Snowflake Inc (SNOW) 2025 Q2 法說會逐字稿

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

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

我叫科爾，我將擔任今天電話會議的主持人。 （操作員說明）我現在想將電話轉給投資者關係主管吉米·塞克斯頓（Jimmy Sexton）。請繼續。

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

午安.感謝您參加今天的 Snowflake 第二季和 2025 財年財報電話會議。今天和我一起參加電話會議的是我們的執行長 Sridhar Ramaswamy； Mike Scarpelli，我們的財務長；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.

在今天的電話會議中，我們將檢視 2025 財年第二季的財務業績，並討論我們對 2025 財年第三季和全年的指導。

During today's call, we will make forward-looking statements, including statements related to our business operations and financial performance. These statements are subject to risks and uncertainties, which could cause them to differ materially from our actual results. 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. All our statements are made as of today based on information currently available to us. Except as required by law, we assume no obligation to update any such statement.

在今天的電話會議中，我們將做出前瞻性聲明，包括與我們的業務營運和財務績效相關的聲明。這些陳述存在風險和不確定性，可能導致它們與我們的實際結果有重大差異。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。截至今天，我們的所有聲明都是根據我們目前掌握的資訊做出的。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. See our investor presentation for a reconciliation of GAAP to non-GAAP measures and business metric definitions, including adoption. 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.

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。請參閱我們的投資人演示，以了解 GAAP 與非 GAAP 衡量標準以及業務指標定義（包括採用情況）的協調一致。收益新聞稿和投資者簡報可在我們的網站 Investors.snowflake.com 上取得。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 Sridhar.

現在，我想將電話轉給斯里達爾。

Thanks, Jimmy, and hi, everyone. Thanks for joining us today. As you've seen by now, we had another strong quarter feeding guidance and increasing our FY25 product revenue expectations. I'm really proud of the team and how we accelerated our innovation pipeline. And our product delivery momentum continues to be really strong.

謝謝吉米，大家好。感謝您今天加入我們。正如您現在所看到的，我們有另一個強勁的季度餵食指導，並提高了我們 25 財年的產品收入預期。我為我們的團隊以及我們如何加速創新管道感到非常自豪。我們的產品交付勢頭仍然非常強勁。

In the first half of this year alone, we brought as much product to market as we did all of last year. We're making Snowflake the best cloud for computation, collaboration, and applications on all data. And we're leveraging the power of AI to make all of these easier to create, maintain, and use. This is what our team is aligned around. And I can tell you our customers are adopting our new capabilities at an incredible pace.

光是今年上半年，我們就向市場推出了與去年全年一樣多的產品。我們正在使 Snowflake 成為針對所有資料進行運算、協作和應用的最佳雲端。我們正在利用人工智慧的力量，讓所有這些都更容易創建、維護和使用。這就是我們團隊的一致立場。我可以告訴您，我們的客戶正在以令人難以置信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. And in Q2, we delivered on all fronts, which you can see in our results.

正如我上季度所說，我個人專注於三個關鍵領域：傾聽客戶的意見並向他們學習，推動創新和產品交付，推動我們的上市團隊的執行和協調。在第二季度，我們在各個方面都取得了成果，您可以在我們的結果中看到這一點。

Product revenue for the quarter was $829 million, up 30% year over year. Remaining performance obligations totaled $5.2 billion, with year over year growth accelerating to 48%. Given the strong quarter, we are increasing our product revenue outlook for the year. Companies like Capital One, NBCU, Petco, Pfizer, Snapchat, and Western Union are all relying on Snowflake to help them fuel their business.

該季度產品營收為 8.29 億美元，年增 30%。剩餘履約義務總計 52 億美元，年成長加速至 48%。鑑於季度的強勁表現，我們提高了今年的產品收入預期。 Capital One、NBCU、Petco、Pfizer、Snapchat 和 Western Union 等公司都依賴 Snowflake 來幫助他們推動業務。

I'm really encouraged by the strength of our core business and the rapid progress we have made on the AI front. I'm very optimistic about where we are going on the opportunities we have in front of us to deliver for our customers. 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.

我們核心業務的實力以及我們在人工智慧領域的快速進展讓我深受鼓舞。我對我們將如何利用我們面前的機會為客戶提供服務感到非常樂觀。事實上，與客戶接觸得越多，我就越意識到我們對他們的業務有多重要，以及他們多麼依賴我們成為他們值得信賴的人工智慧數據顧問。

Nothing brings to life how strong and trusted a relationship is than when you go through challenges together. We obviously had some rough headlines in the quarter as some of our customers dealt with the cybersecurity threat. As extensively reported, the issue wasn't on the snowflake side. After multiple investigations by internal and external cybersecurity experts, we found no evidence that our platform was breached or compromised.

沒有什麼比共同經驗挑戰更能體現一段關係的強大和信任。由於我們的一些客戶應對網路安全威脅，本季度我們顯然遇到了一些粗略的頭條新聞。正如廣泛報道的那樣，問題不在於雪花方面。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. 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.

然而，我們知道，在網路安全方面，我們是一體的。我對世界各地所有企業的一個要求，無論他們是否是 Snowflake 客戶，都是在您的組織中啟用並強制執行多因素身份驗證，並確保您的網路策略盡可能強大。

Two things we at Snowflake have supported since 2016. 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. 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.

自2016 年以來，Snowflake 一直支持兩件事。 。人們對我們產品的喜愛程度令人難以置信，我從各個行業和地區的最高管理層那裡聽到的一致主題是，Snowflake 正在為其業務提供輕鬆、高效和可靠的服務。

And so much of this came to life at Snowflake Summit. We had 15,000 on-site attendees up 28% year on year with customers and partners from around the world. We hosted our first ever Developers Day with over 3,000 attendees. The energy was simply incredible. 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.

這一切都在雪花峰會上得以實現。我們有 15,000 名現場與會者，與來自世界各地的客戶和合作夥伴年增 28%。我們舉辦了第一屆開發者日活動，共有 3,000 多名與會者參加。能量簡直令人難以置信。如果您在現場，您將體驗到我們的許多創新和產品動力，我們將 Cortex AI 付諸實踐，並宣布 Iceberg 全面上市，這兩項技術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. In one example, Penske plans to use Cortex to consume various performance metrics related to its transportation business. Cortex analysis will help provide feedback to Penske's operations managers with the goal of improving performance and enhancing truck driver retention. 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.

Penske Logistics 是一家領先的運輸和倉儲解決方案提供商，開發了多種涉及 Cortex AI 的創新用例。在一個範例中，Penske 計畫使用 Cortex 來消耗與其運輸業務相關的各種績效指標。 Cortex 分析將有助於向 Penske 的營運經理提供回饋，以提高績效並提高卡車司機的保留率。此外，最大的金融服務公司之一正在使用 Cortex AI 來分析非結構化文字數據，對呼叫中心記錄進行情緒分析，以改善其客戶支援體驗。

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見解，以改善客戶旅程。

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 is enabling us to play offense and address a larger data footprint. Many of our largest customers have indicated they will now leverage Snowflake for more of their workloads as a result of this functionality. More than 400 accounts are using Iceberg as of the end of Q2.

Iceberg 正在為最大的消費者服務和酒店公司之一提供更靈活和可互通的部署模型，使他們能夠加速向雲端的遷移。 Iceberg 讓我們能夠進攻並解決更大的數據足跡。我們的許多最大客戶表示，由於此功能，他們現在將利用 Snowflake 來處理更多工作負載。截至第二季末，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. And in Q2, we made nine net new product announcements and brought more than 15 product capabilities to general availability to the market. That's what we call progress.

我上個季度告訴過您，產品交付是我們的最高優先事項之一。在第二季度，我們發布了 9 個淨新產品，並向市場全面推出了超過 15 種產品功能。這就是我們所說的進步。

We're also seeing broader adoption of our products across our customer base. As of the end of Q2, more than 2,500 accounts were using Snowflake AI on a weekly basis. We expect this adoption to continue to increase and revenue contribution to follow.

我們也看到我們的產品在我們的客戶群中得到更廣泛的採用。截至第二季末，每周有超過 2,500 個帳戶使用 Snowflake AI。我們預計這種採用率將持續增加，收入貢獻也將隨之增加。

Our Notebooks offering is also seeing great traction in public preview with more than 1,600 accounts using that feature. This is critical to engage with data scientists and will unlock new opportunities that we previously did not address. We are in the early innings of this opportunity and will continue to bring new features to market.

我們的筆記本產品在公開預覽版中也受到了極大的關注，有超過 1,600 個帳戶使用該功能。這對於與資料科學家合作至關重要，並將釋放我們之前沒有解決過的新機會。我們正處於這個機會的早期階段，並將繼續向市場推出新功能。

Cortex Search and Cortex Analyst are expected to be generally available in Q3. We are continuing to responsibly invest in AI and machine learning to deliver enterprise AI that is easy, efficient, and most of all, trusted. It's great to have so much momentum on the product front. It's fueling our incredible go-to-market team, which as you know, is one of our biggest advantages.

Cortex Search 和 Cortex Analyst 預計將在第三季全面上市。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、高效且最重要的是值得信賴的企業人工智慧。在產品方面擁有如此大的動力真是太好了。它為我們令人難以置信的進入市場團隊提供了動力，正如您所知，這是我們最大的優勢之一。

To wrap things up, our innovation engine and product delivery are in overdrive. 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. We have a lot of work to do, but it's in our hands to deliver and take advantage of it.

總而言之，我們的創新引擎和產品交付正在超速運轉。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方面的創新，是 Snowflake 的未來，並創造了巨大的機會。我們還有很多工作要做，但交付和利用這些工作取決於我們自己。

Mike, I'll turn it over to you.

麥克，我會把它交給你。

Thank you, Sridhar. Q2 product revenue grew 30% year over year, totaling $829 million. Financial services and technology verticals drove growth in the quarter. We continue to see signs of a stable optimization environment. Our largest customers are contributing sequential product revenue growth in line with historical patterns.

謝謝你，斯里達爾。第二季產品營收年增 30%，總計 8.29 億美元。金融服務和技術垂直領域推動了本季的成長。我們繼續看到穩定優化環境的跡象。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. RPO grew 48% year on year to reach more than $5.2 billion. We signed two nine-figure deals in the quarter. 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. We believe this focus will convert into meaningful revenue over time.

我們在本季度交付了強勁的預訂量。 RPO 年成長 48%，達到超過 52 億美元。我們在本季簽署了兩筆九位數的交易。今年早些時候，我們宣布了 25 財年銷售獎勵措施，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發新用例並銷售新產品功能。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. We expect it to have a more material impact in FY26. In Q2, non-GAAP product gross margin of 76% was down slightly year over year. As mentioned on our prior call, we are incurring GPU-related costs in order to fulfill customer demand for our newer product features. Non-GAAP operating margin of 5% exceeded our guidance benefiting from revenue outperformance.

我們的新客戶獲取活動正在加速進行。我們預計它將在 2026 財年產生更大的實質影響。第二季度，非 GAAP 產品毛利率為 76%，較去年同期略有下降。正如我們在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，我們會產生與 GPU 相關的成本。受益於收入表現優異，非 GAAP 營業利潤率為 5%，超出了我們的指導。

As expected, non-GAAP operating margin is down year on year as a results of R&D and go-to market investments. Our non-GAAP adjusted free cash flow margin was 8%. We continue to see approximately 80% of our customers paying annually in advance.

正如預期的那樣，由於研發和上市投資，非公認會計原則營業利潤率較去年同期下降。我們的非 GAAP 調整後自由現金流率為 8%。我們仍然看到大約 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. In Q2, we used $400 million to repurchase 3 million shares from our original $2 billion repurchase plan. We have $492 million remaining through March 2025.

截至本季末，我們的現金、現金等價物、短期和長期投資為 39 億美元。第二季度，我們用 4 億美元從原來的 20 億美元回購計畫中回購了 300 萬股股票。到 2025 年 3 月，我們還剩下 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. This allows us to use our cash balance and expected free cash look to manage dilution over this period. Our share count guidance does not include the impact from the stock repurchase.

我們的董事會授權在 2027 年 3 月之前根據股票回購計畫額外回購 25 億美元。我們的股份數量指引不包括股票回購的影響。

Now, let's turn to our outlook. We forecast product revenue based on observed behavior. Our FY25 guidance includes contribution from Snowpark as previously stated. Our guidance does not include material contribution from an annuity product features. Our forecast does include revenue headwinds associate with performance improvements.

現在，讓我們談談我們的展望。我們根據觀察到的行為來預測產品收入。如前所述，我們的 2025 財政年度指引包括 Snowpark 的貢獻。我們的指南不包括年金產品功能的實質貢獻。我們的預測確實包括與績效改善相關的收入阻力。

For Q3, we expect product revenue between $850 million and $855 million. We are increasing our FY25 product revenue guidance. We now expect full-year product revenue of approximately $3.356 billion, representing 26% year-over-year growth.

對於第三季度，我們預計產品收入將在 8.5 億美元至 8.55 億美元之間。我們正在提高 25 財年產品收入指引。我們目前預計全年產品收入約為 33.56 億美元，年增 26%。

Turning to margins. For Q3, we expect 3% non-GAAP operating margin. We are maintaining full-year margin guidance. For FY25, we expect approximately 75% non-GAAP product margin, 3% non-GAAP operating margin, and 26% non-GAAP adjusted free cash flow margins.

轉向邊緣。對於第三季度，我們預計非 GAAP 營業利潤率為 3%。我們維持全年利潤指引。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，現在可以撥打電話提問了。

(Operator Instructions) Keith Weiss, Morgan Stanley.

（操作員指令）Keith Weiss，摩根士丹利。

Excellent. Thank you guys for taking the question and congratulations on a solid quarter. It's really good to hear about the optimization starting to normalize. You guys are -- you seem to be settling into just about like a 30% product revenue growth rate over the past couple of quarters.

出色的。感謝你們提出問題，並祝賀本季表現穩定。很高興聽到優化開始正常化。在過去的幾個季度裡，你們似乎已經適應了 30% 左右的產品收入成長率。

There's a lot of concerns coming into this quarter about impacts from Iceberg Tables. There was concerns that accrued during the quarter about the data leakage. That wasn't your fault, but it definitely was a marketing headwind. There was concern about the Crowdstrike cybersecurity incident maybe impacting consumption.

本季有很多關於冰山表影響的擔憂。本季人們對資料外洩的擔憂不斷增加。這不是你的錯，但這絕對是行銷的逆風。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?

與你們最初向我們提供指南時的預期相比，這些影響是否對走廊的消費產生了任何額外的影響？

I would say the cybersecurity incident was still -- pretty clearly had no impact on us at all from a consumption standpoint. And the Crowdstrike outage was minimal. It was a day with a few customers, but nothing of any substance. And it never really impacted us itself.

我想說，從消費的角度來看，網路安全事件顯然對我們沒有任何影響。而且 Crowdstrike 的中斷是最小的。那天有幾個顧客，但沒有任何實質內容。它從未真正影響過我們本身。

Our production does not rely on Microsoft for that. So we didn't have (technical difficulty).

我們的製作並不依賴微軟。所以我們沒有（技術難度）。

Got it. And then was Iceberg Tables in line with your expectations?

知道了。那麼 Iceberg Tables 符合您的期望嗎？

You know, Iceberg Tables is rolling out. As we said, we had 400 customers that are using it. We haven't seen customers move storage of Snowflake, but we are seeing a lot of our customers.

您知道，Iceberg Tables 即將推出。正如我們所說，我們有 400 名客戶正在使用它。我們還沒有看到客戶移動 Snowflake 的存儲，但我們看到了很多客戶。

We mentioned 400 that we know of that are actually using Iceberg with new workloads, we're trying that out. And we're very pleased with the progress we're seeing there. Storage is still running about 11% of our revenue.

我們提到，據我們所知，有 400 個實際上正在使用 Iceberg 來處理新的工作負載，我們正在嘗試這一點。我們對在那裡看到的進展感到非常滿意。儲存仍占我們收入的 11% 左右。

That's super helpful. Thank you, Mike.

這非常有幫助。謝謝你，麥克。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Thank you. Two quick questions. Mike, can you give the gross margins this quarter are better than model? Can you speak to some of the factors for that?

謝謝。兩個簡單的問題。麥克，你能給出本季的毛利率比模型更好嗎？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. What do you see in terms of attracting talent to drive the roadmap forward there? Like, how is your positioning in that Iceberg ecosystem evolving? Thank you.

然後 Sridhar，對你來說，就像 - 在 Iceberg 生態系統周圍，顯然 - 本季有人進行表格收購，發生了很多變化。在吸引人才推動路線圖向前發展方面，您有何看法？例如，您在 Iceberg 生態系中的定位如何演化？謝謝。

Yeah. 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. 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. That's really the margin side.

是的。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指導，今年為 75%。部分原因是我們仍在等待世界各地 GPU 的部署，而我們預計本季會出現這些部署。這確實是邊際。

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. This has contributors and program committee members from a number of cloud companies; the hyperscalers, yes, but also other companies. And we also have members within Snowflake. So we very much intend for this to be an industry standard that we take a pretty significant role in shaping.

然後在 Iceberg 方面，重要的是要了解收購 tabular 公司對 Iceberg 專案沒有影響，這是一個 Apache 開源專案。其中有來自多家雲端公司的貢獻者和程序委員會成員；是的，超大規模企業，還有其他公司。我們在 Snowflake 中也有成員。因此，我們非常希望將其成為一個行業標準，我們在製定過程中發揮著相當重要的作用。

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

因此，從這個角度來看，我們實際上認為表格收購在許多方面都證明了我們押注於 Iceberg 的策略是正確的，因為這是真正具有互通性的格式。希望 Betamax 戰爭就此結束，每個人都以擁有廣泛支持的一種格式為中心。正如我所說，我們將繼續成為這個生態系統中的關鍵參與者，以確保該格式真正為每個人服務並推動產業向前發展。

Okay, perfect. Thank you, well done.

好的，完美。謝謝你，幹得好。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Thank you very much, a lot of my congrats. Mike, you mentioned a couple of nine-figure deals in the quarter. 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? And I have a quick follow up.

非常感謝，非常祝賀。麥克，您提到本季有幾筆九位數的交易。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，冰山表解鎖了新業務，公司希望利用開放格式的一些更大的數據源，或者只是是否關於九位數的交易還有什麼值得一提的嗎？我有一個快速跟進。

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

那些是您永遠不會見到的現有客戶。我從來不想說永遠。但你可能會看到九位數的交易和淨新客戶，但這些確實是續約過程的一部分，但隨著這兩個客戶尋求更多，他們都會擴張。我不能具體地說我所看到的冰山，但他們都計劃用雪花做更多的事情。

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

是的，我明白。好的。然後，作為後續行動，當我們開始展望下一個財年時，我認為我們正在努力平衡最近達到您提到的 GA 的大量產品，TRIDAR，並且可能會開始做出貢獻。然後，在帳本的另一邊，您所傳遞的硬體和軟體改進可能會帶來任何離散的阻力。

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

儲存壓縮，我想過去你有汽車倉庫。斯里達爾，關於如何在新產品方面解決這個問題，你有什麼高層次的想法嗎？

I'll start the answer. And Christian should -- and Mike should chime in. First of all, we obviously can't say anything about next year. It is next year. But wherever possible where we have indication about how new products are going to perform, we certainly tell you about it. We have given guidance, for example, about what Snow Park is going to do this year.

我開始回答吧克里斯蒂安應該——麥克也應該插話。明年了。但只要有可能，只要我們有關於新產品性能的指示，我們一定會告訴您。例如，我們已經就今年雪地公園的計劃提供了指導。

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. With respect to performance optimizations, I would say that's more of an ongoing thing. We have talked to you about the things that we have on tap for this year.

與人工智慧產品類似，正如我所說，我們看到了廣泛的採用，我們預計它將開始為明年的收入做出重大貢獻。關於效能優化，我想說這更像是一個持續的事情。我們已經與您討論了今年我們要做的事情。

It is important to understand that these optimizations turn into massive cost savings for our customers and make the core product strong. And it's really important that our teams continue to do that because that's what protects our overall base. Christian?

重要的是要了解這些優化可以為我們的客戶節省大量成本並使核心產品變得強大。我們的團隊繼續這樣做非常重要，因為這可以保護我們的整體基礎。基督教？

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

我只想強調，我們在性價比方面的領導地位仍然是我們所有人的首要任務。此時此刻，您已經看到我們多年來不斷創新，也看到了我們客戶的不斷增長和額外使用。

Thank you.

謝謝。

Kirk Materne, Evercore.

柯克·馬特納，Evercore。

Yeah, thanks. Just two really quick ones. 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. But one of the refrain was, we just need better maps to understand how to use them.

是的，謝謝。只有兩個非常快的。 Sridhar，實際上，您在高峰會活動中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。但其中之一是，我們只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. [the product that they can push in the ROI].

從產業的角度來看，這個問題也出現了很多（技術難度），國家確實是這樣。 [他們可以推動投資報酬率的產品]。

Kirk, your line is breaking up.

柯克，你的線路中斷了。

(technical difficulty) I'll stop here. Thanks.

（技術難度）我就到此為止。謝謝。

Kash Rangan, Goldman.

卡什·蘭根，高盛。

Hey, thank you guys. So one for you, Sridhar. One for you, Mike.

嘿，謝謝你們。這是給你的一份，斯里達爾。給你一份，麥克。

Sridhar, when you look at the product portfolio, some clearly initiative is to get these services out in quick cadence. I think you pointed out the net new 809 services. 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?

Sridhar，當您查看產品組合時，您會發現一些明顯的舉措是快速推出這些服務。我想您指出了網路新的 809 服務。但是與客戶的對話，就像當他們與你討論這些服務時，你對我們一年後平均雪花客戶的消費狀況有何看法，我認為平均而言是這樣的？

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?

您如何看待核心之間的混合變化，如果您想直截了當地稱之為倉儲，後期收入與非結構化數據，我們稱之為什麼，皮質，人工智能和其他新興領域，這種混合如何變化當客戶開始欣賞您推出的淨新產品時？

And one for you, Mike. You said that the second force compensation tilt towards consumption is still in its early days. But you also intimated that in fiscal 2006, we could start to see the fruit of all this. 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? Thank you so much.

還有一份給你，麥克。您說第二股向消費傾斜的補償力量還處於早期階段。但您也暗示，在 2006 財年，我們可以開始看到這一切的成果。那麼，請幫助我們理解您的意思，以及您將在內部監控的 KPI 是什麼，以便通知您和我們，讓您的客戶獲得更多消費的傾向實際上對您有利？太感謝了。

Thank you, Kash. 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 enterprise's most pristine, clean data, the gold layer, so to say, is the one that's put into Snowflake. And there are lots of customers that have standardized on Snowflake as that key data backplane.

謝謝你，卡什。在產品方面，我想說，我們的客戶會經歷一個旅程，通常是從希望擁有一個提供可見性的真正良好的數據平台開始的。他們最終採用不同的架構，但通常企業最原始、最乾淨的數據，即黃金層，可以說是放入 Snowflake 的數據。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. Because all companies exist in the context of an ecosystem. 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. 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.

接下來，通常會傾向合作。因為所有的公司都存在於一個生態系統的背景下。他們有合作夥伴，他們有客戶，各種協作，當然從資料共享開始成為他們廣泛採用的下一個關鍵事情。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，而且顯然也創造了網路效應。

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

我們 Snowflake 的整體策略是確保 Snowflake 滿足公司的所有資料工作負載。這就是像數據工程這樣的東西，你在一段時間內發揮了相當重要的作用，一直是我們投資的地方。這就是像Iceberg 這樣的事情變得非常關鍵的地方，因為突然之間，Snowflake 可以採取行動的數據範圍經歷了一次大的擴張，正是因為並非所有數據都需要在事情發生之前被攝取到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，因為顯然它引起了業界的興奮。但我們從一個角度來看這個問題，我認為這是我們如何為客戶創造效用的前一個問題的一部分，我們只是不去說使用人工智慧。我們討論如何使用它來獲得對非結構化資訊的更好洞察，例如，透過使用 LLM 函數進行情緒檢測等資料轉換。並且更容易存取數據，無論是使用聊天機器人或文字文檔，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，我們感到足夠放心，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% 與那個的 Y% 還為時過早。我們的目標是具有相關性。對我來說，相關性是我們大量的客戶，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.

而且，卡什，關於你向我提出的有關銷售薪酬變化的問題，我的意思是，你知道，我們確實將銷售隊伍分為收購代表。對於今天登陸的客戶，我們確實讓他們專注於嘗試獲得可以成長的正確類型的客戶。我們認為新產品將對明年的收入產生有意義的影響。

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.

此外，我們在銷售組織中建立的新力量，銷售代表只是根據消費獲得報酬，這才是推動他們的真正動力，那就是客戶消費的成長。對他們來說，學習如何尋找並幫助預測即將上線的新工作負載是一種新的力量。我們看到，他們正在發展的力量將在 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，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，夥計們，謝謝你們，通過那些你們可能會經歷的事情。當您查看產品組合時，真誠的主動性是能夠快速獲得這些服務。正如您所指出的，新的互聯網服務，與客戶的對話之一，例如當他們與您討論新服務時，或者它是否會考慮我們一年後將在哪裡，以及平均雪花客戶的消費情況我認為平均而言，這項業務的種類是什麼？您如何看待核心之間的組合變化？直接將後期收入與非結構化資料（實際上是整潔的 Cortex AI）進行一些儲存。對於其他新興產品，當客戶開始欣賞您推出的淨新產品時，這種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，你說強制補償仍然處於早期階段，但你也暗示在 2006 財年，我們可以開始看到所有的引擎蓋。那麼，請幫助我們理解您的意思，以及您將透過監控哪些 KPI 來通知您，讓您的客戶獲得更多消費的傾向實際上正在努力實現打包？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.

謝謝您在產品方面繼續說道，我想說的是，我們的客戶通常會經歷一個旅程，首先希望擁有一個能夠提供可見性的真正良好的數據平台。他們最終採用不同的架構，但通常企業最喜歡原始的、乾淨的數據，然後是黃金，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。接下來通常是傾向合作，因為所有公司都存在於生態系統、合作夥伴、客戶和各種色差的背景下。當然，從資料共享開始成為他們廣泛關注的下一個關鍵問題。你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泵。

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. 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. 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.

我們 Snowflake 的整體策略是確保 Snowflake 能夠滿足公司滿足的所有類型的資料工作負載。這就是像數據工程這樣的事情，你在其中發揮了相當重要的作用一段時間了，這對我們來說是一項投資。像冰山這樣的事情變得非常關鍵，因為突然間資料宇宙很難大規模擴展，因為並非所有資料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. 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. 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.

在布萊克之前，在事情發生之前，我想說亞洲在這方面有點不尋常，因為顯然整個行業都很興奮。但我們從一個角度來對待它，我認為這是我們如何為客戶創造效用的前一個問題的一部分。我們只是不會說使用 a，我會討論如何使用它來獲得更好的見解或非結構化訊息，例如，透過使用 Alan 函數進行資料轉換（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. I know, obviously 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 1% for that.

更容易存取數據，無論是透過聊天框，Cortex 文件都在使用類似清單的東西來讓企業使用我們對結構化資料的訪問​​，這往往是應用程式的後續。我知道，顯然我們對能夠同時投資這些領域並推動收入成長感到足夠放心。我想說，現在談論這個的 X% 和那個的 1% 還為時過早。

Our goal is to be relevant for me. Relevance is lots and lots of our customers, thousands of customers using our products and driving meaningful in 9, 10 digit revenue for us.

我們的目標是與我相關。相關性在於我們有很多很多的客戶，成千上萬的客戶使用我們的產品，並為我們帶來了有意義的 9,10 位數收入。

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. We really haven't focused on trying to land the right type of customers that can grow. We think they will have a meaningful impact on revenue next year with those new ones.

關於你向我提出的有關銷售薪酬變化的問題，這是什麼意思，因為我們實際上已將銷售團隊分為收購代表和他們今天登陸的客戶。我們確實沒有專注於尋找可以成長的合適類型的客戶。我們認為這些新產品將對明年的收入產生有意義的影響。

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

然後，我們在銷售組織中建立的新力量也是驅動他們的動力，在該組織中，銷售代表只是按消費付費。這確實是客戶消費的成長。對他們來說，學習兩個人如何尋找並幫助預測新的工作負荷是一種新的力量，他們正在開發這種力量，我們認為這將在 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。

Karl Keirstead, UBS.

卡爾凱斯特德，瑞銀集團。

Okay, great. 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? 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. 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? Thank you.

好的，太好了。嘿，麥克，我想問一下您在 7 月季度結束時的使用趨勢，以及您在下半年產品收入指南中嵌入了哪些假設？我認為我們——電話中的每個人都從 Microsoft 那裡聽到了相當充分的證據，表明這是一個艱難的 IT 支出環境。所以我很好奇，當您設定第三季和第四季產品轉速指南時，您會提出哪些關鍵變量，或者您嵌入該指南中的宏觀相關假設的變化？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. I don't see it any worse. It's not euphoric or anything but it's very stable customer buying pattern we're seeing. And in terms of consumption trends, obviously we just guided our revenue. Right now for the quarter, we beat and we've raised the full year as well, too. And that's seeing that consumption trends up through this week. So we're pleased with that right now is what we're seeing.

我只想說，我認為從預訂的角度來看，本季表明這是一個正常的環境，我們對本季完成的交易感到非常滿意。我不認為情況更糟。這並不讓人欣喜若狂，但我們看到的是非常穩定的客戶購買模式。就消費趨勢而言，顯然我們只是引導了我們的收入。目前，就本季而言，我們取得了勝利，我們也籌集了全年資金。這顯示本週消費趨勢呈上升趨勢。所以我們對現在所看到的感到滿意。

Okay, Mike. And then just maybe a follow-up. 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. Is the expected pace of that storage runoff in this new guidance tracking similar to what you embedded three months ago? Or is it a little bit lighter or a little bit faster?

好吧，麥克。然後也許是後續行動。我知道您已經在您的指導中嵌入了某種程度的假設，即您剛才重複的儲存收入徑流仍然佔轉速的 11%。新的指導追蹤中儲存徑流的預期速度是否與您三個月前嵌入的類似？還是更輕一點或更快一點？

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

是的。我所說的——正如我之前所說，我們確實沒有看到任何存儲留下一些輕微的缺口，但人們總是預計這種情況會在今年下半年發生。我們預計，其中一些事情將會發生，這已納入我們的指導中。

Okay. Thank you, Mike.

好的。謝謝你，麥克。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

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

謝謝。 Sridhar，您能為我們介紹一下 Cortex 採用的最新情況以及您如何看待這一趨勢嗎？

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. Is there anything that's going on that we should consider there? Is this just similar on a consistent patterns you've seen in the past?

Mike 表示，就 RPO 而言，很高興看到 RPO 加速實現良好的連續成長，但營收與 RPO 之間的差距仍然是我們所見過的最大差距之一。那裡發生了什麼值得我們考慮的事情嗎？這與您過去看到的一致模式相似嗎？

I'll actually answer that first, it's well on my mind. As we said before, we have customers that sign long-term contracts. If they have consumed everything under their contract, they have the ability to buy monthly. 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.

其實我會先回答這個問題，我心裡很清楚。正如我們之前所說，我們有簽署長期合約的客戶。如果他們已經消費完合約中的所有內容，他們就有能力每月購買。目前，我們的前 10 位客戶中有 2 位可以在年底前繼續購買，我們也看到了這一點。

So there, in their top 10 customers. And I think, top 10 customers are roughly in the $50 million or $40 million range. Those aren't reflected in current RPO very much, because they're just buying as they go.

所以，在他們的前 10 名客戶中。我認為，前 10 位客戶的價值大約在 5,000 萬或 4,000 萬美元範圍內。這些並沒有在目前的 RPO 中得到很好的體現，因為他們只是邊做邊買。

Great question here. 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. That one, the adoption is quite strong. Lots of the use cases that Sridhar alluded to on tax amortization, tax sentiment analysis. That's very strong.

很好的問題。顯然，透過採用 Cortex，我們在該保護傘下擁有許多產品功能； Cortex Lens，代表可用的不同語言模式。就這一點而言，採用率相當強。斯里達爾提到的許多關於稅收攤銷、稅收情緒分析的用例。那非常強。

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. Those two are important for you, but the adoption at this stage is quite strong. And we have quite a bit of demand for a -- go into general availability.

而且我們也在峰會上介紹了 Cortex Analyst 和 Cortex Search，作為一種方式，使用戶能夠進行所有要做的事情，以便能夠聊天和詢問數據，無論是結構化數據還是非結構化數據。這兩個對您來說很重要，但現階段的採用率相當高。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. 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. So all up a strong product suite and interest in adoption across all of them.

也許我要提到的最後一家是他們稱為 Pilot 的商店。我們看到很多客戶獲得幫助以及如何以更便宜的價格寫得更好，這也推動消費重新回到開放。因此，我們需要擁有強大的產品套件以及對所有產品採用的興趣。

Thanks.

謝謝。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Great. Thanks so much for taking the question. It's really a bigger picture question for Sridhar; maybe, Christian. 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? And why is Snowflake well-positioned to help enterprises bridge these worlds, leveraging mountains of enterprise data to build newer-generation AI applications? Thanks.

偉大的。非常感謝您提出問題。對斯里達爾來說，這確實是一個更大的問題；也許吧，克里斯蒂安。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？為什麼 Snowflake 能夠很好地幫助企業架起這些世界的橋樑，利用大量的企業資料建立新一代人工智慧應用？謝謝。

I mean, first of all, Snowflake is often at the center of all of the interesting data in company. Absolutely, we started out of their homes, but increasingly, we are the data backplane that provides a single unified view on. Obviously, this comes from production systems but also increasingly from multiple connectors. 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. 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.

我的意思是，首先，Snowflake 通常是公司所有有趣數據的中心。當然，我們是從他們的家開始的，但我們越來越多地成為提供單一統一視圖的資料背板。顯然，這來自生產系統，但也越來越多來自多個連接器。我們還有另外兩個系統，無論它們不是 salesforce、segment os SAP 還是您使用的資料的任何其他應用程式。我們正在利用機器學習、人工智慧等附加功能，能夠對資料採取行動，然後驅動作業系統。

Disney, for example, uses Snowflake to do a lot of in-park optimization. And we see a lot of people that bring supply chain data into Snowflake and then optimize within Snowflake. 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.

例如，迪士尼使用 Snowflake 進行大量公園內優化。我們看到很多人將供應鏈資料引入 Snowflake，然後在 Snowflake 中進行最佳化。顯然，還有像 Blue Yonder 這樣的合作夥伴，Blue Yonder 是 Snowflake 上的供應鏈公司資料平台，然後為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. Data is going to have a strong gravity. And this is the reason why we are seeing such broad adoption. And by providing easy-to-use products, Cortex AI, for example, any analysts that no sequel now was able to use language models.

我們的賭注是，人工智慧和機器學習將會出現在資料所在的地方。數據將具有強大的引力。這就是我們看到如此廣泛採用的原因。透過提供易於使用的產品（例如 Cortex AI），任何分析師都可以使用語言模型。

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. 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.

你不需要去購買新系統，設定新東西，以及諸如數據轉換、稅務轉換之類的事情，就變得像寫兩行續集一樣簡單。正是這種易用性使 Snowflake 成為一個令人驚嘆的平台，除了人們在 Snowflake 上完成的資料共享的核心分析應用程式之外，它還能夠完成所有增值義務。

Thank you very much for that, Sridhar. Maybe just a quick one for you, Mike. 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? Thank you.

非常感謝你，斯里達爾。也許對你來說只是一個快速的，麥克。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網路上推出的所有新產品？謝謝。

You know, as we've said before, I'm not really going to guide ARR. And like I said, it will over time converge with our revenue. And clearly, we'd like to see ARR stabilize at this level, but we'll see at the end of the quarter. I'm not disappointed with ARR. Given our revenue growth, I'm happy with it.

你知道，正如我們之前所說，我不會真正指導 ARR。正如我所說，隨著時間的推移，它會與我們的收入趨同。顯然，我們希望看到 ARR 穩定在這個水平，但我們將在本季末看到。我對 ARR 並不失望。鑑於我們的收入成長，我對此感到滿意。

Makes sense. Thanks so much, guys.

有道理。非常感謝，夥計們。

Mike Cikos, Needham & Company.

麥克·西科斯（Mike Cikos），尼達姆公司。

Great. Thanks for taking the questions here, guys. The first was for Sridhar, and I just want to come back to Keith's question at the top of the Q&A. I know we're saying that there wasn't an impact on consumption in the quarter related to the muddled headlines around security. 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?

偉大的。謝謝你們在這裡提出問題，夥計們。第一個是斯里達爾的，我只想回到問答頂部基斯的問題。我知道我們是說本季的消費並沒有受到與安全有關的混亂頭條新聞的影響。但是，在考慮銷售週期的時間表或需求產生時，Snowflake 是否注意到與一些頭條新聞相關的任何變化？

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? 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?

然後麥克的後續行動是，當我們查看今天重申的保證金指導時，有什麼需要考慮的嗎？鑑於 Snowflake 上半年迄今的優異表現，預計下半年的支出是否會延遲？

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

關於安全頭條新聞模型的第一個，顯然，我們確保無論是與現有客戶還是新客戶交談，我們都會提出這個主題。例如，我們指出我們近十年來一直擁有的安全能力，並努力確保所有現有客戶都遵循最佳實踐。您知道，就安全性而言，它們很簡單，例如多重身份驗證、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. 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. And both existing customers and new customers appreciate that spirit of partnership and helping them get through a difficult situation.

我們的銷售團隊以及我，每當與潛在的新客戶進行對話時，都會將這一點放在首位並放在中心位置。我們對此保持沉默的部分原因是這些是我們的客戶——那些遭到破壞的人，這些是我們的客戶，我們希望與他們密切合作，以確保他們擺脫困境。這種合作精神，並幫助他們度過困難的局面。

We have them talk to our CISOs, we have them talk to our security field CTOs, advise them on best practices. 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. We just need to be more proactive about having the security conversation and we absolutely do that.

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 交談，為他們提供最佳實踐建議。粗略地說，我想說的是，在我們註冊客戶或獲得新客戶或讓現有客戶部署新專案的能力等方面，實際上並沒有任何明顯的影響或延遲。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. But I will tell you is we are looking at accelerating and it doesn't change our guidance. Our guidance is the same what it was. 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.

在麥克提出的問題中，關於是否有任何延遲支出不會產生影響，這裡沒有延遲支出。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。我們的指導是一樣的。我們正在考慮在下半年加速一些招聘，特別是我們想要的一些領域的銷售人員，這已納入我們的全年指導，這是我們上季度給出的指導。

That's great. Thank you. Appreciate the additional color.

那太棒了。謝謝。欣賞額外的顏色。

Joel Fishbein, Truist.

喬爾·菲什拜因，真理論者。

Thanks and congrats on the good execution. Sridhar, you spoke about this hospitality customer using Iceberg. Can you give us some more color about that use case and maybe ROI? And maybe if that use case may be used as an example to attract other customers? Thanks.

感謝並祝賀良好的執行力。 Sridhar，您使用 Iceberg 談到了這位飯店客戶。您能給我們更多關於該用例以及投資回報的資訊嗎？也許該用例可以用作吸引其他客戶的範例？謝謝。

Can you repeat the first sentence in your question? What customer?

你能重複一下你問題中的第一句話嗎？什麼客戶？

You talk about a hospitality customer using Iceberg for a specific use case. I was just hoping to get a little bit more detail and color around that. And then maybe if that can be used as an example to attract other customers?

您談到一位飯店客戶將 Iceberg 用於特定用例。我只是希望能得到更多的細節和顏色。那麼也許這可以作為吸引其他客戶的例子？

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

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。通常採用是從一個小的用例開始的，這裡有一些增量跨度，驗證引擎之間的互通性，然後你可以去部署更大規模的。我認為這就是我們看到的模式。

Okay, thank you.

好的，謝謝。

Patrick Colville, Scotiabank.

派崔克‧科爾維爾，豐業銀行。

Thank you so much for taking my question. So my question is for Sridhar. I want to ask about kind of classic data analytics and warehousing. Do you mind commenting on the pace of migrations, new analytical workloads coming online, query placing, competition in analytics now versus six months ago? Is there anything to call out there?

非常感謝您回答我的問題。所以我的問題是問斯里達爾的。我想問一些經典的數據分析和倉儲。您介意評論一下現在與六個月前相比的遷移速度、新上線的分析工作負載、查詢放置、分析競爭嗎？那裡有什麼好喊的嗎？

Yeah. In the code analytics space, we are the best in the world, especially when people consider migrating from complex on-prem systems. We have a professional services team that is exceptionally skilled at it. And a very large ecosystem of partners that have been battle tested with massive migration.

是的。在程式碼分析領域，我們是世界上最好的，尤其是當人們考慮從複雜的本地系統遷移時。我們擁有一支技術精湛的專業服務團隊。還有一個非常龐大的合作夥伴生態系統，經過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. And their Snowflake implementations end up being very, very efficient and low maintenance. This is an area that continues to be important for us. And we see migrations from a wide variety of legacy systems.

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。他們的 Snowflake 實現最終非常非常有效率且維護成本低。這是一個對我們仍然很重要的領域。我們看到來自各種遺留系統的遷移。

And there is also increasing interest in having AI aided tools. We have a tool called SnowConvert that is used both by our professional services teams, but sometimes also by our customers. And especially in the world of AI, we are investing more into tools like these, so that migrations can be faster. 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.

人們對人工智慧輔助工具也越來越感興趣。我們有一個名為 SnowConvert 的工具，我們的專業服務團隊使用該工具，有時我們的客戶也會使用該工具。尤其是在人工智慧領域，我們正在對此類工具進行更多投資，以便遷移速度更快。我想說，從遺留系統進行的此類資料遷移仍然是獲取新客戶的重要組成部分，同時也推動了現有客戶消費的大幅成長。

Christian, you have a lot of background on this.

克里斯蒂安，你對此有很多背景知識。

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

是的，也許額外的顏色是一些系統運行組織中最關鍵的流程，通常，他們正在關閉它的帳本。通常，遷移週期的很大一部分是驗證並確保結果正確。正如斯里達爾所說，我們一直在尋找如何創造技術和加速這一過程的方法，但其中的某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. We do a compare credit and pricing. You get so much compute that has remained stable quarter-over-quarter sequentially. It actually grew year over year, 1.3%. But what I can say is the price performance has gotten better quarter over quarter for customers, and that continues to be.

派翠克，在您的問題中，就您的具體情況而言，您正在談論查詢的成本及其進展情況，我們不會對每個查詢進行定價，因為每個客戶的查詢都是不同的。我們比較信用和定價。您獲得的計算量如此之多，並且逐季度保持穩定。實際上同比增長了 1.3%。但我可以說的是，對於客戶來說，價格表現逐季變得更好，而且這種情況將持續下去。

Yeah, and then we have been public about a Snowflake performance index, where we take not synthetic benchmarks, but actual customer workloads. And we measure the performance improvement over time. And that's how we give a transfer to our customers that the economics are getting better on a regular basis.

是的，然後我們公開了 Snowflake 效能指數，我們不採用綜合基準，而是採用實際的客戶工作負載。我們會衡量隨著時間的推移表現的提高。這就是我們如何向客戶傳遞經濟正在不斷好轉的訊息。

Super helpful. Thank you, all three of you, for answering that question. I guess I want to ask a quick follow-up. I'll leave it open to whoever wants to answer.

超有幫助。謝謝三位回答這個問題。我想我想快速跟進一下。我會將其開放給任何想要回答的人。

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. I think when could those hockey stick and more materially drive product revenue? Because the previous answer was that the call is rock solid and very healthy. So what about the new stuff and when that's gonna really reflect? Thank you.

這是關於準備好的評論，說你沒有考慮新產品的好處，然後只考慮 Cortex 和 Snow Park 在 25 財年的最小好處。我想這些曲棍球棒什麼時候才能更實質地推動產品收入？因為之前的答案是，這通電話堅如磐石，而且非常健康。那麼新東西怎麼樣呢？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. And we said that's going to be about 3% of our revenue were $100 million. That's tracking to that nicely. And the newer products are not factored into our guidance until we see more history. I do expect to have an impact this year. I don't know yet, but 2026 will have an impact.

正如我們在年初所說，25 年全年指南中唯一的較新產品是 Snow Park。我們說這將占我們收入 1 億美元的 3% 左右。這很好地追蹤到了這一點。在我們看到更多歷史之前，新產品不會被納入我們的指導中。我確實預計今年會產生影響。我還不知道，但 2026 年將會產生影響。

Thank you so much.

太感謝了。

Michael Turrin, Wells Fargo.

麥可特林，富國銀行。

Hey, great. Thanks. I appreciate you taking the questions. Sridhar, I want to go back to that last point just to ask your perspective. You mentioned innovation as a key focus areas.

嘿，太棒了。謝謝。感謝您提出問題。 Sridhar，我想回到最後一點只是想問你的觀點。您提到創新是一個重點關注領域。

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，當我們正在考慮這些新的產品工作並且您正在進行最初的客戶對話時，尤其是圍繞Summit 時，您看到的最確定的需求信號是Snow Park 之外的哪些產品領域，或者客戶對話情況如何？

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

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特定節奏。所以我們特別強調我們所說的資料工程，Iceberg 絕對是其中的一部分。

For Snowflake can be used for different kinds of computation, that is distinct from the analytic workloads that we've been running. 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. We focus on other things like streaming injection. So data engineering is one workstream.

因為 Snowflake 可用於不同類型的計算，這與我們一直在運行的分析工作負載不同。 Christian 談到了一位飯店客戶如何在 Iceberg Tables 上運行 Snowflake，這些表並不是我們創建的，目的是非常關注這一點。我們專注於其他事情，例如流注入。因此，數據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. And we expect our Notebooks, for example, to hit GA in a few weeks. And we will be making an effort around making sure that that those get into the hands of data scientists. So that they can draw on the most complex machine learning algorithms that they wanted on top of Snowflake.

我們絕對非常關注人工智慧，我們基本上有一個從工程到銷售的自上而下的團隊，專注於如何將人工智慧產品推向市場。例如，我們預計我們的筆記型電腦將在幾週內上市。我們將努力確保這些資訊落入資料科學家的手中。這樣他們就可以在 Snowflake 之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. 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.

因此，我們有一個非常有條理的方法來將新產品推向市場。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像筆記本這樣吸引具有廣泛興趣的不同角色的東西，這是一個組織我們自己提供正確產品的問題在正確的時間出現在正確的客戶面前。

That's helpful. I also just -- summarizing a lot of the little comment on rest of your guidance, just go back to that point. 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. Is that still the right zip code for us to think about? 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? Is that the right takeaway for us?

這很有幫助。我也只是總結了對您其餘指導的許多小評論，請回到這一點。年初時，我認為根據您在電話會議中討論的各種內容，我們預計潛在影響約為 625 個基點。這仍然是我們應該考慮的正確郵遞區號嗎？假設您為儲存空間從 11% 的水平和下半年下降留下了空間，但您目前沒有看到這一點，這是否公平？這對我們來說是正確的嗎？

Well, the storage, we always plan it with Iceberg. And that was going to be in the second of the year. And we still think there will be an impact and that's factored in. But every year, we look at the potential headwinds as we see with our performance improvements and other things. We don't update that on a quarterly basis and we're not going to trade at reconciled back to that. We never have and never will.

嗯，儲存方面，我們總是用 Iceberg 來規劃。那是在今年的第二年。我們仍然認為會有影響，並且已將其考慮在內。我們不會每季更新一次，我們也不會根據這項數據進行交易。我們從來沒有，也永遠不會。

Understood. Thank you.

明白了。謝謝。

Tyler Radke, Citi.

泰勒·拉德克，花旗銀行。

Yes, thanks for taking the question. Encouragingly here that you didn't see any negative impacts from the cyber headlines intra-quarter. 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? The magnitude of the [beat] was smaller than maybe some Q1. And I know there were some may be part of the trend in Q1 that didn't continue into Q2. But if you could just help us reconcile the magnitude of the smaller from Q1 into Q2? That would be great. Thank you.

是的，感謝您提出問題。令人鼓舞的是，您沒有看到季度內網路頭條新聞帶來的任何負面影響。我想知道您是否可以談談您所看到的對金融服務客戶的強勁消費影響的一些抵消措施？ [beat] 的幅度可能比某些 Q1 小。我知道第一季的某些趨勢可能沒有持續到第二季​​。但是您是否可以幫助我們協調 Q1 和 Q2 中較小值的大小？那太好了。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. And we were at 2.4%, just says I don't get excited if it comes down to 5%. And that's exciting because it's at two. I just really trying to manage this business for long-term.

泰勒，我們總是說我們試圖匹配這項業務，這樣 3% 到 5% 的成長就已經是一個很大的成長了。我們當時的成長率是 2.4%，只是說如果下降到 5%，我不會感到興奮。這很令人興奮，因為現在是兩點。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（多位發言者）——你們的節奏——我們全年的加薪，我認為更多地說明了我們在今年下半年所看到的情況。

Yeah. Helpful. Helpful commentary. On cash flow, I think collections were a bit lighter. I think that could be a function of the go-to-market changes. You talked about on the full year cash flow outlook was maintained. Can you just talk about the moving pieces in cash flow? Is there any impact from lower CapEx just given some of the GPU availability you talked? And are you seeing kind of the billings terms compress more than expected?

是的。有幫助。有用的評論。在現金流方面，我認為收藏品有點少。我認為這可能是上市變化的結果。您談到的全年現金流前景維持不變。能談談現金流方面的變化嗎？考慮到您談到的一些 GPU 可用性，較低的資本支出是否會產生任何影響？您是否發現帳單條款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. And actually Q2 collections were actually pretty much as we'd planned. Payables were a little bit higher and the timing of payables. But our Q4 -- or Q4, remember, we have have a lot of seasonality and cash flow? Q1 and Q4 are going to always going to be our strongest free cash flow quarter. So I'm comfortable keeping the 26% for the year right now.

由於帳單條款保持一致，正如我所說，我們 80% 的客戶都是提前付款的。事實上，第二季的產品系列實際上與我們的計劃基本一致。應付帳款稍高一些，應付帳款的時間也有增加。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？第一季和第四季將永遠是我們自由現金流最強勁的季度。所以我現在很樂意保留今年的 26%。

Right. Thank you.

正確的。謝謝。

Matt Hedberg, RBC.

馬特‧赫德伯格，加拿大皇家銀行。

Great. Thanks, guys. Mike, for you, there was an early question on gross margins. It sounds like you still have some GPUs to procure in the second half. 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. And I think we could see start to see it upward trajectory here at some point?

偉大的。謝謝，夥計們。麥克，對你來說，早期有一個關於毛利率的問題。看來下半年你們還有一些 GPU 需要採購。但我現在很好奇，你在思考人工智慧對雪花信心的影響，從中期來看，毛利率其實已經觸底。我認為我們可以在某個時候開始看到它的上升軌跡？

So first of all, [about procuring GPUs, we don't actually hide GPUs, we rank them]. So I just wanted to clarify that. 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. So they can be using some of our newer products.

所以首先，[關於採購 GPU，我們實際上並沒有隱藏 GPU，我們只是對它們進行排名]。所以我只是想澄清這一點。我們的亞洲主要地區以外的客戶甚至歐洲某些地區的客戶也有很多需求，他們希望我們擁有 GPU。因此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. And when I say they want the H1, the data once you can get to smaller GPUs. And you know, is this the bottom of margin? 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. I'm not talking next year, but I feel good about the 75% for the year as we've guided.

不幸的是，一些雲端供應商尚不可用。當我說他們想要 H1 時，資料可以使用更小的 GPU。你知道，這是保證金的底部嗎？如您所知，很多 - 我永遠不會說這是底部，因為我不知道未來可能對利潤率產生影響的新產品會發生什麼。我不是說明年，但我對今年達到我們指導的 75% 感到滿意。

Got it. Thanks, Mike. 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? 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.

知道了。謝謝，麥克。然後，由於聯準會對你們來說是一個重要的季度，下個季度，我想，美國大選存在一些不確定性，你們是否低估了聯準會對第三季度的一些預期？只是有點好奇你應該如何考慮我們如何考慮下個季度的垂直市場。

Well, I will say our federal business is our smallest vertical. And as I said before, it's only upside for us. So there's not a lot of expectations in our numbers at all for federal. And I do expect we'll close some deals this quarter. And by the way, public sector is pretty good worldwide and what we do. But your question was on US Federal itself.

好吧，我會說我們的聯邦業務是我們最小的垂直業務。正如我之前所說，這對我們來說只有好處。因此，我們對聯邦政府的數據根本沒有太多期望。我確實預計我們將在本季完成一些交易。順便說一句，公共部門在全球範圍內以及我們所做的事情都相當不錯。但你的問題是針對美國聯邦本身的。

I do expect some deals. But in terms of impact on the revenue, it takes time. That will be until the future once we close those deals. We do have FedRAMP high now. We're working on some other things as well, too. And so I do expect to close some deals this quarter in the US Federal space.

我確實期待一些交易。但就對收入的影響而言，還需要時間。直到我們完成這些交易後，這才會發生。我們現在的 FedRAMP 確實很高。我們也在做其他一些事情。因此，我確實預計本季將在美國聯邦領域完成一些交易。

Got it. Great color. Thanks, Mike.

知道了。顏色很棒。謝謝，麥克。

Aleks Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

Hey, guys, thanks for taking the question. 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.

嘿，夥計們，謝謝你提出問題。麥克，也許是對——還有斯里達爾，可能是對你早些時候提出的問題，顯然，對預訂量增長、RPO 強度、加薪是B 的兩倍以上的評論，我認為這是非常非常好的評論。

But to the public, what -- it's a little bit surprising to hear kind of technology being a strong vertical for you guys. Can you maybe talk about what you're seeing from the financial services and technology verticals that is maybe different? Is it just the macro in those areas as the use cases? And maybe where it was a little bit on the other side, a little bit weaker and kind of what you expect there?

但對於大眾來說，聽到某種技術對你們來說是一個強大的垂直領域，有點令人驚訝。您能否談談您從金融服務和技術垂直領域看到的可能不同的情況？僅僅是這些領域的宏觀用例嗎？也許另一邊有點弱，有點像你所期望的？

I was -- I would say in the financial services, we just have some banks that are in the early innings of migrations. Like one of them has grown, I think 400% year over year, and they are going to continue to grow. And that really is driving a lot of that.

我想說的是，在金融服務領域，我們只有一些銀行正處於遷移的早期階段。就像其中一個已經成長一樣，我認為同比增長了 400%，而且他們將繼續成長。這確實在很大程度上推動了這一趨勢。

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取得了良好的發展。

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. That's where we've our strong to begin with. And we are early pioneers of things like data sharing, that the positive momentum fed on itself.

我們積極致力於的另一個考慮因素是，就像尋求在不同領域發揮作用的團隊的規模和品質一樣，我們擁有金融服務領域中最好的團隊之一。這就是我們的優勢。我們是數據共享等領域的早期先驅，這種積極的勢頭會不斷增強。

There are other areas like the federal business, for example, where we are still building out of attracting. And that's driving growth in as much as one likes to think that it's the macroeconomic differences between sectors. What we can do often ends up influencing how robust the growth.

還有其他領域，例如聯邦業務，我們仍在吸引中進行建設。人們傾向於認為，這是推動成長的因素是產業之間的宏觀經濟差異。我們能做的事情往往最終會影響成長的強勁程度。

Got it. And then maybe just just one more. 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? 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?

知道了。然後也許就只剩下一個了。如果你考慮一下競爭格局，今年這是一個很多有點收費的話題，特別是對於投資人來說，你會說有哪些主要的誤解或誤解？以及您在本季甚至上半年或從通路角度觀察到的競爭格局有何變化？

I'll start pushing and Mike should add on. I think I've spent a lot of time on the road. Just this quarter, I've met with over 100 of our biggest customers one-on-one. 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.

我會開始推動，麥克也應該補充。我想我已經花了很多時間在路上了。就在本季度，我與 100 多家最大的客戶進行了一對一的會面。相當突出的一點——例如分析能力、核心數據能力、數據共享，是我們誕生的基礎——我們是最好的平台，我們的客戶絕對認識到這一點。

And we see more and more of their data workloads move over to 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. It's nothing to sneeze at. It's a multi-quarter project that has to be done on exceptionally carefully.

我們看到越來越多的資料工作負載轉移到 Snowflake。這並不會讓管理銀行帳簿的大型複雜系統的遷移過程變得容易，因此他們每個月都可以關閉它。這沒什麼好打噴嚏的。這是一個跨季度的項目，必須非常小心地完成。

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. 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. 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.

因此，我不會稱之為誤解，但我要強調的一件事是我們在核心能力上的實力。當談到像人工智慧這樣的新事物時，我們一直公開承認這樣一個事實，即我們在去年初的投資額以及我們可以快速推動領域發展的產品類型和領域方面有點落後。 。但即使在我加入管理團隊之前，我們就認識到了在這方面投入巨資的機會，以及我透過的新收購等事情，而是對 Snowflake 已經到位的事情的促進劑。

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

我想說的是，前幾季發生的變化是，我們可以告訴我們的客戶，他們可以自信地告訴您，假日產品是世界一流的。老實說，我們比從其他地方獲得的 API 建置產品更可靠，因為我們非常注重如何製作產品。我們也將可靠性和易用性的結合轉變為人工智慧的主要優勢。

One quick last comment on and on top of what had said. 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. And we'll see continue to invest with that philosophy. Mike?

最後一個簡短的評論是對上述內容的補充。我們的產品理念是易用性、智慧預設、如何讓事情變得更輕鬆、開箱即用，我們聽說競爭對我們在分析、針對性工程、端點人工智慧的所有領域來說都是一個強大的優勢。我們將看到繼續秉持這一理念進行投資。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. One of the hot topics has been how we've set up replications at Snowflake. 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. 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. It's features like that that continue drive our strength into the core.

我承諾在這一方面發表最後的評論——談論 Snowflake 平台附帶的一些非常具體的東西，特別是在像 CrowdStrike 這樣的夏天發生之後。熱門話題之一是我們如何在 Snowflake 中設定複製。現在，這是經過實戰考驗的操作，大多數客戶都驚訝地發現您無法運行重要部署的完整副本。這大約是原始部署成本的 15%，因為副本只是——基本上保持不變，不運行主部署中正在進行的任何工作負載。正是這樣的功能繼續將我們的力量推向核心。

Super helpful. Thank you, guys.

超有幫助。謝謝你們，夥計們。

We are out of time for questions. So thank you all for your participation. You may now disconnect your lines.

我們沒有時間提問了。感謝大家的參與。現在您可以斷開線路。