Snowflake Inc (SNOW) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Q4 FY '21 Snowflake Earnings Conference Call.

女士們，先生們，感謝你們的支持，歡迎來到 21 財年第四季度雪花收益電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想把會議交給今天的演講者，投資者關係主管 Jimmy Sexton。

Thank you.

謝謝。

Please go ahead, sir.

請繼續，先生。

Good afternoon, and thank you for joining us on Snowflake's Q4 Fiscal 2021 Earnings Call.

下午好，感謝您加入我們的 Snowflake 2021 財年第四季度財報電話會議。

Joining me are Frank Slootman, our Chairman and Chief Executive Officer; and Mike Scarpelli, our Chief Financial Officer.

加入我的是我們的董事長兼首席執行官 Frank Slootman；和我們的首席財務官 Mike Scarpelli。

During today's call, we will review our financial results for fourth quarter fiscal 2021 and discuss our guidance for the first quarter and full year fiscal 2022.

在今天的電話會議上，我們將回顧我們 2021 財年第四季度的財務業績，並討論我們對 2022 財年第一季度和全年的指引。

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，包括與我們業務的預期業績、未來財務業績、戰略、產品和功能、長期增長以及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.

這些陳述受風險和不確定因素的影響，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 and the Form 10-K for the fiscal year ended January 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盤後發布的收益新聞稿和我們向美國證券交易委員會提交的文件中找到，包括我們最近提交的 10-Q 表格和截至 2021 年 1 月 31 日的財政年度的 10-K 表格，我們將向 SEC 提交文件。

We caution you cannot 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.

我們警告您不能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責任或義務。

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.

我們在內部使用這些非 GAAP 財務措施來進行財務和運營決策，並作為評估期間比較的一種方式。

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

非 GAAP 財務措施是根據 GAAP 計算的財務措施的補充，而不是替代。

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

要查看這些非 GAAP 財務措施的對賬，請參閱我們今天早些時候發布的收益新聞稿和我們在 investors.snowflake.com 上發布的投資者介紹。

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 finished our fiscal year with strong consumption across our customer base, with 116% growth year-on-year to $178 million in fourth quarter product revenue.

我們以強勁的客戶群消費結束了本財年，第四季度產品收入同比增長 116% 至 1.78 億美元。

Remaining performance obligations of $1.3 billion grew 213% year-on-year, reflecting strength in sales across the board.

剩餘履約義務為 13 億美元，同比增長 213%，反映了全面銷售的強勁勢頭。

Coupled with this rapid growth, we saw improving operating efficiency while onboarding over 800 new employees for the year.

加上這種快速增長，我們看到運營效率得到提高，同時全年有 800 多名新員工入職。

Our growth is driven by long-term secular trends in data science and analytics and enabled by cloud scale computing and Snowflake's cloud-native software architecture.

我們的增長受到數據科學和分析的長期長期趨勢的推動，並受到雲規模計算和 Snowflake 的雲原生軟件架構的支持。

With the onslaught of digital transformation, data operations become the beating heart of the modern enterprise.

隨著數字化轉型的衝擊，數據運營成為現代企業的核心。

Customers realize that to survive and thrive, they need to step up their data game given what is now possible with technology.

客戶意識到，要生存和發展，他們需要加強他們的數據遊戲，因為現在技術可以做到這一點。

The Snowflake Data Cloud enables breakthrough data strategies.

Snowflake 數據云支持突破性的數據策略。

Capacity limitations are a thing of the past.

容量限制已成為過去。

There are virtually no constraints anymore on the number of workloads that can execute at the same time against the same data.

對於可以同時針對相同數據執行的工作負載數量，幾乎不再有任何限制。

The performance of individual workloads has increased by orders of magnitude.

單個工作負載的性能提高了幾個數量級。

The latency has been reduced by similar proportions.

延遲也減少了類似的比例。

The only constraints left are budgets and our customers' imagination, and we believe those boundaries are shifting quickly as well.

剩下的唯一限制是預算和我們客戶的想像力，我們相信這些界限也在迅速改變。

The Snowflake Data Cloud also breaks new ground in terms of data access, which is increasingly critical for data science, artificial intelligence and machine learning workloads.

Snowflake 數據云還在數據訪問方面開闢了新天地，這對數據科學、人工智能和機器學習工作負載越來越重要。

The days of mostly in-silo analytics are numbered.

主要進行筒倉內分析的日子已經屈指可數了。

The promise of data science is to discover and mobilize data relationships that can be glimpsed across a broad diversion -- diversity of data sources and data types.

數據科學的前景是發現和調動數據關係，這些關係可以在廣泛的轉移中瞥見——數據源和數據類型的多樣性。

Physical boundaries between data sets dictated by technology legacies have no meaning or significance in data science.

由技術遺產決定的數據集之間的物理邊界在數據科學中沒有任何意義。

Science sees the world's data as a single universe that is easily, seamlessly and frictionlessly traversed as if its one giant database.

科學將世界數據視為一個單一的宇宙，可以輕鬆、無縫、無摩擦地遍歷，就好像它是一個巨大的數據庫。

That is the essence of the Snowflake Data Cloud: world-class workload execution, coupled with practically unfettered data access across clouds, cloud regions and geographies.

這就是 Snowflake 數據云的精髓：世界級的工作負載執行，加上幾乎不受限制的跨雲、雲區域和地理的數據訪問。

BlackRock, the world's largest asset manager, has adopted the Snowflake Data Cloud to help make the best investment decisions for their clients.

全球最大的資產管理公司貝萊德已採用 Snowflake 數據云來幫助其客戶做出最佳投資決策。

Last week, we announced a strategic partnership to launch the Aladdin Data Cloud powered by Snowflake.

上週，我們宣布了一項戰略合作夥伴關係，以推出由 Snowflake 提供支持的阿拉丁數據云。

Now Aladdin clients can combine 11 portfolio data with non-Aladdin data to analyze faster and create customer applications and dashboards.

現在，Aladdin 客戶可以將 11 個投資組合數據與非 Aladdin 數據結合起來，以更快地進行分析並創建客戶應用程序和儀表板。

Clients will have a single control plane to make data-driven decisions around portfolio management, trade execution, investment operations, analysis and risk management.

客戶將擁有一個單一的控制平面，圍繞投資組合管理、交易執行、投資運營、分析和風險管理做出數據驅動的決策。

With Aladdin landing becoming a strategic part of the Snowflake Data Cloud, our shared goal with BlackRock is to create the cutting-edge industry standard for accessing, governing and acting on data in a unified and governant data environment.

隨著 Aladdin 落地成為 Snowflake 數據云的戰略組成部分，我們與 BlackRock 的共同目標是創建尖端的行業標準，以便在統一和治理的數據環境中訪問、治理和操作數據。

The data cloud is inspiring more new conversations with customers and prospects, and it leads them to a different view of their data strategies going forward.

數據云激發了與客戶和潛在客戶的更多新對話，並使他們對未來的數據戰略有了不同的看法。

Active data sharing relationships in the Snowflake Data Cloud are growing by leaps and bounds, increasing 51% quarter-on-quarter.

Snowflake 數據云中活躍的數據共享關係正在突飛猛進，環比增長 51%。

We're seeing rapid adoption of the Snowflake Marketplace as well, with consumption attributable to data from marketplace providers up 48% quarter-over-quarter and new listings growing 10x year-on-year to a total of 380 as of the end of the fiscal year.

我們也看到 Snowflake Marketplace 的快速採用，來自市場供應商的數據的消費量環比增長 48%，截至 2018 年底，新上市商品數量同比增長 10 倍，總數達到 380 個財政年度。

Newly added to the Marketplace in Q4 are data providers, such as ZoomInfo, Western Union and Foursquare.

第四季度新加入 Marketplace 的是數據提供商，例如 ZoomInfo、Western Union 和 Foursquare。

Our continued push to campaign the largest enterprises in the world is proving to be successful.

事實證明，我們對世界上最大的企業的持續推動是成功的。

We added 19 Fortune 500 customers in Q4, including Mastercard, Genuine Parts, Northern Trust.

我們在第四季度增加了 19 家財富 500 強客戶，包括 Mastercard、Genuine Parts、Northern Trust。

While customers choose to partner with Snowflake because of the data cloud, we still must meet customers wherever they are on their technology journey.

雖然客戶因為數據云而選擇與 Snowflake 合作，但我們仍然必須滿足客戶在技術之旅中的任何位置。

Often, engagements begin with a migration of legacy data warehouse platforms.

通常，參與始於遺留數據倉庫平台的遷移。

We have engaged in over 75 legacy migrations last year, and we have identified many more for this year.

去年我們進行了超過 75 次遺留遷移，今年我們還確定了更多。

Our global system integration partners, or GSIs, have seen their backlogs multiply and are rushing to staff, train and provision the resources to meet the demand head on.

我們的全球系統集成合作夥伴 (GSI) 已經看到他們的積壓工作成倍增加，正急於配備人員、培訓和提供資源以滿足需求。

While we team up with our GSIs, our strategy is to rely on our implementation partners for much of this work.

當我們與 GSI 合作時，我們的策略是依靠我們的實施合作夥伴來完成大部分工作。

We were pleased to welcome Infosys to Snowflake Elite partner status during the quarter.

我們很高興地歡迎 Infosys 在本季度成為 Snowflake Elite 合作夥伴。

A Fortune 100 technology company has deployed Snowflake across numerous lines of business since migrating their on-premise data warehouse platform to Snowflake.

自從將本地數據倉庫平台遷移到 Snowflake 以來，一家財富 100 強科技公司已在眾多業務線中部署了 Snowflake。

Because of Snowflake, their marketing department touts a more informed decision-making process with 20x faster support for their customers.

由於 Snowflake，他們的營銷部門吹捧了一個更明智的決策過程，為他們的客戶提供了 20 倍更快的支持。

For fiscal 2022, our focus is to turbocharge our Snowflake Data Cloud with massive workload execution, expansions and refinements as well as expand our data federation with numerous new additions to the Snowflake Marketplace.

在 2022 財年，我們的重點是通過大量工作負載執行、擴展和改進來增強我們的 Snowflake 數據云，並通過向 Snowflake Marketplace 添加大量新內容來擴展我們的數據聯合。

While our selling motions address some of the world's smallest as well as largest data estates in the world, we will have continued emphasis on landing and expanding in the largest enterprises and institutions, not just in the Americas, but also in EMEA and Asia Pacific.

雖然我們的銷售動議涉及世界上一些世界上最小和最大的數據資產，但我們將繼續強調登陸和擴展最大的企業和機構，不僅在美洲，而且在 EMEA 和亞太地區。

To that end, we have announced new leadership in the latter region to accelerate and scale the Snowflake campaign there.

為此，我們宣布了後一個地區的新領導層，以加速和擴大那裡的 Snowflake 活動。

A new global initiative we began last year and are now accelerating is a vertical industry focus, which is permeating our sales, marketing, alliances, product and service organizations.

我們去年開始並正在加速實施的一項新的全球計劃是垂直行業重點，它正在滲透到我們的銷售、營銷、聯盟、產品和服務組織中。

We have long sold almost exclusively on architectural distinction, which has served us well, and we will continue to do so in situations that warrant it.

長期以來，我們幾乎完全以建築特色為賣點，這對我們很有幫助，我們將在有保證的情況下繼續這樣做。

But our large enterprise focus has informed an evolution to a go-to-market motion that is industry-specific and outcome-oriented.

但我們對大型企業的關注已經向特定行業和以結果為導向的上市行動提供了信息。

We view this as a maturation of Snowflake in the large enterprise.

我們認為這是 Snowflake 在大型企業中的成熟。

We also now have so much critical mass in our target verticals, coupled with industry-specific data marketplaces that this strategy will further differentiate Snowflake.

我們現在在目標垂直領域也擁有如此多的臨界質量，再加上特定於行業的數據市場，這一戰略將進一步區分 Snowflake。

We are super excited about the new year.

我們對新的一年感到非常興奮。

We have the technology, the talent and the organization to fully pursue our opportunity.

我們擁有充分把握機會的技術、人才和組織。

And 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。

Q4 was another quarter of exceptional execution and a strong finish to our first fiscal year as a publicly

第 4 季度又是一個出色執行的季度，也是我們第一個財政年度作為公開上市公司的完美收尾

(technical difficulty)

（技術難度）

Our Q4 product revenues were $178 million, representing 116% year-over-year growth, and the remaining performance obligations were $1.3 billion.

我們第四季度的產品收入為 1.78 億美元，同比增長 116%，剩餘履約義務為 13 億美元。

The outperformance of consumption spanned all verticals as we continue to see our customers deploy Snowflake across their organizations.

隨著我們繼續看到我們的客戶在他們的組織中部署 Snowflake，消費的表現跨越所有垂直領域。

Our strong RPO results continue to be driven by more multimillion-dollar deals as well as our customers' willingness to engage in multiyear contracts.

我們強勁的 RPO 業績繼續受到更多數百萬美元交易以及我們的客戶簽訂多年合同的意願的推動。

Of the $1.3 billion in RPO, we expect approximately 55% to be recognized as revenue in the next 12 months.

在 13 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。

As a reminder, this number is an estimate and could fluctuate significantly due to our consumption business model.

提醒一下，這個數字是一個估計值，可能會因我們的消費業務模式而大幅波動。

The strong performance reflects Snowflake's role as both a technology solution, offering superior execution across workloads, and as a strategic partner, enabling digital transformation through the data cloud.

強大的性能反映了 Snowflake 作為技術解決方案的角色，提供跨工作負載的卓越執行，以及作為戰略合作夥伴，通過數據云實現數字化轉型。

We continue to invest in growth opportunities, and we are now benefiting from our maturing enterprise sales efforts.

我們繼續投資於增長機會，我們現在正受益於我們成熟的企業銷售工作。

In Q4, we saw the number of customers with greater than $1 million in trailing 12 months product revenue increase to 77, up from 65 last quarter, with 12 customers now consuming over $5 million on a trailing 12-month basis.

在第四季度，我們看到過去 12 個月產品收入超過 100 萬美元的客戶數量從上一季度的 65 個增加到 77 個，其中 12 個客戶在過去 12 個月的基礎上消費超過 500 萬美元。

Internationally, we have expanded our sales force across relevant geographies.

在國際上，我們擴大了相關地區的銷售隊伍。

We are seeing promising traction in these markets but remain in the early stages of this opportunity.

我們在這些市場看到了有希望的牽引力，但仍處於這個機會的早期階段。

Turning to margins.

轉向利潤率。

On a non-GAAP basis, our product gross margin was 70%, up 400 basis points from last year.

按非美國通用會計準則計算，我們的產品毛利率為 70%，比去年上升 400 個基點。

Favorable cloud service agreements, growing scale across regions, our enterprise success and ongoing discounting discipline all contribute to steady gross margin improvement.

有利的雲服務協議、跨地區不斷擴大的規模、我們的企業成功和持續的折扣紀律都有助於穩步提高毛利率。

Our operating margin was negative 24%, benefiting from revenue outperformance and continued T&E savings.

我們的營業利潤率為負 24%，這得益於收入表現出色和持續節省 T&E。

Our adjusted free cash flow margin was 9%, positively impacted by strong collections, with Q4 being our largest booking quarter, cash inflows relating to our employee stock purchase program and operating margin outperformance.

我們調整後的自由現金流利潤率為 9%，受到強勁收款的積極影響，第四季度是我們最大的預訂季度，與我們的員工股票購買計劃相關的現金流入和營業利潤率表現出色。

As a reminder, adjusted free cash flow excludes the impact of cash paid for employer payroll taxes on employee stock transactions.

提醒一下，調整後的自由現金流不包括為雇主工資稅支付的現金對員工股票交易的影響。

This quarter, we saw a $10 million impact from those items.

本季度，我們看到這些項目產生了 1000 萬美元的影響。

While we will continue to focus on long-term margin expansion and profitability, we do experience free cash flow seasonality, and Q1 and Q4 will continue to be our strongest free cash flow quarters.

雖然我們將繼續專注於長期利潤率擴張和盈利能力，但我們確實經歷了自由現金流的季節性變化，第一季度和第四季度將繼續成為我們自由現金流最強的季度。

We are very proud of our strong free cash flow.

我們為我們強大的自由現金流感到自豪。

On a year-over-year basis, we cut our annual cash burn by 64% or $128 million or more than doubling the business.

與去年同期相比，我們將每年的現金消耗減少了 64% 或 1.28 億美元，或者說業務翻了一番還多。

And we have implemented operations that will help us show more profitability while continuing to invest heavily in the business.

我們實施的運營將幫助我們在繼續大力投資業務的同時顯示出更多的盈利能力。

We've ended the year in a strong cash position, with approximately $5.1 billion in cash, cash equivalents and short-term and long-term investments.

我們在年底的現金狀況良好，擁有大約 51 億美元的現金、現金等價物以及短期和長期投資。

This enables us to explore a number of strategic initiatives, including Snowflake Ventures, which has made several investments in the quarter, including DataRobot, Hunters, [Noma] and Lacework.

這使我們能夠探索一些戰略舉措，包括 Snowflake Ventures，它在本季度進行了幾項投資，包括 DataRobot、Hunters、[Noma] 和 Lacework。

Our mission is to engage more organizations with the data cloud and all investments aim to drive increased consumption of Snowflake.

我們的使命是讓更多的組織參與數據云，所有投資都旨在推動 Snowflake 消費的增長。

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 first quarter of fiscal 2022, we expect product revenues between $195 million and $200 million, representing year-over-year growth between 92% and 96%.

對於 2022 財年第一季度，我們預計產品收入在 1.95 億美元至 2 億美元之間，同比增長 92% 至 96%。

Turning to margins.

轉向利潤率。

We expect, on a non-GAAP basis, negative 23% operating margin, and we expect 289 million weighted average shares outstanding.

我們預計，在非 GAAP 基礎上，營業利潤率為負 23%，我們預計流通在外的加權平均股數為 2.89 億股。

For the full year fiscal 2022, we expect product revenues between $1 billion and $1.02 billion, representing year-over-year growth between 81% and 84%.

對於 2022 財年全年，我們預計產品收入在 10 億美元至 10.2 億美元之間，同比增長 81% 至 84%。

Turning to profitability.

轉向盈利能力。

We expect, on a non-GAAP basis, 71% product gross margins, negative 19% operating margins and breakeven adjusted free cash flow.

我們預計，在非 GAAP 基礎上，產品毛利率為 71%，營業利潤率為負 19%，調整後的自由現金流為盈虧平衡。

And we expect 295 million weighted average shares outstanding.

我們預計流通在外的加權平均股數為 2.95 億股。

Our outlook includes increased investments in our FedRAMP initiatives and accelerating migrations off of legacy solutions, both of which will drive enterprise customer success.

我們的展望包括增加對我們的 FedRAMP 計劃的投資和加速從遺留解決方案的遷移，這兩者都將推動企業客戶取得成功。

In order to support our growth and initiatives, we plan on adding more than 1,200 net new employees during the year.

為了支持我們的發展和舉措，我們計劃在年內淨增 1,200 多名新員工。

With respect to COVID, our forecast assumes that we will continue to work remotely for the foreseeable future with an increase to potential travel expenses in the back half of the year.

關於 COVID，我們的預測假設我們將在可預見的未來繼續遠程工作，並在今年下半年增加潛在的差旅費用。

We are benefiting from strong productivity in our current environment, and we have successfully onboarded and ramped new employees since March 2020.

我們受益於當前環境下強大的生產力，自 2020 年 3 月以來，我們已成功入職並增加了新員工。

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。

Before closing, I'd like to note a few recent or upcoming events.

在結束之前，我想說明一些最近或即將發生的事件。

Today, we announced that on March 1, 2021, our Class B shareholders in accordance with our governing documents converted all of our Class B common stock to Class A common stock, eliminating the dual class structure of our common stock and ensuring that each share has an equal vote.

今天，我們宣布，2021 年 3 月 1 日，我們的 B 類股東根據我們的管理文件將我們所有的 B 類普通股轉換為 A 類普通股，取消了我們普通股的雙層結構，並確保每一股都有平等投票。

We view this as operationally beneficial to the company and our shareholders.

我們認為這在運營上對公司和我們的股東有利。

In addition, the restrictions under our IPO lockup that expire on March 5, and almost all remaining shares not purchased in the private placement or secondary transactions concurrent with our IPO will no longer be subject to a lockup agreement.

此外，我們的 IPO 禁售限制將於 3 月 5 日到期，幾乎所有未在 IPO 同期的定向增發或二次交易中購買的剩餘股份將不再受禁售協議約束。

And lastly, we will host a virtual Investor Day in conjunction with Snowflake Summit, our annual users conference, the week of June 7. If you are interested in attending, please e-mail ir@snowflake.com.

最後，我們將在 6 月 7 日那一周與我們的年度用戶大會 Snowflake 峰會一起舉辦虛擬投資者日。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，你現在可以打開問題熱線了。

(Operator Instructions) Your first question comes from the line of Raimo Lenschow with Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats.

恭喜。

That was -- these are amazing numbers.

那是——這些都是驚人的數字。

First one, Frank, this quarter, we saw a little bit more noise around kind of market activity.

第一個，弗蘭克，本季度，我們看到了圍繞某種市場活動的更多噪音。

I think it's probably because of your success.

我想這可能是因為你的成功。

Can you see if you've experienced any changes in the competitive dynamic out there?

你能看看你是否經歷過競爭動態的任何變化嗎？

And then I have a follow-up for Mike.

然後我要跟進邁克。

Not really, Raimo.

不是真的，雷莫。

Things have been stable, and certainly from a public cloud standpoint, par for the course there in terms of the comparisons of legacy providers, no change there either.

事情一直很穩定，當然從公共雲的角度來看，就傳統提供商的比較而言，這與那裡的課程相同，那裡也沒有變化。

If I sort of take a global perspective on it, I'd say that I feel that our competitive position is gradually strengthening, and I'm just basing that on the types of interactions we have with customers.

如果我從全球的角度來看，我會說我覺得我們的競爭地位正在逐漸加強，我只是基於我們與客戶的互動類型。

We're operating far more at CEO level now than at the highest level of IT.

我們現在在 CEO 級別的運作遠遠超過 IT 的最高級別。

So there's definitely, I feel, an inflection there that is reflecting the relative position of the company in marketplace, which we feel is very good.

因此，我認為肯定存在一種反映公司在市場中的相對地位的變化，我們認為這非常好。

Okay.

好的。

Perfect.

完美的。

And then, Mike, on the gross margins, I mean, we've seen the progress this year, and you gave us guidance.

然後，邁克，關於毛利率，我的意思是，我們已經看到了今年的進展，你給了我們指導。

Just talk a little bit about the drivers for the gross margin improvement we are going to expect in the coming year and what are the -- like is it more of these contracts with the cloud providers?

只需談談我們預期在來年提高毛利率的驅動因素，以及與雲提供商簽訂的更多此類合同是什麼？

Or what's driving it going forward?

或者是什麼推動它前進？

And what's left to do for you to reach the long-term goals?

為了實現長期目標，您還需要做些什麼？

Yes.

是的。

I would say the contracts with the cloud providers started kicking in, in Q3, and we had the full benefit in Q4.

我會說與雲提供商的合同在第三季度開始生效，我們在第四季度獲得了全部收益。

I don't anticipate renegotiating our cloud contracts next year.

我預計明年不會重新談判我們的雲合同。

We may be in a situation at the end of the year, but I'm not expecting that.

我們可能會在今年年底遇到這種情況，但我沒想到會這樣。

It's really driven by getting more scale within our existing deployments.

它實際上是通過在我們現有的部署中獲得更大的規模來驅動的。

We have a number of deployments where we're not at scale, and we see those ramping right now.

我們有許多規模不大的部署，我們現在看到這些部署正在增加。

As an example, like Japan, Japan has been running at a negative gross margin because we just don't have very many customers, but we're starting to ramp there.

例如，像日本一樣，日本一直處於負毛利率，因為我們的客戶不多，但我們開始在那裡增加。

That will turn around.

那會轉過來的。

And that's just one example.

這只是一個例子。

We're in 20 deployments around the world.

我們在世界各地進行了 20 次部署。

And think of the deployment as a data center

並將部署視為數據中心

(technical difficulty)

（技術難度）

places.

地方。

But also as we move higher up into larger enterprises, they tend to buy our -- higher addition are business critical.

但隨著我們進入更大的企業，他們也傾向於購買我們的 - 更高的附加值對業務至關重要。

Yes, those big customers require more discounting, but the margin -- the contribution margin from those higher SKUs more than offsets that discounting to drive gross margin, which gives us the confidence that we'll get to those mid-70s.

是的，那些大客戶需要更多的折扣，但利潤率——來自那些更高 SKU 的貢獻利潤率超過抵消了折扣以推動毛利率，這讓我們有信心我們會達到 70 年代中期。

It's not going to happen next year, but see that continued gradual improvement.

明年不會發生這種情況，但可以看到這種情況會持續逐步改善。

Your next question comes from the line of Derrick Wood with Cowen.

你的下一個問題來自 Derrick Wood 和 Cowen 的對話。

Great, and congrats as well on a very strong quarter.

太好了，也祝賀一個非常強勁的季度。

I guess, first for Frank, how are you feeling about the ability to onboard salespeople at a good clip and keep up with the demand trends out there, particularly kind of in this work-from-home environment?

我想，首先對於 Frank，您如何看待能夠以良好的速度招募銷售人員並跟上那裡的需求趨勢，尤其是在這種在家工作的環境中？

And then headed into the new year, any go-to-market tweaks you're planning that you would call out?

然後進入新的一年，您計劃進行哪些上市調整？

Yes.

是的。

So salespeople, I think we're doing incredibly well, and we're making lots of changes and adjustments that are further strengthening our organization.

所以銷售人員，我認為我們做得非常好，我們正在做很多改變和調整，進一步加強我們的組織。

I'm sure you know that 1.5 years ago, we separated our U.S. selling organization and enterprise and what we call majors, which are the largest 200 or so accounts.

我相信你知道 1.5 年前，我們將我們的美國銷售組織和企業以及我們所說的專業分開，這是最大的 200 個左右的帳戶。

And we've really stepped up our staffing, and that organization really hiring the absolute best people available in the marketplace for those roles.

而且我們真的加強了我們的人員配置，而且該組織確實聘請了市場上最優秀的人才來擔任這些職位。

So I'm really positive on that.

所以我對此非常肯定。

In terms of what's changing on our go-to-market, I referenced that in the prepared remarks.

就我們進入市場的變化而言，我在準備好的評論中提到了這一點。

I mean we are very aggressively verticalizing our selling motions and our general posture in accounts.

我的意思是我們正在非常積極地垂直化我們的銷售動議和我們在賬戶中的一般姿勢。

We find it very important that when we interact with customers, there's always an industry context to the conversation.

我們發現，當我們與客戶互動時，談話始終要有行業背景，這一點非常重要。

We're much more outcome-oriented.

我們更注重結果。

Customers are sometimes interested in architecture and things of that sort and comparing workloads and all of that.

客戶有時會對架構和此類事物以及比較工作負載等感興趣。

But increasingly, when you get higher up in larger enterprises, they just want to know what it means to their business and what are other people doing.

但越來越多的是，當你在更大的企業中獲得更高的職位時，他們只想知道這對他們的業務意味著什麼以及其他人在做什麼。

So that is a significant change, and we are investing literally at every level in the organization.

所以這是一個重大的變化，我們在組織的各個層面都進行了投資。

So starting with products, moving into marketing, moving into alliances as well as into sales.

所以從產品開始，進入營銷，進入聯盟，然後進入銷售。

And so this is a very serious effort that started last year and that will continue underway this year.

因此，這是一項非常認真的工作，從去年開始，並將在今年繼續進行。

Great.

偉大的。

And Mike, maybe one for you, nice uptick in new customers in the quarter.

邁克，也許是給你的，本季度新客戶的增長很好。

Anything to call out to what's helping drive that acceleration?

有什麼可以說明是什麼幫助推動了這種加速？

Is it better productivity or more capacity?

是更高的生產力還是更大的產能？

Or is it something you're starting to see, this viral networking effect from your data sharing?

還是您開始看到這種來自您的數據共享的病毒式網絡效應？

Is that something that can move the needle and starting to help lift customer generation?

這是可以推動針頭並開始幫助提升客戶生成的東西嗎？

Well, I would say there was definitely an increase in average productivity per rep in terms of the number of cap 1 deals that they brought in on average.

好吧，我想說的是，就他們平均帶來的上限 1 交易數量而言，每個代表的平均生產率肯定會提高。

In terms of the data sharing, I don't have any specific data on that, but that is clearly a discussion point with every customer and one of the reasons why they choose to go with Snowflake or it helps the decision to go with Snowflake.

在數據共享方面，我沒有任何具體數據，但這顯然是每個客戶的討論點，也是他們選擇使用 Snowflake 的原因之一，或者它有助於做出使用 Snowflake 的決定。

But it's also the fact that we're ramping.

但這也是我們正在加速發展的事實。

We've been adding so many reps, and we've been ramping those people.

我們一直在增加如此多的代表，而且我們一直在增加這些人。

Your next question comes from the line of Patrick Colville with Deutsche Bank.

你的下一個問題來自德意志銀行的 Patrick Colville。

Congrats on an extremely impressive set of numbers.

祝賀一組非常令人印象深刻的數字。

I just want to touch on the competitive environment.

我只想談談競爭環境。

I mean the earlier question from Raimo was around competition with the cloud-native vendors, but one of the "legacy" on-prem vendors put up some pretty impressive cloud numbers a month ago.

我的意思是 Raimo 之前提出的問題是關於與雲原生供應商的競爭，但其中一家“傳統”本地供應商在一個月前提出了一些令人印象深刻的雲數據。

How are dynamics with the incumbents shaping out?

現任者的動態如何形成？

And yes, I'd love your color on that, please?

是的，我喜歡你的顏色，好嗎？

Patrick, it's Frank.

帕特里克，是弗蘭克。

I can honestly say that in my almost 2 years here, I've never seen the legacy provider being in the running for a go-forward destination for the platform, if you will.

我可以誠實地說，在我在這裡將近 2 年的時間裡，如果您願意的話，我從未見過傳統提供商正在為該平台的前進目的地而奔波。

So the competition, it's always moving off of legacy platforms, and the competition has been very, very focused on the public cloud options.

所以競爭總是從遺留平台轉移，競爭一直非常非常關注公共雲選項。

What I will say is that we're seeing the public cloud vendors having significant struggles in terms of migrating successfully off of these legacy platforms, which, of course, brings relative strength to these -- to some of these legacy providers.

我要說的是，我們看到公共雲供應商在成功遷移出這些遺留平台方面遇到了重大困難，當然，這給這些遺留提供商帶來了相對優勢。

I think that Snowflake is really the only platform that is successfully and consistently and, now at scale, moving these workloads to the cloud.

我認為 Snowflake 確實是唯一一個成功且始終如一的平台，並且現在已大規模將這些工作負載轉移到雲端。

But just to some degree, the legacy providers are hanging in there longer because if you're not going with Snowlake, you're going to have a struggle one in your hands.

但在某種程度上，傳統供應商在那裡停留的時間更長，因為如果你不選擇 Snowlake，你將面臨一個艱難的局面。

So that's sort of my commentary on that topic.

這就是我對那個話題的評論。

Yes.

是的。

I mean that's very helpful.

我的意思是這很有幫助。

And can I just ask a quick follow-on to Mike, if possible?

如果可能的話，我可以問一下邁克的快速跟進嗎？

It seems like implicit in guidance is that 1Q up margin looks like it will increase pretty materially year-on-year.

指導中似乎隱含的是，第一季度的利潤率看起來將同比大幅增長。

Are you guys slowing up the pace of hiring?

你們是不是放慢了招聘的步伐？

Or how should we think about that component?

或者我們應該如何考慮該組件？

No.

不。

We are absolutely not slowing hiring down.

我們絕對不會放慢招聘速度。

As we've just mentioned, we're going to add 1,200 people next year.

正如我們剛才提到的，明年我們將增加 1,200 人。

Actually, Q1 is a very, very big onboarding quarter.

實際上，Q1 是一個非常非常大的入職季度。

It will be probably the largest quarter of the year because we're onboarding a lot of people in the sales and marketing organization in advance of our sales kickoff that we just had.

這可能是今年最大的一個季度，因為我們在剛剛開始的銷售開始之前就在銷售和營銷組織中招募了很多人。

We are investing as quickly while being efficient in our business as we can.

我們正在盡可能快地進行投資，同時盡可能提高業務效率。

Fantastic.

極好的。

Congrats on a very impressive results.

祝賀你取得了令人印象深刻的結果。

Your next question comes from the line of Brad Zelnick with Crédit Suisse.

你的下一個問題來自 Crédit Suisse 的 Brad Zelnick。

Excellent, and I echo the congrats as well.

太好了，我也表示祝賀。

Well done, guys.

做的好各位。

I've got one for Frank and maybe one for Mike.

我有一件給弗蘭克，也許還有一件給邁克。

Frank, can you share more about the BlackRock partnership, with Aladdin Cloud on the Snowflake Data Cloud, specifically, can you talk about the economics of these types of relationships and the success criteria that you use for gauging the progress?

弗蘭克，你能否分享更多關於貝萊德與雪花數據云上的阿拉丁雲的合作關係，具體來說，你能談談這些類型的關係的經濟學以及你用來衡量進展的成功標準嗎？

And maybe as well, how many partnerships like this are out there to go after?

也許還有多少這樣的伙伴關係可以追求？

No, there's a lot of partnerships out there to go after.

不，有很多合作夥伴關係需要追求。

I think that announcement by itself triggered a whole rash of conversations, both from the financial industry as well as other industries.

我認為這一聲明本身引發了金融業和其他行業的一連串討論。

This whole conversation around customers building their own data cloud, it's really the center of their universe, the way they interact with their partners, their customers, their stakeholders is a huge idea, and people are seeing the opportunity and the potential.

圍繞客戶構建自己的數據云的整個對話，它確實是他們宇宙的中心，他們與合作夥伴、客戶、利益相關者互動的方式是一個偉大的想法，人們看到了機會和潛力。

And obviously, for BlackRock because they are the world's largest asset manager with, whatever it is, $21 trillion, $22 trillion of assets under management, they realized that they needed to modernize and transform to be able to continue to be in a very dominant position.

顯然，對於貝萊德來說，因為他們是世界上最大的資產管理公司，管理著 21 萬億美元、22 萬億美元的資產，他們意識到他們需要現代化和轉型才能繼續處於非常主導的地位.

And it was -- from an economic standpoint, it's really no different than what we're doing.

它是——從經濟的角度來看，它與我們正在做的並沒有什麼不同。

In other words, it's not a different line of business for us.

換句話說，這對我們來說不是不同的業務。

It's the same product, same business practices and so on.

這是相同的產品，相同的商業慣例等等。

But obviously, these relationships are highly strategic to us because they become cornerstones to the Snowflake Data Cloud and the data universe because this induces network effect all over the place from people that need to have access to this data or provide access.

但顯然，這些關係對我們來說具有高度戰略意義，因為它們成為 Snowflake 數據云和數據世界的基石，因為這會從需要訪問此數據或提供訪問權限的人們那裡引發網絡效應。

Just said in a simpler way, Brad, all of those Aladdin customers that want data through Aladdin, if they want to get their data, the most efficient way are going to have to be Snowflake customers.

只是用更簡單的方式說，布拉德，所有那些想要通過阿拉丁獲取數據的阿拉丁客戶，如果他們想要獲取數據，最有效的方式必須是雪花客戶。

Excellent.

出色的。

That makes perfect sense.

這是完全有道理的。

And Mike, maybe just to follow up with you.

邁克，也許只是為了跟進你。

It's great to see net retention continues to be really strong, I think best-in-class of anything else we look at.

很高興看到淨保留率仍然非常強勁，我認為這是我們所看到的同類產品中最好的。

But as we think about the cohort of customers that you've added in the last 12 months, how are they tracking relative to prior years?

但是當我們考慮您在過去 12 個月中添加的客戶群時，他們相對於往年的跟踪情況如何？

And maybe just asked differently, like, how do we think about the size of your lands today and how that might be changing and informs your view or our view on how we might think about that retention rate going forward?

也許只是問了不同的問題，例如，我們如何看待您今天的土地面積以及這可能會發生什麼變化，並告知您的觀點或我們對未來保留率的看法？

Yes.

是的。

So I do expect net retention rate this year to remain very high.

所以我確實預計今年的淨保留率將保持很高。

It should be north of 160% throughout the year is what we see right now.

我們現在看到的全年應該在 160% 以上。

In terms of average deal size landing, that is not changing that much.

就平均交易規模著陸而言，變化不大。

What's happening -- because I want to stress, it takes customers -- especially if you're doing a legacy migration, it can take customers 6 months-plus before we start to recognize any consumption revenue from those customers because they're doing the data migration.

發生了什麼——因為我想強調，這需要客戶——特別是如果你正在進行遺留遷移，客戶可能需要 6 個月以上的時間才能開始確認這些客戶的任何消費收入，因為他們正在做數據遷移。

And what we find is -- so they consume very little in the first 6 months, and then in the remaining 6 months, they've consumed their entire contract they have.

我們發現 - 所以他們在前 6 個月消耗很少，然後在剩下的 6 個月裡，他們消耗了他們擁有的全部合同。

And when we do a renewal, that's when most customers are doing the multiyear renewals once they've proven the use case on Snowflake.

當我們進行續訂時，大多數客戶一旦在 Snowflake 上證明了用例，就會進行多年續訂。

And so I haven't seen much difference other than we are -- as you know, when Frank came here, he really started focusing more on enterprise customers.

所以我沒有看到我們之間有什麼不同——正如你所知，當弗蘭克來到這裡時，他真的開始更多地關注企業客戶。

We are landing more Fortune 500 customers.

我們正在吸引更多財富 500 強客戶。

We talked about we landed 19 in the quarter.

我們談到我們在本季度登陸 19。

But those 19 we landed, just to reiterate, we've recognized virtually no revenue on those customers.

但是，我們登陸的那 19 家，只是重申一下，我們幾乎沒有確認這些客戶的收入。

That's all in the RPO that will be in the next 12 months.

這就是未來 12 個月的 RPO 中的全部內容。

Your next question comes from the line of Patrick Walravens with JMP.

您的下一個問題來自 JMP 的 Patrick Walravens。

Great, and congratulations.

太好了，恭喜。

Frank or Mike, can you double-click on the migration?

弗蘭克或邁克，你能雙擊遷移嗎？

So why is it so hard to migrate legacy data warehouse?

那麼為什麼遷移遺留數據倉庫如此困難呢？

What are the steps you have to take that are so time-consuming?

您必須採取哪些步驟如此耗時？

And then what is it about Snowflake's platform that makes it so much better suited to do it than the cloud providers?

那麼 Snowflake 的平台是什麼讓它比雲提供商更適合這樣做呢？

So that's a great question.

所以這是一個很好的問題。

So first of all, our database migrations have been hard since time immemorial.

所以首先，我們的數據庫遷移自古以來就很困難。

They've never been easy.

他們從來都不容易。

They've been lengthy.

他們已經很久了。

They've been expensive.

它們很貴。

They've been risky.

他們一直在冒險。

And customers are quite leery of them as well.

客戶也對它們持懷疑態度。

One of the reasons is that while we can analyze the data, read the structures, we can analyze the code, we can automatically convert a lot of it, usually, there is no straightforward mapping of some of the data between these databases.

原因之一是，雖然我們可以分析數據，讀取結構，我們可以分析代碼，我們可以自動轉換很多，通常，這些數據庫之間的某些數據沒有直接映射。

For example, you take some of the legacy flavors out there.

例如，您採用了一些傳統口味。

They have proprietary artifacts that just simply do not have a counterpart on Snowflake because Snowflake is a complete standard ANSI SQL environment.

他們擁有專有的工件，而這些工件在 Snowflake 上根本沒有對應物，因為 Snowflake 是一個完整的標準 ANSI SQL 環境。

So that means that we have to reengineer.

所以這意味著我們必須重新設計。

We have to enrich your structures.

我們必須豐富你們的結構。

We have to optimize workloads, things of that sort.

我們必須優化工作負載，諸如此類。

The integrity of the data is absolutely everything.

數據的完整性絕對是一切。

When you do a data migration, what makes customers fear for us, they want to make sure that when the systems land on the other side, they are getting exactly the same results that they were getting before.

當您進行數據遷移時，讓客戶擔心我們的是什麼，他們希望確保當系統登陸另一端時，他們得到的結果與之前完全相同。

So the integrity is 100% maintained.

所以完整性是 100% 保持的。

And there is just not a matter of this throw on a big switch and hoping for the best.

而且，這只是一個大開關並希望最好的問題。

So that's sort of a little bit of color on texture, why these things are viewed as sort of high friction.

所以這在紋理上有點顏色，為什麼這些東西被視為一種高摩擦。

Now we're good at it because we're experts out of this.

現在我們很擅長，因為我們是這方面的專家。

This is what we do.

這就是我們所做的。

And we have a ton of experience doing it.

我們在這方面有很多經驗。

And that accumulated experience as well as a lot of the tooling that we have to support these efforts is resulting in very good results, very predictable results, time-wise, cost-wise and outcome.

積累的經驗以及我們必須支持這些努力的大量工具正在產生非常好的結果，非常可預測的結果，時間明智，成本明智和結果。

So that's why.

所以這就是為什麼。

Your next question comes from the line of Brent Thill with Jefferies.

你的下一個問題來自 Brent Thill 與 Jefferies 的合作。

Frank, a lot of the customers are excited your journey to unstructured.

弗蘭克，很多客戶對您的非結構化之旅感到興奮。

I'm just curious if you could update us on that journey and how far out are customers going to have to wait.

我只是想知道您是否可以向我們介紹這段旅程的最新情況，以及客戶需要等待多長時間。

What are you starting to see in terms of some of the discussions around the commitment beyond the structured stance you already have?

在圍繞您已有的結構化立場之外的承諾的一些討論中，您開始看到什麼？

Yes.

是的。

Well, so Brent, first of all, I mean, we're 100% committed to that.

那麼，布倫特，首先，我的意思是，我們 100% 致力於此。

I mean it's -- from a strategy standpoint, it's something we absolutely have to do.

我的意思是——從戰略的角度來看，這是我們絕對必須做的事情。

When you think of data sciences, data relationships don't just exist between like data.

當您想到數據科學時，數據關係不僅僅存在於相似的數據之間。

They exist between structured and unstructured data.

它們存在於結構化數據和非結構化數據之間。

That's actually where a lot of the power is going to come from, the type of signals that we can drive out of the data.

這實際上是很多力量的來源，我們可以從數據中去除的信號類型。

I think I said last time that we're going to really substantially update the world on where we are with that as well as demonstrate our June user event.

我想我上次說過，我們將真正大幅更新我們的世界，並展示我們的 6 月用戶活動。

So you should really expect the second half where you're going to see the real results of that strategy starting to become available in previous and things of that sort.

因此，您真的應該期待下半年，您將看到該策略的實際結果開始在之前和類似的事情中出現。

And one of the other themes that the customers keep talking through, Frank, just as it relates to some of the partnerships, whether it's with Tableau or Salesforce or ThoughtSpot, some of the other interfaces that's making your data more consumable by the mass market.

弗蘭克，客戶一直在談論的其他主題之一，就像它與一些合作夥伴關係有關，無論是與 Tableau 還是 Salesforce 或 ThoughtSpot，其他一些接口讓你的數據更容易被大眾市場使用。

And we've heard seen incredible stories of customers moving faster with you because of those partnerships.

由於這些合作夥伴關係，我們聽說過令人難以置信的故事，客戶與您的合作速度更快。

Can you just bring us up to speed on what you're hearing and seeing from customers and what some of the deployments look like you're hearing kind of common feedback on?

您能否讓我們快速了解您從客戶那裡聽到和看到的內容，以及您聽到的一些常見反饋？

Well, we have relationships literally with every single business intelligence, BI.

好吧，我們實際上與每個商業智能 BI 都有關係。

Vendor Tableau is definitely the largest one, but we also have -- we're going gangbusters with Power BI, which is the Microsoft product also.

供應商 Tableau 絕對是最大的一個，但我們也有——我們將與 Power BI 一起大放異彩，這也是微軟的產品。

And we're going to -- we expect to see a lot of growth in that area as well.

我們將 - 我們希望在該領域也能看到很多增長。

So we're -- those relationships are really, really solid.

所以我們 - 這些關係真的非常牢固。

We have a product of our own called Snowsight, which is really not meant to be so much competitive with the likes of Tableau and Power BI and many of the others.

我們有一個名為 Snowsight 的自己的產品，與 Tableau 和 Power BI 以及許多其他產品相比，它真的沒有那麼大的競爭力。

That's really our homegrown, if you will, embedded product really for data analysts as opposed to for end-user distribution.

如果你願意的話，那真的是我們自己開發的嵌入式產品，真正適用於數據分析師，而不是最終用戶分發。

But there's no doubt that Snowflake makes these products absolutely sing.

但毫無疑問，Snowflake 讓這些產品大放異彩。

It's just the sheer scale of execution, the performance, the provisioning.

這只是執行、性能和配置的絕對規模。

So without Snowflake, it's just very difficult for these products to really have the snappy dynamic performance that users are looking for.

因此，如果沒有 Snowflake，這些產品就很難真正擁有用戶正在尋找的快速動態性能。

So the combination of these technologies, Snowflake with the entire family of BI products out there, very, very important to deliver a good sort of end result to the customer.

因此，將這些技術、Snowflake 與整個 BI 產品系列相結合，對於向客戶提供良好的最終結果非常非常重要。

Your next question comes from the line of Kash Rangan with Goldman Sachs.

你的下一個問題來自 Kash Rangan 與高盛的合作。

Congratulations on the superb quarter.

祝賀這個出色的季度。

Two questions.

兩個問題。

Frank, one for you.

弗蘭克，給你一個。

As you talked about how the decisions are increasingly being made by the C level, not it's just the CIO, but CEO level, can you talk about how they are looking at Snowflake in relation to their digital transformation initiatives?

當您談到 C 級別如何越來越多地做出決策時，不僅僅是 CIO，還有 CEO 級別，您能談談他們如何看待與數字化轉型計劃相關的 Snowflake 嗎？

Generally here, customer experience, employee experience is fairly digital, but help us connect the dots, what are your CEOs -- customer CEOs thinking in regards to Snowflake and how Snowflake specifically drives their digital transformation?

通常在這裡，客戶體驗、員工體驗是相當數字化的，但請幫助我們將這些點聯繫起來，您的 CEO 是什麼——客戶 CEO 對 Snowflake 的看法以及 Snowflake 如何具體推動他們的數字化轉型？

Yes.

是的。

So the angle they're taking is one of digital transformation.

所以他們採取的角度是數字化轉型。

IT organizations are typically focused on what we call modernization.

IT 組織通常專注於我們所說的現代化。

They're taking existent workloads.

他們正在承擔現有的工作量。

They want to move them from the on-premise environment to the cloud, but essentially take advantage of the utility model.

他們想將它們從內部部署環境轉移到雲端，但本質上是利用實用模型。

And all of that is fundamentally running the same workloads on a platform like Snowflake.

所有這些基本上都是在像 Snowflake 這樣的平台上運行相同的工作負載。

When you get to business people and CEOs, they're looking for new angles.

當你接觸到商界人士和首席執行官時，他們正在尋找新的角度。

They're looking for transformation, not just modernization.

他們正在尋求轉型，而不僅僅是現代化。

So it's often very easy to determine in these conversations what people are after doing things differently and looking for advantage.

因此，在這些對話中通常很容易確定人們在以不同的方式做事並尋求優勢之後是什麼。

Digital transformation plays a big role.

數字化轉型發揮著重要作用。

What that means here is that they're looking to drive signals out of their data.

這意味著他們正在尋求從數據中提取信號。

They're trying to define data relationships through data models that they then can take advantage of.

他們試圖通過隨後可以利用的數據模型來定義數據關係。

And once I can describe the data relationship, I can predict it, and I can even make prescriptions out of it as well.

一旦我能描述數據關係，我就可以預測它，甚至可以開藥方。

And things are going to go end-to-end digital, lights out -- light speed.

事情將走向端到端數字化，熄燈——光速。

So it's -- the digital transformation is a big thing.

所以它 - 數字化轉型是一件大事。

You can think of things like really improving the efficiency and yield on marketing and sales outreach, improving service experiences and obviously, very, very, very high scale and very, very high precision and very, very high economy on these type of processes compared to what they historically have done.

您可以考慮真正提高營銷和銷售推廣的效率和收益，改善服務體驗，以及與他們在歷史上做過什麼。

The data cloud is central to these conversations.

數據云是這些對話的核心。

One of the things that we drive very hard is that in future, data operations are going to be very much dominated by data really moving in an orbit where, in other words, data is flowing between partners and all kinds of stakeholders, and people are able to not just analyze data in silos but very effortlessly address data really across -- really a very broad orbit.

我們非常努力推動的一件事是，在未來，數據運營將在很大程度上由真正在軌道上移動的數據主導，換句話說，數據在合作夥伴和各種利益相關者之間流動，人們正在不僅能夠分析孤島中的數據，而且能夠非常輕鬆地處理真正跨越的數據——真的是一個非常廣泛的軌道。

That includes their own data, but then external data sources, data from partners, social media, IoT, structured, unstructured.

這包括他們自己的數據，然後是外部數據源、來自合作夥伴、社交媒體、物聯網的數據，結構化的，非結構化的。

That's really where people are looking for significant advantage from where they historically have been.

這確實是人們從他們過去所在的地方尋找顯著優勢的地方。

Got it, Frank.

明白了，弗蘭克。

And also, your biggest customers, what are the problem areas they're pushing you into that could open up new opportunities?

而且，您最大的客戶，他們將您推向哪些可能帶來新機會的問題領域？

Our biggest customers, what are the opportunities they're pushing us into?

我們最大的客戶，他們推動我們進入的機會是什麼？

Well, the opportunities that are central to the conversations with our bigger customers are data cloud-oriented.

好吧，與我們的大客戶對話的核心機會是面向數據云的。

That means establishing data network and relationships, not just internally but especially externally.

這意味著建立數據網絡和關係，不僅是在內部，尤其是在外部。

I mean we're well on our way in our journey.

我的意思是我們的旅程進展順利。

I mean we disclosed some of the growth rates in our prepared remarks, but that conversation is front and the center with every single customer.

我的意思是我們在準備好的評論中披露了一些增長率，但這種對話是每個客戶的首要和中心。

Everybody is trying to figure out.

每個人都在想辦法。

Historically, we have shared data through APIs and through file transfer processes, copying and replicating.

從歷史上看，我們通過 API 和文件傳輸過程、複製和復制來共享數據。

It's been an enormous struggle.

這是一場巨大的鬥爭。

The opportunity with Snowflake as to make this 0 latency, 0 friction, completely seamless.

Snowflake 有機會使這種 0 延遲、0 摩擦、完全無縫。

So it is an enormous game changer to what people are used to and what the status quo has been.

因此，它極大地改變了人們的習慣和現狀。

Yes.

是的。

Your next question comes from the line of Brad Reback with Stifel.

您的下一個問題來自 Brad Reback 與 Stifel 的對話。

Frank, early in the call, you talked about the limitless nature of the product set and that it's only limited by the customers' imagination.

弗蘭克，在電話的早期，你談到了產品集的無限性，它只受客戶想像力的限制。

How do you help those clients manage budgeting issues given the usage that they rack up on the system very quickly?

考慮到他們在系統上的使用量非常快，您如何幫助這些客戶管理預算問題？

Yes.

是的。

It's a good question and certainly a topic that we discuss often.

這是一個很好的問題，當然也是我們經常討論的話題。

The big change in paradigm is that historically, in on-premise data centers, people have to manage capacity.

範例的重大變化是，從歷史上看，在本地數據中心，人們必須管理容量。

And now they don't manage capacity anymore, but they need to manage consumption.

現在他們不再管理容量，但他們需要管理消耗。

And that's a new thing, not for everybody, but for most.

這是一個新事物，不是對每個人，而是對大多數人。

I mean people that are in the public cloud have gotten used to the notion of consumption, obviously, because it applies equally to the infrastructure clouds.

我的意思是公共雲中的人們已經習慣了消費的概念，顯然，因為它同樣適用於基礎設施雲。

Now we do a lot.

現在我們做了很多。

We have full-blown charge back capabilities so that the consumers are -- of compute are -- and of our service are really accountable for what they do and don't do.

我們擁有成熟的退款功能，因此消費者——計算的消費者——以及我們的服務的消費者真正對他們做什麼和不做什麼負責。

We have hard limits.

我們有嚴格的限制。

We have soft limits.

我們有軟限制。

We have notifications.

我們有通知。

We have dashboards.

我們有儀表板。

So there's a lot of ways to do this.

所以有很多方法可以做到這一點。

But at the same time, there's -- people are really so motivated and inspired by the capabilities that they have, sometimes they get a little bit out of control in terms of the amount of processing that they were planning to do.

但與此同時，人們真的被他們所擁有的能力所激勵和啟發，有時他們在計劃進行的處理量方面有點失控。

It's a very, very buoyant situation.

這是一個非常非常樂觀的情況。

I mean we've been bottled up literally for generations.

我的意思是我們世世代代都被封閉起來了。

And now there's a situation where there is no upper limit to how much you can do.

而現在有一種情況，你能做多少沒有上限。

And that's intoxicating, quite honestly.

老實說，這令人陶醉。

And we also see organizations really getting used to managing consumption, how much do we really want to allow because, oftentimes, they are very compelling business reasons why they do need to consume these services as opposed just looking at the amount of spend.

我們還看到組織真的開始習慣於管理消費，我們真正想要允許多少，因為通常情況下，他們是非常有說服力的商業理由，為什麼他們確實需要消費這些服務，而不是只看支出金額。

So it's manageable, but it's a new discipline, and it's a new mindset that everybody needs to get their head around.

所以它是可控的，但它是一門新學科，也是一種新的思維方式，每個人都需要重新思考。

And we provide the infrastructure and governance capabilities to do that.

我們提供基礎設施和治理能力來做到這一點。

Your next question comes from the line of Brent Bracelin with Piper Sandler.

你的下一個問題來自 Brent Bracelin 和 Piper Sandler 的台詞。

One quick one for you, Mike, and then a follow-up for Frank.

邁克，給你一個快速的，然後是弗蘭克的後續。

The dollar value of new contract signings exceeded in Q4, exceeded all of last year.

第四季度新簽合同的美元價值超過了去年全年。

And so my question is, there's some seasonality that drove that?

所以我的問題是，有一些季節性因素推動了這一點？

Is this just improving sales productivity?

這只是提高了銷售效率嗎？

Walk me through the drivers there of the RPO momentum you saw in Q4, and then one quick follow-up.

向我介紹你在第四季度看到的 RPO 勢頭的驅動因素，然後是快速跟進。

So number of things.

這麼多東西。

A, obviously, you're always going to get seasonality because that's a bookings number.

答，很明顯，你總是會受到季節性影響，因為那是一個預訂號碼。

And obviously, salespeople in Q4 are going to try to maximize their acceleration they're into.

很明顯，第四季度的銷售人員將嘗試最大限度地提高他們的加速度。

But it's also a function of the number of reps that we have now ramped up, and it's also a function of the fact that we're getting into larger customers as well, too.

但這也是我們現在增加的代表數量的一個函數，也是我們也在進入更大客戶這一事實的一個函數。

And it's not just the larger new customers.

不僅僅是更大的新客戶。

It's existing large customers with big renewals because we're growing within those customers and the multiyear component of those customers.

它是現有的大客戶和大更新，因為我們在這些客戶和這些客戶的多年組成部分中成長。

As I mentioned earlier, most initial what we call cap 1 customers order tend to be 1-year contracts.

正如我之前提到的，我們稱之為 cap 1 客戶訂單的大多數初始訂單往往是 1 年期合同。

And it's the renewal and the follow-on that tends to be the multiyear once they've proven the use cases.

一旦他們證明了用例，更新和後續往往會持續多年。

That's not always the case.

情況並非總是如此。

That's just what we've been seeing historically.

這正是我們在歷史上所看到的。

I do expect, as we become a larger company, we'll see more and more of those capacity 1 customers sign up for multiyear deals day 1 as well.

我確實希望，隨著我們成為一家更大的公司，我們將看到越來越多的容量 1 客戶也在第 1 天簽署多年交易。

Got it.

知道了。

Helpful color there.

那裡有幫助的顏色。

And then, Frank, we've heard internal use case for data sharing inside of a corporation has the potential to become -- will be the killer app here.

然後，弗蘭克，我們聽說公司內部數據共享的內部用例有可能成為——將成為這裡的殺手級應用。

You have some great stats on data marketplace, which is really around sharing data externally, but do you have any color for us around internal use cases for data sharing?

您在數據市場上有一些很好的統計數據，這實際上是圍繞外部共享數據，但是您對我們關於數據共享的內部用例有什麼看法嗎？

Are you seeing any sort of material changes and customer interest for internal data sharing use cases?

您是否看到內部數據共享用例有任何實質性變化和客戶興趣？

The interesting thing is most of the data sharing is actually externally, not internally.

有趣的是，大部分數據共享實際上是在外部，而不是在內部。

And one of the reasons is as I look at some of our larger customers, they maintain a single copy of all their data, and they allow all their operating functions and departments and business units to execute clusters against that single copy of the data.

其中一個原因是，當我觀察我們的一些大客戶時，他們維護所有數據的單一副本，並且他們允許所有運營職能部門和業務部門針對該單一數據副本執行集群。

So they're sharing data effectively because they're having a single copy of the data, right?

所以他們可以有效地共享數據，因為他們只有一個數據副本，對嗎？

So they really don't have to take advantage of our data exchanges and data sharing because they're literally sitting on the same copy of the data, and that's probably the reason why.

所以他們真的不必利用我們的數據交換和數據共享，因為他們實際上是坐在同一個數據副本上，這可能就是原因。

We sort of have 2 modes of sharing.

我們有兩種共享模式。

One is really tightly coupled where everybody sits on the same data and the other one is the more loosely coupled one, which is through our data-sharing architecture, and customers can actually mix and match.

一種是緊密耦合的，每個人都使用相同的數據，另一種是更鬆散的耦合，這是通過我們的數據共享架構實現的，客戶實際上可以混合搭配。

It depends on their culture and how much they want to have custody to their own data and things of that sort, that sort of drives where they land on that.

這取決於他們的文化，以及他們想要保管自己的數據和此類事物的程度，以及他們依賴這些數據的驅動力。

But the -- architecturally, the tightest model that we have is where there's one company of the data for the entire enterprise and anybody that wants to process against that data, they fire up their own warehouses in their own clusters and they run their own workloads.

但是——在架構上，我們擁有的最嚴格的模型是整個企業的數據由一家公司提供，任何想要處理該數據的人，他們在自己的集群中啟動自己的倉庫，並運行自己的工作負載.

And that's an extremely successful model for Snowflake and our customers.

對於 Snowflake 和我們的客戶來說，這是一個非常成功的模式。

Your next question comes from the line of David Hynes with Canaccord Genuity.

你的下一個問題來自 David Hynes 與 Canaccord Genuity 的合作。

Echo everyone else's congrats.

附和其他人的祝賀。

Really impressive numbers.

真正令人印象深刻的數字。

Just one for me.

只給我一個。

Frank, is there any way to think about a dollar spent with Teradata or one of the legacies, CW vendors turns into X amount of spend with Snowflake?

弗蘭克，有沒有什麼辦法可以考慮在 Teradata 上花費的一美元或其中一個遺產，CW 供應商會在 Snowflake 上花費 X 筆錢？

And I don't know if you can think about it that way, but I sometimes get investors saying, "Hey, Teradata peaked at a little less than $3 billion in revenue." And look, I realize they're not the only share donator, and I realize this is not only replacement, but it gets at the question of like how big can Snowflake really get.

我不知道你是否可以這樣想，但我有時會聽到投資者說，“嘿，Teradata 的收入達到頂峰時略低於 30 億美元。”看，我意識到他們不是唯一的股份捐贈者，而且我意識到這不僅是替代品，而且還涉及 Snowflake 真正可以變大的問題。

So any thoughts to help us kind of frame that question?

那麼有什麼想法可以幫助我們解決這個問題嗎？

Yes.

是的。

Interesting thing is that a lot of the Teradata migration we have done, customers are telling us we're spending half the money, and we're doing 10x the amount of work.

有趣的是，我們完成的很多 Teradata 遷移，客戶告訴我們，我們只花了一半的錢，而我們做的工作量是原來的 10 倍。

And that may not be what you want to hear, but obviously, that's a hell of a deal for them.

這可能不是您想听到的，但顯然，這對他們來說是一筆不小的交易。

What's really expanding in the marketplace is that historically, there have been fixed capacity limits on how much work you could do, and those are gone under -- on a Snowflake platform.

在市場上真正擴大的是，從歷史上看，你可以做多少工作有固定的容量限制，而這些限制在 Snowflake 平台上已經消失了。

You can run as many workloads concurrently, and you can provision those individual workloads as much as you need to.

您可以同時運行盡可能多的工作負載，並且可以根據需要配置這些單獨的工作負載。

So all of a sudden, it's like, hey, I don't have to wait in line for 2 a.m.

所以突然之間，就像，嘿，我不必在凌晨 2 點排隊等候。

slot.

投幣口。

You run a little job.

你經營一份小工作。

It's like everything runs concurrently as much as you can possibly imagine that you want to do.

就像您可以想像自己想做的一樣，一切都同時運行。

Obviously, there is a financial consequence to running a ton of workloads, but there's no operational limit on that.

顯然，運行大量工作負載會產生財務後果，但對此沒有操作限制。

Now what that does is it really starts to inspire people to do things they never entertain because there was no -- not a possibility for them to ever do that.

現在它所做的是真正開始激勵人們去做他們從不娛樂的事情，因為沒有 - 他們不可能這樣做。

So we're sort of in this period where we're unleashing all this imagination as well as all the backlog that has already existed that people are just rushing towards.

因此，我們正處在這個時期，我們正在釋放所有這些想像力以及人們正急於處理的所有已經存在的積壓工作。

Now -- and because data is a driver of digital transformation, it is really the signals that fuel digital processes.

現在——因為數據是數字化轉型的驅動力，它實際上是推動數字化進程的信號。

It's just a very, very core component to how enterprises are evolving.

它只是企業發展的一個非常非常核心的組成部分。

So that's -- I think this market can get -- we've been told by a number of our customers that we're the second-largest line item in their budget behind the public cloud, and that may come as a shock to some.

所以這就是 - 我認為這個市場可以 - 我們的許多客戶告訴我們，我們是他們預算中僅次於公共雲的第二大項目，這可能會讓一些人感到震驚.

But I'm telling you that, that's not going to be out of the ordinary going forward based on what we're seeing.

但我要告訴你的是，根據我們所看到的，這不會是不尋常的。

Yes.

是的。

Your next question comes from the line of Mark Murphy with JPMorgan.

你的下一個問題來自摩根大通的馬克墨菲。

Frank, at the Data Cloud Summit, Benoit had mentioned a goal to try to reduce end-to-end data latency by 10x from where it is today.

Frank，在數據云峰會上，Benoit 提到了一個目標，即嘗試將端到端數據延遲從目前的水平降低 10 倍。

Pretty amazing goal.

相當驚人的目標。

I was wondering if you could walk us through how long you think that might take.

我想知道你是否可以告訴我們你認為這可能需要多長時間。

And what types of new opportunities it could open up maybe for more complex analysis or larger AI models and so forth inside of Snowflake?

它可以為 Snowflake 內部更複雜的分析或更大的 AI 模型等開闢哪些類型的新機會？

Yes, I probably should bring Benoit into the meeting here.

是的，我可能應該讓 Benoit 參加這裡的會議。

We'll let him answer that question.

我們會讓他回答這個問題。

One of the areas that we are investing in where we have extraordinary talent that we have attracted the company is where our event-driven architectures.

我們正在投資的領域之一是我們吸引了公司的非凡人才，那就是我們的事件驅動架構。

Today, our event latency is sort of seconds and minutes, right?

今天，我們的事件延遲是幾秒鐘和幾分鐘，對嗎？

But you want to drive that down to subsecond and -- dramatically subsecond.

但是你想把它降低到亞秒級——而且是顯著的亞秒級。

You start to open up use cases that are just very different that are really not approachable by a platform approach today.

您開始打開非常不同的用例，這些用例在今天的平台方法中確實無法實現。

They really require a very single purpose optimizations, right?

他們真的需要一個非常單一的目的優化，對吧？

You think about electronic trading and all these things, the latency has to be approaching 0. That obviously -- that requires tremendous optimization on our part, and we are working on that because we see that as a very, very critical part of the ongoing evolution of digital transformations.

你想想電子交易和所有這些東西，延遲必須接近 0。這顯然 - 這需要我們進行大量優化，我們正在努力，因為我們認為這是正在進行的非常非常關鍵的部分數字化轉型的演變。

We're doing a lot of stuff that is where -- what our capabilities are today are totally adequate, but we're foreseeing a world where, just as Benoit said, where we have to become much, much faster than what we've done so far.

我們正在做很多事情——我們今天的能力是完全足夠的，但我們預見到一個世界，就像 Benoit 所說的那樣，我們必須變得比現在快得多到目前為止完成。

And certainly, we have that room up.

當然，我們有那個房間。

We know how to do it.

我們知道該怎麼做。

So again, this is going to expand the marketplace in places where these technologies historically have not been.

因此，這將再次在這些技術歷史上沒有的地方擴大市場。

And as a quick follow-up, Mike.

作為快速跟進，邁克。

It sounds like you're moving upmarket, engaging with more large enterprises pretty rapidly.

聽起來您正在向高端市場轉移，與更多大型企業的合作非常迅速。

Are you seeing a higher mix of Snowflake usage on Microsoft Azure?

您是否看到 Microsoft Azure 上的 Snowflake 使用率更高？

Or should we pencil in AWS sticking around, say, I think it's been 80% to 85% of the usage?

或者我們應該在 AWS 上留下痕跡，比如說，我認為它已經達到了 80% 到 85% 的使用率？

Do you think it would hang in there for this fiscal year?

你認為它會在本財政年度掛在那裡嗎？

I think AWS will continue to be our largest cloud for quite some time, but we are definitely seeing a lot of large enterprise customers choosing to go with Microsoft.

我認為 AWS 將在相當長的一段時間內繼續成為我們最大的雲，但我們肯定會看到很多大型企業客戶選擇與 Microsoft 合作。

But you -- as I mentioned, the revenue is lagging when we book a deal.

但是你——正如我提到的，當我們預訂交易時，收入是滯後的。

So it's going to be the second half of the year.

所以這將是今年下半年。

And even in 2020 -- or fiscal 2023, I think you're going to see Azure kick up as a percentage, but we still think AWS will remain our #1 cloud partner.

即使在 2020 年或 2023 財年，我認為你會看到 Azure 的百分比上升，但我們仍然認為 AWS 仍將是我們的第一大雲合作夥伴。

Congrats.

恭喜。

Your next question comes from the line of Tyler Radke with Citi.

你的下一個問題來自花旗銀行的 Tyler Radke。

I wanted to ask you about that, the strength there.

我想問你的是那裡的力量。

I wanted to see if that's helping you accelerate the win of new logos, if you're able to land with that use case and maybe a customer where you hadn't been successful before.

我想看看這是否能幫助您加速贏得新徽標，如果您能夠使用該用例以及您以前沒有成功過的客戶登陸。

And then as I think about that going forward, I mean, do you think data sharing could get to a point where you start breaking out that revenue over time?

然後當我考慮未來時，我的意思是，你認為數據共享可以達到隨著時間的推移你開始突破收入的地步嗎？

Well, I'm certainly hoping that we will break out that revenue over time.

好吧，我當然希望我們能隨著時間的推移打破這一收入。

But obviously, that's -- we're not there, and we don't know when that will be, but you'll be the first to know.

但很明顯，那是——我們不在那裡，我們不知道那會是什麼時候，但你會是第一個知道的。

What I will tell you, the data cloud conversation is so highly differentiated that even in accounts that are completely dominated by incumbents that it reopens the conversation, and we've seen that over and over and over.

我要告訴你的是，數據云對話是如此高度差異化，以至於即使在完全由現任者主導的賬戶中，它也會重新開啟對話，我們已經一遍又一遍地看到了這一點。

And so it's -- we love it because it's just -- the conversation goes from just modernizing existing workloads, bringing them to the cloud, doing POCs, benchmarking.

所以它是——我們喜歡它，因為它只是——對話從對現有工作負載進行現代化，將它們帶到雲端，進行 POC，基準測試。

So all of a sudden, we're talking about complete innovation transformation.

所以突然之間，我們談到了徹底的創新轉型。

And that's inspiring for the customer.

這對客戶來說是鼓舞人心的。

And obviously, it's great for Snowflake.

顯然，它對 Snowflake 非常有用。

Yes.

是的。

I will just add to that, Tyler, that I don't anticipate breaking out data sharing revenue anytime because it will be difficult.

泰勒，我只想補充一點，我預計不會在任何時候突破數據共享收入，因為這很困難。

And the reason I say that is because the whole data sharing is going to drive people to use Snowflake because they're going to have to consume their data, but that's just a piece of their data.

我之所以這麼說，是因為整個數據共享將促使人們使用 Snowflake，因為他們將不得不使用他們的數據，但這只是他們數據的一部分。

What they will then do is do everything on Snowflake where they're pulling their own data sources from other places.

然後他們要做的是在 Snowflake 上做所有事情，他們從其他地方提取自己的數據源。

So it's all co-mingled together.

所以這一切都混合在一起。

At the end of the day, what data sharing does is it drives stickiness, and it drives consumption.

歸根結底，數據共享的作用是推動粘性，推動消費。

Got it.

知道了。

I think Frank got my hopes up around the disclosure there.

我認為弗蘭克對那裡的披露抱有希望。

He's not the accountant.

他不是會計。

Just a follow-up, just as you're thinking about this year, curious how your assumptions are on close rates and what you're putting into the forecast relative to last year as you think about the macro environment.

只是跟進，就像你在考慮今年一樣，好奇你對收盤價的假設如何，以及你在考慮宏觀環境時相對於去年對預測的看法。

I would just say we gave guidance for next year, and you're going to continue to see growth next year, and we feel very good about what we're seeing right now.

我只想說我們為明年提供了指導，明年你將繼續看到增長，我們對目前所看到的情況感到非常滿意。

And we're not really seeing any impact on the macro in our business at all.

而且我們根本沒有看到對我們業務的宏觀影響。

Your next question comes from the line of Mark Rende with Morgan Stanley.

你的下一個問題來自 Mark Rende 與摩根士丹利的對話。

Mark Rende for Keith Weiss.

Mark Rende 為 Keith Weiss。

Congrats on the strong quarter.

祝賀強勁的季度。

I guess just one for me.

我想只有一個適合我。

With the evolution of the go-to-market towards vertical-specific solutions, as you look to better penetrate large customers, like is there anything to call out in terms of potential impact on the pace of large deals or execution more broadly?

隨著上市向特定於垂直的解決方案的演變，當您希望更好地滲透大客戶時，在對大宗交易或更廣泛的執行速度的潛在影響方面，是否有什麼值得一提的？

And then I guess, generally, what verticals are next after kind of financial services?

然後我想，一般來說，金融服務之後的下一個垂直領域是什麼？

Well, in terms of verticals, media is -- media and tech are huge financial services, health care, life sciences, public sector and the whole replatforming going on in the software company data applications, so there's -- then we have, obviously, retail -- consumer packaged goods is a very important vertical for us also.

嗯，就垂直領域而言，媒體是——媒體和技術是巨大的金融服務、醫療保健、生命科學、公共部門以及軟件公司數據應用程序中正在進行的整個平台重構，所以很明顯，我們有，零售——包裝消費品對我們來說也是一個非常重要的垂直領域。

So we have a lot of concurrent activity going on.

所以我們有很多並發活動正在進行。

Most of it is really related to our customers' understanding who else is on Snowflake inside their vertical, how are they using it, what are the use cases, what are the outcomes, how are they doing it?

其中大部分實際上與我們的客戶了解他們的垂直領域內還有誰在 Snowflake 上、他們如何使用它、用例是什麼、結果是什麼、他們是如何做的有關？

And for us to be very, very proficient and then also in terms of what is the data marketplace and data cloud context in that vertical, in other words, what data sources are they using on the outside?

對於我們來說非常非常精通，然後在該垂直領域的數據市場和數據云環境方面，換句話說，他們在外部使用什麼數據源？

Are they providing data?

他們提供數據嗎？

Are they consuming data from the outside?

他們是否在使用外部數據？

So those are really the conversation that we're shifting towards.

所以這些確實是我們正在轉向的對話。

I mean what are they getting out of it in terms of business benefit and outcomes?

我的意思是，就商業利益和結果而言，他們從中得到了什麼？

And it's very, very specific to their business.

這對他們的業務非常非常具體。

So this is a considerable shift because in the past, there was always workload comparisons, POCs, benchmarks, how fast is this in-depth job running versus this query.

所以這是一個相當大的轉變，因為在過去，總是有工作負載比較、POC、基準測試，這個深入的作業運行速度與這個查詢相比有多快。

Now we're at a level where we're really fully engaged at the top of the house and the business itself.

現在我們處於一個真正充分參與公司高層和業務本身的水平。

So it's very great for us because the IT selling motion, while there's nothing wrong with that, this brings another level of strength to our outreach.

所以這對我們來說非常好，因為 IT 銷售活動雖然沒有任何問題，但它為我們的外展活動帶來了另一個層次的力量。

Your final question comes from the line of Andrew Nowinski with D.A. Davidson.

你的最後一個問題來自 Andrew Nowinski 和 D.A.戴維森。

So I just want to start with a question on the $1 million or more customers.

所以我只想從一個關於 100 萬美元或更多客戶的問題開始。

Really strong growth again this quarter, and I know it's a trailing 12-month calculation.

本季度再次實現強勁增長，我知道這是過去 12 個月的計算結果。

So I'd assume some of that is coming from your existing customers versus new customers.

所以我假設其中一些來自您的現有客戶與新客戶。

But I'm just wondering if you could provide any more color or maybe around what's driving that.

但我只是想知道您是否可以提供更多顏色或者可能是什麼在驅動它。

Well, I would say 100% of that is coming from existing and old customers because, as I said, any customer we signed up in the current last fiscal year, it takes them 6-plus months to ramp those significant customers.

好吧，我會說其中 100% 來自現有客戶和老客戶，因為正如我所說，我們在當前上一財年簽約的任何客戶都需要 6 個多月的時間來吸引這些重要客戶。

So it's really coming from our existing customers, and we have a number of other customers that are on the cusp of that.

所以它真的來自我們現有的客戶，我們還有許多其他客戶正處於風口浪尖。

So we think we'll continue to see that growth in million-dollar-plus trailing 12-month revenue customers going into next year.

因此，我們認為我們將繼續看到明年超過 12 個月的百萬美元收入客戶的增長。

That's great.

那太棒了。

And then maybe just a quick follow-up on your guidance.

然後可能只是對您的指導進行快速跟進。

Q1 certainly looks -- I mean coming off a great Q4, Q1 looked a little bit lower than expected.

Q1 當然看起來——我的意思是從一個偉大的 Q4 開始，Q1 看起來比預期的要低一些。

But then the annual outlook was fantastic across the board across all metrics.

但隨後所有指標的年度前景都非常出色。

So it looks like you're expecting somewhat more of a stronger back half of the year.

因此，您似乎預計今年後半年會更加強勁。

I'm just wondering if you could provide any more color on kind of assumptions for Q1 near term versus the back half of the year.

我只是想知道您是否可以提供更多有關 Q1 近期與下半年的假設的顏色。

Yes.

是的。

I don't think that's correct, Andrew.

我不認為那是正確的，安德魯。

Q1 is actually a very strong guide relative to where consensus is, and we're seeing strength into Q1 in our business.

第一季度實際上是相對於共識所在的非常有力的指導，我們在業務中看到了第一季度的實力。

And I think the guidance for the full year is prudent given this is the start of the fiscal year.

而且我認為全年的指導是審慎的，因為這是財政年度的開始。

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 participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。