important;box-sizing: border-box !important;}.s1-body-table thead {display: none !important;}.s1-body-table tr {margin-bottom: 16px !important;padding: 8px 0 !important;border-top: 1px solid #1a1a1a !important;}.s1-body-table tr:last-child {border-bottom: 1px solid #1a1a1a !important;}.s1-body-table td {text-align: left !important;padding: 6px 8px !important;}.s1-body-table td::before {content: attr(data-label) \": \";font-weight: 700 !important;color: #000 !important;}.s1-body-table td:first-child::before,.s1-body-table td[data-label=\"\"]::before {display: none !important;}.s1-light-shadow {flex-direction: column !important;}.s1-light-shadow > div {border-left: 1px solid #1a1a1a !important;border-top: 0 !important;}.s1-light-shadow > div:first-child {border-top: 1px solid #1a1a1a !important;}h1 {font-size: clamp(26px, 7vw, 34px) !important;}h2 {font-size: clamp(22px, 5.5vw, 28px) !important;}.s1-article-cta-headline {font-size: 24px !important; line-height: 1.4 !important;}}@media (max-width: 480px) {.s1-article-cta-headline {font-size: 20px !important;}}main .wp-block-post-content>.alignfull{margin-left:calc(-1*var(--wp--style--root--padding-left,20px)) !important;margin-right:calc(-1*var(--wp--style--root--padding-right,20px)) !important;max-width:none !important;width:auto !important;}<\/style>\n<div class=\"alignfull\" style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty; font-size: 16px; -webkit-font-smoothing: antialiased; background: #fafafa; width: 100%;\">\n<div style=\"max-width: 1000px; margin: 0 auto; padding: 80px 20px 0; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif;\">\n  <a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/\" style=\"text-decoration: none; color: inherit; display: block;\"><\/p>\n<div style=\"text-align: left; margin-bottom: 40px;\">\n<div style=\"width: 100%; height: 5px; background: #1a1a1a;\"><\/div>\n<div style=\"margin-top: 26px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 32px; font-weight: 600; color: #1a1a1a; letter-spacing: 0.01em; line-height: 1; margin-bottom: 14px;\">S-1 <span style=\"color: #daa241;\">Journal<\/span><\/div>\n<div style=\"display: flex; align-items: center; flex-wrap: wrap; gap: 14px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; margin-bottom: 26px;\">\n        <span style=\"font-size: 11px; letter-spacing: 0.18em; color: #1a1a1a; font-weight: 700; text-transform: uppercase;\">The 10 Questions<\/span><br \/>\n        <span style=\"font-size: 11px; color: #ccc;\">|<\/span><br \/>\n        <span style=\"font-size: 12px; letter-spacing: 0.02em; color: #666; font-weight: 400;\">Every S-1, decoded through the same 10 questions.<\/span>\n      <\/div>\n<div style=\"width: 100%; height: 1px; background: #daa241;\"><\/div>\n<\/p><\/div>\n<p>  <\/a>\n<\/div>\n<div style=\"max-width: 720px; margin: 0 auto; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty;\">\n<div style=\"margin: 0 0 32px 0;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 30px; font-weight: 600; letter-spacing: 0; color: #daa241; margin: 0; line-height: 1.2;\">Snowflake<\/p>\n<\/div>\n<h1 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(32px, 6vw, 46px); font-weight: 600; line-height: 1.2; letter-spacing: -0.01em; color: #000; margin: 0 0 40px 0; text-wrap: pretty;\">Designed by Oracle Alumni.<br \/>Bought by Warren Buffett.<\/h1>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.03em; color: #888; margin: 0 0 60px 0; border-bottom: 1px solid #e6e6e6; padding-bottom: 16px;\">Source: <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1640147\/000162828020013010\/snowflakes-1.htm\" target=\"_blank\" rel=\"noopener\" style=\"color: #daa241; text-decoration: underline; text-underline-offset: 3px; text-decoration-thickness: 1px;\">Snowflake Inc. S-1 (filed 2020-08-24) \u2197<\/a><\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In August 2020, Snowflake filed its <span style=\"white-space:nowrap;\">S-1<\/span>. Revenue for FY2020 (ended January 31, 2020) was <span style=\"white-space:nowrap;\">$264.7<\/span> million, <strong style=\"font-weight: 700; color: #000;\">up <span style=\"white-space:nowrap;\">174%<\/span> year over year<\/strong> &mdash; 2.7x in a single year.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">And yet the number that draws the eye most is a different one. <strong style=\"font-weight: 700; color: #000;\">Net Revenue Retention Rate (NRR): <span style=\"white-space:nowrap;\">158%<\/span><\/strong>. Existing customers&rsquo; spending <strong style=\"font-weight: 700; color: #000;\">grew <span style=\"white-space:nowrap;\">58%<\/span> in the most recent measurement<\/strong>. It is a structure that grows on the expansion of existing customers alone, even with zero new ones (though the <span style=\"white-space:nowrap;\">S-1<\/span> expects this rate to decline over time).<\/p>\n<\/div>\n<div style=\"max-width: 720px; margin: 80px auto; padding: 0 20px;\">\n<div class=\"s1-hero-grid\" style=\"border-top: 1px solid #1a1a1a; border-bottom: 1px solid #1a1a1a; padding: 50px 0; display: grid; grid-template-columns: repeat(3, 1fr); gap: 0; text-align: center; align-items: start;\">\n<div style=\"padding: 0 12px; border-right: 1px solid #e6e6e6;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 4.5vw, 36px); font-weight: 500; line-height: 1.05; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">+174%<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10.5px; letter-spacing: 0.2em; color: #daa241; margin-top: 18px; font-weight: 700; text-transform: uppercase;\">REVENUE GROWTH<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.04em; color: #888; margin-top: 6px; font-weight: 400; line-height: 1.4;\">FY2020 revenue growth<\/div>\n<\/p><\/div>\n<div style=\"padding: 0 12px; border-right: 1px solid #e6e6e6;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 4.5vw, 36px); font-weight: 500; line-height: 1.05; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">158%<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10.5px; letter-spacing: 0.2em; color: #daa241; margin-top: 18px; font-weight: 700; text-transform: uppercase;\">NRR<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.04em; color: #888; margin-top: 6px; font-weight: 400; line-height: 1.4;\">net revenue retention<\/div>\n<\/p><\/div>\n<div style=\"padding: 0 12px;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 4.5vw, 36px); font-weight: 500; line-height: 1.05; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">$250M<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10.5px; letter-spacing: 0.2em; color: #daa241; margin-top: 18px; font-weight: 700; text-transform: uppercase;\">BUFFETT STAKE<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.04em; color: #888; margin-top: 6px; font-weight: 400; line-height: 1.4;\">Berkshire participation<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<div style=\"max-width: 720px; margin: 0 auto; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 60px 0 1.5em 0;\">And at the IPO it was disclosed that Berkshire Hathaway (Warren Buffett) would buy <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$250<\/span> million worth of stock<\/strong> (per the <span style=\"white-space:nowrap;\">S-1<\/span>\/A). An investor known for not investing in technology IPOs placed a bet on Snowflake.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What the <span style=\"white-space:nowrap;\">S-1<\/span> presents is the portrait of a company <strong style=\"font-weight: 700; color: #000;\">designed by Oracle alumni<\/strong>, finished by a <span style=\"white-space:nowrap;\">serial-IPO<\/span> CEO, and bought by Buffett.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.4em 0;\">Ten questions. We lay out only what the S-1 says.<\/p>\n<p><!--s1nltop--><\/p>\n<div class=\"s1-nl-top\" id=\"s1nltop-en\" style=\"max-width:680px;margin:56px auto 0;padding:20px;border:1px solid #e6e6e6;border-left:3px solid #daa241;background:#ffffff;font-family:'Helvetica Neue', Helvetica, Arial, 'Hiragino Kaku Gothic ProN', '\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3', 'Noto Sans JP', 'Yu Gothic', sans-serif;word-break:keep-all;line-break:strict;box-sizing:border-box;\">\n<p style=\"font-size:11px;letter-spacing:0.22em;font-weight:700;color:#daa241;margin:0 0 8px;\">S-1 JOURNAL NEWSLETTER<\/p>\n<p style=\"font-size:13.5px;line-height:1.7;color:#1a1a1a;margin:0 0 14px;\">Get the Ten Questions checklist (PDF) and the next S-1 reality check, free by email.<\/p>\n<form action=\"https:\/\/tomorrowaccess.com\/wp-json\/s1\/v1\/waitlist\" method=\"post\" onsubmit=\"return s1nlTopSubmit_en(this)\" style=\"display:flex;gap:8px;flex-wrap:wrap;margin:0;\"><input type=\"hidden\" name=\"source\" value=\"s1nltop-en-nojs\"><input type=\"email\" name=\"email\" required placeholder=\"Your email\" style=\"flex:1;min-width:180px;padding:10px 14px;font-size:14px;font-family:inherit;border:1px solid #e6e6e6;background:#fafafa;color:#000000;border-radius:0;box-sizing:border-box;\"><button type=\"submit\" style=\"background:#daa241;color:#ffffff;border:0;border-radius:0;padding:10px 22px;font-size:13px;font-weight:700;letter-spacing:0.08em;font-family:inherit;cursor:pointer;\">Subscribe<\/button><\/form>\n<p><script>function s1nlTopSubmit_en(f){var b=f.querySelector(\"button\");b.disabled=true;var em=(f.querySelector(\"input[type=email]\").value||\"\").trim();fetch(f.action,{method:\"POST\",headers:{\"Content-Type\":\"application\/json\"},body:JSON.stringify({email:em,source:location.pathname+\"#top\"})}).then(function(r){return r.json()}).then(function(j){if(j&&j.ok){document.getElementById(\"s1nltop-en\").innerHTML=\"<\/p>\n<p style=\\\"font-size:14px;font-weight:700;color:#1a1a1a;margin:0;\\\">\u2713 You're in \u2014 the checklist PDF is on its way to your inbox.<\/p>\n<p>\";}else{b.disabled=false;alert(\"Something went wrong. Please try again later.\");}}).catch(function(){b.disabled=false;alert(\"Something went wrong. Please try again later.\");});return false;}<\/script><\/div>\n<p><!--\/s1nltop--><\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 1<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What is this company, really?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Prospectus Summary (p.1+), Business (p.89+) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A company offering a platform to collect, analyze, and share data in the cloud.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The <span style=\"white-space:nowrap;\">S-1<\/span> defines itself this way:<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">we are pioneering the <strong style=\"font-weight: 700; color: #000;\">Data Cloud<\/strong>, an ecosystem where Snowflake customers, partners, and data providers can break down data silos and derive value from rapidly growing data sets in secure, governed, and compliant ways.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">SNOWFLAKE S-1 (AUG 2020) \u2014 PROSPECTUS SUMMARY<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In plain terms: companies have data &mdash; sales, customers, logs, IoT. It sits scattered across <strong style=\"font-weight: 700; color: #000;\">AWS, Azure, and GCP (the three big clouds)<\/strong>. Snowflake gathers all of it into one place where you can analyze it freely with SQL.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">By analogy: <strong style=\"font-weight: 700; color: #000;\">a giant shared spreadsheet<\/strong> where every employee can analyze, all at once, the data that outgrew Excel. Except the speed is of a different order &mdash; it can <strong style=\"font-weight: 700; color: #000;\">aggregate billions of rows in seconds<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Snowflake&rsquo;s distinction is <strong style=\"font-weight: 700; color: #000;\">being <span style=\"white-space:nowrap;\">multi-cloud<\/span><\/strong>. It runs on AWS, on Azure, on GCP. It <strong style=\"font-weight: 700; color: #000;\">does not depend on any single cloud vendor<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It puts a company&rsquo;s data in &ldquo;one place,&rdquo; across the walls between clouds.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 2<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What does it compete on?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Business (Competitive Strengths, p.91+) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Snowflake competes in four distinctive ways.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Separating storage and compute<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A traditional data warehouse bundled storage and compute together. Adding data forced you to buy more compute too &mdash; and vice versa.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Snowflake <strong style=\"font-weight: 700; color: #000;\">separated storage and compute completely<\/strong>. Add data and you need not add compute. Run more analytics queries and your storage bill does not change. <strong style=\"font-weight: 700; color: #000;\">You pay only for what you use<\/strong>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\"><span style=\"white-space:nowrap;\">Multi-cloud<\/span> support<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The 2020 cloud market was a <span style=\"white-space:nowrap;\">three-way<\/span> contest among AWS, Azure, and GCP. Many companies use several in combination. Snowflake delivers <strong style=\"font-weight: 700; color: #000;\">the same experience across all three big clouds<\/strong>. Without moving data, you can use the compute resources of a different cloud.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Data Sharing (data exchange between companies)<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Customers on Snowflake can <strong style=\"font-weight: 700; color: #000;\">share data with one another without copying it<\/strong>. The vision of the &ldquo;Data Cloud&rdquo; is to become not a mere database but a network of data.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\"><span style=\"white-space:nowrap;\">Consumption-based<\/span> pricing<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Most SaaS charges a fixed monthly fee. Snowflake <strong style=\"font-weight: 700; color: #000;\">bills on consumption<\/strong> &mdash; pay for what you use. You are charged according to the compute consumed by running queries.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">This is <strong style=\"font-weight: 700; color: #000;\">the structure that later produces the <span style=\"white-space:nowrap;\">158%<\/span> NRR<\/strong>. Once a customer starts using Snowflake, data sources grow, analysis grows, and spending naturally swells.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Storage\/compute separation, <span style=\"white-space:nowrap;\">multi-cloud<\/span>, data sharing, consumption pricing &mdash; four pillars.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 3<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">How big is the market?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Business (Market Opportunity, p.90+) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The market numbers are simple.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In short: <strong style=\"font-weight: 700; color: #000;\">an <span style=\"white-space:nowrap;\">$81<\/span> billion market<\/strong>, and Snowflake <strong style=\"font-weight: 700; color: #000;\">has not yet captured even <span style=\"white-space:nowrap;\">1%<\/span><\/strong> of it.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The <span style=\"white-space:nowrap;\">S-1<\/span> stresses that the volume of corporate data is <strong style=\"font-weight: 700; color: #000;\">growing exponentially<\/strong>. IoT, mobile, streaming, social media &mdash; <strong style=\"font-weight: 700; color: #000;\">data flows in from every source<\/strong>, and <strong style=\"font-weight: 700; color: #000;\">the appetite for analysis keeps expanding<\/strong>.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Metric<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">Figure<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Data platform TAM (Snowflake&rsquo;s own estimate, end of Jan 2020)<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$81B<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Snowflake FY2021 H1 revenue (annualized)<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$484M<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Penetration<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">0.6%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It is <strong style=\"font-weight: 700; color: #000;\">barely inside the door of the market<\/strong>.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 4<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Who actually uses it?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Business (Customers, p.97+), Prospectus Summary \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Here are the customer metrics (as of the end of July 2020).<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\"><strong style=\"font-weight: 700; color: #000;\">3,117 companies have begun using it<\/strong>, large accounts are surging, and existing customers&rsquo; spending recently grew <span style=\"white-space:nowrap;\">58%<\/span>. Two numbers deserve attention.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Rapid growth in large accounts<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Customers spending more than <span style=\"white-space:nowrap;\">$1M<\/span> <strong style=\"font-weight: 700; color: #000;\">grew from 22 to 56 (2.5x) in a single year<\/strong>. <strong style=\"font-weight: 700; color: #000;\">Adoption by large enterprises is accelerating<\/strong>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">What <span style=\"white-space:nowrap;\">158%<\/span> NRR means<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Existing customers&rsquo; spending <strong style=\"font-weight: 700; color: #000;\">grew <span style=\"white-space:nowrap;\">58%<\/span> in the most recent measurement period<\/strong>. NRR of <span style=\"white-space:nowrap;\">158%<\/span> means <strong style=\"font-weight: 700; color: #000;\">expansion overwhelmingly outweighs churn<\/strong> (the <span style=\"white-space:nowrap;\">S-1<\/span> expects this rate to decline over time).<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Customers line up across industries &mdash; Capital One (finance), Adobe (tech), Office Depot (retail), Sony (media), Instacart (food), DoorDash (food). Finance, tech, retail, media: a broad spread.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Metric<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">Figure<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Total customers<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">3,117<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Customers spending <span style=\"white-space:nowrap;\">$1M<\/span>+<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">56 (2.5x the prior year&rsquo;s 22)<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Fortune 500 customers<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">146 (<span style=\"white-space:nowrap;\">29%<\/span>)<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Net Revenue Retention Rate<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">158%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A structure that <strong style=\"font-weight: 700; color: #000;\">grows on the expansion of existing customers alone, even with zero new ones<\/strong>.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 5<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">How does it make money?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">MD&amp;A (p.60+), Business (p.89+) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Snowflake makes money one way: <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">consumption-based<\/span> pricing<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Customers buy <strong style=\"font-weight: 700; color: #000;\">Snowflake Credits<\/strong> in advance (or pay later), and credits are consumed every time a query runs.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\"><strong style=\"font-weight: 700; color: #000;\">The bulk of revenue is Compute<\/strong>. Storing data is billable too, but running analytics queries is the main revenue driver.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Even when a customer prepays for credits, revenue is recognized only when they are used. That makes Remaining Performance Obligations (RPO) &mdash; the unconsumed contracted amount &mdash; an important metric. At the time of the <span style=\"white-space:nowrap;\">S-1<\/span>, <strong style=\"font-weight: 700; color: #000;\">RPO was about <span style=\"white-space:nowrap;\">$688<\/span> million<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Because it is <span style=\"white-space:nowrap;\">consumption-based<\/span>, <strong style=\"font-weight: 700; color: #000;\">the more a customer expands its use of Snowflake, the more it spends<\/strong>. Adding data sources, adding analytics users, adopting <span style=\"white-space:nowrap;\">real-time<\/span> analytics &mdash; each pushes up compute consumption. &ldquo;More usage&rdquo; translates directly into &ldquo;more revenue.&rdquo; This is what <strong style=\"font-weight: 700; color: #000;\">mechanically drives the <span style=\"white-space:nowrap;\">158%<\/span> NRR<\/strong>.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">What is measured<\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Description<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Compute<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">CPU and memory used to run queries and process data<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Storage<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Volume of stored data (in TB)<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Data Transfer<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Data movement between clouds and between regions<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A structure where &ldquo;more usage&rdquo; becomes &ldquo;more revenue&rdquo; is what <strong style=\"font-weight: 700; color: #000;\">mechanically drives the <span style=\"white-space:nowrap;\">158%<\/span> NRR<\/strong>.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 6<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Are the numbers healthy?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Selected Financial Data, MD&amp;A (p.60+) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Snowflake&rsquo;s fiscal year ends in January. Two things stand out.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Start by laying out the financial facts.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The anomaly: operating loss exceeds revenue<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">FY2020 had <strong style=\"font-weight: 700; color: #000;\">revenue of <span style=\"white-space:nowrap;\">$265M<\/span> against an operating loss of <span style=\"white-space:nowrap;\">$358M<\/span><\/strong>. A company spending more money than it takes in (net loss was <span style=\"white-space:nowrap;\">$349M<\/span>).<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The reason is <strong style=\"font-weight: 700; color: #000;\">Sales &amp; Marketing and R&amp;D<\/strong>. For <span style=\"white-space:nowrap;\">full-year<\/span> FY2020, the two together <strong style=\"font-weight: 700; color: #000;\">exceed <span style=\"white-space:nowrap;\">150%<\/span> of revenue (<span style=\"white-space:nowrap;\">150.6%<\/span>)<\/strong>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The saving grace: gross margin above <span style=\"white-space:nowrap;\">60%<\/span> in H1 + <strong style=\"font-weight: 700; color: #000;\">RPO of <span style=\"white-space:nowrap;\">$688M<\/span><\/strong><\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Still, two things stand out &mdash; <strong style=\"font-weight: 700; color: #000;\">gross margin of 56&ndash;<span style=\"white-space:nowrap;\">62%<\/span><\/strong> (FY2020 <span style=\"white-space:nowrap;\">56%<\/span>, H1 <span style=\"white-space:nowrap;\">62%<\/span>). The revenue itself is highly profitable (variable costs are low). And <strong style=\"font-weight: 700; color: #000;\">RPO of <span style=\"white-space:nowrap;\">$688M<\/span><\/strong>: nearly <span style=\"white-space:nowrap;\">$690<\/span> million of revenue is already locked in for future use.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In other words: <strong style=\"font-weight: 700; color: #000;\">a gross margin of about <span style=\"white-space:nowrap;\">60%<\/span> is a level at which profitability is achievable<\/strong> &mdash; it depends on how operating expenses are allocated.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Item<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">FY2020<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">FY2021 H1<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Revenue<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$264.7M<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$242.0M<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Gross profit<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$148.2M<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$149.0M<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Gross margin<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">56%<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">62%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Operating loss<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">\u2212<span style=\"white-space:nowrap;\">$358.1M<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">\u2212<span style=\"white-space:nowrap;\">$174.1M<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Net loss<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">\u2212<span style=\"white-space:nowrap;\">$348.5M<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">\u2212<span style=\"white-space:nowrap;\">$171.3M<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It holds &ldquo;rapid growth&rdquo; and a &ldquo;huge loss&rdquo; at once, but structurally it is a company that can turn a profit.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 7<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Who runs it?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Management (p.132+), Business \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Snowflake has two teams: the one that built the technology, and the one that turned it into a selling machine.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The founding team (the architects of the technology)<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\"><span style=\"white-space:nowrap;\">Co-Founder<\/span> and President of Products Benoit Dageville <strong style=\"font-weight: 700; color: #000;\">spent about 10 years at Oracle<\/strong> (2002&ndash;2012, an architect in the Manageability group) and knows database core technology inside out. With CTO Thierry Cruanes, he <strong style=\"font-weight: 700; color: #000;\">led the technical design at founding<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Having mastered the core of the world&rsquo;s largest database company, Dageville <strong style=\"font-weight: 700; color: #000;\">broke at Snowflake the thing Oracle could not break<\/strong> &mdash; the coupling of storage and compute.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The CEO (a professional at accelerating growth)<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Chairman &amp; CEO (appointed April 2019) <strong style=\"font-weight: 700; color: #000;\">Frank Slootman<\/strong> was previously CEO of ServiceNow (2011&ndash;2017, leading its IPO), and before that CEO of Data Domain (acquired by EMC in 2009). The industry nickname for him is the &ldquo;<strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">serial-IPO<\/span> CEO<\/strong>&rdquo; &mdash; an executive brought in to make an IPO succeed.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The meaning of hiring Slootman is plain: the technology is built; now run the growth machine toward an IPO. <strong style=\"font-weight: 700; color: #000;\">From his arrival in April 2019 to the <span style=\"white-space:nowrap;\">S-1<\/span> filing was about 16 months<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The <span style=\"white-space:nowrap;\">S-1<\/span>&rsquo;s biography records his ServiceNow years this way:<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">From May 2011 to April 2017, Mr. Slootman served as President and Chief Executive Officer and as a member of the board of directors of ServiceNow.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">SNOWFLAKE S-1 (AUG 2020) \u2014 MANAGEMENT<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Oracle&rsquo;s mind designs it, and an IPO professional finishes it &mdash; that is Snowflake&rsquo;s management structure.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 8<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Who controls it?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Principal Stockholders (p.153+), Description of Capital Stock \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Snowflake has a <span style=\"white-space:nowrap;\">dual-class<\/span> share structure.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">There are two share classes. The <span style=\"white-space:nowrap;\">Class A<\/span> sold at IPO carries 1 vote per share. The <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">Class B<\/span> held by <span style=\"white-space:nowrap;\">pre-IPO<\/span> existing shareholders carries 10 votes per share<\/strong> and can convert to <span style=\"white-space:nowrap;\">Class A<\/span> at any time. The <span style=\"white-space:nowrap;\">S-1<\/span> itself flags this dual class structure as <strong style=\"font-weight: 700; color: #000;\">a risk that voting power concentrates in existing shareholders<\/strong>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The anomaly: it is VCs, not the founders, who hold the votes<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A <span style=\"white-space:nowrap;\">dual-class<\/span> structure usually evokes founder control. But Snowflake is different. The personal stakes of founders Dageville and Cruanes are small; <strong style=\"font-weight: 700; color: #000;\">the bulk of the <span style=\"white-space:nowrap;\">10-vote<\/span> stock (<span style=\"white-space:nowrap;\">Class B<\/span>) is held by VCs<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The largest is <strong style=\"font-weight: 700; color: #000;\">Sutter Hill Ventures (<span style=\"white-space:nowrap;\">20.3%<\/span>)<\/strong> &mdash; the VC that launched Snowflake in something close to <span style=\"white-space:nowrap;\">co-founder<\/span> fashion. Per the <span style=\"white-space:nowrap;\">S-1<\/span>\/A, <span style=\"white-space:nowrap;\">Class B<\/span> as a whole accounts for <span style=\"white-space:nowrap;\">98.5%<\/span> of the voting power, and directors, officers, and principal stockholders alone for <span style=\"white-space:nowrap;\">70.2%<\/span>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The IPO&rsquo;s special participants: Buffett and Salesforce<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Per the <span style=\"white-space:nowrap;\">S-1<\/span>\/A, Berkshire Hathaway and Salesforce Ventures will <strong style=\"font-weight: 700; color: #000;\">each buy <span style=\"white-space:nowrap;\">$250<\/span> million of <span style=\"white-space:nowrap;\">Class A<\/span><\/strong> in a concurrent private placement at the IPO, at the IPO price.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The very fact that Buffett&rsquo;s company &mdash; known for not investing in tech IPOs &mdash; participated lifted Snowflake&rsquo;s valuation a notch.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Principal stockholders (5%+, pre-IPO)<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">Ownership<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Sutter Hill Ventures<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">20.3%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Altimeter Partners Fund<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">14.8%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">ICONIQ Strategic Partners<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">13.8%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Redpoint Ventures<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">9.0%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Sequoia Capital<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">8.4%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It is VCs, not founders, who hold <span style=\"white-space:nowrap;\">98.5%<\/span> of the voting power through <span style=\"white-space:nowrap;\">dual-class<\/span> &mdash; that is Snowflake&rsquo;s governance.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 9<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What is it afraid of?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Risk Factors (p.14+) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Here are the five things Snowflake itself says it worries about most.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The landlord starts the same business<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The most striking risk in the <span style=\"white-space:nowrap;\">S-1<\/span> is this one.<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">We currently only offer our platform on the public clouds provided by AWS, Azure, and GCP, which are also some of our primary competitors.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">SNOWFLAKE S-1 (AUG 2020) \u2014 RISK FACTORS<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In other words, the owners of the ground Snowflake runs on (AWS \/ Azure \/ GCP) <strong style=\"font-weight: 700; color: #000;\">compete directly through their own <span style=\"white-space:nowrap;\">data-warehouse<\/span> products<\/strong>. It is the picture of <strong style=\"font-weight: 700; color: #000;\">a landlord copying its tenant&rsquo;s business<\/strong>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Continuing losses<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">&ldquo;We have a history of operating losses and may not achieve or sustain profitability in the future.&rdquo; &ldquo;We expect our costs and expenses to increase in future periods.&rdquo;<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The FY2020 <strong style=\"font-weight: 700; color: #000;\">operating loss of <span style=\"white-space:nowrap;\">$358M<\/span> exceeds revenue<\/strong>. The company writes, in its own words, that when it will reach profitability is unclear.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The uncertainty of consumption pricing<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">&ldquo;Because our customers have flexibility in the timing of their consumption&#8230; There is a risk that customers will consume our platform more slowly than we expect.&rdquo;<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Most revenue comes from &ldquo;capacity&rdquo; contracts, in which customers commit to a certain amount of consumption in advance. But revenue is recognized only as customers actually use the platform, and <strong style=\"font-weight: 700; color: #000;\">the pace of that use is up to them<\/strong>. If consumption comes in more slowly than expected, revenue lands more slowly too.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Security and data breaches<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A security breach could lead to loss of customer data and reputational harm. Snowflake holds its customers&rsquo; most sensitive data; a single breach could cause a fatal loss of trust.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Dependence on management (the newly arrived Slootman and others)<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The <span style=\"white-space:nowrap;\">S-1<\/span> cites dependence on recently added executives (Slootman, appointed April 2019, and CFO Scarpelli, appointed August). &ldquo;Our success <strong style=\"font-weight: 700; color: #000;\">depends largely upon the continued services of these and other executive officers<\/strong>.&rdquo;<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">If Slootman and the others leave, the operational muscle behind the growth is lost.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The landlord as competitor, continuing losses, customers who control the pace of consumption, data breaches, and dependence on management &mdash; five fears.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 10<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What becomes of the money it raises?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Use of Proceeds (p.54+), Cover \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 1.6; color: #888; letter-spacing: 0.01em; margin: 0 0 1.5em 0; padding: 16px 20px; background: #f5f5f5; border-left: 3px solid #888;\">Note: This analysis draws only on the facts in the S-1. The final IPO price, the listing date, post-listing share performance and trading demand are not in the filing and fall outside its scope.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The IPO plan is as follows.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Investors already committed<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">At the <span style=\"white-space:nowrap;\">S-1<\/span>\/A stage, two large investments are locked in. Berkshire Hathaway and Salesforce Ventures will <strong style=\"font-weight: 700; color: #000;\">each buy <span style=\"white-space:nowrap;\">$250<\/span> million of <span style=\"white-space:nowrap;\">Class A<\/span><\/strong> in a concurrent private placement at the IPO.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\"><strong style=\"font-weight: 700; color: #000;\">Buffett participating in a tech IPO<\/strong> is extremely unusual. The very fact that this participation is spelled out in the <span style=\"white-space:nowrap;\">S-1<\/span>\/A is a message to the market about Snowflake&rsquo;s standing.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Use of proceeds<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The use is &ldquo;general corporate purposes&rdquo; and &ldquo;working capital, operating expenses, capital expenditures.&rdquo;<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">No specific allocation (so much for <span style=\"white-space:nowrap;\">multi-cloud<\/span> support, so much for overseas expansion) is spelled out. The posture is &ldquo;<strong style=\"font-weight: 700; color: #000;\">raise it, and the company decides how to use it<\/strong>.&rdquo;<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Not a stopgap but a <span style=\"white-space:nowrap;\">scale-up<\/span> IPO<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Snowflake already runs at <strong style=\"font-weight: 700; color: #000;\">a gross margin above <span style=\"white-space:nowrap;\">60%<\/span><\/strong> and holds <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$688M<\/span> of unconsumed RPO<\/strong>. This is not an IPO driven by a cash crunch.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The meaning of the IPO is &ldquo;<strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">capital-market<\/span> access to run Slootman&rsquo;s growth machine at full throttle<\/strong>,&rdquo; and &ldquo;<strong style=\"font-weight: 700; color: #000;\">the validation of Buffett&rsquo;s participation<\/strong>.&rdquo;<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Item<\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Detail<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Listing<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">NYSE (ticker: SNOW)<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Assumed price<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$75<\/span>&ndash;<span style=\"white-space:nowrap;\">$85<\/span> (initial <span style=\"white-space:nowrap;\">S-1<\/span>\/A, Sep 2020; final offering price was <span style=\"white-space:nowrap;\">$120<\/span>)<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Lead underwriters<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Goldman Sachs, Morgan Stanley, JPMorgan<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The IPO is not about cash but about capital access for the growth machine and <strong style=\"font-weight: 700; color: #000;\">the validation of Buffett&rsquo;s participation<\/strong>.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.25em; font-weight: 700; color: #daa241; margin: 120px 0 12px 0; text-transform: uppercase;\">In closing<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 20px 0;\">Beyond the ten questions<\/h2>\n<div style=\"width: 140px; height: 4px; background: #daa241; margin: 0 0 40px 0;\"><\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What Snowflake is selling is not just a &ldquo;cloud data warehouse.&rdquo; FY2020 revenue of <span style=\"white-space:nowrap;\">$264.7M<\/span> (up <span style=\"white-space:nowrap;\">174%<\/span>), 3,117 customers, 146 of the Fortune 500, Net Revenue Retention of <span style=\"white-space:nowrap;\">158%<\/span> (a trailing <span style=\"white-space:nowrap;\">six-month<\/span> figure; the <span style=\"white-space:nowrap;\">S-1<\/span> expects it to decline) &mdash; a company with a growth curve where existing customers&rsquo; expanding spend physically compounds through consumption pricing.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">But the ground it runs on is owned by AWS, Azure, and GCP (the three big clouds), each of which competes directly through its own <span style=\"white-space:nowrap;\">data-warehouse<\/span> product. The FY2020 operating loss of <span style=\"white-space:nowrap;\">$358M<\/span> exceeds revenue (net loss <span style=\"white-space:nowrap;\">$349M<\/span>). Sales &amp; Marketing and R&amp;D consume more than <span style=\"white-space:nowrap;\">150%<\/span> of revenue. Gross margin tops <span style=\"white-space:nowrap;\">60%<\/span> in H1, and RPO of <span style=\"white-space:nowrap;\">$688M<\/span> underpins &ldquo;profitability is achievable,&rdquo; but the company itself will not say when.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Designed largely by Oracle alumnus Dageville (about 10 years there), and brought to the <span style=\"white-space:nowrap;\">S-1<\/span> filing in about 16 months by Frank Slootman, who finished two IPOs at ServiceNow and Data Domain. And Berkshire Hathaway&rsquo;s <span style=\"white-space:nowrap;\">$250<\/span> million participation in a tech IPO is spelled out in the <span style=\"white-space:nowrap;\">S-1<\/span>\/A &mdash; that is the <span style=\"white-space:nowrap;\">self-assessment<\/span> Snowflake presents to the market.<\/p>\n<\/div>\n<div style=\"max-width: 720px; margin: 80px auto; padding: 0 20px;\">\n<div class=\"s1-light-shadow\" style=\"display: flex; align-items: stretch;\">\n<div style=\"flex: 1 1 0; min-width: 0; box-sizing: border-box; border: 1px solid #1a1a1a; overflow-wrap: break-word; background: #ffffff; display: flex; flex-direction: column;\">\n<div style=\"background: #c4922e; padding: 20px 28px; text-align: center;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; letter-spacing: 0.25em; color: rgba(255,255,255,0.7); font-weight: 700; margin: 0 0 4px 0;\">LIGHT<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 600; color: #ffffff; margin: 0;\">The bull case<\/h3>\n<\/p><\/div>\n<div style=\"padding: 28px; background: #ffffff; flex: 1;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 16px; line-height: 1.65; color: #1a1a1a; margin: 0; overflow-wrap: break-word;\"><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; FY2020 revenue of $264.7M (+174%), NRR 158% (trailing figure, expected to decline), 3,117 customers, 56 accounts at $1M+, 146 of the Fortune 500.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; Gross margin above 60% in H1 (FY2020 56%), RPO of $688M.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; Berkshire Hathaway and Salesforce each participate with $250M at the IPO (per the S-1\/A).<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0;\">&middot; Oracle alumnus Dageville led the design; serial-IPO CEO Slootman finished it.<\/span><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div style=\"flex: 1 1 0; min-width: 0; box-sizing: border-box; border: 1px solid #1a1a1a; border-left: 0; overflow-wrap: break-word; background: #ffffff; display: flex; flex-direction: column;\">\n<div style=\"background: #1a1a1a; padding: 20px 28px; text-align: center;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; letter-spacing: 0.25em; color: rgba(255,255,255,0.5); font-weight: 700; margin: 0 0 4px 0;\">SHADOW<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 600; color: #ffffff; margin: 0;\">The bear case<\/h3>\n<\/p><\/div>\n<div style=\"padding: 28px; background: #ffffff; flex: 1;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 16px; line-height: 1.65; color: #1a1a1a; margin: 0; overflow-wrap: break-word;\"><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; Operating loss of $358M exceeds revenue; Sales &amp; Marketing + R&amp;D consume more than 150% of revenue.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; Landlords AWS\/Azure\/GCP compete directly through their own data-warehouse products.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; Because pricing is consumption-based, revenue is recognized only as customers consume &mdash; if they use the platform more slowly than expected, revenue slips too.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; The company discloses its own dependence on newly arrived management like Slootman.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0;\">&middot; VCs hold the bulk; the founders are not the largest shareholders.<\/span><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<div style=\"max-width: 720px; margin: 0 auto; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0;\">The <span style=\"white-space:nowrap;\">S-1<\/span> writes of &ldquo;freeing a company&rsquo;s data with the Data Cloud.&rdquo; The market expects &ldquo;the next ruler of the cloud.&rdquo; At the intersection of the two, Snowflake sells stock. It is the moment Oracle alumni broke, in the cloud, the structure Oracle could not break.<\/p>\n<\/div>\n<p><!--s1nl--><\/p>\n<div class=\"s1-nl\" id=\"s1nl-en\" style=\"max-width:680px;margin:70px auto 0;padding:30px;border:1px solid #e6e6e6;background:#ffffff;font-family:'Helvetica Neue', Helvetica, Arial, 'Hiragino Kaku Gothic ProN', '\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3', 'Noto Sans JP', 'Yu Gothic', sans-serif;word-break:keep-all;line-break:strict;box-sizing:border-box;\">\n<p style=\"font-size:12px;letter-spacing:0.25em;font-weight:700;color:#daa241;margin:0 0 10px;\">S-1 JOURNAL NEWSLETTER<\/p>\n<div style=\"font-size:20px;font-weight:700;line-height:1.6;color:#1a1a1a;margin:0 0 10px;\">When the next S-1 drops, get the reality check.<\/div>\n<p style=\"font-size:14px;line-height:1.8;color:#333333;margin:0 0 20px;\">Event-driven S-1 breakdowns and new deep dives, delivered free by email. Subscriber bonus: the Ten Questions checklist (PDF). No spam. Unsubscribe anytime.<\/p>\n<form action=\"https:\/\/tomorrowaccess.com\/wp-json\/s1\/v1\/waitlist\" method=\"post\" onsubmit=\"return s1nlSubmit_en(this)\" style=\"display:flex;gap:10px;flex-wrap:wrap;margin:0;\"><input type=\"hidden\" name=\"source\" value=\"s1nl-en-nojs\"><input type=\"email\" name=\"email\" required placeholder=\"Your email\" style=\"flex:1;min-width:200px;padding:13px 16px;font-size:15px;font-family:inherit;border:1px solid #e6e6e6;background:#fafafa;color:#000000;border-radius:0;box-sizing:border-box;\"><button type=\"submit\" style=\"background:#daa241;color:#ffffff;border:0;border-radius:0;padding:13px 28px;font-size:14px;font-weight:700;letter-spacing:0.08em;font-family:inherit;cursor:pointer;\">Subscribe free<\/button><\/form>\n<p style=\"font-size:11px;color:#999999;line-height:1.7;margin:10px 0 0;\">By subscribing you agree to receive emails from S-1 Journal.<\/p>\n<p><script>function s1nlSubmit_en(f){var b=f.querySelector(\"button\");b.disabled=true;var em=(f.querySelector(\"input[type=email]\").value||\"\").trim();fetch(f.action,{method:\"POST\",headers:{\"Content-Type\":\"application\/json\"},body:JSON.stringify({email:em,source:location.pathname})}).then(function(r){return r.json()}).then(function(j){if(j&&j.ok){document.getElementById(\"s1nl-en\").innerHTML=\"<\/p>\n<p style=\\\"font-size:16px;font-weight:700;color:#1a1a1a;margin:0;\\\">\u2713 You're in. See you at the next S-1.<\/p>\n<p>\";}else{b.disabled=false;alert(\"Something went wrong. Please try again later.\");}}).catch(function(){b.disabled=false;alert(\"Something went wrong. Please try again later.\");});return false;}<\/script><\/div>\n<p><!--\/s1nl--><\/p>\n<div style=\"background: #000000; padding: 80px 40px; text-align: center; margin-top: 80px;\">\n<div class=\"s1-article-cta-headline\" style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 32px; font-weight: 400; color: #fafafa; line-height: 1.5; text-wrap: pretty;\">A great company, or a mediocre one?<br \/>That judgment is now in your hands.<\/div>\n<div style=\"width: 240px; height: 4px; background: #daa241; margin: 30px auto 0;\"><\/div>\n<\/div>\n<div style=\"max-width: 720px; margin: 40px auto 0; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif;\">\n<p style=\"font-size: 12px; line-height: 1.7; color: #888; letter-spacing: 0.02em; margin: 0;\">Source: All facts are drawn from Snowflake Inc.&#8217;s S-1 (accession 0001628280-20-013010, filed 2020-08-24), together with the company&#8217;s IPO roadshow presentation and factsheet where noted.<\/p>\n<\/div>\n<div style=\"max-width: 720px; margin: 16px auto; padding: 0 20px;\"><a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/\" style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; font-weight: 700; color: #daa241; text-decoration: none; letter-spacing: 0.02em;\">\u2190 Back to S-1 Journal<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>S-1 Journal The 10 Questions | Every S-1, decoded through the same 10 questions. 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