Snowflake Inc (SNOW) 2025 Q2 法說會逐字稿

Good afternoon.

午安.

Thank you for attending today's Snowflake Q2 and fiscal year 2025 earnings call.

感謝您參加今天的 Snowflake 第二季和 2025 財年財報電話會議。

My name is Cole, and I'll be the moderator for today's call.

我叫科爾，我將擔任今天電話會議的主持人。

(Operator Instructions) I'd now like to pass the call over to Jimmy Sexton, Head of Investor Relations.

（操作員指示）現在，我想將電話轉給投資者關係主管 Jimmy Sexton。

Please go ahead.

請繼續。

Good afternoon.

午安.

And thank you for attending today's Snowflake Q2 and fiscal 2025 earnings call.

感謝您參加今天的 Snowflake 第二季和 2025 財年財報電話會議。

Joining me on the call today is Sridhar Ramaswamy, our Chief Executive Officer; Mike Scarpelli, our Chief Financial Officer; and Christian Kleinerman, our Executive Vice President of Product who will participate in the Q&A session.

今天與我一起參加電話會議的還有我們的執行長 Sridhar Ramaswamy；我們的財務長 Mike Scarpelli；以及我們的產品執行副總裁 Christian Kleinerman 將參加問答環節。

During today's call, we will review our financial results for the second-quarter fiscal 2025 and discuss our guidance for the third quarter and full year fiscal 2025.

在今天的電話會議上，我們將回顧 2025 財年第二季的財務業績，並討論 2025 財年第三季和全年的指引。

During today's call, we will make forward-looking statements, including statements related to our business operations and financial performance.

在今天的電話會議中，我們將做出前瞻性陳述，包括與我們的業務營運和財務績效相關的陳述。

These statements are subject to risks and uncertainties, which could cause them to differ materially from our actual results.

這些聲明受風險和不確定性的影響，可能導致它們與我們的實際結果有重大差異。

Information concerning these risks and uncertainties is available in our earnings press release, our most recent Forms 10-K and 10-Q, and our other SEC reports.

有關這些風險和不確定性的資訊可在我們的收益新聞稿、最新的 10-K 和 10-Q 表格以及我們的其他 SEC 報告中找到。

All our statements are made as of today based on information currently available to us.

我們所有的聲明都是根據今天掌握的資訊做出的。

Except as required by law, we assume no obligation to update any such statement.

除法律要求外，我們不承擔更新任何此類聲明的義務。

During today's call, we will also discuss certain non-GAAP financial measures.

在今天的電話會議中，我們還將討論某些非公認會計準則財務指標。

See our investor presentation for a reconciliation of GAAP to non-GAAP measures and business metric definitions, including adoption.

請參閱我們的投資者報告，以了解 GAAP 與非 GAAP 指標和業務指標定義的對照，包括採用情況。

The earnings press release and investor presentation are available on our website at investors.snowflake.com. A replay of today's call will also be posted on the website.

收益新聞稿和投資者介紹可在我們的網站 investor.snowflake.com 上查閱。今天的電話會議重播也將發佈在網站上。

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

說完這些，我現在想把電話轉給 Sridhar。

Thanks, Jimmy, and hi, everyone.

謝謝，吉米，大家好。

Thanks for joining us today.

感謝您今天加入我們。

As you've seen by now, we had another strong quarter feeding guidance and increasing our FY25 product revenue expectations.

正如您現在所看到的，我們又一個季度表現強勁，提供了指引，並提高了 25 財年產品收入預期。

I'm really proud of the team and how we accelerated our innovation pipeline.

我為這個團隊以及我們如何加速我們的創新管道感到非常自豪。

And our product delivery momentum continues to be really strong.

我們的產品交付勢頭持續強勁。

In the first half of this year alone, we brought as much product to market as we did all of last year.

光是今年上半年，我們向市場推出的產品數量就與去年全年一樣多。

We're making Snowflake the best cloud for computation, collaboration, and applications on all data.

我們正在將 Snowflake 打造為所有資料運算、協作和應用的最佳雲端。

And we're leveraging the power of AI to make all of these easier to create, maintain, and use.

我們正在利用人工智慧的力量，讓所有這些都更易於創建、維護和使用。

This is what our team is aligned around.

這正是我們團隊所堅持的。

And I can tell you our customers are adopting our new capabilities at an incredible pace.

我可以告訴你們，我們的客戶正在以驚人的速度採用我們的新功能。

As I said last quarter, I have three key areas I'm personally focused on: listening to and learning from our customers, fueling innovation and product delivery, driving execution and alignment within our go-to-market teams.

正如我上個季度所說，我個人關注的重點有三個關鍵領域：傾聽和學習客戶的意見、推動創新和產品交付、推動執行以及行銷團隊的協調。

And in Q2, we delivered on all fronts, which you can see in our results.

在第二季度，我們各方面都取得了成果，您可以從我們的業績中看到這一點。

Product revenue for the quarter was $829 million, up 30% year over year.

本季產品營收為 8.29 億美元，年增 30%。

Remaining performance obligations totaled $5.2 billion, with year over year growth accelerating to 48%.

剩餘履約義務總額為 52 億美元，年增 48%。

Given the strong quarter, we are increasing our product revenue outlook for the year.

鑑於本季的強勁表現，我們上調了今年的產品收入預期。

Companies like Capital One, NBCU, Petco, Pfizer, Snapchat, and Western Union are all relying on Snowflake to help them fuel their business.

Capital One、NBCU、Petco、輝瑞、Snapchat 和西聯匯款等公司都依賴 Snowflake 來推動其業務發展。

I'm really encouraged by the strength of our core business and the rapid progress we have made on the AI front.

我們核心業務的實力和在人工智慧領域取得的快速進步令我深受鼓舞。

I'm very optimistic about where we are going on the opportunities we have in front of us to deliver for our customers.

我對我們面臨的為客戶提供服務的機會感到非常樂觀。

In fact, the more I'm with our customers, the more I appreciate just how critical we are to their business and how much they're counting on us to be their trusted advisor in their AI data.

事實上，我與客戶相處的時間越長，就越能體會到我們對他們的業務有多麼重要，以及他們多麼依賴我們成為他們人工智慧數據方面值得信賴的顧問。

Nothing brings to life how strong and trusted a relationship is than when you go through challenges together.

當你們共同經歷挑戰時，沒有什麼比這更能體現你們的關係有多麼強大和信任。

We obviously had some rough headlines in the quarter as some of our customers dealt with the cybersecurity threat.

由於我們的一些客戶面臨網路安全威脅，我們在本季顯然遇到了一些不愉快的事情。

As extensively reported, the issue wasn't on the snowflake side.

正如廣泛報道的那樣，問題並不出在雪花方面。

After multiple investigations by internal and external cybersecurity experts, we found no evidence that our platform was breached or compromised.

經過內部和外部網路安全專家的多次調查，我們沒有發現任何證據表明我們的平台遭到破壞或損害。

However, we understand that when it comes to cybersecurity, we are all in it together.

然而，我們明白，在網路安全問題上，我們所有人都必須同舟共濟。

My one ask of all businesses around the world, whether they are a Snowflake customer or not, is to enable and enforce multifactor authentication in your organization and ensure that you have network policies are as strong as possible.

我對全球所有企業的一個要求是，無論他們是否是 Snowflake 客戶，都在您的組織中啟用和實施多因素身份驗證，並確保您擁有盡可能強大的網路策略。

Two things we at Snowflake have supported since 2016.

自 2016 年以來，Snowflake 一直支持兩件事。

There are a lot of bright spots in the quarter, none more than the time I spent with over 100 customers, many of them on my travels to the UK, Germany, Canada, and across the US, and of course, at Snowflake Summit in June.

本季有許多亮點，其中最精彩的就是我與 100 多位客戶共度的時光，其中許多客戶是我在英國、德國、加拿大和美國各地的旅行中，當然還有 6 月份的雪花峰會。

The affinity for our product is incredible and the consistent theme I hear from the C-suite across industries and geographies is that Snowflake is delivering ease, efficiency, and reliability to their business.

我們的產品受到了極大的歡迎，我從各個行業和地區的高管那裡聽到的一致看法是，Snowflake 為他們的業務帶來了便利、高效和可靠性。

And so much of this came to life at Snowflake Summit.

這一切在雪花峰會上得以實現。

We had 15,000 on-site attendees up 28% year on year with customers and partners from around the world.

我們共有來自世界各地的客戶和合作夥伴到場參觀，共15,000人，比去年同期成長了28%。

We hosted our first ever Developers Day with over 3,000 attendees.

我們舉辦了第一屆開發者日，有超過 3,000 位與會者。

The energy was simply incredible.

這種能量簡直令人難以置信。

And if you're there, you experienced a lot of our innovation and product momentum that we brought to life Cortex AI and announced Iceberg being generally available, both of which have gained a lot of traction already with customers.

如果您在場，您將體驗到我們許多創新和產品發展勢頭，我們讓 Cortex AI 煥發生機，並宣布 Iceberg 全面上市，這兩項產品都已經獲得了客戶的廣泛關注。

Penske Logistics, a leading provider of transportation and warehousing solutions, has developed a variety of innovative use cases involving Cortex AI.

領先的運輸和倉儲解決方案供應商 Penske Logistics 開發了多種涉及 Cortex AI 的創新用例。

In one example, Penske plans to use Cortex to consume various performance metrics related to its transportation business.

在一個例子中，Penske 計劃使用 Cortex 來消費與其運輸業務相關的各種績效指標。

Cortex analysis will help provide feedback to Penske's operations managers with the goal of improving performance and enhancing truck driver retention.

Cortex 分析將有助於向 Penske 的營運經理提供回饋，以提高績效並增強卡車司機的保留率。

Also, one of the largest financial services companies is using Cortex AI to analyze unstructured text data, running sentiment analysis on call center transcripts to improve their customer support experience.

此外，最大的金融服務公司之一正在使用 Cortex AI 分析非結構化文字數據，對呼叫中心記錄進行情感分析，以改善他們的客戶支援體驗。

Twilio's Segments Reverse ETL integrates with Snowflake's Cortex AI and enables Twilio customers to derive insights from their unstructured data to improve the customer journey.

Twilio 的 Segments Reverse ETL 與 Snowflake 的 Cortex AI 集成，使 Twilio 客戶能夠從非結構化資料中獲取洞察，從而改善客戶旅程。

Iceberg is providing one of the largest consumer services and hospitality companies with a more flexible and interoperable deployment model, enabling them to accelerate their migration to the Cloud.

Iceberg 為最大的消費者服務和飯店公司之一提供了更靈活、更具互通性的部署模型，使他們能夠加速向雲端的遷移。

Iceberg is enabling us to play offense and address a larger data footprint.

冰山使我們能夠發動進攻並解決更大的數據足跡問題。

Many of our largest customers have indicated they will now leverage Snowflake for more of their workloads as a result of this functionality.

我們的許多最大客戶都表示，有了此功能，他們現在將利用 Snowflake 承擔更多的工作負載。

More than 400 accounts are using Iceberg as of the end of Q2.

截至第二季末，已有超過 400 個帳戶正在使用 Iceberg。

I told you last quarter that product delivery is one of our highest priorities.

我上個季度告訴過你，產品交付是我們最優先考慮的事情之一。

And in Q2, we made nine net new product announcements and brought more than 15 product capabilities to general availability to the market.

在第二季度，我們發布了 9 款新產品，並向市場推出了 15 多種產品功能。

That's what we call progress.

這就是我們所說的進步。

We're also seeing broader adoption of our products across our customer base.

我們也看到我們的產品在整個客戶群中得到更廣泛的採用。

As of the end of Q2, more than 2,500 accounts were using Snowflake AI on a weekly basis.

截至第二季末，每周有超過 2,500 個帳戶使用 Snowflake AI。

We expect this adoption to continue to increase and revenue contribution to follow.

我們預計這種採用將繼續增加並隨之帶來收入貢獻。

Our Notebooks offering is also seeing great traction in public preview with more than 1,600 accounts using that feature.

我們的 Notebooks 產品在公開預覽中也獲得了極大的關注，目前已有超過 1,600 個帳戶使用該功能。

This is critical to engage with data scientists and will unlock new opportunities that we previously did not address.

這對於與資料科學家的合作至關重要，並將開啟我們以前未曾涉及的新機會。

We are in the early innings of this opportunity and will continue to bring new features to market.

我們正處於這一機會的早期階段，並將繼續向市場推出新的功能。

Cortex Search and Cortex Analyst are expected to be generally available in Q3.

Cortex Search 和 Cortex Analyst 預計將於第三季全面上市。

We are continuing to responsibly invest in AI and machine learning to deliver enterprise AI that is easy, efficient, and most of all, trusted.

我們將繼續負責任地投資人工智慧和機器學習，以提供簡單、高效、最重要的是值得信賴的企業人工智慧。

It's great to have so much momentum on the product front.

在產品方面有如此強勁的發展勢頭真是太好了。

It's fueling our incredible go-to-market team, which as you know, is one of our biggest advantages.

它為我們出色的行銷團隊提供了動力，正如你所知，這是我們最大的優勢之一。

To wrap things up, our innovation engine and product delivery are in overdrive.

總而言之，我們的創新引擎和產品交付正在超速運轉。

The combination of our platform and the network effect of collaboration, as well as the innovation we are working on in AI, is Snowflake's future and create a huge opportunity ahead.

我們的平台和協作的網路效應的結合，以及我們在人工智慧領域所致力於的創新，是Snowflake的未來，並在未來創造巨大的機會。

We have a lot of work to do, but it's in our hands to deliver and take advantage of it.

我們還有很多工作要做，但我們有能力去完成並利用這些工作。

Mike, I'll turn it over to you.

麥克，我將把它交給你。

Thank you, Sridhar.

謝謝你，Sridhar。

Q2 product revenue grew 30% year over year, totaling $829 million.

第二季產品營收年增30%，總計8.29億美元。

Financial services and technology verticals drove growth in the quarter.

金融服務和技術垂直行業推動了本季的成長。

We continue to see signs of a stable optimization environment.

我們繼續看到穩定優化環境的跡象。

Our largest customers are contributing sequential product revenue growth in line with historical patterns.

我們最大的客戶正在按照歷史模式貢獻連續的產品收入成長。

We delivered strong bookings in the quarter.

我們本季的預訂量非常強勁。

RPO grew 48% year on year to reach more than $5.2 billion.

RPO 年成長 48%，達到 52 億美元以上。

We signed two nine-figure deals in the quarter.

我們在本季簽署了兩筆九位數的交易。

Earlier this year, we announced FY25 sales incentives that would prioritize consumption and new customer acquisitions in order to drive consumption sales reps for us to do new use cases and sell new product features.

今年早些時候，我們宣布了 FY25 銷售激勵措施，該措施將優先考慮消費和新客戶獲取，以推動消費銷售代表為我們開展新的用例並銷售新的產品功能。

We believe this focus will convert into meaningful revenue over time.

我們相信，隨著時間的推移，這種關注將轉化為有意義的收入。

Our new customer acquisition motion is ramping.

我們的新客戶獲取行動正在不斷加強。

We expect it to have a more material impact in FY26.

我們預計它將在 26 財年產生更重大的影響。

In Q2, non-GAAP product gross margin of 76% was down slightly year over year.

第二季度，非GAAP產品毛利率為76%，較去年同期略有下降。

As mentioned on our prior call, we are incurring GPU-related costs in order to fulfill customer demand for our newer product features.

正如我們先前的電話會議中所提到的，為了滿足客戶對我們新產品功能的需求，我們正在承擔與 GPU 相關的成本。

Non-GAAP operating margin of 5% exceeded our guidance benefiting from revenue outperformance.

受惠於收入優異表現，非公認會計準則營業利益率為 5%，超出我們的預期。

As expected, non-GAAP operating margin is down year on year as a results of R&D and go-to market investments.

如預期，由於研發和市場投資，非 GAAP 營業利潤率較去年同期下降。

Our non-GAAP adjusted free cash flow margin was 8%.

我們的非公認會計準則調整後自由現金流利潤率為 8%。

We continue to see approximately 80% of our customers paying annually in advance.

我們繼續看到大約 80% 的客戶每年提前付款。

We ended the quarter with $3.9 billion in cash, cash equivalents, short-term and long-term investments.

截至本季末，我們的現金、現金等價物、短期和長期投資總額為 39 億美元。

In Q2, we used $400 million to repurchase 3 million shares from our original $2 billion repurchase plan.

在第二季度，我們使用了 4 億美元回購了 300 萬股，而這部分回購量是我們原定的 20 億美元回購計畫的一小部分。

We have $492 million remaining through March 2025.

截至 2025 年 3 月，我們還剩餘 4.92 億美元。

Our Board of Directors authorized the repurchase of an additional $2.5 billion under our stock repurchase program through March 2027.

我們的董事會批准根據我們的股票回購計畫在 2027 年 3 月之前額外回購 25 億美元。

This allows us to use our cash balance and expected free cash look to manage dilution over this period.

這使我們能夠利用現金餘額和預期自由現金來管理這段期間的稀釋。

Our share count guidance does not include the impact from the stock repurchase.

我們的股票數量指引不包括股票回購的影響。

Now, let's turn to our outlook.

現在，讓我們來談談我們的展望。

We forecast product revenue based on observed behavior.

我們根據觀察到的行為預測產品收入。

Our FY25 guidance includes contribution from Snowpark as previously stated.

如前所述，我們的 FY25 指導包括來自 Snowpark 的貢獻。

Our guidance does not include material contribution from an annuity product features.

我們的指導不包括年金產品特徵帶來的重大貢獻。

Our forecast does include revenue headwinds associate with performance improvements.

我們的預測確實包括了與業績改善相關的收入阻力。

For Q3, we expect product revenue between $850 million and $855 million.

對於第三季度，我們預計產品收入在 8.5 億美元至 8.55 億美元之間。

We are increasing our FY25 product revenue guidance.

我們正在上調 25 財年產品收入預期。

We now expect full-year product revenue of approximately $3.356 billion, representing 26% year-over-year growth.

我們現在預計全年產品收入約為 33.56 億美元，年增 26%。

Turning to margins.

轉向利潤。

For Q3, we expect 3% non-GAAP operating margin.

對於第三季度，我們預計非 GAAP 營業利潤率為 3%。

We are maintaining full-year margin guidance.

我們維持全年利潤率指導水準。

For FY25, we expect approximately 75% non-GAAP product margin, 3% non-GAAP operating margin, and 26% non-GAAP adjusted free cash flow margins.

對於 25 財年，我們預期非 GAAP 產品利潤率約為 75%，非 GAAP 營業利潤率約為 3%，非 GAAP 調整後自由現金流利潤率約為 26%。

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

接線員，現在您可以打開熱線來詢問問題了。

(Operator Instructions) Keith Weiss, Morgan Stanley.

（操作員指示） 摩根士丹利 (Morgan Stanley) 的 Keith Weiss。

Excellent.

出色的。

Thank you guys for taking the question and congratulations on a solid quarter.

感謝你們回答這個問題，並祝賀你們本季業績表現強勁。

It's really good to hear about the optimization starting to normalize.

很高興聽到優化開始正常化。

You guys are -- you seem to be settling into just about like a 30% product revenue growth rate over the past couple of quarters.

你們——在過去幾個季度裡，你們的產品收入成長率似乎已經達到 30% 左右。

There's a lot of concerns coming into this quarter about impacts from Iceberg Tables.

本季度，人們對冰山表的影響有許多擔憂。

There was concerns that accrued during the quarter about the data leakage.

本季人們對資料外洩的擔憂日益加劇。

That wasn't your fault, but it definitely was a marketing headwind.

這不是你的錯，但這確實是一個行銷阻力。

There was concern about the Crowdstrike cybersecurity incident maybe impacting consumption.

人們擔心 Crowdstrike 網路安全事件可能會影響消費。

Were any of these outsized impacts -- were any of these additional impacts on the consumption in the corridor versus what you guys were expecting when you originally gave us the guide?

這些影響是否特別大—這些影響是否對走廊的消費產生了額外的影響，與您最初給我們指南時的預期相比？

I would say the cybersecurity incident was still -- pretty clearly had no impact on us at all from a consumption standpoint.

我想說，從消費的角度來看，網路安全事件顯然對我們沒有影響。

And the Crowdstrike outage was minimal.

Crowdstrike 的中斷影響很小。

It was a day with a few customers, but nothing of any substance.

那天，顧客不多，但沒有什麼實質的東西。

And it never really impacted us itself.

但它本身從未真正對我們產生影響。

Our production does not rely on Microsoft for that.

我們的生產並不依賴微軟。

So we didn't have

所以我們沒有

(technical difficulty).

（技術難度）。

Got it.

知道了。

And then was Iceberg Tables in line with your expectations?

那麼《Iceberg Tables》符合您的期望嗎？

You know, Iceberg Tables is rolling out.

您知道，冰山桌正在推出。

As we said, we had 400 customers that are using it.

正如我們所說，我們有 400 個客戶正在使用它。

We haven't seen customers move storage of Snowflake, but we are seeing a lot of our customers.

我們還沒有看到客戶遷移 Snowflake 的存儲，但我們看到很多客戶正在遷移。

We mentioned 400 that we know of that are actually using Iceberg with new workloads, we're trying that out.

我們提到，據我們所知，實際上有 400 家公司在新的工作負載中使用 Iceberg，我們正在進行嘗試。

And we're very pleased with the progress we're seeing there.

我們對所看到的進展感到非常高興。

Storage is still running about 11% of our revenue.

儲存仍占我們收入的11%左右。

That's super helpful.

這非常有幫助。

Thank you, Mike.

謝謝你，麥克。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Thank you.

謝謝。

Two quick questions.

兩個簡單的問題。

Mike, can you give the gross margins this quarter are better than model?

麥克，你能說出本季的毛利率是否優於模型嗎？

Can you speak to some of the factors for that?

您能談談其中的一些因素嗎？

And then Sridhar, for you, like -- around the Iceberg ecosystem, there's obviously -- there was a lot of change this quarter with the tabular acquisition by someone.

然後 Sridhar，對您來說，例如 - 圍繞 Iceberg 生態系統，本季度顯然發生了很大變化，因為有人收購了 Tabular。

What do you see in terms of attracting talent to drive the roadmap forward there?

您認為如何吸引人才推動路線圖的發展？

Like, how is your positioning in that Iceberg ecosystem evolving?

例如，您在冰山生態系中的定位是如何演變的？

Thank you.

謝謝。

Yeah.

是的。

On the margin side, the margins were slightly better than what we had forecast internally, but it doesn't change the guide that we've given, 75% for the year.

在利潤率方面，利潤率略好於我們內部預測的水平，但這並沒有改變我們給出的全年 75% 的指導目標。

Part of that is we're still waiting in some deployments for GPUs around the world that we don't have yet that we were anticipating would have come in this quarter.

部分原因是我們仍在等待全球範圍內一些尚未部署的 GPU，我們預計這些 GPU 將在本季度部署完成。

That's really the margin side.

這確實就是利潤方面。

And then on the Iceberg side, it's important to understand that the acquisition of tabular the company has no impact on the Iceberg project, which is an Apache open source project.

然後就 Iceberg 方面而言，重要的是要了解，收購 Tabular 公司對 Iceberg 專案沒有影響，Iceberg 專案是一個 Apache 開源專案。

This has contributors and program committee members from a number of cloud companies; the hyperscalers, yes, but also other companies.

它有來自多家雲端運算公司的貢獻者和專案委員會成員；是的，超大規模企業，但也有其他公司。

And we also have members within Snowflake.

我們在 Snowflake 內部也有成員。

So we very much intend for this to be an industry standard that we take a pretty significant role in shaping.

因此，我們非常希望將其打造為行業標準，並在塑造過程中發揮相當重要的作用。

And so from that perspective, we actually feel that the tabular acquisition in many ways is a vindication of our strategy to bet on Iceberg, because that was the format that was truly interopable.

因此從這個角度來看，我們實際上覺得表格收購在許多方面證明了我們押注 Iceberg 的策略的正確性，因為這是真正可互通的格式。

Hopefully, this is the end of the Betamax wars, with everybody centering around the one format that has broad support.

希望 Betamax 之爭就此結束，大家都能關注到一種廣泛支持的格式。

And as I said, we will continue to be a key player in this ecosystem to ensure that the format truly serves everybody and moves the industry forward.

正如我所說，我們將繼續成為這個生態系統的關鍵參與者，以確保這種形式真正服務於每個人並推動產業向前發展。

Okay, perfect.

好的，完美。

Thank you, well done.

謝謝，做得好。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Thank you very much, a lot of my congrats.

非常感謝，致以誠摯的祝賀。

Mike, you mentioned a couple of nine-figure deals in the quarter.

麥克，你提到本季有幾筆九位數的交易。

I'm curious if those are renewals with expansion, or perhaps if they're related to anything else, for instance, Iceberg Tables unlocking new business where companies want to tap into some larger data sources that are in an open format, or just whether there's anything else to call out on the nine figure deals?

我很好奇這些是否是擴展的更新，或者它們是否與其他任何東西相關，例如，冰山表解鎖新業務，公司希望利用一些開放格式的更大數據源，或者是否還有其他關於九位數交易的內容？

And I have a quick follow up.

我有一個快速的跟進。

Those who are existing customers you're never going to see.

那些您永遠不會見到的現有客戶。

I never want to say never.

我從來不想說永遠。

But you might -- you're going to see a nine-figure deal and net new customer, but those are really -- as part of renewal process, and but expansion in both of those customers as they're looking to more.

但您可能會 - 您會看到一筆九位數的交易和淨新客戶，但這些實際上 - 作為續約過程的一部分，但這兩個客戶的擴張都是因為他們正在尋求更多。

I can't specifically say that Iceberg on either of those that I'm seeing, but they both plan on doing more with the Snowflake.

我無法具體地說出我所看到的 Iceberg，但他們都計劃利用 Snowflake 做更多的事情。

Yeah, I understand.

是的，我明白。

Okay.

好的。

And then as a follow up, as we start to think forward into the next fiscal year, I think we're trying to balance out the large slate of products that recently reached a GA that you mentioned, TRIDAR, and might start to contribute.

然後作為後續行動，當我們開始考慮下一個財年時，我認為我們正在嘗試平衡您提到的最近達到 GA 的大量產品，TRIDAR，並且可能開始做出貢獻。

Then on the other side of the ledger, potential for any discrete headwinds from hardware and software improvements that you pass along.

然後，在帳本的另一端，您可能會遇到來自硬體和軟體改進的任何離散阻力。

Storage compression, in the past you had auto warehouse, I think.

儲存壓縮，我想過去你們有自動倉庫。

Any high-level thoughts, Sridhar, on how to pencil that out in terms of new products, you know, ramping and then on the other side some of those improvements?

Sridhar，您能談談關於如何從新產品、提升產能以及另一方面進行哪些改進等方面來規劃這一問題嗎？

I'll start the answer.

我來開始回答。

And Christian should -- and Mike should chime in.

克里斯蒂安和麥克也應該加入進來。

First of all, we obviously can't say anything about next year.

首先，我們顯然無法談論明年的事情。

It is next year.

是明年。

But wherever possible where we have indication about how new products are going to perform, we certainly tell you about it.

但只要我們有可能，只要我們有關於新產品性能的跡象，我們一定會告知您。

We have given guidance, for example, about what Snow Park is going to do this year.

例如，我們已經給出了有關 Snow Park 今年要做什麼的指導。

And similarly with the AI products, as I said, we are seeing broad adoption and we expect that it will begin to contribute materially to revenue next year.

同樣，正如我所說，我們看到人工智慧產品被廣泛採用，我們預計它將在明年開始對收入做出實質貢獻。

With respect to performance optimizations, I would say that's more of an ongoing thing.

關於效能優化，我想說這是一個持續的事情。

We have talked to you about the things that we have on tap for this year.

我們已經和你討論過我們今年計劃要做的事情。

It is important to understand that these optimizations turn into massive cost savings for our customers and make the core product strong.

重要的是要明白，這些優化為我們的客戶節省了大量成本，並使核心產品更加強大。

And it's really important that our teams continue to do that because that's what protects our overall base.

我們的團隊繼續這樣做確實非常重要，因為這才能保護我們的整體基礎。

Christian?

基督教？

I would just emphasize that our leadership position on price performance and continues to be a priority for all of us.

我只想強調，我們在價格表現方面的領導地位仍然對我們所有人來說都是首要任務。

And at this point, you've seen several years of us continuing to innovate, but also the ever growth and additional use from our customers.

此時，您已經看到我們多年來不斷創新，同時也看到我們的客戶不斷發展和增加使用。

Thank you.

謝謝。

Kirk Materne, Evercore.

柯克·馬特恩（Kirk Materne），Evercore。

Yeah, thanks.

是的，謝謝。

Just two really quick ones.

只需兩個非常簡短的。

Sridhar, actually, a lot of your partners and customers at the Summit event talked about the excitement around some of these newer products like Cortex and Snow Park.

Sridhar，實際上，您在高峰會上的許多合作夥伴和客戶都談到了對 Cortex 和 Snow Park 等一些新產品的興奮之情。

But one of the refrain was, we just need better maps to understand how to use them.

但其中一條意見是，我們只是需要更好的地圖來了解如何使用它們。

And from an industry perspective, it came up a lot too (technical difficulty) country is really, you are being.

從產業角度來看，它也出現了許多問題（技術難度），國家確實存在問題。

[the product that they can push in the ROI].

[他們可以在投資報酬率中推銷的產品]。

Kirk, your line is breaking up.

柯克，你的線斷了。

(technical difficulty) I'll stop here.

（技術難題）我就到此為止。

Thanks.

謝謝。

Kash Rangan, Goldman.

卡什·蘭根 (Kash Rangan)，高盛。

Hey, thank you guys.

嘿，謝謝你們。

So one for you, Sridhar.

所以，Sridhar，我送你一個。

One for you, Mike.

給你一個，麥克。

Sridhar, when you look at the product portfolio, some clearly initiative is to get these services out in quick cadence.

Sridhar，當您查看產品組合時，顯然有一些舉措是為了快速推出這些服務。

I think you pointed out the net new 809 services.

我認為您指出了新的 809 服務。

But one of the conversations with customers, like when they are discussing these services with you, what is your take on where we going to be a year out with the consumption profile of an average Snowflake customer, kind of this, I think, on average?

但在與客戶的對話中，例如當他們與您討論這些服務時，您如何看待一年後我們普通 Snowflake 客戶的消費狀況？

How do you see that mix changing between the core, if you want to just bluntly call it, warehousing, later revenues versus unstructured data, what are we calling it, Cortex, AI, and the other emerging buckets, how does that mix change for customers as they start to appreciate the net new products you have coming out?

您如何看待核心（如果您願意直截了當地稱之為倉儲、後期收入）與非結構化資料（我們稱之為 Cortex、AI 和其他新興領域）之間的組合變化，當客戶開始欣賞您推出的新產品時，這種組合會發生怎樣的變化？

And one for you, Mike.

還有一個給你，麥克。

You said that the second force compensation tilt towards consumption is still in its early days.

您剛才說，第二次力度補償向消費傾斜還處於初期階段。

But you also intimated that in fiscal 2006, we could start to see the fruit of all this.

但您也暗示說，在2006財年，我們就可以開始看到這一切的成果。

So help us understand what you mean by that and what are the KPIs that you'd be internally monitoring to inform you, and therefore us, that that tilt towards getting more consumption within your customers is actually working to your advantage?

那麼，請幫助我們理解您的意思，以及您內部監控的 KPI 是什麼，以便您和我們了解，傾向於在您的客戶中吸引更多消費實際上對您有利？

Thank you so much.

太感謝了。

Thank you, Kash.

謝謝你，卡什。

On the product side, I would say that our customers go through a journey, typically starting with a desire to have a really good data platform that gives visibility.

在產品方面，我想說我們的客戶會經歷一段旅程，通常首先希望擁有一個真正優秀的、具有視覺性的資料平台。

They end up adopting different architectures, but often the enterprise's most pristine, clean data, the gold layer, so to say, is the one that's put into Snowflake.

他們最終採用了不同的架構，但通常企業最原始、最乾淨的數據，也就是所謂的黃金層，就是被放入 Snowflake 的資料。

And there are lots of customers that have standardized on Snowflake as that key data backplane.

許多客戶已將 Snowflake 標準化為關鍵資料背板。

Next, usually, there is a leaning towards collaboration.

其次，通常來說，人們傾向於合作。

Because all companies exist in the context of an ecosystem.

因為所有公司都存在於生態系的環境中。

They have partners, they have customers, and collaboration of various kinds, certainly starting with data sharing becomes the key next thing that they adopt broadly.

他們有合作夥伴，有客戶，有各種各樣的合作，當然，從資料共享開始成為他們廣泛採用的下一步關鍵。

And you've often heard Christian talk about things like stable edges, which is a metric that we track, because it creates value and it obviously also creates a network effect.

你經常聽到克里斯蒂安談論諸如穩定邊緣之類的事情，這是我們追蹤的一個指標，因為它創造了價值，顯然也產生了網路效應。

Our overall strategy at Snowflake is to make sure that all of the data workloads that a company has is satisfied by Snowflake.

Snowflake 的整體策略是確保 Snowflake 能夠滿足公司的所有資料工作負載。

And this is where things like data engineering, which you have played a pretty significant role in for a while, has been an investment for us.

這就是諸如數據工程之類的東西，您在其中扮演了相當重要的角色，這對我們來說是一項投資。

And this is where things, like Iceberg become pretty key because all of a sudden, the universe of data that can be acted upon by Snowflake goes through a large expansion, precisely because not all data needs to be ingested into Snowflake before things happen.

這就是 Iceberg 這樣的東西變得非常關鍵的地方，因為突然之間，Snowflake 可以處理的資料世界經歷了一次大的擴展，正是因為在事情發生之前並不是所有資料都需要輸入到 Snowflake 中。

I would say AI is a little unusual in this front, because of obviously the industry excitement around it. But we approach it very much from a viewpoint that I think this was part of the previous question of how do we go about creating utility to our customers, we just don't go in and say use AI. We talk about how it can be used to derive much better insights over unstructured information, for example, by using an LLM function for doing data transformation like sentiment detection. And easier access to data, whether it is with a chatbot or text docs, or using something like analyst to give a business user access to structured data, those tend to be the follow-on applications.

我想說人工智慧在這方面有點不尋常，因為顯然業界對它很感興趣。但我們從一個角度來處理這個問題，我認為這是先前的問題的一部分，即我們如何為我們的客戶創造效用，我們只是不會進去說使用人工智慧。我們討論瞭如何使用它來從非結構化資訊中獲得更好的洞察力，例如，透過使用 LLM 函數進行情緒檢測等資料轉換。並且可以更輕鬆地存取數據，無論是使用聊天機器人還是文字文檔，還是使用分析師之類的工具讓業務用戶存取結構化數據，這些往往是後續應用程式。

And really, we feel comfortable enough to be able to be investing in these in parallel and driving revenue growth. I would say it's too early to talk about X percent for this versus Y percent for that. Our goal is to be relevant. And for me, relevance is lots and lots of our customers, thousands of customers using our products and driving meaningful 9, 10-digit revenue for us.

事實上，我們感到非常舒服，能夠同時投資這些領域並推動收入成長。我想說，現在談論這個的 X 百分比或那個的 Y 百分比還為時過早。我們的目標是具有相關性。對我來說，相關性意味著我們有大量的客戶，成千上萬的客戶使用我們的產品，並為我們帶來有意義的 9 位數、10 位數的收入。

And, Kash, on your question for me on the sales comp changes, what I was meaning by that is, you know, we really bifurcated our salesforce into the acquisition reps. And those customers, that are landing today, we really have them focused on trying to land the right type of customer that can grow. WE think they will have a meaningful impact on revenue next year with the new ones.

卡什，關於你問我的銷售人員薪酬變化的問題，我的意思是，我們確實將銷售人員分為了收購代表。對於今天登陸的那些客戶，我們確實讓他們專注於嘗試吸引能夠成長的正確類型的客戶。我們認為，這些新產品將對明年的收入產生重大影響。

And also then also the new muscle that we've been building in the sales organization where the reps are just being paid on consumption is what is driving them that's really the growth within customer's consumption. It's a new muscle for them to learn how to go and find and help forecast new workloads coming online. And that muscle they're developing, we see, is going to have a really positive impact in 2026 for us.

另外，我們在銷售組織中打造的新力量是，銷售代表只是根據消費情況獲得報酬，而這才是真正推動他們成長的動力，也就是客戶消費的成長。對他們來說，學習如何去發現並幫助預測新上線的工作負荷是一筆新的技能。我們看到，他們正在開發的這種實力將在 2026 年對我們產生真正積極的影響。

Excellent. Thank you so much.

出色的。太感謝了。

Kash Rangan, Goldman.

卡什·蘭根 (Kash Rangan)，高盛。

Thank you, guys, one for you through the ones that you might come through that. When you look at the product portfolio, sincerely initiative is to get these services can quickly. And as you pointed out, the net new Internet services, one of the conversations with customers like when they are discussing new service with you or does it take on where are we going to be a year out with the consumption profile of an average Snowflake customer and kind of the business, I think on average? How do you see that mix changing between the core ones? Just bluntly conduct some warehousing later revenues versus unstructured data, literally uncluttered Cortex AI. And the other emerging buckets, how does that mix change for customers as they start to appreciate the net new products you have coming out?

謝謝你們，夥伴們，為了幫助你們度過難關，我送上了一份禮物給你們。當你查看產品組合時，真誠的倡議是能夠快速獲得這些服務。正如您所指出的，新的網路服務是與客戶討論新服務時進行的對話之一，或者它是否考慮到我們一年後會如何發展，以及普通 Snowflake 客戶的消費狀況和業務類型，我認為平均而言？您如何看待核心之間的混合變化？只是直截了當地對非結構化資料進行一些倉儲後期收入，實際上是清理 Cortex AI。至於其他新興類別，當客戶開始欣賞您推出的新產品時，其產品組合會發生怎樣的變化？

And one for you, Mike, you said the force compensation still tours consumption is still early days, but you also intimated that in fiscal 2006, we could start to see that hood of all the. So help us understand what you mean by that and what are the KPIs that you'd be turning monitoring to inform you in there for us that that tilt towards getting more consumption within your customers is actually working toward package? Thank you so much.

麥克，還有一件事要告訴你，你說強制補償仍然是旅遊消費的早期階段，但你也暗示說，在 2006 財年，我們就可以開始看到這一切。那麼，請幫助我們理解您這樣說的意思，以及您要監控的 KPI 是什麼，以便我們了解，傾向於在客戶中吸引更多消費實際上是朝著包裝的方向努力？太感謝了。

Thank you goes on on the product side, I would say that our customers go through a journey typically starting with a desire to have a really good data platform that gives visibility. They end up adopting different architectures, but often the enterprises most like pristine, clean the data, the gold later, so to say. This the one that's put into into in into Snowflake.

謝謝您談到產品方面，我想說的是，我們的客戶通常會經歷一段旅程，首先渴望擁有一個真正好的數據平台，並提供可見性。他們最終採用了不同的架構，但通常企業最喜歡原始架構，即先清理數據，然後再獲取黃金，可以這麼說。這是放入 Snowflake 中的那個。

And there are lots of customers that have standardized on Snowflake as that key data backplane. Next usually that is a leaning towards a collaboration because all companies exist in the context of an ecosystem, partners, and customers and color aberration of various kind. Certainly, starting with data sharing becomes the key next thing that they are up broadly on. You've often heard cushion talk about things like stable hedges, which is a metric that we track because it creates value and obviously also create a network effect pump.

許多客戶已將 Snowflake 標準化為關鍵資料背板。其次通常傾向於合作，因為所有公司都存在於生態系統、合作夥伴、客戶和各種色差的環境中。當然，從資料共享開始成為他們廣泛關注的下一步關鍵事項。您經常聽到緩衝談論諸如穩定對沖之類的事情，這是我們追蹤的一個指標，因為它創造了價值，顯然也創造了網路效應。

Our overall strategy of Snowflake is to make sure that all of the sort of data workloads that a company has satisfied is satisfied by Snowflake.

我們對 Snowflake 的整體策略是確保公司滿足的所有類型的資料工作負載都由 Snowflake 來滿足。

And this is the things like data engineering, which you have played a pretty significant role in for a while, has been an investment for us.

這就是諸如數據工程之類的事情，您在其中發揮了相當重要的作用，這對我們來說是一項投資。

And this is that things like Iceberg become pretty key because all of a sudden the universe of data that can be hard to on a large expansion on because precisely because not all data needs to be ingested into snow.

而像 Iceberg 這樣的事物變得非常關鍵，因為突然之間，數據世界很難進行大規模擴展，因為並不是所有數據都需要被吸收到雪中。

Blake before before things happen on, I would say Asia is a little unusual in this front because of obviously the industry excitement around it.

布萊克，在事情發生之前，我想說亞洲在這方面有點不尋常，因為顯然業界對此感到興奮。

But we approach it very much from a viewpoint that I think this was part of the previous question of how do we go about creating utility on to our customers.

但我們從一個角度來處理這個問題，我認為這是先前的問題的一部分，即我們如何為客戶創造效用。

We just don't go in and say use a I will talk about how it can be used to derive much better insights or unstructured information, for example, by using and Alan function for doing data transformation like sentiment detection.

我們只是不會進去說使用，我會談論如何使用它來獲得更好的見解或非結構化信息，例如，通過使用和 Alan 函數進行數據轉換，如情緒檢測。

An easier access to data, whether it is with the chat box, Cortex docs on are using something like on a list to give a business using our access to structured data does tend to be the follow on on applications on.

更輕鬆地存取數據，無論是使用聊天框還是 Cortex 文檔，都在使用類似列表的東西，讓企業使用我們的結構化資料存取權限，這往往會在應用程式上得到後續應用。

I know, obviously we feel comfortable enough to be able to be investing in these in parallel and driving revenue growth.

我知道，我們顯然感到很舒服，能夠同時投資這些領域並推動營收成長。

I would say it's too early to talk about X percent for this versus 1% for that.

我想說，現在談論這個的 X% 或那個的 1% 還為時過早。

Our goal is to be relevant for me.

我們的目標是與我相關。

Relevance is lots and lots of our customers, thousands of customers using our products and driving meaningful in 9, 10 digit revenue for us.

相關性是指我們眾多的客戶，成千上萬的客戶使用我們的產品並為我們帶來了 9 位數、10 位數的收入。

And on your question for me on the on the sales comp changes, what it was, meaning by that, as we have really bifurcated our sales force into the acquisition reps and those customers they're landing today.

關於您問我的銷售收入變化問題，這是什麼意思，因為我們實際上將銷售團隊分為收購代表和他們今天獲得的客戶。

We really haven't focused on trying to land the right type of customers that can grow.

我們確實沒有集中精力去嘗試吸引能夠成長的正確類型的客戶。

We think they will have a meaningful impact on revenue next year with those new ones.

我們認為這些新產品將對明年的收入產生重大影響。

And then also the new muscle that we've been building in the sales organization where the reps are just paying being paid on consumption is what is driving them.

另外，我們在銷售組織中打造的新力量也是推動他們發展的動力，銷售代表只需根據消費情況付費。

And that's really the growth within customers' consumption.

這確實是顧客消費的成長。

It's a new muscle for them to learn how two from go and find and help forecasts new workloads coming online in that muscle they're developing we see is going to have a really positive impact in 2026 for us.

這對他們來說是一個新的能力，他們需要學習如何從中找到並幫助預測他​​們正在開發的這個能力中出現的新工作負載，我們認為這將在 2026 年對我們產生真正積極的影響。

Excellent.

出色的。

Thank you so much.

太感謝了。

Karl Keirstead, UBS.

瑞銀的卡爾·科爾斯特德（Karl Keirstead）

Okay, great.

好的，太好了。

Hey, Mike, I'd love to just ask you about usage trends as you closed the July quarter and what assumptions you're embedding in the second half product revenue guide?

嘿，麥克，我很想問你關於七月季度結束時的使用趨勢，以及你在下半年產品收入指南中嵌入了哪些假設？

I think we've -- everybody on the line has heard fairly ample evidence from Microsoft all the way down that it's a tough IT spending environment.

我想，我們——電話裡的每個人都已經從微軟那裡聽到了相當充分的證據，顯示 IT 支出環境十分艱難。

So I'm just curious, as you set the 3Q and 4Q product revs guide, what you would call out as the key variables or maybe changes in macro related assumptions that you embedded in that guide?

所以我很好奇，當您設定第三季和第四季產品轉速指南時，您會將什麼稱為關鍵變量，或者您在該指南中嵌入的宏觀相關假設的變化是什麼？

Thank you.

謝謝。

I'll just say, I think the quarter showed from a booking standpoint that it's a normal environment and we're very pleased with the deals we closed in the quarter.

我只想說，我認為從預訂的角度來看本季顯示這是一個正常的環境，我們對本季完成的交易非常滿意。

I don't see it any worse.

我不認為情況更糟。

It's not euphoric or anything but it's very stable customer buying pattern we're seeing.

這並不令人欣喜，但我們看到的是非常穩定的客戶購買模式。

And in terms of consumption trends, obviously we just guided our revenue.

就消費趨勢而言，顯然我們只是指導了我們的收入。

Right now for the quarter, we beat and we've raised the full year as well, too.

就目前而言，我們本季的業績超出預期，而且全年業績也實現了成長。

And that's seeing that consumption trends up through this week.

我們看到本週的消費趨勢是上升的。

So we're pleased with that right now is what we're seeing.

我們對目前看到的情況感到滿意。

Okay, Mike.

好的，麥克。

And then just maybe a follow-up.

然後也許只是後續行動。

I know that you've embedded in your guidance the assumption of some degree the runoff of the storage revenues that you just repeated earlier, still represent 11% of revs.

我知道您在指導中在一定程度上嵌入了假設，即您先前重複的儲存收入的流失仍然佔收入的 11%。

Is the expected pace of that storage runoff in this new guidance tracking similar to what you embedded three months ago?

此新指導追蹤中預期的儲存流失速度是否與您三個月前嵌入的類似？

Or is it a little bit lighter or a little bit faster?

或者說它稍微輕一點或稍微快一點？

Yeah.

是的。

What I said -- as I said earlier, we really haven't seen any storage leave some slight gap, but that was always forecast to happen in the second half of this year.

我之前說過，我們確實沒有看到任何儲存空間留下一些輕微的缺口，但這種情況一直預測會在今年下半年發生。

And we are expecting that is -- some of that is going to happen and that is factored into our guidance.

我們預計其中一些將會發生，並且已將其計入我們的指導中。

Okay.

好的。

Thank you, Mike.

謝謝你，麥克。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞（Jefferies）。

Thanks.

謝謝。

Sridhar, can you give us an update on the adoption of Cortex and how you're seeing that trend?

Sridhar，您能否向我們介紹一下 Cortex 的採用情況以及您如何看待這一趨勢？

And from Mike, just on RPO, it's good to see really good sequential growth in the acceleration of RPO, but the gap between revenue and RPO continues to be one of the highest we've seen.

從 Mike 的角度來看，僅就 RPO 而言，很高興看到 RPO 加速的連續成長，但營收和 RPO 之間的差距仍然是我們所見過的最高水準之一。

Is there anything that's going on that we should consider there?

那裡發生了什麼事值得我們考慮嗎？

Is this just similar on a consistent patterns you've seen in the past?

這是否與您過去所見過的一致模式相似？

I'll actually answer that first, it's well on my mind.

事實上，我會​​先回答這個問題，我非常關心這個問題。

As we said before, we have customers that sign long-term contracts.

正如我們之前所說，我們有簽訂長期合約的客戶。

If they have consumed everything under their contract, they have the ability to buy monthly.

如果他們已經消費了合約規定的所有用量，他們可以按月購買。

We have 2 of our top 10 customers right now that can continue to buy through the end of the year, and we're seeing that.

我們目前前十大客戶中有兩個可以繼續購買到年底，我們正在看到這一點。

So there, in their top 10 customers.

這就是他們的十大客戶。

And I think, top 10 customers are roughly in the $50 million or $40 million range.

我認為，前十大客戶的金額大約在 5,000 萬美元或 4,000 萬美元之間。

Those aren't reflected in current RPO very much, because they're just buying as they go.

這些在當前的 RPO 中沒有得到太多體現，因為他們只是在購買過程中進行。

Great question here.

這個問題問得真好。

And the adoption of Cortex, obviously, we have a number of product capabilities under that umbrella; Cortex lens, which represents the different language models that are available.

透過採用 Cortex，顯然我們在該框架下擁有了許多產品功能； Cortex 鏡頭，代表可用的不同語言模型。

That one, the adoption is quite strong.

那個，採用率相當高。

Lots of the use cases that Sridhar alluded to on tax amortization, tax sentiment analysis.

Sridhar 提到的許多用例涉及稅收攤銷和稅收情緒分析。

That's very strong.

這非常強。

But also we introduced at Summit both Cortex Analyst and Cortex Search as a way to enable users across all things are going to do just to be able to chat and interrogate the data, whether it is a structure or unstructured.

但我們也在峰會上推出了 Cortex Analyst 和 Cortex Search，以便用戶能夠跨所有事物進行聊天和查詢數據，無論數據是結構化的還是非結構化的。

Those two are important for you, but the adoption at this stage is quite strong.

這兩點對你來說很重要，但現階段的採用率相當高。

And we have quite a bit of demand for a -- go into general availability.

我們對全面上市有相當多的需求。

And maybe last one that I will call out is the store they called Pilot.

我最後要提到的一家商店是他們稱為 Pilot 的商店。

We see a lot of usage on customers getting assistance and how to write better at cheaper price, which also drives consumption back into interest open.

我們看到很多客戶使用這種方法來獲得幫助，以及如何以更低的價格寫得更好，這也推動了消費重新恢復興趣。

So all up a strong product suite and interest in adoption across all of them.

因此，我們擁有一套強大的產品套件，並且所有產品都受到我們的歡迎。

Thanks.

謝謝。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Great.

偉大的。

Thanks so much for taking the question.

非常感謝您回答這個問題。

It's really a bigger picture question for Sridhar; maybe, Christian.

對 Sridhar 來說，這確實是一個更大的問題；或許吧，克里斯蒂安。

If the world increasingly interacts with data through generative AI and LLMs, how does the role that data warehouse, as we've known it for decades, evolve from here?

如果世界越來越多地透過生成式人工智慧和法學碩士與資料進行交互，那麼我們幾十年來所熟知的資料倉儲的作用將如何演變？

And why is Snowflake well-positioned to help enterprises bridge these worlds, leveraging mountains of enterprise data to build newer-generation AI applications?

為什麼 Snowflake 能夠幫助企業連結這些世界，利用大量企業資料來建立新一代 AI 應用程式？

Thanks.

謝謝。

I mean, first of all, Snowflake is often at the center of all of the interesting data in company.

我的意思是，首先，Snowflake 通常是公司所有有趣數據的中心。

Absolutely, we started out of their homes, but increasingly, we are the data backplane that provides a single unified view on.

當然，我們從他們的家開始，但越來越多地，我們是提供單一統一視圖的資料底板。

Obviously, this comes from production systems but also increasingly from multiple connectors.

顯然，這來自生產系統，但也越來越多來自多個連接器。

We have two other systems, whether they are not salesforce or segment os SAP or any of the other applications that data that you use.

我們有另外兩個系統，無論它們不是 salesforce 還是 SAP 分段作業系統，或您使用的任何其他資料應用程式。

And what we are doing with additional capabilities, like machine learning, like AI is to be able to act on that data to then drive operational systems.

我們正在利用機器學習、人工智慧等附加功能來根據資料採取行動，進而推動作業系統。

Disney, for example, uses Snowflake to do a lot of in-park optimization.

例如，迪士尼使用 Snowflake 進行大量的園區內優化。

And we see a lot of people that bring supply chain data into Snowflake and then optimize within Snowflake.

我們看到很多人將供應鏈資料引入 Snowflake，然後在 Snowflake 內部進行最佳化。

And obviously, that are also partners like Blue Yonder, which is the supply chain company data platform on Snowflake, and then provide additional capability to their customers so they can combine the supply chain data with other data.

顯然，這也是像 Blue Yonder 這樣的合作夥伴，它是 Snowflake 上的供應鏈公司資料平台，然後為他們的客戶提供額外的功能，以便他們可以將供應鏈資料與其他資料結合。

Our bet is really that AI and machine learning are going to go where the data is.

我們確信人工智慧和機器學習將會走向有數據的地方。

Data is going to have a strong gravity.

數據將具有強大的引力。

And this is the reason why we are seeing such broad adoption.

這就是我們看到如此廣泛採用的原因。

And by providing easy-to-use products, Cortex AI, for example, any analysts that no sequel now was able to use language models.

並且透過提供易於使用的產品，例如 Cortex AI，任何沒有後續產品的分析師現在都能夠使用語言模型。

You don't need to go buy new systems, set up new things, and things like data transformation, tax transformations to become as simple as writing like a two-line sequel.

你不需要去購買新系統，設定新的東西，資料轉換、稅務轉換等事情變得像寫兩行續集一樣簡單。

It is really this ease of use that makes Snowflake such an amazing platform, to be able to do all the value-add obligations in addition to the core analytics applications on the data sharing that people have done on Snowflake.

正是這種易用性讓 Snowflake 成為如此令人驚嘆的平台，除了人們在 Snowflake 上進行的資料共享的核心分析應用之外，它還能夠完成所有增值義務。

Thank you very much for that, Sridhar.

非常感謝您，Sridhar。

Maybe just a quick one for you, Mike.

麥克，這對你來說可能只是一個快速的問題。

Am I too optimistic to think that ARR could stabilize here, especially in light of all the new product that you guys are bringing online?

我是否過於樂觀地認為 ARR 可以在這裡穩定下來，特別是考慮到你們在線上推出的所有新產品？

Thank you.

謝謝。

You know, as we've said before, I'm not really going to guide ARR.

你知道，正如我們之前所說的，我實際上不會指導 ARR。

And like I said, it will over time converge with our revenue.

正如我所說的，隨著時間的推移，它將與我們的收入趨同。

And clearly, we'd like to see ARR stabilize at this level, but we'll see at the end of the quarter.

顯然，我們希望看到 ARR 穩定在這個水平，但我們會在本季末看到結果。

I'm not disappointed with ARR.

我對 ARR 並不失望。

Given our revenue growth, I'm happy with it.

考慮到我們的收入成長，我對此感到滿意。

Makes sense.

有道理。

Thanks so much, guys.

非常感謝大家。

Mike Cikos, Needham & Company.

麥克‧西科斯 (Mike Cikos)，Needham & Company。

Great.

偉大的。

Thanks for taking the questions here, guys.

謝謝大家在這裡回答問題。

The first was for Sridhar, and I just want to come back to Keith's question at the top of the Q&A.

第一個問題是問 Sridhar 的，我只想回到問答環節開頭 Keith 提出的問題。

I know we're saying that there wasn't an impact on consumption in the quarter related to the muddled headlines around security.

我知道我們說過，本季的安全混亂新聞不會對消費產生影響。

But has Snowflake noticed any change when thinking about the timeline for sales cycles or the demand gen as it relates to some of the headlines that were out there?

但是，當 Snowflake 思考銷售週期或需求產生的時間表與一些現有的頭條新聞相關時，他是否注意到了任何變化？

And then the follow up for Mike would be, when we look at the reiterated margin guidance that we have today, is there anything to think about?

然後 Mike 的後續問題是，當我們查看今天重申的利潤率指引時，有什麼需要考慮的嗎？

Was there any delayed spend that's now expected in the back half of the year, just given Snowflake's outperformance on a year-to-date basis through the first half?

鑑於 Snowflake 上半年迄今的出色表現，是否有任何預計下半年會延遲的支出？

On the first one about the model of security headlines, obviously, we make sure that we bring up the topic whether we talk to an existing customer or to a new customer.

關於第一個安全標題模型，顯然，無論是與現有客戶還是新客戶交談，我們都會確保提出這個主題。

We point to the security capabilities that we have had honestly for close to a decade and try to ensure that all existing customers, for example, follow best practices.

我們指出，我們近十年來一直擁有的安全能力，並試圖確保所有現有客戶都遵循最佳實踐。

You know, they're simple, like multi-factor authentication, like network policies, when it comes to security.

您知道，就安全性而言，它們很簡單，例如多因素身份驗證、網路策略。

And our sales team, as well as I, whenever we have conversations with potential new customers, bring this up front and center.

我們的銷售團隊和我本人在與潛在的新客戶交談時都會把這一點放在首位。

And part of the reason why we are slightly muted about this is like these are our customers that got -- the people that got breached, these are our customers, and we want to work closely with them to make sure that they get out of the difficult situation that they are in.

我們對此保持沉默的原因之一是，這些人是我們的客戶，他們是遭受攻擊的人，他們是我們的客戶，我們希望與他們密切合作，確保他們擺脫當前的困境。

And both existing customers and new customers appreciate that spirit of partnership and helping them get through a difficult situation.

現有客戶和新客戶都欣賞這種合作精神並幫助他們渡過難關。

We have them talk to our CISOs, we have them talk to our security field CTOs, advise them on best practices.

我們讓他們與我們的 CISO 交談，我們讓他們與我們的安全領域 CTO 進行交談，為他們提供最佳實踐的建議。

So roughly, I would say that there's not really been any noticeable effect or delay in things like our ability to sign up customers or get -- I mean, sign up new customers or get existing customers to deploy new projects.

所以粗略地說，我想說，在我們簽約客戶或獲得新客戶或讓現有客戶部署新專案的能力方面，並沒有受到任何明顯的影響或延遲。

We just need to be more proactive about having the security conversation and we absolutely do that.

我們只需要更積極主動地進行安全對話，我們絕對會這樣做。

In your question from, Mike, on whether there's any delays spend are not having an impact, here's no delays spend.

麥克，當你提出關於是否有任何延遲支出沒有影響的問題時，這裡沒有延遲支出。

But I will tell you is we are looking at accelerating and it doesn't change our guidance.

但我要告訴你的是，我們正在考慮加速，這不會改變我們的指導。

Our guidance is the same what it was.

我們的指導與以前相同。

We are looking at potentially accelerating some of our hiring in the second half of the year, particularly for the sales force of some of the areas where we want, and that's factored into our full year guidance, which is guidance we gave last quarter.

我們正在考慮在今年下半年加速部分招聘，特別是針對我們想要的一些地區的銷售人員，這已經考慮到了我們的全年預期，也就是上個季度給出的預期。

That's great.

那太棒了。

Thank you.

謝謝。

Appreciate the additional color.

欣賞額外的色彩。

Joel Fishbein, Truist.

喬爾‧菲什拜因 (Joel Fishbein)，Truist。

Thanks and congrats on the good execution.

感謝並祝賀您的出色表現。

Sridhar, you spoke about this hospitality customer using Iceberg.

Sridhar，您談到了這位使用 Iceberg 的飯店客戶。

Can you give us some more color about that use case and maybe ROI?

您能否向我們詳細介紹一下該用例和投資報酬率 (ROI)？

And maybe if that use case may be used as an example to attract other customers?

也許可以把該用例作為吸引其他客戶的範例？

Thanks.

謝謝。

Can you repeat the first sentence in your question?

你能重複問題的第一句話嗎？

What customer?

什麼顧客？

You talk about a hospitality customer using Iceberg for a specific use case.

您談到一位飯店客戶使用 Iceberg 的特定用例。

I was just hoping to get a little bit more detail and color around that.

我只是希望能夠獲得更多的細節和色彩。

And then maybe if that can be used as an example to attract other customers?

那麼是否可以以此為例來吸引其他顧客呢？

Yeah, I think, the general pattern that we saw there and we see in other use case from other customers is they've decided to adopt an architecture that is based on open platform formats.

是的，我認為，我們在那裡看到的一般模式以及我們在其他客戶的其他用例中看到的一般模式是，他們決定採用基於開放平台格式的架構。

And usually the adoption starts with a small use case, here's some incremental span, validate interoperability between engines, and then you can go and deploy a larger scale.

通常，採用從一個小的用例開始，這裡有一些增量跨度，驗證引擎之間的互通性，然後你可以部署更大規模。

And I think that's the pattern that we see.

我認為這就是我們看到的模式。

Okay, thank you.

好的，謝謝。

Patrick Colville, Scotiabank.

加拿大豐業銀行的派崔克‧科爾維爾。

Thank you so much for taking my question.

非常感謝您回答我的問題。

So my question is for Sridhar.

我的問題是針對 Sridhar 的。

I want to ask about kind of classic data analytics and warehousing.

我想問一些關於經典的數據分析和倉儲的問題。

Do you mind commenting on the pace of migrations, new analytical workloads coming online, query placing, competition in analytics now versus six months ago?

您介意評論一下現在與六個月前相比遷移的速度、上線的新分析工作負載、查詢放置和分析競爭情況嗎？

Is there anything to call out there?

那裡有啥可叫的嗎？

Yeah.

是的。

In the code analytics space, we are the best in the world, especially when people consider migrating from complex on-prem systems.

在程式碼分析領域，我們是世界上最好的，特別是當人們考慮從複雜的內部部署系統遷移時。

We have a professional services team that is exceptionally skilled at it.

我們擁有一支技術精湛的專業服務團隊。

And a very large ecosystem of partners that have been battle tested with massive migration.

我們擁有龐大的合作夥伴生態系統，這些合作夥伴已經經歷了大規模遷移的考驗。

And we have done migrations from on-prem workloads that end up saving something like 60% of the cost the customer has to bear.

我們已經完成了從本地工作負載的遷移，最終為客戶節省了約 60% 的成本。

And their Snowflake implementations end up being very, very efficient and low maintenance.

他們的 Snowflake 實現最終變得非常高效，並且維護成本低。

This is an area that continues to be important for us.

對我們來說這個領域仍然十分重要。

And we see migrations from a wide variety of legacy systems.

我們看到了來自各種遺留系統的遷移。

And there is also increasing interest in having AI aided tools.

人們對人工智慧輔助工具的興趣也日益濃厚。

We have a tool called SnowConvert that is used both by our professional services teams, but sometimes also by our customers.

我們有一個名為 SnowConvert 的工具，我們的專業服務團隊會使用它，有時我們的客戶也會使用它。

And especially in the world of AI, we are investing more into tools like these, so that migrations can be faster.

特別是在人工智慧領域，我們正在對此類工具進行更多投資，以便加快遷移速度。

I would say these kinds of data migrations from legacy systems remain an important part of both new customer acquisition, but also driving substantial consumption increases in existing customers.

我想說，這種從遺留系統進行的資料遷移仍然是吸引新客戶的重要組成部分，同時也推動了現有客戶的消費大幅成長。

Christian, you have a lot of background on this.

克里斯蒂安，你對此有很多了解。

Yeah, maybe the additional color is that some of the systems run the most critical processes in organizations, typically, they're closing the books of it.

是的，也許額外的細節是，一些系統運行組織中最關鍵的流程，通常，他們會結帳。

So oftentimes, a big portion of the migration cycle is validation and ensuring that the results are correct.

因此，很多時候，遷移週期的很大一部分是驗證和確保結果正確。

As Sridhar said, we are constantly looking at how to create technology and ways to accelerate the process, but there are some parts of it where the validation and testing is very important to customers.

正如 Sridhar 所說，我們一直在研究如何創造技術和加速這一進程的方法，但其中一些部分的驗證和測試對客戶來說非常重要。

And your in your question, Patrick, on your specific, you're talking about the cost of queries and how that has gone, we don't price on a per query because every customer's queries are different.

派崔克，在你的問題中，你具體談到了查詢的成本以及查詢的進展情況，我們不按每個查詢定價，因為每個客戶的查詢都不同。

We do a compare credit and pricing.

我們比較信用和定價。

You get so much compute that has remained stable quarter-over-quarter sequentially.

您獲得的計算量如此之多，並且與上一季相比保持穩定。

It actually grew year over year, 1.3%.

事實上，它的年增長率為 1.3%。

But what I can say is the price performance has gotten better quarter over quarter for customers, and that continues to be.

但我可以說的是，對於客戶來說，價格表現每季都在變得更好，而且這種趨勢還在持續。

Yeah, and then we have been public about a Snowflake performance index, where we take not synthetic benchmarks, but actual customer workloads.

是的，然後我們公開了 Snowflake 效能指數，我們採用的不是綜合基準，而是實際的客戶工作負載。

And we measure the performance improvement over time.

並且我們會隨著時間的推移測量性能的改進。

And that's how we give a transfer to our customers that the economics are getting better on a regular basis.

這就是我們如何向客戶傳達經濟狀況不斷好轉的訊息。

Super helpful.

超有幫助。

Thank you, all three of you, for answering that question.

謝謝你們三位回答這個問題。

I guess I want to ask a quick follow-up.

我想我想問一個簡單的後續問題。

I'll leave it open to whoever wants to answer.

我將這個問題留給任何想回答的人。

It's about the prepared remarks saying you're not factoring in benefit from new products and then only minimal benefit at fiscal '25 from Cortex and Snow Park.

這是關於準備好的評論，表明您沒有考慮新產品帶來的收益，並且只考慮了 25 財年來自 Cortex 和 Snow Park 的最小收益。

I think when could those hockey stick and more materially drive product revenue?

我認為什麼時候這些曲棍球棒和更多物質才能推動產品收入？

Because the previous answer was that the call is rock solid and very healthy.

因為之前的答案是，這個呼籲非常堅定、非常健康。

So what about the new stuff and when that's gonna really reflect?

那麼新內容怎麼樣呢？

Thank you.

謝謝。

The only newer product that is in the '25 guide for the full year is Snow Park, as we said at the beginning of the year.

正如我們年初所說的那樣，'25 指南中全年唯一較新的產品是 Snow Park。

And we said that's going to be about 3% of our revenue were $100 million.

我們說這將占我們收入的 3% 左右，即 1 億美元。

That's tracking to that nicely.

這很好地追蹤了這一點。

And the newer products are not factored into our guidance until we see more history.

在我們了解更多歷史記錄之前，新產品不會被納入我們的指導範圍。

I do expect to have an impact this year.

我確實希望今年能夠產生影響力。

I don't know yet, but 2026 will have an impact.

我還不知道，但 2026 年會產生影響。

Thank you so much.

太感謝了。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Hey, great.

嘿，太棒了。

Thanks.

謝謝。

I appreciate you taking the questions.

感謝您回答這些問題。

Sridhar, I want to go back to that last point just to ask your perspective.

Sridhar，我想回到最後一點，只是想問你的看法。

You mentioned innovation as a key focus areas.

您提到創新是重點關注的領域。

So as we're thinking about those newer product efforts and you are having those initial customer conversations, particularly around Summit, what are the couple of product areas beyond Snow Park that you see the most certainly demand signals or just how's customer conversation around?

因此，當我們考慮這些較新的產品努力並且您正在進行那些初步的客戶對話時，特別是圍繞 Summit，除了 Snow Park 之外，您認為最有需求信號的幾個產品領域是什麼，或者客戶對話的情況如何？

So not only have we had customer conversations, but we've also developed specific cadences that teams are implementing in taking new things to market.

因此，我們不僅與客戶進行了對話，而且還制定了團隊在將新產品推向市場時實施的具體節奏。

So we place a special emphasis on what we call data engineering, Iceberg is definitely a part of it.

因此，我們特別強調所謂的資料工程，Iceberg 肯定是其中的一部分。

For Snowflake can be used for different kinds of computation, that is distinct from the analytic workloads that we've been running.

因為 Snowflake 可以用於不同類型的計算，這與我們一直運行的分析工作負載不同。

Christian talked about how a hospitality customer is running Snowflake on Iceberg Tables that are not created by us to be very much focused on that.

克里斯蒂安 (Christian) 談到了一位酒店客戶如何在冰山表 (Iceberg Tables) 上運行雪花 (Snowflake)，而這些表並不是我們創建的，因此我們並不太關注這一點。

We focus on other things like streaming injection.

我們專注於其他事物，例如流注入。

So data engineering is one workstream.

因此資料工程是一個工作流程。

Definitely a big focus on AI, we have a basically a water on on a top-to-bottom team from engineering to sales that is focused on how we take AI products to market.

我們絕對非常關注人工智慧，我們基本上有一個從上到下的團隊，從工程到銷售，專注於如何將人工智慧產品推向市場。

And we expect our Notebooks, for example, to hit GA in a few weeks.

例如，我們預計我們的筆記本將在幾週內上市。

And we will be making an effort around making sure that that those get into the hands of data scientists.

我們將盡力確保這些數據能夠到達資料科學家的手中。

So that they can draw on the most complex machine learning algorithms that they wanted on top of Snowflake.

這樣他們就可以在 Snowflake 上利用他們想要的最複雜的機器學習演算法。

And so we have a pretty methodical approach to how we are taking new products to market.

因此，我們對如何將新產品推向市場有著非常系統化的方法。

But across the gamut, whether it is AI or machine learning or more sophisticated data engineering operations, including the unstructured data or things like Notebooks appealing to a very different persona that has broad interest, it's a matter of organizing ourselves to put the right product offering in front of the right customer at the right time.

但在整個領域，無論是人工智慧、機器學習或更複雜的資料工程操作，包括非結構化資料或吸引具有廣泛興趣的不同人物的筆記本等東西，這都是我們組織起來將正確的產品在正確的時間擺在正確的客戶面前的問題。

That's helpful.

這很有幫助。

I also just -- summarizing a lot of the little comment on rest of your guidance, just go back to that point.

我也只是——總結一下對您其餘指導的許多小評論，回到那一點。

We initially started the year with I think it was around 625 basis points of potential impact contemplated from the mix of things you've talked about throughout the calls.

我們最初在年初時就預計，從您在整個電話會議中談到的各種因素來看，潛在影響約為 625 個基點。

Is that still the right zip code for us to think about?

這仍然是我們應該考慮的正確郵遞區號嗎？

And is it fair to assume that you're leaving room for storage to come down from 11% level and the second half, but you're not seeing that at this point?

是否可以合理地假設，你們為存儲量從 11% 的水平和下半年的下降留出了空間，但目前卻沒有看到這一點？

Is that the right takeaway for us?

這對我們來說是正確的結論嗎？

Well, the storage, we always plan it with Iceberg.

嗯，對於存儲，我們總是與 Iceberg 一起規劃。

And that was going to be in the second of the year.

那將是今年的第二天。

And we still think there will be an impact and that's factored in.

我們仍然認為會產生影響，並且已經將這一因素考慮在內。

But every year, we look at the potential headwinds as we see with our performance improvements and other things.

但每年，我們都會關注業績改善和其他方面可能出現的阻力。

We don't update that on a quarterly basis and we're not going to trade at reconciled back to that.

我們不會按季度更新該數據，也不會按照該數據進行交易。

We never have and never will.

我們從來沒有，也永遠不會。

Understood.

明白了。

Thank you.

謝謝。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

Yes, thanks for taking the question.

是的，感謝您提出這個問題。

Encouragingly here that you didn't see any negative impacts from the cyber headlines intra-quarter.

令人鼓舞的是，您沒有看到本季網路頭條新聞帶來的任何負面影響。

I was wondering if you could just sort of talk about some of the offsets to this strong consumption impact in financial services customers that you saw?

我想知道您是否可以談談您所看到的金融服務客戶消費強勁影響的一些抵消措施？

The magnitude of the [beat] was smaller than maybe some Q1.

[拍] 的幅度可能比某些 Q1 小。

And I know there were some may be part of the trend in Q1 that didn't continue into Q2.

我知道第一季的某些趨勢可能沒有延續到第二季​​。

But if you could just help us reconcile the magnitude of the smaller from Q1 into Q2?

但是如果您能幫助我們協調 Q1 中較小的幅度到 Q2 中嗎？

That would be great.

那太棒了。

Thank you.

謝謝。

Tyler, we've always said that we tried to match this business such that a 3% to 5% beat is a big beat.

泰勒，我們一直說，我們盡力使這項業務達到這樣的水平，即 3% 到 5% 的超出就是一個巨大的超出。

And we were at 2.4%, just says I don't get excited if it comes down to 5%.

我們的比率是 2.4%，只是說如果比率降到 5% 我不會感到興奮。

And that's exciting because it's at two.

這很令人興奮，因為現在是兩點。

I just really trying to manage this business for long-term.

我只是想長期管理這項業務。

I think it would have (multiple speakers) -- the beat that you're -- the raise that we're putting through the full year, I think speaks more to what we've seen in the second half of the year happening now.

我認為它會有（多位發言者） - 你所提到的 - 我們全年所採取的加息措施，我認為更多地說明了我們現在看到的下半年發生的情況。

Yeah.

是的。

Helpful.

很有幫助。

Helpful commentary.

很有幫助的評論。

On cash flow, I think collections were a bit lighter.

就現金流而言，我認為收款情況稍微好一些。

I think that could be a function of the go-to-market changes.

我認為這可能是市場進入變化的結果。

You talked about on the full year cash flow outlook was maintained.

您談到的全年現金流前景保持不變。

Can you just talk about the moving pieces in cash flow?

能談談現金流的變動因素嗎？

Is there any impact from lower CapEx just given some of the GPU availability you talked?

考慮到您談到的部分 GPU 可用性，較低的資本支出是否會產生影響？

And are you seeing kind of the billings terms compress more than expected?

您是否發現帳單金額的壓縮程度超出了預期？

As the billings terms are remaining consistent, as I said 80% of our customers are in advance.

由於帳單條款保持一致，正如我所說，80％的客戶都是提前付款的。

And actually Q2 collections were actually pretty much as we'd planned.

實際上第二季的業績與我們的計劃基本一致。

Payables were a little bit higher and the timing of payables.

應付款項略高，且應付款項的時間較長。

But our Q4 -- or Q4, remember, we have have a lot of seasonality and cash flow?

但是我們的第四季度——或者第四季度，記住，我們有很多季節性和現金流？

Q1 and Q4 are going to always going to be our strongest free cash flow quarter.

第一季和第四季永遠是我們自由現金流最強勁的季度。

So I'm comfortable keeping the 26% for the year right now.

因此目前我很樂意將今年的利率維持在 26%。

Right.

正確的。

Thank you.

謝謝。

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

Great.

偉大的。

Thanks, guys.

謝謝大家。

Mike, for you, there was an early question on gross margins.

麥克，你之前問的一個問題是關於毛利率的。

It sounds like you still have some GPUs to procure in the second half.

聽起來你下半年還需要購買一些 GPU。

But I'm curious now that you're kind of thinking through the impact of AI on Snowflake confidence in sort of the medium term that the gross margins have in fact bottomed.

但我現在很好奇，您正在思考人工智慧對 Snowflake 信心的影響，中期來看，毛利率實際上已經觸底。

And I think we could see start to see it upward trajectory here at some point?

我認為我們可以在某個點開始看到它的上升軌跡？

So first of all,

首先，

[about procuring GPUs, we don't actually hide GPUs, we rank them].

[關於採購 GPU，我們實際上並沒有隱藏 GPU，而是對它們進行了排名]。

So I just wanted to clarify that.

所以我只是想澄清這一點。

And we have a lot of demand from customers outside of our major regions in Asia and even in certain areas in Europe that want us to have GPU.

我們在亞洲主要地區以外的客戶，甚至歐洲某些地區的客戶也希望我們有 GPU。

So they can be using some of our newer products.

這樣他們可以使用我們的一些新產品。

Unfortunately, some of the cloud vendors are just not available yet.

不幸的是，一些雲端供應商尚未提供服務。

And when I say they want the H1, the data once you can get to smaller GPUs.

當我說他們想要 H1 時，資料一旦能夠傳輸到更小的 GPU 上。

And you know, is this the bottom of margin?

您知道嗎，這是利潤的底線嗎？

As you know, a lot -- and I'm never going to say that's the bottom, because I don't know what's in the future with new products that could have an impact on the margin.

如你所知，很多——我永遠不會說這是底線，因為我不知道未來新產品會對利潤率產生什麼影響。

I'm not talking next year, but I feel good about the 75% for the year as we've guided.

我不是說明年，但我對我們預期的今年 75% 的成長感到很滿意。

Got it.

知道了。

Thanks, Mike.

謝謝，麥克。

And then with US Fed being a big quarter for you guys, next quarter, and sort of, I guess, some of the uncertainty in the US election, have you discounted some of some US Fed expectations for 3Q?

那麼，由於下個季度美聯儲對你們來說是一個重要的季度，而且我猜，美國大選存在一些不確定性，你們是否對第三季度美聯儲的一些預期打了折扣？

Just kind of kind of curious on sort of how you should think about how we're thinking about that vertical going into next quarter.

只是有點好奇你應該如何看待我們對下個季度的垂直業務的看法。

Well, I will say our federal business is our smallest vertical.

嗯，我想說我們的聯邦業務是我們最小的垂直業務。

And as I said before, it's only upside for us.

正如我之前所說，這對我們來說只有好處。

So there's not a lot of expectations in our numbers at all for federal.

因此，我們對聯邦政府的數據並沒有抱持太大的期望。

And I do expect we'll close some deals this quarter.

我確實預計我們本季將完成一些交易。

And by the way, public sector is pretty good worldwide and what we do.

順便說一句，世界各地的公共部門以及我們所做的事情都相當不錯。

But your question was on US Federal itself.

但您的問題是關於美國聯邦本身的。

I do expect some deals.

我確實期待一些交易。

But in terms of impact on the revenue, it takes time.

但從對收入的影響來看，這需要時間。

That will be until the future once we close those deals.

那將是我們在未來達成這些交易之後的事。

We do have FedRAMP high now.

我們現在確實有 FedRAMP 高點。

We're working on some other things as well, too.

我們也在做一些其他的事情。

And so I do expect to close some deals this quarter in the US Federal space.

因此我確實希望本季在美國聯邦領域完成一些交易。

Got it.

知道了。

Great color.

顏色很棒。

Thanks, Mike.

謝謝，麥克。

Aleks Zukin, Wolfe Research.

沃爾夫研究公司的阿列克斯·祖金 (Aleks Zukin)。

Hey, guys, thanks for taking the question.

嘿夥計們，感謝你們回答這個問題。

Mike, maybe to the -- and Sridhar, may be to the question you got a little bit earlier, obviously, really, really great commentary on bookings growth, RPO strength, the raise being more than double the B, which is, I think, the strongest brands in a while for product revenue.

麥克，也許是關於——而斯里達爾，也許是關於你之前提出的問題，顯然，關於預訂量增長、RPO 實力的非常非常棒的評論，增幅是 B 的兩倍多，我認為，B 是一段時間內產品收入最強勁的品牌。

But to the public, what -- it's a little bit surprising to hear kind of technology being a strong vertical for you guys.

但對大眾來說，聽到這種技術成為你們的強項，這有點令人驚訝。

Can you maybe talk about what you're seeing from the financial services and technology verticals that is maybe different?

您能否談談您從金融服務和科技垂直領域看到的差異？

Is it just the macro in those areas as the use cases?

是否僅將這些領域的巨集作為用例？

And maybe where it was a little bit on the other side, a little bit weaker and kind of what you expect there?

也許它稍微偏向另一邊，稍微弱一些，有點像您所期望的那樣？

I was -- I would say in the financial services, we just have some banks that are in the early innings of migrations.

我想說，在金融服務領域，我們只有一些銀行處於遷移的初期。

Like one of them has grown, I think 400% year over year, and they are going to continue to grow.

就像其中一個已經增長了，我認為同比增長了 400％，而且還會繼續增長。

And that really is driving a lot of that.

這確實在很大程度上推動了這一進程。

And on the technology side, we just have some number of other companies that are growing nicely in the tech space for us as well.

在技​​術方面，我們還有一些其他公司在技術領域也發展良好。

And a different consideration, which we actively work on, is the -- like the size and quality of the teams that seek to play in the different areas, we have among the best teams in financial services.

我們正在積極努力的另一個考慮因素是——例如在不同領域發揮作用的團隊的規模和質量，我們擁有金融服務領域中最好的團隊。

That's where we've our strong to begin with.

這正是我們一開始就擁有優勢的地方。

And we are early pioneers of things like data sharing, that the positive momentum fed on itself.

我們是數據共享等領域的早期先驅，這種積極的勢頭得到了充分的體現。

There are other areas like the federal business, for example, where we are still building out of attracting.

例如，在聯邦業務等其他領域，我們仍在努力吸引人才。

And that's driving growth in as much as one likes to think that it's the macroeconomic differences between sectors.

儘管人們願意認為這是各行業之間宏觀經濟差異所造成的，但這也推動了成長。

What we can do often ends up influencing how robust the growth.

我們所能做的事情往往最終會影響成長的強勁程度。

Got it.

知道了。

And then maybe just just one more.

然後也許就只剩下一個了。

If you think about the competitive landscape, that's kind of been a lot of the got a little bit of a charge topic this year, particularly for investors, what are maybe some of the major misconceptions or misunderstandings that you would say are out there?

如果您考慮競爭格局，您會發現今年這已經成為一個備受關注的話題，特別是對於投資者而言，您認為目前存在哪些主要的誤解或誤會？

And how -- or any changes you observed in the competitive landscape over the course of the quarter or even the first half of the year or from a pipeline perspective?

以及從通路角度來看，您在本季甚至上半年觀察到的競爭格局有何變化？

I'll start pushing and Mike should add on.

我會開始推動，麥克應該補充。

I think I've spent a lot of time on the road.

我想我在路上花了很多時間。

Just this quarter, I've met with over 100 of our biggest customers one-on-one.

光是本季度，我就與 100 多位最大的客戶進行了一對一的會面。

And the thing that fairly stands out from -- like an analytic capability, core data capability, data sharing, is that we are born on -- we are the best platform that there is and our customers absolutely recognize that.

而最突出的是——例如分析能力、核心數據能力、數據共享，我們誕生於——我們是最好的平台，我們的客戶完全認可這一點。

And we see more and more of their data workloads move over to Snowflake.

我們看到越來越多的資料工作負載轉移到 Snowflake。

That doesn't make the process easy on migration of a large complex system that's managing the books of a bank, so they can close it every month.

這對於管理銀行帳簿的大型複雜系統的遷移過程並不容易，因此他們每個月都要關閉帳簿。

It's nothing to sneeze at.

這沒有什麼好打噴嚏的。

It's a multi-quarter project that has to be done on exceptionally carefully.

這是一個跨多個季度的項目，必須格外小心地完成。

So one thing that - I wouldn't call it a misconception, but the one thing that I would reinforce is the strength that we have in our core capabilities.

因此有一件事——我不會稱之為誤解，但我想強調的一點是我們的核心能力的實力。

When it comes to newer things like AI, we've been open about the fact that we were a little behind early last year in terms of how much we've invested in it and the kind of products that we can rapidly moving field and the kind of products that we could deploy.

當談到人工智慧等新事物時，我們公開承認這樣一個事實：就我們在該領域的投資額、我們能夠快速移動的領域產品類型以及我們能夠部署的產品類型而言，我們去年初有點落後。

But even before my coming on the management team, we recognize the opportunity invested heavily in it and things like the new acquisition through which I came, but an accelerant to things that were already in place at Snowflake.

但甚至在我加入管理團隊之前，我們就已經認識到這個機會，我們投入了大量資金，而我參與的新收購等事情，也是 Snowflake 已有業務的加速器。

And I would say what changed or the previous quarters is that we can tell our customers, they can tell you with confidence that holiday products are world class.

我想說，與前幾季相比，變化的是，我們可以告訴我們的客戶，他們可以自信地告訴你，假日產品是世界一流的。

And honestly, that we are much more reliable than building products off of APIs that you can get elsewhere because we pay a lot of meticulous attention to how we craft product.

老實說，我們比使用其他地方提供的 API 建置產品更可靠，因為我們非常注重產品的製作方式。

And it's that combination of reliability and ease of use that we are turning into a major strength for AI as well.

我們也正在將這種可靠性和易用性的結合轉化為人工智慧的一大優勢。

One quick last comment on and on top of what had said.

最後再簡單評論一下剛才所說的內容。

Our product philosophy on ease of use, smart default, how do you make things work easier, out-of-the-box, we hear competitively is a strong advantage for us across all areas for analytics, pointed engineering, endpoint AI.

我們的產品理念是易於使用、智慧預設、如何讓事情工作得更容易、開箱即用，我們聽到的競爭是我們在分析、尖銳工程、端點人工智慧等所有領域的強大優勢。

And we'll see continue to invest with that philosophy.

我們將繼續本著這理念進行投資。

Mike?

麥克風？

I promised last comment on this side to give -- to talk about something very concrete that comes with the Snowflake platform, especially after the incidence of the summer like CrowdStrike.

我承諾過在這方面給出最後的評論——談論 Snowflake 平台帶來的一些非常具體的事情，特別是在夏天發生 CrowdStrike 事件之後。

One of the hot topics has been how we've set up replications at Snowflake.

其中一個熱門話題是我們如何在 Snowflake 上設定複製。

This is now a battle tested operation and most customers are shocked to find out that you can't run a full replica of an important deployment.

這是一項經過實戰檢驗的操作，大多數客戶驚訝地發現無法運行重要部署的完整副本。

That's something like 15% of the cost of the original deployment, because the replicas is just -- basically keeping up is not running any of the workloads that are going on in the main one.

這大約是原始部署成本的 15%，因為副本只是——基本上保持不運行主部署中正在進行的任何工作負載。

It's features like that that continue drive our strength into the core.

正是這樣的特質繼續推動我們的核心實力。

Super helpful.

超有幫助。

Thank you, guys.

謝謝你們。

We are out of time for questions.

我們已經沒有時間回答問題了。

So thank you all for your participation.

感謝大家的參與。

You may now disconnect your lines.

現在您可以斷開線路了。