(SNOW) 2023 Q2 法說會逐字稿

Good afternoon. Thank you for attending today's Q2 FY '23 Snowflake Earnings Conference Call. My name is Hannah, and I will be your moderator for today's call. (Operator Instructions)

下午好。感謝您參加今天的 Q2 FY '23 Snowflake 收益電話會議。我的名字是漢娜，我將擔任今天電話會議的主持人。 （操作員說明）

I would now like to pass the conference over to our host, Jimmy Sexton, Head of Investor Relations. Please go ahead.

我現在想將會議轉交給我們的主持人，投資者關係主管 Jimmy Sexton。請繼續。

Good afternoon, and thank you for joining us on Snowflake's Q2 Fiscal 2023 Earnings Call. With me in Bozeman, Montana are Frank Slootman, our Chairman and Chief Executive Officer; Mike Scarpelli, our Chief Financial Officer; and Christian Kleinerman, our Senior Vice President of Products, who will join us for the Q&A session. During today's call, we will review our financial results for the second quarter fiscal 2023 and discuss our guidance for the third quarter and full year fiscal 2023.

下午好，感謝您參加 Snowflake 的 2023 財年第二季度財報電話會議。和我一起在蒙大拿州博茲曼的是我們的董事長兼首席執行官弗蘭克·斯洛特曼；我們的首席財務官 Mike Scarpelli；我們的產品高級副總裁 Christian Kleinerman 將與我們一起參加問答環節。在今天的電話會議中，我們將審查我們 2023 財年第二季度的財務業績，並討論我們對 2023 財年第三季度和全年的指導。

During today's call, we will make forward-looking statements, including statements related to the expected performance of our business, future financial results, strategy, products and features, long-term growth and overall future prospects. These statements are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed after market close today and in our SEC filings, including our most recently filed Form 10-Q for the first quarter ended April 30, 2022, and the Form 10-Q for the quarter ended July 31, 2022, that we will file with the SEC. We caution you to not place undue reliance on forward-looking statements and undertake no duty or obligation to update any forward-looking statements as a result of new information, future events or changes in our expectations.

在今天的電話會議中，我們將做出前瞻性陳述，包括與我們的業務預期業績、未來財務業績、戰略、產品和功能、長期增長和整體未來前景相關的陳述。這些陳述存在風險和不確定性，可能導致它們與實際結果存在重大差異。有關這些風險的信息可在我們今天收市後發布的收益新聞稿和我們提交給美國證券交易委員會的文件中找到，包括我們最近提交的截至 2022 年 4 月 30 日的第一季度的 10-Q 表格和本季度的 10-Q 表格於 2022 年 7 月 31 日結束，我們將向 SEC 備案。我們提醒您不要過分依賴前瞻性陳述，並且不承擔因新信息、未來事件或我們預期的變化而更新任何前瞻性陳述的義務或義務。

We'd also like to point out that on today's call, we will report both GAAP and non-GAAP results. We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are presented in addition to and not as a substitute for financial measures calculated in accordance with GAAP. To see the reconciliations of these non-GAAP financial measures, please refer to our earnings press release distributed earlier today and our investor presentation, which are posted at investors.snowflake.com. A replay of today's call will also be posted on the website.

我們還想指出，在今天的電話會議上，我們將報告 GAAP 和非 GAAP 結果。我們在內部將這些非公認會計原則財務指標用於財務和運營決策目的，並作為評估期間比較的一種手段。非 GAAP 財務指標是作為根據 GAAP 計算的財務指標的補充而非替代。要查看這些非 GAAP 財務指標的對賬情況，請參閱我們今天早些時候發布的收益新聞稿和我們的投資者演示文稿，它們發佈在 Investors.snowflake.com 上。今天電話會議的重播也將發佈在網站上。

With that, I would now like to turn the call over to Frank.

有了這個，我現在想把電話轉給弗蘭克。

Thanks, Jimmy, and good afternoon, everybody. Product revenue grew 83% year-on-year to $466 million. Remaining performance obligations grew 78% year-on-year to $2.7 billion. And in the quarter, we added 12 Global 2000 customers. Our net revenue retention rate exceeded 170%, and Snowflake leads the industry with a Net Promoter Score of 72. Snowflake is delivering high growth and operating leverage. Non-GAAP product gross margin exceeded 75%, and we continue to generate non-GAAP operating income and free cash flow.

謝謝，吉米，大家下午好。產品收入同比增長 83% 至 4.66 億美元。剩餘履約義務同比增長 78% 至 27 億美元。在本季度，我們增加了 12 家全球 2000 強客戶。我們的淨收入保留率超過 170%，Snowflake 以 72 分的淨推薦值領先行業。Snowflake 正在實現高增長和運營槓桿。非 GAAP 產品毛利率超過 75%，我們繼續產生非 GAAP 營業收入和自由現金流。

Our success is fueled by broad-based workload enablement. The core idea behind the Snowflake Data Cloud is to enable work to come to the data and prevent data from having to be moved to the work. Previously, data was copied, transferred and replicated to be used wherever it was processed. That led to massive operational complexity, cost and governance risks. The Snowflake Data Cloud promises to bring that regrettable legacy to an end.

我們的成功得益於基礎廣泛的工作負載支持。雪花數據云背後的核心理念是讓工作能夠進入數據並防止數據必須被移動到工作中。以前，數據被複製、傳輸和復制，以便在任何處理它的地方使用。這導致了巨大的運營複雜性、成本和治理風險。雪花數據云承諾結束這一令人遺憾的遺產。

Starting in 2014, Snowflake's cloud-native architecture removed the scale, performance and economic bottlenecks that held back data analytics at scale for generations. The impact was immediate and led to a major expansion of workloads and use cases. Initially, organizations use Snowflake to drastically improve overnight analytical processes so that fresh up-to-date data about the business was reliably available first thing. Checking that box, customers move on to using data for predictive insights and prescriptive solutions. This is what has driven Snowflake's massive platform expansion in terms of workload types, user types and data types.

從 2014 年開始，Snowflake 的雲原生架構消除了數代以來阻礙大規模數據分析的規模、性能和經濟瓶頸。影響是立竿見影的，並導致工作負載和用例的大幅擴展。最初，組織使用 Snowflake 大幅改進隔夜分析流程，以便第一時間可靠地獲得有關業務的最新數據。選中該框，客戶將繼續使用數據來獲得預測性見解和規範性解決方案。這就是推動雪花在工作負載類型、用戶類型和數據類型方面進行大規模平台擴展的原因。

Snowflake's data sharing solves the challenge of data access and enrichment. In Q2, the number of Snowflake data sharing relationships measured with what we call stable edges grew 112% year-on-year. 21% of our growing customer base has at least 1 stable edge, up from 15% a year ago. Among customers over $1 million in product revenue, 65% have at least one stable edge.

Snowflake 的數據共享解決了數據訪問和豐富的挑戰。在第二季度，用我們所謂的穩定邊緣衡量的雪花數據共享關係的數量同比增長了 112%。我們不斷增長的客戶群中有 21% 至少擁有 1 個穩定優勢，高於一年前的 15%。在產品收入超過 100 萬美元的客戶中，65% 的客戶至少擁有一項穩定優勢。

Across sectors, we are meeting customers with solutions pertinent to their vertical industries. For example, supply chain management relies on Snowflake's combination of execution and access. We hear how supply chain management is failing at many levels because of dislocations such as the pandemic and spiking inflation. This is, in large part, a data problem. The data originates in different places, which is why it has such a challenging time coming together. And the world is stable and changing marginally day to day. This has been somewhat tolerable. Now with massive disruption, the status quo must change.

在各個領域，我們都在為客戶提供與其垂直行業相關的解決方案。例如，供應鏈管理依賴於 Snowflake 的執行和訪問的組合。我們聽說供應鏈管理由於大流行和通脹飆升等錯位而在許多層面上都失敗了。這在很大程度上是一個數據問題。數據來自不同的地方，這就是為什麼它具有如此具有挑戰性的時間。世界是穩定的，每天都在變化。這已經有些可以忍受了。現在隨著大規模的破壞，現狀必須改變。

Our next frontier of innovation is aimed at reinventing cloud application development. Our ambition is far reaching. Our aim is to transform how cloud applications are built, deployed, sold and transacted. To help achieve this, we launched our Powered by Snowflake program. Today, we have 590 Powered by Snowflake registrants, representing 35% quarter-over-quarter growth.

我們的下一個創新前沿旨在重塑雲應用程序開發。我們的野心是深遠的。我們的目標是改變雲應用程序的構建、部署、銷售和交易方式。為了幫助實現這一目標，我們啟動了 Powered by Snowflake 計劃。今天，我們有 590 家 Powered by Snowflake 註冊人，環比增長 35%。

We announced a number of significant product innovations at our Summit users' conference in June, which saw an approximate fivefold increase in attendance from 2019. These announcements are foundational for that vision. Unistore allows developers to bridge transactional and analytical workloads in a single data set to save users time and effort associated with moving and transforming data across systems. Snowpark for Python is now in public preview. This capability brings more optionality to a technical audience of application developers, data engineers and data scientists.

我們在 6 月的峰會用戶大會上宣布了多項重大產品創新，與 2019 年相比，出席人數增加了約五倍。這些公告是實現這一願景的基礎。 Unistore 允許開發人員在單個數據集中連接事務和分析工作負載，以節省用戶與跨系統移動和轉換數據相關的時間和精力。適用於 Python 的 Snowpark 現在是公共預覽版。此功能為應用程序開發人員、數據工程師和數據科學家的技術受眾帶來了更多選擇。

Our integration with the recently acquired Streamlit is tracking well against plan. Streamlit bridges the gap between data scientists and business users, accelerating time to insight by enabling developers to build applications using their favorite tools.

我們與最近收購的 Streamlit 的整合正在按計劃進行。 Streamlit 在數據科學家和業務用戶之間架起了一座橋樑，讓開發人員能夠使用他們最喜歡的工具構建應用程序，從而加快獲得洞察力的時間。

Finally, we announced support for Apache Iceberg table formats in private preview. Iceberg is the emerging standard for data lake architectures. With this offering, we bring the performance and governance benefits of Snowflake to externally stored data.

最後，我們宣佈在私人預覽版中支持 Apache Iceberg 表格式。 Iceberg 是數據湖架構的新興標準。通過此產品，我們將 Snowflake 的性能和治理優勢帶入外部存儲的數據。

We are pleased to announce our intent to acquire Applica. Applica mobilizes unstructured data for advanced analytics and machine learning. Applica's team and best-in-class technology will create opportunities for customers and partners to get more value from all data types. We believe our strategy and underlying market trends position us for success. We look forward to executing against this growing opportunity.

我們很高興地宣布我們有意收購 Applica。 Applica 將非結構化數據用於高級分析和機器學習。 Applica 的團隊和一流的技術將為客戶和合作夥伴創造機會，從所有數據類型中獲得更多價值。我們相信我們的戰略和潛在的市場趨勢使我們能夠取得成功。我們期待著執行這個不斷增長的機會。

And with that, I will turn the call over to Mike.

有了這個，我會把電話轉給邁克。

Thank you, Frank. Q2 product revenues were $466 million, representing 83% year-over-year growth, and remaining performance obligations grew 78% year-over-year, totaling $2.7 billion. Of the $2.7 billion in RPO, we expect approximately 57% to be recognized as revenue in the next 12 months. This represents a 79% increase compared to our estimate as of the same quarter last year. Our net revenue retention rate of 171% includes 15 new customers with $1 million in trailing 12-month product revenue and reflects durable growth among our largest customers.

謝謝你，弗蘭克。第二季度產品收入為 4.66 億美元，同比增長 83%，剩餘履約義務同比增長 78%，總計 27 億美元。在 27 億美元的 RPO 中，我們預計大約 57% 將在未來 12 個月內確認為收入。與我們去年同期的估計相比，這意味著增加了 79%。我們 171% 的淨收入保留率包括 15 名新客戶，過去 12 個月的產品收入為 100 萬美元，反映了我們最大客戶的持續增長。

We continue to pursue a vertical sales strategy. Our core verticals are financial services, advertising, media and entertainment, retail and CPG, technology and health care and life sciences. While all verticals are growing rapidly, financial services drove the most product revenue growth sequentially. Advertising, media and entertainment and technology verticals grew in line with the overall company.

我們繼續推行垂直銷售策略。我們的核心垂直領域是金融服務、廣告、媒體和娛樂、零售和 CPG、技術和醫療保健以及生命科學。儘管所有垂直領域都在快速增長，但金融服務推動了產品收入的連續增長。廣告、媒體和娛樂以及技術垂直領域的增長與整個公司一致。

Driving this growth is our continual move upmarket. In the quarter, we added 12 new Global 2000 customers. Our average trailing 12-month product revenue from these customers grew 14% quarter-over-quarter to $1.2 million. We believe these accounts will grow to become our largest customers. A Global 2000 technology company is now a top 10 product revenue customer less than 2 years after signing their initial deal.

推動這一增長的是我們不斷向高端市場邁進。本季度，我們新增了 12 家全球 2000 強客戶。這些客戶過去 12 個月的平均產品收入環比增長 14%，達到 120 萬美元。我們相信這些客戶將成長為我們最大的客戶。一家全球 2000 強科技公司在簽署初始協議不到 2 年的時間內成為產品收入前 10 位的客戶。

Last quarter, we called out customers that were negatively impacted by headwinds specific to their businesses. The Q2 results from these customers were mixed. Some saw the weakness we expected while others outperformed. We are monitoring our key business metrics, which we believe are leading indicators of the macro economy impacting our business. We are not seeing these metrics soften across the customer base.

上個季度，我們召集了受到業務特定逆風負面影響的客戶。這些客戶的第二季度業績喜憂參半。一些人看到了我們預期的疲軟，而另一些人則表現出色。我們正在監控我們的關鍵業務指標，我們認為這是影響我們業務的宏觀經濟的領先指標。我們沒有看到這些指標在整個客戶群中出現軟化。

For example, our corporate sales team that addresses small and medium-sized businesses outperformed their net new bookings goal for the quarter. Our EMEA sales team contributed 4 of our top 10 new customer wins in the quarter. And as mentioned earlier, the largest organizations in the world continue to increase their use of Snowflake. These indicate that companies globally are prioritizing Snowflake right now.

例如，我們針對中小型企業的企業銷售團隊在本季度的淨新預訂目標方面表現出色。我們的 EMEA 銷售團隊在本季度贏得了前 10 名新客戶中的 4 項。如前所述，世界上最大的組織繼續增加對 Snowflake 的使用。這些表明全球公司現在都在優先考慮 Snowflake。

Foreign currency exposure has been a relevant topic recently. However, less than 5% of our revenue is invoiced in currencies other than the U.S. dollar. So at the moment, we do not evaluate our business on a constant currency basis given the immateriality.

外匯敞口最近一直是一個相關話題。但是，我們不到 5% 的收入是以美元以外的貨幣開具發票的。因此，目前，鑑於非物質性，我們不會以固定貨幣為基礎評估我們的業務。

Now turning to margins on a non-GAAP basis. Our product gross margin was 75%. Scale in our public cloud data centers and enterprise customer success contribute to the year-over-year gross margin improvement. Operating margin was 4%, benefiting from revenue outperformance. Our adjusted free cash flow margin was 12%, positively impacted by strong collections. We collected a $33 million invoice in Q2 from a customer who had paid its invoices in Q3 in prior years. We ended the quarter in a strong cash position with approximately $5 billion in cash, cash equivalents and short-term and long-term investments.

現在轉向基於非公認會計原則的利潤率。我們的產品毛利率為75%。我們的公有云數據中心的擴展和企業客戶的成功有助於毛利率同比提高。營業利潤率為 4%，受益於收入表現出色。我們調整後的自由現金流利潤率為 12%，受到強勁收款的積極影響。我們在第二季度從一位前幾年在第三季度支付發票的客戶那裡收集了 3300 萬美元的發票。本季度末，我們擁有約 50 億美元的現金、現金等價物以及短期和長期投資，現金狀況強勁。

Now let's turn to our guidance. For the third quarter, we expect product revenue between $500 million and $505 million, representing year-over-year growth between 60% and 62%. I would like to remind everyone that in Q3 last year, we saw unusual seasonality due to reaccelerated product revenue growth.

現在讓我們轉向我們的指導。對於第三季度，我們預計產品收入在 5 億美元至 5.05 億美元之間，同比增長 60% 至 62%。我想提醒大家，去年第三季度，由於產品收入增長重新加速，我們看到了不尋常的季節性。

Turning to margins. We expect, on a non-GAAP basis, 2% operating margin. And we expect 358 million diluted weighted average shares outstanding. In Q3, we expect $4 million of expenses associated with our Data Cloud World Tour. The 21 events will take place around the world and showcase our latest innovations. For the full year of fiscal 2023, we expect product revenues between $1.905 billion and $1.915 billion, representing year-over-year growth between 67% and 68%.

轉向邊緣。我們預計，按非公認會計原則計算，營業利潤率為 2%。我們預計將有 3.58 億股稀釋加權平均流通股。在第三季度，我們預計與我們的 Data Cloud World Tour 相關的費用為 400 萬美元。這 21 場活動將在世界各地舉行，展示我們的最新創新。對於 2023 財年全年，我們預計產品收入在 19.05 億美元至 19.15 億美元之間，同比增長 67% 至 68%。

Turning to profitability for the full year fiscal 2023. We expect, on a non-GAAP basis, approximately 75% product gross margin, 2% operating margin and 17% adjusted free cash flow margin. And we expect 358 million diluted weighted average shares outstanding.

轉向 2023 財年全年的盈利能力。我們預計，在非公認會計原則的基礎上，產品毛利率約為 75%，營業利潤率為 2%，調整後的自由現金流利潤率為 17%。我們預計將有 3.58 億股稀釋加權平均流通股。

The full year outlook includes operating expenses related to the acquisition of Applica. We are adding headcount to support our growth initiatives. Year-to-date, we have added almost 1,000 net new employees. We view the current hiring market as favorable for Snowflake and have not altered our hiring plans for the year. Our long-term opportunity is stronger than it has ever been, and we look forward to executing.

全年展望包括與收購 Applica 相關的運營費用。我們正在增加員工人數以支持我們的增長計劃。年初至今，我們淨增加了近 1,000 名新員工。我們認為當前的招聘市場對 Snowflake 有利，並且沒有改變我們今年的招聘計劃。我們的長期機會比以往任何時候都更加強大，我們期待執行。

With that, operator, you can now open up the line for questions.

有了這個，接線員，您現在可以打開問題線了。

(Operator Instructions) The first question is from the line of Mark Murphy with JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Mark Murphy。

I'm looking at the sequential growth in the product revenue, which is very strong. It's almost twice as strong as it was in Q1. So I'm curious, first, if you think analytics and data-intensive projects might be an insulated area of activity during an economic slowdown. And just relatedly, are you seeing many customers consume at higher levels to try to analyze the changing macro, maybe looking at FX sensitivity or interest rate sensitivity, et cetera?

我正在關注產品收入的連續增長，這是非常強勁的。它幾乎是第一季度的兩倍。所以我很好奇，首先，如果你認為分析和數據密集型項目在經濟放緩期間可能是一個孤立的活動領域。與此相關的是，您是否看到許多客戶在更高水平上進行消費以嘗試分析不斷變化的宏觀，也許是考慮外匯敏感性或利率敏感性等等？

Mark, this is Frank. In general, I would say that Snowflake gets prioritized fairly high inside the enterprise. And the reason is we're sitting right on the intersection of cloud computing, artificial intelligence, machine learning, advanced analytics. Customers are -- they picked up the scent of the opportunity that is in front of them. And they're investing. They're hiring. They're buying because these are things that are going to be big changes for the industry. The whole industries are going to get redefined in health care, in pharma and financial services.

馬克，這是弗蘭克。一般來說，我會說雪花在企業內部的優先級很高。原因是我們正處於雲計算、人工智能、機器學習和高級分析的交叉點。客戶是——他們聞到了擺在他們面前的機會的味道。他們正在投資。他們正在招聘。他們之所以購買，是因為這些事情將對行業產生重大變化。整個行業將在醫療保健、製藥和金融服務領域得到重新定義。

So this is not a business-as-usual let's try to hit the brakes. There is a very, very high urgency around advancing towards cloud computing environments and then having an opportunity to really pursue the promise that it brings. We're looking at very, very exciting times where things are becoming possible that we couldn't even dream of just a few short years ago. So this is why we feel that this is not one of those expenses that people are going to casually cut back on because it's strategically compelling and important.

所以這不是一成不變的，讓我們試著踩剎車。向雲計算環境推進，然後有機會真正追求它帶來的承諾是非常非常緊迫的。我們正處於一個非常非常激動人心的時代，我們在短短幾年前做夢也想不到的事情正在成為可能。因此，這就是為什麼我們認為這不是人們會隨便削減的費用之一，因為它在戰略上具有吸引力且很重要。

Yes. I'll also add, Mark, just to remind, this is a consumption model, not a SaaS model. So even if we sign up a customer, it takes some months before they go into production. As I mentioned, there was a Global 2000 technology company we signed in the last 2 years. It's now one of our top 10 customers. That customer didn't start really ramping until the end of last year, and they're going to continue to ramp. And there's many more that started ramping this quarter that we would have signed last quarter. So you can't just do a quarter-over-quarter.

是的。我還要補充一點，馬克，提醒一下，這是一種消費模式，而不是 SaaS 模式。因此，即使我們簽約了客戶，他們也需要幾個月的時間才能投入生產。正如我所提到的，我們在過去 2 年簽約了一家全球 2000 強科技公司。它現在是我們的十大客戶之一。直到去年年底，該客戶才真正開始增長，而且他們將繼續增長。還有更多的本季度開始增加，我們將在上個季度簽署。所以你不能只做一個季度的季度。

And because it is a consumption model, we do see patterns. Some customers do go down consumption based upon specific projects. But by and large, most of our customers are still ramping, moving workloads to us. And we think that is going to continue on average with our customers.

因為它是一種消費模式，所以我們確實看到了模式。一些客戶確實會根據特定項目降低消費。但總的來說，我們的大多數客戶仍在增加，將工作負載轉移給我們。我們認為我們的客戶平均會繼續這種情況。

The next question is from the line of Keith Weiss with Morgan Stanley.

下一個問題來自摩根士丹利的 Keith Weiss。

This Sanjit Singh for Keith. Very impressive Q2. Mike, I want to talk to -- I wanted to ask you a little bit about the Q3 guide. From a seasonal perspective, the high end sort of implies 8% growth. And understanding that last year was an abnormally strong seasonal quarter, if I look back historically, the guidance does seem more conservative than usual. I wonder if you could provide any context in terms of what you're assuming going into Q3, just conservatism or extrapolating any sort of trends that you may have seen in July.

這是基思的桑吉特辛格。非常令人印象深刻的第二季度。邁克，我想和你談談——我想問你一些關於第三季度指南的問題。從季節性的角度來看，高端意味著 8% 的增長。並且了解去年是一個異常強勁的季節性季度，如果我回顧歷史，該指導似乎確實比平時更保守。我想知道您是否可以就您對第三季度的假設提供任何背景，只是保守主義或推斷您可能在 7 月看到的任何類型的趨勢。

Nothing has changed in our guidance philosophy since the time we went public. And what I would say is Q3 of last year was unusually high. So it's not a good year-over-year comparison. And as I said, there is uncertainties in the macro environment right now, and I think the guidance is prudent that we put out.

自我們上市以來，我們的指導理念沒有任何改變。我要說的是去年第三季度異常高。因此，這不是一個很好的年度比較。正如我所說，目前宏觀環境存在不確定性，我認為我們發布的指導是審慎的。

The next question is from the line of Simon Leopold with Raymond James.

下一個問題來自西蒙·利奧波德和雷蒙德·詹姆斯的觀點。

I wanted to see what your take is on your suppliers of public cloud capacity and whether or not you're seeing any changing in how they work with you and your pricing. And really, what is the criteria to pick one over another, AWS versus Google versus Azure?

我想看看您對公共雲容量供應商的看法，以及您是否看到他們與您合作的方式和您的定價有任何變化。真的，選擇 AWS 與 Google 與 Azure 的標準是什麼？

This is Frank. I think that most enterprises typically decide first on their public cloud platform strategy. And oftentimes, it's a multicloud posture. And over time, that can also change. And then they sort of decide on, okay, where is Snowflake going to run. And that can also change over time. We've seen customers also deploy Snowflake on one cloud. So that's sort of how it works. And obviously, our pricing does vary. I mean Snowflake is more expensive on one cloud than another. And obviously, the most aggressive pricing we have is on our top cloud providers where we have these concentration of deployment.

這是弗蘭克。我認為大多數企業通常首先決定他們的公共雲平台戰略。通常，這是一種多雲態勢。隨著時間的推移，這種情況也會發生變化。然後他們決定，好吧，Snowflake 將在哪裡運行。這也可能隨著時間而改變。我們已經看到客戶還在一個雲上部署了 Snowflake。這就是它的工作原理。顯然，我們的定價確實有所不同。我的意思是雪花在一種雲上比另一種更貴。顯然，我們擁有的最激進的定價是針對我們的頂級雲提供商，我們在那裡進行了這些集中部署。

So obviously, it matters to our customers. It all translates to dollars and cents. But the reality is Snowflake is Snowflake is Snowflake. There's really no change in the experience depending on what cloud you're running on. So you would think that it is strictly an economic trade-off, but it's usually predicated by why they picked one public cloud platform over another.

很明顯，這對我們的客戶很重要。這一切都轉化為美元和美分。但現實是雪花就是雪花就是雪花。根據您運行的雲，體驗實際上沒有任何變化。所以你會認為這嚴格來說是一種經濟權衡，但這通常取決於他們為什麼選擇一個公共雲平台而不是另一個。

With that said, the majority of our customers, 80-plus percent run in AWS, and about 18% is Azure and 2% is GCP.

話雖如此，我們的大多數客戶，80% 以上在 AWS 中運行，大約 18% 是 Azure，2% 是 GCP。

The next question is from the line of Alex Zukin with Wolfe Research.

下一個問題來自 Wolfe Research 的 Alex Zukin。

I guess maybe just a high-level mix with a tactical financial question. If I look at the environment, right, a lot of investors, a lot of customers are wondering about optimizations. And I think on the call, Mike, in your script, you mentioned that you actually have changed -- you've increased the prediction of how much will be consumed in reference to your cRPO metric over the next 12 months. So it feels like there's some -- there's kind of a mass differential in terms of expectations versus what you're seeing and delivering. And I just wanted to better understand what's driving that increased conviction around consumption. Have you seen a meaningful wave of optimizations that have rebased and now you're kind of off to the races in those workloads? Do you not anticipate that occurring? And I guess how is that -- what were the dynamics that made you change those assumptions that you saw in the quarter?

我想也許只是與戰術財務問題的高級組合。如果我看看環境，對，很多投資者，很多客戶都在想優化。我認為在電話會議上，邁克，在你的腳本中，你提到你實際上已經改變了——你已經根據你的 cRPO 指標增加了對未來 12 個月內消耗量的預測。所以感覺就像有一些 - 在期望與您所看到和交付的內容方面存在一種巨大的差異。我只是想更好地了解是什麼推動了人們對消費的堅定信念。您是否看到了一波有意義的優化浪潮已經重新定位，現在您已經開始參與這些工作負載的競賽了？你不預計會發生這種情況嗎？我猜那是怎麼回事——是什麼動力讓你改變了你在本季度看到的那些假設？

Well, we didn't change any assumptions in the quarter. It's the same that we've had for quite some time. Optimizations are not something that's new. We just started talking about them and showing the impact about them. We have always done optimizations. We will continue to do optimizations. They're good for our customers because when they see if we can help make them use Snowflake more efficiently, we become cheaper, they move more workloads to us. And I showed you guys at our Financial Analyst Day real data with 2 customers around that.

好吧，我們在本季度沒有改變任何假設。這和我們已經有很長一段時間的情況一樣。優化並不是什麼新鮮事。我們剛剛開始談論它們並展示它們的影響。我們一直在做優化。我們會繼續做優化。它們對我們的客戶有好處，因為當他們看到我們是否可以幫助他們更有效地使用 Snowflake 時，我們變得更便宜，他們將更多工作負載轉移給我們。我在我們的金融分析師日向你們展示了與 2 位客戶相關的真實數據。

With regards to the cRPO, that 57% of the total RPO, that is more of a function that we have a lot of our contracts that are starting to get burned down that were multiyear that we do expect in Q4 there will be a number of renewals of those contracts. So I do think the current cRPO as a percent of the total in Q4 will come down more in line with that into the low 50s where it historically has been. But that's really a function of -- think of our largest customer. They signed a 3-year contract. And I think it was September of 2020 that they're going to burn through that contract in advance, and there will be a big renewal with them. Whether they do it 1 year or multiyear, that's up to them. That will happen in our Q4. And then you'll see that as well. We have a number of customers like that.

關於 cRPO，佔總 RPO 的 57%，這更多的是我們有很多合同開始被燒毀的功能，這些合同是多年期的，我們確實預計在第四季度會有一些續簽這些合同。因此，我確實認為當前的 cRPO 在第四季度佔總數的百分比將與歷史上 50 年代的低點更加一致。但這實際上是 - 想想我們最大的客戶。他們簽訂了一份為期3年的合同。而且我認為他們將在 2020 年 9 月提前完成該合同，並且將與他們進行大規模續約。無論他們是一年還是多年，這取決於他們。這將在我們的第四季度發生。然後你也會看到。我們有很多這樣的客戶。

One of the things that we're seeing more and more is customers, because they're consuming faster than their annual amount in their actual contract term, they're doing what we're calling co-term or they're bridging to their annual renewal. And a lot of those annual renewals are really moving towards Q4 for us.

我們越來越多地看到的一件事是客戶，因為他們在實際合同期限內的消費速度超過了他們的年度金額，他們正在做我們所謂的共同期限，或者他們正在橋接他們的年度更新。對我們來說，很多年度續訂確實朝著第四季度發展。

Got it. That's why the billings -- delta billings versus cRPO delta is a little bit higher?

知道了。這就是為什麼 billings -- delta billings 與 cRPO delta 相比要高一些？

Well, I have to tell you, I don't even look at billings because it's a meaningless thing for our business because we're not a SaaS company. We're really focused more on cash flow and revenue consumption by our customers.

好吧，我必須告訴你，我什至不看賬單，因為這對我們的業務來說毫無意義，因為我們不是一家 SaaS 公司。我們真的更關注客戶的現金流和收入消耗。

The next question is from the line of Raimo Lenschow with Barclays.

下一個問題來自巴克萊銀行的 Raimo Lenschow。

Quick question. I'm sure, Frank and Mike, you heard all the concern from investors this quarter about consumption models and how, in lower economic activities, [that's flat]. But I'm also seeing like the 12 new global customers. What are you seeing in your customer conversations about consumption models in terms of like it gives customers more flexibility to pay for what they're using, et cetera, so that almost in tougher times should be an incentive to go that way rather than having this massive upfront commitment? Like maybe talk a little bit about what you're seeing in the field.

快速提問。我敢肯定，弗蘭克和邁克，你聽到了本季度投資者對消費模式的所有擔憂，以及在較低的經濟活動中，[這是平穩的]。但我也看到了 12 個新的全球客戶。您在客戶關於消費模式的對話中看到了什麼，比如它讓客戶更靈活地為他們正在使用的東西付費等等，所以幾乎在更艱難的時期應該是一種激勵，而不是這樣做大量的前期承諾？就像也許談談你在這個領域看到的東西。

Raimo, it's Frank. I mean we sort of invert that whole way of thinking because it's actually quite attractive for customers to have a consumption model because they can sign a contract with us but then they can throttle up and down how much they want to use. You can't do that in a SaaS model. You're going to pay no matter what, whether you're using it or not. So this gives customers actually more confidence to contract with us knowing that they can throttle up and down. So we actually think it's an advantage in the type of times that we're living in as opposed to a negative, which is what has been portrayed on the sell side and in the media.

雷莫，是弗蘭克。我的意思是我們有點顛倒了整個思維方式，因為擁有消費模型實際上對客戶非常有吸引力，因為他們可以與我們簽訂合同，但隨後他們可以限制他們想要使用的數量。你不能在 SaaS 模型中做到這一點。無論如何，無論您是否使用它，您都將付費。因此，這實際上讓客戶更有信心與我們簽訂合同，因為他們知道他們可以上下調整。因此，我們實際上認為這是我們所處時代的優勢，而不是負面的，這是賣方和媒體所描繪的。

Yes. I'll add to that, too, Raimo. As a reminder, new customers when we land them, they generally start very small, and it takes some 9 months to really start to consume. So it's very low risk to come on. And once we have an existing customer that is looking to buy more, they already have a path for what they want to do workloads, and they want to do that on Snowflake because we will save them money from what they're doing.

是的。我也會補充一點，雷莫。提醒一下，當我們登陸新客戶時，他們通常起步非常小，真正開始消費需要大約 9 個月的時間。所以上手的風險很低。一旦我們有一個想要購買更多產品的現有客戶，他們已經有了他們想要做的工作負載的路徑，他們想在 Snowflake 上這樣做，因為我們將從他們正在做的事情中節省他們的錢。

And the other thing I want to remind you, too, is we have many different models. You can sign a 1-year commitment. You can sign a 3-year commitment. Or you can go on to on-demand as a customer if you're not comfortable making a big commitment upfront. And we do see customers -- I think last quarter, about $7.2 million of our revenue was actually on-demand. These are new customers that are just trying us out before they sign a capacity deal. And that's most of our capacity deals start from being on-demand to go to that.

我還想提醒您的另一件事是，我們有許多不同的模型。您可以簽署 1 年的承諾。您可以簽署一份為期 3 年的承諾書。或者，如果您不願意預先做出重大承諾，您可以繼續作為客戶按需提供服務。我們確實看到了客戶——我認為上個季度，我們大約 720 萬美元的收入實際上是按需提供的。這些是新客戶，他們只是在簽署容量協議之前試用我們。這就是我們的大部分容量交易都是從按需開始的。

The next question is from the line of Kirk Materne with Evercore.

下一個問題來自於 Evercore 的 Kirk Materne。

I guess, Frank, I was wondering if you could talk a little bit about some of the feedback you got from partners, both GSIs and ISVs coming away from your user conference. And kind of what are they asking you about in terms of making -- or telling you about rather in terms of making bigger investments in Snowflake and maybe some of the takeaways you had in terms of -- as you set up your own go-to-market not only for the remainder of the year but into next year?

我想，弗蘭克，我想知道您是否可以談談您從合作夥伴那裡獲得的一些反饋，包括 GSI 和 ISV 從您的用戶大會上獲得的反饋。當你建立自己的首選時，他們在製作方面問你什麼 - 或者告訴你關於對雪花進行更大投資的方面，也許你有一些收穫-市場不僅在今年剩餘時間，而且到明年？

Yes. I think the conference was an extraordinary display of our ecosystem. We had a partner (inaudible) and it's the size of multiple football fields, and I think we're punching way above our weight in terms of how vibrant and how large and how active our ecosystem is. And it's a very purposeful choice on our part to run the company that way. We're not trying to create a single vertically integrated stack where you have to buy all things Snowflake. We do quite the opposite. We would try to create maximum choice and innovation on our platform. So we really become market and channel, if you will, for system integrators.

是的。我認為這次會議是我們生態系統的一次非凡展示。我們有一個合作夥伴（聽不清），它有多個足球場那麼大，我認為在我們的生態系統的活力、規模和活躍程度方面，我們的表現遠遠超出了我們的體重。以這種方式經營公司是我們非常有目的的選擇。我們並不是要創建一個單一的垂直集成堆棧，您必須在其中購買所有東西 Snowflake。我們做的恰恰相反。我們將嘗試在我們的平台上創造最大的選擇和創新。因此，如果您願意的話，我們真的成為了系統集成商的市場和渠道。

The reality in the world of system integrators is Snowflake's presence in the marketplace is obviously forcing their hand because our customers are their customers and vice versa. We intercept in the marketplace, and their customers are expecting them to be able to step up and then deliver high-value, impactful capabilities on Snowflake. So they're growing leaps and bounds, but sometimes they're more following than leading. So that's why Snowflake is always leading, and the other rest of the world is following.

系統集成商的現實是，Snowflake 在市場上的存在顯然是在強迫他們，因為我們的客戶就是他們的客戶，反之亦然。我們在市場上進行攔截，他們的客戶希望他們能夠加強並在 Snowflake 上提供高價值、有影響力的功能。所以他們的發展突飛猛進，但有時他們更多的是追隨而不是領先。所以這就是為什麼雪花總是領先，而世界其他地方也緊隨其後。

Just to give you a little data around the GSI network, in the first half of this year, the GSIs have done north of $550 million in services around Snowflake. Our top 5 GSIs represented more than $320 million of that work. These are real practices within these GSIs now. And just on another thing because I know there's been some chatter about resellers and other things, I just want to make it very clear. 1% of our bookings in Q2 went through the resale channel. 2% of our product revenue goes through resellers. So resellers is not a significant amount of our direct business. But the GSIs are very helpful in doing the services work to get customers to consume on Snowflake.

只是為了給你一些關於 GSI 網絡的數據，今年上半年，GSI 在 Snowflake 周圍完成了超過 5.5 億美元的服務。我們的前 5 個 GSI 代表了超過 3.2 億美元的工作。這些現在是這些 GSI 中的實際做法。再說一件事，因為我知道有一些關於經銷商和其他事情的討論，我只想說清楚。我們在第二季度的預訂中有 1% 是通過轉售渠道進行的。我們產品收入的 2% 來自經銷商。因此，經銷商不是我們直接業務的重要部分。但是 GSI 非常有助於開展服務工作，讓客戶在 Snowflake 上消費。

The next question is from the line of Brad Reback with Stifel.

下一個問題來自 Brad Reback 和 Stifel 的系列。

Mike, I know you mentioned the 3Q consumption comp. You also have a really, really difficult 4Q RPO comp. But given your commentary, should we expect a healthy end to the year given that renewal pool?

邁克，我知道你提到了 3Q 消費補償。你還有一個非常非常困難的 4Q RPO 組合。但是鑑於您的評論，鑑於續約池，我們是否應該期待今年的健康結束？

Yes. We expect we'll have a big increase in RPO. But I'm not guiding to it. You'll have to wait and see. I'm never going to guide to RPO.

是的。我們預計 RPO 將大幅增加。但我不指導它。你將不得不拭目以待。我永遠不會指導 RPO。

The next question is from the line of Brent Bracelin with Piper Sandler.

下一個問題來自 Brent Bracelin 和 Piper Sandler。

Wanted to drill down into Europe. That's been an area where we saw large deal delays with other large software companies. It sounds like there's opportunity for you. You closed several large deals. So maybe if you could just talk about the demand environment in Europe right now and what's driving some of the momentum for you that perhaps is a little different than some of the peers.

想深入歐洲。這是我們看到與其他大型軟件公司的大量交易延遲的領域。聽起來你有機會。你完成了幾筆大宗交易。因此，也許您現在可以談談歐洲的需求環境以及推動您的一些動力的因素，這可能與某些同行略有不同。

Yes, Brent, it's Frank. We've really shifted gears in Europe in terms of moving -- not so much moving away but sort of really emphasizing the large iconic accounts in key verticals and obviously, in the top regions and countries. And that's really how you win markets over there. And that redirection has taken us a little bit of time. And we last -- this last quarter that we just reported on, we've seen some significant impact. And we made one comment during the prepared remarks about how they contributed some very, very large customers to the overall portfolio -- to the overall roster.

是的，布倫特，是弗蘭克。在移動方面，我們在歐洲確實改變了檔次——與其說是離開，但在某種程度上真正強調了關鍵垂直領域的大型標誌性賬戶，顯然，在頂級地區和國家。這就是你在那裡贏得市場的真正方式。這種重定向花了我們一點時間。我們最後 - 我們剛剛報告的最後一個季度，我們看到了一些重大影響。我們在準備好的評論中發表了一條評論，關於他們如何為整個投資組合貢獻了一些非常非常大的客戶 - 到整個名冊。

So we're actually feeling good about the progress we're making in Europe, in the large names, in the key verticals. So I think it's going good. The macro commentary, it's probably we're not really feeling a lot of sort of headwinds, if you will, in Europe. Obviously, there are pockets that are weak. The farther East you go, the more you feel it. But that's really not what we were to begin with. So it's not really a factor. So we're not negative on Europe at all.

因此，我們實際上對我們在歐洲、大品牌和關鍵垂直領域所取得的進展感覺良好。所以我認為進展順利。宏觀評論，如果你願意的話，在歐洲，我們可能並沒有真正感受到很多逆風。顯然，有些口袋很弱。越往東走，感受越深。但這真的不是我們要開始的。所以這並不是一個真正的因素。所以我們對歐洲一點也不消極。

Next question is from the line of Gregg Moskowitz with Mizuho.

下一個問題來自瑞穗的 Gregg Moskowitz。

Another software vendor that primarily has a consumption-based model recently made the comment that their NRR for customers below the 130% threshold has been unchanged, but those above 130% have been slowing their consumption growth since it deviates a lot from what had been budgeted or committed. Now your overall NRR this quarter again was quite strong, guys, but I'm curious if you've seen any of this dynamic with your bigger enterprise customers.

另一家主要採用基於消費模式的軟件供應商最近發表評論稱，他們對低於 130% 閾值的客戶的 NRR 沒有變化，但高於 130% 的客戶的消費增長一直在放緩，因為它與預算的差距很大或承諾。伙計們，現在你們本季度的整體 NRR 再次非常強勁，但我很好奇你們是否在更大的企業客戶中看到了這種動態。

No. Obviously, there are some of our top 10, and we talked about last quarter, with some specific things to their business where they have slowed down, and that's been in our guidance. But overall, our top customers continue to grow. And I haven't seen that slowing down the NRR.

不。顯然，我們的前 10 名中有一些，我們在上個季度談到了他們的業務放緩的一些具體問題，這一直在我們的指導中。但總體而言，我們的主要客戶繼續增長。而且我還沒有看到這會減慢 NRR。

The next question is from the line of Pat Walravens with JMP Securities.

下一個問題來自 JMP 證券公司的 Pat Walravens。

Great. And let me offer my congratulations on this quarter. Frank, can you take a minute to differentiate Snowflake's approach to the market from that of Databricks and their lake house approach?

偉大的。讓我對本季度表示祝賀。弗蘭克，您能花一點時間將 Snowflake 的市場方法與 Databricks 及其湖邊小屋的方法區分開來嗎？

I mean one of the ways we characterize it is sort of historically, Snowflake has been a data lake with its own platform, its own proprietary platform and so on, whereas Databricks has taken the approach that they are just another tool in the lake. You can use many including them. So we were a far more strategic choice customers commit to than -- and a much more tactical choice of just being a tool in the lake.

我的意思是我們描述它的一種方式是從歷史上看，Snowflake 一直是一個擁有自己的平台、自己的專有平台等的數據湖，而 Databricks 採取的方法是它們只是湖中的另一個工具。你可以使用很多，包括它們。因此，與客戶相比，我們是一個更具戰略性的選擇——而且是一個更具戰術性的選擇，即成為湖中的工具。

Over the years, we have really converged because, for example, we mentioned in the prepared remarks of our support of the Iceberg open table formats, which allows Snowflake files to be used by non-Snowflake tools, for example, right? So it really puts us completely on par or better, if you will, in terms of functionality and performance in a pure data lake configuration. But customers can also use this in the conventional, traditional, highly optimized Snowflake proprietary format that most people are using. So I think that -- so that's one aspect of it.

多年來，我們確實融合了，因為例如，我們在準備好的評論中提到我們支持 Iceberg 開放表格式，它允許非 Snowflake 工具使用 Snowflake 文件，對吧？因此，如果您願意的話，它確實使我們在純數據湖配置中的功能和性能方面完全達到或更好。但客戶也可以在大多數人使用的傳統、傳統、高度優化的 Snowflake 專有格式中使用它。所以我認為——這是它的一個方面。

The other aspect of it is we come from different places, our DNA, our culture as a company is -- as a database platform. And obviously, Databricks comes from a totally different type of background. We also have different user types. We have a very much high-level approach. We very much democratize access to the sophistication of a platform like Snowflake, where Databricks is coming from a world that's much more rolling around and very, very deep technical, very skilled demand type of environment. And there is a market for that as well. So there's different user types, different workloads that were -- people will use different type of tools.

另一方面是我們來自不同的地方，我們的 DNA，我們作為一家公司的文化——作為一個數據庫平台。顯然，Databricks 來自完全不同類型的背景。我們也有不同的用戶類型。我們有一個非常高級的方法。我們非常民主化了對像 Snowflake 這樣的複雜平台的訪問，Databricks 來自一個更加滾動的世界，非常非常深入的技術，非常熟練的需求類型的環境。這也是有市場的。所以有不同的用戶類型，不同的工作負載——人們將使用不同類型的工具。

The last thing I will say about it is that de facto Databricks and Snowflake have lived side by side for many, many, many years, playing different roles in the setups and the type of workloads that they perform. So anything you want to say about that, Christian?

我要說的最後一件事是，事實上的 Databricks 和 Snowflake 已經並存了很多很多年，在設置和它們執行的工作負載類型中扮演著不同的角色。那麼你有什麼想說的嗎，克里斯蒂安？

Yes. One quick comment on everything Frank said. We hear very consistently from customers that our approach to simplicity and ease of use is one of the reasons why you see the results that you're seeing today and the Net Promoter Score that Frank mentioned. Because we help customers focus on solving data problems, getting value out of the data and not deal with the infrastructure.

是的。快速評論弗蘭克所說的一切。我們一直從客戶那裡聽到，我們的簡單和易用方法是您看到今天看到的結果和 Frank 提到的淨推薦值的原因之一。因為我們幫助客戶專注於解決數據問題，從數據中獲取價值，而不是處理基礎設施。

The next question is from the line of Kamil Mielczarek with William Blair.

下一個問題來自卡米爾·米爾查雷克和威廉·布萊爾的觀點。

Congrats on the solid quarter. The headcount growth in your sales and marketing organization has exceeded 50% in the first half of this year, which is comfortably above the growth rate you achieved in both fiscal '21 and '22. Can you provide more detail on where you've been focusing these new investments? And given the macro uncertainty, how do you think about the time to ramp? How long should it take for the new hires to be fully reflected in revenue?

祝賀堅實的季度。今年上半年，您的銷售和營銷組織的員工人數增長超過 50%，遠高於您在 21 財年和 22 財年實現的增長率。您能否提供更多關於您將這些新投資的重點放在哪裡的詳細信息？鑑於宏觀的不確定性，您如何看待爬坡的時間？新員工需要多長時間才能完全反映在收入中？

Well, the first half of the year is always the biggest hiring, and that tends to be we want to get people on board for our sales kickoff. It's also when we like to onboard a lot of our junior SDRs so we can train them altogether in the year. But the people we're adding are principally in direct sales and sales engineers, and we continue to open up new countries around the world. But we're going a lot deeper within North America as well, too, because there still is a lot of accounts that are being covered today.

嗯，今年上半年總是招聘人數最多的，這往往是我們希望讓人們參與我們的銷售啟動。這也是我們希望加入很多初級 SDR 的時候，這樣我們就可以在一年中對他們進行全面培訓。但是我們增加的人主要是直銷和銷售工程師，我們繼續在世界各地開闢新的國家。但我們也在北美更深入，因為今天仍然有很多賬戶被覆蓋。

And it takes -- depending on where they are in the corporate sales team, which is more of an inside sales, it's about a 6-month period to ramp. It's a little bit longer around the enterprise and the verticals. The real large verticals we go after, those guys could take a year to ramp because those are long sales cycles.

這需要 - 取決於他們在企業銷售團隊中的位置，這更像是內部銷售，大約需要 6 個月的時間來提升。圍繞企業和垂直行業的時間要長一些。我們追求的真正的大型垂直市場，這些人可能需要一年的時間才能完成，因為這些都是很長的銷售週期。

The next question is from the line of Derrick Wood with Cowen.

下一個問題來自 Derrick Wood 和 Cowen 的觀點。

Congrats on a great quarter.

祝賀一個偉大的季度。

(technical difficulty)

（技術難度）

Derrick, we can't hear you very well. You're cutting in and out. Could you repeat that maybe?

德里克，我們聽不太清楚。你正在切入和切出。你能重複一遍嗎？

Is this better? Can you hear me now?

這是否更好？你能聽到我嗎？

Yes.

是的。

I wanted to ask about the -- just the activity of migrating customers from legacy on-prem systems. And I think you've shown stats that close to 60% of your new customers come from that environment. And given the macro out there, some would argue you'd see acceleration because of operational efficiencies. Some would argue maybe there's a lot of change management, and companies would want to hold off. But just curious what you're seeing out of your pipeline in terms of the prospects priority to migrate off of on-prem systems.

我想問一下——只是從遺留的本地系統遷移客戶的活動。而且我認為您已經展示了接近 60% 的新客戶來自該環境的統計數據。考慮到宏觀環境，有些人會爭辯說，由於運營效率的提高，你會看到加速。有些人會爭辯說，也許有很多變革管理，公司會想推遲。但只是好奇您在從本地系統遷移的潛在客戶優先級方面從管道中看到了什麼。

I'll make one comment. I mean I will tell you that just in the last week, I've heard some -- 2 very, very iconic names in 2 different industries that were staunch on-premise people who would never ever go cloud and that are now going. So I just feel that the resistance is completely breaking and people are going cloud. I'm sure they have their own reasons. But a lot of this is what you said as well, is that they are -- they're going to get left behind. You can't take advantage of innovations that are only available on the cloud. So if anything, I tend to agree with you that we're going to see acceleration out of this as opposed to people holding back.

我將發表一條評論。我的意思是我要告訴你，就在上週，我聽到了一些——兩個不同行業中非常非常具有標誌性的名字，他們是堅定的本地人，他們永遠不會去雲，現在正在去。所以我只是覺得阻力完全被打破，人們正在烏云密布。我敢肯定他們有自己的理由。但是很多這也是你所說的，他們是——他們會被拋在後面。您無法利用僅在雲上可用的創新。因此，如果有的話，我傾向於同意你的觀點，即我們將看到加速發展，而不是人們退縮。

The next question is from the line of Brad Zelnick with Deutsche Bank.

下一個問題來自德意志銀行的 Brad Zelnick。

Excellent. Congrats, guys, on a really strong quarter and navigating a crazy environment out there. My question for you guys, maybe for Frank, is, I mean, if we think about just Data Cloud as the Holy Grail and data sharing being a really important element of that, and I look to the metric on stable edges, number of customers with at least one stable edge, I think it was 20%, you said, versus 15% a year ago, which I think is unchanged from what you had also said in Q1. Can you just give us a sense of how you would expect to see that progress? And when we look back 1 day, maybe where might the peak be?

出色的。恭喜，伙計們，在一個非常強大的季度並在那裡度過了一個瘋狂的環境。我對你們的問題，也許是對弗蘭克的問題，我的意思是，如果我們將數據云視為聖杯，數據共享是其中一個非常重要的元素，我會關注穩定邊緣、客戶數量的指標你說至少有一個穩定的優勢，我認為是 20%，而一年前是 15%，我認為這與你在第一季度所說的沒有變化。您能否讓我們了解一下您希望如何看到這一進展？當我們回顧 1 天時，也許高峰在哪裡？

I think there is a natural progression in these things. As you said, lots of people are preoccupied with the migration. That takes a lot of time. There's a lot of risk. There's a lot of -- so people want to get their core capabilities in place. They want to deal with their backlog, all the things that they need to do before they sort of move on to more aggressive, more ambitious projects where they're really starting to execute on their strategies and the vision that they have for themselves.

我認為這些事情有一個自然的進展。正如你所說，很多人都專注於遷移。這需要很多時間。有很多風險。有很多——所以人們希望獲得他們的核心能力。他們想要處理他們的積壓，在他們轉向更積極、更雄心勃勃的項目之前他們需要做的所有事情，在那裡他們真正開始執行他們的戰略和他們對自己的願景。

So I think that the Data Cloud is an incredibly important positioning element for us but also for our customers because if you don't adopt that posture, you will end up resiloing your environment in the cloud, and you will basically load up on the same set of problems that we historically have had. And it's a much bigger problem now because data science and the promise of data science, the ability to generate predictive insights and prescriptive solutions really depends on your ability to join and blend and overlay data regardless of data types, data source or where it's coming from. You can't predict.

所以我認為數據云對我們和我們的客戶來說都是一個非常重要的定位元素，因為如果你不採用這種姿勢，你最終會在雲中重新定位你的環境，你基本上會加載相同的我們歷史上遇到的一系列問題。現在這是一個更大的問題，因為數據科學和數據科學的前景，生成預測性見解和規範性解決方案的能力實際上取決於您加入、混合和覆蓋數據的能力，而不管數據類型、數據源或數據來源如何.你無法預測。

So it's really, really important that you don't throw up new barriers between data sources because you will not only frustrate your data science teams. You will literally not be able to realize the potential that is now there. So we draw a line in the sand on that. If you're going to go silo by silo, then you will be on the cloud, which you will not have set yourself up for the promise that's now in front of us.

因此，不要在數據源之間設置新的障礙，這非常非常重要，因為您不僅會挫敗您的數據科學團隊。你將無法真正意識到現在存在的潛力。所以我們在沙子上畫了一條線。如果你要一個接一個地去孤島，那麼你將在雲端，你不會為現在擺在我們面前的承諾做好準備。

The next question is from the line of Will Power with Baird.

下一個問題來自貝爾德的意志力。

And again, congratulations on the strong numbers. It looks like really strong upmarket success. I think a record number of $1 million or at least new $1 million customers. I just wanted to get more color, if there are any common variables helping drive that upmarket success. It sounds like there's a correlation with data sharing, the percentage of those customers that are deploying stable edges. So any further color on that, that would be great, too.

再次祝賀強勁的數字。看起來非常強大的高端成功。我認為創紀錄的 100 萬美元或至少 100 萬美元的新客戶。我只是想獲得更多顏色，如果有任何共同變量有助於推動高端市場的成功。聽起來這與數據共享有關，即部署穩定邊緣的客戶的百分比。所以任何進一步的顏色，那也很棒。

It's Frank again. I think as Mike said earlier, I mean, a lot of these million-dollar accounts can be years in the making. And a lot of the work that we've done in previous years is now culminating, and it's becoming visible in this particular manner. So it's not an overnight success. These things take time. But data sharing is incredibly important. Every industry and sub-industry has its own unique data networks and their own reasons and use cases where we know why they need to share data.

又是弗蘭克。我認為正如邁克之前所說，我的意思是，這些價值數百萬美元的賬戶中的許多可能需要數年時間才能形成。我們在前幾年所做的很多工作現在都達到了高潮，並且以這種特殊的方式變得可見。所以這不是一夜之間的成功。這些事情需要時間。但是數據共享非常重要。每個行業和子行業都有自己獨特的數據網絡和他們自己的原因和用例，我們知道他們為什麼需要共享數據。

In financial services, for example, which is, of course, an industry that you're all very familiar with, I mean, the need for sharing is extremely pronounced. And it's a daily preoccupation between institutions that need to share data. So Snowflake has really become a de facto platform for financial institutions on how to share data. So that becomes a very, very powerful thing. We feel the network effect from data sharing in certain verticals that are really more advanced, more mature in terms of the adoption of data sharing than some others that are taking more time to get into that.

以金融服務為例，當然，這是一個大家都非常熟悉的行業，我的意思是，共享的需求非常明顯。這是需要共享數據的機構之間的日常工作。因此，Snowflake 已經真正成為金融機構如何共享數據的事實上的平台。所以這變成了一個非常非常強大的東西。我們感受到了某些垂直領域的數據共享帶來的網絡效應，這些垂直領域在採用數據共享方面比其他一些需要更多時間的垂直領域更先進、更成熟。

Yes. And what I will add, too, is we have 510 Global 2000 customers. The average revenue from them today is $1.2 million. That's up from $1.05 million last quarter, and that will continue to grow. Those large customers are what is driving those million-plus customers for us, and we don't see that slowing down.

是的。我還要補充的是，我們有 510 家全球 2000 強客戶。他們今天的平均收入為 120 萬美元。這比上一季度的 105 萬美元有所增加，而且還會繼續增長。那些大客戶是為我們推動這些數百萬客戶的原因，我們認為這種情況不會放緩。

The next question is from the line of DJ Hynes with Canaccord.

下一個問題來自 DJ Hynes 與 Canaccord 的對話。

Mike, I wanted to ask you about the margin trajectory of the business. I mean continue to impress with the cash flow operating leverage you're showing. You raised the guidance to 17% this year. Given the trajectory, we're not miles off from that longer-term 25% target. What was the philosophy from here? Like do we reinvest the growth and the upside that we're seeing into the business to drive sales, productivity and accelerated investment there? Or does some of that flow through the bottom line, and maybe that 25% margin target is achievable ahead of schedule?

邁克，我想問你關於業務的利潤率軌跡。我的意思是繼續對您展示的現金流經營槓桿留下深刻印象。你將今年的指導提高到 17%。鑑於軌跡，我們距離 25% 的長期目標並不遙遠。這裡的哲學是什麼？就像我們是否將我們看到的增長和優勢再投資到業務中以推動銷售、生產力和加速投資？或者其中一些是否會流向底線，也許 25% 的利潤率目標可以提前實現？

Well, we're going to get to that number before we even think about changing it. And with regards to investing in the business, we are continuing to invest in the business. You can see the headcount we're adding. Principally, headcount is the main investment we're doing in the business because that's what drives R&D. That's what drives sale. But we're very thoughtful about where we invest those dollars and how quick we do. And we think we're investing at the adequate pace, and we will continue with that. And nothing has changed in our philosophy. We will continue to show leverage year-after-year.

好吧，我們甚至會在考慮改變它之前達到這個數字。關於投資業務，我們將繼續投資業務。您可以看到我們正在添加的人數。原則上，員工人數是我們在業務中進行的主要投資，因為這是推動研發的動力。這就是推動銷售的原因。但是我們非常考慮我們將這些資金投資在哪里以及我們做的速度有多快。我們認為我們正在以適當的速度進行投資，我們將繼續這樣做。我們的理念沒有任何改變。我們將繼續年復一年地展示槓桿作用。

Our next question is from the line of Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

On verticals, were there some standouts this quarter? We've heard energy has been a hot topic, just as an example. Any other big verticals you'd call out that you saw particular strength that you're excited by?

在垂直領域，本季度是否有一些出色的表現？作為一個例子，我們聽說能源一直是一個熱門話題。您會提到任何其他讓您感到興奮的特殊力量嗎？

Yes. Energy is not a very big vertical for it. Yes, we have some good customers, but they're not huge consumers of Snowflake. Really financial services is the #1 vertical. It's about -- if you look at it from a revenue perspective, about 20%, 21% of our revenue is from the financial services vertical. And then closely behind that is the media and entertainment. And then technology is right after that as well, about the same. Those are our 3 biggest. And then health care is pretty big, but it can grow a lot bigger.

是的。能源對它來說不是一個很大的垂直領域。是的，我們有一些很好的客戶，但他們並不是 Snowflake 的大消費者。真正的金融服務是排名第一的垂直領域。這是關於 - 如果你從收入的角度來看，大約 20%、21% 的收入來自金融服務垂直領域。緊隨其後的是媒體和娛樂。然後技術也緊隨其後，大致相同。這些是我們最大的 3 個。然後醫療保健是相當大的，但它可以變得更大。

Retail CPG.

零售 CPG。

Retail CPG is a meaningful segment as well. But financial services is very large, and those are very large stable edges, the data sharing that goes on in financial services. And when we talked about big accounts we landed in Europe, a big telco. We landed a big bank. We landed a big insurance company. And we continue to land big accounts in these verticals.

零售 CPG 也是一個有意義的細分市場。但是金融服務非常大，那些是非常大的穩定邊緣，金融服務中正在進行的數據共享。當我們談到大客戶時，我們來到了歐洲，一家大型電信公司。我們找到了一家大銀行。我們找到了一家大保險公司。我們繼續在這些垂直領域吸引大客戶。

Okay. And one quick follow-up. Just tonight, you've seen Salesforce.com take down guidance and Splunk take down guide. Everyone's asking. It seems like the industry is taking the guide down, but you're seeing incredible strength and no stretched out deals or duration. What do you think is going on? Are you just taking share? Is it just early on? How would you characterize what you're seeing, what [seems to be impacted]?

好的。并快速跟進。就在今晚，您已經看到 Salesforce.com 刪除指南和 Splunk 刪除指南。每個人都在問。似乎該行業正在取消指南，但您會看到令人難以置信的力量，並且沒有延長的交易或持續時間。你認為發生了什麼？你只是分享嗎？只是在早期嗎？你會如何描述你所看到的，什麼[似乎受到影響]？

Yes. I would say most SaaS companies, when they land an account, they typically license most of the users in an account. When we land, we land small. And they go workload by workload, and they just keep moving stuff over to Snowflake. That drives that. And it's a multiyear journey within our customers. And I don't see any of our customers that are fully saturated, where I think some SaaS companies may be saturated.

是的。我會說大多數 SaaS 公司，當他們登陸一個帳戶時，他們通常會許可一個帳戶中的大多數用戶。當我們著陸時，我們著陸的地方很小。他們一個接一個地去工作，他們只是不斷地把東西轉移到雪花上。這就是驅動力。這是我們客戶的多年旅程。而且我沒有看到我們的任何客戶完全飽和，我認為一些 SaaS 公司可能已經飽和。

The next question is from the line of Steve Koenig with SMBC.

下一個問題來自 SMBC 的 Steve Koenig。

This is Owen Haworth on for Steve. Two quick related questions from us. First can you describe the near-term opportunity and analytics beyond your core data warehouse use case? And which of these other workloads would you expect to become most prevalent in the near term? And then as a second, I'm wondering if you can talk through the plans to break into the operational use cases. And how many times bigger is that market opportunity in the near term compared to that heritage EDW market?

這是史蒂夫的歐文霍沃斯。我們提出了兩個快速相關的問題。首先，您能否描述一下核心數據倉庫用例之外的近期機會和分析？您預計哪些其他工作負載會在短期內變得最普遍？然後，我想知道您是否可以討論一下闖入運營用例的計劃。與傳統 EDW 市場相比，該市場機會在短期內大多少倍？

It's Frank. I'll make one comment. I'll give Christian some time to think about some additional comments. We started out in this business with what I'd refer to as a workload modernization, where we're taking existing workloads and move them to the cloud. And we're running them much faster because of all the architectural innovations that Snowflake has represented. And this really helps customers. And I mentioned this in the prepared remarks. It really helped customers a 24-hour cycle to very reliably deliver data to their business users. And that's been a long time coming. The customers have struggled with that enormously. And then we hear about it every single day.

是弗蘭克。我將發表一條評論。我會給克里斯蒂安一些時間來考慮一些額外的意見。我們從我所說的工作負載現代化開始從事這項業務，我們將現有工作負載轉移到雲中。由於 Snowflake 所代表的所有架構創新，我們的運行速度要快得多。這確實對客戶有幫助。我在準備好的評論中提到了這一點。它確實幫助客戶在 24 小時周期內非常可靠地將數據交付給他們的業務用戶。這已經很久了。客戶為此付出了巨大的努力。然後我們每天都會聽到它。

But that's just reporting yesterday's news. And these days, I will tell you that 9 out of 10 conversations I had with customers are not about that, okay? They are about very specific industry challenges and industry opportunities. For example, we have pharma customers that are seeing opportunities to reduce their clinical trials. It takes on average 12 years to bring a drug to market. You've got 5 years left to monetize it. They can take a whole year off for that. You redefine the economics of an entire industry. Health care is trying to go to an entirely predictive model. Let's say treating people for disease, they're trying to predict who is going to get sick and what preventative protocols they can put in place to help people then steer clear of that. So these are very different conversations than what we're doing.

但這只是報導昨天的新聞。這些天，我會告訴你，我與客戶的 10 次談話中有 9 次與此無關，好嗎？它們是關於非常具體的行業挑戰和行業機遇的。例如，我們的製藥客戶看到了減少臨床試驗的機會。將一種藥物推向市場平均需要 12 年。您還有 5 年的時間將其貨幣化。他們可以為此請一整年的假。您重新定義了整個行業的經濟學。醫療保健正在嘗試採用完全預測的模型。假設為人們治療疾病，他們試圖預測誰會生病，以及他們可以採取哪些預防措施來幫助人們避免這種情況。所以這些對話與我們正在做的非常不同。

In advertising, for example, with clean room technologies, we're doing totally different things now, and we're enabling these industries to navigate all the issues around privacy and compliance and so on. So to characterize this as a data warehousing company, I've said this a million times, but that is probably 5 years out of date by now. And you can keep doing that, but that doesn't make it the reality of our business because it's not anymore.

例如，在廣告方面，使用潔淨室技術，我們現在正在做完全不同的事情，我們正在使這些行業能夠解決所有圍繞隱私和合規等問題。因此，為了將其描述為一家數據倉庫公司，我已經說過一百萬次了，但現在可能已經過時了 5 年。你可以繼續這樣做，但這並不能使它成為我們業務的現實，因為它不再是了。

I'll add that we see broadening of the personas within a company that we speak to. It's not just the traditional data analyst team, but data engineering team are engaged with us. Data science teams are engaged with us. Streamlit has a really strong relationship with many of the data science teams, and we see that part of it. We announced at our user conference in June, cybersecurity is a workload that is doing very well for us. And probably the largest announcement was around Snowflake for data applications and application platform. That's where the opportunity for the operational database capabilities fit into, and we see tremendous interest on both customers and partners.

我要補充一點，我們看到與我們交談的公司內的角色不斷擴大。不僅是傳統的數據分析師團隊，還有數據工程團隊與我們合作。數據科學團隊與我們合作。 Streamlit 與許多數據科學團隊有著非常牢固的關係，我們看到了其中的一部分。我們在 6 月的用戶大會上宣布，網絡安全是一項對我們來說做得很好的工作量。可能最大的公告是圍繞數據應用程序和應用程序平台的雪花。這就是運營數據庫功能的機會所在，我們看到客戶和合作夥伴都對此產生了極大的興趣。

Yes. And just a quick follow-up. Snowflake has become de facto a cloud application development and run time platform. People are building and deploying applications on Snowflake. I mean we have customers like Western Union who were starting whole businesses on top of Snowflake. Those are the conversations that we are having with customers. Workload modernization, we'll be doing that until the end of time, but that's no longer the reality that dominates our daily existence.

是的。只是一個快速的跟進。 Snowflake 已成為事實上的雲應用程序開發和運行時平台。人們正在 Snowflake 上構建和部署應用程序。我的意思是我們有像西聯這樣的客戶，他們在 Snowflake 上開始了整個業務。這些是我們與客戶進行的對話。工作量現代化，我們將一直這樣做，直到時間結束，但這不再是主導我們日常生活的現實。

The next question is from the line of Ittai Kidron with Oppenheimer.

下一個問題來自奧本海默的 Ittai Kidron。

Mike, I wanted to piggyback to a comment you made earlier that it takes months for customers to get into production even after they sign up with you. I guess with that being the case in the current environment being what it is, what is the risk that 6 to 12 months from now, we'll see a little bit of a lull in your growth as whatever slowdown in activity that's happening with them right now translates into a smaller number of workload transitions into the cloud? How much visibility do you have into the prep work customers are doing with respect to the workload transition?

邁克，我想藉用您之前發表的評論，即即使客戶與您簽約，也需要幾個月的時間才能投入生產。我想在當前環境中的情況就是這樣，從現在起 6 到 12 個月的風險是什麼，我們會看到你的增長有點停滯，因為他們的活動正在放緩現在轉化為較少數量的工作負載轉移到雲？您對客戶在工作負載轉換方面所做的準備工作有多少了解？

Well, we have a lot of that. You can see in the number of Cap Ones that we landed last quarter, it was north of 600. All of those customers, they signed up on Snowflake to move workloads to us. And we know, based upon discussions we have with many of our top customers, their plans, what they're planning on doing. As an example, we have a number of our customers that are just chomping at the bit for Snowpark to go into GA with Python because they want to do more on Snowflake. So that's what gives us the confidence. And we spend a lot of time looking and engaging with our reps. We're talking to our customers to get a feel for what is consumption going to be like over the next 3 months, 6 months with our customers.

好吧，我們有很多。您可以在我們上個季度登陸的 Cap One 數量中看到，超過 600 個。所有這些客戶都註冊了 Snowflake 以將工作負載轉移給我們。我們知道，根據我們與許多頂級客戶的討論，他們的計劃，他們計劃做什麼。舉個例子，我們有一些客戶只是在為 Snowpark 使用 Python 進入 GA 階段而苦惱，因為他們想在 Snowflake 上做更多的事情。這就是給我們信心的原因。我們花了很多時間尋找並與我們的代表互動。我們正在與我們的客戶交談，以了解未來 3 個月、6 個月與我們的客戶的消費情況。

Just a quick follow-up. I actually think that the dynamic that you're describing, I mean, we're going to see the exact opposite of that. We think people -- because of the nervousness that they may have about the macro, they're going to accelerate to a cloud computing platform. And the reason is these are elastic models. These are consumption models, right? So it's much better to be in the elastic model where you only pay for what you use, and you can run on demand than when you have to make large upfront commitments to vendors. So if anything, I think people are going to get a move on instead of hold off.

只是快速跟進。我實際上認為你所描述的動態，我的意思是，我們將看到完全相反的情況。我們認為人們——由於他們可能對宏觀感到緊張，他們將加速使用雲計算平台。原因是這些是彈性模型。這些是消費模式，對吧？因此，與您必須向供應商做出大量前期承諾相比，您只需為使用的東西付費，並且可以按需運行，這要好得多。因此，如果有的話，我認為人們會繼續前進而不是推遲。

The next question is from the line of Ari Terjanian with Cleveland Research.

下一個問題來自 Cleveland Research 的 Ari Terjanian。

Congrats on the great results. You alluded to earlier referring on Snowpark and Python support. I was just hoping if you could provide a little bit more color on the feedback you're getting from customers around Python or Snowpark as well as the announcements you made around Apache at the user conference. Curious when you think those can start to drive consumption for the platform when you're expecting contribution and what types of projects that you're currently not involved in, what kind of use cases it could open up for you.

祝賀偉大的結果。您提到之前提到過 Snowpark 和 Python 支持。我只是希望您能對您從 Python 或 Snowpark 的客戶那裡獲得的反饋以及您在用戶大會上圍繞 Apache 發布的公告提供更多顏色。當您認為這些可以在您期待貢獻時開始推動平台的消費時，您會感到好奇，您目前沒有參與哪些類型的項目，它可以為您打開什麼樣的用例。

Yes. I'll start, and maybe Christian can finish. Python is -- Snowflake for Python is red hot, and people are chomping at the bit for us to declare it GA, which is something. And we have customers that are really wanting us to let them use it in production now, some of the largest customers that we have. So the pressure is on because the demand is there.

是的。我會開始，也許克里斯蒂安可以結束。 Python 是——Snowflake for Python 是炙手可熱的，人們急於讓我們宣布它為 GA，這是什麼東西。我們有客戶真的希望我們現在讓他們在生產中使用它，我們擁有的一些最大的客戶。所以壓力是存在的，因為需求是存在的。

The thing about the Iceberg open table formats that really completely open Snowflake up to be -- for Snowflake tables to be used by anybody and everybody that can support that format, we're seeing incredible results in terms of performance of Snowflake executing against that file format. So these are all very, very, very promising developments for us. And I think that the pressure is on for us to declare these things generally available because people are trying to rip them out of our hands right now.

關於真正完全打開 Snowflake 的 Iceberg 開放表格式的事情 - 對於任何可以支持該格式的任何人和每個人都可以使用的 Snowflake 表，我們在針對該文件執行 Snowflake 的性能方面看到了令人難以置信的結果格式。所以這些對我們來說都是非常、非常、非常有希望的發展。而且我認為我們面臨著宣布這些東西普遍可用的壓力，因為人們現在正試圖將它們從我們手中奪走。

Yes. As we said at our Summit conference, we expect those to be GA at the end of this year. So a meaningful contribution to consumption will happen next year.

是的。正如我們在峰會上所說，我們預計這些將在今年年底成為 GA。因此，明年將對消費做出有意義的貢獻。

That's right. And qualitatively, the feedback is extremely positive, which is why, as Frank said, we get these many requests to go production, go GA as soon as we can.

這是正確的。從質量上講，反饋是非常積極的，這就是為什麼，正如弗蘭克所說，我們收到了這麼多要求去生產，盡快去 GA 的原因。

The next question will come from the line of Tyler Radke with Citi.

下一個問題將來自花旗的 Tyler Radke。

So we made it almost a full hour without talking about Graviton. I actually just wanted to ask you how you're thinking about new projects or new workloads in response to some of the optimizations. And any change to your assumptions? I think you had talked about kind of $60 million of net new spend coming online. Just curious how that's tracking and your expectations for the second half of the year.

所以我們幾乎整整一個小時都沒有談論 Graviton。我實際上只是想問您如何考慮新項目或新工作負載以響應某些優化。你的假設有什麼變化嗎？我想你已經談到了 6000 萬美元的在線新支出。只是好奇這是如何跟踪的以及您對下半年的期望。

No changes to our assumptions there. And we always expect that the biggest impact is in the second half of the year on those? And then Christian?

我們在那裡的假設沒有變化。而我們一直預計，最大的影響是在下半年對那些？然後是克里斯蒂安？

Yes. We're always continuously looking at how to deliver price performance advantage to our customers. Graviton happened to be one of the more significant changes. But any quarter, we have tens of changes that go and improve performance for different workloads. And we're also constantly evaluating hardware advancements, and our commitment to our customers is to do that research that we have and deliver best price performance.

是的。我們一直在不斷研究如何為我們的客戶提供性價比優勢。 Graviton 恰好是更重要的變化之一。但在任何一個季度，我們都會進行數十項更改，以提高不同工作負載的性能。我們還不斷評估硬件的進步，我們對客戶的承諾是進行我們擁有的研究並提供最佳的性價比。

And if I could sneak in a quick follow-up, I guess, just what type of workloads are you seeing customers bring on with those lower price points? Is it kind of new workload that you weren't able to handle in the past? Just any way to characterize that?

如果我可以快速跟進，我想，您看到客戶以較低的價格帶來哪些類型的工作負載？這是您過去無法處理的新工作負載嗎？有什麼方法可以描述這一點？

Yes. We're seeing a lot of lower-latency, higher-concurrency use cases, like slicing and dicing. We did our migration from (inaudible), which is very related to use cases recently, in part because of the better economics, but in part because of the performance. And they're obviously -- it's highly correlated. We're also seeing a lot of data engineering, data transformation, Spark migrations coming on to Snowflake, all because of the price performance that we offer.

是的。我們看到了很多低延遲、高並發的用例，比如切片和切塊。我們從（聽不清）進行了遷移，這與最近的用例非常相關，部分原因是經濟性更好，但部分原因是性能。很明顯，它們是高度相關的。我們還看到大量數據工程、數據轉換、Spark 遷移進入 Snowflake，這一切都是因為我們提供的性價比。

Thank you. That concludes the question-and-answer session as well as today's call. Thank you for your participation. You may now disconnect your lines.

謝謝你。問答環節和今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。