Snowflake Inc (SNOW) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Third Quarter Fiscal Year 2022 Snowflake Earnings Conference Call.

女士們，先生們，感謝您的支持，歡迎參加 2022 財年第三季度雪花收益電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to your speaker today, Jimmy Sexton, Head of Investor Relations.

我現在想將會議轉交給您今天的演講者，投資者關係主管吉米·塞克斯頓（Jimmy Sexton）。

Please go ahead.

請繼續。

Good afternoon, and thank you for joining us on Snowflake's Q3 Fiscal 2022 Earnings Call.

下午好，感謝您參加 Snowflake 的 2022 財年第三季度財報電話會議。

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, will join us for the Q&A session.

和我一起在蒙大拿州博茲曼的是： Frank Slootman，我們的董事長兼首席執行官；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。

During today's call, we will review our financial results for third quarter fiscal 2022 and discuss our guidance for the fourth quarter and full year fiscal 2022.

在今天的電話會議中，我們將審查我們 2022 財年第三季度的財務業績，並討論我們對 2022 財年第四季度和全年的指導。

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.

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。

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

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。

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-Q for the fiscal quarter ended July 31, 2021, and the Form 10-Q for the quarter ended October 31, 2021, that we will file with the SEC.

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 2021 年 7 月 31 日的財政季度的 10-Q 表格和本季度的 10-Q 表格截止 2021 年 10 月 31 日，我們將向 SEC 備案。

We caution you to not place undue reliance on forward-looking statements and undertake no duty or obligation to update any forward-looking statements as a result of new information, future events or changes in our expectations.

我們提醒您不要過分依賴前瞻性陳述，並且不承擔因新信息、未來事件或我們預期的變化而更新任何前瞻性陳述的義務或義務。

We'd also like to point out that on today's call, we will report both GAAP and non-GAAP results.

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。

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.

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。

Non-GAAP financial measures are presented in addition to and not as a substitute for financial measures calculated in accordance with GAAP.

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。

For the reconciliations of these non-GAAP financial measures, please refer to our earnings press release distributed earlier today and our investor presentation, which are both posted at investors.snowflake.com.

有關這些非 GAAP 財務指標的對賬，請參閱我們今天早些時候發布的收益新聞稿和我們的投資者演示文稿，它們都發佈在 Investors.snowflake.com 上。

A replay of today's call will also be posted on the website.

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.

謝謝，吉米，大家下午好。

We saw momentum accelerate in Q3 with product revenues growing 110% year-on-year to $312 million and remaining performance obligations growing to $1.8 billion.

我們看到第三季度勢頭加速，產品收入同比增長 110% 至 3.12 億美元，剩餘履約義務增長至 18 億美元。

The net revenue retention rate expanded to 173%, and we recorded our first positive non-GAAP operating income in the company's history.

淨收入保留率擴大到 173%，我們錄得公司歷史上第一個正的非公認會計原則營業收入。

Our Q3 Fortune 500 customer count totaled 223, increasing by 8 in the quarter.

我們第三季度財富 500 強客戶總數為 223 家，在本季度增加了 8 家。

And we now have 148 customers with trailing 12-month product revenue greater than $1 million.

我們現在有 148 位客戶，過去 12 個月的產品收入超過 100 萬美元。

Our growth is driven by a diverse mix of customers.

我們的增長是由多樣化的客戶組合推動的。

The 10 largest consumers in Q3 include 4 Fortune 500 companies, 4 companies less than 10 years old and a Powered by Snowflake program partner.

第三季度最大的 10 家消費者包括 4 家財富 500 強公司、4 家成立不到 10 年的公司和一家 Powered by Snowflake 計劃合作夥伴。

We continued our international expansion with product revenue from EMEA and Asia Pacific outstripping the company's year-on-year growth, up 174% and 219%, respectively.

我們繼續進行國際擴張，來自歐洲、中東和非洲和亞太地區的產品收入分別超過了公司的同比增長 174% 和 219%。

We recently launched operations in 3 new countries: Israel, Korea and the United Arab Emirates.

我們最近在 3 個新國家開展業務：以色列、韓國和阿拉伯聯合酋長國。

Vertical industry focus is an important evolution of our selling motion, especially in global enterprise accounts.

垂直行業重點是我們銷售活動的重要演變，尤其是在全球企業客戶中。

During the quarter, we announced 2 industry data clouds.

在本季度，我們發布了 2 個行業數據云。

The financial services data cloud brings together the Snowflake platform, partner solutions and industry data to help financial services organizations mobilize their data.

金融服務數據云匯集了 Snowflake 平台、合作夥伴解決方案和行業數據，以幫助金融服務組織調動他們的數據。

Customers can launch products, build fintech platforms and accelerate their compliance on top of Snowflake.

客戶可以在 Snowflake 之上推出產品、構建金融科技平台並加快合規性。

Industry-leading customers, Allianz, BlackRock, Capital One, New York Stock Exchange, Refinitiv, Square, State Street and the Western Union are all part of the Financial Services Data Cloud.

行業領先的客戶，安聯、貝萊德、第一資本、紐約證券交易所、路孚特、Square、道富和西聯匯款都是金融服務數據云的一部分。

We also launched a media data cloud, which enables media and advertising companies to share data for audience insights and measurements.

我們還推出了媒體數據云，使媒體和廣告公司能夠共享數據以獲取受眾洞察和衡量結果。

With data clean rooms enabled by Snowflake, advertisers, agencies and publishers can design their own collaborative environment.

借助 Snowflake 啟用的數據潔淨室，廣告商、代理商和出版商可以設計自己的協作環境。

The media data cloud includes industry leaders like Disney Advertising Sales, Experian, Horizon Media and The Trade Desk.

媒體數據云包括迪士尼廣告銷售、Experian、Horizon Media 和 The Trade Desk 等行業領導者。

We're teaming up with Disney Advertising Sales to provide the infrastructure underlying their new data clean room solution.

我們正在與 Disney Advertising Sales 合作，為他們的新數據無塵室解決方案提供基礎設施。

Together, Snowflake and Disney Advertising Sales enable data collaboration for compliant and secure advertising.

Snowflake 和 Disney Advertising Sales 共同實現了數據協作，以實現合規且安全的廣告。

We launched our Powered by Snowflake program in June to help companies build and promote applications in the data cloud.

我們於 6 月啟動了 Powered by Snowflake 計劃，以幫助公司在數據云中構建和推廣應用程序。

Powered by Snowflake is designed to accelerate the delivery of cloud applications on Snowflake.

由 Snowflake 提供支持旨在加速在 Snowflake 上交付云應用程序。

To date, there are over 175 Powered by Snowflake companies who have access to technical resources to design their applications.

迄今為止，有超過 175 家 Powered by Snowflake 公司可以獲得技術資源來設計他們的應用程序。

Most recently, we announced Securonix, UiPath, VideoAmp and ZoomInfo as Powered by Snowflake Partners.

最近，我們宣布了由 Snowflake Partners 提供支持的 Securonix、UiPath、VideoAmp 和 ZoomInfo。

In October, we held the Snowflake Build Summit, which focuses on software developers, data scientists and data engineers.

10 月，我們舉辦了 Snowflake Build 峰會，主要面向軟件開發人員、數據科學家和數據工程師。

The event received over 20,000 registrations, which was 3x last year's Build event.

該活動收到了超過 20,000 個註冊，是去年 Build 活動的 3 倍。

Attendees got a closer look at new applications leveraging Snowpark, which brings programmability to Snowflake and is in public preview.

與會者詳細了解了利用 Snowpark 的新應用程序，該應用程序為 Snowflake 帶來了可編程性，並且處於公共預覽階段。

Developers explored how new Java user-defined functions are expanding what is possible with Snowflake.

開發人員探索了新的 Java 用戶定義函數如何擴展 Snowflake 的可能性。

Updates to the Snowpark Accelerator Program were also announced at Build.

在 Build 大會上還宣布了 Snowpark 加速器計劃的更新。

Snowpark Accelerated provides partners with access to technical experts and market exposure to Snowflake customers.

Snowpark Accelerated 為合作夥伴提供接觸技術專家和接觸 Snowflake 客戶的市場機會。

Snowpark provides programming language choice to Snowflake's data cloud.

Snowpark 為 Snowflake 的數據云提供編程語言選擇。

Customers can access prebuilt partner capabilities and integrations.

客戶可以訪問預構建的合作夥伴功能和集成。

It is leveraged by companies such as DataIQ, DataRobot and H2O.ai.

DataIQ、DataRobot 和 H2O.ai 等公司都在使用它。

At our recent Snow Day Event with more than 23,000 registrations, we announced that our customers can now use Python natively within Snowflake.

在我們最近有超過 23,000 人註冊的 Snow Day 活動中，我們宣布我們的客戶現在可以在 Snowflake 中本地使用 Python。

With Snowpark for Python, developers will be able to easily program with a lightly popular language.

使用 Snowpark for Python，開發人員將能夠輕鬆地使用一種不太流行的語言進行編程。

They can also leverage the security governance and performance of Snowflake.

他們還可以利用 Snowflake 的安全治理和性能。

Snowpark for Python is currently in private preview.

適用於 Python 的 Snowpark 目前處於私人預覽階段。

During the quarter, Snowflake invested in Anaconda to bring enterprise-grade Python capabilities to the data cloud.

本季度，Snowflake 投資 Anaconda，將企業級 Python 功能引入數據云。

Together, we enabled the Python community to build secure data pipelines and machine learning capabilities.

我們一起使 Python 社區能夠構建安全的數據管道和機器學習功能。

The Anaconda partnership will enhance the Snowpark experience to extend programmability with Snowflake.

Anaconda 的合作夥伴關係將增強 Snowpark 的體驗，以擴展 Snowflake 的可編程性。

Last year, we issued our first start-up challenge, 700 companies from 56 countries competed to build a data application with Snowflake.

去年，我們發布了第一個創業挑戰賽，來自 56 個國家的 700 家公司競爭使用 Snowflake 構建數據應用程序。

We announced our second Snowflake start-up challenge at Build with an opportunity for up to $1 million in total investment.

我們在 Build 上宣布了第二次 Snowflake 創業挑戰賽，總投資額高達 100 萬美元。

Snowflake's Data Marketplace grew 41% this quarter, now with more than 900 data sets from over 200 providers.

Snowflake 的數據市場本季度增長了 41%，現在擁有來自 200 多家提供商的 900 多個數據集。

We also saw a more than 130% annual increase in so-called stable edges.

我們還看到所謂的穩定邊緣每年增長超過 130%。

Stable edges are ongoing Snowflake data networking relationships between providers and consumers.

穩定的邊緣是提供者和消費者之間持續的雪花數據網絡關係。

One of the feature data sets is FactSet's tick history data feed.

特徵數據集之一是 FactSet 的報價歷史數據饋送。

It provides asset managers real-time data from over 200 exchanges.

它為資產管理者提供來自 200 多家交易所的實時數據。

ZoomInfo is another feature data set.

ZoomInfo 是另一個特徵數據集。

It provides company and contact data with no additional integration or ETL required.

它提供公司和聯繫人數據，無需額外的集成或 ETL。

The overarching backdrop for Snowflake is the inexorable march towards direct-to-consumer operations and full-blown digital transformation.

Snowflake 的總體背景是朝著直接面向消費者的運營和全面的數字化轉型的勢不可擋的前進。

Enterprises and institutions have grown acutely aware how much they will end up relying on data operations, data analytics and data science.

企業和機構已經敏銳地意識到他們最終將在多大程度上依賴數據操作、數據分析和數據科學。

Data is becoming the beating heart of the modern enterprise.

數據正在成為現代企業跳動的心臟。

So the race is on to lay the foundation for a digital data-driven infrastructure, Snowflake is and will be a critical enabler of this journey.

因此，為數字數據驅動的基礎設施奠定基礎的競賽正在進行中，Snowflake 是並將成為這一旅程的關鍵推動者。

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.

謝謝你，弗蘭克。

Q3 was a breakout consumption and bookings quarter for us.

第三季度對我們來說是一個突破性的消費和預訂季度。

Our Q3 product revenues were $312 million, representing 110% year-over-year growth.

我們第三季度的產品收入為 3.12 億美元，同比增長 110%。

Consumption continues to be led by our financial services, media, retail and technology customers.

消費繼續由我們的金融服務、媒體、零售和技術客戶主導。

Our outperformance is fueled by our existing customer base, which is demonstrated by our net revenue retention rate of 173%.

我們現有的客戶群推動了我們的出色表現，我們 173% 的淨收入保留率證明了這一點。

Net revenue retention expansion is driven by rapid growth among our largest customers and the addition of 6 customers to the measurement cohort that have gained greater than $1 million of revenue in the past year.

淨收入留存率的增長是由我們最大客戶的快速增長以及在過去一年中獲得超過 100 萬美元收入的 6 名客戶添加到衡量群組中推動的。

In Q3, 5 of our top 10 customers grew at or above the company's product revenue growth rate of 110% year-on-year.

第三季度，我們的前 10 大客戶中有 5 家的增長達到或超過了公司 110% 的產品收入同比增長率。

Q3 benefited from record quarter-on-quarter incremental growth, and we are pleased to see our largest customers continuing to expand their use of Snowflake.

第三季度受益於創紀錄的季度環比增量增長，我們很高興看到我們最大的客戶繼續擴大對 Snowflake 的使用。

Q3 was also an impressive quarter of sales execution.

第三季度也是一個令人印象深刻的銷售執行季度。

Remaining performance obligations grew to $1.8 billion, with our key industries leading net new bookings.

剩餘的履約義務增長到 18 億美元，我們的主要行業領先於新預訂淨額。

We are also pleased with our progress to mature the sales motion to sell large multiyear deals.

我們也很高興我們在成熟的銷售動議方面取得了進展，以出售大型多年期交易。

In the quarter, we signed a 3-year $100 million deal to an existing customer as well as 5 additional 8-figure multiyear deals.

在本季度，我們與現有客戶簽署了一份為期 3 年 1 億美元的交易，以及另外 5 份 8 位數的多年期交易。

These commitments signal organizations' intent to expand their use of Snowflake and we look forward to seeing their consumption follow.

這些承諾表明組織打算擴大對雪花的使用，我們期待看到他們的消費隨之而來。

Of the $1.8 billion in RPO, we expect approximately 55% to be recognized as revenue in the next 12 months.

在 18 億美元的 RPO 中，我們預計大約 55% 將在未來 12 個月內確認為收入。

We remain focused on penetrating the largest enterprises globally as we believe these organizations provide the largest opportunity for account expansion.

我們仍然專注於滲透全球最大的企業，因為我們相信這些組織為客戶擴展提供了最大的機會。

In Q3, the number of customers with greater than $1 million in trailing 12-month product revenue increased to 148, up from 116 last quarter, including 8 consuming more than $10 million.

在第三季度，過去 12 個月產品收入超過 100 萬美元的客戶數量從上一季度的 116 家增加到 148 家，其中 8 家消費超過 1000 萬美元。

Q3 was also highlighted by meaningful strides in our partner ecosystem.

我們的合作夥伴生態系統中的有意義的進步也突顯了第三季度。

First, our relationships with our cloud service providers in the field continue to strengthen.

首先，我們與該領域的雲服務提供商的關係繼續加強。

This fiscal year-to-date, we have co-sold over $0.5 billion in total contract value with our cloud service providers.

本財年迄今為止，我們與我們的雲服務提供商共同出售了超過 5 億美元的合同總價值。

Second, we are seeing significant growth from our Powered by Snowflake program, with the number of registered Powered by partners growing 137% quarter-on-quarter and the product revenue from those partners growing 173% year-on-year.

其次，我們看到我們的 Powered by Snowflake 計劃顯著增長，註冊的 Powered by 合作夥伴數量環比增長 137%，這些合作夥伴的產品收入同比增長 173%。

Lastly, we are seeing growing engagement within the Data Cloud ecosystem, and we will continue to evaluate strategic opportunities to invest through Snowflake Ventures.

最後，我們看到數據云生態系統的參與度越來越高，我們將繼續評估通過 Snowflake Ventures 進行投資的戰略機會。

In the quarter, we announced strategic investments in Anaconda, OverlayAnalytics and Robly.

本季度，我們宣布對 Anaconda、OverlayAnalytics 和 Robly 進行戰略投資。

The third quarter also saw meaningful gains in profitability and efficiency.

第三季度的盈利能力和效率也顯著提高。

On a non-GAAP basis, our product gross margin was 74.6%.

按非公認會計原則計算，我們的產品毛利率為 74.6%。

Scale, larger mix of compute consumption and increased price per credit related to greater consumption of higher-priced product additions drove the outperformance.

規模、更大的計算消耗組合以及與更高價格產品添加的更多消耗相關的每信用價格上漲推動了出色的表現。

Operating margin was 2.5%, benefiting from revenue outperformance and a portion of planned Q3 headcount now starting in Q4.

營業利潤率為 2.5%，受益於收入表現出色以及現在從第四季度開始的第三季度計劃員工人數的一部分。

Our adjusted free cash flow margin was 6.4%, positively impacted by operating margin outperformance.

我們調整後的自由現金流利潤率為 6.4%，受到營業利潤率優異表現的積極影響。

As a reminder, adjusted free cash flow excludes the impact of net cash paid or received on both employee and employer payroll tax-related items on employee stock transactions.

提醒一下，調整後的自由現金流不包括員工和雇主工資稅相關項目支付或收到的淨現金對員工股票交易的影響。

This quarter, we saw a $12 million positive impact from those items.

本季度，我們看到這些項目產生了 1200 萬美元的積極影響。

We maintained our strong cash position with approximately $5.1 billion in cash, cash equivalents and short-term and long-term investments.

我們以大約 51 億美元的現金、現金等價物以及短期和長期投資維持了強勁的現金頭寸。

Now let's turn to our guidance and outlook.

現在讓我們轉向我們的指導和展望。

For the fourth quarter of fiscal 2022, we expect product revenues between $345 million and $350 million, representing year-over-year growth between 94% and 96%.

對於 2022 財年第四季度，我們預計產品收入在 3.45 億美元至 3.5 億美元之間，同比增長 94% 至 96%。

Our forecast calls for our top customers to continue growing from Q3 to Q4, but not at the same record rate we saw from Q2 to Q3.

我們的預測要求我們的主要客戶從第三季度到第四季度繼續增長，但與我們在第二季度到第三季度看到的創紀錄速度不同。

Daily customer consumption patterns determine our revenue forecast.

每日客戶消費模式決定了我們的收入預測。

In many cases, consumption is driven by our customers' own business cycles and growth patterns.

在許多情況下，消費是由我們客戶自己的商業周期和增長模式驅動的。

In Q4 of last year, some of our largest customers experienced tremendous business growth.

去年第四季度，我們的一些最大客戶經歷了巨大的業務增長。

With holiday travel returning to a more normal cadence, we also expect a greater impact on consumption in Q4 this year than last year.

隨著假期旅行恢復到更正常的節奏，我們也預計今年第四季度對消費的影響將大於去年。

Turning to margins.

轉向邊緣。

we expect, on a non-GAAP basis, 1% operating margin, and we expect 358 million diluted weighted average shares outstanding.

我們預計，按非公認會計原則計算，營業利潤率為 1%，我們預計有 3.58 億股稀釋加權平均流通股。

As mentioned earlier, we pushed some hiring into Q4 but still expect to hire more than 1,200 employees in fiscal year 2022.

如前所述，我們將部分招聘推至第四季度，但仍預計在 2022 財年招聘 1,200 多名員工。

For the full year fiscal 2022, we expect product revenues between $1.126 billion and $1.131 billion, representing year-over-year growth between 103% and 104%.

對於 2022 財年全年，我們預計產品收入在 11.26 億美元至 11.31 億美元之間，同比增長 103% 至 104%。

Turning to profitability for the full year, we expect on a non-GAAP basis, 74% product gross margin, negative 4% operating margin and 8% adjusted free cash flow margin.

談到全年的盈利能力，我們預計在非公認會計準則基礎上，產品毛利率為 74%，營業利潤率為負 4%，調整後的自由現金流利潤率為 8%。

And we expect 357 million diluted weighted average shares outstanding.

我們預計將有 3.57 億股稀釋加權平均流通股。

For the remainder of the calendar year, we expect to remain in a predominantly remote work environment with limited travel.

在本日曆年的剩餘時間裡，我們預計將保持在一個以遠程為主的工作環境中，並且出行有限。

Our forecast reflects this plan while assuming an uptick of return to office expenses in the fourth quarter.

我們的預測反映了這一計劃，同時假設第四季度的辦公費用回報率上升。

While we anticipate an eventual return to the office, we do not have a specific time line for that goal.

雖然我們預計最終會返回辦公室，但我們沒有實現該目標的具體時間表。

With the Snowflake Ventures portfolio growing and strategic investments in privately held and publicly traded securities, please keep in mind that we may see quarter-to-quarter fluctuations in our mark-to-market unrealized gains or losses going forward.

隨著 Snowflake Ventures 投資組合的增長以及對私人持有和公開交易證券的戰略投資，請記住，未來我們可能會看到我們的按市值計算的未實現收益或損失的季度間波動。

We expect to recognize noncash gains of approximately $20 million in the aggregate on prior strategic investments based on transactions that have closed so far in Q4.

根據第四季度迄今已完成的交易，我們預計將在先前的戰略投資中確認總計約 2000 萬美元的非現金收益。

And lastly, we will host our Investor Day in person, the week of June 13 in conjunction with Snowflake Summit in Las Vegas.

最後，我們將在 6 月 13 日這一周與拉斯維加斯的雪花峰會一起舉辦我們的投資者日。

If you would like to attend, please e-mail ir@snowflake.com.

如果您想參加，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。

And as a reminder, Christian Kleinerman, our SVP of Products, will be joining us for Q&A.

提醒一下，我們的產品高級副總裁 Christian Kleinerman 將加入我們的問答環節。

(Operator Instructions) We have your first question from Raimo Lenschow with Barclays.

（操作員說明）我們收到了來自巴克萊銀行的 Raimo Lenschow 的第一個問題。

Congrats from me here, the -- on this really strong quarter.

我在這裡恭喜，在這個非常強勁的季度。

A question for Frank.

弗蘭克的一個問題。

If I look at the data sharing progress you guys are making, and I'm also looking at some of the industry conferences that are happening this week, where data sharing starts kind of to play a more bigger role, where do you think we are on that journey in terms of other industries discovering the new world where we are living in, in terms of sharing data in the cloud and what's possible and how different business models, different monetization models are possible?

如果我看看你們正在取得的數據共享進展，並且我也在關注本周正在舉行的一些行業會議，數據共享開始發揮更大的作用，你認為我們在哪裡在其他行業發現我們生活的新世界的旅程中，在雲中共享數據以及什麼是可能的以及不同的商業模式、不同的貨幣化模式是如何可能的？

Because it feels almost like we're only seeing the tip of the iceberg here.

因為感覺就像我們在這裡看到的只是冰山一角。

And then a question for Mike.

然後是邁克的一個問題。

The gross margins that you're talking about now, is that kind of the way to think about it because you've done a lot of the negotiations?

你現在所說的毛利率，是不是因為你已經進行了很多談判，所以會這樣考慮？

Or is there more room to look for in the coming years?

或者未來幾年還有更多的空間可以尋找？

Raimo, it's Frank.

雷莫，是弗蘭克。

I generally agree with your assessment that we are just seeing the tip of the iceberg.

我大體上同意你的評估，我們只是看到了冰山一角。

Snowflake was built from the ground-up as a data sharing platform, and we've been at it from the beginning.

Snowflake 是作為數據共享平台從頭開始構建的，我們從一開始就致力於此。

And you see a lot of other players following our lead in this regard.

在這方面，你會看到很多其他玩家都在追隨我們的腳步。

But we are in the beginning.

但我們還處於起步階段。

What happens a lot in our field, in our business is that people look at modernizing legacy workloads.

在我們的領域，在我們的業務中，經常發生的事情是人們著眼於對遺留工作負載進行現代化改造。

And those kinds of things often have priority over getting to data sharing because we can't even consider data sharing unless we get our data to the cloud.

這類事情通常優先於數據共享，因為除非我們將數據傳輸到雲端，否則我們甚至不能考慮數據共享。

We start moving that workload, we migrate the databases and so on.

我們開始移動工作負載，遷移數據庫等等。

So yes, we are in the very early stages.

所以，是的，我們處於非常早期的階段。

But as you see from the metrics that we report on, there is a very, very steady aggressive growth happening quarter-on-quarter.

但正如您從我們報告的指標中看到的那樣，季度環比出現了非常、非常穩定的積極增長。

But we sort of haven't reached that tipping point yet, where sort of the floodgates are open and things are just expanding at a meteoric rate.

但是我們還沒有達到那個臨界點，那裡的閘門已經打開，事情正在以驚人的速度擴張。

But we're anticipating that, that will happen at some point.

但我們預計，這將在某個時候發生。

It's very nonlinear in the way the adoption is going to develop.

採用的發展方式是非常非線性的。

Raimo, on your question on gross margins, I'm not giving guidance for next year or the longer term.

Raimo，關於你關於毛利率的問題，我不會為明年或長期提供指導。

We'll update that in June.

我們將在六月更新。

All I will say is we still have a number of deployments around the world that are not at scale, which there is upside in our margins from that, coupled with, as we get into these larger customer relationships that are going with our higher-edition product, they do attract higher margin.

我要說的是，我們仍然在全球範圍內進行了一些未大規模部署，因此我們的利潤率有上升空間，再加上隨著我們與我們的更高版本建立這些更大的客戶關係產品，它們確實吸引了更高的利潤。

Consistent with what we said when we were going public, I don't think this is ever going to get into the mid-80s, like some of the other SaaS companies.

與我們上市時所說的一致，我認為這不會像其他一些 SaaS 公司那樣進入 80 年代中期。

But clearly, our longer-term guidance was 75, and there's upside to that.

但很明顯，我們的長期指導是 75，這是有好處的。

We have your next question from Kirk Materne with Evercore ISI.

我們有來自 Evercore ISI 的 Kirk Materne 的下一個問題。

Congrats on the quarter.

祝賀本季度。

Frank, I was wondering -- actually, I'm going to follow up a little bit on Raimo's question.

弗蘭克，我想知道——實際上，我將跟進 Raimo 的問題。

Are there any industries where you're starting to see network effects take hold in terms of data sharing?

在數據共享方面，您是否開始看到網絡效應在任何行業中佔據一席之地？

I know you guys have taken a little bit faster posture in terms of going more verticalizing sort of your go-to-market.

我知道你們在進入市場的垂直化方面採取了更快的姿態。

I was just kind of curious, in areas like financial services, are you starting to see sort of network effects build based on sort of getting some of those really key or core accounts?

我只是有點好奇，在金融服務等領域，你是否開始看到基於獲得一些真正關鍵或核心賬戶的網絡效應？

And then just for Mike, can you just give us an update on where you are from a hiring perspective as we head into next year, especially around sales capacity and things like that?

然後就邁克而言，您能否從招聘的角度告訴我們您在明年的最新情況，尤其是在銷售能力等方面？

Yes, Kirk, it's Frank.

是的，柯克，是弗蘭克。

Yes, you definitely see network effects, not so much by enterprise, by institution, but really by industry.

是的，你肯定會看到網絡效應，而不是企業、機構，而是行業。

Because the industry and sub industry, they really induce and evoke the network effect because the entities have relationships and do business together.

因為行業和子行業，它們真正誘發和喚起網絡效應，因為實體之間有關係，一起做生意。

So some of the data clouds that we announced during the quarter, like the financial services data cloud and media and advertising, there is a huge amount of network effect in that area.

因此，我們在本季度宣布的一些數據云，例如金融服務數據云以及媒體和廣告，在該領域具有巨大的網絡效應。

And advertising for a lot of reasons that people know is under enormous pressure.

出於許多人們知道的原因，廣告承受著巨大的壓力。

So there is this whole movement of foot to enrich data for advertising yield and effectiveness.

因此，整個腳的運動來豐富廣告收益和效果的數據。

And when we're trying to enrich data, that then triggers data sharing and data attribution type of strategy.

當我們試圖豐富數據時，就會觸發數據共享和數據歸因類型的策略。

So it's very strong there.

所以那裡非常強大。

But there is a difference in between industries.

但是行業之間還是有區別的。

Some industries are very leading edge.

有些行業非常領先。

They're leaning in very, very hard.

他們非常非常努力地向前傾斜。

Now others just take longer.

現在其他人只需要更長的時間。

And you also see by geography, it's different as well.

你也可以從地理上看到，它也不同。

Europe and Asia are running whatever, 18, 24 months behind you or so.

歐洲和亞洲都在運行，比你晚 18、24 個月左右。

But everybody is going to get there, just some are just more upfront than others.

但是每個人都會到達那裡，只是有些人比其他人更主動。

And Kirk, on your question on the hiring, I want to start by saying we're all about quality rather than quantity of people, and so we're very selective.

柯克，關於你關於招聘的問題，我想首先說我們關注的是質量而不是人數，所以我們非常有選擇性。

We are slightly behind, but we're more than making that up this quarter.

我們稍微落後了一點，但本季度我們不僅僅是彌補了這一點。

And as I said in my prepared remarks, we do expect to hire net 1,200 people this year, and we're happy with the people we're hiring, but we will not sacrifice quality over quantity.

正如我在準備好的講話中所說，我們確實預計今年將淨招聘 1,200 人，我們對我們正在招聘的人感到滿意，但我們不會犧牲質量而不是數量。

We have your next question from Derrick Wood with Cowen.

我們有來自 Derrick Wood 和 Cowen 的下一個問題。

Great.

偉大的。

Amazing quarter.

驚人的季度。

I guess, first one for Mike.

我想，邁克的第一個。

I mean this kind of revenue outperformance is kind of above the parameters we've thought about, certainly above what we've seen in the past few quarters.

我的意思是這種收入表現超出了我們所考慮的參數，當然也高於我們在過去幾個季度看到的情況。

What were the biggest outside drivers?

最大的外部驅動因素是什麼？

And what developments really led to this particularly -- particular quarter having such strong upside?

什麼發展真正導致了這個特別 - 特定季度具有如此強勁的上漲空間？

What I would say is it was really driven by some of our largest mature customers, with some things that was unique to their business that kind of surprised us on the upside.

我想說的是，它確實是由我們一些最大的成熟客戶推動的，他們的一些業務是獨一無二的，這讓我們感到驚訝。

I don't think you're going to see that same repeat of a beat.

我不認為你會看到相同的節拍重複。

At least I'm not expecting that.

至少我不期待那樣。

I'm sure you guys would love it, but I just don't see that happening in this quarter.

我相信你們會喜歡它，但我只是不認為本季度會發生這種情況。

As I said before, a 5% to 7% beat is a big beat for us with our model.

正如我之前所說，5% 到 7% 的節拍對我們的模型來說是一個很大的節拍。

So it was exceptional performance last quarter.

所以上個季度的表現非常出色。

I'm actually disappointed we outperformed that much, to be honest with you.

老實說，我真的很失望我們表現得這麼好。

Well, it's a good problem to have.

好吧，這是一個很好的問題。

Yes.

是的。

Well, that's good color.

嗯，這個顏色不錯。

Maybe, Frank, you called out this media data cloud and how you're helping advertisers and marketers harness more first-party data is what I've read in that release.

也許，弗蘭克，你提到了這個媒體數據云，你如何幫助廣告商和營銷人員利用更多的第一方數據，這是我在那個版本中讀到的。

And I guess given all the developments going around IDFA and cracking down on third-party and really the push to try to monetize first-party, what kind of opportunity do you see in collecting and powering that first-party data in the media and entertainment and other B2C industries?

我猜考慮到圍繞 IDFA 的所有發展和打擊第三方以及真正推動通過第一方貨幣化的努力，你在收集和支持媒體和娛樂中的第一方數據方面看到了什麼樣的機會和其他B2C行業？

It's really rippling through the entire economy, right?

它真的波及整個經濟，對吧？

I mean you really got to sort of view this in the context of the whole world going direct to consumer.

我的意思是你真的必須在整個世界直接面向消費者的背景下看待這一點。

Every industry is to -- even people that have historically not been direct to consumer are moving towards direct-to-consumer that will obviously triggers enormous investments and people trying to get up to speed on data operation, data science and being able to run a real data-driven enterprise.

每個行業都是——即使是歷史上不直接面向消費者的人也正在轉向直接面向消費者，這顯然會引發巨大的投資，人們試圖加快數據操作、數據科學和能夠運行真正的數據驅動型企業。

In order to do that, we need to have very, very, very refined data enrichment strategies to really tune and optimize and make these relationships work.

為了做到這一點，我們需要非常、非常、非常精細的數據豐富策略來真正調整和優化並使這些關係發揮作用。

And that's what's fueling this enormous focus on data sharing and being able -- people being able to enrich their data with attributes that come from other sources.

這就是推動對數據共享和能力的巨大關注的原因——人們能夠使用來自其他來源的屬性來豐富他們的數據。

So the ability to own your own data as an institution, as an enterprise and to fully operationalize and mobilize, is going to become incredibly important.

因此，作為一個機構，作為一個企業，擁有自己的數據並充分實施和動員的能力將變得非常重要。

I mean even industries that historically have not been direct-to-consumer, and think of retail and things of that sort, retail, obviously, in the brick-and-mortar type, they're all changing now under the influence of the likes of Instacart and DoorDash.

我的意思是即使是歷史上沒有直接面向消費者的行業，想想零售和類似的東西，零售，顯然，在實體類型的影響下，它們現在都在變化Instacart 和 DoorDash。

So it's all changing.

所以一切都在改變。

So the interaction method becoming digital, just is a real tailwind for companies like Snowflake.

因此，交互方式變得數字化，對於像 Snowflake 這樣的公司來說是一個真正的順風車。

We have your next question from Kash Rangan with Goldman Sachs.

我們有來自高盛的 Kash Rangan 的下一個問題。

Thank you very much for a spectacular quarter.

非常感謝您提供了一個壯觀的季度。

Frank, curious to get your thoughts on the Fortune 500 account base that you have, you have 223 customers.

弗蘭克，很想知道您對財富 500 強客戶群的看法，您有 223 個客戶。

You also have at the same time about 148 customers that are doing over $1 million in product revenue.

同時，您還有大約 148 位客戶的產品收入超過 100 萬美元。

What is the overlap here?

這裡的重疊是什麼？

How much more of a potential do you have in the Fortune 500 space?

您在財富 500 強領域還有多少潛力？

Because I'm surprised that you look at the overall revenue of the company divided by the number of customers, it's about -- it's a relatively smaller number relative to where the company can gain in terms of market share versus broader enterprise software companies, but generally could sell up to $1 million per account.

因為我很驚訝你看到公司的總收入除以客戶數量，它大約是 - 相對於公司在市場份額方面與更廣泛的企業軟件公司相比，這是一個相對較小的數字，但是通常每個賬戶最多可以賣出 100 萬美元。

It seems to me that the penetration of wallet share is quite low, which leaves a lot of opportunity.

在我看來，錢包份額的滲透率很低，這留下了很多機會。

Can you just address that overlap between the $1 million customers and the Fortune 500 base and how much more potential there is with large accounts?

您能否解決 100 萬美元客戶和財富 500 強基礎之間的重疊問題，以及大客戶的潛力有多大？

Yes.

是的。

Kash, I agree with your statement.

卡什，我同意你的說法。

I mean, we are -- we have footprint, but we're very marginally penetrated, which is great.

我的意思是，我們是——我們有足跡，但我們的滲透率非常低，這很好。

That's exactly what we look for.

這正是我們要尋找的。

We typically -- when we started out with customers, whether it's Fortune 500 or otherwise, it's whole process that spans a long period of time.

我們通常 - 當我們開始與客戶合作時，無論是財富 500 強還是其他公司，它都是跨越很長一段時間的整個過程。

It's a journey.

這是一個旅程。

It's a relationship that you're going their legacy workflows, their new projects and then it's something that grows and grows and grows.

這是一種關係，您將使用他們的舊工作流程，他們的新項目，然後它會不斷發展壯大。

And you very clearly see that in our net revenue retention rates, that people are literally evolving and learning and expanding as they go along.

而且您非常清楚地看到，在我們的淨收入保留率中，人們在不斷發展、學習和擴展。

They may not have a very clear view of what they will be doing when, but they're literally learning and exploring as they go along.

他們可能對自己將要做什麼並不清楚，但他們確實在學習和探索。

The other thing that I would say is that we shouldn't sort of view things in the historical way that all the money is going to come from Fortune 500 companies.

我要說的另一件事是，我們不應該以歷史的方式看待事情，即所有的錢都將來自財富 500 強公司。

That is absolutely not the case.

絕對不是這樣。

I mean you'd be stunned if you look at the number of customers who are not Fortune 500 and how high the revenue contribution is.

我的意思是，如果您查看非財富 500 強的客戶數量以及收入貢獻有多高，您會感到震驚。

And that's because these are newer enterprises, they are more in the cloud, digital direct-to-consumer oriented, and they have a very different culture towards data and a very different orientation.

那是因為這些是較新的企業，它們更多地在雲中，以數字化直接面向消費者為導向，並且它們對數據有非常不同的文化和非常不同的方向。

They will definitely feature very, very prominently in our business mix.

他們肯定會在我們的業務組合中佔據非常非常突出的位置。

It doesn't mean that Fortune 500 isn't important.

這並不意味著財富 500 強不重要。

It obviously is.

顯然是。

But their adoption as traditional enterprises is often not as fast as the newer entities that we're dealing with.

但它們作為傳統企業的採用通常不如我們正在處理的新實體那麼快。

One follow-up for you, Mike, very quickly.

邁克，非常快為您提供一項後續行動。

As a result of the profitability inflection that we're seeing in the business, does that make you more confident in maybe potentially think about raising the long-term cash flow margin growth that you outlined a few months back?

由於我們在業務中看到的盈利能力拐點，這是否讓您更有信心可能考慮提高您幾個月前概述的長期現金流利潤率增長？

We will be updating our longer-term guidance at our Investor Day.

我們將在投資者日更新我們的長期指導。

I clearly do think there is upside to both our operating margin and free cash flow margin, and we will update it at that time.

我顯然確實認為我們的營業利潤率和自由現金流利潤率都有上升空間，屆時我們將對其進行更新。

We have your next question from DJ Hynes with Canaccord Genuity.

我們有來自 Canaccord Genuity 的 DJ Hynes 的下一個問題。

Congrats on the results, really impressive.

恭喜結果，真是令人印象深刻。

Again, like the stand out to me is the net revenue retention.

同樣，對我來說最突出的是淨收入保留。

So Frank, I guess the question is, as you think about driving growth in the base, where does the discovery of new use cases typically come from?

所以弗蘭克，我想問題是，當你考慮推動基礎增長時，新用例的發現通常來自哪裡？

Is it mostly customer led?

主要是客戶主導嗎？

How much can sales influence that expansion process?

銷售對擴張過程的影響有多大？

And I guess, like longer term, do you think you have to build out a customer success later over time?

而且我想，就像長期一樣，你認為你必須隨著時間的推移建立客戶成功嗎？

Would love to just get your thoughts as you think about how this evolves over time.

當您考慮隨著時間的推移如何演變時，很想得到您的想法。

Well the -- first off, the entire company is a customer success layer, okay?

嗯——首先，整個公司都是客戶成功層，好嗎？

That is not a department or a function in our world.

這不是我們世界的部門或職能。

There are some predictable ways in which things happen.

事情發生有一些可預測的方式。

But it depends on the type of enterprises that we deal with.

但這取決於我們處理的企業類型。

Historically, we've worked on legacy workloads, on-premise workloads, and we have a very predictable pattern moving data to the cloud and migrating databases.

從歷史上看，我們處理過遺留工作負載、本地工作負載，並且我們有一個非常可預測的模式將數據移動到雲和遷移數據庫。

That is a tried and true part of our business.

這是我們業務中久經考驗的真實部分。

Others -- and this is the reason why verticalization is such an important trend, is -- that has very little to do with legacy workloads.

其他——這就是垂直化成為如此重要趨勢的原因——與遺留工作負載幾乎沒有關係。

It has everything to do with preparing companies for their digital direct-to-consumer futures, whether they're trying to really mobilize data, monetize data and make data really the core of what they're doing.

它與公司為他們的數字直接面向消費者的未來做好準備有關，無論他們是否試圖真正移動數據，將數據貨幣化，並使數據真正成為他們正在做的事情的核心。

And that's not just -- those are not just in enterprises that you typically think of.

這不僅僅是 - 這些不僅僅是您通常想到的企業。

But even in enterprises like in retail, they are traditionally brick-and-mortar.

但即使在像零售業這樣的企業中，它們傳統上也是實體的。

They're becoming very, very focused on their data, on the data that they have, the value that it has and how they monetize that.

他們變得非常非常關注他們的數據，他們擁有的數據，它所具有的價值以及他們如何將其貨幣化。

So these are very, very big things that are happening.

所以這些都是非常非常大的事情正在發生。

Everybody is realizing they're sitting on something extraordinarily valuable if they can enrich it and mobilize it in the right way.

每個人都意識到，如果他們能夠以正確的方式豐富和調動它，他們就會坐在非常有價值的東西上。

So demand comes from many different places.

所以需求來自許多不同的地方。

The sales organizations are -- over the last year, are being redirected really understand the customer's context, what are their challenges, what they're people doing, what are people not doing, how are they approaching it, so that we can bring that value to our customers.

銷售組織——在過去的一年裡，正在被重新引導，真正了解客戶的背景，他們的挑戰是什麼，他們在做什麼，人們沒有做什麼，他們是如何接近它的，這樣我們就可以帶來為我們的客戶創造價值。

So it's no longer hey, here's our architecture versus the next guy, let's benchmark and POC this workload, see how they do.

所以不再是嘿，這是我們的架構與下一個傢伙的對比，讓我們對這個工作負載進行基準測試和 POC，看看他們是如何做的。

That was historically what Snowflake did.

這就是雪花在歷史上所做的事情。

Now we're completely leaned into the customers' context, what are their issues, their challenges.

現在我們完全了解客戶的背景，他們的問題是什麼，他們的挑戰是什麼。

And we are becoming experts at their business.

我們正在成為他們業務的專家。

And that is a big evolution.

這是一個很大的演變。

It's a very exciting because it also elevates us inside the enterprise.

這是非常令人興奮的，因為它也提升了我們在企業內部的地位。

We're no longer talking exclusively to IT types and CIOs and so on, but we're not talking to the business side of IT.

我們不再專門談論 IT 類型和 CIO 等，但我們不是在談論 IT 的業務方面。

This is a very different conversation.

這是一個非常不同的對話。

Yes, yes.

是的是的。

That makes sense.

這就說得通了。

That's helpful color.

這是有用的顏色。

And then Mike, as a follow-up, so you made some comments with respect to how you're thinking about Q4 consumption patterns and maybe think about complexities and forecasting a business like this.

然後邁克，作為後續行動，您就您如何考慮第四季度消費模式並可能考慮複雜性和預測這樣的業務發表了一些評論。

So I guess the question really is like, do you find that it's getting easier or harder to model the business as it scales?

所以我想問題真的是這樣的，你是否發現隨著業務規模的擴大，對業務進行建模變得越來越容易還是越來越難？

I mean, I feel like on the one hand, you probably benefit from customer diversity and additional data points around usage patterns.

我的意思是，我覺得一方面，您可能會受益於客戶多樣性和圍繞使用模式的額外數據點。

But on the other, you're constantly trying to figure out kind of the patterns of new customers.

但另一方面，你不斷地試圖找出新客戶的模式。

So clearly, some puts and takes there.

很明顯，有些人放在那裡。

I would just love to get your thoughts.

我很想听聽你的想法。

I think it's getting better, and I've been very happy and I think the Q3 performance relative to our internal forecast is specific to some very large customers.

我認為情況正在好轉，我很高興，而且我認為與我們內部預測相關的第三季度業績是特定於一些非常大的客戶的。

Other than that, we've been pretty accurate with what we gave the field at the beginning of the year, consumption by customer or forecast.

除此之外，我們在年初給出的領域，客戶消費或預測方面非常準確。

So I'm pretty pleased with that.

所以我對此很滿意。

And it does get easier as we have a larger and larger customer base.

隨著我們擁有越來越大的客戶群，它確實變得更容易了。

So -- and the beautiful thing is we use Snowflake to help in our modeling.

所以 - 美妙的是我們使用雪花來幫助我們的建模。

Proof is in the pudding.

證據就在布丁裡。

We have your next question from Mark Murphy with JPMorgan.

我們有來自摩根大通的馬克墨菲的下一個問題。

And I'll add my congrats on a thrilling quarter.

我要祝賀一個激動人心的季度。

Frank, I recall that when the pandemic hit about 1.5 years ago, you actually saw pretty healthy consumption trends because companies had to analyze data just to try to respond to the environment.

弗蘭克，我記得大約 1.5 年前大流行爆發時，您實際上看到了相當健康的消費趨勢，因為公司不得不分析數據以試圖對環境做出反應。

I'm wondering, and Mike, you referenced some activities specific to larger customers, are there any similar developments that are driving extra consumption today or in Q3, for instance, maybe frozen global supply chains or -- are driving activity for retailers or maybe just the new variant in pharma or inflation and interest rate volatility kind of driving some activity in financial services?

我想知道，邁克，你提到了一些針對大客戶的活動，是否有任何類似的發展正在推動今天或第三季度的額外消費，例如，可能凍結的全球供應鍊或 - 正在推動零售商的活動，或者可能只是製藥業的新變種，還是通貨膨脹和利率波動推動了金融服務業的一些活動？

When I look at the outperformance across our company, the outperformance is really being driven by a number of large customers, whose businesses are growing dramatically plus a couple of our Fortune 500 customers that are doing some specific things is really what's driving it.

當我看到我們公司的出色表現時，出色的表現實際上是由許多大客戶推動的，他們的業務正在急劇增長，加上我們的一些財富 500 強客戶正在做一些特定的事情，這才是真正推動它的原因。

So I can't say it has anything to do with the pandemic supply chain, pharma looking at things based upon the customers that I see that have the really large outperformance.

所以我不能說這與大流行供應鏈有任何關係，製藥公司根據我看到的表現非常出色的客戶來看待事情。

That doesn't mean there's not any of that in our customer base, but I just don't see that as the biggest drivers of our performance.

這並不意味著我們的客戶群中沒有這些，但我只是不認為這是我們業績的最大驅動力。

Yes.

是的。

Okay.

好的。

And then Mike, as a quick follow-up, when we look at the sequential change in RPO, it's quite a bit larger in Q3 than in Q2.

然後邁克，作為快速跟進，當我們查看 RPO 的連續變化時，第三季度的變化比第二季度大得多。

And I was wondering if you can shed any light on that.

我想知道你是否可以對此有所了解。

To what extent is it driven by duration versus the bookings shelf, which I think you've very clearly mentioned?

它在多大程度上是由持續時間與預訂貨架驅動的，我認為你已經非常清楚地提到了這一點？

Well, if you recall at the end of last quarter, a lot of people picked on our RPO and I said, don't worry it's timing and Q3 was going to have a big quarter of RPO, which we pretty much hit our target internally as to where we thought it would be.

好吧，如果你回想一下上個季度末，很多人選擇了我們的 RPO，我說，別擔心它的時機，第三季度將有很大的四分之一 RPO，我們在內部幾乎達到了我們的目標至於我們認為它會在哪裡。

There is timing on -- as an example, our first $100 million deal we did in 2020, clearly, that customer is not renewing every year because it's an RPO.

有時間安排——例如，我們在 2020 年完成的第一筆 1 億美元的交易，顯然，該客戶不會每年續訂，因為它是 RPO。

We will do some big deals this quarter, too.

本季度我們也會做一些大交易。

I expect Q4 is going to be a big RPO addition.

我預計第四季度將是一個重要的 RPO 補充。

But at the end of the day, it's not RPO in isolation.

但歸根結底，它不是孤立的 RPO。

It's revenue and it's more current RPO that is more meaningful.

它是收入，更有意義的是當前的 RPO。

And we -- that 55% we estimate will be recognized over the next 12 months.

我們——我們估計的 55% 將在未來 12 個月內得到認可。

We have your next question from Gregg Moskowitz with Mizuho.

Gregg Moskowitz 和瑞穗有你的下一個問題。

Congrats on the terrific quarter.

祝賀這個了不起的季度。

So we've been hearing more customer anecdotes to the tune of as these companies are growing, they're becoming less confident that other solutions they may be using for data warehousing, et cetera, can handle their future data volumes and performance needs and that, in turn, is driving more business to the Snowflake platform.

因此，隨著這些公司的成長，我們聽到了更多的客戶軼事，他們越來越不相信他們可能用於數據倉庫等的其他解決方案能否處理他們未來的數據量和性能需求，以及反過來，正在推動更多業務流向 Snowflake 平台。

Is that consistent, Frank, with what you're seeing?

弗蘭克，這與你所看到的一致嗎？

I generally, I would say yes.

我一般來說，我會說是的。

All right.

好的。

That's short and sweet.

那是短暫而甜蜜的。

And then just as a follow-up, so I wanted to ask about international because the revenue growth that you reported this quarter was pretty stunning.

然後作為後續行動，我想問一下國際業務，因為您報告的本季度收入增長非常驚人。

Clearly, that was a primary driver of the product revenue acceleration you showed this quarter.

顯然，這是本季度產品收入加速增長的主要驅動力。

The question here is, are you seeing signs of an inflection in consumption overseas?

這裡的問題是，您是否看到海外消費出現拐點的跡象？

Or was this more driven by consumption from a few of those larger customers that surprised you this quarter?

還是這更多是由本季度令您感到驚訝的一些大客戶的消費推動的？

What I would say, first of all, is we saw real outperformance relative to plan and bookings in Asia and EMEA.

首先，我要說的是，我們在亞洲和歐洲、中東和非洲的計劃和預訂方面看到了真正的出色表現。

We also had a very, very strong North America, but off a much higher plan.

我們也有一個非常非常強大的北美，但計劃要高得多。

Yes, in our top 10, we have 1 European customer that is our largest and is growing very, very fast.

是的，在我們的前 10 名中，我們有 1 個歐洲客戶，這是我們最大的，而且增長非常非常快。

But still, the majority of our growth in revenue is coming from our North American customers.

但是，我們收入的大部分增長仍然來自我們的北美客戶。

But we do see next year and beyond, EMEA in particular, and Asia starting to drive some of that as well, too.

但我們確實看到明年及以後，尤其是歐洲、中東和非洲地區，亞洲也開始推動其中的一部分。

We have your next question from Brad Zelnick with Deutsche Bank.

我們有來自德意志銀行的 Brad Zelnick 的下一個問題。

And just phenomenal quarter, unbelievable results, even though I know, Mike, you're disappointed in how good they are.

只是驚人的季度，令人難以置信的結果，即使我知道，邁克，你對他們的表現感到失望。

Maybe a question for you, Mike.

邁克，也許是你的問題。

I think you called out, if I got it right, $0.5 billion booked in partnership with CSP partners.

如果我沒記錯的話，我想你已經提到了與 CSP 合作夥伴合作預訂的 5 億美元。

And I just wanted to ask how has -- obviously good, but how has the evolution of the go-to-market been with those partners?

我只是想問一下 - 顯然很好，但是這些合作夥伴的上市發展如何？

And specifically, customers when they consume prepurchased cloud credits by way of the CSPs, does that ever hit your RPO?

具體來說，當客戶通過 CSP 消費預購的雲積分時，這是否會影響您的 RPO？

And is that a factor we should be thinking about?

這是我們應該考慮的因素嗎？

So first of all, I think it's going well with some of the CSPs and of that, and as I said, it was over $0.5 billion to date that we co-sold with them, I would say AWS is the majority of that followed by Microsoft.

所以首先，我認為它與一些 CSP 相處得很好，正如我所說，到目前為止，我們與他們共同出售了超過 5 億美元，我想說 AWS 是其中的大部分，其次是微軟。

Google is pretty much 0 in that co-sell, but we still are adding more and more.

谷歌在聯合銷售中幾乎為零，但我們仍在不斷增加。

Our number of customers in GCP continues to increase.

我們在 GCP 的客戶數量不斷增加。

And sorry, Brad, what was the other part of your question?

抱歉，布拉德，你問題的另一部分是什麼？

It was just if customers consume prepurchase cloud credits that they have?

只是客戶消費了他們擁有的預購雲積分嗎？

Yes.

是的。

So some customers choose to go through marketplace.

所以一些客戶選擇通過市場。

Others choose to go direct.

其他人選擇直接去。

They generally choose to go to marketplace so they can draw down their commit with the cloud provider, that would still show up in RPO because we still get the contract from the customer.

他們通常選擇進入市場，以便他們可以提取與雲提供商的承諾，這仍然會出現在 RPO 中，因為我們仍然從客戶那裡獲得合同。

We just do the invoicing and everything through marketplace for them.

我們只是通過市場為他們開具發票和一切。

Got it.

知道了。

That's helpful.

這很有幫助。

And maybe just a quick follow-up, perhaps for Christian.

也許只是一個快速的跟進，也許對克里斯蒂安來說。

I just look back historically and price performance has always been a key purchasing criteria in the database market.

我只是回顧歷史，價格性能一直是數據庫市場的關鍵購買標準。

And I feel like Snowflake has done a phenomenal job elevating the discussion to a much higher plane.

而且我覺得 Snowflake 做得非常出色，將討論提升到了一個更高的層面。

But I noticed of late, there have been some competitive claims regarding performance.

但我最近注意到，有一些關於性能的競爭性聲明。

I'm just curious if a, how much of a priority or criteria is this across your typical sales cycle?

我只是好奇，在您的典型銷售週期中，這有多少優先級或標準？

And b, what if anything, should we know about TPC benchmarks in Snowflake's competitiveness from a performance perspective?

b，如果有的話，我們應該從性能角度了解 Snowflake 競爭力中的 TPC 基準嗎？

Yes.

是的。

So Brad, Christian here.

所以布拉德，這裡是克里斯蒂安。

I think that at all points in time in Snowflake, we're investing in performance.

我認為在 Snowflake 的所有時間點，我們都在投資性能。

Every part of the system is getting faster and lower latency.

系統的每個部分都在變得更快和更低的延遲。

But we're always looking at is the price performance of customer workloads.

但我們一直關注的是客戶工作負載的性價比。

Many of us at Snowflake, have been in the industry long enough to know that the TPC benchmarks end up being a game of synthetic evaluations, that very quickly get the awards from customer benefits.

Snowflake 的許多人在該行業已經有足夠長的時間了，他們知道 TPC 基準測試最終是一種綜合評估遊戲，很快就會從客戶利益中獲得獎勵。

And at Snowflake, we're 100% focused on price performance for our customers, but it's not just price performance.

在 Snowflake，我們 100% 專注於客戶的性價比，但不僅僅是性價比。

It's everything else.

這是其他的一切。

It's the collaboration and the data sharing that was mentioned as well as the data governance.

提到的是協作和數據共享以及數據治理。

That's how we think about the broader data cloud.

這就是我們對更廣泛的數據云的看法。

We have your next question from Kamil Mielczarek with William Blair.

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

Congrats on another incredible quarter.

祝賀另一個令人難以置信的季度。

So I have a follow-up on some of the comments you made on the Fortune 500 customers.

因此，我對您對財富 500 強客戶的一些評論進行了跟進。

So now close to half of them -- well, you have close to half the Fortune 500 customers today, but only about 15% of them are generating $1 million or more in revenue.

所以現在接近一半——好吧，你現在有接近一半的財富 500 強客戶，但只有大約 15% 的客戶創造了 100 萬美元或更多的收入。

So is it fair -- is it a fair expectation that most of them can reach and exceed that $1 million level in the next few years?

那麼這是否公平——他們中的大多數人可以在未來幾年達到並超過 100 萬美元的水平，這是一個公平的期望嗎？

And secondly, you said that it takes about 9 months for new customers to reach that contractually targeted revenue.

其次，您說新客戶需要大約 9 個月的時間才能達到合同規定的目標收入。

For your $1 million customers, how long does it take on average for them to move from that contract signing to that $1 million?

對於您的 100 萬美元客戶，他們從簽訂合同到 100 萬美元平均需要多長時間？

And given you're landing larger customers now, do you expect that duration to come down over time?

鑑於您現在正在吸引更大的客戶，您是否預計持續時間會隨著時間的推移而下降？

Well, it depends on the customer.

好吧，這取決於客戶。

Most customers don't sign a $1 million capacity one deal.

大多數客戶不會簽署價值 100 萬美元的一次性交易。

They typically will sign -- I think if you look at it, our average deal size is somewhere around $50,000 initially signing a customer.

他們通常會簽約——我認為如果你看一下，我們最初簽約客戶的平均交易規模約為 50,000 美元。

And so clearly, it takes some time.

很明顯，這需要一些時間。

Yes, we signed some large customers.

是的，我們簽了一些大客戶。

And Cap One is, but on average is not.

Cap One 是，但平均而言不是。

We think on average, when we laid out our model at our Analyst Day last year that we think we can get to our customers paying us over $1 million a year on average, that will be $5.5 million.

平均而言，當我們在去年的分析師日展示我們的模型時，我們認為我們可以讓客戶平均每年支付超過 100 萬美元，這將是 550 萬美元。

Right now, that 148 customers on average is $3.5 million.

目前，這 148 位客戶的平均收入為 350 萬美元。

Clearly, the fact that we have 223 Fortune 500, those are only on average right now, doing $1.25 million.

很明顯，我們擁有 223 家財富 500 強企業，這些企業目前的平均收入僅為 125 萬美元。

There's a lot of upside in those numbers because it takes time to ramp these guys and all of those have been added in the last couple of years, and it will take time.

這些數字有很大的上升空間，因為增加這些人需要時間，而且所有這些人都是在過去幾年中加入的，這需要時間。

That's great color.

這顏色真好。

And just as a quick follow-up, it's nice to see the positive operating income.

作為快速跟進，很高興看到積極的營業收入。

We've talked in the past about Snowflake being in growth mode.

我們過去曾討論過 Snowflake 處於增長模式。

So given now you've broken even, can you update us on how you're thinking about balancing margin expansion versus reinvesting in the business?

所以現在你已經收支平衡了，你能告訴我們你是如何考慮平衡利潤率擴張和再投資業務的嗎？

And specifically, your headcount growth is roughly in line with last year.

具體來說，您的員工人數增長與去年大致持平。

Can you can we see that accelerate if your margin starts to expand faster than expected?

如果您的利潤開始增長快於預期，我們能否看到這種加速？

So we laid out our long-term model at our Analyst Day last year.

因此，我們在去年的分析師日展示了我們的長期模型。

We will update that again in June.

我們將在六月再次更新。

But I will reiterate again, we are a growth company, but it's not growth at all cost.

但我要再次重申，我們是一家成長型公司，但它不是不惜一切代價的成長。

We will only spend money if we think it makes sense.

只有在我們認為有意義的情況下，我們才會花錢。

And as I said before, we are hiring what we think is the right pace to get quality people in the door.

正如我之前所說，我們正在招聘我們認為合適的節奏來吸引優質人才。

We have your next question from Brent Bracelin with Piper Sandler.

我們有來自 Brent Bracelin 和 Piper Sandler 的下一個問題。

I guess I'm going to stick with the thread of accelerating product growth, rarely do we see companies at this scale delivering the accelerating growth.

我想我會堅持加速產品增長的思路，我們很少看到這種規模的公司實現加速增長。

I know you called out large customers, called out a couple of special projects within the Fortune 500.

我知道你召集了大客戶，召集了財富 500 強中的幾個特殊項目。

But as you just think about the composition of consumption in the quarter and the acceleration outside of those things, do you think the business could have accelerated even at and maintain triple-digit growth even without those anomalies this quarter?

但是，當您僅考慮本季度的消費構成以及這些因素之外的加速時，您是否認為即使本季度沒有這些異常情況，該業務也會加速並保持三位數的增長？

Just trying to double-click around the acceleration you saw on the product side.

只是嘗試雙擊您在產品方面看到的加速度。

Well, our overachievement is partially driven by these large customers.

嗯，我們的超額成就部分是由這些大客戶推動的。

We did see generally across the board, most of our customers have been exceeding their targets.

我們確實普遍看到，我們的大多數客戶都超出了他們的目標。

Yes, there are some that are down, that happen every quarter, but there's a lot more that were above their forecast.

是的，有一些下降，每季度都會發生，但還有很多超出他們的預測。

So it's hard to say, Brent, but yes, I do think we still would have -- if I pulled out a couple of those big customers, with their growth, we still would have been over 100% growth.

所以很難說，布倫特，但是是的，我確實認為我們仍然會有 - 如果我拉出幾個大客戶，隨著他們的增長，我們仍然會有超過 100% 的增長。

Perfect.

完美的。

Very clear.

非常清楚。

And then just you mentioned product add-ons as one of the contributing factors to improving product gross margins this quarter.

然後你剛剛提到產品附加組件是本季度提高產品毛利率的促成因素之一。

Could you maybe give a little color on what 1 or 2 of the more popular product add-ons that are kind of...

您能否對其中 1 或 2 個更受歡迎的產品附加組件提供一點顏色...

We really don't -- we have 1 product, Brent.

我們真的沒有——我們有 1 種產品，布倫特。

I said product addition.

我說的是產品添加。

So we have -- if you recall, we have standard enterprise business critical.

所以我們有——如果你還記得的話，我們有標準的企業關鍵業務。

And yes, we have Virtual Private Snowflake too, but not as many customers use that because they're comfortable from a security going with business critical.

是的，我們也有 Virtual Private Snowflake，但使用它的客戶並不多，因為他們對與業務關鍵型相關的安全性感到滿意。

And it's more of our larger customers using enterprise or business critical that drive margin.

更多的是使用企業或關鍵業務的大客戶推動利潤增長。

And those additions have more features associated with them.

這些新增功能具有更多與之相關的功能。

We have your next question from Tyler Radke with Citi.

我們收到了來自花旗的 Tyler Radke 的下一個問題。

Just wanted to go back to the outperformance that you saw with these 2 customers.

只是想回到您在這 2 位客戶中看到的出色表現。

Just wanted to clarify, Mike, was it something that was kind of onetime in nature?

只是想澄清一下，邁克，這在本質上是一次性的嗎？

Was this just projects that happened lot faster and so kind of the new run rate is faster, and you're just not expecting that type of dynamic to play out going forward?

這只是發生得更快的項目，所以新的運行速度更快，你只是不期望這種動態會在未來發揮作用嗎？

One of the customers I know, does a big project every year at that time of the year, and it seemed to have consumed more.

我認識的一個客戶，每年那個時候都會做一個大項目，而且似乎消耗的更多。

The others, I just don't expect them to grow.

其他的，我只是不指望他們會成長。

They're still going to grow their consumption, but I don't think they're going to grow their consumption at the same rate, and a lot of that is because we are seeing and we did see over the Thanksgiving holiday more people take vacation and at our customers, which does have an impact on their business and how they use Snowflake.

他們仍然會增加消費量，但我認為他們的消費量不會以同樣的速度增長，這在很大程度上是因為我們看到而且我們確實看到感恩節假期有更多人參加假期和我們的客戶，這確實會影響他們的業務以及他們使用 Snowflake 的方式。

And we do expect, over Christmas, there's -- and New Year's, there's going to be more people as well taking more vacation.

而且我們確實預計，在聖誕節期間，以及新年期間，將會有更多的人以及更多的假期。

And we do recognize revenue on a daily basis and we do see dips in our customer consumption on those days.

而且我們確實每天都確認收入，並且我們確實看到那些日子客戶消費量下降。

This is the highest holiday quarter of any quarter.

這是任何季度中最高的假期季度。

Yes.

是的。

Helpful.

有幫助。

And maybe this one is for Frank.

也許這個是給弗蘭克的。

I mean, clearly, the results are really strong.

我的意思是，顯然，結果非常強大。

Nothing to really pick at.

沒什麼好挑剔的。

I think when you talked about some of the vertical, you called out media tech, retail that were particularly strong.

我認為當你談到一些垂直行業時，你提到了媒體技術，零售業特別強大。

If you think about maybe the verticals that were less strong, like what's the biggest thing holding folks back?

如果您考慮一下可能不那麼強大的垂直市場，例如讓人們退縮的最大因素是什麼？

Is it budget?

是預算嗎？

Is it just kind of internal process change?

它只是一種內部流程的改變嗎？

Hiring environment?

招聘環境？

Just give us a sense on the customer constraints in verticals that are maybe not as strong.

只需讓我們了解可能不那麼強大的垂直領域的客戶限制。

Well, I mean there are verticals like, for example, I mean, we talked about this on previous calls, the contribution we're getting from public sector is not where we think it will eventually be under real structural reasons, why that is so.

嗯，我的意思是有一些垂直領域，例如，我的意思是，我們在之前的電話會議上談到了這一點，我們從公共部門獲得的貢獻並不是我們認為最終會在真正的結構性原因下的貢獻，為什麼會這樣.

And we're solving for those issues, and that business will come along.

我們正在解決這些問題，而這項業務將會出現。

But there is a lot of friction.

但是有很多摩擦。

I mean we're dealing with infrastructure that has existed for a very long period of time, is completely grafted into operational processes.

我的意思是我們正在處理已經存在很長時間的基礎設施，完全移植到運營流程中。

You don't just unplug that stuff and plug something in and you're off to the races, right?

你不只是拔掉那些東西並插入一些東西然後你去參加比賽，對吧？

These are generational shifts and transitions that enterprises are taking.

這些是企業正在經歷的代際轉變和過渡。

So it's not like throwing a switch, these are very, very carefully orchestrated transitions over a long period of time.

所以這不像是扔一個開關，這些是在很長一段時間內非常非常精心策劃的過渡。

It takes a lot of resources.

這需要很多資源。

It takes a lot of people.

它需要很多人。

And then once they sort of get to the other side, yes, then you see the acceleration happening.

然後一旦他們到達另一邊，是的，然後你會看到加速發生。

We see that over and over.

我們一遍又一遍地看到這一點。

And once they are replatformed, all of a sudden because of the nature of the Snowflake platform itself, sky's the limit because they're just -- the platform is so accommodating of so many different workloads, and it just works.

一旦它們被重新平台化，突然之間，由於 Snowflake 平臺本身的性質，天空就是極限，因為它們只是——該平台可以容納這麼多不同的工作負載，而且它可以正常工作。

So then the friction is -- and we've gone from a lot of friction to almost no friction, which sometimes to our customers should run -- because things are running away from them maybe a little bit too quickly, and we help them with that.

那麼摩擦是 - 我們已經從很多摩擦變成幾乎沒有摩擦，有時我們的客戶應該運行 - 因為事情可能有點太快了，我們幫助他們那。

But that's really what Snowflake does.

但這確實是 Snowflake 所做的。

Once you get on the platform, the friction is very, very low to spinning up new workloads and new projects and new programs, and that's what you see us benefiting from.

一旦你進入這個平台，啟動新工作負載、新項目和新程序的摩擦非常非常小，這就是你看到我們從中受益的地方。

We have your next question from Keith Weiss with Morgan Stanley.

我們有來自摩根士丹利的 Keith Weiss 的下一個問題。

I think this one is for Mike.

我想這個是給邁克的。

But when I'm looking at your guys' results, I mean, you guys have been doing really well for an extended period of time.

但是當我看到你們的成績時，我的意思是，你們在很長一段時間內都做得很好。

And this quarter was pretty remarkable.

這個季度非常了不起。

But it seems to me like in the last 2 quarters, you've seen, if anything, like an upward inflection in terms of the dollar-based net expansion rate improving.

但在我看來，就像在過去的兩個季度中，你已經看到，如果有的話，就像以美元為基礎的淨擴張率改善方面的向上拐點。

And Mike, your willingness to kind of bring up the sort of out quarter guide and sort of like it's more of a beat and big raise cadence now than it was in the initial quarters out of the gate.

和邁克，你願意提出那種四分之一的指導，有點像現在比最初的四分之一更節拍和大幅提高節奏。

Is there something that changed 2 quarters ago that give you guys more visibility or more confidence in the business or that inflected in the business that explains what we're kind of seeing in the numbers here?

兩個季度前是否有什麼變化讓你們對業務有更多的了解或信心，或者對業務產生影響，從而解釋了我們在此處的數字中看到的情況？

I think it's a couple of things.

我認為這是幾件事。

One, we talked about that when Frank came on board pre going public, we really shifted to going after some of the largest companies in the world, not that we weren't going after them before.

第一，我們談到當弗蘭克在上市前加入時，我們真的轉向關注世界上一些最大的公司，而不是我們之前沒有關注它們。

But I would say we more aggressively -- the way we line up our sales force.

但我想說我們更積極——我們排列銷售隊伍的方式。

And it takes a number of years to ramp those customers, and we're seeing a lot of these companies starting to mature right now to a lot of the things we've been doing.

增加這些客戶需要數年時間，我們看到很多這些公司現在開始成熟到我們一直在做的很多事情上。

With new product features like Snowpark.

具有 Snowpark 等新產品功能。

And the power buy, we're seeing the benefits of that taking place.

而電力購買，我們看到了這種情況的好處。

And not to mention the network effect with data sharing and other things that we're starting to see that in the stable edges.

更不用說數據共享的網絡效應和我們開始在穩定邊緣看到的其他事情了。

It's kind of starting to come to fruition.

這有點開始開花結果了。

Verticalization is the other one, too.

垂直化也是另一個。

That whole media cloud, that is a huge thing for us.

整個媒體雲，對我們來說是一件大事。

Not to mention financial services cloud.

更不用說金融服務云了。

And I think we're getting much better, our salespeople, at selling the business value into those verticals.

而且我認為我們的銷售人員在向這些垂直領域銷售業務價值方面做得更好。

Got it.

知道了。

And then maybe one follow-up.

然後也許是一個後續行動。

If there are investor concerns around Snowflake, and there's not too many investor concerns, but it's -- within consumption models, the bills could build up pretty quickly.

如果有投資者對 Snowflake 的擔憂，並且沒有太多的投資者擔憂，但在消費模型中，賬單可能會很快增加。

And you guys see that in terms of your customers get pretty -- some of your customers get pretty big, pretty fast.

你們看到，就您的客戶變得漂亮而言——您的一些客戶變得非常大，非常快。

But we've seen an example of where customers get sticker shock over time, and it becomes kind of bad marketing and difficult for companies to deal with.

但是我們已經看到了一個例子，隨著時間的推移，客戶會感到震驚，這會成為一種糟糕的營銷方式，公司難以應對。

How do you guys avoid that?

大家怎麼避免呢？

How do you sort of ensure that your customers are seeing value from the solution but don't get that sticker shock that the consumption model could bring and they're using more of this than what we had expected?

您如何確保您的客戶從解決方案中看到價值，但不會受到消費模式可能帶來的那種貼紙衝擊，並且他們使用的這種東西比我們預期的要多？

This is Frank.

這是弗蘭克。

One of the great things about running a consumption model is that we charge back who is spending the compute, which business unit.

運行消費模型的一大好處是我們可以向誰花費計算，哪個業務部門收取費用。

So business units can decide where they want to run those workloads, how often they want to run it, how they want to provision it.

因此，業務部門可以決定他們想要在哪裡運行這些工作負載、他們想要運行它的頻率以及他們想要如何配置它。

So they're really in charge.

所以他們真的很負責。

It's not sort of a runaway utility model.

這不是一種失控的實用新型。

People can selectively decide which workloads they want to run and what is the business case for it.

人們可以有選擇地決定他們想要運行哪些工作負載以及它的業務案例是什麼。

And that's the way it's supposed to work.

這就是它應該工作的方式。

That really mitigates the sticker shock.

這確實減輕了貼紙的衝擊。

If people can make investment decisions as they go along and as who owns it.

如果人們可以隨著他們的進展以及誰擁有它而做出投資決策。

We're seeing with some of our large banking customers, they went from recomputing loan rates on a monthly basis.

我們看到我們的一些大型銀行客戶，他們從每月重新計算貸款利率開始。

They're doing it every night.

他們每天晚上都在做。

Well, they had a business case for it.

好吧，他們有一個商業案例。

Does it cost money?

它要花錢嗎？

Yes, it costs money.

是的，它要花錢。

So in other words, what's really happening is, in the beginning, people have sticker shock, yes.

所以換句話說，真正發生的事情是，一開始，人們對貼紙感到震驚，是的。

Because the build goes from 1x to 2x to 10x, whatever it is.

因為構建從 1x 到 2x 再到 10x，不管它是什麼。

We're really resetting what is normal and what is appropriate spend for this class of computing.

我們真的在重新設置這類計算的正常支出和適當支出。

It is very different than what it historically has been, because of hey, what we're now capable of, but also the necessity.

它與歷史上的情況非常不同，因為嘿，我們現在有能力，但也有必要。

Given the comments that we made earlier about direct -- the trend of direct-to-consumer, full-on digital transformation.

鑑於我們之前對直接的評論——直接面向消費者的全面數字化轉型的趨勢。

I mean you can choose to sit on your heels and wait it out, but I won't recommend that.

我的意思是你可以選擇坐在你的腳後跟等待它，但我不會推薦。

Yes.

是的。

I'll also add, too, is we really stress with customers to take training on how best practices around how to use Snowflake, how to optimize your queries.

我還要補充一點，我們是否真的向客戶強調要接受有關如何使用 Snowflake 的最佳實踐、如何優化查詢的培訓。

And we go into our largest customers.

我們進入我們最大的客戶。

And I'll tell you, last quarter, 1 of our top 10 customers, we saw a big decrease in their consumption more than what we were forecasting.

我會告訴你，上個季度，我們的前 10 名客戶中有 1 名，我們看到他們的消費量大幅下降，超過了我們的預測。

Why?

為什麼？

Because our RSAs went in there and helped optimize that customer.

因為我們的 RSA 參與其中並幫助優化了該客戶。

But you want to know what, when we do that, that customer then moves more workloads.

但是您想知道，當我們這樣做時，該客戶會轉移更多工作負載。

And we're seeing this quarter already, they're tracking ahead of our forecast because they're using it in a more optimized way, and the customer sees the value they're getting out of Snowflake.

我們已經看到本季度，他們正在跟踪我們的預測，因為他們以更優化的方式使用它，並且客戶看到了他們從 Snowflake 中獲得的價值。

Let me add a quick comment.

讓我添加一個快速評論。

Also on the topic of performance, we are very intentional that each time that we make the system faster, we're improving also the economics of Snowflake.

同樣關於性能的話題，我們非常有意識地每次讓系統更快，我們也在提高 Snowflake 的經濟性。

And we hear very consistently from our customers that those are very welcome surprises, where the economics of the platform are getting better without having to do any upgrades or changes to their platform.

我們經常從客戶那裡聽到，這些都是非常受歡迎的驚喜，平台的經濟性正在變得更好，而無需對其平台進行任何升級或更改。

Congratulations on the awesome quarter.

祝賀這個令人敬畏的季度。

We have your next question from Gray Powell with BTIG.

我們有來自 BTIG 的 Gray Powell 的下一個問題。

This is Janet Zhang on for Gray Powell.

這是格雷·鮑威爾的珍妮特·張。

Congrats on the quarter.

祝賀本季度。

So I was wondering, what do you think is the best forward-looking predictor of revenue?

所以我想知道，你認為最好的前瞻性收入預測指標是什麼？

I know last quarter, there was a focus on RPO, which can move around.

我知道上個季度，人們關注 RPO，它可以四處走動。

So how much weight do you think we should put on things like RPO or customer adds versus just the pace of net new product revenue in a good quarter?

那麼，您認為我們應該對 RPO 或客戶增加之類的事情給予多大的重視，而不是僅僅考慮一個好季度的淨新產品收入的步伐？

And I would say the first thing is that the guidance we give.

我想說的第一件事是我們提供的指導。

The second thing is historical revenue growth patterns, coupled with the current portion of RPO to build your models.

第二件事是歷史收入增長模式，再加上 RPO 的當前部分來構建您的模型。

We have your next question from Karl Keirstead with UBS.

我們有來自瑞銀的 Karl Keirstead 的下一個問題。

Great.

偉大的。

Maybe I'll direct this one to Christian.

也許我會把這個指向克里斯蒂安。

The data science ML workload opportunity seems to be huge.

數據科學 ML 工作負載機會似乎是巨大的。

And I think everybody on this call took notice of your data science-related announcements at your recent Snow Day.

我認為本次電話會議上的每個人都注意到了您在最近的下雪日發布的與數據科學相關的公告。

I just wanted to ask you how ambitious Snowflake is about going after those workloads?

我只是想問你，Snowflake 對這些工作負載的追求有多大？

And how willing are you to go up against the likes of Databricks, DataRobot, DataIQ and others?

您是否願意與 Databricks、DataRobot、DataIQ 等公司抗衡？

Or do you view them more as partners?

還是您更多地將他們視為合作夥伴？

Yes.

是的。

Karl, the way we think about it is we want to help our customers bring the computation, to do data science and machine learning, onto Snowflake so that they don't have to copy the data out and miss out on the benefits of data governance, et cetera.

Karl，我們的想法是，我們希望幫助我們的客戶將計算、數據科學和機器學習帶到 Snowflake 上，這樣他們就不必復制數據並錯過數據治理的好處，等等。

As such, the big investments we've done have been all around extensibility.

因此，我們所做的大筆投資都是圍繞可擴展性進行的。

That's where you see Snowpark.

那就是你看到雪地公園的地方。

That's easy pipeline.

這是簡單的管道。

And we're partnering with all of the companies that you mentioned for them to drive consumption and compete on Snowflake.

我們正在與您提到的所有公司合作，以推動消費並在 Snowflake 上競爭。

So what we want is to have those solutions come and run natively on public.

因此，我們想要的是讓這些解決方案在公共環境中本地運行。

Okay.

好的。

Got it.

知道了。

Good luck casing that opportunity, it seems material.

祝你好運，抓住這個機會，似乎很重要。

It's very large, yes.

它非常大，是的。

We have your last question from Brent Thill with Jefferies.

Brent Thill 與 Jefferies 的最後一個問題是我們。

Frank, look forward to the book.

弗蘭克，期待這本書。

When you think about unstructured data, I know you made an announcement to push harder here, can you talk to us about what you're seeing from customers' interest level?

當您考慮非結構化數據時，我知道您宣布要在這裡更加努力，您能否與我們談談您從客戶的興趣水平看到了什麼？

And are you starting to see customers go in production or is that a '22 event?

您是開始看到客戶投入生產還是 22 年的活動？

Thanks for the plug on the book there, Brent.

感謝布倫特在這本書上的插件。

I'm going to ask Christian to address this question.

我要請克里斯蒂安來回答這個問題。

Yes.

是的。

So unstructured data went into form a figure at our Snow Day.

因此，非結構化數據在我們的雪天形成了一個數字。

We are seeing quite a bit of adoption.

我們看到了相當多的採用。

We're seeing images, documents, even speech recordings getting stored into Snowflake.

我們看到圖像、文檔甚至語音記錄都存儲在 Snowflake 中。

And we're seeing customers start to leverage Snowpark to do programming in Java to get value out of those files.

我們看到客戶開始利用 Snowpark 使用 Java 進行編程以從這些文件中獲取價值。

So it's looking pretty good from the early adoption the few weeks that it has been in public preview.

因此，從它在公共預覽版中的幾個星期的早期採用來看，它看起來相當不錯。

And Mike, you mentioned media and financial services as it relates to verticals.

邁克，您提到了與垂直行業相關的媒體和金融服務。

If you had kind of the next 2 verticals on ready, reserved to -- ready to take off, what would you say those are, sitting on the tarmac, ready to roll into '22 if you had up and comers?

如果你準備好接下來的 2 個垂直項目，保留到 - 準備起飛，你會說這些是什麼，坐在停機坪上，準備好進入 22

I think health care is going to be a big one.

我認為醫療保健將是一個大問題。

I think -- longer term, I do think public sector will be a big vertical we're working on.

我認為 - 從長遠來看，我確實認為公共部門將是我們正在努力的一個大垂直領域。

And retail is a very, very big vertical for us that we'll take.

零售對我們來說是一個非常非常大的垂直領域。

Listen, we're doing well across the board.

聽著，我們在各個方面都做得很好。

We're just really highlighting we're doing exceptionally well in media and financial services.

我們只是在強調我們在媒體和金融服務方面做得非常好。

We have no further questions at this time.

目前我們沒有其他問題。

Presenters, please continue.

主持人，請繼續。

Thanks, everyone.

感謝大家。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。