(SNOW) 2023 Q1 法說會逐字稿

Good evening, and thank you for attending today's Snowflake Q1 Fiscal 2023 Conference Call. My name is Daniel, and I will be your moderator for today's call. (Operator Instructions) I would now like to pass the conference over to our host, Jimmy Sexton Jimmy, please.

晚上好，感謝您參加今天的 Snowflake Q1 2023 財年電話會議。我的名字是丹尼爾，我將擔任今天電話會議的主持人。 （操作員說明）我現在想將會議轉交給我們的主持人 Jimmy Sexton Jimmy。

Good afternoon, and thank you for joining us on Snowflake's Q1 Fiscal 2023 Earnings Call. With me in Bozeman, Montana, are Frank Slootman, our Chairman and Chief Executive Officer; Mike Scarpelli, our Chief Financial Officer; and Christian Kleinerman, our Senior Vice President of Product, who will join us for the Q&A session. During today's call, we will review our financial results for the first quarter of fiscal 2023 and discuss our guidance for the second quarter and full year fiscal 2023.

下午好，感謝您參加 Snowflake 的 2023 年第一季度財報電話會議。與我一起在蒙大拿州博茲曼的還有我們的董事長兼首席執行官弗蘭克·斯洛特曼；我們的首席財務官 Mike Scarpelli；我們的產品高級副總裁 Christian Kleinerman 將加入我們的問答環節。在今天的電話會議中，我們將審查我們 2023 財年第一季度的財務業績，並討論我們對 2023 財年第二季度和全年的指導。

During today's call, we will make forward-looking statements, including statements related to the expected performance of our business, future financial results, strategy, products and features, long-term growth and overall future prospects. These statements are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed after market close today and in our SEC filings, including our most recently filed Form 10-K for the fiscal year ended January 31, 2022, and the Form 10-Q for the quarter ended April 2022 that we will file with the SEC. We caution you not to be reliant on forward-looking statements and undertake no duty or obligation to update any forward-looking statements as a result of new information, future events or changes in our expectations.

在今天的電話會議中，我們將做出前瞻性陳述，包括與我們的業務預期業績、未來財務業績、戰略、產品和功能、長期增長和整體未來前景相關的陳述。這些陳述存在風險和不確定性，可能導致它們與實際結果存在重大差異。有關這些風險的信息可在我們今天收市後發布的收益新聞稿和我們提交給美國證券交易委員會的文件中找到，包括我們最近提交的截至 2022 年 1 月 31 日的財政年度的 10-K 表格和本季度的 10-Q 表格截止 2022 年 4 月，我們將向 SEC 備案。我們提醒您不要依賴前瞻性陳述，並且不承擔因新信息、未來事件或我們的預期變化而更新任何前瞻性陳述的義務或義務。

We'd also like to point out that on today's call, we will report both GAAP and non-GAAP results. We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are presented in addition to and not as a substitute for financial measures calculated in accordance with GAAP. For the reconciliations of these non-GAAP financial measures, please refer to our press release distributed earlier today and our investor presentation, which are posted at investors.snowflake.com. A replay of today's call will also be posted on the website.

我們還想指出，在今天的電話會議上，我們將報告 GAAP 和非 GAAP 結果。我們在內部將這些非公認會計原則財務指標用於財務和運營決策目的，並作為評估期間比較的一種手段。非 GAAP 財務指標是作為根據 GAAP 計算的財務指標的補充而非替代。有關這些非公認會計原則財務措施的對賬，請參閱我們今天早些時候發布的新聞稿和我們的投資者演示文稿，它們發佈在investors.snowflake.com 上。今天電話會議的重播也將發佈在網站上。

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

有了這個，我現在想把電話轉給弗蘭克。

Thanks, Jimmy, and good afternoon, everybody. Product revenue grew 84% year-on-year to $394 million. Remaining performance obligations grew 82% year-on-year to $2.6 billion. In the quarter, we added 16 Global 2000 customers. We closed the quarter with a record $181 million of non-GAAP adjusted free cash flow, pairing high growth with improving unit economics and operational efficiency.

謝謝，吉米，大家下午好。產品收入同比增長 84% 至 3.94 億美元。剩餘履約義務同比增長 82% 至 26 億美元。在本季度，我們增加了 16 家全球 2000 強客戶。我們在本季度結束時實現了創紀錄的 1.81 億美元的非公認會計原則調整後的自由現金流，將高增長與提高單位經濟性和運營效率相結合。

Historically, enterprises have struggled to report yesterday's news in a timely manner. Data have to be transformed and transported to systems that produce the reports and dashboards that make sense out of transactional and operational data. There wasn't enough time or money in the day to ingest ever larger volumes of data and perform long-running processes to make the data consumable and analytics-ready. The public cloud infrastructure, coupled with cloud-native data platforms like Snowflake, broke the back of these laboring systems with tremendous scale, performance and economics.

從歷史上看，企業一直難以及時報導昨天的新聞。必須將數據轉換並傳輸到生成報告和儀表板的系統，這些報告和儀表闆對交易和運營數據有意義。當天沒有足夠的時間或金錢來攝取更大量的數據並執行長時間運行的流程以使數據可供使用和分析就緒。公共雲基礎設施，加上像 Snowflake 這樣的雲原生數據平台，以巨大的規模、性能和經濟性打破了這些勞動系統的後盾。

While these have been incredible advances, they are only scratching the surface of what is possible. Goals are evolving due to full-scale mobilization of data in the service of the enterprise mission. Data can do a lot more than report what happened historically. We sometimes refer to our innovation of traditional data warehousing workloads as the end of the beginning because so much more is possible.

雖然這些都是令人難以置信的進步，但它們只是觸及了可能的表面。由於為企業使命服務的數據的全面動員，目標正在不斷發展。數據可以做的不僅僅是報告歷史上發生的事情。我們有時將我們對傳統數據倉庫工作負載的創新稱為開始的結束，因為還有更多可能。

Data science can discover and describe data relationships and, therefore, also predict them and optimize courses of action. To enable machine learning and data science workloads, Snowflake has been investing for years now in the tooling for these workload types. This includes a wide variety of data programmability options as well as the Snowpark language run time capabilities in support of Java, Scala and Python.

數據科學可以發現和描述數據關係，因此也可以預測它們並優化行動方案。為了支持機器學習和數據科學工作負載，Snowflake 多年來一直在投資用於這些工作負載類型的工具。這包括各種數據可編程性選項以及支持 Java、Scala 和 Python 的 Snowpark 語言運行時功能。

More generally, the Snowflake strategic focus is to enable every single workload type that needs to access govern data. The core idea behind the Snowflake Data Cloud is to enable work to come to the data and stop bringing data to the work. Prior to the data cloud, data was copied, transferred and replicated to be used wherever it was needed. That has led to rivers of data moving 24/7, causing operational complexity, cost and governance risks.

更一般地說，Snowflake 的戰略重點是支持需要訪問治理數據的每一種工作負載類型。雪花數據云背後的核心理念是讓工作能夠進入數據並停止將數據帶入工作。在數據云之前，數據被複製、傳輸和復制，以便在需要的地方使用。這導致數據河流 24/7 全天候移動，導致運營複雜性、成本和治理風險。

The Snowflake Data Cloud holds the promise to bring that undesirable legacy to an end. Data stays put on the data cloud, and our workload enablement ensures that customers can have their needs met in terms of data engineering, data warehousing, data lake, data science, data analytics and data application development.

雪花數據云承諾結束這種不受歡迎的遺產。數據保留在數據云上，我們的工作負載支持確保客戶在數據工程、數據倉庫、數據湖、數據科學、數據分析和數據應用程序開發方面的需求得到滿足。

We recently announced several product development milestones. Our acquisition of Streamlit closed. With Streamlit, we are enabling developers to build apps using their favorite tools and with simplified data access and governance. We're making great progress on our integration plans.

我們最近宣布了幾個產品開發里程碑。我們完成了對 Streamlit 的收購。借助 Streamlit，我們使開發人員能夠使用他們最喜歡的工具以及簡化的數據訪問和治理來構建應用程序。我們的整合計劃取得了很大進展。

Support for unstructured data is now generally available. Examples include securely sharing PDF documents in Snowflake Data Marketplace and storing medical images to extract data from them. We also entered a public preview for programming of unstructured data from the Snowpark.

對非結構化數據的支持現在普遍可用。示例包括在 Snowflake Data Marketplace 中安全地共享 PDF 文檔以及存儲醫學圖像以從中提取數據。我們還進入了對來自 Snowpark 的非結構化數據編程的公開預覽版。

Snowflake Data Marketplace monetization is now in public preview. This allows companies to easily publish a variety of data sets that then become available for purchase by other Snowflake users.

雪花數據市場貨幣化現在處於公共預覽階段。這使公司可以輕鬆發佈各種數據集，然後可供其他 Snowflake 用戶購買。

Our Summit conference in June will feature our most significant product announcements in 4 years. We look forward to discussing more innovations with you then.

我們在 6 月舉行的峰會上將發布我們 4 年來最重要的產品公告。屆時，我們期待與您討論更多創新。

Use cases are often industry-specific applications of Snowflake. In the quarter, we announced the introduction of our health care and life sciences data cloud and the retail data cloud. The health care and life sciences data cloud helps customers deliver improved patient outcomes and accelerate clinical research and time to market. One of our pharmaceutical customers estimates that using Snowflake will improve their time to market for a new drug by 3 years if the retail data cloud empowers retailers, manufacturers and consumer packaged goods vendors to access new data and seamlessly collaborate across the retail industry.

用例通常是 Snowflake 的行業特定應用程序。在本季度，我們宣布推出我們的醫療保健和生命科學數據云以及零售數據云。醫療保健和生命科學數據云可幫助客戶改善患者治療效果並加快臨床研究和上市時間。我們的一位製藥客戶估計，如果零售數據云使零售商、製造商和消費品供應商能夠訪問新數據並在整個零售行業進行無縫協作，那麼使用 Snowflake 將使他們的新藥上市時間縮短 3 年。

Customers such as 84:51 and Albertsons are leveraging Snowflake to optimize operations for businesses across the sector.

84:51 和 Albertsons 等客戶正在利用 Snowflake 優化整個行業的企業運營。

We also enable new use cases through partner enablement. We recently announced new partnerships with Dell Technologies and Pure Storage. With Dell, joint customers will be able to use on-premise data stored on Dell object storage with the Snowflake data cloud while keeping their data local or seamlessly copying it to public clouds. With Pure Storage, joint customers will be able to work with data stored locally on Pure Storage FlashBlade.

我們還通過合作夥伴啟用來啟用新的用例。我們最近宣布與 Dell Technologies 和 Pure Storage 建立新的合作夥伴關係。與戴爾合作，共同客戶將能夠使用存儲在戴爾對象存儲上的本地數據與 Snowflake 數據云，同時將他們的數據保持在本地或將其無縫複製到公共雲。借助 Pure Storage，聯合客戶將能夠處理本地存儲在 Pure Storage FlashBlade 上的數據。

As we enable more workload types and use cases, the opportunity for data sharing grows. In Q1, the number of stable edges grew 122% year-on-year. 20% of our growing customer base has at least 1 stable edge, up from 15% a year ago. Snowflake's Data Marketplace listings grew 22% quarter-over-quarter, now with more than 1,350 data listings from over 260 providers. Our Snowflake Data Marketplace fuels our rich application development ecosystem and Powered by Snowflake program. Today, there are over 425 Powered by Snowflake partners, representing 48% quarter-over-quarter growth.

隨著我們啟用更多工作負載類型和用例，數據共享的機會也在增加。第一季度，穩定邊緣數量同比增長 122%。我們不斷增長的客戶群中有 20% 至少擁有 1 個穩定優勢，高於一年前的 15%。 Snowflake 的數據市場列表環比增長 22%，現在有來自 260 多家提供商的 1,350 多個數據列表。我們的 Snowflake 數據市場為我們豐富的應用程序開發生態系統提供燃料，並由 Snowflake 計劃提供支持。如今，有超過 425 個 Powered by Snowflake 合作夥伴，環比增長 48%。

Over the past 3 years, we have achieved high growth while greatly improving unit economics, operating efficiency and cash flow. The company has a fortified balance sheet with $5 billion plus in cash, cash equivalents and investments and 0 debt. We have the ability to continue to grow at scale, generate cash and invest accordingly. We will continue to do so. Snowflake is not a growth-at-all-cost company, and we only invest with defined expectations in terms of returns and business impact. Research and development investments must lead to innovation and differentiation. Sales and marketing investments must lead to productive growth and G&A investment is focused on system and process efficiency. Our strategic focus on continued growth informs all of our investments, coupled with improving free cash flow generation.

在過去的 3 年中，我們實現了高速增長，同時極大地提高了單位經濟性、運營效率和現金流。該公司擁有強大的資產負債表，其中包含 50 億美元的現金、現金等價物和投資以及零債務。我們有能力繼續大規模增長，產生現金並進行相應的投資。我們將繼續這樣做。 Snowflake 不是一家不惜一切代價實現增長的公司，我們只根據回報和業務影響方面的明確預期進行投資。研發投資必須帶來創新和差異化。銷售和營銷投資必須帶來生產性增長，而 G&A 投資則側重於系統和流程效率。我們對持續增長的戰略重點為我們所有的投資提供了信息，同時改善了自由現金流的產生。

With that, I will now turn the call over to Mike.

有了這個，我現在將把電話轉給邁克。

Thank you, Frank. Q1 product revenues were $394 million, representing 84% year-over-year growth, and remaining performance obligations grew 82% year-over-year, totaling $2.6 billion. Of the $2.6 billion in RPO, we expect approximately 53% to be recognized as revenue in the next 12 months, representing 79% year-over-year growth. Our net revenue retention of 174% includes 11 new $1 million customers and reflects durable growth among our largest customers. In Q1, 10 customers crossed the $5 million-plus threshold on a trailing 12-month basis. We now have $45 million customers and 10 $10 million customers. Similar to last quarter, 5 of our top 10 customers' product revenue grew faster year-over-year than the overall company.

謝謝你，弗蘭克。第一季度產品收入為 3.94 億美元，同比增長 84%，剩餘履約義務同比增長 82%，總計 26 億美元。在 26 億美元的 RPO 中，我們預計未來 12 個月將有約 53% 被確認為收入，同比增長 79%。我們 174% 的淨收入保留率包括 11 位價值 100 萬美元的新客戶，反映了我們最大客戶的持續增長。在第一季度，有 10 位客戶在過去 12 個月內超過了 500 萬美元以上的門檻。我們現在有 4500 萬美元的客戶和 10 個 1000 萬美元的客戶。與上一季度類似，我們前 10 名客戶的產品收入中有 5 家的同比增長速度快於整個公司。

We continue to pursue a vertical strategy to drive growth in the enterprise. Product revenue from customers in the health care and life sciences vertical grew more than 100% year-over-year, and product revenue from customers in the financial services vertical grew just under 100% year-over-year. Driving this growth is our continued move upmarket. As we expand internationally, we are focused on the Forbes Global 2000 and other large institutions.

我們繼續奉行垂直戰略以推動企業增長。來自醫療保健和生命科學垂直領域客戶的產品收入同比增長超過 100%，來自金融服務垂直領域客戶的產品收入同比增長略低於 100%。推動這一增長的是我們繼續向高端市場邁進。隨著我們的國際擴張，我們專注於福布斯全球 2000 強和其他大型機構。

In the quarter, we added 16 new Global 2000 customers, up from 12 in the same quarter last year. This enterprise focus also leads to larger deals. We booked 4 8-figure deals in the quarter, up from 2 in the same quarter last year.

本季度，我們新增了 16 家全球 2000 強客戶，高於去年同季度的 12 家。這種對企業的關注也導致了更大的交易。我們在本季度預訂了 4 筆 8 位數的交易，高於去年同期的 2 筆。

I would like to spend some time discussing the dynamics of our revenue and bookings in the quarter. Q1 product revenue represents significant growth at scale. We're excited about our customers' adoption and expansion of the platform. Our business model allows organizations to have complete flexibility on how much Snowflake they use. Customers rely on Snowflake to run their businesses. Their consumption aligns with their current business needs.

我想花一些時間討論我們在本季度的收入和預訂動態。第一季度產品收入規模顯著增長。我們對客戶對平台的採用和擴展感到興奮。我們的商業模式允許組織在使用多少雪花方面擁有完全的靈活性。客戶依靠 Snowflake 開展業務。他們的消費符合他們當前的業務需求。

Last year, we saw certain customers experience much higher-than-expected consumption. Their own businesses were growing extremely fast. Today, some customers face a more challenging operating environment. Specific customers consume less than we anticipated amid shifting economic circumstances we believe are unique to their businesses, most notably consumer-facing cloud companies. Although these customers are still growing, we believe as long as they are impacted by macroeconomic headwinds, their consumption will be impacted.

去年，我們看到某些客戶的消費遠高於預期。他們自己的業務增長得非常快。如今，一些客戶面臨著更具挑戰性的運營環境。在我們認為對他們的業務來說是獨一無二的經濟環境不斷變化的情況下，特定客戶的消費低於我們的預期，尤其是面向消費者的雲公司。儘管這些客戶仍在增長，但我們相信只要他們受到宏觀經濟逆風的影響，他們的消費就會受到影響。

Assumption patterns may fluctuate from quarter-to-quarter. This variability does not detract from our long-term opportunity. Customers' overall demand for Snowflake remains unchanged. This is supported by the contractual commitments they are making with us and their longer-term plans for adopting the data cloud across their organization.

假設模式可能會因季度而波動。這種可變性不會減損我們的長期機會。客戶對雪花的整體需求保持不變。這得到了他們與我們簽訂的合同承諾以及他們在整個組織中採用數據云的長期計劃的支持。

Turning to bookings. As I mentioned on last earnings call, we saw record bookings in Q4 fiscal year 2022. We outperformed our internal plan by approximately $300 million in the quarter. This led to a tough quarter-over-quarter comparison, which is why you're seeing a sequential decline in RPO in Q1. The outperformance in Q4 led us to increase our booking spend for fiscal 2023, and we still achieved our internal target in Q1. As a reminder, revenue is the leading indicator of our growth. Bookings and RPO follow consumption as our customers purchase more capacity.

轉向預訂。正如我在上次財報電話會議上提到的，我們在 2022 財年第四季度看到了創紀錄的預訂量。我們在本季度的內部計劃超過了大約 3 億美元。這導致了艱難的季度環比比較，這就是為什麼您看到第一季度 RPO 連續下降的原因。第四季度的出色表現導致我們增加了 2023 財年的預訂支出，我們仍然在第一季度實現了內部目標。提醒一下，收入是我們增長的領先指標。隨著我們的客戶購買更多容量，預訂和 RPO 會隨著消耗而變化。

Now turning to margins on a non-GAAP basis. Our product gross margin was 75%. Scale in our public cloud data centers and enterprise customer success contribute to steady gross margin improvement. Our operating margin was 0%, benefiting from hiring linearity. Our adjusted free cash flow margin was 43%, positively impacted by strong collections from record Q4 bookings.

現在轉向基於非公認會計原則的利潤率。我們的產品毛利率為75%。我們的公共雲數據中心的規模和企業客戶的成功有助於穩步提高毛利率。我們的營業利潤率為 0%，受益於招聘線性。我們調整後的自由現金流利潤率為 43%，受到創紀錄的第四季度預訂的強勁收款的積極影響。

We ended the quarter in a strong cash position with approximately $5 billion in cash, cash equivalents and short- and long-term investments. I would like to reiterate what Frank mentioned earlier. Snowflake is not a growth-at-all-cost company. And since we joined, it never has been. We evaluate investments based on yield. This has put us in a very strong position. We will continue to grow and are committed to showing leverage year-on-year.

本季度末，我們擁有約 50 億美元的現金、現金等價物以及短期和長期投資，現金狀況強勁。我想重申弗蘭克之前提到的。 Snowflake 不是一家不惜一切代價實現增長的公司。自從我們加入以來，從未如此。我們根據收益評估投資。這使我們處於非常有利的地位。我們將繼續增長，並致力於顯示出同比增長的影響力。

Now let's turn to our guidance. For the second quarter, we expect product revenues between $435 million and $440 million, representing year-over-year growth between 71% and 73%.

現在讓我們轉向我們的指導。對於第二季度，我們預計產品收入在 4.35 億美元至 4.4 億美元之間，同比增長 71% 至 73%。

Turning to margins. We expect, on a non-GAAP basis, negative 2% operating margin, and we expect 358 million diluted weighted average shares outstanding.

轉向邊緣。我們預計，在非公認會計原則的基礎上，營業利潤率為負 2%，我們預計有 3.58 億股稀釋加權平均流通股。

As a reminder, we will be hosting our Summit conference in person in June. The associated expenses will largely be incurred in every Q2 moving forward. For the full year fiscal 2023, we expect product revenues between $1.885 billion and $1.9 billion, representing year-over-year growth between 65% and 67%.

提醒一下，我們將在 6 月親自主持我們的峰會。相關費用將主要在未來的每個第二季度產生。對於 2023 財年全年，我們預計產品收入在 18.85 億美元至 19 億美元之間，同比增長 65% 至 67%。

Turning to profitability for the full year fiscal 2023. We expect, on a non-GAAP basis, 74.5% product gross margin; 1% operating margin; and 16% adjusted free cash flow margin. And we expect 358 million diluted weighted average shares outstanding.

轉向 2023 財年全年的盈利能力。我們預計，在非公認會計原則的基礎上，產品毛利率為 74.5%； 1%的營業利潤率；調整後的自由現金流利潤率為 16%。我們預計將有 3.58 億股稀釋加權平均流通股。

We are adding headcount to support our growth initiatives. Q1 was a record hiring quarter. For the full year, we still plan on adding more than 1,500 net new employees. Our long-term opportunity is stronger today than it has ever been. Our strategy of enabling more workloads and data types is playing out in front of us, and our market opportunity is expanding. And in our conversations with customers, it is clear that the data cloud plays a key role in the success of their business. With the growth we have seen over the last year and the expansion of our opportunity, we are confident that we will continue to execute at scale.

我們正在增加員工人數以支持我們的增長計劃。第一季度是創紀錄的招聘季度。全年，我們仍計劃增加 1,500 多名淨新員工。今天，我們的長期機會比以往任何時候都更加強大。我們啟用更多工作負載和數據類型的戰略正在我們面前展開，我們的市場機會正在擴大。在我們與客戶的對話中，很明顯數據云在他們的業務成功中發揮著關鍵作用。隨著我們去年的增長和機會的擴大，我們有信心繼續大規模執行。

In advance of our Investor Day, I would like to update our fiscal year 2029 targets. For fiscal year 2029, we are reiterating our target for product revenue of $10 billion, growing 30% year-over-year. We are increasing our margin targets and now expect, on a non-GAAP basis, approximately 78% product gross margin; 20% operating margin; and 25% adjusted free cash flow margin.

在我們的投資者日之前，我想更新我們的 2029 財年目標。對於 2029 財年，我們重申我們的產品收入目標為 100 億美元，同比增長 30%。我們正在提高我們的利潤率目標，現在預計，在非公認會計原則的基礎上，產品毛利率約為 78%； 20%的營業利潤率；調整後的自由現金流利潤率為 25%。

We look forward to sharing more information at our Investor Day on June 14 in Las Vegas in conjunction with Snowflake Summit. If you are interested in attending, please e-mail ir@snowflake.com.

我們期待在 6 月 14 日在拉斯維加斯舉行的投資者日與雪花峰會一起分享更多信息。如果您有興趣參加，請發送電子郵件至 ir@snowflake.com。

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

有了這個，接線員，您現在可以打開問題線了。

(Operator Instructions) First question comes from Karl Keirstead of UBS.

（操作員說明）第一個問題來自 UBS 的 Karl Keirstead。

Maybe I'll direct this one to you, Mike. Mike, given that you mentioned that some customers might be exposed to macro, you called out consumer-facing cloud companies, and maybe that pinched you a little bit in the April quarter. When you -- stepping back and reaffirming the full year product revenue guide of $1.9 billion, Mike, what are the assumptions you're embedding in that guidance for 2Q through 4Q? Are you assuming that what you saw in the April quarter essentially continues, gets a little bit worse? I think that might be an interesting color from you.

也許我會把這個給你，邁克。邁克，鑑於您提到某些客戶可能會接觸到宏觀，您召集了面向消費者的雲公司，也許這在 4 月季度對您造成了一點壓力。當您退後一步並重申 19 億美元的全年產品收入指南時，邁克，您在第二季度至第四季度的指南中嵌入了哪些假設？您是否假設您在 4 月季度看到的情況基本上會繼續，變得更糟？我認為這可能是你的一個有趣的顏色。

Well, specifically, some of our large customers where we saw a decline, we've taken that on their forecast, but we have others that are offsetting partially some of that. What I will say is April, we did see weakness in week-over-week growth in our total revenue by customer. But to be honest, the last 2 weeks of March or May has been very strong. But just given everything in the macro headwinds we're hearing, we're going to be a little bit more cautious going into the full year.

好吧，具體來說，我們看到一些下降的大客戶，我們已經根據他們的預測進行了預測，但我們還有其他一些客戶正在部分抵消其中的一部分。我要說的是 4 月份，我們確實看到了按客戶劃分的總收入的每週增長疲軟。但老實說，3 月或 5 月的最後兩周非常強勁。但考慮到我們聽到的宏觀逆風中的一切，我們將更加謹慎地進入全年。

Next question comes from Alex Zukin of Wolfe Research.

下一個問題來自 Wolfe Research 的 Alex Zukin。

So maybe just to kind of piggyback on Karl's question, Mike, can you talk about specifically what kind of consumption trends actually took a step back? And you mentioned even for some of the impacted companies, those numbers started to step back up in May. Again, kind of the confidence interval of how you see even within those companies, consumption patterns trending around the data cloud that give you conviction around the guidance.

所以也許只是為了搭上卡爾的問題，邁克，你能具體談談什麼樣的消費趨勢實際上退了一步嗎？你提到甚至對於一些受影響的公司，這些數字在 5 月份開始回升。同樣，即使在這些公司中，您如何看待的置信區間，圍繞數據云的消費模式也讓您對指導充滿信心。

Well, I know all the customers that are going to be going into production that are the new ones because we've been working on these. That gives me the confidence. And I literally look at the revenue on a daily basis for all of our customers, and that's how we based our forecast.

好吧，我知道所有將要投入生產的客戶都是新客戶，因為我們一直在努力解決這些問題。這給了我信心。我每天都會查看我們所有客戶的收入，這就是我們預測的基礎。

And as I said, the last 2 to 3 weeks has been very strong and week-over-week growth in revenue that gives us the conviction even with lowering on an individual basis, some of our larger customers that are still growing, just not at the pace we saw them grow last year.

正如我所說，過去 2 到 3 週的收入非常強勁，並且每週都在增長，這讓我們確信即使在個人基礎上有所下降，我們的一些大客戶仍在增長，只是沒有我們看到他們去年增長的速度。

Got it. And is there any -- in terms of just maybe quantifying or sizing that impact, is that possible?

知道了。是否有任何 - 就可能量化或衡量這種影響而言，這可能嗎？

It is possible, but I told you what I'm going to tell you.

這是可能的，但我告訴過你我要告訴你的。

The next question comes from Keith Weiss with Morgan Stanley.

下一個問題來自摩根士丹利的 Keith Weiss。

Two questions for you guys. One, last quarter, we talked a lot about a big price performance boost that you guys are pushing into your customers and the intended consequences both in terms of lowering revenues, but also incenting more workloads to come on to the platform. So question number one is, has that initiative had the intended consequences, so far? Like, have you seen the behaviors that you're looking to see from that initiative?

給你們兩個問題。第一，上個季度，我們談了很多關於你們正在推動你的客戶的價格性能的大幅提升，以及在降低收入和激勵更多工作負載進入平台方面的預期後果。所以第一個問題是，到目前為止，該倡議是否產生了預期的後果？比如，您是否看到了您希望從該倡議中看到的行為？

And then two, to piggyback on Karl's question. When customers -- when the consumption is below plan, does that typically come from people actually cutting existing workloads and doing less of what they were doing before? Or is it more so the pace with which new workloads get deployed is slowing down? Can you give us any context in terms of what impacts those consumption patterns more?

然後是兩個，背負卡爾的問題。當客戶——當消費低於計劃時，這通常來自於人們實際削減現有工作量並減少他們以前所做的事情嗎？或者更多的是部署新工作負載的速度正在放緩？您能否就哪些因素對這些消費模式的影響更大，給我們提供任何背景信息？

Yes. So on the first question you asked, as we said last quarter, it's usually a lag between when we roll out performance improvements to when we see new workloads driving incremental revenue in Snowflake. But everything is going as planned with regards to the rollout of the -- specifically, you're asking for Graviton, the warehouse scheduling went out already last quarter, and we're seeing the benefit in customers. And the feedback from customers has been very strong, too, about that. On your other question, I'll let Christian answer that.

是的。因此，正如我們上個季度所說，關於您提出的第一個問題，通常在我們推出性能改進到我們看到新的工作負載推動雪花增加收入之間存在滯後。但是關於推出的一切都按計劃進行 - 具體來說，你要求 Graviton，倉庫調度已經在上個季度結束，我們看到了客戶的好處。客戶的反饋也非常強烈。關於你的另一個問題，我會讓克里斯蒂安回答。

Yes, there are 2 drivers to -- when you see the lower consumption. One is just natural correlation with data and activity from the businesses. So if some business are expecting a slowdown in their activity, damage less data, which translates into pipelines and how much we're aggregating. The other aspect is you do see a little bit more of focus on optimization of the usage of Snowflake. So I would not characterize it as removal of workloads. It's just optimization of what they're doing and paying a little bit more attention to resources.

是的，當您看到較低的消耗時，有 2 個驅動程序。一是與來自企業的數據和活動的自然關聯。因此，如果某些企業預計他們的活動會放緩，請減少損壞的數據，這會轉化為管道以及我們正在聚合多少。另一方面是您確實看到更多關注優化雪花的使用。因此，我不會將其描述為消除工作負載。這只是優化他們正在做的事情並更加關注資源。

Yes. And what I would say is a lot of these customers where we've seen the -- and we've taken our forecast down, these are customers that have grown so fast their business. And when you have that rapid growth in your business, you don't necessarily pay attention on cost as much.

是的。我想說的是，我們已經看到了很多這樣的客戶——我們已經降低了我們的預測，這些客戶的業務增長如此之快。而且，當您的業務快速增長時，您不一定會那麼關注成本。

Many of these customers have publicly come out. You hear them on CNBC talking about cutting costs. And those are the ones who are being prudent and lowering some of our forecast consumption from them. And by the way, we're going into those customers to help them optimize as well, too.

其中許多客戶已經公開露面。你在 CNBC 上聽到他們談論削減成本。這些人正在謹慎行事，並降低了我們對他們的一些預測消費量。順便說一句，我們也會接觸這些客戶以幫助他們進行優化。

The next question comes from Mark Murphy of JPMorgan.

下一個問題來自摩根大通的馬克墨菲。

So you had commented on slower consumption from consumer cloud. We're probably associating that with Facebook, Netflix, Peloton, Snap, types of public companies that have missed. Is it reasonable to assume some softness from enterprise software companies, maybe the cash-burning, venture-backed ones that are also slowing their investments and trying to get to cash flow breakeven?

因此，您曾評論過消費者云的消費速度較慢。我們可能會將其與 Facebook、Netflix、Peloton、Snap 等已錯過的上市公司類型聯繫起來。假設企業軟件公司有些疲軟是否合理，也許是燒錢、風險投資支持的公司也在放緩投資並試圖實現現金流盈虧平衡？

And then it's kind of the same question for retailers. Just in the wake of Amazon, Walmart, Target, we have the 3 biggest retailers that have missed their own numbers. And I'm just wondering if there's any recalibration there.

對於零售商來說，這也是同樣的問題。就在亞馬遜、沃爾瑪、塔吉特之後，我們有 3 家最大的零售商都錯過了自己的數字。我只是想知道那裡是否有任何重新校準。

Well, I'm not going to name the customers, but none of them were the ones you mentioned. And there definitely is a focus on top-of-mind for many CFOs to find out where they can cut costs. And that's the beauty of a consumption model is you only expense what you use, and that's what our customers like as well, too.

好吧，我不會說出客戶的名字，但他們都不是你提到的那些。對於許多首席財務官來說，確定他們可以削減成本的地方肯定是最重要的。這就是消費模式的美妙之處在於您只需花費您使用的東西，這也是我們的客戶所喜歡的。

And so I feel good about the forecast that we just laid out, taking into consideration the macro environment and literally looking at our customers' continued usage of Snowflake, and I don't see that changing and in aggregate. Yes, I'm sure there's going to be some customers that are going to underperform. But likewise, there's going to be many customers that overperform. And long term, none of these customers are moving off of Snowflake, and most have plans to do more with Snowflake.

因此，我對我們剛剛制定的預測感覺良好，考慮到宏觀環境並從字面上觀察我們的客戶對 Snowflake 的持續使用情況，我認為總體而言並沒有發生變化。是的，我敢肯定會有一些客戶表現不佳。但同樣，也會有許多表現出色的客戶。從長遠來看，這些客戶都沒有離開 Snowflake，而且大多數人都計劃用 Snowflake 做更多的事情。

Next question comes from Gregg Moskowitz of Mizuho.

下一個問題來自瑞穗的 Gregg Moskowitz。

All right. The net new customer count appears to be slowing down somewhat. It was lower on a year-over-year basis. I know it's more about quality over quantity. And Mike, you talked about 11 new 7-figure customers. But can you give us a little more color just kind of on your -- and then just kind of generally, what your expectations are for net new when you look at your pipeline?

好的。淨新客戶數量似乎有所放緩。同比下降。我知道這更多的是質量而不是數量。邁克，你談到了 11 個新的 7 位數客戶。但是，您能否給我們更多的顏色，就您的 - 然後一般來說，當您查看您的管道時，您對全新的期望是什麼？

Well, I don't disclose the target for what we're looking to add. But as you said, we -- and I said in my commentary, we're really focused on the largest enterprises in the world. It's not all customers are equal. We want to land those customers that can be the $1 million-plus customers. So it's not all about -- it's the aggregate number. It's the quality of those individual customers, and that's what we're focused on.

好吧，我沒有透露我們想要添加的目標。但正如你所說，我們——我在評論中說過，我們真的專注於世界上最大的企業。並非所有客戶都是平等的。我們希望吸引那些可能是 100 萬美元以上的客戶。所以這不僅僅是關於 - 它是總數。這是那些個人客戶的質量，這就是我們所關注的。

The next question comes from Kash Rangan of Goldman Sachs.

下一個問題來自高盛的 Kash Rangan。

Did the full effect of the warehouse optimizer credit and the AMD upfront shift, did you get the full headwind effect in this quarter? Just curious about that.

倉庫優化器信用和 AMD 前期的全部影響是否發生了變化，您是否在本季度獲得了全面的逆風效應？只是對此感到好奇。

No.

不。

Just curious about that. Or is there any more left to play out? Okay.

只是對此感到好奇。或者還有什麼可以玩的嗎？好的。

No, the Graviton was rolled out over a period of time. The warehouse scheduling service was already done and that we have no impact on that.

不，Graviton 是在一段時間內推出的。倉庫調度服務已經完成，我們對此沒有影響。

Got it. So which quarter should we expect a maximum headwind and then the weighting of that headwind?

知道了。那麼我們應該在哪個季度預期最大逆風，然後是逆風的權重？

It's by the end of the year.

到年底了。

Okay. Got it. Also, the -- you said that -- Mike, you said that you saw activity resumed back in the first couple of weeks of May. Was that the same cohort of customers that did go through the decline in consumption? Or was it more of an aggregate effect?

好的。知道了。另外，你說過——邁克，你說你看到活動在五月的前幾週恢復了。是同一群客戶經歷了消費下降嗎？還是更多的是一種聚合效應？

More of an aggregate effect.

更多的是聚合效應。

Got it. And finally, are you rethinking how you structure contracts to have more subscription and more predictable element given that the macroeconomic environment is.

知道了。最後，鑑於宏觀經濟環境，您是否正在重新考慮如何構建合同以獲得更多訂閱和更可預測的元素。

No.

不。

Why would that not be the case?

為什麼不是這樣呢？

Well, the problem is when you are in a consumption model, the more you use it, the more our costs are. And the only way to extract the value to cover the cost is by doing a consumption model.

那麼問題是當你在一個消費模式下，你用得越多，我們的成本就越高。提取價值以彌補成本的唯一方法是建立消費模型。

People have contracts.

人們有合同。

And it's also much more customer-friendly.

而且它對客戶也更加友好。

Next question comes from Kirk Materne of Evercore.

下一個問題來自 Evercore 的 Kirk Materne。

Frank, you obviously -- you've both been through some economic cycles before. I was just wondering if you could talk a little bit about just sort of the importance of Snowflake data as we go through a potential economic cycle and sort of the discretionary nature of it or the lack of being discretionary. I think people are sort of thinking the consumer model also means it's discretionary. And I would imagine you have a very different take on that in terms of how customers are using your technology. So I was just wondering if you could give us some perspective on sort of the longer-term importance of what you guys are doing for your customers and why that gives you confidence in the fiscal '29 guide?

弗蘭克，你顯然——你們之前都經歷過一些經濟周期。我只是想知道你是否可以談談雪花數據在我們經歷潛在經濟周期時的重要性，以及它的自由裁量性質或缺乏自由裁量權。我認為人們有點認為消費者模式也意味著它是可自由支配的。我想你對客戶如何使用你的技術有非常不同的看法。所以我只是想知道您是否可以就你們為客戶所做的事情的長期重要性給我們一些看法，以及為什麼這會讓您對 29 財年指南充滿信心？

Yes. It's a fair question, and I saw some noise on this topic online as well. But it requires a little bit of more of a nuanced way of looking at it, meaning that it's not all one thing or all the same thing.

是的。這是一個公平的問題，我也在網上看到了一些關於這個話題的噪音。但它需要更細緻入微的方式來看待它，這意味著它不是一回事，也不是一回事。

I mean the reality is, is that our type of workloads become very heavily grafted into core business processes. And that, by the way, is also one of the reasons why it's -- we've talked about this for the last 2 years in the call, how difficult it is to move workloads to Snowflake because these workloads are so heavily grafted into operational processes. So these things are not going anywhere. They're not optional.

我的意思是現實情況是，我們的工作負載類型被大量移植到核心業務流程中。順便說一句，這也是原因之一——我們在過去 2 年的電話會議中一直在討論這個問題，將工作負載轉移到 Snowflake 是多麼困難，因為這些工作負載被大量移植到運營中過程。所以這些事情不會有任何進展。它們不是可選的。

They're not like, "What do I feel like doing today?" That, by the way, there are workloads like that, that's far more on the data lake side where essentially you have a massive repository of files. And you may have data scientists that are just sort of fishing, falls out of the lake and trying to decide to do some interesting stuff for that.

他們不像，“我今天想做什麼？”順便說一句，有這樣的工作負載，這在數據湖方面要多得多，基本上你有一個龐大的文件存儲庫。你可能有數據科學家，他們只是在釣魚，從湖里掉下來，並試圖決定為此做一些有趣的事情。

That sort of thing is highly discretionary, but that's not the focus of our business. When people put data in Snowflake, I mean, they have some serious intentions on what they're going to do with that data. So that's not our part of the elephant that we're dealing with, but there are uses of data platforms that are of that sort that are much more discretionary where you can really avoid running processes. But in our world, as I said, it is so embedded into core business processes. It's not something that you can just sort of shut off for a while until things get better.

這種事情是高度自由裁量的，但這不是我們業務的重點。當人們將數據放入雪花時，我的意思是，他們對如何處理這些數據有一些認真的意圖。因此，這不是我們正在處理的大象的一部分，但有一些數據平台的使用具有更多的自由裁量權，您可以真正避免運行進程。但正如我所說，在我們的世界中，它是如此嵌入到核心業務流程中。在情況好轉之前，您不能暫時關閉它。

The next question comes from Raimo Lenschow of Barclays.

下一個問題來自巴克萊銀行的 Raimo Lenschow。

Quick question. If you think about the -- as a couple of other guys said on the call, Mike and Frank, you've seen this play out before. If you think about your readiness or your kind of adoption to the situation, can you talk a little bit about what levers you have to think, for example, kind of have investments more in other industries that seem more stable and, hence, prioritize spending in different sales segments, these different vertical segments, et cetera?

快速提問。如果你想想——正如其他幾個人在電話會議上所說的那樣，邁克和弗蘭克，你以前見過這種情況。如果您考慮一下您的準備情況或您對這種情況的採用，您能否談談您必須考慮哪些槓桿，例如，在其他看起來更穩定的行業中進行更多投資，因此優先考慮支出在不同的銷售領域，這些不同的垂直領域，等等？

Is there anything you can do there in terms of to do that? And if you -- I'm sure you've done the analysis, like how much of exposure do you have to certain more consumer-facing? Is there anything you can share or maybe do it at the Analyst Day.

有什麼可以做的嗎？如果你——我確定你已經完成了分析，比如你對某些更面向消費者的曝光率有多少？有什麼可以分享的，或者可以在分析師日分享嗎？

Yes. What I would say, Raimo, I'm not quite sure on your question, but on -- with regards to costs in our business, we're still seeing quite amazing growth at scale. And we're going to continue to invest in our business. But as I mentioned, we've done this all the time where we make efficient investments.

是的。我想說的是，Raimo，我不太確定你的問題，但是關於我們業務的成本，我們仍然看到了相當驚人的規模增長。我們將繼續投資於我們的業務。但正如我所提到的，我們一直在這樣做，因為我們進行了有效的投資。

There is no waste in Snowflake. There never has been in the last 2.5 years, and it won't be going forward. But there's a great opportunity in front of us. We're continuing to invest very heavily in R&D, and we're investing very heavily in the go-to-market function. And we will continue to do that, but we're going to do it efficiently and continue to show leverage in our model. And we're very focused on free cash flow.

雪花中沒有浪費。在過去的 2.5 年中從未有過，也不會繼續前進。但我們面前有一個很好的機會。我們將繼續大力投資於研發，並大力投資於上市功能。我們將繼續這樣做，但我們將有效地做到這一點，並繼續在我們的模型中展示影響力。我們非常關注自由現金流。

We're also in the envious position that we're sitting on over $5 billion today, and we will be opportunistic because we're doing this for the long term, not for the next 2 quarters or 3 quarters or however long this macro uncertainty is going to last, but we're going to set ourselves up for the next 10, 20 years.

我們也處於令人羨慕的位置，我們今天坐擁超過 50 億美元，我們將投機取巧，因為我們是長期這樣做的，而不是未來 2 個季度或 3 個季度，或者這種宏觀不確定性有多長會持續下去，但我們要為接下來的 10 年、20 年做好準備。

Yes. And Mike, I came more from the revenue side in terms of like the more the sales focus, like, for example, as you're building out vertical clouds now, can you focus more on financials because that might be like safer or over the next...

是的。邁克，我更多地來自收入方面，例如銷售重點越多，例如，當您現在正在構建垂直雲時，您是否可以更多地關注財務，因為這可能更安全或超過下一個...

Well, we are. We're focused on all those clouds. And where we see the opportunities, we're going to add more resources. And we're seeing very strong in the health care. The retail, it may be -- you talk about all these retail clients missing, but they want better data. And they want to -- in troubled times, that's when people want to access data more to understand what's going on in their business, which is going to drive more Snowflake consumption. But definitely, financial services is one that always has been, one of our biggest and will continue to be our biggest.

好吧，我們是。我們專注於所有這些雲。在我們看到機會的地方，我們將增加更多資源。我們看到醫療保健領域非常強大。可能是零售業——你談到所有這些零售客戶都失踪了，但他們想要更好的數據。他們希望——在困難時期，人們想要更多地訪問數據以了解他們的業務正在發生的事情，這將推動更多的雪花消費。但可以肯定的是，金融服務一直是我們最大的服務之一，並且將繼續是我們最大的服務。

Next question comes from Brad Zelnick of Deutsche Bank.

下一個問題來自德意志銀行的 Brad Zelnick。

So instead of trying to dream up the 16th way of asking you about the macro and the impact it's having, I want to maybe put that aside for a sec, and I mean you're delivering amazing growth at scale, and certainly, that shouldn't be lost. But if we just think about pricing and maybe competitive dynamics, I think you guys have had strong discipline when it comes to pricing, very ROI-focused. But is there any reason to believe pricing is an obstacle for adoption? And maybe any evidence that you have to believe your competitors are seeing the same things you're seeing?

因此，與其試圖用第 16 種方式向你詢問宏觀及其影響，我想暫時擱置一下，我的意思是你正在實現大規模的驚人增長，當然，這應該不要迷路。但如果我們只考慮定價和競爭動態，我認為你們在定價方面有很強的紀律性，非常注重投資回報率。但是有任何理由相信定價是採用的障礙嗎？也許有任何證據表明你必須相信你的競爭對手看到的和你看到的一樣？

And perhaps -- I don't know if it changes the win rates or customers even stratifying their consumption across other alternatives to save money, anything that you can help us to appreciate what's going on along those dimensions would be helpful.

也許 - 我不知道它是否會改變獲勝率或客戶甚至將他們的消費分層到其他替代品以節省資金，任何你可以幫助我們了解這些方面正在發生的事情都會有所幫助。

Yes. It's Frank, Brad. Our business is not commoditized, which is sort of another way of characterizing your question. There's certainly people in our world that are trying to commoditize the business. But customers are trying to do very difficult things, also very amazing things. So what they're paying for credit is already incredibly optimized. It's incredibly competitive.

是的。是弗蘭克，布拉德。我們的業務沒有商品化，這是描述您的問題的另一種方式。在我們這個世界上肯定有人試圖將業務商品化。但是客戶正在嘗試做非常困難的事情，也是非常了不起的事情。因此，他們為信用支付的費用已經得到了難以置信的優化。這是令人難以置信的競爭。

This is physics and economics, right? And there aren't many places to hide in terms of what we charge for. So it's not very, very productive for people to pursue things on that basis. One that's still developing the impact, the insights is really where it's at right now. So we've really not felt that pressure at all. And yes, you're right, we maintain good pricing discipline.

這是物理學和經濟學，對吧？就我們收取的費用而言，沒有多少地方可以隱藏。因此，人們在此基礎上追求事物並不是非常非常有成效的。一個仍在產生影響的人，洞察力就在現在。所以我們真的完全沒有感受到那種壓力。是的，你是對的，我們保持良好的定價紀律。

We want to make sure that customers don't feel that they are subsidizing somebody else's business, that we have good discipline. And we will continue to do that. But we sell best-of-breed, we sell value, we sell impact. We have verticalized our business because we're really adopting and owning the customers' mission, the customers' outcome rather than just sort of whining about whether we're going to pay a fraction of a cent more for compute credit, right?

我們要確保客戶不會覺得他們在補貼別人的業務，我們有良好的紀律。我們將繼續這樣做。但我們賣的是同類產品中的佼佼者，我們賣的是價值，我們賣的是影響力。我們已經垂直化了我們的業務，因為我們真正採用並擁有客戶的使命，客戶的結果，而不是僅僅抱怨我們是否要為計算信用多付一分錢，對吧？

I mean those are really nonsensical conversations out with customers when they're in a hospital trying to save lives or improve quality of life. Those are the core missions of the institutions that want to use Snowflake for really amazing things. And that's the conversations that I'm certainly having with customers. And people are not coming at us with a hammer like it has to be cheaper. That's just not the dynamic that's playing out, out there.

我的意思是，當客戶在醫院試圖挽救生命或改善生活質量時，他們與客戶進行的這些對話真的很荒謬。這些是想要將 Snowflake 用於真正令人驚奇的事情的機構的核心任務。這就是我與客戶的對話。人們不會拿著錘子來找我們，因為它必須更便宜。這不是正在發揮作用的動態，在那裡。

I'm not aware of a single customer, a significant customer opportunity we're going after where we lost it over pricing. Not a single one.

我不知道有一個客戶，我們正在尋找一個重要的客戶機會，我們在定價方面失去了它。一個都沒有。

I'll add one more thing that we also look at the ratio of price performance and the performance and enhancements platform that we deliver, improve not only the factor, decisions and insights for customers, but also the economics of the platform. And from that front, customers see the value.

我還要補充一件事，我們還關注價格性能的比率以及我們提供的性能和增強平台，不僅改善了客戶的因素、決策和洞察力，而且還改善了平台的經濟性。從這方面來看，客戶看到了價值。

Yes. I mean, we can use many examples. We have a lot of pharma customers. And their mission in life is to accelerate time to market of life-saving pharmaceuticals. That's what they're trying to do. Snowflake helps with that. That's what's on their mind. That's what's preoccupying them, how do we do this, right? So this whole commoditization thing, I think, is a dog that just won't hunt very well.

是的。我的意思是，我們可以舉很多例子。我們有很多製藥客戶。他們的人生使命是加快救生藥物的上市時間。這就是他們正在嘗試做的事情。雪花對此有所幫助。這就是他們的想法。這就是他們關注的問題，我們該怎麼做，對吧？所以這整個商品化的事情，我認為，是一隻不會很好捕獵的狗。

The next question comes from Kamil Mielczarek of William Blair.

下一個問題來自 William Blair 的 Kamil Mielczarek。

Your sales and marketing headcount grew 55% year-over-year, the fastest rate in over 2 years, and net new adds almost doubled. Given the macro-related noise from some customers, why is now the right time to accelerate that growth? And when factoring in the time needed for new reps to ramp and the time needed to load data from new customers onto the platform, when should we expect this accelerated headcount growth to show up in the financial model?

您的銷售和營銷人員人數同比增長 55%，是 2 年來最快的增長速度，淨新增人數幾乎翻了一番。鑑於一些客戶與宏觀相關的噪音，為什麼現在是加速增長的最佳時機？考慮到新代表上任所需的時間以及將新客戶的數據加載到平台上所需的時間，我們應該預計這種加速的員工人數增長何時會出現在財務模型中？

Well, it's reflected in our long-term target of getting to $10 billion by fiscal year 2029. And Q1 is always our biggest hiring quarter in sales and marketing, as we've said before, because we onboard people at the beginning of a new comp year, but also for our sales kickoff. And it tends to be very heavy more in the SDRs that we try to onboard in big groups at once. And typically, depending on the nature of the rep, whether you're on the corporate team or you're on the enterprise or majors, it's anywhere from a 6-month ramp to 9 months to a year.

嗯，這反映在我們到 2029 財年達到 100 億美元的長期目標中。正如我們之前所說，第一季度始終是我們在銷售和營銷方面招聘人數最多的季度，因為我們在新員工開始時就入職。補償年，也是我們的銷售啟動。在我們試圖一次加入大組的 SDR 中，它往往更加沉重。通常，根據代表的性質，無論您是在公司團隊還是在企業或專業，它的時間從 6 個月到 9 個月到一年不等。

And the people we're hiring now will have more of an impact on revenue next year, has somewhat of an impact on bookings towards the end of the year, but this is what we were planning on doing all along. And as I said, we're going to continue to invest in our go-to-market function because of the opportunity we have in front of us. And we've shown that we can do it efficiently and continue to show leverage.

我們現在招聘的人將對明年的收入產生更大的影響，對年底的預訂產生一定的影響，但這是我們一直計劃做的事情。正如我所說，由於擺在我們面前的機會，我們將繼續投資於我們的上市功能。我們已經證明我們可以有效地做到這一點，並繼續發揮影響力。

That's helpful. And if I could just quickly follow up. Frank, in your prepared remarks, you mentioned all the great progress you've made to enable application developers. You acquired Streamlit. You're adding Python. You launched Powered by Snowflake. Have you seen any changes in the pace of app development in recent quarters? And are there key milestones that we should watch out for maybe around the rollout of specific features and integration that could make app development a more dependable flywheel for Snowflake?

這很有幫助。如果我能迅速跟進。弗蘭克，在您準備好的評論中，您提到了您在支持應用程序開發人員方面取得的所有重大進展。您獲得了 Streamlit。您正在添加 Python。你推出了由雪花提供支持。您是否看到最近幾個季度應用程序開發速度發生了任何變化？是否有我們應該注意的關鍵里程碑，可能是圍繞特定功能和集成的推出，可以使應用程序開發成為 Snowflake 更可靠的飛輪？

Well, I specifically made mention in the prepared remarks about the number of Powered by Snowflake partners that we now have, and the growth was like 48% quarter-on-quarter. There is an enormous amount of energy in the -- on the application software development side. We're going to have a separate conference called Build later this year in November. This is a conference just for application developers. So that whole end of the spectrum, where our programmers lift, is an enormous focus for Snowflake because our entire strategy is to enable workloads. And any time customers cannot do things on Snowflake that they want to do is not a good day because then they will copy data out of Snowflake and then do it somewhere else and then we fall out of alignment with our business model, and things don't work the way they're supposed to.

好吧，我在準備好的評論中特別提到了我們現在擁有的 Powered by Snowflake 合作夥伴的數量，環比增長約為 48%。在應用軟件開發方面有大量的精力。我們將在今年 11 月晚些時候召開一個名為 Build 的單獨會議。這是一個專為應用程序開發人員舉辦的會議。因此，我們的程序員提升的整個範圍是 Snowflake 的一個巨大關注點，因為我們的整個戰略是啟用工作負載。任何時候客戶不能在 Snowflake 上做他們想做的事情都不是好日子，因為他們會從 Snowflake 中復制數據，然後在其他地方做，然後我們就與我們的業務模型不一致，事情就不會了。不按他們應該的方式工作。

So our whole game is we bring -- we allow the work to come to the data. And whether you're a data engineer or whether you're a programmer, where you're going to see everything we do is this maximum investment to allow these workloads to execute extremely well, just from a usability standpoint, from an economic standpoint, obviously, from a performance standpoint, that's what this is all about. The more we succeed broadly along all these lines, the more it drives the core business model of consuming Snowflake, okay?

所以我們的整個遊戲是我們帶來的——我們允許工作來處理數據。無論您是數據工程師還是程序員，您將看到我們所做的一切都是最大的投資，以使這些工作負載能夠非常好地執行，僅從可用性的角度來看，從經濟的角度來看，顯然，從性能的角度來看，這就是全部內容。我們在所有這些方面取得的成功越多，它就越能推動消費雪花的核心商業模式，好嗎？

So that's what -- everything that we're doing, everything that we're announcing, everything you've seen from us is in full alignment with that focus and that strategy.

所以這就是——我們正在做的一切，我們宣布的一切，你從我們那裡看到的一切都與我們的重點和戰略完全一致。

And I will add, too, we're extremely excited about Streamlit. And what's amazing about that is that the Streamlit acquisition we announced last quarter, we've already seen a 25% increase in the number of developers using Streamlit today. And we think once that's reintegrated into Snowflake, that will be meaningful for the app development in Snowflake.

我還要補充一點，我們對 Streamlit 感到非常興奮。令人驚奇的是，我們在上個季度宣布的對 Streamlit 的收購，我們已經看到今天使用 Streamlit 的開發人員數量增加了 25%。我們認為，一旦將其重新集成到 Snowflake 中，這將對 Snowflake 中的應用程序開發有意義。

The next question comes from Ittai Kidron of Oppenheimer.

下一個問題來自奧本海默的 Ittai Kidron。

Frank, I had a question for you regarding your prepared remarks. You talked about the unstructured data opportunity. It's in preview now. Any more color you can give on timing when will this be GA? And how big is the universe of customers trying this out? How do you think the impact it can have on your performance out of the gate?

弗蘭克，關於你準備好的發言，我有一個問題要問你。您談到了非結構化數據的機會。它現在處於預覽狀態。您可以在什麼時候為 GA 提供更多顏色？嘗試這個的客戶有多大？您如何看待它對您一開始的表現的影響？

I'm going to just flip this one over to Christian, if you don't mind.

如果你不介意的話，我打算把這個轉給 Christian。

Yes. The core capability is generally available. What you'll see us announcing both at our summit user conference in a couple of weeks and throughout the years, additional capabilities on how to extract additional value from unstructured types. But all of the benefits of Snowflake around data governance and replication and data sharing, that's available for -- actually in use already.

是的。核心能力普遍可用。您將看到我們在幾週後的用戶峰會上以及多年來宣布的關於如何從非結構化類型中提取額外價值的附加功能。但是，Snowflake 圍繞數據治理、複製和數據共享的所有好處，都可以使用——實際上已經在使用。

Next question comes from Brent Bracelin of Piper Sandler.

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

I guess Mike, on the consumption side, I look back at the pandemic. That was the most recent business cycle where we saw a pretty meaningful slowdown. Your business actually did slow sequentially for about 2 quarters and then reaccelerated. I guess if you just were to go back in time and look at some of the customers most impacted, travel, hospitality as their businesses were impacted, did they recover 2 quarters later as well because they start to use new use cases beyond just a slowdown in their business?

我想邁克，在消費方面，我回顧了大流行。那是最近的商業周期，我們看到了相當有意義的放緩。您的業務實際上連續放緩了大約 2 個季度，然後又重新加速。我想如果你只是回到過去，看看一些受影響最大的客戶，旅行，酒店業，因為他們的業務受到影響，他們是否也在兩個季度後恢復，因為他們開始使用新的用例，而不僅僅是放緩在他們的業務中？

Just trying to think back what you saw in the past relative to a slowdown in the pandemic and then that reacceleration. Just wondering what you saw then and kind of comparing maybe a little bit to what you're seeing now.

只是想回想一下你過去看到的與大流行放緩和再加速有關的情況。只是想知道你當時看到了什麼，並且可能有點與你現在看到的進行比較。

I really don't have that data on those specific industries. Looking at it, I really haven't. And what I will say is the slowdown we saw came from some of our highest growth customers that is unique to their businesses is what we saw in April, in particular. With that -- which caused us to reset those -- and these are some of our largest customers, $10 million, that we've reset their forecast for the full year. That is what you're seeing in there.

我真的沒有這些特定行業的數據。仔細一看，我真的沒有。我要說的是，我們看到的放緩來自我們一些增長最快的客戶，這是他們的業務所獨有的，尤其是我們在 4 月份看到的情況。有了這個 - 這導致我們重新設置了這些 - 這些是我們最大的一些客戶，1000萬美元，我們已經重新設置了他們對全年的預測。這就是你在裡面看到的。

We still -- as I looked at it today, we have a number of our top 10 customers that are outperforming our forecast, and we have a few that are below that internal, but that is what we typically see every quarter.

我們仍然 - 正如我今天所看到的那樣，我們有一些前 10 名客戶的表現超出了我們的預測，我們還有一些低於內部預測，但這是我們通常每個季度都會看到的情況。

Yes. The only thing I would add -- it's Frank here. I do recall from the pandemic that it started to trigger a lot of new use cases in response to -- people were in a fog. They just couldn't understand where demand was, where demand wasn't. Supply chains were upside down. Sending products to the wrong places, so there was a renewed focus to really try to understand what was happening to them. And that led to some form of demand acceleration that started to compensate for the sort of sectoral weaknesses that were, as you said, in travel and hospitality and things of that sort. So that's sort of what went on there. And that's going to happen again now as well because when you have dislocations of this sort, people are going to resort to a much stronger analytical focus.

是的。我唯一要補充的是——這裡是弗蘭克。我確實從大流行中回憶起，它開始引發許多新的用例來應對——人們處於迷霧之中。他們只是無法理解需求在哪裡，需求在哪裡。供應鏈顛倒了。將產品發送到錯誤的地方，因此重新關注真正嘗試了解發生在他們身上的事情。這導致了某種形式的需求加速，開始彌補行業的弱點，正如你所說，在旅遊和酒店等方面。所以這就是那裡發生的事情。現在這種情況也會再次發生，因為當你有這種錯位時，人們會求助於更強大的分析焦點。

Great. And just a quick follow-up on the workflow -- new workload area. I spoke to a Snowflake customer in the consumer retail space last week that talked about building a data app store on top of Snowflake. Obviously, it sounds like that might be tied to Streamlit. But what -- how popular is this idea of building an app store on top of Snowflake as you think about that as a new workload lever for the business?

偉大的。並且只是對工作流程的快速跟進——新的工作負載領域。上週，我在消費零售領域與一位 Snowflake 客戶進行了交談，他談到了在 Snowflake 之上構建一個數據應用商店。顯然，這聽起來可能與 Streamlit 有關。但是，當您將其視為業務的新工作負載槓桿時，在 Snowflake 之上構建應用商店的想法有多受歡迎？

Yes. So the general capability we have around data sharing and function sharing, which is the foundation of our marketplace, has been also leveraged by a number of third parties to be the enabling technology for data distribution and data commercialization. So I don't know about the specifics, but I think that's what -- that may be you're referring to.

是的。因此，我們圍繞數據共享和功能共享的一般能力，這是我們市場的基礎，也被許多第三方利用，作為數據分發和數據商業化的使能技術。所以我不知道具體細節，但我認為這就是——你可能指的是。

Next question comes from Derrick Wood of Cowen.

下一個問題來自 Cowen 的 Derrick Wood。

First question. I think you made some tweaks to go-to-market hence in Q1 as you evolve more towards a verticalized strategy. Can you remind us what changes you may have made and whether there was any kind of impact to productivity in Q1? Or how did you feel about that sales productivity for new bookings in the quarter?

第一個問題。我認為你在第一季度對上市進行了一些調整，因為你更傾向於垂直化戰略。您能否提醒我們您可能做出了哪些改變，以及第一季度對生產力是否有任何影響？或者您對本季度新預訂的銷售效率有何看法？

Derrick, as I mentioned, we hit our internal Q1 bookings plan for growth. Productivity is where we needed to be. And the change we made is we went to an industry vertical focus from a geography focus with the majors, and there were a number of accounts that moved under new sales leadership. But by and large, the reps themselves did not change. And that's something we have been talking about for almost a year. We were going to roll it out starting this commission plan year.

Derrick，正如我所提到的，我們實現了內部第一季度的增長預訂計劃。生產力是我們需要的地方。我們所做的改變是我們從主要關注地理轉向行業垂直關注，並且有許多客戶在新的銷售領導下移動。但總的來說，代表本身並沒有改變。這是我們近一年來一直在談論的事情。我們打算從這個佣金計劃年開始推出它。

Great. And Mike, you raised the long-term free cash flow margin target from 15% to 25%. That's a pretty large jump. What -- can you walk us through kind of the biggest changes in your assumptions?

偉大的。邁克，您將長期自由現金流利潤率目標從 15% 提高到 25%。這是一個相當大的跳躍。什麼——你能告訴我們你假設的最大變化嗎？

Well, I'd say, I think we were probably overly conservative last year. We just -- as a reminder, we just did 43% free cash flow this recent quarter, which is skewed, but I feel very good about 16%-plus for the full year this year. And as I mentioned, we're going to continue to show leverage every year, and I'm not -- collecting cash from our customers is not an issue.

好吧，我想說，我認為我們去年可能過於保守了。我們只是 - 作為提醒，我們最近一個季度剛剛實現了 43% 的自由現金流，這是有偏差的，但我對今年全年的 16% 以上感覺非常好。正如我所提到的，我們每年都將繼續展示槓桿作用，而我不是——從我們的客戶那裡收取現金不是問題。

Next question comes from Tyler Radke of Citi.

下一個問題來自花旗的 Tyler Radke。

Could you just talk about what you saw in EMEA and internationally, if there was any slowdowns with some of the macro noise out there in the quarter? And then I just wanted to clarify in terms of your outlook, did you make assumptions in terms of lower consumption rates going forward beyond just those large customers you referenced? Or was it only specific to those customers?

您能否談談您在歐洲、中東和非洲地區和國際上看到的情況，如果本季度的一些宏觀噪音出現放緩？然後我只是想就您的前景進行澄清，您是否對未來的低消費率做出了假設，而不僅僅是您提到的那些大客戶？還是只針對這些客戶？

We lowered it for specific customers, and we still continue to see -- as I've mentioned in the last 2.5 weeks, we've seen quite high growth on a daily basis for revenue week-over-week. So customers are increasing their consumption and in line with what we're forecasting.

我們為特定客戶降低了它，我們仍然會看到——正如我在過去 2.5 周中提到的那樣，我們看到每週收入每天都有相當高的增長。因此，客戶正在增加他們的消費，這與我們的預測一致。

Yes, I do see some weakness in Europe, but I'm not going to necessarily blame it on the macro. I think it's probably an execution on our part as well, too. Frank has been spending a lot of time in Europe recently, and we'll continue as well as Chris Degnan over there.

是的，我確實看到了歐洲的一些弱點，但我不一定將其歸咎於宏觀。我認為這也可能是我們的處決。弗蘭克最近在歐洲待了很多時間，我們會繼續和克里斯·德格南（Chris Degnan）一起去歐洲。

APJ is very strong for us. We're seeing really good growth there. Mind you, it's small. I would say North America enterprise was very strong last quarter, as well as our commercial business was strong in North America.

APJ 對我們來說非常強大。我們在那裡看到了非常好的增長。請注意，它很小。我想說北美企業上個季度非常強勁，我們的商業業務在北美也很強勁。

The next question comes from Brad Reback of Stifel.

下一個問題來自 Stifel 的 Brad Reback。

Great. Mike, earlier in the call, you had talked about having good line of sight on new customers coming on to the platform. I know it usually takes well over a year for a new customer to hit their stride. How should we think about the go-forward growth rates of net new customers versus historically over the last few years? And what have you sort of modeled in?

偉大的。邁克，在電話會議的早些時候，您曾談到對進入平台的新客戶有良好的視線。我知道新客戶通常需要一年多的時間才能大踏步前進。與過去幾年的歷史相比，我們應該如何看待淨新客戶的前進增長率？你用什麼建模？

Well, the biggest impact is going to be existing customers in the current year driving revenue. When we start a year, roughly 94% of our revenue comes from existing customers. The customers we're landing now have a bigger impact going out.

嗯，最大的影響將是本年度的現有客戶推動收入。當我們開始一年時，我們大約 94% 的收入來自現有客戶。我們現在登陸的客戶對出去的影響更大。

And when I say the visibility, when we are signing up new customers, we know it takes them 6 to 9 months to really ramp on our platform because it takes time to do the migration. And that's what I'm saying, those customers that we signed up in Q3 and Q4 are starting to come on in Q2.

當我說可見性時，當我們註冊新客戶時，我們知道他們需要 6 到 9 個月才能真正開始使用我們的平台，因為遷移需要時間。這就是我要說的，我們在第三季度和第四季度註冊的那些客戶將在第二季度開始出現。

Next question comes from Phil Winslow of Crédit Suisse.

下一個問題來自 Crédit Suisse 的 Phil Winslow。

Last quarter, there was a lot of focus on the impact of the Graviton shifts on consumption. But I wanted to double-click on the workload schedule. This is something that we've been talking to customers about sort of being an area of enhancement they've been looking for. What are you seeing in terms of just the negative impact that you discussed right now? Is it similar to what you expected? Any different?

上個季度，人們非常關注 Graviton 轉變對消費的影響。但我想雙擊工作負載計劃。這是我們一直在與客戶討論的，這是他們一直在尋找的增強領域。就您現在討論的負面影響而言，您看到了什麼？和你預期的一樣嗎？有什麼不同嗎？

But also what are customers saying, call it, on the flip side of this, what types of new workloads could be brought on the Snowflake? What does this open up that maybe wasn't necessarily going to move to Snowflake without enhanced workload scheduling?

但另一方面，客戶在說什麼，稱之為，雪花可以帶來哪些類型的新工作負載？如果沒有增強的工作負載調度，可能不一定會遷移到 Snowflake，這會帶來什麼？

I'll just say the impact of warehouse scheduling service has been what we planned. As I mentioned, we had rolled it out already, before the end of that got rolled out in January. And that had an impact on the quarter, and the impact was what we were expecting. In terms of what new workloads, I'll let Christian talk about that.

我只想說倉庫調度服務的影響是我們計劃的。正如我所提到的，我們已經推出了它，在一月份推出之前。這對本季度產生了影響，而影響正是我們所期望的。至於新的工作量，我會讓克里斯蒂安談談。

Yes. We've heard from many of our customers that they see the concurrency improvement, the lower latency, and many of them have expressed intent of bringing additional workloads on to Snowflake. Oftentimes, those processes take time. So we cannot say that the migrations have happened, but the intention to leverage these new capabilities is something we hear frequently about.

是的。我們從許多客戶那裡聽說，他們看到了並發性的改進和更低的延遲，並且他們中的許多人都表示打算將額外的工作負載帶到 Snowflake 上。通常，這些過程需要時間。因此，我們不能說遷移已經發生，但我們經常聽到利用這些新功能的意圖。

There's been nothing but positive impact from our customers on these performance improvements.

我們的客戶對這些性能改進產生了積極影響。

Next question comes from Gray Powell of BTIG.

下一個問題來自 BTIG 的 Gray Powell。

Okay. So yes, I mean I know we've kind of hit on this before, but I do think that everybody understands that there's risk just across all of software, if we go into a recession. But Snowflake is generating a lot of free cash flow. You're sitting on $5 billion in cash. So let's just say the economy gets worse and everyone starts seeing slowing growth. Where would you look to invest in order to come out a bigger and stronger company once the world stabilizes? Or said differently, where do you see opportunities in this downturn?

好的。所以是的，我的意思是我知道我們之前已經對此有所了解，但我確實認為每個人都明白，如果我們陷入衰退，所有軟件都存在風險。但雪花正在產生大量的自由現金流。你坐擁 50 億美元現金。所以讓我們說經濟變得更糟，每個人都開始看到增長放緩。一旦世界穩定下來，您會在哪裡投資以建立更大更強的公司？或者換一種說法，您在這次低迷中看到了哪些機會？

This is Frank. I think Mike has already tried to answer this question a few times this afternoon, but we see opportunity absolutely everywhere at this point. We have a very -- on a daily basis, we can see which customers, which verticals, which use cases, which workloads are trending and which ones are not. So we have the ability to adjust direct investments where they're most likely to have the yield and the impact that we're looking for.

這是弗蘭克。我認為邁克今天下午已經多次嘗試回答這個問題，但我們現在絕對到處都能看到機會。我們每天都可以看到哪些客戶、哪些垂直行業、哪些用例、哪些工作負載正在流行，哪些不是。因此，我們有能力在最有可能產生我們正在尋找的收益和影響的地方調整直接投資。

But we're not in a -- there's no reason for us to be in a battening non-hatches mode because the investments that we're making are continuing to yield. I mean we've been saying that if we start backing off from our growth trajectory considering how well it's working for us.

但是我們沒有處於 - 我們沒有理由處於非孵化模式，因為我們正在進行的投資正在繼續產生收益。我的意思是我們一直在說，如果考慮到它對我們的效果如何，我們開始退出我們的增長軌跡。

Our opportunity is incredibly broad-based. I mean there's still verticals where we're not very well penetrated as well. For example, the public sector, especially federal government. I shouldn't say there are parts of the federal -- the public sector where we're doing quite well, where we are making investments because over the long haul, we really plan to have a very, very large business in those sectors. But that's not something you sort of turn on and off on a dime. Once you're on an investment process there, you've got to -- you have to stick with it.

我們的機會非常廣泛。我的意思是，我們仍然沒有很好地滲透到垂直領域。例如，公共部門，尤其是聯邦政府。我不應該說在聯邦的某些部分——公共部門，我們做得很好，我們正在投資，因為從長遠來看，我們真的計劃在這些領域擁有非常非常大的業務。但這不是你可以在一角錢上打開和關閉的東西。一旦你在那裡進行投資，你必須——你必須堅持下去。

At some point, things will change again, right? We can't be crash tacking the ship every time people get a little nervous around the table, right? So as long as we can drive growth as we are with the economics that we are producing in terms of the unit economics, in terms of operating efficient, in terms of cash flow, why would we not be doing it? So we're not cowering in the corner. We're going to go out there and do what we do.

在某些時候，事情會再次改變，對吧？每次人們圍著桌子有點緊張時，我們都不能急於求成，對吧？因此，只要我們能夠像我們在單位經濟、運營效率和現金流方面產生的經濟一樣推動增長，我們為什麼不這樣做呢？所以我們不會畏縮在角落裡。我們將走出去，做我們該做的事。

Now circumstances change to the point where we feel that these investments are not yielding, of course, we're going to make changes, right? But that time is not now. I mean the behavior of our customers and how they're -- the type of contracts they're stepping up to, they are not in a mode yet where they're sort of in a massive avoidance mode of doing contracts or trying to do a natural acts in terms of the expenses that you're generating as part of the platform. So I think we're getting a little bit ahead of ourselves in terms of what the real economy really is at this moment in time.

現在情況發生了變化，我們覺得這些投資沒有收益，當然，我們會做出改變，對吧？但那個時候不是現在。我的意思是我們的客戶的行為以及他們的行為——他們正在加強的合同類型，他們還沒有處於一種模式，即他們處於一種大規模的避免模式，即簽訂合同或試圖做就您作為平台的一部分產生的費用而言，這是一種自然行為。因此，我認為就目前的實體經濟狀況而言，我們有點超前了。

Yes. I'll add to that. I do think the next 6 months, if things stay where they are, there could be interesting opportunities on the M&A front, not necessarily big M&A, but I do think the -- there's going to be some valuation resets on some of the private companies out there that could create interesting opportunities. And that's where I'm saying there may be some opportunities, which areas that are on our road map where it may make sense to buy a team with some good technology, not necessarily, we're not looking for revenue, but good teams and technology at a more reasonable valuation.

是的。我會補充一點。我確實認為未來 6 個月，如果情況保持不變，併購方面可能會有有趣的機會，不一定是大型併購，但我確實認為 - 一些私營公司的估值將會重置在那裡可以創造有趣的機會。這就是我所說的可能存在一些機會的地方，在我們的路線圖上的哪些領域，購買擁有一些好的技術的團隊可能是有意義的，不一定，我們不是在尋找收入，而是在尋找好的團隊和技術估值更合理。

Next question comes from DJ Hynes of Canaccord.

下一個問題來自 Canaccord 的 DJ Hynes。

Mike, just one for you. So if you see more consumption rollover, right, which I think notionally kind of lowers your expansion opportunities at renewal, how does that impact your thinking around retention of sales staff, right? I know just given the comp model, driving expansions like foundational to how these guys get paid, is that something you worry about at all? Or how would you manage through it?

邁克，只給你一個。因此，如果您看到更多的消費翻轉，對，我認為這在理論上會降低您在續約時的擴張機會，這將如何影響您對保留銷售人員的想法，對吧？我知道剛剛給出了補償模型，推動了這些人如何獲得報酬的基礎性擴張，這是你擔心的事情嗎？或者你將如何度過它？

Yes. So just to be clear, we still are seeing our customers consume their contracted amount well within their contract period. Actually, one of our largest customers who signed a 3-year $100 million deal, we've already invoiced them for their third year when we're still in the second year. And I don't see that changing for our customers because most of our customers have, historically, and I still see that happening, consuming within their contract period. I just don't see that changing right now.

是的。因此，需要明確的是，我們仍然看到我們的客戶在合同期內很好地消耗了他們的合同金額。實際上，我們最大的客戶之一簽署了一份為期 3 年 1 億美元的交易，當我們仍處於第二年時，我們已經為他們的第三年開具了發票。而且我認為我們的客戶不會發生這種變化，因為我們的大多數客戶在歷史上都有，而且我仍然看到這種情況正在發生，在他們的合同期內消費。我只是現在看不到這種變化。

The only thing that has changed and they're still growing, the growth rate that we've seen historically with some of these fast growth companies has slowed down. And I'm not going to give you the names on the conference call with those customers.

唯一改變的是它們仍在增長，我們在歷史上看到的一些快速增長的公司的增長率已經放緩。我不會在與這些客戶的電話會議上告訴你名字。

Okay. Yes, that's an important clarification.

好的。是的，這是一個重要的澄清。

Next question comes from Steve Koenig of SMBC.

下一個問題來自 SMBC 的 Steve Koenig。

I'll just ask one question for Mike. And by the way, it's a pleasure to be covering you guys now. So Mike, the acceleration in NRR and revenue per customer across fiscal '22 was really remarkable. Can you talk a little bit about what drove this? And just qualitatively, how should we think about the puts and takes on the trends in those metrics going forward, either short-term lumpiness or longer term?

我只想問邁克一個問題。順便說一句，很高興現在能報導你們。因此，邁克，22 財年 NRR 和每位客戶收入的加速確實非常顯著。你能談談是什麼推動了這一切嗎？就定性而言，我們應該如何考慮這些指標的看跌期權和未來趨勢，無論是短期的波動性還是長期的？

Well, NRR is really driven by, a, our largest customers continuing to grow quite quickly, but also new customers that are coming into the cohort that are ramping. And this shouldn't surprise -- this is the real focus that we've had over the last 2 years and this is why it isn't about number of customers, quality customers. We have a lot of these large customers we've landed that are now in a 2-year cohort that are ramping their usage of Snowflake.

嗯，NRR 的真正驅動因素是，a，我們最大的客戶繼續快速增長，但也有新客戶正在加入這一隊列。這不應該令人驚訝——這是我們在過去兩年中真正關注的重點，這就是為什麼它不是關於客戶數量和質量客戶的原因。我們已經獲得了很多這樣的大客戶，這些客戶現在都在一個為期 2 年的隊列中，他們正在增加對 Snowflake 的使用。

As I said in the past, I don't expect the net revenue retention to stay at this extremely high rate. I do think it will come down over time. It will come down gradually over time, but I don't see it increasing. And I mentioned that last quarter. And I do think that will continue to come down, but it will remain well above 130% for a very long time.

正如我過去所說，我預計淨收入保留率不會保持在如此高的水平。我確實認為它會隨著時間的推移而下降。隨著時間的推移，它會逐漸下降，但我認為它不會增加。我在上個季度提到了這一點。我確實認為這將繼續下降，但在很長一段時間內仍將保持在 130% 以上。

That will conclude the time of questions. Thank you for your participation. You may now disconnect your lines.

提問時間到此結束。感謝您的參與。您現在可以斷開線路。