(SNOW) 2023 Q3 法說會逐字稿

Good afternoon, and thank you for attending today's Snowflake Q3 Fiscal 2023 Earnings Conference Call. My name is Austin, and I will be your moderator for today. (Operator Instructions)

下午好，感謝您參加今天的 Snowflake Q3 2023 財年收益電話會議。我叫 Austin，今天我將擔任你們的主持人。 （操作員說明）

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

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

Good afternoon, and thank you for joining us on Snowflake's Q3 Fiscal 2023 Earnings Call. With me and those in Montana are Frank Slootman, our Chairman and Chief Executive Officer; Mike Scarpelli, our Chief Financial Officer; and Christian Kleinerman, our Senior Vice President of Product, who will join us for the Q&A session.

下午好，感謝您加入我們的 Snowflake 2023 財年第三季度財報電話會議。與我和蒙大拿州的其他人一起的是我們的董事長兼首席執行官 Frank Slootman；我們的首席財務官 Mike Scarpelli；以及我們的產品高級副總裁 Christian Kleinerman，他將加入我們的問答環節。

During today's call, we will review our financial results for the third quarter fiscal 2023, discuss our guidance for the fourth quarter and full year fiscal 2023 and discuss our fiscal 2024 outlook. During today's call, we will make forward-looking statements, including statements related to the expected performance of our business, future financial results, strategy, products and features, long-term growth and overall future prospects. These statements are subject to risks and uncertainties, which could cause them to differ materially from actual results.

在今天的電話會議上，我們將回顧 2023 財年第三季度的財務業績，討論我們對 2023 財年第四季度和全年的指導，並討論 2024 財年的展望。在今天的電話會議上，我們將做出前瞻性陳述，包括與我們業務的預期業績、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。這些陳述受風險和不確定因素的影響，可能導致它們與實際結果存在重大差異。

Information concerning those risks is available in our earnings press release distributed after market close today and in our SEC filings, including our most recently filed Form 10-Q for the fiscal quarter ended July 31, 2022, and the Form 10-Q for the quarter ended October 31, 2022, that we will file with the SEC. We caution you to not place undue reliance on forward-looking statements and undertake no duty or obligation to update any forward-looking statements as a result of new information, future events or changes in our expectations.

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向美國證券交易委員會提交的文件中找到，包括我們最近提交的截至 2022 年 7 月 31 日的財政季度的 10-Q 表格和該季度的 10-Q 表格截至 2022 年 10 月 31 日，我們將向 SEC 提交。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責任或義務。

We'd also like to point out on today's call, we will report both GAAP and non-GAAP results. We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are presented in addition to and not as a substitute for financial measures calculated in accordance with GAAP. To see the reconciliations of these non-GAAP financial measures, please refer to our earnings press release distributed earlier today in our investor presentation, which are posted at 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。我們在內部使用這些非 GAAP 財務措施來進行財務和運營決策，並作為評估期間比較的一種方式。非 GAAP 財務措施是根據 GAAP 計算的財務措施的補充，而不是替代。要查看這些非 GAAP 財務措施的對賬，請參閱我們今天早些時候在我們的投資者介紹中發布的收益新聞稿，這些新聞稿發佈在 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. Snowflake continues to drive strong growth at scale, coupled with strengthened unit economics, operating profit and free cash flow. While we acknowledge the weakening global macro context, we remain resilient in terms of our results. We believe this resilience reflects the importance of data strategy in modern enterprises and institutions. Data is becoming deeply ingrained in how global enterprises think, act, decide and strategize. Relying on anecdotal observations will increasingly take a back seat to data-driven operations.

謝謝，吉米，大家下午好。 Snowflake 繼續推動強勁的規模增長，同時加強單位經濟效益、營業利潤和自由現金流。雖然我們承認全球宏觀環境疲軟，但我們在業績方面仍然保持彈性。我們認為，這種彈性反映了數據戰略在現代企業和機構中的重要性。數據在全球企業的思考、行動、決策和戰略制定中變得根深蒂固。依靠軼事觀察將越來越多地讓位於數據驅動的操作。

The company is reporting $523 million in product revenue, growing 67% year-on-year. Our remaining performance obligations, or RPO, grew 66% year-on-year to $3 billion. On a non-GAAP basis, product gross margin came in at 75%, operating margin at 8% and adjusted free cash flow margin at 12%.

該公司報告的產品收入為 5.23 億美元，同比增長 67%。我們的剩餘履約義務 (RPO) 同比增長 66% 至 30 億美元。在非美國通用會計準則的基礎上，產品毛利率為 75%，營業利潤率為 8%，調整後的自由現金流利潤率為 12%。

Snowflake's Data Cloud strongly resonates in large enterprises and institutions. The idea of getting your data siloed again in the public cloud stack holds limited appeal. Data Cloud maximizes the power and promise of data science and artificial intelligence, a high priority in the modern enterprise.

Snowflake的數據云在大型企事業單位引起強烈共鳴。將數據再次孤立在公共雲堆棧中的想法吸引力有限。數據云最大限度地發揮了數據科學和人工智能的力量和前景，這是現代企業的重中之重。

In the quarter, we added 28 Global 2000 customers. Product revenue from the Global 2000 outpaced the company as a whole, growing 40% quarter-over-quarter. Global 2000 customers now represent over 40% of revenue. Our mission is the data class, a single data universe across geographies, data sources, compute clouds and cloud regions, a single point of inquiry, analytics and intelligence, maximum enablement of data sciences, analytics and intelligence.

本季度，我們增加了 28 個 Global 2000 客戶。來自全球 2000 強的產品收入超過了整個公司，環比增長了 40%。全球 2000 家客戶現在佔收入的 40% 以上。我們的使命是數據類，跨地域、數據源、計算雲和雲區域的單一數據宇宙，單一查詢點、分析和智能，最大程度地支持數據科學、分析和智能。

Today, Snowflake operates across 37 regional deployments. Year-over-year, we've expanded our footprint by more than 30%. Customers are embracing the division. 22% of customers have at least 1 stable edge, up from 17% a year ago. 66% of customers with over $1 million in trailing 12-month product revenue have at least 1 stable edge.

如今，Snowflake 在 37 個區域部署中運作。與去年同期相比，我們的足跡擴大了 30% 以上。客戶正在接受這個部門。 22% 的客戶至少擁有 1 個穩定的優勢，高於一年前的 17%。在過去 12 個月的產品收入超過 100 萬美元的客戶中，66% 的客戶至少擁有 1 個穩定優勢。

Snowflake's marketplace listings grew 11% quarter-over-quarter, now with more than 1,700 data listings. Our strategy is a global data sharing network, coupled it with unlimited workload enablement. Work needs to find its way to the data instead of the historical habit of moving data to the work. Much of the work in the announcements you've seen from Snowflake in recent years reflect our progress in and across the workload spectrum, from data engineering to data warehousing, to data science, to data applications and transaction processing.

Snowflake 的市場列表環比增長 11%，現在有超過 1,700 個數據列表。我們的戰略是一個全球數據共享網絡，加上無限的工作負載支持。工作需要找到通往數據的途徑，而不是將數據移至工作的歷史習慣。近年來，您在 Snowflake 發布的公告中看到的大部分工作都反映了我們在工作負載範圍內和整個工作負載範圍內取得的進展，從數據工程到數據倉庫，再到數據科學，再到數據應用程序和事務處理。

We recently announced the general availability of Python for Snowpark. This is foundational for many workloads and user types. Global 2000 customers, Charter Communications, EDF Energy and Northern Trust, have adopted Snowflake for Python. Earlier next year, we will offer native Streamlit integration in private preview. With Streamlit, we're helping developers and data engineers build applications in Snowflake.

我們最近宣布了 Python for Snowpark 的普遍可用性。這是許多工作負載和用戶類型的基礎。 Charter Communications、EDF Energy 和 Northern Trust 等全球 2000 家客戶已採用 Snowflake for Python。明年早些時候，我們將在私人預覽版中提供原生 Streamlit 集成。通過 Streamlit，我們正在幫助開發人員和數據工程師在 Snowflake 中構建應用程序。

Since acquisition, the Streamlit community has grown more than 60% and now has approximately 70,000 developers. We're enabling data science workloads with Snowpark optimized work houses -- warehouses, now in public preview. Optimized warehouses represents a step function improvement for compute-intensive workloads and allow customers to bring ML training into Snowflake.

自收購以來，Streamlit 社區增長了 60% 以上，目前擁有大約 70,000 名開發人員。我們正在使用 Snowpark 優化的工作室——倉庫來支持數據科學工作負載，現在公開預覽。優化的倉庫代表了計算密集型工作負載的階躍函數改進，並允許客戶將 ML 訓練引入 Snowflake。

In Q3, we hosted our Data Cloud World Tour, which brought our product announcements to a global audience. We traveled to 18 cities across 12 countries and reached over 12,000 attendees. In November, we hosted our annual developer conference, BUILD. A virtual kickoff at over 4,000 attendees and local breakouts are scheduled in 16 cities across 10 countries.

在第三季度，我們舉辦了數據云世界巡迴演唱會，向全球觀眾發布了我們的產品公告。我們前往 12 個國家/地區的 18 個城市，與會者超過 12,000 人。 11 月，我們舉辦了年度開發者大會 BUILD。計劃在 10 個國家/地區的 16 個城市舉行超過 4,000 名與會者的虛擬開幕式和本地分組會議。

Aside from world-class scale performance and economics, Snowflake differentiates with a relentless focus on enterprise-grade, high-trust implementation, where security and compliance capabilities enable the largest enterprises and institutions worldwide to deploy Snowflake for the most critical use cases and applications.

除了世界一流的規模性能和經濟性之外，Snowflake 還堅持不懈地專注於企業級、高信任度的實施，其中安全性和合規性功能使全球最大的企業和機構能夠為最關鍵的用例和應用程序部署 Snowflake。

Privacy and compliance, of course, have become far greater challenges in recent years and created new challenges in data operations. For example, our data clean room operations, which originated in the role of advertising, are now spreading to other vertical industries. Snowflake continues to deepen and strengthen its industry orientation.

當然，近年來，隱私和合規性已成為更大的挑戰，並在數據運營中帶來了新的挑戰。比如我們的數據潔淨室運營，起源於廣告的作用，現在正在向其他垂直行業擴散。雪花不斷深化和強化產業定位。

We expect to understand our customer challenges, solve their problems and speak their language. Leading industries for Snowflake are financial services, advertising, media and entertainment, followed by retail and consumer packaged goods, technology and health care and life sciences. In Q3, product revenue from the financial services industry grew 13% quarter-over-quarter.

我們希望了解客戶面臨的挑戰，解決他們的問題並使用他們的語言。 Snowflake 的主導產業是金融服務、廣告、媒體和娛樂，其次是零售和消費品、技術和醫療保健以及生命科學。第三季度，來自金融服務行業的產品收入環比增長13%。

From financial services clients, the Depository Trust & Clearing Corporation, or DTCC, recently announced their use of Snowflake marketplace. Providing clearing and settlement services, DTCC has access to a vast amount of training data. DTCC allows clients to engage with this data through Snowflake to better understand market liquidity and investor sentiment.

來自金融服務客戶的存款信託與清算公司 (DTCC) 最近宣布使用 Snowflake 市場。 DTCC 提供清算和結算服務，可以訪問大量的培訓數據。 DTCC 允許客戶通過 Snowflake 處理這些數據，以更好地了解市場流動性和投資者情緒。

During the quarter, at advertising week, we announced our investment in OpenAP, the advanced advertising company. This will accelerate the development of the OpenAP Data Hub, which is a new cross-publisher and cross-platform clean room solution for the television industry powered by Snowflake. The addition of Snowflake validates the commitment of Fox, NBCUniversal, Paramount and Warner Bros, Discovery have made to transforming the TV app industry.

在本季度的廣告週期間，我們宣布了對高級廣告公司 OpenAP 的投資。這將加速 OpenAP Data Hub 的開發，OpenAP Data Hub 是一種新的跨出版商和跨平台潔淨室解決方案，適用於由 Snowflake 提供支持的電視行業。 Snowflake 的加入證實了 Fox、NBCUniversal、Paramount 和 Warner Bros、Discovery 為改變電視應用行業所做的承諾。

We are aware of the weakening macro economy. Customer behavior informs our outlook and investment approach. In Q3, we demonstrated our ability to execute through different economic environments. Our focus remains on revenue growth balanced with free cash flow generation. We are well positioned to drive efficient and durable growth, which Mike will discuss further. The opportunity we have is massive and will take years to unfold.

我們意識到宏觀經濟正在走弱。客戶行為會影響我們的前景和投資方法。在第三季度，我們展示了我們在不同經濟環境中執行的能力。我們的重點仍然是收入增長與自由現金流的產生相平衡。我們有能力推動高效和持久的增長，邁克將進一步討論這一點。我們擁有的機會是巨大的，需要數年時間才能展現出來。

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. Q3 product revenues were $523 million, representing 67% year-over-year growth, and our remaining performance obligations grew 66% year-over-year, totaling $3 billion. Of the $3 billion in RPO, we expect approximately 55% to be recognized as revenue in the next 12 months. This represents a 68% increase compared to our estimate as of the same quarter last year. Our net revenue retention rate of 165% includes 14 new customers with $1 million in trailing 12-month product revenue and reflects durable growth among our largest customers.

謝謝你，弗蘭克。第三季度產品收入為 5.23 億美元，同比增長 67%，我們的剩餘履約義務同比增長 66%，總計 30 億美元。在 30 億美元的 RPO 中，我們預計大約 55% 將在未來 12 個月內確認為收入。這比我們對去年同期的估計增長了 68%。我們 165% 的淨收入保留率包括 14 個新客戶，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。

Focused on the acquisition and growth of the largest enterprises in the world, we added 28 Global 2000 customers in the quarter, our largest quarterly addition in the last 5 periods. We have confidence in our growth opportunity in these accounts because G2K customers only represent $1.3 million of trailing 12-month product revenue on average. This compares to an average of $3.7 million among customers over $1 million in product revenue. We will continue to grow these accounts through value selling and workload enablement. We are seeing this in our largest accounts today.

專注於全球最大企業的收購和增長，我們在本季度增加了 28 家全球 2000 強客戶，這是我們在過去 5 個時期內增加的最大季度。我們對這些客戶的增長機會充滿信心，因為 G2K 客戶平均僅代表過去 12 個月產品收入的 130 萬美元。相比之下，產品收入超過 100 萬美元的客戶平均為 370 萬美元。我們將繼續通過價值銷售和工作負載支持來增加這些客戶。我們今天在最大的客戶中看到了這一點。

Quarter-over-quarter, 6 of our top 10 customers grew faster than the company overall. We are monitoring our key business metrics, which we believe are leading indicators of the macro economy impacting our business. In the quarter, we saw varying degrees of strength and weakness worldwide, making it challenging to identify a consistent trend. Our largest segments, North America and EMEA, outperformed SMB and APJ. The strength in North America includes the headwind from the consumer Internet companies we mentioned earlier this year. This shows the resiliency of Snowflake as enterprises continue to prioritize data operation.

與上一季度相比，我們前 10 大客戶中有 6 家的增長速度快於公司整體。我們正在監控我們的關鍵業務指標，我們認為這些指標是影響我們業務的宏觀經濟的領先指標。在本季度，我們在全球範圍內看到了不同程度的優勢和劣勢，因此很難確定一致的趨勢。我們最大的細分市場，北美和 EMEA，表現優於 SMB 和 APJ。北美的實力包括我們今年早些時候提到的消費互聯網公司的逆風。隨著企業繼續優先考慮數據操作，這顯示了 Snowflake 的彈性。

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

仔細觀察特定行業，金融服務是我們最大的垂直行業，其增長速度超過了公司整體。雖然廣告和媒體娛樂增長放緩，但科技作為一個行業在本季度表現不佳。每個地區和垂直領域在本季度都有獨特的情況，消費模式總是會發生這種情況。話雖如此，第三季度的業績反映出整體消費強勁。雖然我們在本季度確實遇到了外匯收入逆風，但我們只有不到 5% 的收入是以美元以外的貨幣開具發票的。目前，鑑於不重要，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 continued growth in large customer accounts contributed to year-over-year gross margin improvement. Operating margin was 8%, benefiting from revenue outperformance and favorability on headcount and marketing spend. Our adjusted free cash flow margin was 12%, positively impacted by strong collections. We ended the quarter in a strong cash position with $4.9 billion in cash, cash equivalent and short-term and long-term investments.

現在轉向非 GAAP 基礎上的利潤率。我們的產品毛利率為 75%。我們公共雲數據中心的規模和大客戶賬戶的持續增長促進了毛利率的同比增長。營業利潤率為 8%，受益於收入表現出色以及對員工人數和營銷支出的青睞。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。本季度末，我們擁有 49 億美元的現金、現金等價物以及短期和長期投資，現金狀況良好。

Now let's turn to our guidance. We remain committed to driving towards greater profitability. We are focused on revenue growth while expanding operating and free cash flow margins. Over the past 6 weeks, we have seen weaker consumption in APJ and SMB segment. However, recent consumption patterns give us confidence that our largest and most strategic customers will continue to grow. With the holidays approaching and uncertainty with how customers will operate, we believe taking a more conservative approach is responsible as we resource plan for Q4 and fiscal 2024. Even with slower-than-expected growth, we are committed to generating meaningful free cash flow. For the fourth quarter, we expect product revenue between $535 million and $540 million, representing year-over-year growth between 49% and 50%.

現在讓我們轉向我們的指導。我們仍然致力於推動更高的盈利能力。我們專注於收入增長，同時擴大運營和自由現金流利潤率。在過去 6 週，我們看到 APJ 和 SMB 部分的消費疲軟。然而，最近的消費模式讓我們相信，我們最大和最具戰略意義的客戶將繼續增長。隨著假期的臨近和客戶運營方式的不確定性，我們認為在我們為第四季度和 2024 財年制定資源計劃時採取更保守的方法是負責任的。即使增長低於預期，我們也致力於產生有意義的自由現金流。對於第四季度，我們預計產品收入在 5.35 億美元至 5.4 億美元之間，同比增長 49% 至 50%。

Turning to margins. We expect, on a non-GAAP basis, 1% operating margin, and we expect 360 million diluted weighted average shares outstanding. For the full fiscal year 2023, we expect product revenues between $1.919 billion and $1.924 billion, representing year-over-year growth between 68% and 69%.

轉向利潤率。我們預計，在非 GAAP 的基礎上，營業利潤率為 1%，我們預計有 3.6 億股攤薄加權平均流通股。對於整個 2023 財年，我們預計產品收入在 19.19 億美元至 19.24 億美元之間，同比增長 68% 至 69%。

Turning to profitability. For the full fiscal year 2023, we expect, on a non-GAAP basis, approximately 75% product gross margin, 3% operating margin and 21% adjusted free cash flow margin, and we expect 359 million diluted weighted average shares outstanding. Year-to-date, we've added over 1,500 net new employees. We view the current hiring market as favorable for Snowflake, and we'll continue to focus hiring in product, engineering and sales.

轉向盈利能力。對於整個 2023 財年，我們預計，在非 GAAP 基礎上，產品毛利率約為 75%，營業利潤率為 3%，調整後的自由現金流利潤率為 21%，我們預計攤薄後的加權平均流通股數為 3.59 億股。年初至今，我們淨增了 1,500 多名新員工。我們認為當前的招聘市場對 Snowflake 有利，我們將繼續專注於產品、工程和銷售方面的招聘。

While we are currently in our planning cycle, we would like to discuss next year's growth outlook based on the consumption we are seeing today. For the full fiscal year 2024, we expect product revenue growth of approximately 47% and non-GAAP adjusted free cash flow margin of 23% and continued expansion of operating margin. This outlook includes a slowdown in hiring, which we evaluate on a monthly basis, but assumes adding over 1,000 net new employees. Our long-term opportunity remains strong, and we look forward to executing.

雖然我們目前處於規劃週期，但我們希望根據今天看到的消費情況討論明年的增長前景。對於整個 2024 財年，我們預計產品收入增長約 47%，非 GAAP 調整後自由現金流利潤率為 23%，營業利潤率將繼續擴大。這一前景包括招聘放緩，我們每月對其進行評估，但假設新增 1,000 多名新員工。我們的長期機會依然強勁，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，你現在可以打開問題熱線了。

(Operator Instructions) Our first question is with Raimo Lenschow from Barclays.

（操作員說明）我們的第一個問題是來自巴克萊銀行的 Raimo Lenschow。

Congrats on strong growth numbers and especially the cash flow. My question was, as you think about next year, how should we think about existing customers versus new customers? You obviously had a record new customer add. What are you seeing in terms of customers' willingness to join you? Because normally, in the olden days, in -- people would stay with the incumbent in tough times and just batten down the hatches, et cetera. It seems to be different for you. So could you speak a little bit of what you're expecting new customers versus existing customers in that guidance?

祝賀強勁的增長數字，尤其是現金流。我的問題是，正如您對明年的看法，我們應該如何看待現有客戶與新客戶？你顯然有一個創紀錄的新客戶添加。您如何看待客戶加入您的意願？因為通常情況下，在過去，人們會在困難時期留在現任者身邊，只是做好準備，等等。對你來說似乎不一樣。那麼，您能否在該指南中談談您對新客戶與現有客戶的期望？

Yes. Well, Raimo, in terms of -- from a revenue perspective, most of the revenue is really driven by our existing customers because it takes customers time to get their data into Snowflake and ramp up production. But with that said, we're still very much focused on landing new customers. It's not really the quantity, it's the quality of new customers. We tend to focus very much on the largest enterprises, and Global 2000 is 1 of the metrics that we give. But it's not just Global 2000, it's large public sector clients as well as a lot of the big private companies in the world as well, too. And so we're going to continue to do that. And as you can see by the Global 2000, they're still willing to do -- bring in new vendors.

是的。好吧，Raimo，就收入而言，大部分收入實際上是由我們現有的客戶推動的，因為客戶需要時間將他們的數據導入 Snowflake 並提高產量。但話雖如此，我們仍然非常專注於吸引新客戶。這不是真正的數量，而是新客戶的質量。我們傾向於非常關注最大的企業，全球 2000 強是我們提供的指標之一。但它不僅是全球 2000 強公司，還有大型公共部門客戶以及世界上許多大型私營公司。因此，我們將繼續這樣做。正如您在全球 2000 強中看到的那樣，他們仍然願意這樣做——引入新的供應商。

Our next question is with Kirk Materne from Evercore.

我們的下一個問題是來自 Evercore 的 Kirk Materne。

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

邁克，你提到沒有任何 - 模式很難破譯，因為你們跨越了許多不同的垂直領域和地域。但我很好奇那些表現良好的垂直領域，比如金融服務等，你是否開始看到 Snowflake 帶來的網絡效應確實在宏觀背景下幫助這些垂直領域表現良好？有趣的是，您的穩定邊緣已經上升。我希望那些你真正構建了行業特定功能的垂直領域發揮作用，也許這些客戶能夠更快地增長，因為他們在整個行業中更加鎖定。你能談談嗎？

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

是的。好吧，我會開始，然後我會讓弗蘭克。嗯，很明顯，網絡效應很重要，我們確實在金融服務中看到了這一點，因為金融服務具有最集中的穩定優勢。您可以在金融服務的出色表現中看到這一點。但可以肯定的是，我們正在看到網絡效應，而且確實如此——數據共享是推動這種效應的因素之一。

Yes. The other thing, Kirk, is every industry has its own unique set of dynamics that we're calling, in other words, things that are driving data networking relationships between entities. For example, in health care, it's the relationships between payers and providers. In media and entertainment, there is enormous amount of data sharing going on there. In terms of consumer packaged goods, the advertisers, retailers and so on. So they're all a little different.

是的。另一件事，柯克，每個行業都有自己獨特的一組動態，換句話說，就是推動實體之間數據網絡關係的事物。例如，在醫療保健領域，它是付款人和提供者之間的關係。在媒體和娛樂領域，存在著大量的數據共享。在消費品方面，廣告商、零售商等。所以他們都有點不同。

As Mike said, financial is very much driven by the fact that historically, financial services institutions are pumping massive amounts of data around every single night to all these different destinations, especially in asset management and subsectors like that. So we really view -- I mean data networking plays out differently in every industry sector and subsector, but they become -- there's a lot of data gravity is what we call it that starts to happen that benefits us enormously. It really lowers the friction of getting access to new accounts, and you see that very pronounced in verticals like financial services.

正如 Mike 所說，金融在很大程度上是由這樣一個事實驅動的，即從歷史上看，金融服務機構每晚都會將大量數據傳輸到所有這些不同的目的地，尤其是在資產管理和類似的子行業。所以我們真的認為 - 我的意思是數據網絡在每個行業和子行業中發揮著不同的作用，但它們變得 - 很多數據引力就是我們所說的開始發生，這使我們受益匪淺。它確實降低了獲得新賬戶的摩擦，你會看到這在金融服務等垂直領域非常明顯。

Our next question is with Keith Weiss from Morgan Stanley.

我們的下一個問題是來自摩根士丹利的 Keith Weiss。

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

我是 Keith 的 Sanjit Singh。邁克，我想回到你為我們制定的一些指導框架，特別是關於 24 財年的指導框架，我認為你談到了 47% 的增長。有什麼辦法可以在下個季度為我們架起一座橋樑，我認為你正在引導高端市場達到 49% 左右。然後是明年全年，約為 47%。什麼樣的因素讓您有信心您的第四季度退出增長率將持續到明年？

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

當然。好吧，我會說第四季度是 - 這是一個有很多假期的季度，我們確實認為我們經歷過 COVID，人們旅行的次數更多，而且人為因素也很大.所以我們一直在預測第四季度，我們會看到它的影響，但我們也有一些我們已經簽約的重要客戶，我們看到他們明年在 Snowflake 以及一些我們正在用 Python 使用 Snowpark 做的事情，我們也開始看到它的牽引力。但我們認為這將對 2024 年產生更大的影響。

Makes total sense. And then I was wondering if you could give us a little bit of sense of the consumption, the cohorts and how they're sort of behaving. So you've talked quite positively about the top 10 customers, and obviously, new customers don't contribute even though that's coming in at a very fast clip. But if we strip out just the top 10 customers and the new customers, that sort of core customer base, how has those underlying expansion trends materializing over the quarter? And as we've gotten past the October quarter into November, December, what are some of the underlying trends for the core of the business outside of the top 10?

完全有道理。然後我想知道你是否可以讓我們了解一下消費情況、人群以及他們的行為方式。所以你對前 10 名客戶的評價非常積極，很明顯，新客戶不會做出貢獻，即使他們的速度非常快。但是，如果我們只剔除前 10 大客戶和新客戶，即核心客戶群，那麼這些潛在的擴張趨勢如何在本季度實現？隨著我們從 10 月季度進入 11 月、12 月，前 10 名以外的核心業務有哪些潛在趨勢？

Yes. Well, let me clarify something on the top 10. When I said 6 are growing faster than the pace of the company, we actually have 3 that actually, sequentially, were down in the quarter, which was expected, and those are some of those companies we talked about early in the year, and they're all in the technology sector that wouldn't surprise you if you knew their names.

是的。好吧，讓我澄清一下前 10 名的一些事情。當我說 6 家公司的增長速度快於公司的步伐時，我們實際上有 3 家公司實際上在本季度連續下降，這是預期的，這些就是其中的一些我們在年初談過的公司，它們都屬於技術領域，如果您知道它們的名字，您不會感到驚訝。

But what I will say is we continue to see strength, in particular, in financial services, the advertising and media space. Where we do see weakness is we do see weakness in APJ. And a lot of that has to do with the fact the FX is really impacting them. And then you do see weakness -- I didn't see it in the bookings, but in consumption, in the more of the SMB customers, we do see that. We call them our corporate accounts, but these are the 500 or less employees. And I definitely did see some consumption weakness. But I want to stress, I didn't see it in the bookings that they have that added RPO, but definitely out of consumption.

但我要說的是，我們繼續看到實力，特別是在金融服務、廣告和媒體領域。我們確實看到弱點的地方是我們確實看到 APJ 的弱點。這在很大程度上與 FX 真正影響他們的事實有關。然後你確實看到了弱點——我沒有在預訂中看到它，但在消費中，在更多的 SMB 客戶中，我們確實看到了這一點。我們稱他們為我們的公司賬戶，但這些是 500 名或更少的員工。我確實看到了一些消費疲軟。但我想強調的是，我沒有在預訂中看到他們增加了 RPO，但絕對沒有消耗。

Our next question is with Alex Zukin from Wolfe Research.

我們的下一個問題是來自 Wolfe Research 的 Alex Zukin。

So I guess if I -- it sounds like there's a lot of nuance across a lot of different industries and customer sizes and geographies. If we think about the guidance for next year, are you guiding to -- you mentioned the guide for next quarter. It's prudent to assume a more riskier or a more prudent scenario around the continuation of macro trends. What are you assuming for next year? Is there a linearity where you're assuming a second half better than the first half or continuing to get worse? Walk us through some of the puts and takes around that guidance trajectory.

所以我想如果我 - 聽起來很多不同的行業、客戶規模和地域之間存在很多細微差別。如果我們考慮明年的指導，你是否指導 - 你提到了下個季度的指南。圍繞宏觀趨勢的延續假設風險更高或更謹慎的情景是明智的。你對明年有什麼假設？假設下半場好於上半場或繼續變得更糟，是否存在線性關係？引導我們完成一些看跌期權並繞過該指導軌跡。

I'm factoring in that we're going to continue to stay consistent where we are right now through the balance of next year. And if the -- things turn around, that's upside for us. And as I said, this is just as we're doing planning right now, we're not expecting things to change. And I really don't know. Probably maybe you have a better sense, but all I can do is forecast based upon what we see today.

我考慮的是，我們將在明年餘下的時間裡繼續保持目前的狀態。如果 - 事情好轉，那對我們來說是有利的。正如我所說，這就像我們現在正在做的計劃一樣，我們不希望事情發生變化。我真的不知道。也許你有更好的感覺，但我所能做的就是根據我們今天看到的情況進行預測。

Got it. And for some of the customers or cohorts that you're seeing where like they're sequentially declining, are you starting to see kind of we're working with them around a new baseline? Like basically, when do some of these optimization patterns kind of rebase and start growing in some of these new areas like Streamlit and others that you're out there in the market with?

知道了。對於您看到的一些客戶或群組，他們正在連續下降，您是否開始看到我們正在圍繞新基線與他們合作？基本上，這些優化模式中的一些什麼時候會重新調整併開始在一些新領域（如 Streamlit 和市場上的其他領域）增長？

Well, what I would say is these are 3 customers that's unique to them with the challenges that they've been placing or had in their businesses that have been pretty public. And I think, too, one of the reasons why, as I said, technology has underperformed, we are seeing a lot of technology companies you're hearing in the news that are either freezing hiring or cutting headcount and they're definitely looking to optimize on cost. But these 3 customers, in particular, I think we're at their baseline right now. And as long as their businesses kind of stabilize and grow, then we'll see some growth out of them, but I'm not factoring any growth in them this quarter.

好吧，我要說的是，這 3 位客戶對他們來說是獨一無二的，他們在他們的業務中一直面臨或面臨的挑戰已經公開。我也認為，正如我所說，技術表現不佳的原因之一是，我們看到許多你在新聞中聽到的技術公司要么凍結招聘要么裁員，他們肯定希望優化成本。但是，特別是這 3 位客戶，我認為我們現在處於他們的基線。只要他們的業務穩定和增長，我們就會看到他們的一些增長，但本季度我沒有考慮他們的任何增長。

Our next question is with Brad Zelnick from Deutsche Bank. Our next question will be with Gregg Moskowitz from Mizuho.

我們的下一個問題是來自德意志銀行的 Brad Zelnick。我們的下一個問題將來自瑞穗的 Gregg Moskowitz。

Congratulations on delivering very healthy product revenue in this environment. My question relates to Q4, where obviously the product revenue guidance was below where consensus was. And I'm curious, how much of this, Mike, is a reflection of a moderation in consumption in the month of November or over the last 6 weeks, as you said, in APJ and across the SMB as opposed to embedding more conservatism amid the existing macro uncertainty? Would you say it's tilted more towards one versus the other?

祝賀您在這種環境下提供非常健康的產品收入。我的問題與第四季度有關，顯然產品收入指導低於共識。我很好奇，邁克，這在多大程度上反映了 11 月份或過去 6 週的消費放緩，正如你所說，在 APJ 和整個 SMB 中，而不是在其中嵌入更多的保守主義現有的宏觀不確定性？你會說它更傾向於一個而不是另一個嗎？

Well, the way we do our forecast is based upon historical performance, and we definitely did see a slowdown in the month of October, not that dramatic, but we typically would see week-over-week growth, and we saw a number of weeks where it was pretty flat. I will say November is starting to tick back up again, and that's all factored into the guidance given the macro backdrop we have right now.

好吧，我們進行預測的方式是基於歷史表現，我們確實看到 10 月份出現放緩，並沒有那麼劇烈，但我們通常會看到每週的增長，而且我們看到了數週那裡很平坦。我會說 11 月又開始回升，鑑於我們目前的宏觀背景，這一切都已納入指導。

Our next question is with Simon Leopold from Raymond James.

我們的下一個問題是 Raymond James 的 Simon Leopold。

This is Victor Chiu for Simon. Previously, your commentary seemed to imply that slowing consumption in a weaker macro environment would be more concentrated around specific customer groups or verticals. Is that still the case? It seems that's still the case. I just want to confirm. And what, I guess, has changed versus your expectations in the past? What kind of trends are you observing that are kind of falling out of what you were expecting previously?

我是 Simon 的 Victor Chiu。此前，您的評論似乎暗示，在較弱的宏觀環境下消費放緩將更多地集中在特定的客戶群體或垂直領域。現在還是這樣嗎？好像還是這樣。我只是想確認一下。我想，與您過去的期望相比，發生了什麼變化？您觀察到哪些趨勢與您之前的預期有所不同？

Well, to be clear, it hasn't changed that much from what we've been expecting all year. And as I said, there are certain verticals that are not performing as well, technology being one of them that we mentioned from where we were 6 months ago. Financial services, doing extremely well and expect that to continue. Actually, we landed a very nice deal in the financial services sector that, that customer will ramp in the second half of next year and will be a meaningful customer, will be a top 10 customer 1 day. And the other area that, as I mentioned, is doing very, very well is the whole advertising media space, and a lot of that is driven by our clean room technology and what we're doing there as well, too.

好吧，需要明確的是，它與我們全年的預期相比並沒有太大變化。正如我所說，某些垂直領域表現不佳，技術是我們 6 個月前提到的其中之一。金融服務做得非常好，並希望這種情況繼續下去。實際上，我們在金融服務領域達成了一筆非常好的交易，該客戶將在明年下半年增加，並將成為一個有意義的客戶，將成為前 10 名客戶 1 天。正如我提到的，另一個做得非常非常好的領域是整個廣告媒體空間，其中很多是由我們的潔淨室技術和我們在那裡所做的事情驅動的。

I would say the only thing that's really changed this quarter, and it's a very small piece of our overall revenue, is the SMB segment, you're really seeing a slowdown in consumption by those customers. It's not going away, but it's just not growing like it was at the pace of growth and same with APJ. But the U.S. verticals, large enterprises doing extremely well.

我想說的是，本季度唯一真正發生變化的是 SMB 部門，它只占我們總收入的一小部分，你真的看到這些客戶的消費放緩。它不會消失，但它不會像 APJ 那樣以增長的速度增長。但美國的垂直行業，大型企業表現非常出色。

Okay. That's helpful. And I guess can you just give us an update around some of your new initiatives like Snowpark and unstructured data and just kind of the traction and progress you're having with those initiatives?

好的。這很有幫助。我想你能不能給我們介紹一下你的一些新計劃，比如 Snowpark 和非結構化數據，以及你在這些計劃中取得的進展和進展？

Christian Kleinerman here. Snowpark saw GA in November 7, and as a percentage of customers that are evaluating the technology, it's a very healthy rate. The consumption has not yet materialized because they're planning [premigrations], doing POCs, et cetera, but it's quite promising. And as Frank mentioned, Streamlit will be in private preview at the beginning of the year, which we also think will have a good number of interesting use cases to our customers.

克里斯蒂安克萊納曼在這裡。 Snowpark 在 11 月 7 日正式發布，作為評估該技術的客戶的百分比，這是一個非常健康的比率。消費尚未實現，因為他們正在計劃[預遷移]、進行 POC 等，但它很有前途。正如 Frank 提到的，Streamlit 將在今年年初進行私人預覽，我們也認為這將為我們的客戶提供大量有趣的用例。

Our next question is with Kamil Mielczarek from William Blair.

我們的下一個問題是威廉·布萊爾的卡米爾·米爾查雷克。

You've done a great job growing the sales force this year. The pace of hiring seems to have accelerated in the quarter. Can you talk about where you're focusing incremental investments? And should we expect these new hires to begin to contribute in fiscal '24 to revenue? Or will the impact come in 18 to 24 months given the time it takes for a new customer to ramp?

今年你們在增加銷售隊伍方面做得很好。本季度招聘步伐似乎有所加快。你能談談你把增量投資的重點放在什麼地方嗎？我們是否應該期望這些新員工在 24 財年開始為收入做出貢獻？或者考慮到新客戶增加所需的時間，影響會在 18 到 24 個月內出現嗎？

Well, we're very much focused this year on our hiring and our sales force to go into existing markets. We're not opening many new territories this year, and it's really to go deeper into core markets, both verticals, North America but in particular, Germany, France and the U.K. as well as Australia and Japan and APJ. And we do believe these people will be contributing to bookings more in the second half of next year. And remember, when a booking comes in, it takes a while before you really start to see meaningful revenue from those customers. Generally, it's a 6-month lag before they really ramp up.

好吧，今年我們非常關注我們的招聘和銷售人員進入現有市場。今年我們不會開設很多新地區，而是要深入核心市場，包括垂直市場、北美，尤其是德國、法國和英國以及澳大利亞、日本和 APJ。我們相信這些人將在明年下半年為預訂做出更多貢獻。請記住，當有預訂時，您需要一段時間才能真正開始從這些客戶那裡看到可觀的收入。通常，在它們真正上升之前需要 6 個月的滯後時間。

That's helpful. And just a quick follow-up. Can you update us on competitive environment? Are you seeing any changes particularly on the product side?

這很有幫助。并快速跟進。你能告訴我們競爭環境的最新情況嗎？您是否看到任何變化，特別是在產品方面？

Sorry, I didn't quite get that. Update on what?

抱歉，我不太明白。更新什麼？

The competitive environment?

競爭環境？

It's Frank. I would say that the competitive dynamic is substantially unchanged. We're -- I think the balance of partnership versus competition shifts marginally from 1 period to the next. I think we've said publicly that our partnership with AWS Amazon has been incrementally stronger and less competitive over time and that continues. Microsoft has been healthy and with Google GCP has been about the same. Most of our competitive reality, if you will, is really dominated by the public cloud companies, and that's been true for as long as we've been here.

是弗蘭克。我要說的是，競爭動態基本沒有改變。我們 - 我認為夥伴關係與競爭的平衡從一個時期略微轉移到下一個時期。我認為我們已經公開表示，隨著時間的推移，我們與 AWS 亞馬遜的合作夥伴關係越來越強大，競爭力越來越弱，而且這種情況仍在繼續。微軟一直很健康，谷歌 GCP 也差不多。如果你願意的話，我們的大多數競爭現實實際上是由公共雲公司主導的，只要我們一直在這裡，這就是事實。

Our next question is with Derrick Wood from Cowen and Company.

我們的下一個問題是來自 Cowen and Company 的 Derrick Wood。

I always like that you guys highlight the average G2K spend, I think you said it was $1.3 million. As you look at other companies that are more mature, have larger revenue scale or even as you look at your own more mature customers, what do you think the longer-term level of spend out of an average G2K customer could be down the road? And then I guess more specific to the quarter, you did have a strong G2K add, strongest in 5 quarters. Are you seeing any pickup in migration activity or anything to call out in terms of strength this quarter?

我總是喜歡你們強調 G2K 的平均支出，我想你們說的是 130 萬美元。當你看其他更成熟、收入規模更大的公司，甚至當你看自己更成熟的客戶時，你認為平均 G2K 客戶的長期支出水平可能會如何？然後我想更具體到這個季度，你確實有一個強大的 G2K 添加，在 5 個季度中最強。您是否看到本季度移民活動有所回升或有什麼值得稱道的地方？

Yes. I'll just say on the G2K, there's no reason why a G2K can't spend well north of $10 million a year on Snowflake, and that's a conservative number. But it will take time to get there. This is really a marathon. It's not a sprint for our customers, and it will take time. And we are starting to see very large customer relationships. We did sign a $100 million contract in the quarter, again, with an existing customer on renewal, and we will have $100 million plus contracts this quarter in Q4 with customers that I know are running out of credits and want to lock in for long term.

是的。我只想說在 G2K 上，G2K 沒有理由不能每年在 Snowflake 上花費超過 1000 萬美元，這是一個保守的數字。但到達那裡需要時間。這真是一場馬拉松。這不是我們客戶的衝刺，需要時間。我們開始看到非常龐大的客戶關係。我們確實在本季度與現有客戶續簽了一份 1 億美元的合同，我們將在本季度第四季度與客戶簽訂 1 億美元以上的合同，我知道這些客戶的信用額度已經用完並希望長期鎖定.

So it's just going to take time to grow these customers. Just like it took us -- I think Capital One is one of our -- is our largest customer. It's taken them 5.3 years to get to where we are now. Most of our top 10 customers, with the exception of 1, developed in 4.5, 5 years old customers to get into that top 10. And we think that trend will continue, that it will take customers that long to ramp to get to those sizes. And then sorry, Derrick, what was the second part of your question?

因此，發展這些客戶需要時間。就像我們——我認為 Capital One 是我們的其中之一——是我們最大的客戶。他們用了 5.3 年才走到現在的位置。我們的前 10 大客戶中的大多數，除了 1 家，都是在 4.5 年開發的，5 歲的客戶進入前 10 名。我們認為這種趨勢將持續下去，客戶需要很長時間才能達到這些規模.然後抱歉，Derrick，你問題的第二部分是什麼？

Just the strength in the G2K adds in the quarter and if there was anything to call out, if you're seeing perhaps a pickup in kind of legacy migration activity.

只是 G2K 的實力在本季度增加了，如果有什麼需要指出的，如果你看到遺留遷移活動可能有所回升。

No. What I want to remind you, though, too, is selling into a Global 2000 is not a 1- or 2-quarter event. These are 1- to 2-year sales cycles. So it wasn't surprising to us that we landed these. We've been working on these for quite some time, just like we have a very healthy pipeline [at once] for all of next year. What quarter they'll land in is really hard to say. But even if I land them, it takes me 6, 9 months to ramp them. But we're very focused on those, and we know who they all are, and we have reps assigned to them.

不。不過，我也想提醒您，向全球 2000 強公司推銷並不是 1 或 2 個季度的事件。這些是 1 到 2 年的銷售週期。所以我們得到這些並不奇怪。我們已經在這些方面工作了很長一段時間，就像我們明年全年都有一個非常健康的管道一樣。他們將降落在哪個季度真的很難說。但即使我著陸了，我也需要 6、9 個月的時間來提升它們。但我們非常專注於這些，我們知道他們是誰，並且我們為他們分配了代表。

Our next question is with Sterling Auty from SVB.

我們的下一個問題是來自 SVB 的 Sterling Auty。

I'm just wondering with the macro uncertainty, if you're seeing any customer behavior changes in terms of the type of data that they're ingesting or even if they modify and reduce some of the data ingestion that maybe they were doing previously.

我只是想知道宏觀不確定性，如果您看到任何客戶行為在他們正在攝取的數據類型方面發生變化，或者即使他們修改和減少了他們以前可能正在做的一些數據攝取。

This is Frank. Not really seeing that. We have done a lot of traveling during the quarter inside and outside the country. And I think one of the sentiments that I've run into is that we're sort of past sort of the bleeding edge early adopter class customers that we have acquired over the last, whatever, 5, 6, 7 years. And we're now into the people that didn't sign up early on. And their overriding sentiment is a sense of FOMO, or fear of missing out. And they're looking at us like we can't be left behind, help us catch up.

這是弗蘭克。不是真的看到那個。本季度我們在國內外進行了多次旅行。我認為我遇到的一種情緒是，我們已經過去了過去 5 年、6 年、7 年中獲得的最前沿的早期採用者類客戶。我們現在開始關注那些沒有提前註冊的人。他們壓倒一切的情緒是一種 FOMO 感，或者害怕錯過。他們看著我們，就像我們不能落後一樣，幫助我們趕上來。

And a lot of times, the challenges around that are based on their ability to harness the technology in terms of the skills and the expertise. So in other words, our mix of tools is going to evolve to really help customers address that gap because anything, they want to accelerate, they want to lean in, they want to move faster. They're literally overriding. Sentiment is we're afraid to be left behind. This is how important this is. And they are clearly identifying what they think is holding them up in terms of getting there.

很多時候，圍繞這些的挑戰是基於他們在技能和專業知識方面利用技術的能力。因此，換句話說，我們的工具組合將不斷發展，以真正幫助客戶解決這一差距，因為他們想要加速，他們想要投入，他們想要更快地行動。他們實際上是壓倒一切的。情緒是我們害怕被拋在後面。這是多麼重要。他們清楚地確定了他們認為阻礙他們實現目標的因素。

Our next question is with Brad Reback from Stifel.

我們的下一個問題是來自 Stifel 的 Brad Reback。

Mike, as we think about the macro backdrop, what, if any, impact should we expect to that -- for that to have on an RPO in 4Q?

邁克，當我們考慮宏觀背景時，我們應該期待什麼影響（如果有的話）——這對第四季度的 RPO 有影響嗎？

I don't see it having a big impact on Q4 based upon the pipeline of deals and knowing the number of customers I know are running out of credits. And I should say, from a current RPO, the big question is, is whether customers in this environment will do multiyear deals or just choose to renew for 1 year, which they have the option to do as well, too. But with that said, I know Q4 will always be our largest addition to RPO. And based upon all the sales calls that we have, I feel pretty good about that right now where we're sitting. But obviously, there's still 2 months left in the quarter.

根據交易渠道，我認為它不會對第四季度產生重大影響，而且我知道有多少客戶的信用額度用完了。我應該說，從當前的 RPO 來看，最大的問題是，在這種環境下，客戶是會進行多年交易，還是只選擇續訂 1 年，他們也可以選擇這樣做。但話雖如此，我知道第四季度將永遠是我們對 RPO 的最大補充。根據我們所有的銷售電話，我現在對我們坐的地方感覺很好。但顯然，這個季度還有 2 個月的時間。

Our next question is with Will Power from Baird.

我們的下一個問題是來自 Baird 的 Will Power。

Mike, it was great to see the higher free cash flow guidance, I guess, this year, initial expectations for next year. And I guess the longer-term target looks pretty conservative, I guess, in light of that. But it'd be great just to get kind of perspective on kind of the key upside drivers there relative to what you were previously anticipating.

邁克，很高興看到更高的自由現金流指導，我想，今年是對明年的初步預期。鑑於此，我猜長期目標看起來相當保守。但是，如果能夠了解與您之前預期相關的關鍵上行驅動因素，那就太好了。

Well, part of it is just what we guided to. This year is going to come in where we thought it was going to come in for the second half of the year. But a lot of it is driven by customer consumption with some of our largest customers and knowing the RPO that they have and the timing of when those things are going to get billed. But coupled with the fact that we are slowing our hiring down next year, we're seeing very positive gross margin improvements. I do think there's more opportunity next year for gross margin improvement, but wait until we guide just based upon some things we're in discussions with the cloud providers. And I feel pretty good about those numbers sitting here right now on our preliminary planning for next year.

好吧，其中一部分正是我們所指導的。今年將進入我們認為下半年會進入的位置。但其中很大一部分是由我們一些最大客戶的客戶消費驅動的，並且知道他們擁有的 RPO 以及這些東西何時會被計費。但再加上明年我們將放慢招聘速度，我們看到毛利率有了非常積極的改善。我確實認為明年有更多機會提高毛利率，但等到我們根據我們正在與雲提供商討論的一些事情進行指導。我對我們明年的初步計劃中現在坐在這裡的這些數字感到非常滿意。

Our next question is with Mike Cikos from Needham & Company.

我們的下一個問題是來自 Needham & Company 的 Mike Cikos。

I had a question about the optimization trends that we're seeing from customers, and really, it relates to the cohorts here. But given the current macro backdrop, is it fair to think that newer customers who maybe were onboarded in the most recent 6 or 9 months and are on that growth trajectory, are they at a slower rate versus previous cohorts? Can you elaborate at all as far as what the more recent cohorts are demonstrating from a growth perspective?

我有一個關於我們從客戶那裡看到的優化趨勢的問題，實際上，它與這裡的群組有關。但鑑於當前的宏觀背景，認為可能在最近 6 或 9 個月內加入並處於增長軌道上的新客戶與之前的客戶群相比，他們的增長速度是否較慢，這是否公平？您能否從增長的角度詳細說明最近的隊列所展示的內容？

I really haven't looked at that, but I'm not -- what I will say is customers today, we spend a lot more time with them on making sure they use Snowflake efficiently, and there's a lot more people that have experience with Snowflake that it's -- I think the customers that were growing on Snowflake today that are starting out are much, much more efficient in how they use Snowflake. But I'll turn it over to Christian, who actually talks to a lot of our customers.

我真的沒有看過，但我不是——我今天要說的是客戶，我們花了更多的時間與他們在一起，以確保他們有效地使用 Snowflake，並且有更多的人有經驗它是雪花——我認為今天在雪花上成長的客戶開始使用雪花的效率要高得多。但我會把它交給克里斯蒂安，他實際上與我們的很多客戶交談過。

Yes. We're very focused on helping our customers do not go through a cycle of grow, optimize, grow, optimize, but just being a smoother curve all along. And it is, as Mike said, expectation setting, explaining with training and other material, but also product enhancement. And we're seeing that type of behavior, both with existing and new customers.

是的。我們非常專注於幫助我們的客戶不經歷增長、優化、增長、優化的循環，而是一直保持更平滑的曲線。正如邁克所說，它是期望設定，通過培訓和其他材料進行解釋，也是產品增強。我們在現有客戶和新客戶中都看到了這種行為。

Got it. And one more house cleaning, if I could, but -- sorry, housekeeping, if I could. But can you just remind us what the revenue exposure is from a contribution standpoint from that SMB segment that we have called out?

知道了。如果可以的話，還要打掃房間，但是——抱歉，如果可以的話，客房清潔。但是，您能否提醒我們，從我們提出的 SMB 細分市場的貢獻角度來看，收入風險是多少？

It's less than 10% -- it's right around 10%.

它不到 10%——正好在 10% 左右。

Our next question will be from Steve Koenig from SMBC.

我們的下一個問題將來自 SMBC 的 Steve Koenig。

So your ability to grow revenue 67% year-on-year in this environment speaks to very strong long-term adoption trends, but I'm wondering more on a short-term basis. If we look at quarter-on-quarter product revenue additions, I think it's kind of gone flattish in Q3 year-on-year and may go negative next quarter. So I'm wondering, how do you think about planning your sales additions and maintaining sales productivity? I'm curious about your thought process there. That's all I have.

因此，您在這種環境下收入同比增長 67% 的能力說明了非常強勁的長期採用趨勢，但我想知道更多的是短期的。如果我們看一下季度環比的產品收入增長，我認為它在第三季度同比持平，下個季度可能會出現負增長。所以我想知道，您如何看待計劃增加的銷售量和保持銷售效率？我很好奇你在那裡的思考過程。那是我的全部了。

Yes. I will say in a consumption model, quarter-over-quarter additions is not as meaningful because so much of the consumption is tied to what customers are doing at specific times in their business. And also Q4, as I said, is one that has seasonally higher number of holidays with people taking. And remember, about 70% of our revenue is tied to human interaction with our system, 30% is really driven by scheduled jobs. So that has an impact. But also, I want to remind you that a lot of the stuff we've been doing around hardware improvements and stuff is really hitting us in Q4.

是的。我要說的是，在消費模型中，季度環比增長意義不大，因為大部分消費都與客戶在其業務的特定時間所做的事情有關。正如我所說，第四季度也是一個季節性假期較多的人。請記住，我們大約 70% 的收入與人與我們系統的交互有關，30% 是由預定工作驅動的。所以這有影響。而且，我想提醒你，我們一直在做的很多圍繞硬件改進的事情，以及在第四季度真正對我們產生影響的事情。

Our final question shall be from Brent Bracelin with Piper Sandler.

我們的最後一個問題將來自 Brent Bracelin 和 Piper Sandler。

I totally get how consumption could slow here just given some of the challenges in these verticals, obviously, recessionary headwinds. I'd be curious and more curious to hear the offset to consumption, which is expanding number of use cases. So do you have any sights or visibility into how, in a recessionary environment, customers' appetite to expand either into new departments or expand into data science? Some of our job postings data suggests that there are people aggressively hiring for Snowflake and data science scenarios. So I'd love to get the view here on how quickly over the next year or 2, you could see use cases drive a offset to consumption.

鑑於這些垂直領域的一些挑戰，顯然是經濟衰退的逆風，我完全明白這裡的消費會如何放緩。我很想知道消費的抵消，這正在擴大用例的數量。那麼，在經濟衰退的環境中，您是否了解或了解客戶擴展到新部門或擴展到數據科學的興趣？我們的一些職位發布數據表明，有人在積極招聘 Snowflake 和數據科學場景。因此，我很想在這裡了解在未來一兩年內，您可以多快看到用例抵消消費。

Yes. Just having visited with lots of customers during our Data Cloud World Tour, we see pretty high interest on a number of new use cases, Snowpark for data engineering as well as data science. Cybersecurity is a new workload we see a lot of intercept from our customers. And even though it's a little bit later when to materialize on our end, Unistore and their ability to build applications in Snowflake is definitely driving a lot of interest. So the willingness to expand the use cases seems unaffected by the broader context.

是的。剛剛在我們的數據云世界之旅期間拜訪了很多客戶，我們看到對許多新用例非常感興趣，Snowpark 用於數據工程和數據科學。網絡安全是一種新的工作負載，我們看到很多來自客戶的攔截。儘管在我們這邊實現的時間有點晚，但 Unistore 及其在 Snowflake 中構建應用程序的能力無疑引起了人們的極大興趣。因此，擴展用例的意願似乎不受更廣泛背景的影響。

That concludes today's call. Thank you for your participation. You may now disconnect your lines.

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。