Snowflake Inc (SNOW) 2023 Q4 法說會逐字稿

Hello, and welcome to the Q4 FY '23 Snowflake earnings conference call. (Operator Instructions) I would now like to hand over to Jimmy Sexton, Head of Investor Relations. The floor is yours. Please go ahead.

您好，歡迎來到 Q4 FY '23 Snowflake 收益電話會議。 （操作員說明）我現在想交給投資者關係主管 Jimmy Sexton。地板是你的。請繼續。

Good afternoon, and thank you for joining us on Snowflake's Q4 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 Product, who will join us for the Q&A session.

下午好，感謝您參加 Snowflake 的 2023 財年第四季度財報電話會議。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 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 guidance for the fourth quarter and full year fiscal 2024 and our results of the first quarter and full year fiscal 2023. 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, our stock repurchase program 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，我們將審查我們對 2024 財年第四季度和全年的財務指導以及我們對 2023 財年第一季度和全年的業績。在今天的電話會議上，我們將做出前瞻性陳述，包括與預期相關的陳述我們的業務表現、未來的財務業績、戰略、產品和特點、長期增長、我們的股票回購計劃和整體未來前景。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 our SEC filings, including our most recently filed Form 10-Q and the Form 10-K for the fiscal year ended January 31, 2023, 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 10-Q 表格和截至 2023 年 1 月 31 日的財政年度的 10-K 表格，我們將提交這些文件與美國證券交易委員會。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 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.

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。

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.

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. Good afternoon, everybody on the call. Q4 product revenue grew 54% year-on-year, and for the fiscal year grew 70%, totaling $1.9 billion. Q4 net revenue retention was 158%. We continue to be on track for our $10 billion product revenue goal in fiscal '29. Remaining performance obligations grew 38% totaling $3.7 billion.

謝謝，吉米。大家下午好，接聽電話。 Q4 產品收入同比增長 54%，本財年增長 70%，總計 19 億美元。第 4 季度淨收入保留率為 158%。我們繼續朝著 29 財年 100 億美元的產品收入目標邁進。剩餘履約義務增長了 38%，總計 37 億美元。

We saw a measure of bookings reticence with certain customer segments in Q4, reflecting a lack of visibility in the business and preferring a cautious short-term stance versus larger, longer-term contract expansions. The contractual posture focused on sufficiently enabling consumption growth in the near term. This was more pronounced among international, SMB and commercial customers, and much less so at the high end of our customer base.

我們在第四季度看到某些客戶群的預訂保持沉默，反映出業務缺乏可見性，並且更傾向於謹慎的短期立場，而不是更大規模、更長期的合同擴張。合同態勢側重於在短期內充分促進消費增長。這在國際、SMB 和商業客戶中更為明顯，而在我們的高端客戶群中則要少得多。

We made substantial progress on our efficiency metrics. Non-GAAP operating margin for the quarter reached 6%. Non-GAAP adjusted free cash flow margin for the quarter was 37%. For the full fiscal year '23, non-GAAP adjusted free cash flow margin was 25%, totaling $520 million. But our data networking growth as measured by so-called stable edges grew 93% year-over-year. 23% of our customers now have at least 1 stable edge, up from 18% a year ago. Among $1 million consumption customers, 65% of them had, on average, 6 stable edges.

我們在效率指標方面取得了實質性進展。本季度非 GAAP 營業利潤率達到 6%。本季度非美國通用會計準則調整後的自由現金流量利潤率為 37%。對於整個 23 財年，非 GAAP 調整後的自由現金流利潤率為 25%，總計 5.2 億美元。但我們的數據網絡增長以所謂的穩定邊緣衡量，同比增長了 93%。我們 23% 的客戶現在至少擁有一個穩定的優勢，高於一年前的 18%。在 100 萬美元的消費客戶中，65% 的客戶平均擁有 6 個穩定優勢。

Snowflake's marketplace listings grew 8% quarter-over-quarter and now total over 1,800. During Q4, Snowpark for Python reached general availability status. Early traction is promising. 20% of customers have now tried Snowpark. Snowpark is initially focused on the adoption and migration of Spark workloads for data engineering and machine learning. Spark jobs typically run cheaper and faster on Snowpark with the added benefits of superior governance and operational simplicity.

Snowflake 的市場列表環比增長 8%，現在總數超過 1,800。在第四季度，Snowpark for Python 達到了普遍可用狀態。早期的牽引力是有希望的。 20% 的客戶現在已經嘗試過 Snowpark。 Snowpark 最初專注於為數據工程和機器學習採用和遷移 Spark 工作負載。 Spark 作業通常在 Snowpark 上以更低的成本和更快的速度運行，並具有卓越的治理和操作簡單性的額外好處。

POC activity is ramping fast, and benchmark results so far indicate superior comparative results. A Fortune 500 customer loads 1 billion transaction records into Snowflake every day. This organization saved $1 million after migrating work from Spark to Snowpark. A financial services customer is migrating workloads from Spark to Snowpark Snowflake and Snowpark ran 8x faster at 30% of the cost.

POC 活動正在快速增加，迄今為止的基準測試結果表明比較結果更為出色。一位財富 500 強客戶每天將 10 億條交易記錄加載到 Snowflake 中。在將工作從 Spark 遷移到 Snowpark 後，該組織節省了 100 萬美元。一家金融服務客戶正在將工作負載從 Spark 遷移到 Snowpark Snowflake，Snowpark 的運行速度提高了 8 倍，成本降低了 30%。

We entered private preview status with what we call Streamlit in Snowflake. This is the replatforming of Streamlit inside of Snowflake. Streamlit is a popular application development framework for the Python developer community, especially those focused on machine learning applications. Streamlit enables the use of machine learning models and applications by a general business audience.

我們使用 Snowflake 中所謂的 Streamlit 進入了私人預覽狀態。這是 Snowflake 內部 Streamlit 的重新平台化。 Streamlit 是 Python 開發人員社區的流行應用程序開發框架，尤其是那些專注於機器學習應用程序的開發人員社區。 Streamlit 使一般業務受眾能夠使用機器學習模型和應用程序。

In Q4, we announced our intent to acquire Mobilize.Net's SnowConvert. SnowConvert's proprietary conversion tools enable migration from legacy platforms. SnowConvert also helps migrate Spark workloads to Snowpark. Its capabilities accelerate migration to Snowflake, hence the strategic nature of this acquisition.

在第四季度，我們宣布了收購 Mobilize.Net 的 SnowConvert 的意向。 SnowConvert 的專有轉換工具支持從舊平台遷移。 SnowConvert 還有助於將 Spark 工作負載遷移到 Snowpark。它的能力加速了向 Snowflake 的遷移，因此具有此次收購的戰略性質。

We are operating in a vast and growing market, generating free cash flow and maintaining a strong balance sheet. We focus on the business [at hand] and the outcomes we can control. We are prioritizing positions that directly support the core mission of the enterprise. Resources will continue to be concentrated on the roles that sell, support and build our products.

我們在廣闊且不斷增長的市場中運營，產生自由現金流並保持強勁的資產負債表。我們專注於[手頭的]業務和我們可以控制的結果。我們優先考慮直接支持企業核心使命的職位。資源將繼續集中在銷售、支持和構建我們產品的角色上。

With that, I'll turn the call over to Mike.

有了這個，我會把電話轉給邁克。

Thank you, Frank. Q4 product revenues were $555 million, representing 54% year-over-year growth, and remaining performance obligations grew 38% year-over-year, totaling $3.7 billion. Of the $3.7 billion in RPO, we expect approximately 55% to be recognized as revenue in the next 12 months. This represents a 48% increase compared to our estimate as of the same quarter last year.

謝謝你，弗蘭克。第四季度產品收入為 5.55 億美元，同比增長 54%，剩餘履約義務同比增長 38%，總計 37 億美元。在 37 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 48%。

Our net revenue retention rate of 158% includes 13 new customers with $1 million in trailing 12-month product revenue and reflects durable growth among our largest customers. The outperformance in Q4 was driven by longest tenured customers. We continue to see the greatest contribution from the financial services and media and entertainment verticals.

我們 158% 的淨收入保留率包括 13 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。第四季度的出色表現是由最長期限的客戶推動的。我們繼續看到金融服務以及媒體和娛樂垂直領域的最大貢獻。

We continue to focus on growth and efficiency. We generated $215 million in non-GAAP adjusted free cash flow, outperforming our Q4 target. Full year fiscal 2023 non-GAAP adjusted free cash flow margin was 25%. Q4 bookings underperformed versus our expectations. Pipeline conversion in the final 2 weeks of the quarter diverged from historical norms. International territories drove the largest underperformance relative to plan, and multiyear bookings declined 15% year-on-year.

我們繼續關注增長和效率。我們產生了 2.15 億美元的非 GAAP 調整後自由現金流，超過了我們第四季度的目標。 2023 財年全年非 GAAP 調整後自由現金流利潤率為 25%。第 4 季度的預訂量低於我們的預期。本季度最後 2 週的管道轉換偏離了歷史規範。與計劃相比，國際地區的表現最差，多年預訂量同比下降 15%。

While we are not okay with this outcome, customers' bookings behavior does not dictate their consumption patterns. Customers have the contractual right to sign smaller deals to bridge them to their contract end date. We are confident that our customers are committed to Snowflake and are increasingly focused on better managing their business during more uncertain times.

雖然我們不同意這個結果，但客戶的預訂行為並不決定他們的消費模式。客戶有合同權利簽署較小的交易，以彌補他們的合同結束日期。我們相信，我們的客戶致力於 Snowflake，並越來越關注在更加不確定的時期更好地管理他們的業務。

Q4 represented another quarter of continued progress on profitability. Our non-GAAP product gross margin was 75%. Scale in our public cloud data centers, continued growth in large customer accounts and more favorable pricing with our cloud service providers will contribute to year-over-year gross margin improvements. Non-GAAP operating margin was 6%, benefiting from revenue outperformance and savings on T&E and lower bad debt expense.

第四季度是盈利能力持續進步的又一個季度。我們的非 GAAP 產品毛利率為 75%。我們公共雲數據中心的規模、大客戶賬戶的持續增長以及我們雲服務提供商更優惠的定價將有助於毛利率同比提高。非 GAAP 營業利潤率為 6%，受益於收入表現出色、T&E 節省以及壞賬費用降低。

Our non-GAAP adjusted free cash flow margin was 37%, positively impacted by strong collections. We received some large customer payments in January that were expected in February. We ended the quarter in a strong cash position, with $5.1 billion in cash, cash equivalents and short-term and long-term investments with no debt.

我們的非 GAAP 調整後自由現金流利潤率為 37%，受到強勁收款的積極影響。我們在 1 月份收到了一些預計在 2 月份收到的大額客戶付款。本季度結束時，我們的現金狀況良好，擁有 51 億美元的現金、現金等價物以及短期和長期投資，沒有債務。

As noted in the press release that went out earlier today, we have expanded our partnership with AWS over the next 5 years, more than doubling our previous spend commitment to $2.5 billion. As part of the new AWS -- as part of the new agreement, AWS is committing to support joint go-to-market efforts, more favorable pricing. This partnership is aimed at driving growth in innovation.

正如今天早些時候發布的新聞稿中所述，我們在未來 5 年內擴大了與 AWS 的合作夥伴關係，將我們之前的支出承諾增加了一倍以上，達到 25 億美元。作為新 AWS 的一部分——作為新協議的一部分，AWS 承諾支持聯合上市努力，更優惠的定價。這種夥伴關係旨在推動創新的增長。

Now let's turn to our guidance. As of today, we have completed the Graviton2 migration in all of our active commercial AWS deployments. We remain committed to driving towards greater profitability. We are focused on growing revenue while expanding operating and free cash flow margins. The change in existing customer purchasing behavior, lower-than-expected new logo bookings and slower expected ramp from our youngest cohorts has led us to reevaluate our FY '24 outlook.

現在讓我們轉向我們的指導。截至今天，我們已經在所有活躍的商業 AWS 部署中完成了 Graviton2 遷移。我們仍然致力於推動更高的盈利能力。我們專注於增加收入，同時擴大運營和自由現金流利潤率。現有客戶購買行為的變化、低於預期的新徽標預訂以及我們最年輕群體的預期增長速度較慢導致我們重新評估我們的 24 財年展望。

For the first quarter, we expect product revenues between $568 million and $573 million, representing year-over-year growth between 44% and 45%. Turning to margins. We expect, on a non-GAAP basis, 0% operating margin, and we expect 361 million diluted weighted average shares outstanding.

對於第一季度，我們預計產品收入在 5.68 億美元至 5.73 億美元之間，同比增長 44% 至 45%。轉向利潤率。我們預計，在非 GAAP 基礎上，營業利潤率為 0%，我們預計有 3.61 億攤薄加權平均流通股。

For the full year fiscal 2024, we expect product revenues of approximately $2.7 billion representing year-over-year growth of approximately 40%. Turning to profitability for the full year fiscal 2024, we expect, on a non-GAAP basis, approximately 76% product gross margin, 6% operating margin and 25% adjusted free cash flow margin, and we expect 363 million diluted weighted average shares outstanding.

對於 2024 財年全年，我們預計產品收入約為 27 億美元，同比增長約 40%。談到 2024 財年全年的盈利能力，我們預計，在非 GAAP 基礎上，產品毛利率約為 76%，營業利潤率為 6%，調整後的自由現金流利潤率為 25%，我們預計稀釋加權平均流通股數為 3.63 億股.

I would also like to announce that our Board of Directors has authorized a stock repurchase program of up to $2 billion over the next 2 years. This program reflects our conviction in the business and allows us to use our expected free cash flow to manage dilution over this period. Our share count guidance does not include the impact from the stock repurchase.

我還想宣布，我們的董事會已批准一項在未來 2 年內高達 20 億美元的股票回購計劃。該計劃反映了我們對業務的信念，並允許我們使用預期的自由現金流來管理這一時期的稀釋。我們的股票數量指南不包括股票回購的影響。

During fiscal 2023, we added approximately 1,900 net new employees. We view the current hiring market as favorable for Snowflake, and we'll continue to prioritize hiring in product, engineering and sales. We expect to add more than 1,000 employees in fiscal 2024. We remain on track to achieve our fiscal 2029, $10 billion product revenue target. We look forward to executing against our growing opportunity.

在 2023 財年，我們淨增加了約 1,900 名新員工。我們認為當前的招聘市場對 Snowflake 有利，我們將繼續優先招聘產品、工程和銷售人員。我們預計在 2024 財年將增加 1,000 多名員工。我們仍有望實現 2029 財年 100 億美元的產品收入目標。我們期待著抓住我們不斷增長的機會。

And lastly, we will host our Investor Day on June 27 in Las Vegas in conjunction with Snowflake Summit, our annual users' conference. If you're interested in attending, please e-mail ir@snowflake.com.

最後，我們將於 6 月 27 日在拉斯維加斯舉辦投資者日，同時舉辦我們的年度用戶大會 Snowflake Summit。如果您有興趣參加，請發送電子郵件至 ir@snowflake.com。

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 today comes from Mark Murphy from JPMorgan.

（操作員說明）我們今天的第一個問題來自摩根大通的馬克墨菲。

Mike, I'm curious if you have any insights into the consumption patterns that you saw generally, but including during the holiday periods, including MLK weekend and President's Day week. Is there anything -- any noteworthy change there? And then I have a quick follow-up.

邁克，我很好奇你是否對你通常看到的消費模式有任何見解，但包括假期期間，包括 MLK 週末和總統日週。有什麼——那裡有什麼值得注意的變化嗎？然後我有一個快速跟進。

There was nothing really noteworthy around the holidays. As we said going into our Q4 guidance, we were factoring in the holidays. And clearly, we were 3% above our guidance. our actual results. And I will say President's Day was slow, but February is off to a very good start. It's kind of where we were expecting it to be.

假期前後沒有什麼值得注意的。正如我們在進入第四季度指導時所說的那樣，我們正在考慮假期。很明顯，我們比我們的指導高出 3%。我們的實際結果。我會說總統日過得很慢，但 2 月是一個很好的開始。這有點像我們期望的那樣。

Okay. As a follow-up, Frank, I wanted to ask you on the topic of generative AI and large language models. Can you frame up the opportunity there for Snowflake? Because I would think with the Unistore, you could probably handle all these chat logs.

好的。作為後續，弗蘭克，我想問你關於生成人工智能和大型語言模型的話題。你能為 Snowflake 創造機會嗎？因為我認為使用 Unistore，您可能可以處理所有這些聊天記錄。

You could be training some of these models on very large data sets. I would think that Snowpipe can pull in social media feeds and kind of help to improve those models. You see any customer activity around that vector or any tailwinds you think that could be developing in time?

您可以在非常大的數據集上訓練其中一些模型。我認為 Snowpipe 可以引入社交媒體信息流，並有助於改進這些模型。您是否看到圍繞該向量的任何客戶活動或您認為可以及時發展的任何順風？

Well, it's still early in the cycle. Obviously, like everybody else, we're all over it in terms of evaluating where these technologies can make a difference. I mean the things that we sort of hone in on short term is called completion code optimizations, things that are very, very clear business returns.

好吧，它仍處於週期的早期。顯然，與其他人一樣，我們都在評估這些技術可以在哪些方面發揮作用。我的意思是我們在短期內磨練的東西被稱為完成代碼優化，這是非常非常明確的業務回報。

One of the challenges with these new technology is that people come up with a lot of interesting questions, but without a solid business model, that's not going to take off. So we take a very pragmatic view. We do anticipate that Snowflake data will be a very, very big driver of large language model in conjunction with many, many other data sources. So we think that the gravity around data will drive a lot of this action activity to our platform.

這些新技術面臨的挑戰之一是人們提出了很多有趣的問題，但如果沒有可靠的商業模式，這些問題就不會成功。所以我們採取非常務實的觀點。我們確實預計 Snowflake 數據將與許多其他數據源一起成為大型語言模型的非常非常大的驅動力。因此，我們認為圍繞數據的引力會將大量此類行動活動推向我們的平台。

We now turn to Kirk Materne from Evercore ISI.

我們現在求助於 Evercore ISI 的 Kirk Materne。

Congrats on a good quarter. Mike, can you just talk about the international sort of underperformance, actually a really good quarter. Is there something just specific about the region in terms of how people are consuming over there versus the U.S.? Or is this just a maturation of your sales organization that needs to continue over in that region?

祝賀一個好的季度。邁克，你能不能談談國際表現不佳，實際上是一個非常好的季度。就人們在那裡與美國的消費方式而言，該地區是否有什麼特別之處？或者這只是您的銷售組織的成熟，需要在該地區繼續發展？

I think it's customers being a little more cautious in their business and just buying as they consume, which they can do under their contracts as well, too. We've always seen that in Japan, in particular. Those customers tend to do that. But I would say part is also our own execution as well, too, which we're working on.

我認為客戶在他們的業務中更加謹慎，只是在他們消費時購買，他們也可以根據合同這樣做。我們一直在日本看到這種情況，尤其是。那些客戶傾向於這樣做。但我想說部分也是我們自己的執行，我們正在努力。

So, yes, I will say we did see as well in North America, a number of customers, some of our larger customers, who had consumed their full contract amount but still had a contract in place and just bridged themselves rather than do big deals right now. And I think that's just a function of uncertainty in their business, but their consumption still continues to grow on stuff like it.

所以，是的，我會說我們在北美也確實看到了一些客戶，我們的一些大客戶，他們已經用完了全部合同金額，但仍然有合同，他們只是橋接自己而不是做大交易現在。我認為這只是他們業務不確定性的結果，但他們的消費仍在繼續增長。

And just one quick one for Frank. Frank, on the telecom cloud that you guys have announced. I was just kind of curious your thoughts there, how fast do you think that could ramp? Obviously, the financial services and some of the other verticals that you focused on been really strong, to your point around some of the shared edges that you've seen in your bigger customers. Just any thoughts on how fast that could ramp for you guys?

給弗蘭克的只是一個快速的。弗蘭克，關於你們宣布的電信雲。我只是有點好奇你在那裡的想法，你認為它能以多快的速度上升？顯然，您關注的金融服務和其他一些垂直領域非常強大，圍繞著您在大客戶中看到的一些共享優勢。大家有什麼想法嗎？

Telco is a really important segment for us. I mean, our largest customers -- some of our largest customers are in that segment. They're running massive amounts of data, very focused on managing the service experience, cross-selling across very, very large customer bases.

電信對我們來說是一個非常重要的部分。我的意思是，我們最大的客戶——我們的一些最大客戶就在那個領域。他們正在運行大量數據，非常專注於管理服務體驗，在非常非常大的客戶群中進行交叉銷售。

This is our fifth industry cloud that we have announced, and it's really focused on bringing telco-specific data sets, data assets to it, data practices, applications and then really bring in that ecosystem of telcos people that interact with each other who have the opportunity to have the benefit of a data network like Snowflake.

這是我們宣布的第五個行業雲，它真正專注於將特定於電信的數據集、數據資產、數據實踐、應用程序引入其中，然後真正引入電信人員的生態系統，這些人員相互交互，他們擁有有機會受益於像 Snowflake 這樣的數據網絡。

So we're very high on -- I mean, obviously, telcos are the cornerstone of every modern economy, and especially in a lot of secondary markets. I mean, telcos tend to be the biggest consumers for us.

所以我們非常看好——我的意思是，很明顯，電信公司是每個現代經濟的基石，尤其是在許多二級市場。我的意思是，電信公司往往是我們最大的消費者。

Our next question comes from Brent Thill from Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Just as it relates to the overall guide, can you just give us a little more color, kind of what you baked in, Mike, and ultimately, perhaps kind of what's been the big change from your perspective?

正如它與整體指南相關，邁克，你能否給我們多一點色彩，比如你烘焙的東西，以及最終，從你的角度來看，也許是什麼發生了重大變化？

The big change is really the -- we're seeing the younger cohorts that are coming into Snowflake are really ramping at a slower pace than what some of the early adopters of Snowflake did. They're still consuming. These tend to be large organizations as we've been focused on those large G2Ks, and they just move slowly, but they're still ramping their consumption just at a lower rate. And I think Snowflake is being deployed more efficiently for these customers. And I also just think too, as our base gets bigger, that growth naturally slows down in the business, but customers are still consuming.

真正的大變化是——我們看到進入 Snowflake 的年輕群體的增長速度確實比 Snowflake 的一些早期採用者所做的要慢。他們還在消費。這些往往是大型組織，因為我們一直專注於那些大型 G2K，他們只是行動緩慢，但他們仍在以較低的速度增加消費。而且我認為 Snowflake 正在為這些客戶更有效地部署。而且我也只是認為，隨著我們的基礎越來越大，業務增長自然會放緩，但客戶仍在消費。

And just from a rep productivity perspective, Mike, is there anything changing there where you're seeing the reps' productivity slow? Or is that consistent to what you've seen historically?

邁克，從代表生產力的角度來看，您看到代表生產力緩慢的地方有什麼變化嗎？或者這與您在歷史上看到的一致嗎？

I would say we have a rep productivity issue in some of the international markets, and we are slowing down some of our hiring where we don't see the productivity, but there's other areas where productivity is doing well. The large enterprises is definitely doing well for us. North American enterprise continues to be strong for us, and we're going to deploy resources where we think we can get those reps productive over the next 12 months.

我想說我們在一些國際市場上存在代表生產力問題，我們正在放慢一些我們看不到生產力的招聘，但在其他領域生產力表現良好。大企業對我們來說肯定做得很好。北美企業對我們來說仍然很強大，我們將在我們認為可以在未來 12 個月內讓這些代表提高工作效率的地方部署資源。

We now turn to Keith Weiss from Morgan Stanley.

我們現在請摩根士丹利的 Keith Weiss 發言。

This is Theo Thun on for Keith. You put up 158% net retention this quarter. which is still an impressive number, but slowing sequentially. I would love to understand what you're seeing between the different customer cohorts in terms of expansion momentum but also maybe optimization and how that sort of changed over the last 90 days. Any way you could sort of parse that out between 1 million plus customers and then the rest of your customers?

我是 Keith 的 Theo Thun。您本季度的淨保留率為 158%。這仍然是一個令人印象深刻的數字，但順序放緩。我很想了解您在不同客戶群之間看到的擴張勢頭以及優化以及過去 90 天的變化情況。您有什麼方法可以在超過 100 萬客戶和其他客戶之間進行解析？

First of all, the 158% was the exact net revenue retention, just as a reminder, when we went public. And I think there was a little bit of a reacceleration in our business and 2021, 2022, where there's a lot of customers that maybe had spending out of control.

首先，158% 是準確的淨收入保留，作為我們上市時的提醒。而且我認為我們的業務和 2021 年、2022 年有一點重新加速，那裡有很多客戶可能會失去控制。

Now that costs are a much bigger focus within almost every company today, I think people are using Snowflake more efficiently. Customers are having very detailed, methodical deployment plans on Snowflake, which is slowing down that growth rate of customers' consumption as they're going through their implementations.

現在幾乎每家公司都更加關注成本，我認為人們正在更有效地使用 Snowflake。客戶在 Snowflake 上製定了非常詳細、有條不紊的部署計劃，這減緩了客戶在實施過程中的消費增長率。

But we're not seeing any customers decrease their spend in any material way in Snowflake. Yes, we still had those 3 we pointed out at the beginning of last year that a few of those have dropped out of our top 10, but those guys have stabilized. But in general, most of our customers continue to grow with us, albeit at a lower pace. And I think that's more of a nature of controlling costs.

但我們沒有看到任何客戶以任何物質方式減少他們在 Snowflake 中的支出。是的，我們仍然有我們在去年年初指出的那 3 個，其中一些已經跌出我們的前 10 名，但這些人已經穩定下來。但總的來說，我們的大多數客戶繼續與我們一起成長，儘管速度較慢。我認為這更像是控製成本的本質。

Okay. Great. Got it. And then just quickly on your verticalization. I mean clearly, that's a big focus for you. And I think the AWS partnership expansion sort of reiterates that effort. Any way you can sort of explain what you're seeing in different verticals? Are there any that slowed that are stabilizing now? Any that might be accelerating and sort of how you're thinking about different verticals when it comes to your fiscal year '24 guide?

好的。偉大的。知道了。然後快速進行垂直化。我的意思很明確，這對你來說是一個很大的重點。我認為 AWS 合作夥伴關係擴展在某種程度上重申了這一努力。您可以通過任何方式解釋您在不同垂直領域看到的內容嗎？有沒有放緩的現在正在穩定？當涉及到你的 24 財年指南時，任何可能正在加速的事情以及你如何考慮不同的垂直領域？

Well, I would say, as I mentioned in my remarks and I've said before, financial services is definitely our biggest vertical. That's where we have the most data sharing going on. Next is media and technology and entertainment. That's a huge segment for us.

好吧，我會說，正如我在發言中提到的，我之前也說過，金融服務絕對是我們最大的垂直領域。那是我們進行最多數據共享的地方。接下來是媒體、技術和娛樂。這對我們來說是一個巨大的細分市場。

Clearly some of the newer technology companies, we've seen a slowdown in some of those ones which we had highlighted last year. And I do think you're definitely going to see a slowdown in a lot of the venture-backed companies that may have been growing very quickly. We're definitely seeing cost controls in those companies as well, but the large Global 2000 continue to grow.

顯然，一些較新的技術公司，我們已經看到我們去年強調的一些公司的放緩。而且我確實認為你肯定會看到許多可能增長非常快的風險投資支持的公司放緩。我們肯定也看到了這些公司的成本控制，但大型 Global 2000 繼續增長。

Our next question comes from Raimo Lenschow from Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

This is Shel McMeans on for Raimo. You've recently discussed the top 15 GSIs have done around $1.4 billion in services spend around Snowflake, and that was year-to-date as of Q3. I was wondering if we could get an update on that. And then how should we think about the attach to those service -- the attach of future consumption onto those services?

這是 Raimo 的 Shel McMeans。你最近討論了排名前 15 位的 GSI 圍繞 Snowflake 的服務支出約為 14 億美元，這是截至第三季度的年初至今。我想知道我們是否可以得到更新。那麼我們應該如何考慮對這些服務的依戀——未來消費對這些服務的依戀？

Is there any framework we can think about to help inform next year's revenue expectations? For example, is there a correlation between the growth rates? Or can we think about the magnitude of that GSI spend with some sort of lag?

是否有任何我們可以考慮的框架來幫助告知明年的收入預期？例如，增長率之間是否存在相關性？或者我們可以考慮某種滯後的 GSI 支出的規模嗎？

Yes. I'll just say in the top 15 GSIs, the spend in deals they've booked is over $1.6 billion last year based upon the data that my alliances team is reporting. In terms of trying to get any concrete relationship between their spend and Snowflake revenue, I really don't have that data. And I would be guessing anecdotally looking at specific customers, so I'm not going to guide towards that. But it's generally a number of times bigger than what the revenue is associated with it in Year 1.

是的。我只想說，根據我的聯盟團隊報告的數據，在前 15 名 GSI 中，他們去年預訂的交易支出超過 16 億美元。在試圖獲得他們的支出與 Snowflake 收入之間的任何具體關係方面，我真的沒有這些數據。而且我會猜測特定客戶的軼事，所以我不打算對此進行指導。但它通常比第一年的相關收入大很多倍。

Got it. And a quick follow-up. How should we think about the relationship between operating margin and free cash flow margin going forward? Particularly when considering the increasing S&M leverage you guys are getting on larger accounts and the greater role of expansion revenue versus net new that may affect commissions? And then you mentioned there was some lower bookings duration, and I was wondering if billings duration played into that as well.

知道了。並進行快速跟進。我們應該如何考慮未來營業利潤率和自由現金流量利潤率之間的關係？特別是當考慮到你們在更大的賬戶上獲得的 S&M 槓桿作用越來越大，以及擴張收入與可能影響佣金的淨新收入的更大作用時？然後你提到有一些較短的預訂持續時間，我想知道賬單持續時間是否也有影響。

First of all, I don't even look at billings because in our model, people are just buying capacity and that capacity may be for 3 months, it could be for 1 month or could be for 1 year, and it really varies by customer, and they have the right to do that.

首先，我什至不看賬單，因為在我們的模型中，人們只是購買容量，容量可能是 3 個月，可能是 1 個月或可能是 1 年，而且它確實因客戶而異，他們有權這樣做。

In terms of relationship between operating margin and free cash flow, well definitely as your operating margin expands, I expect our free cash flow to expand. But the operating margin will expand at a more rapid pace given it's a much lower number, and we will update the longer-term model as part of our Investor Day in June. We clearly just guided to 6% non-GAAP operating margin and 25% adjusted free cash flow for the full year this year.

就營業利潤率和自由現金流量之間的關係而言，隨著營業利潤率的擴大，我預計我們的自由現金流量也會擴大。但營業利潤率將以更快的速度增長，因為它的數字要低得多，我們將在 6 月的投資者日更新長期模型。我們明確地指導了今年全年 6% 的非 GAAP 營業利潤率和 25% 的調整後自由現金流。

We now turn to Gregg Moskowitz from Mizuho.

我們現在請 Mizuho 的 Gregg Moskowitz 發言。

Okay. Mike, you mentioned that weaker net new bookings and the slower-than-expected ramp from your youngest cohorts impacted the fiscal '24 guide. But thinking back to the Q3 call, you had also spoken about some significant customers that you were expecting to materially ramp in fiscal '24, and you also said today that the enterprise has generally held up pretty well.

好的。邁克，你提到淨新預訂量較弱以及你最年輕的群體的增長速度低於預期影響了 24 財年的指南。但回想起第三季度的電話會議，您還談到了一些您預計會在 24 財年大幅增加的重要客戶，並且您今天還表示，企業總體上表現良好。

So I'm wondering, 3 months later, maybe looking at it from a bottoms-up perspective, can you share with us how you're thinking about these particular customers and the ones that there was this potential line of sight in terms of them ramping in fiscal '24? Just wondering if that's changed at all in terms of that viewpoint.

所以我想知道，3 個月後，也許從自下而上的角度來看，你能否與我們分享你是如何看待這些特定客戶以及那些有這種潛在視線的客戶24 財年增長？只是想知道就該觀點而言，這是否完全改變了。

Well, those customers are definitely still ramping. But what I will say, what is different in literally week 10 of our quarter, we converted 90% of our weighted pipeline into bookings where historically, that's been 140% in Q4, and that's typically because deals are understated and deals get pulled in. That did not happen this quarter.

好吧，這些客戶肯定還在增加。但我要說的是，我們季度的第 10 週確實有所不同，我們將 90% 的加權管道轉換為預訂，而從歷史上看，這一比例在第四季度為 140%，這通常是因為交易被低估並且交易被拉入。本季度沒有發生這種情況。

We also had a number of customers, big customers, who rather than they consumed everything and rather than do a big multiyear deal, literally just bought enough capacity to get them through to the next quarter or 2.

我們也有一些客戶，大客戶，他們不是消耗掉所有東西，也不是做一個多年的大交易，實際上只是購買了足夠的容量來讓他們度過下一個或第二個季度。

I do have 2 of my biggest customers. I know they run out of capacity within the next 6 months, that they will have to do something. But once again, they could do big deals or they could just do -- buy a sufficient capacity on a quarterly basis because their contracts still haven't expired. They just don't have any capacity left on them.

我確實有兩個最大的客戶。我知道他們在接下來的 6 個月內會耗盡產能，他們將不得不做點什麼。但再一次，他們可以做大交易，或者他們可以做——每季度購買足夠的容量，因為他們的合同還沒有到期。他們只是沒有任何能力了。

So that's why I don't focus too much on bookings and focus more on revenue and why I think that's the leading indicator. But as I said, we definitely do see a number of our newer customers in the cohort still ramping, but ramping at a slower pace than what historically they have. And I think that is a function of the cost controls that are going on within companies to make sure they are conserving as much money as they can from an expense standpoint.

所以這就是為什麼我不太關注預訂量，而是更多地關注收入，以及為什麼我認為這是領先指標。但正如我所說，我們確實看到該隊列中的許多新客戶仍在增加，但增加速度比以往慢。我認為這是公司內部正在進行的成本控制的一個功能，以確保他們從費用的角度盡可能多地節省資金。

Very helpful. And then just for Frank, on Snowpark for Python. So we've heard of a lot of customers that are kicking the tires, a lot of small tests that are taking place, but you did call out a couple of customers that are really ramping, and it sounds like there's a lot of robust POC activity. Just be helpful to get a little bit more insight in terms of how you're thinking about how this plays out over the course of fiscal '24 in terms of adoption.

很有幫助。然後只為 Frank，在 Snowpark for Python 上。所以我們聽說很多客戶都在試車，正在進行很多小測試，但你確實召集了幾個真正在增加的客戶，聽起來有很多強大的 POC活動。只是有助於更深入地了解您如何考慮這在 24 財年的採用過程中如何發揮作用。

Well, we definitely have sort of unleashed a full court press because our basic posture is that, for example, any Spark job that runs in the Snowflake orbit, either putting data into Snowflake or taking data out of Snowflake for consumption, analytics, machine learning purposes is really ours. That's sort of the attitude that we take towards it, and we will challenge existing Spark jobs, and we will compete hard for any new ones.

好吧，我們肯定已經釋放了全面的法庭壓力，因為我們的基本姿態是，例如，在 Snowflake 軌道上運行的任何 Spark 作業，將數據放入 Snowflake 或從 Snowflake 中取出數據用於消費、分析、機器學習目的真的是我們的。這就是我們對它採取的態度，我們將挑戰現有的 Spark 工作，我們將努力爭取任何新工作。

So we are really taking ownership for the action activity that is happening in our hemisphere, so to speak. So it is all over the map. We can see very clearly from our own data, which customers are doing what because they're touching Snowflake. So we really mobilized ourselves as an organization to target that, and you clearly seem to have picked up on a lot of the activity. It's a huge amount of stuff, and I feel it's really rolling out in ways, and there is a lot of POC activity going on there.

因此，可以這麼說，我們真的在為發生在我們半球的行動活動承擔責任。所以它遍布整個地圖。我們可以從我們自己的數據中非常清楚地看到，哪些客戶正在做什麼，因為他們正在接觸 Snowflake。因此，作為一個組織，我們確實動員了自己來實現這一目標，而且您顯然似乎已經接受了很多活動。這是大量的東西，我覺得它真的在以某種方式推出，並且那裡正在進行很多 POC 活動。

These customers want to see whether we can verify some of the outcomes that we're anticipating. And so far, those results have been super encouraging, and our sales force is pretty good about the opportunity based on the results that we're seeing. So we're quite excited about it. This is really -- the really biggest expansion, if you will, of our scope as a company since we first came out in 2015 time frame when we went after Hadoop workloads and things of that sort.

這些客戶想看看我們是否可以驗證我們預期的一些結果。到目前為止，這些結果非常令人鼓舞，根據我們所看到的結果，我們的銷售人員對這個機會非常滿意。所以我們對此感到非常興奮。自從我們在 2015 年首次推出 Hadoop 工作負載和類似的東西以來，這真的是我們公司範圍的最大擴展，如果你願意的話。

We'll now turn to Derrick Wood from Cowen.

我們現在將轉向 Cowen 的 Derrick Wood。

Frank, legacy migrations from on-premise have been a key growth driver for new customers for you guys. Is the macro causing any change in urgency for those kinds of migration projects? And given that you guys acquired SnowConvert, can you talk about how that may help simplify or accelerate migration projects?

坦率地說，從本地進行的遺留遷移一直是你們新客戶的主要增長動力。宏是否會導致這些類型的遷移項目的緊迫性發生任何變化？鑑於你們收購了 SnowConvert，你們能談談這如何幫助簡化或加速遷移項目嗎？

Well, on SnowConvert, I mean we've been working with that technology for years and years. We're super familiar with it. And we're actually really happy that we now have full control over that technology because it's not just about migrating customers, it's also getting them to consumption faster, which is why it matters to our model. Not really seeing slowdown on migrations.

好吧，在 SnowConvert 上，我的意思是我們多年來一直在使用該技術。我們對它超級熟悉。我們真的很高興我們現在可以完全控制該技術，因為它不僅僅是關於遷移客戶，它還讓他們更快地消費，這就是為什麼它對我們的模型很重要。並沒有真正看到遷移放緩。

I mean, all of Mike's comments so far is really about all the customers who are continuing to do contract extensions. They just have a more reticent posture. In the past, it was all about enabling growth as hard and as fast as they could because that was the dynamic of the times. Now we're sort of in the opposite dynamic where they're looking to not get too far over their skis, and they're enabling the growth they are foreseeing and they're going a few steps at a time. But migrations are -- keep on coming fast and furious.

我的意思是，到目前為止，Mike 的所有評論實際上都是關於所有繼續進行合同延期的客戶。他們只是有一個更沉默寡言的姿態。過去，一切都是為了盡可能快地實現增長，因為那是時代的動力。現在我們處於相反的動態中，他們希望不要在滑雪板上走得太遠，並且他們正在實現他們預見的增長並且他們一次要走幾步。但是遷移是——繼續快速而激烈。

Great. Mike, given all the headcount cuts happening in the tech sector, is that having any material impact to your assumptions around consumption activity? And you did allude to kind of the start-up tech seeing pressure. Any -- can you give us a sense for how much revenue exposure you have there?

偉大的。邁克，考慮到科技行業發生的所有裁員，這對你對消費活動的假設有任何實質性影響嗎？你確實提到了某種看到壓力的初創技術。任何 - 你能告訴我們你在那裡有多少收入嗎？

Yes. Well, first of all, when I make the comment about companies are definitely looking to save on their spend. When you're doing a RIF, you're generally not just looking at reducing costs and head count, you're also looking at other areas of your business you can reduce costs. So I definitely think in some customers, you can see one that publicly announced risks.

是的。好吧，首先，當我發表評論時，公司肯定希望節省開支。當您執行 RIF 時，通常不僅要考慮降低成本和減少員工人數，還要考慮可以降低成本的其他業務領域。所以我肯定認為在一些客戶中，你可以看到一個公開宣布風險的人。

We've seen some real slowdown in the revenue. Yet others -- I can't name their names, but there's another one that announced a RIF in one of our top 10 customers. Their consumption has actually gone up in Snowflake, so there's no direct correlation between RIFs and a customer's consumption in Snowflake. But I will say CFOs and companies are definitely looking for ways to cut costs and either through headcount or other things.

我們已經看到收入出現了一些真正的放緩。還有其他人——我不能說出他們的名字，但還有另一個人在我們的前 10 大客戶之一中宣布了 RIF。他們在 Snowflake 中的消費實際上有所增加，因此 RIF 與客戶在 Snowflake 中的消費之間沒有直接關聯。但我要說的是，首席財務官和公司肯定在尋找削減成本的方法，或者通過裁員或其他方式。

We now turn to Alex Zukin from Wolfe Research.

我們現在求助於 Wolfe Research 的 Alex Zukin。

This is Allan Verkhovski on for Alex Zukin. Just one quick one for me. For your 40% product growth guide in fiscal '24, how should we think about the seasonality through the year? And perhaps how has that changed relative to your view last quarter after now seeing slower ramp times with your more recent adopters of the platform?

這是 Allan Verkhovski 代替 Alex Zukin。對我來說只是一個快速的。對於 24 財年 40% 的產品增長指南，我們應該如何考慮全年的季節性？在您最近看到該平台的採用者出現更慢的爬坡時間之後，上個季度您的看法可能發生了怎樣的變化？

Well, as I said, the more recent adopters of the platform, we'll definitely see them ramping slower. They're taking longer in terms of they're not growing euphorically like some of the earlier ones. And I really do think that is a factor of -- it could be the macro that they want to conserve. It could be that they're depending on the customer, that they're being more efficient in how they roll Snowflake out as there's a bigger population of people who have been using Snowflake in the market.

好吧，正如我所說，該平台的較新採用者，我們肯定會看到他們的發展速度變慢。他們需要更長的時間，因為他們不像早期的一些人那樣欣快地成長。我真的認為這是一個因素——這可能是他們想要保留的宏。可能是因為他們依賴於客戶，他們在推出 Snowflake 方面效率更高，因為市場上有更多的人一直在使用 Snowflake。

And it's also a factor that a lot of the new customers that we're signing up aren't necessarily these venture-backed start-ups that have unlimited capital. They tend to be more of these mature companies that have always been disciplined on their spending. So it really does vary. In terms of seasonality, we just guided -- for the quarter, you can see what we guided. We guided 44% to 45% growth in Q1 and guided 40% to the year. I'm not going to give you the quarterly guidance for the other quarters because we'll give you Q2 after Q1 is finished as we've always done.

這也是一個因素，我們簽約的許多新客戶不一定是這些擁有無限資本的風險投資支持的初創企業。他們往往更多是那些一直嚴格控制支出的成熟公司。所以它確實有所不同。在季節性方面，我們只是指導——對於本季度，你可以看到我們的指導。我們指導第一季度增長 44% 至 45%，全年指導增長 40%。我不會給你其他季度的季度指導，因為我們會像往常一樣在第一季度結束後給你第二季度。

Now turning to Sterling Auty from SVB.

現在轉向 SVB 的 Sterling Auty。

Mike, you gave a couple of reasons for the slower growth in newer customers, but I'm also wondering, are new customers reducing the number of use cases initially? And if so, what are the use cases that you see them ramping with first? And what things maybe are they putting on hold?

邁克，你給出了新客戶增長放緩的幾個原因，但我也想知道，新客戶最初是否會減少用例數量？如果是這樣，您看到他們首先使用的用例是什麼？他們可能會擱置哪些事情？

There is no reduction in use cases. The use cases continue to expand. What are the most common use cases? It really depends. Migrations are a big one, and on-prem, but it's an on-prem data warehouse, a lot of them. Some of them, though, are still -- we're still replacing some of those first-generation cloud data warehouses. Think Redshift and things like that. I really haven't seen any slowdown in use cases. The average deal sizes remain relatively the same. Hasn't changed.

用例沒有減少。用例繼續擴大。最常見的用例是什麼？這真的取決於。遷移是一個很大的遷移，而且是本地遷移，但它是一個本地數據倉庫，其中有很多。不過，其中一些仍然存在——我們仍在替換其中一些第一代云數據倉庫。想想 Redshift 之類的東西。我真的沒有看到用例有任何放緩。平均交易規模保持相對不變。沒有改變。

We'll now turn to Kamil Mielczarek from William Blair.

我們現在請威廉·布萊爾的 Kamil Mielczarek 發言。

Your free cash flow margin reached your long-term target of 25%. Can you provide a little more color around how you think about that shorter term cash flow decision to balance margin and revenue growth? And assuming the macro environment improves either later this year or in fiscal '25, how do you think about bringing down margins to reaccelerate revenue?

您的自由現金流利潤率達到了 25% 的長期目標。您能否提供更多關於您如何考慮短期現金流量決策以平衡利潤率和收入增長的顏色？假設今年晚些時候或 25 財年宏觀環境有所改善，您如何看待降低利潤率以重新加速收入？

Free cash flow margin is not directly related to our growth. Our growth is more on the expense side and looking at productivity, and we'll not grow our revenue faster unless we see productivity increase in the sales organization. And when we see that increase in productivity, we'll add more heads there.

自由現金流利潤率與我們的增長沒有直接關係。我們的增長更多地是在費用方面，著眼於生產力，除非我們看到銷售組織的生產力提高，否則我們的收入增長不會更快。當我們看到生產力提高時，我們會在那裡增加更多的負責人。

And we think we're adding at the appropriate pace based on what we're seeing in the business today. As I said, where most companies are cutting, we added 1,900 people last year, net, and we will add over 1,000 people this year while still generating improvement in operating margin and having very good free cash flow next year again.

我們認為我們正在根據我們今天在業務中看到的情況以適當的速度增加。正如我所說，在大多數公司都在裁員的情況下，我們去年淨增加了 1,900 人，今年我們將增加 1,000 多人，同時營業利潤率仍將有所改善，明年將再次擁有非常好的自由現金流。

That's helpful. And a quick follow-up. I realize it's still early, but can you provide some detail around the traction you're seeing with the Unistore product and how you expect that piece of the platform to evolve for the next few years?

這很有幫助。並進行快速跟進。我意識到現在還為時過早，但您能否提供一些有關您看到的 Unistore 產品吸引力的詳細信息，以及您期望該平台在未來幾年內如何發展？

Yes. This is Christian. It is, as you say, still very early on. We're still in private preview with tens of customers validating and providing us feedback. We received quite positive feedback and encouragement, but it's early for us to have any meaningful rollout for adoption.

是的。這是基督徒。正如你所說，它還很早。我們仍處於私人預覽階段，數十名客戶正在驗證並向我們提供反饋。我們收到了非常積極的反饋和鼓勵，但對我們來說，推出任何有意義的應用還為時過早。

We now turn to Fred Lee from Credit Suisse.

我們現在求助於瑞士信貸的 Fred Lee。

You've both been very clear about managing the business for the long term. And considering this operating philosophy, what's the thinking behind the $2 billion share buyback versus pouring more gas into the company's R&D engine and doubling down on products?

你們都非常清楚如何長期管理業務。考慮到這種經營理念，20 億美元的股票回購與向公司的研發引擎注入更多氣體並加倍投入產品背後的想法是什麼？

Yes, Fred. It's Mike. We have $5.1 billion in cash on our balance sheet. We've had $5 billion since the time we went public. We've made a number of strategic acquisition and M&A deals. So we feel we have more than enough capital in the business to fuel our growth through both the small tuck-in M&As as well as invest in headcount, but you can only add so many people at a time and get them productive in an engineering organization.

是的，弗雷德。是邁克。我們的資產負債表上有 51 億美元現金。自上市以來，我們已經擁有 50 億美元。我們進行了許多戰略收購和併購交易。因此，我們認為我們在業務中擁有足夠的資本，可以通過小規模併購和人員投資來推動我們的增長，但您一次只能增加這麼多人，並讓他們在工程組織中提高生產力.

And I'm not hearing our engineering leaders claim they need more people. And it's not growth at all costs, this company. Yes, we are a growth company, but it's efficient growth as well, too, and we'll continue to do that. And we expect we're going to generate close to $2 billion over the next 2 years. And given the $5.1 billion we have, we think it'd be great to manage dilution through that. And we still have the opportunity, if we find great candidates, to hire faster if we so choose.

而且我沒有聽到我們的工程領導者聲稱他們需要更多人手。這家公司並不是不惜一切代價實現增長。是的，我們是一家成長型公司，但它也是高效的增長，我們將繼續這樣做。我們預計我們將在未來 2 年內產生近 20 億美元的收入。鑑於我們擁有 51 億美元，我們認為通過它來管理稀釋會很好。如果我們願意，如果我們找到優秀的候選人，我們仍然有機會更快地招聘。

We now turn to Brad Reback from Stifel.

我們現在轉向 Stifel 的 Brad Reback。

Mike, over the last 3 years, you've added 1,800 to 1,900 new customers each year. So as we look into '24, should we expect that to continue in a similar sort of growth in revenue per customer? Or will it skew more towards revenue per customer?

邁克，在過去 3 年裡，您每年增加 1,800 到 1,900 名新客戶。因此，當我們展望 24 世紀時，我們是否應該期望每個客戶的收入繼續以類似的方式增長？還是會更傾向於每位客戶的收入？

First of all, I don't really focus on the total number of customers. As I've said many times, I'd like to focus on quality customers. We tend to focus on large enterprise, or they can be small that have the ability to be significant customers. And so clearly, the number of customers is going to grow. Whether we add 1,800, 2,000 or 1,500, I really don't know next year. I'm going to focus more on what those right customers are.

首先，我並不真正關注客戶總數。正如我多次說過的，我想專注於優質客戶。我們傾向於關注大型企業，或者他們可以是有能力成為重要客戶的小型企業。很明顯，客戶數量將會增長。是加1800、2000還是1500，明年真的不知道。我將更多地關注那些合適的客戶。

And you will see the revenue per customer growing. Yes, our $1 million-plus customers have stayed flat at $3.7 million, but we also added a number of new customers in there. Our Global 2000 now are up to $1.4 million in trailing 12 months. They were at $1.3 million last quarter, yet we still added more Global 2000. So I do think the revenue per million-over-plus customer and G2K is going to continue to grow over time, and I think you're going to see more growth out of those Global 2000 numbers.

你會看到每個客戶的收入在增長。是的，我們 100 萬美元以上的客戶保持在 370 萬美元不變，但我們也增加了一些新客戶。在過去的 12 個月中，我們的全球 2000 強公司現在的收入高達 140 萬美元。上個季度他們是 130 萬美元，但我們仍然增加了更多的全球 2000 強。所以我認為每百萬以上客戶的收入和 G2K 將隨著時間的推移繼續增長，我認為你會看到更多那些全球 2000 強數字的增長。

Our next question comes from Brent Bracelin from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Brent Bracelin。

Frank, 20% of customers have tried Snowpark Python. When do you think that those use cases and workloads could actually move from testing and experimentation to actually driving acceleration in the business? Do you think this is a potential lever in the second half? Or do you think it take a year for a lot of these customers to work out some of these new use cases from a workload driver perspective?

弗蘭克，20% 的客戶嘗試過 Snowpark Python。您認為這些用例和工作負載何時才能真正從測試和試驗轉變為實際推動業務加速？你認為這是下半場的潛在槓桿嗎？還是您認為這些客戶中的許多人需要一年的時間才能從工作負載驅動因素的角度製定出其中的一些新用例？

Yes, in terms of what we're already seeing in the velocity of consumption that is coming from Snowpark, we think it will be in the second half at some point, where we're going to see what we think is a material impact from that. But it's still early days. We're growing from a very small base. So yes, we are seeing high velocity that, that still need to persist before, on our revenue scale, it becomes material.

是的，就我們已經看到的來自 Snowpark 的消費速度而言，我們認為它會在下半年的某個時候出現，我們將看到我們認為來自 Snowpark 的物質影響那。但現在還為時尚早。我們是從一個非常小的基地成長起來的。所以是的，我們看到了高速，在我們的收入規模上，它仍然需要堅持下去，它變得很重要。

Said another way, Brent, our guidance for this year is not material, what we have for Snowpark, but I do think longer term will be much more materially. It could give us upside, but it's still too early.

換句話說，布倫特，我們今年的指導並不像我們對 Snowpark 的指導那樣重要，但我確實認為從長遠來看會更加重要。它可能會給我們帶來好處，但現在還為時過早。

Very helpful. And then, Mike, I want to go back to the margin comment here. I get recession impacting a drag on the growth business for 100% usage model, but you are guiding a 25% free cash flow margins at, call it, $2.5 billion scale. Are you rethinking the profitability of this business at $10 billion scale, just thinking through margins today and what they potentially could be at much larger scale?

很有幫助。然後，邁克，我想回到這裡的保證金評論。我認為經濟衰退會拖累 100% 使用模式的增長業務，但你正在指導 25% 的自由現金流利潤率，稱之為 25 億美元規模。您是否正在重新考慮該業務在 100 億美元規模下的盈利能力，只是考慮今天的利潤率以及它們在更大規模下的潛在利潤率？

Well, you're just going to have to wait for June or Investor Day when we give an update on that model, but clearly, there's upside to what we said last Investor Day.

好吧，當我們對該模型進行更新時，您只需要等待 6 月或投資者日，但顯然，我們在上次投資者日所說的有好處。

We now turn to Tyler Radke from Citi.

我們現在求助於花旗銀行的 Tyler Radke。

Yes. Mike, going back to your comments on the bookings slowdown at the end of the quarter, how much of that was driving the lower outlook for the full year versus actual consumption slowdown that you saw?

是的。邁克，回到你對本季度末預訂放緩的評論，與你看到的實際消費放緩相比，這在多大程度上導致了全年前景的下調？

And I guess, secondly, as you think about that booking slowdown, are you incorporating lower close rate assumptions just given that this was the first quarter that you converted below 100% of the weighted adjusted pipeline?

我想，其次，當您考慮預訂放緩時，考慮到這是您轉換低於 100% 的加權調整管道的第一季度，您是否考慮了較低的收盤率假設？

Most of that bookings was really just a duration, customers buying enough capacity to get them through. Yes, there were customers that we did not land some new ones that have deferred into this year to do deals that does have an impact in the second half of the year on revenue.

大多數預訂實際上只是一個持續時間，客戶購買足夠的容量來讓他們通過。是的，有些客戶我們沒有找到一些推遲到今年進行的新交易，這些交易確實會在今年下半年對收入產生影響。

But the biggest thing on the revenue guide is really we are seeing the newer customers take longer to ramp. And these are some of our big customers that are large Global 2000 that are very methodical in the way they do things. Unlike some of the early adopters that were do everything as possible to get everything on Snowflake as soon as possible.

但收入指南中最重要的一點是，我們確實看到新客戶需要更長的時間才能增加。這些是我們的一些大客戶，他們是全球 2000 強企業，他們做事的方式非常有條不紊。與一些早期採用者不同，他們盡一切可能盡快將所有內容都放在 Snowflake 上。

We're now turning to Simon Leopold from Raymond James.

我們現在轉向雷蒙德·詹姆斯的西蒙·利奧波德。

This is Victor Chiu in for Simon. Regarding the behavior of the new cohorts, do you anticipate that consumption accelerates and returns to previous consumption rates in a more normalized environment? Or is this a structural shift around how new cohorts are kind of approaching their implementations, and this is how we should think about it as kind of the status quo going forward?

我是 Simon 的 Victor Chiu。關於新人群的行為，您是否預計消費會在更常態化的環境中加速並恢復到之前的消費率？或者這是圍繞新群體如何接近其實施的結構性轉變，這就是我們應該如何將其視為未來的現狀？

Well, what I would say is we're a consumption model that literally, the beginning of the day, we have 0 revenue and customers choose to use Snowflake. In a tight macro environment, I think people are watching their costs. But just as quickly as they can turn Snowflake off, they can ramp it up very quickly as well too.

好吧，我想說的是，我們是一個消費模型，從字面上看，一天開始時，我們的收入為 0，客戶選擇使用 Snowflake。在緊縮的宏觀環境中，我認為人們正在關注他們的成本。但是，就像他們可以關閉 Snowflake 一樣快，他們也可以非常快地啟動它。

And so we're seeing customers, as I said before, use Snowflake more efficiently, be more methodical in how they roll Snowflake out to make sure they're doing things. But there's really no big change. Customers are still consuming, they're just not growing at the rate they were. They're still growing, and you see that in our net revenue retention.

因此，正如我之前所說，我們看到客戶更有效地使用 Snowflake，更有條理地推出 Snowflake 以確保他們在做事。但是真的沒有太大的變化。客戶仍在消費，他們只是沒有以以前的速度增長。它們仍在增長，您可以在我們的淨收入保留中看到這一點。

Okay. That's helpful. And just one quick follow-up. Can you help us understand a little more around your R&D priorities? Maybe help us understand where your preferences are between adding new features versus entering new markets? Just trying to get a sense for where you see opportunities around your R&D efforts.

好的。這很有幫助。並且只是一個快速跟進。您能否幫助我們更多地了解您的研發重點？也許可以幫助我們了解您在添加新功能和進入新市場之間的偏好？只是想了解您在研發工作中看到的機會在哪裡。

I'll let Christian talk about that.

我會讓克里斯蒂安談談這個。

Yes. We continue investing and innovating across the 3 broad vectors that we discussed in the past. One is continued progress on analytics. Second one is around collaboration, where data sharing, clean room split. Here, one is the broader category of workload enablement, but we've seen computation to come closer to the data. That's where Snowpark's (inaudible) our initiatives fit in. So we continue investing and making progress on all 3 prongs.

是的。我們將繼續在我們過去討論的 3 個廣泛領域進行投資和創新。一是分析方面的持續進步。第二個是圍繞協作，數據共享，潔淨室分離。在這裡，一個是更廣泛的工作負載支持類別，但我們已經看到計算更接近數據。這就是 Snowpark（聽不清）我們的倡議適合的地方。所以我們繼續投資並在所有 3 個方面取得進展。

And on the product side or in market side, we will have FedRAMP high very, very soon that the public sector, we're going to be able to go after. And as well, we're working on IL5 and expect we'll have -- the public sector will start to be more material to us this year in terms of new deals. And in terms of new markets, we continue to explore China with a strategy for our global multinationals who operate in China, and that is something where we will be in there this year.

在產品方面或市場方面，我們將很快擁有公共部門的 FedRAMP 高，我們將能夠追求。同樣，我們正在研究 IL5，並希望我們能夠——公共部門今年將在新交易方面對我們變得更加重要。在新市場方面，我們繼續探索中國，為在中國開展業務的全球跨國公司製定戰略，這就是我們今年將在那裡開展的工作。

And then the other thing that I would say, too, is we're not opening any new countries, and we're going to invest more in some of the bigger international markets like Japan where we're seeing huge opportunity. They just move slower.

然後我還要說的另一件事是，我們不會開放任何新的國家，我們將更多地投資於一些更大的國際市場，比如我們看到巨大機會的日本。他們只是移動得更慢。

Our next question comes from Will Power from Baird.

我們的下一個問題來自 Baird 的 Will Power。

Okay. Great. It looks like a really nice comprehensive agreement with AWS. I guess I wonder in that vein if you could provide any update as to the Azure relationship, the opportunity there, what go-to-market currently looks like.

好的。偉大的。它看起來像是與 AWS 達成的非常好的綜合協議。我想我想知道您是否可以提供有關 Azure 關係、那裡的機會以及目前進入市場的情況的任何更新。

And then Mike, just as it pertains to margins this year, margin guidance, a bit higher than where you were previously despite the lower revenue outlook. Just maybe any other color on kind of the key levers helping to enable that.

然後邁克，就像今年的利潤率一樣，儘管收入前景較低，但利潤率指導略高於您之前的水平。只是可能有助於實現這一點的關鍵槓桿上的任何其他顏色。

Well, I'll start with the margins first. Clearly, when we, like many of our customers started looking at our costs, and we slowed down some of our hiring this year, and so that's really driving the margin outperformance as well as efficiencies in the way we do things. And we are committed to continuing to operate the company as efficiently as possible, so do expect, longer term, more leverage in the model there.

好吧，我先從邊距開始。顯然，當我們和我們的許多客戶一樣開始關注我們的成本時，我們今年放慢了一些招聘，因此這確實推動了利潤率的表現以及我們做事方式的效率。我們致力於繼續盡可能高效地運營公司，因此期望從長遠來看，那裡的模型具有更大的影響力。

In terms of the relationship with the cloud vendors, I would say, the new AWS agreement is a great step forward in improving an already really good relationship with AWS to begin with. We had a $1.2 billion commit. Now we have a $2.5 billion commit over the next 5 years, and it's much better alignment go-to-market between the two. AWS, we're still -- Azure, we're still 2.5 years into that 5-year contract. We will start discussing with Azure trying to get better terms.

就與雲供應商的關係而言，我想說，新的 AWS 協議是在改善與 AWS 已經非常好的關係方面向前邁出的一大步。我們有 12 億美元的承諾。現在我們在未來 5 年內有 25 億美元的承諾，而且兩者之間的上市情況要好得多。 AWS，我們仍然 - Azure，我們仍然有 2.5 年的 5 年合同。我們將開始與 Azure 討論以爭取更好的條件。

I'm not just talking pricing. I'm talking go-to-market working together with one another, and there's no change in GCP to date. I'm hopeful there could be something in GCP longer term. We will come to the end of our GCP contract in May of 2024, and we're tracking to fully consume what we committed to with GCP, but we're clearly running ahead with Azure and AWS, and that's why we did an early renewal or a new contract with AWS.

我不只是在談論定價。我說的是相互合作進入市場，迄今為止 GCP 沒有任何變化。我希望 GCP 能有更長期的東西。我們的 GCP 合同將於 2024 年 5 月到期，我們正在跟踪以充分使用我們對 GCP 的承諾，但我們顯然在 Azure 和 AWS 方面領先，這就是我們提前續約的原因或與 AWS 簽訂新合同。

We now turn to Fred Havemeyer from Macquarie.

我們現在請來自 Macquarie 的 Fred Havemeyer。

Mike, I wanted to go back to an earlier comment you made about some of your newer customer cohorts being more methodical in their approach to ramping on Snowflake. Could you provide a little more context around what you're seeing there in terms of what they're doing?

邁克，我想回到你早些時候發表的評論，關於你的一些新客戶群體在他們使用 Snowflake 的方法上更有條不紊。您能否就他們正在做的事情提供更多關於您在那裡看到的內容的背景信息？

Is this something around the -- perhaps like anything budget-related, oversight, internal change management or anything? And I'm trying to square that also -- or not square it, rather, but understand it in context with the description you gave that the enterprise segment is performing quite well.

這是不是圍繞著——也許像任何與預算相關的事情、監督、內部變革管理或其他事情一樣？而且我也試圖將其平方 - 或者不平方，而是在您給出的企業部門表現良好的描述的背景下理解它。

Well, I'm just telling you, they're not growing as quickly as what they did, what we saw in 2021 and 2022, where I think it was a little bit more euphoric with companies who didn't have as much cost discipline around spending, and you're seeing people being more cost conscious in how they do things across the board, not just on Snowflake. That's why you're seeing these companies do RIFs out there.

好吧，我只是告訴你，他們的增長速度沒有我們在 2021 年和 2022 年看到的那樣快，我認為那些沒有那麼多成本紀律的公司會更加欣快一些圍繞支出，你會看到人們在全面做事的方式上更加註重成本，而不僅僅是在 Snowflake 上。這就是為什麼你會看到這些公司在那裡做 RIF。

And as a result, we do see these companies growing, albeit they're growing at a more methodical pace. We're not seeing these crazy spikes in consumption in customers. And that's also a function of people are using Snowflake more efficiently in terms of really planning out the rollout of Snowflake. Also our PS resource, since they're actively involved with customers, our partners are getting better trained on how to do Snowflake migrations. This just -- this is really a maturing of our partner ecosystem and us.

因此，我們確實看到這些公司在增長，儘管它們的增長速度更有條不紊。我們沒有看到客戶消費出現這些瘋狂的激增。這也是人們在真正規劃 Snowflake 的推出方面更有效地使用 Snowflake 的一個功能。也是我們的 PS 資源，因為他們積極與客戶打交道，我們的合作夥伴在如何進行 Snowflake 遷移方面得到了更好的培訓。這只是 - 這真的是我們的合作夥伴生態系統和我們的成熟。

Our next question comes from Michael Turrin from Wells Fargo.

我們的下一個問題來自富國銀行的 Michael Turrin。

Even with some of the impacts you're mentioning, the NRR is still holding strong at 158%. Not lost on us, but any change in how you're thinking about target levels? Realize there's variability that you said you expect those to remain above 130% for a long time. Just anything you're seeing currently that could cause that metric to dip more meaningfully? Or anything you can add there is helpful.

即使有您提到的一些影響，NRR 仍然保持在 158% 的強勁水平。沒有迷失在我們身上，但是你對目標水平的看法有什麼變化嗎？意識到存在變化，您曾說過您希望這些變化會長期保持在 130% 以上。您目前看到的任何可能導致該指標更有意義地下降的情況？或者您可以添加的任何內容都有幫助。

We're not forecasting it to dip to that level anytime soon. But clearly, as the numbers get bigger, it becomes harder. And that number is still going to be a very high number, and it really all depends upon the customers we land today and the ones that we landed over the last 2 years that will come into our cohort next year.

我們預計它不會很快跌至該水平。但很明顯，隨著數字越來越大，它變得越來越難。這個數字仍然會是一個非常高的數字，這實際上完全取決於我們今天登陸的客戶以及我們在過去兩年中登陸的客戶，這些客戶將在明年進入我們的隊列。

But clearly, if you recall back in 2020, we actually had an acceleration in our net revenue retention rate. I'm not saying that's going to happen, but that is possible that, that could happen as well, too. You look through 2022, our net revenue retention went up.

但很明顯，如果你回想一下 2020 年，我們的淨收入保留率實際上有所加快。我並不是說那會發生，但那是有可能的，那也可能發生。縱觀 2022 年，我們的淨收入保留率上升了。

And that's the beautiful thing of a consumption model. Just as companies can really control their spend on Snowflake, when they open up their budgets more, they can ramp very quickly existing customers on Snowflake that could drive that up, but we're not seeing a precipitous drop off longer term in the net revenue retention. It will potentially come down longer term, but it's going to still stay very high.

這就是消費模型的美妙之處。正如公司可以真正控制他們在 Snowflake 上的支出一樣，當他們更多地開放預算時，他們可以非常迅速地增加 Snowflake 上的現有客戶，這可能會推動這一點，但我們不會看到淨收入的長期急劇下降保留。從長遠來看，它可能會下降，但仍將保持在很高的水平。

Helpful. Just one more, if I may. Sorry. That's helpful. Any -- you've mentioned the new customers ramping slower. I think we can appreciate the environment we're in. But is -- are there things you're contemplating either from a product or go-to-market perspective that could change that dynamic at all? Or is it more a matter of being patient, letting them come to you, and this all leads us out over time, from your perspective?

有幫助。如果可以的話，再多一個。對不起。這很有幫助。任何 - 你提到新客戶增長速度較慢。我認為我們可以欣賞我們所處的環境。但是，您是否正在考慮從產品或進入市場的角度來看可能完全改變這種動態的事情？或者更重要的是要有耐心，讓他們來找你，從你的角度來看，隨著時間的推移，這一切都會讓我們走出困境？

Yes. I also want to stress, too. That's on average. There are some customers who are ramping very, very quickly. But that was the whole strategy behind the SnowConvert acquisition of Mobilize, so that's really to help enable migrations faster.

是的。我也想強調一下。這是平均水平。有些客戶的增長速度非常非常快。但這就是 SnowConvert 收購 Mobilize 背後的整體戰略，因此這確實有助於加快遷移速度。

That's also why we are spending a lot of time certifying and training our partners so they can work on this. We are doing everything we can to continue to see customers ramp on Snowflake. And to be clear, they continue to ramp at a very good pace, albeit not at the euphoric pace that they were in the past.

這也是為什麼我們花費大量時間來認證和培訓我們的合作夥伴，以便他們可以在這方面開展工作。我們正在盡一切努力繼續看到客戶使用 Snowflake。需要明確的是，他們繼續以非常快的速度增長，儘管不像過去那樣令人欣喜若狂。

Our next question comes from Mike Cikos from Needham & Company.

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

I wanted to see if I could parse back the guidance construction that you guys have. I know a couple of other folks have asked about maybe total customer ads, and I know, Mike, you had commented that you guys are looking to focus on the quality customers. If I just look at like the Global 2000 as an example, I think previously, Snowflake has spoken about having, call it, 1- to 2-year sales cycles for some of these customers, again, because it's a strategic relationship.

我想看看我是否可以解析你們擁有的指導結構。我知道其他一些人問過關於總客戶廣告的問題，我知道，邁克，你曾評論說你們希望專注於優質客戶。如果我只是以全球 2000 強為例，我想之前，Snowflake 曾說過，對於其中一些客戶來說，擁有 1 到 2 年的銷售週期，同樣，因為這是一種戰略關係。

Is there any way or can you provide any detail as far as how you're thinking about additions from the Global 2000? Or how those net retention rates are expected to trend over the course of the year? And then one follow-up, if I could. I know an earlier colleague had asked about the company's exposure to, let's say, that the more VC-backed companies, which are clamping down versus the euphoric growth that you had seen previously. Can you size up what that exposure is to that customer segment?

關於您如何考慮從全球 2000 強中增加成員，有什麼方法或者您可以提供任何詳細信息嗎？或者這些淨保留率在一年中的趨勢如何？如果可以的話，然後進行一次跟進。我知道早些時候的一位同事問過公司的風險敞口，比方說，更多的風險投資支持的公司正在壓制與你之前看到的欣快增長。您能否評估該客戶群的風險敞口？

So you asked a number of questions, but the first thing is we land large enterprises, Global 2000, as fast as we can. They are large long sales cycles. They will be lumpy in terms of when we land them, but that is purely the booking. The ramping of those guys take time and it's to get them to ramp to revenue. We have not seen any change in terms of really the average deal size of those Global 2000 when we land them.

所以你問了很多問題，但首先是我們盡快登陸大型企業，全球 2000 強。它們的銷售週期很大。就我們降落它們的時間而言，它們會起伏不定，但這純粹是預訂。這些人的增長需要時間，這是為了讓他們增加收入。當我們登陸這些全球 2000 強時，我們沒有看到它們的平均交易規模有任何變化。

In terms of net revenue retention you asked about, I'm not going to guide to net revenue retention in the future. And in terms of your question on venture-backed companies, we have disclosed this before, and it remains there. It's roughly 10% of our business.

關於你問的淨收入保留，我不會在未來指導淨收入保留。關於你關於風投支持的公司的問題，我們之前已經披露過，現在仍然存在。這大約占我們業務的 10%。

That tends to be the segment that our inside sales really focuses on, not all of that, and there are some large companies in there as well, too. These are some of the unicorns that have been ready to go public for a while, but given the markets, have chosen not to. But when I look at those large unicorns, they're still very well capitalized.

這往往是我們內部銷售真正關注的部分，而不是全部，那裡也有一些大公司。這些是一些已經準備上市一段時間的獨角獸，但考慮到市場，他們選擇了不這樣做。但當我看那些大型獨角獸時，它們的資本仍然非常充足。

That's awesome. And I know that you're saying that there's no change in the average deal size from when you're landing these customers, but you are saying that the newer cohorts are expanding at a slower rate.

棒極了。而且我知道你是說從你吸引這些客戶開始平均交易規模沒有變化，但你是說較新的群體正在以較慢的速度擴張。

Can you provide like magnitude of differences? If customers have typically taken, I don't know, 6 months to ramp to their run rate, how is that trending today? Like what would that delta be, if we're thinking about magnitude based on this macro impact you're seeing?

你能提供類似的差異幅度嗎？如果客戶通常需要（我不知道）6 個月才能達到他們的運行率，那麼今天的趨勢如何？如果我們根據您看到的這種宏觀影響來考慮幅度，那麼三角洲會是多少？

Yes, I'm not going to disclose that. I'm just saying it's slower.

是的，我不會透露這一點。我只是說它更慢。

Our final question today comes from Brad Zelnick from Deutsche Bank.

我們今天的最後一個問題來自德意志銀行的 Brad Zelnick。

This is Dan on for Brad. I just wanted to ask one quickly on some of the hardware and software improvements that were kind of a key focus going into the year. And now that we've kind of gone through the year and you mentioned the Graviton migration is completed, how did those kind of play out, the impact of that on consumption relative to kind of what you're expecting?

這是布拉德的丹。我只是想快速詢問一些硬件和軟件改進，這些改進是今年的重點。現在我們已經度過了一年，你提到 Graviton 遷移已經完成，這些是如何發揮作用的，它對消費的影響相對於你的預期？

And then anything to kind of call out looking into next year, over the next several quarters, in terms of hardware, software improvements and any reason that would kind of differ from kind of the long-term impact that you expect those to have that you've talked about before?

然後在明年，在接下來的幾個季度裡，在硬件、軟件改進以及任何與你期望的長期影響不同的原因方面，你可以提出任何要求之前談過？

No. As I said before, we factor in a 5% revenue headwind every year associated with both hardware and software improvements and don't see any material hardware improvements happening. This year, as of today, there are a number of software improvements that we're constantly working on those. And so I feel pretty good about that 5%, as I mentioned.

沒有。正如我之前所說，我們每年都會考慮與硬件和軟件改進相關的 5% 的收入逆風，並且看不到任何實質性的硬件改進。今年，從今天開始，我們一直在進行許多軟件改進。因此，正如我提到的那樣，我對這 5% 感覺很好。

The Graviton2 deployments are all completed as of today. We didn't quite get them all done last year. There were a number of them were finished in the first month of this quarter and so didn't quite have the full impact as we thought last year, but it's really hard to tell. But it's baked into our forecast for this year.

截至今天，Graviton2 部署已全部完成。去年我們沒有完全完成它們。其中有一些是在本季度的第一個月完成的，因此並沒有像我們去年想像的那樣產生全面影響，但這真的很難說。但這已納入我們今年的預測。

And then just one last one. I was just curious on the international, if there are any markets in particular that kind of drove the underperformance in international.

然後就是最後一個。我只是對國際市場感到好奇，是否有任何市場特別導致國際市場表現不佳。

So EMEA actually had a good consumption. They were pretty much on plan from a consumption. They were a little slower on the booking side. And I think that's more of a function of people being more cautious with uncertainty in their businesses, I would say.

所以 EMEA 實際上有很好的消費。他們幾乎是在一次消費的計劃中。他們在預訂方面有點慢。我認為這更多是因為人們對業務中的不確定性更加謹慎，我會說。

Japan is doing well for us, but they are very methodical and buy as they go. And I would say some of the other areas in Asia are a little bit slower, but Asia is such a small piece of our overall business. It's really EMEA that was a little slower than what we would have thought from a bookings perspective and productivity.

日本對我們來說做得很好，但他們很有條理，邊買邊買。我想說亞洲的其他一些地區稍微慢一點，但亞洲在我們的整體業務中只佔很小的一部分。從預訂的角度和生產力來看，確實是 EMEA 比我們想像的要慢一些。

Ladies and gentlemen, today's call is now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

女士們，先生們，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。