Snowflake Inc (SNOW) 2025 Q3 法說會逐字稿

Good afternoon. Thank you for attending the Snowflake Q3 fiscal 2025 earnings conference call. My name is Matt, and I'll be your moderator for today's call. (Operator Instructions)

午安.感謝您參加 Snowflake 2025 財年第三季財報電話會議。我叫馬特，我將擔任今天電話會議的主持人。 （操作員說明）

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

現在我想將會議交給我們的東道主、投資者關係主管吉米·塞克斯頓 (Jimmy Sexton)。吉米，請繼續

Good afternoon, and thank you for joining us on Snowflake's Q3 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.

下午好，感謝您參加 Snowflake 2025 財年第三季財報電話會議。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 third quarter of fiscal 2025 and discuss our guidance for the fourth quarter and full year fiscal 2025.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 current 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 statements.

在今天的電話會議中，我們將回顧2025 財年第三季的財務業績，並討論我們對2025 財年第四季和全年的指導。 ，包括與我們的業務運營相關的聲明和財務業績。這些陳述存在風險和不確定性，可能導致它們與我們目前的結果有重大差異。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.

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。

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 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.

謝謝吉米，大家好。感謝您今天加入我們。

As you've seen by now, we had a strong third quarter, outperforming expectations and increasing our fiscal '25 product revenue guide. More and more, it is clear that our customers believe Snowflake is the easiest and most cost-effective enterprise data platform out there.

正如您現在所看到的，我們的第三季表現強勁，超出了預期，並提高了 25 財年產品收入指南。越來越多的客戶顯然​​相信 Snowflake 是最簡單且最具成本效益的企業資料平台。

Our customers are getting tremendous value from us, with many of them going all in on Snowflake. Our product development engine continues to accelerate as we launched the same number of Tier 1 features to general availability in Q3 and as we did in all of fiscal '24.Our AI feature family Snowflake Cortex is showing significant adoption. And we improved our go-to-market motion across the board and it's having a huge impact on new product adoption.

我們的客戶從我們這裡獲得了巨大的價值，其中許多人都全力支持 Snowflake。我們的產品開發引擎繼續加速，我們在第三季度推出了與一般可用性相同數量的一級功能，就像我們在整個 24 財年所做的那樣。我們全面改善了上市行動，這對新產品的採用產生了巨大影響。

We are firing on all cylinders. The credit goes to the entire Snowflake team, and I'm very encouraged by our progress showing up so well in the numbers.

我們正在全力以赴。這要歸功於整個 Snowflake 團隊，我們在數字中所取得的進步讓我深受鼓舞。

Product revenue for the quarter was $900 million, up a strong 29% year-on-year. Remaining performance obligations totaled $5.7 billion, with year-over-year growth accelerating to 55%.Given the strong quarter, we are again increasing our product revenue outlook for the year. In the quarter, non-GAAP operating margin improved to 6%.

該季度產品營收為 9 億美元，較去年同期強勁成長 29%。剩餘履約義務總計 57 億美元，年成長加速至 55%。本季度，非 GAAP 營業利潤率提高至 6%。

Having driven strong gains in product speed and revenue growth, in Q3, we initiated an even more rigorous approach to cost management. We've been creating centralized and more efficient teams for some areas and removing redundant management layers, which enables us to make decisions faster. And we are deploying AI to drive higher velocity while reducing overall costs.

在推動產品速度和營收成長強勁成長之後，我們在第三季啟動了更嚴格的成本管理方法。我們一直在為某些領域創建集中且更有效率的團隊，並消除冗餘的管理層，這使我們能夠更快地做出決策。我們正在部署人工智慧來提高速度，同時降低整體成本。

We also eliminated a number of efforts that were underperforming and not aligned with our top goals as a company. I'm particularly proud of the team for driving efficiency throughout our business. This operational rigor is now a way of life for us, enabling us to improve profitability while aggressively investing in our innovation and go-to-market engine.

我們也取消了一些表現不佳且不符合我們公司最高目標的工作。我對團隊在整個業務中提高效率感到特別自豪。這種嚴格的營運現在已成為我們的生活方式，使我們能夠提高獲利能力，同時積極投資於我們的創新和進入市場引擎。

Our obsessive drive to produce product cohesion and ease-of-use has built Snowflake into the easiest to use and most cost-effective enterprise data platform. And that is what is leading us to win new logo after new logo, expand within our customer base and displace our competition over and over again, like in the quarter, when a global telecom giant went all in on Snowflake as their data foundation. We are helping them process network performance data from systems that carry a large volume of the world's mobile traffic, so they can consistently deliver superior network speeds and reliability to millions of mobile users worldwide.

我們對產品凝聚力和易用性的執著追求已將 Snowflake 打造成最易於使用且最具成本效益的企業資料平台。這就是引導我們贏得一個又一個新徽標、擴大我們的客戶群並一次又一次取代我們的競爭對手的原因，就像在本季度，一家全球電信巨頭全力以赴使用 Snowflake 作為他們的數據基礎。我們正在幫助他們處理來自承載全球大量行動流量的系統的網路效能數據，以便他們能夠始終如一地為全球數百萬行動用戶提供卓越的網路速度和可靠性。

I personally spent a lot of time connecting with our customers around the world. Much of it took place during our Snowflake world tours, where we welcomed a record 29,000 attendees across 24 in-person events. In the cities we returned to, we saw a remarkable 40% increase in attendance year-over-year, demonstrating the incredible momentum we are seeing at a global scale. In city after city, we heard the same three things from our customers. How much they love our technology, how easy it is to use and how quickly they get real value and lower total cost of ownership.

我個人花了很多時間與世界各地的客戶聯繫。其中大部分活動發生在我們的 Snowflake 世界巡迴演唱會期間，我們舉辦了 24 場現場活動，迎來了創紀錄的 29,000 名與會者。在我們返回的城市中，我們看到參觀人數同比顯著增加了 40%，這展示了我們在全球範圍內看到的令人難以置信的勢頭。在一個又一個城市，我們從客戶那裡聽到了同樣的三件事。他們有多喜歡我們的技術，我們的技術有多容易使用，他們能多快地獲得真正的價值和更低的總擁有成本。

On the flip side, we also consistently hear a lot of feedback that some of our competitors' technology is highly complex and requires a ton of highly expensive engineering resources. And with complexity comes risk. What is one step in Snowflake is 10 on some other platforms. That's 10 times more chances to engineer a mistake. It’s just not that scalable. And the joy of Snowflake is that it works right out of the box.

另一方面，我們也不斷聽到很多回饋，表示我們的一些競爭對手的技術非常複雜，需要大量昂貴的工程資源。複雜性伴隨著風險。 Snowflake 中的 1 步在其他平台上是 10 步。這使得犯錯的機會增加了 10 倍。它只是沒有那麼可擴展。 Snowflake 的樂趣在於它開箱即用。

We're helping our customers drive down costs. For example, Snowpark is generating one data engineering win after another. We've had multiple customers saying that they have saved at least 50% by migrating to Snowflake from other providers. And that's how our technology sells itself and why Snowpark is on track to be roughly 3% of our revenue.

我們正在幫助客戶降低成本。例如，Snowpark 正在取得一項又一項資料工程勝利。我們有多個客戶表示，透過從其他供應商遷移到 Snowflake，他們至少節省了 50%。這就是我們的技術自我推銷的方式，也是 Snowpark 預計占我們收入約 3% 的原因。

Snowflake's superpower is the ability to simplify the implementation of all the popular enterprise data architecture patterns that customers want. It's what makes us the best enterprise-grade technology for the warehouse, the lake hubs and data mesh architectures. We give our customers real architectural choice without trade-offs on enterprise capabilities, and they love it.

Snowflake 的超能力是能夠簡化客戶想要的所有流行企業資料架構模式的實施。這使我們成為倉庫、湖中心和資料網格架構的最佳企業級技術。我們為客戶提供真正的架構選擇，而無需權衡企業能力，他們喜歡它。

Warner Bros. Discovery uses Snowflake unified data across its vast portfolio, including streaming, gaming, news and studio divisions. This helps them deliver personalized entertainment recommendations to millions of viewers. And global hotel chain Hyatt is using Snowflake to better understand guests' preferences across their properties, helping craft a more personalized stay for guests throughout their travel journey.

華納兄弟探索頻道在其龐大的產品組合中使用 Snowflake 統一數據，包括串流媒體、遊戲、新聞和工作室部門。這有助於他們向數百萬觀眾提供個人化的娛樂推薦。全球連鎖飯店凱悅酒店正在使用 Snowflake 來更好地了解客人在其旗下酒店的偏好，幫助為客人在整個旅程中創造更個性化的住宿體驗。

And we are accelerating across the business. As I said, our foot's on the gas when it comes to product innovation. Just last week, we held our BUILD developer summit for more than 10,000 attendees worldwide. We made some key announcements in our core business, like the general availability of Unistore and internal marketplace and cutting-edge innovations like Snowflake Intelligence, a platform to create data agents.

我們正在加速整個業務的發展。正如我所說，在產品創新方面我們正全力以赴。就在上週，我們為全球 10,000 多名與會者舉辦了 BUILD 開發者高峰會。我們在核心業務中發布了一些重要公告，例如 Unistore 和內部市場的全面可用性以及 Snowflake Intelligence（創建資料代理的平台）等尖端創新。

Our AI adoption continues to be strong. As of the end of Q3, we have over 1,000 deployed use cases, which you can think of as individual projects we manage with our customers, of our AI and ML products in production deployments. More than 3,200 accounts are now using our AI and ML features.

我們對人工智慧的採用仍然強勁。截至第三季末，我們已經部署了 1,000 多個用例，您可以將其視為我們與客戶一起管理的生產部署中的 AI 和 ML 產品的單獨專案。現在有超過 3,200 個帳戶正在使用我們的 AI 和 ML 功能。

Equally exciting is the momentum that our latest data engineering features are seeing. Our push into interoperability and transforming data that previously would not have been addressed by Snowflake is proving to be a key differentiator with our customers. These features are now north of a $200 million run rate as of the end of Q3. We're also partnering with Microsoft and ServiceNow to increase data interoperability making it easier for our customers to bring data in and out of Snowflake to build and run applications faster.

同樣令人興奮的是我們最新的數據工程功能所看到的勢頭。事實證明，我們對互通性和資料轉換的推動是雪花以前無法解決的問題，這是我們與客戶的關鍵區別。截至第三季末，這些功能的運作費用現已超過 2 億美元。我們還與 Microsoft 和 ServiceNow 合作，提高資料互通性，使我們的客戶能夠更輕鬆地將資料帶入和帶出 Snowflake，從而更快地建立和運行應用程式。

As we launch new products like Unistore, Snowflake Open Catalog and others, we are fine-tuning a go-to-market motion that brings together engineering, product, marketing and sales to rapidly launch, test, iterate and scale products. It is giving us a scalable way to broaden our footprint with our customers and also acquire new ones. Our product innovation is fueling alignment with our cloud infrastructure partners. Through our collaboration with AWS, we have booked over $3.9 billion over the past four quarters, an increase of 68% versus the preceding four quarters.

當我們推出 Unistore、Snowflake Open Catalog 等新產品時，我們正在微調上市行動，將工程、產品、行銷和銷售結合起來，以快速推出、測試、迭代和擴展產品。它為我們提供了一種可擴展的方式來擴大我們與客戶的足跡並獲得新的客戶。我們的產品創新正在促進與雲端基礎設施合作夥伴的協調。透過與 AWS 的合作，我們在過去四個季度的營收超過 39 億美元，比前四個季度成長了 68%。

Looking at our results in Q3, I can tell you that these shifts are working and enabling us to drive multiproduct adoption and further strengthen our position in the market.

看看我們第三季的業績，我可以告訴您，這些轉變正在發揮作用，使我們能夠推動多產品的採用，並進一步鞏固我們在市場中的地位。

Finally, I want to talk about the tectonic shifts happening in the world of data. We are seeing massive adoption of open data formats, especially truly open formats like Apache Iceberg. We are justifiably proud of our support for and our investments in Iceberg under Snowflake Open Catalog based on Apache Polaris that is seeing rapid adoption with developers and enterprises. Similarly, it is clear that AI is going to change how people consume data. Not only is AI going to make structured and unstructured data more interchangeable, it is also going to heavily influence areas like business intelligence.

最後，我想談談資料世界中所發生的結構性轉變。我們看到開放資料格式的大規模採用，尤其是像 Apache Iceberg 這樣真正開放的格式。我們有理由為我們對基於 Apache Polaris 的 Snowflake Open Catalog 下的 Iceberg 的支援和投資感到自豪，該產品正在得到開發人員和企業的快速採用。同樣，很明顯人工智慧將改變人們消費數據的方式。人工智慧不僅將使結構化和非結構化資料更加可互換，還將嚴重影響商業智慧等領域。

With our unmatched product capability, ease-of-use, architectural flexibility, comprehensive governance and prescient bets in Iceberg, Polaris, Cortex and many others, we are well positioned to be the data platform of choice for enterprises over the next decade. Our intended acquisition of Datavolo strengthens our foundation to deliver an extensible and flexible connectivity platform for unstructured as well as structured data. It accelerates our ability to bring in and vastly simplify data engineering workloads for our customers.

憑藉我們無與倫比的產品能力、易用性、架構靈活性、全面的治理以及在 Iceberg、Polaris、Cortex 等領域的先見之明，我們有能力成為未來十年企業首選的資料平台。我們對 Datavolo 的收購將鞏固我們為非結構化和結構化資料提供可擴展且靈活的連接平台的基礎。它提高了我們為客戶引入並大大簡化資料工程工作負載的能力。

On the consumption side, the GA of Snowflake Notebooks as well as the success and adoption of products like Cortex AI position us well to take advantage of the new capabilities that AI will enable us to create. As you've probably seen, we just announced a partnership with Anthropic to bring their most powerful models to our customers through Snowflake Cortex AI.

在消費方面，Snowflake 筆記型電腦的上市以及 Cortex AI 等產品的成功和採用，使我們能夠很好地利用人工智慧使我們能夠創造的新功能。正如您可能已經看到的，我們剛剛宣布與 Anthropic 建立合作夥伴關係，透過 Snowflake Cortex AI 為我們的客戶帶來他們最強大的模型。

This gives enterprises the choice to build cutting-edge AI applications using the model of their choice with the ease, built-in security and governance of the Snowflake platform. The cost efficiency, flexibility and extensibility we deliver are why iconic brands like Accor, Chipotle, Comcast, Hyatt, Kraft Heinz, NBC Universal, Sanofi, Toyota, and thousands more are betting their business on Snowflake.

這使企業可以選擇使用自己選擇的模型，借助 Snowflake 平台的易用性、內建安全性和治理來建立尖端人工智慧應用程式。我們提供的成本效率、靈活性和可擴展性是雅高、Chipotle、康卡斯特、凱悅、卡夫亨氏、NBC環球、賽諾菲、豐田等數千家標誌性品牌將業務押注於Snowflake的原因。

As we move forward, we have a big opportunity to continue to expand with AI throughout the data journey continuum. This isn't just our product vision. If you ask from some of our most significant customers, they see the ease of use and quality and savings we provide today and wanted to expand further, so they can reduce even more cost by Snowflake handling more and more of their data journey.

隨著我們的前進，我們有很大的機會在整個數據旅程的連續過程中繼續利用人工智慧進行擴展。這不僅僅是我們的產品願景。如果您詢問我們一些最重要的客戶，他們會看到我們今天提供的易用性、品質和節省成本，並希望進一步擴展，這樣他們就可以透過Snowflake 處理越來越多的數據旅程來降低更多成本。

We see a day when we can power the end-to-end data life cycle for our customers, and that's our north star. We come at this from a position of strength that we will continue to leverage. Our core long-term differentiation of an easy to use, simple, efficient, integrated product with comprehensive governance, cross-cloud consistency and collaboration will continue to set us apart. This is exciting, and I look forward to sharing more and more of our progress along the way.

我們看到有一天我們可以為客戶提供端到端的資料生命週期，這就是我們的北極星。我們之所以能做到這一點，是因為我們將繼續利用我們的優勢地位。我們的核心長期差異化是易於使用、簡單、高效、具有全面治理、跨雲端一致性和協作的整合產品，這將繼續使我們與眾不同。這是令人興奮的，我期待分享我們在過程中取得的越來越多的進展。

With that, Mike, I'll turn it over to you.

麥克，我就把它交給你了。

Thank you, Sridhar.Q3 was a quarter of strong execution across revenue, bookings and margins. Growth in our core business outperformed. Net revenue retention rates stabilized at 127%. New product initiatives are beginning to contribute to growth. As Sridhar mentioned, Snowpark is well on track to represent 3% of product revenue and growing nicely.

謝謝 Sridhar。我們的核心業務成長強勁。淨收入保留率穩定在 127%。新產品計​​劃開始為成長做出貢獻。正如 Sridhar 所提到的，Snowpark 預計將佔產品收入的 3%，並且成長良好。

With approximately 500 accounts adopting Iceberg and storage remaining 11% of our consumption, we have seen minimal headwinds from customers moving to Iceberg. We believe our contribution from data engineering features like Snowpark, Dynamic Tables, connectors and Snowpipe Streaming will more than offset the potential loss of storage revenue.

由於大約 500 個帳戶採用了 Iceberg，儲存量僅占我們消耗量的 11%，因此我們發現客戶遷移到 Iceberg 所帶來的阻力微乎其微。我們相信，Snowpark、動態表、連接器和 Snowpipe Streaming 等資料工程功能的貢獻將足以抵消儲存收入的潛在損失。

Bookings were strong in the quarter, and we are seeing large deal volume increase. We signed [$350] million-plus total contract value deals, and we expect this momentum to continue in Q4. We had 18 global 2,000 customers in the quarter.

本季的預訂量強勁，我們看到交易量大幅增加。我們簽署了總合約價值超過 3.5 億美元的交易，我們預計這種勢頭將在第四季度繼續下去。本季我們擁有 18 個全球 2,000 家客戶。

Turning to margins for Q3. Non-GAAP product gross margin of 76% stabilized sequentially. Non-GAAP operating margin of 6% exceeded our guidance, benefiting from revenue outperformance, efficiencies in R&D and expenses related to our new Bay Area office space being pushed to Q4.

轉向第三季的利潤率。非 GAAP 產品毛利率連續穩定在 76%。 6% 的非公認會計原則營業利潤率超出了我們的指導，這得益於收入表現出色、研發效率以及與我們的新灣區辦公空間相關的費用被推遲到第四季度。

Our non-GAAP adjusted free cash flow margin was 9% driven by strong bookings. We continue to see approximately 80% of our customers paying us annually in advance.

由於預訂量強勁，我們的非 GAAP 調整後自由現金流利潤率為 9%。我們仍然看到大約 80% 的客戶每年提前向我們付款。

In Q3, we issued $1.15 billion and 0% convertible senior notes due in 2027 and $1.15 billion and 0% convertible senior notes due in 2029. Proceeds from the offering were used to pay for the cap calls and concurrent share repurchase. We expect to use the remaining proceeds to fund stock repurchases and potential acquisitions and for general corporate purposes.

第三季度，我們發行了11.5 億美元、2027 年到期、利率為0% 的可轉換優先票據，以及11.5 億美元、利率為0%、2029 年到期的可轉換優先票據。支付上限通知和同時進行的股票回購。我們預計將剩餘收益用於股票回購和潛在收購以及一般公司用途。

Year-to-date, we have used $1.9 billion to repurchase 14.8 million shares at a weighted average price per share of $130.87. We have $2 billion remaining on our authorization through March 2027.Our share count guidance does not include the impact from potential upcoming stock repurchases. We ended the quarter with $5 billion in cash, cash equivalents, short-term and long-term investments.

年初至今，我們已用 19 億美元回購了 1,480 萬股股票，加權平均價格為每股 130.87 美元。到 2027 年 3 月，我們的授權還剩 20 億美元。截至本季末，我們擁有 50 億美元的現金、現金等價物、短期和長期投資。

Now let's turn to guidance. For the fourth quarter, we expect product revenue between $906 million and $911 million, representing 23% year-over-year growth. We are increasing our FY25 product revenue guidance. We now expect full year product revenue of approximately [$3.43 billion], representing 29% year-over-year growth.

現在讓我們轉向指導。對於第四季度，我們預計產品收入在 9.06 億美元至 9.11 億美元之間，年增 23%。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 [34.3 億美元]，年增 29%。

This includes contributions from our newer product features and product efficiency headwinds. We view product efficiencies as a normal part of our business, so we will not be breaking out those assumptions going forward.

這包括我們的新產品功能和產品效率逆風的貢獻。我們將產品效率視為我們業務的正常組成部分，因此我們未來不會打破這些假設。

Turning to margins. In FY25, we are increasing our non-GAAP product gross margin guidance to 76%, our non-GAAP operating margin guidance to 5%.We expect approximately 26% non-GAAP adjusted free cash flow margin for the year.

轉向邊緣。 25 財年，我們將非 GAAP 產品毛利率指引提高至 76%，非 GAAP 營業利潤率指引提高至 5%。

As Sridhar mentioned, we have gone through a rigorous process of evaluating our cost structure. We believe we can invest aggressively to address the large opportunity in front of us while also being more efficient. Our innovation and revenue-driving functions are being resourced to drive durable growth while also enabling us to show operating leverage for years to come.

正如 Sridhar 所提到的，我們經歷了嚴格的成本結構評估流程。我們相信，我們可以積極投資，以抓住我們面前的巨大機遇，同時提高效率。我們的創新和收入驅動職能正在獲得資源來推動持久成長，同時也使我們能夠在未來幾年展現營運槓桿。

With that, operator, we will now open up the line for questions.

接線員，現在我們將開放提問熱線。

(Operator Instructions)

（操作員說明）

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Thank you, Mike, it's impressive to see the strength here simultaneously in both the consumption revenue and the bookings, especially given the prioritization of consumption incentives this year. I'm curious to what you might attribute that and specifically whether Iceberg Tables might have contributed or whether Snowpark might have picked up in any meaningful way. And then I have a quick follow-up.

謝謝麥克，令人印象深刻的是，這裡的消費收入和預訂量同時表現強勁，特別是考慮到今年消費激勵的優先順序。我很好奇你可能會將此歸因於什麼，特別是 Iceberg Tables 是否做出了貢獻，或者 Snowpark 是否可能以任何有意義的方式有所提升。然後我會進行快速跟進。

I would say we're starting to see the positive benefit of Iceberg with a number of customers that are now bringing new workloads, that are now being addressed by Snowflake and Iceberg Tables. But I would just say it's broad-based demand across our customers. Yeah, there's a few verticals that were very strong, technology, financial services and health care, but it's really broad-based. And we are seeing the uptick, as Sridhar was mentioning, a lot of the data engineering stuff as well, too, and Snowpark is part of that.

我想說的是，我們開始看到 Iceberg 的積極優勢，許多客戶現在帶來了新的工作負載，而 Snowflake 和 Iceberg Tables 正在解決這些問題。但我只想說這是我們客戶的廣泛需求。是的，有一些非常強大的垂直行業，例如技術、金融服務和醫療保健，但它的基礎非常廣泛。正如 Sridhar 所提到的，我們也看到了許多資料工程方面的成長，Snowpark 就是其中的一部分。

Great to hear. And Sridhar, I believe you had mentioned displacing the petition over and over again, and that stood out to me. I'm curious if you saw an increase in those competitive displacements during Q3 and what you think might be triggering it? Because we always hear that data sharing is unparalleled. But you had released a slew of AI-related products. And I'm also wondering if you think that, that might be swaying some of these competitive accounts over.

很高興聽到。斯里達爾，我相信你曾經一次又一次提到取代請願書，這對我來說很突出。我很好奇您是否在第三季度看到這些競爭性替代品的增加以及您認為可能觸發這種情況的原因是什麼？因為我們總是聽說資料共享是無與倫比的。但你們已經發布了大量與人工智慧相關的產品。我還想知道您是否認為這可能會影響其中一些競爭性帳戶。

At one level, the products that we're releasing, that we release, makes everyone feel great about sort of the future of the platform, what they can do with it, both today and also tomorrow. The kind of things that people are already getting done with Cortex AI, Search and Analyst is already pretty impressive.

在某種程度上，我們正​​在發布的產品讓每個人都對該平台的未來以及他們今天和明天可以用它做什麼感到高興。人們已經使用 Cortex AI、搜尋和分析完成的事情已經令人印象深刻。

But when it comes to the displacement, I would say that the core aspects of the product, which is the ease of use, the faster time to value, like the lack of needing a very large team to set up deployments and maintain them as we go along, those are the things that contribute most to people then like trying something and coming back to Snowflake and going, "This is a much better way to make progress with data."

但說到替代品，我想說的是產品的核心方面，即易用性、更快的價值實現時間，例如不需要一個非常大的團隊來設定部署和維護它們，因為我們繼續吧，這些是對人們貢獻最大的事情，然後就像嘗試一些東西然後回到Snowflake 並說，“這是利用數據取得進展的更好方法。”

And this is the reason why we obsess about making sure Cortex, for example, is integrated very tightly with everything else. You build a chatbot on Snowflake, it is automatically going to obey all of the permissions on the data that is underneath. And that's the magic of Snowflake.

這就是為什麼我們沉迷於確保皮質與其他一切緊密整合。您在 Snowflake 上建立一個聊天機器人，它會自動遵守底層資料的所有權限。這就是雪花的魔力。

Christian, any additional thoughts?

克里斯蒂安，還有其他想法嗎？

The governance continues to be an important region and we continue to invest in security, privacy and compliance, in addition to everything Sridhar mentioned.

治理仍然是一個重要領域，除了 Sridhar 提到的一切之外，我們還將繼續投資於安全、隱私和合規性。

Thank you very and Congrats.

非常感謝並恭喜。

Thank you, Mark.

謝謝你，馬克。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Excellent. Congratulations on a really solid quarter. Mike, a question for you just in terms of like the strength in the quarter. From your commentary, it seems like the core business, like the core data warehousing business, was really the standout in the quarter. And that's signing up and the NRR signing up. But I was hoping you could give us some kind of visibility into the ramp that you're seeing with the new AI products like Cortex. And how does that compare to what you saw with Snowpark, if we think about them at the same time in their evolution? So that's a top line question.

出色的。恭喜這個季度的表現非常強勁。麥克，問你一個關於本季實力的問題。從您的評論來看，核心業務（例如核心資料倉儲業務）似乎在本季確實表現出色。這就是註冊和 NRR 註冊。但我希望您能讓我們對 Cortex 等新人工智慧產品的發展有一定的了解。如果我們同時考慮它們的演變，那麼這與您在 Snowpark 中看到的情況相比如何？這是一個首要問題。

And then also a bottom line question for you. Last quarter, we talked about sort of accelerating investments, particularly in distribution. It sounds like that's being somewhat offset by being able to find sort of redundancies or headcount reductions because we didn't really see it in the head count number, like that net addition was relatively modest. So it seems like you guys were able to kind of drive investment, but also find sort of like net to take out of head count. Is that the right way to think about it?

然後還有一個底線問題想問你。上個季度，我們談到了加速投資，特別是在分銷方面。聽起來這在某種程度上被能夠找到某種裁員或人員減少所抵消，因為我們並沒有真正在人員數量中看到它，就像淨增加相對適度一樣。所以看來你們能夠推動投資，但也找到了類似的網路來減少人員數量。這是正確的思考方式嗎？

So on your first question, when I talk about the core business, the core business is data warehousing with data engineering. What we're talking about is the newer data engineering features that Sridhar was talking about. But there's a lot of data engineering that's done in Snowflake, and that was very strong. As well, we are seeing the uptick in new products. I would say Cortex is starting to take off. It's still very much in the early innings, and we're very optimistic of what that's going to do in the future based upon what we're seeing. And Snowpark continues to track as expected, will be 3% of our revenue for the year and growing very nicely year-over-year.

那麼關於你的第一個問題，當我談到核心業務時，核心業務是資料倉儲和資料工程。我們正在談論的是 Sridhar 正在談論的較新的資料工程功能。但是 Snowflake 中完成了許多資料工程，而且非常強大。此外，我們也看到新產品的增加。我想說 Cortex 正在開始起飛。目前仍處於早期階段，根據我們所看到的情況，我們對未來的情況非常樂觀。 Snowpark 繼續如預期發展，將占我們今年營收的 3%，且較去年同期成長非常好。

In terms of the efficiencies, we've gone through and done a lot of performance management, especially in the sales organization. They've been hiring, and there's going to be a lot of hiring in the sales organization this quarter they're doing. And we have really looked across the company at combining teams together where possible, and we're not replacing backfills as quickly because of that. And that's why we're seeing the operating savings that we're doing. There is no mass riff or anything like that. Don't think about that. We’re not doing that. It’s normal performance management and really being thoughtful of where we put people.

在效率方面，我們經歷並做了許多績效管理，特別是在銷售組織。他們一直在招聘，本季他們的銷售組織將會進行大量招聘。我們確實在整個公司範圍內考慮了盡可能將團隊合併在一起的問題，因此我們不會盡快更換回填人員。這就是我們看到營運成本節省的原因。沒有大量即興演奏或類似的東西。別想那個。我們不會那樣做。這是正常的績效管理，並且真正考慮到我們將人員安排在哪裡。

Got it. That's super helpful.

知道了。這非常有幫助。

Kash Rangan, Goldman Sachs.

卡什·蘭根，高盛。

Hi. Thank you very much. One for you, Sridhar, and one for Mike. Sridhar, there is a narrative, which you will definitely dispute, that the core of the Snowflake data platform, that structured data, does not really have a long runway in the world of generative AI and that also Snowflake has a lot to prove with respect to generate AI on the unstructured data. What proof points can you talk to the quarter that would invalidate that bearish view and reinforce your conviction?

你好。非常感謝。斯里達，一份給你，一份給麥克。 Sridhar，有一種說法，你肯定會提出異議，即 Snowflake 數據平台的核心，即結構化數據，在生成人工智能的世界中並沒有真正的長距離跑道，而且 Snowflake 還有很多值得尊重的地方在非結構化資料上產生人工智慧。您可以向該季度提出哪些證據來證明這種看跌觀點無效並增強您的信念？

And one for you, Mike. With the headwinds from storage not being as much as was dialed in, should we safely assume, you're guiding to product revenue 29% for the year and take away 3 points for Snowpark Container Services, that the core is actually at a point where you can see it being stable going to next year? I know you're not giving guidance. And then we can start to think about dreaming the dream of all the new products being largely incremental to that growth rate.

還有一份給你，麥克。由於儲存帶來的阻力並不像撥入的那麼大，我們是否可以放心地假設，您將今年的產品收入引導為29%，並為Snowpark Container Services 扣掉3 個點，核心實際上處於這樣一個點：你能看到明年它會穩定嗎？我知道你不給指導。然後我們可以開始思考所有新產品的夢想在很大程度上增加了成長率。

Thank you so much. Congratulations.

太感謝了。恭喜。

Thank you, Kash. On the core business side, analytics is still going to be pretty important. Getting the most important data about your business but increasingly being able to act on it quickly in real time is the thing that is going to set great companies apart. If you look at the best companies that have been created in the past like 2, 2.5 decades, these are companies that have integrated data into the core of how they are operating.

謝謝你，卡什。在核心業務方面，分析仍然非常重要。獲取有關您的業務的最重要的數據，並且越來越能夠即時快速地採取行動，這將使偉大的公司脫穎而出。如果你看看過去 2、2.5 年創建的最好的公司，這些公司都將數據整合到營運的核心中。

And when I talk to customers not just about the analytics, the view of clean data, but also about being able to act on it, being able to see trends, being able to figure out things like guest experiences like our customers, Hyatt and Disney, do at scale. So there's a very long runway because analytics flows over seamlessly and fluidly into things like machine learning. And AI then becomes even more of an accelerant because you can now go from unstructured data to structured data very, very easily. And that's the magic of products like Cortex AI and the new things that we announced in BUILD, where you can bring multimodal models.

當我與客戶談論的不僅是分析、乾淨數據的觀點，還有能夠據此採取行動、能夠看到趨勢、能夠弄清楚諸如我們的客戶凱悅和迪士尼之類的客戶體驗之類的事情，大規模開展。因此，還有很長的路要走，因為分析可以無縫、流暢地轉移到機器學習等領域。然後人工智慧就變得更加加速，因為你現在可以非常非常輕鬆地從非結構化資料轉變為結構化資料。這就是 Cortex AI 等產品以及我們在 BUILD 中宣布的新產品的魔力，您可以在其中引入多模式模型。

Imagine a world in which you just write a SQL statement that goes to act on a PDF and produces a bunch of structured information out on the other side, it redefines what you and I think of as analytics because just a lot more can be done. And so that's the world that we are driving towards, and that's where investments in companies like Datavolo that bring even more data into Snowflake is exciting and empowering for us as a data platform.

想像一下這樣一個世界，您只需編寫一條SQL 語句，該語句將作用於PDF 並在另一端生成一堆結構化訊息，它重新定義了您和我所認為的分析，因為可以做更多的事情。這就是我們正在努力實現的世界，對像 Datavolo 這樣的公司進行投資，為 Snowflake 帶來更多數據，這對我們作為數據平台來說是令人興奮的，並賦予我們力量。

And then on the other side, when it comes to unstructured data or just AI applications, as I said in my remarks, we have over 1,000 deployed use cases. And in all of them, these are not tied deployments, we work with our customers, we make sure that they get value from it. That's the first thing that I tell all our customers. AI needs to be a business accelerant. It’s not a hobby. And the products that we have created, which do things, like take trustworthiness, the work that we are doing with the TruEra acquisition, for example, that brings observability to how people create AI applications, are the ones that are creating rock-solid applications and where increasingly the difference between structured and unstructured is going to be less and less meaningful as we go forward.

另一方面，當涉及非結構化資料或人工智慧應用程式時，正如我在發言中所說，我們有超過 1,000 個部署的用例。在所有這些中，這些都不是綁定部署，我們與客戶合作，確保他們從中獲得價值。這是我告訴所有客戶的第一件事。人工智慧需要成為商業促進劑。這不是一種愛好。我們創建的產品，例如可信度，我們在收購 TruEra 時所做的工作，為人們如何創建人工智慧應用程式帶來了可觀察性，這些產品正在創建堅如磐石的應用程式隨著我們的前進，結構化和非結構化之間的差異將變得越來越沒有意義。

And then in terms of examples, there are a ton of them, Siemens, Bayer, Zoom. These are all folks that have used our AI products, gotten an immense value and talked publicly about them So I feel very good about how we are executing on that side.

就例子而言，有很多，西門子、拜耳、Zoom。這些人都使用過我們的人工智慧產品，獲得了巨大的價值並公開談論它們，所以我對我們在這方面的執行方式感到非常滿意。

And Kash, on your question on the stability of the business, as I said, the core business is very stable and strong. We just had a very good quarter. But more importantly, our NRR has remained at 127% the last two quarters. We're targeting 23%.

卡什，關於你關於業務穩定性的問題，正如我所說，核心業務非常穩定且強大。我們剛剛度過了一個非常好的季度。但更重要的是，過去兩季我們的 NRR 一直維持在 127%。我們的目標是 23%。

I do want to remind you, Q4 has the most number of holidays in it, and there is some seasonality that we experience during that period of time. But our business is very strong, and I feel really good about next year right now where we're sitting. And why I say that is because we've really built a good muscle in our sales organization this year for really identifying new workloads that customers are going to move into production next year. And we have a very good backlog of those things that our salespeople are calling for next year, including Q4 as well.

我想提醒您的是，第四季度的假期最多，在這段時間我們經歷了一些季節性。但我們的業務非常強勁，我對我們現在所處的明年感覺非常好。我之所以這麼說，是因為我們今年在銷售組織中確實建立了強大的力量，能夠真正識別客戶明年將投入生產的新工作負載。我們的銷售人員要求明年（包括第四季）積壓了大量的產品。

Thank you so much.

太感謝了。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Hey, thank you. Sridhar, can you talk a little bit about the acquisition from today? Like historically, you always said you wanted to do some ETL, but there's obviously quite a few ETL players in the market. How do you see that evolving between what you want to do, what the other players want to do? And what does it bring to Snowflake? And then I have a follow-up for Mike.

嘿，謝謝你。 Sridhar，您能談談今天起的收購嗎？就像歷史上一樣，您總是說您想做一些 ETL，但市場上顯然有相當多的 ETL 參與者。你如何看待你想做的事情和其他玩家想做的事情之間的演變？它為雪花帶來了什麼？然後我有一個關於麥克的後續行動。

I mean, first of all, these are all very, very, very large spaces. The overall vision, especially with the era of interoperable data that's upon us is, we think, that there is a very large opportunity for Snowflake to help our customers act on all of their data, not just the gold data that they used to put into Snowflake for analytics. Anecdotal, but the kind of examples that I get from talking to our customers is they have hundreds, sometimes thousands, times as much data sitting in cloud storage as they will do in a structured data platform. And more and more, they also feel like it's important that they own that data.

我的意思是，首先，這些都是非常非常大的空間。我們認為，總體願景是，尤其是在資料互通時代即將來臨的情況下，Snowflake 有很大的機會幫助我們的客戶根據他們的所有資料採取行動，而不僅僅是他們過去投入的黃金資料。於分析的雪花。有趣的是，我從與客戶交談中得到的例子是，他們在雲端儲存中擁有的資料量是結構化資料平台中的數百倍，有時是數千倍。他們也越來越覺得擁有這些數據很重要。

And so you are seeing a shift in which things like application data is getting de-siloed, deconstructed, so that great new things that you can imagine, both for data transformation, data engineering, but also AI, is going to happen. And this is the context in which something like a Datavolo is really important for us. It comes with over 100 different connectors out of the box. It is going to run as part of Snowflake. It can also be deployed in customer VPCs, which lets us bring data in from places where normally we would not be able to run Snowflake on. And so it's really a force multiplier for the data that our data engineering pipelines can take on, but our AI products can be built on.

因此，你會看到一種轉變，應用程式資料之類的東西正在被去孤立、解構，因此你可以想像的偉大的新事物，無論是資料轉換、資料工程，還是人工智慧，都會發生。在這種背景下，像 Datavolo 這樣的東西對我們來說非常重要。它開箱即配有 100 多種不同的連接器。它將作為 Snowflake 的一部分運行。它還可以部署在客戶 VPC 中，這使我們能夠從通常無法運行 Snowflake 的地方引入資料。因此，它確實是我們的資料工程管道可以處理的資料的力量倍增器，但我們的人工智慧產品可以在此基礎上建置。

But as I said, this is a very, very large space. Estimated, just data engineering, data products as a whole, we think will be on the order of several hundred billion dollars 10 years from now, and so there's going to be lots of companies. Our value-add is this easy, integrated, highly efficient platform that we can bring for our customers. And things like Datavolo are an important piece here. Christian?

但正如我所說，這是一個非常非常大的空間。據估計，僅數據工程、數據產品作為一個整體，我們認為 10 年後將達到數千億美元，因此將會有許多公司。我們的增值是我們可以為客戶帶來的這個簡單、整合、高效的平台。像 Datavolo 這樣的東西是這裡的一個重要部分。基督教？

I think you covered it well. And of course, we have plenty of partners also doing data integration. And the reality is there's so many sources of data. A big area of focus of Datavolo was the unstructured data that Sridhar mentioned.

我認為你覆蓋得很好。當然，我們有很多合作夥伴也在進行資料整合。現實情況是數據來源如此之多。 Datavolo 關注的一個重要領域是 Sridhar 提到的非結構化資料。

Okay. Perfect. And then, Mike, if you look at this quarter, the much better performance, congratulations from me as well, if you think about the question that everyone is going to ask as like, is it economy or are you guys executing better? Is there any comments you can make in terms of what you're seeing in the field from just end demand getting better?

好的。完美的。然後，麥克，如果你看看這個季度，你會看到更好的表現，我也向你表示祝賀，如果你考慮一下每個人都會問的問題，是經濟問題還是你們執行得更好？對於您在現場看到的終端需求好轉的情況，您有何評論？

I would say from the economy, it's very similar to what I said last quarter. It's not euphoric, but it's good, it's not bad. And I think we are just executing very well. And we are really seeing the results of our go-to-market efforts that we've had this year and really working to identify new workloads rather than just trying to focus on bookings. And I think that's paying off right now, and it's forcing our salespeople to be closer to customers.

我想說，從經濟角度來看，這與我上季所說的非常相似。這並不令人欣快，但它很好，也不錯。我認為我們執行得非常好。我們確實看到了今年我們進入市場的努力的結果，並真正努力確定新的工作負載，而不僅僅是專注於預訂。我認為這現在已經得到了回報，它迫使我們的銷售人員更貼近客戶。

Okay, perfect. Makes sense. Thank you.

好的，完美。有道理。謝謝。

Kirk Materne, Evercore ISI.

柯克·馬特納，Evercore ISI。

Yeah, thanks very much. I'll echo the congratulations on a nice quarter. Sridhar, obviously, we're going to hear a lot more about autonomous agents over the next year from a lot of providers in the market. Can you just talk about what that means for consumption on Snowflake data platforms, meaning it would seem that agents are going to be heavy consumers of data. Just kind of curious about how you think about that opportunity as this becomes a little bit more of a ubiquitous sort of topic.

是的，非常感謝。我也會對這個季度的美好表現表示祝賀。 Sridhar，顯然，明年我們將從市場上的許多提供者那裡聽到更多有關自主代理的資訊。您能否談談這對 Snowflake 數據平台上的消費意味著什麼，這意味著代理商似乎將成為數據的大量消費者。只是有點好奇你如何看待這個機會，因為這已經成為一個無處不在的話題。

It's a good question, but I always focus on customer value. It's important because that will drive consumption. And so with the products that we have released like Cortex Search, for example, we can build a pretty credible chatbot and play with it and use it at low frequency for something like $10. It's our goal to make technology easy. Consumption is a consequence when there is broad use.

這是一個很好的問題，但我始終專注於客戶價值。這很重要，因為這將推動消費。例如，透過我們發布的 Cortex Search 等產品，我們可以建立一個非常可靠的聊天機器人，並以 10 美元左右的價格使用它並以較低的頻率使用它。我們的目標是讓科技變得簡單。當廣泛使用時，消費就是一個結果。

Having said that, our AI investments have always had a very strong focus on trustworthiness, on reliability. In fact, the three things that I always talk about when I talk to our customers or our teams about AI is. Our AI is easy, it is efficient, and it is trusted. So this is what lets our customers create chatbots that can provide citations so they can be sure of the answers that they get. Similarly, with Cortex Analyst, we've been working on increasing the reliability so that when they get a structured answer to a question, they can actually be sure that it's the right answer.

話雖如此，我們的人工智慧投資始終非常注重可信度和可靠性。事實上，當我與我們的客戶或我們的團隊談論人工智慧時，我總是談論的三件事是。我們的人工智慧簡單、高效且值得信賴。因此，這就是讓我們的客戶創建可以提供引用的聊天機器人的原因，這樣他們就可以確定他們得到的答案。同樣，對於 Cortex Analyst，我們一直致力於提高可靠性，以便當他們獲得問題的結構化答案時，他們實際上可以確定這是正確的答案。

The cool thing about Snowflake Intelligent, especially in conjunction with our partnership with Anthropic, is it now provides the ability to tie all of these things together. So if you're a salesperson, instead of searching first and drive to see, "Hey, what action item did you agree to after the last meeting," and then perhaps going to Snowflake to find what are consumption trends with a particular customer and then maybe updating Salesforce, we look forward to a world in which actions like this can be done off of a single interface. And the natural consequence then is how do you turn this into a periodic task, something that is done on your behalf in the background so that it can tell you if there is a problem. This is where things like anomaly detection, taking automated actions becomes pretty interesting.

Snowflake Intelligence 的最酷之處在於，它現在提供了將所有這些東西結合在一起的能力，特別是與我們與 Anthropic 的合作相結合。因此，如果您是銷售人員，您不必先搜尋並開車查看“嘿，上次會議後您同意了哪些行動項目”，然後也許可以去 Snowflake 查找特定客戶的消費趨勢，以及然後也許會更新Salesforce ，我們期待一個可以透過單一介面完成此類操作的世界。那麼自然的結果就是如何將其轉變為定期任務，在後台代表您完成的任務，以便它可以告訴您是否有問題。這就是異常檢測、採取自動化操作等事情變得非常有趣的地方。

But like we provide technology with a view towards what creates value. We feel very confident that you can think of agents as essentially the 21st century version of CRON jobs that we all used to run. That's the real power that agents provide with a lot more sophistication. And it's an enabling value for our customers that we think we can be embedded even more deeply in their business. And absolutely, that will also drive a lot of consumption.

但就像我們提供技術以創造價值一樣。我們非常有信心，您可以將代理視為我們過去運行的 CRON 作業的 21 世紀版本。這就是代理商提供的真正的力量，而且更加複雜。我們認為我們可以更深入地融入他們的業務，這對我們的客戶來說是一種賦能價值。當然，這也將帶動大量消費。

A lot of our heavy AI consumption, by the way, comes from things like people being able to write a single SQL statement that can do sentiment detection or that can do summarization across 1 million pieces of customer feedback. Previously, that used to be like a little machine learning project that a team needed to do. At this point, that's a piece of SQL that someone out of college can write in 5 minutes. That's the utility that we get from it, and it's the same pattern with agents as well.

順便說一句，我們對人工智慧的大量消耗來自於人們能夠編寫單一 SQL 語句來進行情緒檢測或對 100 萬個客戶回饋進行匯總。以前，這就像一個團隊需要做的一個小型機器學習專案。至此，這是一段大學外的人可以在 5 分鐘內寫出的 SQL。這就是我們從中獲得的效用，對代理人來說也是同樣的模式。

That's really helpful. And Mike, just a really quick one. International is obviously a big opportunity for you. How do you feel like you're positioned in sort of Europe and Asia Pac as you head into '25?

這真的很有幫助。麥克，速度非常快。國際顯然對你來說是一個巨大的機會。當您進入 25 世紀時，您感覺自己在歐洲和亞太地區的定位如何？

I think we're positioned very well going into Europe. We've really been focused on the higher end of the market, and we're going to focus more on the mid-market in Europe. And APJ continues to grow very nicely. We're seeing strong growth in Japan, in particular. We're starting to see stuff in India, Korea. Australia has always done very well for us. And New Zealand, believe it or not, is a very good market, it's a small market, but a very strong market for us.

我認為我們在進入歐洲市場方面處於有利位置。我們確實專注於高端市場，並且我們將更專注於歐洲的中端市場。 APJ 繼續保持良好的成長勢頭。我們尤其看到日本的強勁成長。我們開始在印度、韓國看到一些東西。澳洲一直為我們做得很好。不管你信不信，紐西蘭是一個非常好的市場，它是一個小市場，但對我們來說是一個非常強大的市場。

Fun fact, we power most of the government agencies in New Zealand, and they do way more sharing of data between each other than most of our US government agencies do.

有趣的是，我們為紐西蘭的大多數政府機構提供動力，而且他們之間的數據共享比我們大多數美國政府機構多得多。

Thank you all.

謝謝大家。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Great. Thank you so much. And congrats. Really, really great to see the pace of innovation showing up in results. I wanted to ask, how are customers using Cortex and making it available in their organizations? And how much of it should we think of as driving incremental consumption versus something maybe they were already doing with conventional SQL queries?

偉大的。太感謝了。恭喜。真的非常高興看到創新的步伐體現在成果中。我想問，客戶如何使用 Cortex 並使其在他們的組織中可用？與他們可能已經使用傳統 SQL 查詢所做的事情相比，我們應該將其視為推動增量消耗的程度有多大？

I think that generally, the kind of use cases that Cortex AI enables are pretty distinct from what is used to be possible with SQL. I'll let CK chime in, in a second. But let's face it, if you wanted to go through all of the notes written by a sales team on use cases and analyze it, most of the time the project wouldn't even happen.

我認為一般來說，Cortex AI 支援的用例類型與 SQL 過去可能實現的用例非常不同。稍後我會讓 CK 插話。但讓我們面對現實吧，如果您想瀏覽銷售團隊就用例編寫的所有筆記並對其進行分析，大多數時候該專案甚至不會發生。

Recently, this is a self-referential example of us using our own products, one of the things that we wanted to do was we wanted better insight into use cases that our sales team had created. But the idea of clicking through a UI and 50,000 different use cases to figure out what was going on is not something you can generally find volunteers for. But it turns out you can write a few queries, in fact, that can do a pretty amazing job of embedding structured information from all of these notes that are out there. And we were able to do something that honestly would never have gotten done as a project before. It's these kinds of things that I think the Cortex family of products will enable. But again, we focus on value creation, what's the additional value that the customer gets, that we get.

最近，這是我們使用自己的產品的一個自我參考範例，我們想做的事情之一是我們希望更好地了解我們的銷售團隊創建的用例。但是，透過點擊 UI 和 50,000 個不同的用例來弄清楚正在發生的事情的想法通常不是你可以找到志工的。但事實證明，您可以編寫一些查詢，事實上，這可以非常出色地從所有這些註釋中嵌入結構化資訊。我們能夠做一些以前從未作為專案完成過的事情。我認為 Cortex 系列產品將實現這些功能。但同樣，我們專注於價值創造，即客戶獲得的附加價值是什麼，我們也獲得了附加價值。

I think many of the use cases or scenarios that Sridhar covered are around text analytics, which is very adjacent to what we've been for a long time. But as we announced in BUILD, we've expanded beyond text to support images, audio and video. So that's one part of it, analytics. The other piece that we're seeing a lot of momentum and interest with Cortex Search and Cortex Analyst is how do we democratize access to data, and that is going quite well.

我認為 Sridhar 涵蓋的許多用例或場景都圍繞著文字分析，這與我們長期以來的情況非常接近。但正如我們在 BUILD 中宣布的那樣，我們已經擴展到文字之外，支援圖像、音訊和視訊。這就是分析的一部分。我們看到 Cortex Search 和 Cortex Analyst 的巨大動力和興趣的另一部分是我們如何民主化數據訪問，而且進展得相當順利。

Exciting stuff. Mike, just maybe a follow-up for you. Based on your comments on Iceberg, are you baking in less headwind for the year into the guide? And then what's the latest on how customers are thinking about the mix of where data will live?

令人興奮的事。麥克，也許只是你的後續行動。根據您對 Iceberg 的評論，您在今年的指南中遇到的阻力是否會減少？那麼客戶如何考慮資料儲存位置的最新情況是什麼？

As I said, I'm not going to be talking about different performance improvements going forward. It's factored into the guide with where we see them. But as I mentioned in my prepared remarks, we think with what we're seeing with some of the new data engineering features that, that will more than offset any potential storage revenue we lose as a result of people moving to moving data out of Snowflake. We think net-net, it's just going to open more opportunity for us as a much bigger opportunity the amount of data that is not in Snowflake today that is accessible to us through Iceberg.

正如我所說，我不會談論未來的不同性能改進。它已被納入指南中我們看到它們的位置。但正如我在準備好的演講中提到的，我們認為，根據我們所看到的一些新的數據工程功能，這將足以抵消我們因人們將數據移出 Snowflake 而損失的任何潛在存儲收入。我們認為網絡，它只會為我們帶來更多的機會，因為我們可以透過 Iceberg 存取今天 Snowflake 中沒有的資料量。

Thanks for making that clear. Thanks for taking my questions.

感謝您說清楚。感謝您回答我的問題。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

Thanks. Sridhar, just on federal, you mentioned New Zealand powering many of their agencies. How would you characterize where you're at in the federal journey? And given what's just happened in the last month, there's been a lot of concern about efficiency in the federal government. Can you just give us your thoughts about what's going to happen here over the next couple of years?

謝謝。 Sridhar，就聯邦而言，您提到紐西蘭為許多機構提供動力。您如何描述您在聯邦之旅中所處的階段？鑑於上個月剛發生的事情，人們對聯邦政府的效率感到非常擔憂。您能否告訴我們您對未來幾年這裡會發生什麼的想法？

Yeah. We recently made a small acquisition of a company called Night Shift, which will better position us in the federal business. We continue to think of it as a pretty large opportunity for us. And I would even say that efficiency is actually good news for Snowflake in the sense that we are way better at processing huge amounts of data and letting customers, including the federal government use it effectively. I don't have a lot more color to add right now, but it continues to be a focus. We spend a lot of time making sure that, that business grows. We've gotten a number of certifications, which as you know, are like prerequisites. We feel good about where we are. Stay tuned for more news.

是的。我們最近對一家名為 Night Shift 的公司進行了小額收購，這將使我們在聯邦業務中佔據更好的地位。我們仍然認為這對我們來說是一個相當大的機會。我甚至會說，效率對於 Snowflake 來說實際上是個好消息，因為我們可以更好地處理大量資料並讓包括聯邦政府在內的客戶有效地使用這些資料。我現在沒有更多的顏色可以添加，但它仍然是一個焦點。我們花費大量時間確保業務成長。我們已經獲得了許多認證，如您所知，這些認證就像先決條件。我們對自己所處的位置感覺良好。請繼續關注更多新聞。

I'll just add to that. As you know, the US federal space is a very, very, very small piece of our business today. We feel good about what we're doing, and we think there's a lot of upside in the federal space over the next couple of years.

我就補充一下。如您所知，美國聯邦空間在我們今天的業務中只佔非常非常小的一部分。我們對我們正在做的事情感覺很好，我們認為未來幾年聯邦領域有很多好處。

Thanks Mike. And just for you, Mike, on the big deals, you mentioned three deals over $50 million. I think you're coming up and competing for a $250 million deal last Q4. Can you just talk about what you're seeing in these bigger transactions? Are you seeing more transactions that are smaller? Are you seeing some of these bigger elephants starting to roam again? How would you characterize what you're seeing in the pipe for Q4?

謝謝邁克。麥克，關於大筆交易，您提到了三筆超過 5000 萬美元的交易。我認為您將在上個季度爭奪 2.5 億美元的交易。您能談談您在這些較大交易中看到的情況嗎？您是否看到更多較小的交易？您是否看到一些更大的大象再次開始漫遊？您如何描述您在第四季度的管道中看到的情況？

I think Q4 is going to be a very strong bookings quarter like it normally is, and we have a number of large deals we're working on that are renewals with existing customers with growth in them.

我認為第四季度的預訂量將像往常一樣非常強勁，我們正在進行許多大型交易，這些交易是與現有客戶的續約，並且客戶數量有所增長。

Great, thanks.

太好了，謝謝。

Mike Cikos, Needham & Co.

麥克‧西科斯 (Mike Cikos)，李約瑟公司

Thanks guys. This is Matt Calitri on for Mike Cikos over at Needham. This is the healthiest quarter-over-quarter addition to RPO and CRPO during an October quarter, stretching back over multiple years and potentially a record 3Q for the company. Can you help us think about what drove the strong growth? And did the two top 10 customers Mike alluded to being on monthly commitments last quarter, signing new commitments during the quarter?

謝謝你們。我是馬特·卡利特里 (Matt Calitri)，在尼達姆 (Needham) 替補邁克·西科斯 (Mike Cikos)。這是 10 月所在季度 RPO 和 CRPO 環比最健康的增幅，可以追溯到多年以來，並可能創下該公司第三季的創紀錄水平。您能幫助我們思考是什麼推動了強勁的成長嗎？麥克上季提到的前 10 位客戶是否有每月承諾，並在本季簽署了新的承諾？

We didn't have big commitments from those customers in the quarter. And what I would say is a lot of the current RPO growth, in particular, just has to do with larger customers based upon when their renewals are coming up or when they're running out of capacity and renew. But it was a strong growth quarter in total RPO and current RPO, and you're seeing that in the current reported revenue number and what we're guiding to for next quarter.

本季我們沒有從這些客戶那裡得到重大承諾。我想說的是，當前 RPO 的成長在很大程度上與大客戶有關，這取決於他們的續約何時到來或何時耗盡容量並續訂。但就總 RPO 和當前 RPO 而言，這是一個強勁的成長季度，您可以在當前報告的收入數據以及我們下一季的指導中看到這一點。

And overall, the little bit of color, I end up talking to a lot of customers that I will add here, is our conversations are inevitably focused on where are places where we can help them get more efficient, where we can help them drive more revenue. And the more effectively our sales team is able to do that, and they did a wonderful job in the first two, three quarters of the year, the more it reflects itself naturally in renewals. And so I would say that this is a consequence of the hard work that our sales teams are doing day in and day out to further the business of our customers.

總的來說，我最終與很多客戶交談，我將在這裡添加，我們的對話不可避免地集中在我們可以幫助他們提高效率的地方，我們可以幫助他們推動更多的地方收入。我們的銷售團隊越能有效地做到這一點，並且他們在今年前兩個、三個季度做得非常出色，它就越能自然地在續約中反映出來。所以我想說，這是我們的銷售團隊日復一日為促進客戶業務發展而辛勤工作的結果。

That's great to hear. And then the trend in sequential customer additions remains mixed. Given the go-to-market changes, when do you expect to begin to start showing an inflection here? Is that more of an FY26 event? Or how are you thinking about that?

很高興聽到這個消息。然後，客戶連續增加的趨勢仍然好壞參半。考慮到市場走向的變化，您預期什麼時候會開始出現變化？這更像是 2026 財年的活動嗎？還是你怎麼想的？

In terms of net additions, I expect Q4 to be a good net addition quarter. And I think you'll see the fruits of our labor with what we've done this year flow into 2026.

就淨增量而言，我預計第四季將是一個良好的淨增量季度。我想你們會在 2026 年看到我們今年所做的勞動成果。

Awesome. Thanks so much guys.

驚人的。非常感謝你們。

Michael Turrin, Wells Fargo.

麥可特林，富國銀行。

Hey, thanks very much. I appreciate you taking the questions. Maybe on the expansion rates holding stable here, I want to ask about that metric just in context with the go-to-market shift towards consumption. And maybe you could just help give us some context around how that consumption focus may be impacting the trajectory we're seeing on expansion rates, if there are common places you're seeing work across customers and if you're starting to hit a point where you're feeling comfortable that retention rates are starting to hit a baseline.

嘿，非常感謝。感謝您提出問題。也許在擴張率保持穩定的情況下，我想在進入市場轉向消費的背景下詢問該指標。也許您可以幫助我們了解消費焦點如何影響我們所看到的擴張率軌跡、您在客戶中看到的共同點以及您是否開始達到某個點您對保留率開始達到基線感到滿意。

I think. I'm never going to guide to net revenue retention, by the way. But I do feel it feels pretty stable based upon what we're seeing in there. And a lot of that is driven by our core business with the addition of some of our older customers starting to use some of these newer features as well, too. So stay tuned. That's not something we're going to guide to.

我認為。順便說一句，我永遠不會指導淨收入保留。但根據我們在那裡看到的情況，我確實覺得它感覺相當穩定。其中很大一部分是由我們的核心業務推動的，此外我們的一些老客戶也開始使用其中一些新功能。所以請繼續關注。這不是我們要引導的事情。

Okay. That's still helpful commentary. And then just a follow-up on one of the comments around the offsets to storage headwinds. I was just hoping you could help us think through the sequencing of those. Is that something that can immediately help offset any storage headwinds tied to Iceberg? Or is that something that over time, the customer profile, the spend profile, helps adjust for those things? Is there just a sequence of events we should all be mindful of there?

好的。這仍然是有用的評論。然後是關於抵消存儲逆風的評論之一的後續行動。我只是希望你能幫助我們思考這些的順序。這是否可以立即幫助抵消與 Iceberg 相關的任何儲存阻力？或者隨著時間的推移，客戶資料、支出資料會幫助調整這些事情嗎？是否只有一系列事件是我們都應該注意的？

Yeah. As I said, I'm really not seeing a big storage headwind as a result of Iceberg. And to the extent any of our customers do move data off, it will be more than offset by the growth we're seeing in data engineering, the newer data engineering features. And as I also said, we are starting to see a positive impact of Iceberg with net new workloads that were never in Snowflake before. Now customers are using Snowflake on open file Iceberg formats.

是的。正如我所說，我確實沒有看到 Iceberg 帶來的巨大儲存阻力。如果我們的任何客戶確實將資料轉移出去，那麼我們在資料工程和更新的資料工程功能方面看到的成長將足以抵消這一影響。正如我也所說的，我們開始看到 Iceberg 帶來的正面影響，帶來了 Snowflake 中從未有過的淨新工作負荷。現在，客戶正在開放文件 Iceberg 格式上使用 Snowflake。

Yeah, I'll stress something that I said earlier, which is customers typically have 100 to 1,000 times more data sitting in cloud storage. And with the things that we have done with the data engineering or even things like Cortex AI, which you can think of as AI extensions to what you can do with SQL or with nifty note paradigms like Dynamic Tables, which is a very efficient way to run data pipelines and soon to be combined with things like multimodal models, all of a sudden, you can imagine a data pipeline that is looking at video transcripts, generating text from it, doing sentiment detection off of it, all off of a few SQL queries because of these open data estates that are sitting there.

是的，我要強調我之前說過的一點，即客戶的雲端儲存中的資料通常會多出 100 到 1,000 倍。透過我們在資料工程方面所做的事情，甚至是像 Cortex AI 這樣的事情，你可以將其視為對 SQL 或動態表等漂亮註釋範式所做的人工智慧擴展，這是一種非常有效的方法運行數據管道，很快就會與多模式模型等東西結合起來，突然之間，你可以想像一個數據管道正在查看視頻腳本，從中生成文本，對其進行情感檢測，所有這些都通過一些SQL 完成由於這些開放資料資產就在那裡而產生的查詢。

These, again, are use cases that someone honestly would simply not have conceived of in a pre-Iceberg, pre-AI kind of world. And that's the magic of Snowflake, which is to take all of these complex technologies but put them into a form that lots of people can get value from them. And so that's the big opportunity rather than an itty-bitty tactical thing of some data within Snowflake perhaps moving to an Iceberg format. I don't think it's just such a big deal.

老實說，這些用例在冰山之前、人工智慧之前的世界中根本不會想到。這就是 Snowflake 的魔力，它將所有這些複雜的技術轉化為讓許多人從中獲得價值的形式。因此，這是一個巨大的機會，而不是 Snowflake 中的某些數據可能轉移到 Iceberg 格式的瑣碎戰術。我不認為這有什麼大不了的。

Yeah, sounds great. Thanks very much.

是的，聽起來很棒。非常感謝。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

Hey guys. So maybe taking another stab at the Iceberg question. I guess maybe, Sridhar, in terms of what you're seeing with some of the kind of first-mover customers that are seeing an opportunity with Snowflake to kind of attack a much broader data estate, what are you seeing in terms of that data volume uplift, kind of that put and take from storage to incremental services that you're able to unlock?

嘿夥計們。所以也許可以再試一次冰山問題。 Sridhar，我想也許，就您所看到的一些先行者客戶而言，他們看到了 Snowflake 有機會攻擊更廣泛的數據領域，您在這些數據方面看到了什麼容量提升，即從存儲到您能夠解鎖的增量服務的投入和獲取？

As I was saying, I really think of this as a big new opportunity. Where all of a sudden, a lot of our customers are realizing that with things like our Iceberg support, they can do things with the Snowflake compute engine, even to run analytics, for example, on historical data that is sitting in data estates that simply would not have been possible -- would not have been possible before. And those are the incremental use cases that we are seeing that flow into this category called data engineering, which we gave you some color on. And it's really the combination then of like Iceberg, but then AI features or data pipelining features like dynamic tables that combines to create new opportunities for us. Anything else to add, Christian?

正如我所說，我確實認為這是一個巨大的新機會。突然之間，我們的許多客戶意識到，透過像我們的 Iceberg 支援這樣的東西，他們可以使用 Snowflake 計算引擎做一些事情，甚至可以運行分析，例如，對位於數據資產中的歷史數據進行分析，這是不可能的──以前是不可能的。這些是我們看到的增量用例，它們流入稱為資料工程的類別，我們為您提供了一些顏色。它實際上是像冰山一樣的組合，但是人工智慧功能或資料管道功能（如動態表）結合起來為我們創造了新的機會。還有什麼要補充的嗎，克里斯蒂安？

No. Maybe what I would say is that the customer pattern is it's easier to say, "I have data in Snowflake and it's working well. Let me try to use Snowflake against data that is already sitting in cloud storage." And those are the use cases that we're seeing prioritized first, and that's what we're seeing a large increase month-over-month on the amount of data that is being made available to Snowflake via Iceberg tables that leads to additional consumption, and that is going ahead of any storage headwinds.

不。這些是我們首先看到的優先用例，這就是我們看到透過 Iceberg 表向 Snowflake 提供的資料量逐月大幅增加，從而導致額外的消耗，這超越了任何儲存阻力。

Do you want to add a comment on how Polaris is important here?

您想添加評論以說明北極星在這裡的重要性嗎？

That's also a super interesting trend. At summit, we introduced Polaris Catalog. Since then, we donated to the Apache Software Foundation. We let customers host it themselves. We also have a Snowflake hosted version, which is our Snowflake Open Catalog. And we are seeing very, very strong interest from organizations across the world in being able to rely on a truly open source catalog that makes more and more data available to Snowflake, but also while honoring the desire and the promise of being able to interoperate with other engines.

這也是一個超級有趣的趨勢。在高峰會上，我們推出了北極星目錄。從那時起，我們就向 Apache 軟體基金會捐款。我們讓客戶自己託管。我們還有一個 Snowflake 託管版本，就是我們的 Snowflake Open Catalog。我們看到世界各地的組織對能夠依賴真正的開源目錄非常非常感興趣，該目錄為 Snowflake 提供越來越多的數據，同時也兌現了能夠與 Snowflake 進行互操作的願望和承諾。

Perfect. And then maybe just a follow-up, Mike, for you. Can you maybe talk through some of the sales changes, whether in terms of performance management, in terms of should we be thinking about any incremental conservatism as we look at our models for next year versus what seems to be an improving budget backdrop spending environment potentially going into next year with some of your largest verticals like finserv and tech? And maybe anything we should take into account as we look at our models for next year?

完美的。麥克，也許只是給你一個後續行動。您能否談談一些銷售變化，無論是在績效管理方面，還是在我們考慮明年的模型以及可能改善的預算背景支出環境時是否應該考慮任何增量保守主義明年你會考慮一些最大的垂直行業，例如金融服務和科技嗎？也許我們在考慮明年的模型時應該考慮什麼？

Yeah, I would just say that our sales leaders have gone through. Typically, salespeople always wait until the end of the year to do performance management based on how they have performed. And our sales leaders now realize you can do performance management throughout the year. And we started doing a lot more performance management in Q3, and we've been backfilling those people with the right skill sets of what we're looking for.

是的，我只想說我們的銷售領導已經經歷過。通常，銷售人員總是等到年底才根據自己的表現進行績效管理。我們的銷售領導現在意識到您可以全年進行績效管理。我們在第三季開始進行更多的績效管理，並且我們一直在為這些人員配備我們所需的正確技能。

And I'm not going to talk about conservatism or whatever we guided for the quarter, and we feel good, and I feel good about what we're seeing next year, the only thing I would remind you is when you're building your models for next year, Q1, we do not have the benefit of leap year that we had last year. So there's one less day in it. That does have an impact on the year-over-year growth rates when you're building your models.

我不會談論保守主義或我們本季指導的任何內容，我們感覺很好，我對明年看到的情況感覺很好，我唯一要提醒您的是，當您建立自己的明年第一季的型號，我們沒有去年的閏年好處。這樣一來，就少了一天。當您建立模型時，這確實會對同比增長率產生影響。

And the other small additional color that I will add here is that our sales teams as part of the consumption push have been evolving a whole new science around how do you go from activity to use cases. To use cases, one, to what's in deployment. And this is the basis of things like performance management. And I have to just give them enormous credit for their ability to just manage this process a lot more rationally. And it's being able to do that, that even shines the light on things like what are best-in-class techniques for driving the business forward. And you see that reflected in the results, and that's what makes me feel positive about how the team is operating. They've done a really wonderful job.

我要在這裡添加的另一個小額外內容是，作為消費推動的一部分，我們的銷售團隊一直在圍繞如何從活動到用例發展一門全新的科學。要使用案例，第一，部署中的內容。這是績效管理之類的基礎。我必須給予他們極大的信任，因為他們有能力更合理地管理這個過程。它能夠做到這一點，甚至可以揭示諸如推動業務發展的一流技術之類的事情。你會看到這一點反映在結果中，這讓我對團隊的運作方式感到正面。他們做得非常出色。

Perfect. Thank you guys.

完美的。謝謝你們。

Brad Sills, Bank of America.

布拉德·希爾斯，美國銀行。

Great. Thank you so much. A question for you, Sridhar. I couldn't help but notice some of the comments you made on the strength you're seeing with AWS. I'd love to get an update from you on kind of where the incremental focus has been on with the big hyperscaler partners and go-to-market. It seems to be having a real positive impact.

偉大的。太感謝了。有個問題想問你，斯里達爾。我忍不住注意到您對 AWS 的實力發表的一些評論。我很想從您那裡得到最新消息，了解大型超大規模合作夥伴和進入市場的增量重點。它似乎正在產生真正的積極影響。

That's right. As you know, we have a great relationship with AWS, but also with Azure, we work together a lot, and there's an excellent relationship at the excellent level, but also at the field level. It is absolutely the case that, for example, that AWS plus Snowflake is a great solution as is Azure plus Snowflake.

這是正確的。如您所知，我們與 AWS 以及 Azure 都有良好的關係，我們經常合作，在卓越層面和現場層面都有良好的關係。例如，AWS 加上 Snowflake 確實是一個很好的解決方案，Azure 加上 Snowflake 也是如此。

I would say we have some, let's call it, like shoots of grass on our relationship with GCP in terms of what is possible there. We are working with that to make it happen. As I said, all of this is in the context of a data platform industry that is going to be expanding pretty massively over the 10 years. So everybody sees the opportunity. But then it's a question of lining up every single team within multi-thousand person companies to collaborate effectively. And you should definitely expect to see more of that.

我想說的是，就我們與 GCP 的關係而言，就可能發生的事情而言，我們已經有了一些，讓我們稱之為草芽。我們正在努力實現這一目標。正如我所說，所有這一切都是在數據平台行業的背景下進行的，該行業將在未來 10 年內大幅擴張。所以每個人都看到了機會。但接下來的問題是如何讓數千人的公司中的每個團隊都能有效地合作。您絕對應該期待看到更多這樣的事。

I would add that an area of common ground with the hyperscalers has been this collaboration around Apache Iceberg as effectively the standard way to represent data so that we can interoperate.

我想補充一點，與超大規模提供者的一個共同點是圍繞 Apache Iceberg 的這種協作，它實際上是表示資料的標準方法，以便我們可以進行互通。

That's right. And they're all very excited about getting behind Iceberg as it is a lot of the industry because the industry now realizes that this is a true standard that is controlled by no one. Unlike previous formats that were open in name only and controlled by a single company that could arbitrarily change their mind about what was open and what was closed, Iceberg is seen as the format. And I dare say that Iceberg is the VHS and the old formats are the Betamax of formats. And we are very happy to see this because this is great for our customers and it's great for Snowflake.

這是正確的。他們都對支持 Iceberg 感到非常興奮，因為業界中許多人都參與其中，因為業界現在意識到這是一個不受任何人控制的真正標準。與以前名義上開放並由一家公司控制的格式不同，這些公司可以任意改變他們對開放和關閉的想法，而冰山被視為這種格式。我敢說 Iceberg 是 VHS，而舊格式是格式中的 Betamax。我們很高興看到這一點，因為這對我們的客戶來說很棒，對 Snowflake 來說也很棒。

That's great to hear. And then one for you, Mike, if I could. You've said in the past that the strength you're seeing this year, new signings of new workloads and things like Snowpark and Cortex are going to lead to some consumption ramp heading into next year. Would just love to get an update from you on how you see that ramp heading into next year, just given it sounds like you're seeing some real positive momentum on the new product side.

很高興聽到這個消息。如果可以的話，麥克，再給你一份。您過去曾說過，今年看到的強勁勢頭、新工作負載的新簽約以及 Snowpark 和 Cortex 等事物將導致明年的消費量增加。我很想了解您對明年的成長有何看法，因為聽起來您在新產品方面看到了一些真正的積極勢頭。

Well, I'm not going to guide for next year, but it is starting to be meaningful contributors to our revenue. The only thing we've called out in terms of dollars, and we called that at the beginning of the year, what we thought is Snowpark is well on track to be 3% of our revenue.

好吧，我不會為明年提供指導，但它開始對我們的收入做出有意義的貢獻。我們唯一以美元為單位的事情，我們在今年年初就說過，我們認為 Snowpark 有望占我們收入的 3%。

But the newer things, Dynamic Tables is really starting to take off, and that has an impact on consumption. I expect Notebooks is going to be a meaningful thing for us for the data science persona, which is going to lead to more consumption in Snowflake and everything we've talked about, Cortex, so stay tuned for our Q4 call when we'll give you more color on what we're seeing for next year with these new features in particular.

但較新的事物，動態表確實開始起飛，這對消費產生了影響。我預計Notebooks 對於我們數據科學角色來說將是一件有意義的事情，這將導致Snowflake 以及我們談論的所有內容Cortex 的更多消費，所以請繼續關注我們的第四季度電話會議，屆時我們將給予您對我們明年將看到的特別是這些新功能的內容有更多的了解。

Thank you for your question. We are now out of time for additional questions. So I will be passing the call back to Sridhar for any closing remarks.

謝謝你的提問。我們現在沒有時間回答其他問題了。因此，我將把電話轉回給斯里達爾，讓他發表結束語。

Thank you. Before we end the call, I want to leave you all with this. We have great momentum, and I couldn't be more proud of how we are executing day in and day out. Our growth rate at this scale is incredibly impressive, and we have our foot on the gas. Our core business is strong and our new products are driving revenue growth. And our operational rigor is enabling us to drive growth and profitability for years to come. Thank you all for joining us.

謝謝。在我們結束通話之前，我想跟大家說一下。我們勢頭強勁，我對我們日復一日的執行方式感到非常自豪。我們如此規模的成長速度令人難以置信，而且我們正在加速前進。我們的核心業務強勁，我們的新產品正在推動營收成長。我們的嚴謹營運使我們能夠在未來幾年推動成長和獲利。感謝大家加入我們。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。現在您可以斷開線路。