Snowflake Inc - Ordinary Shares - Class A

Strong Q1 momentum; AI accelerates core platform + new “agentic control plane” products - Product revenue: $1.334B, +34% YoY (up from ~30% last quarter and ~26% a year ago), described as the strongest sequential dollar growth in company history. - Net revenue retention (NRR): 126% (improving). - Non-GAAP operating margin: expanded 300+ bps YoY to 12% (discipline + disciplined hiring). - Management attributes much of the inflection to AI compounding: faster workload migration to Snowflake for governance/data context, and Cortex Code (CoCo) driving more consumption on the core platform.

Guidance: FY’27 growth raised to 31% YoY; Q2 and full-year outlook details - FY’27 product revenue outlook: $5.84B, +31% YoY (raised from prior 27% target in the call). - Q2 product revenue: $1.415B–$1.42B, +30% YoY. - Bookings seasonality expectation: continued Q4-heavy weighting (customers favor Q4 renewals). - Pricing/consumption guidance philosophy: reiterated no change in methodology; beat is viewed as consistent with their “3% beat” framework.

Margins + cash: margin expansion continues despite AI mix; guidance assumes acquisition headwinds - FY’27 non-GAAP product gross margin: ~75% (explicitly reiterated even with higher AI/Cortex Code usage concerns from investors). - Q2 non-GAAP operating margin: 12.5%. - FY’27 non-GAAP operating margin guidance raised: from 12.5% to 13.5%. - Non-GAAP adjusted free cash flow margin guide: 23% reiterated. - Observe acquisition headwind: outlook includes an ~150 bps drag; management says Observe contributed <1pp to product growth in Q1 and should add ~1pp for the full year. - Natoma acquisition: intended acquisition brings ~20 employees; framed as extending agent actions beyond data workflows into everyday app actions.