Snowflake Inc (SNOW) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q4 Fiscal Year 2022 Snowflake Earnings Conference Call. (Operator Instructions)

女士們，先生們，謝謝你們的支持。我的名字是布倫特，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 2022 財年第四季度雪花收益電話會議。 （操作員說明）

It's now my pleasure to turn today's call over to Mr. Jimmy Sexton, Head of Investor Relations. Sir, please go ahead.

現在，我很高興將今天的電話轉交給投資者關係主管 Jimmy Sexton 先生。先生，請繼續。

Good afternoon, and thank you for joining us on Snowflake's Q4 Fiscal 2022 Earnings Call. With me in Bozeman, Montana are Frank Slootman, our Chairman and Chief Executive Officer; Mike Scarpelli, our Chief Financial Officer; and Christian Kleinerman, our Senior Vice President of Product, will join us for the Q&A session. During today's call, we will review our financial results for fourth quarter fiscal 2022 and discuss our guidance for the first quarter and full year of fiscal 2023.

下午好，感謝您參加 Snowflake 的 2022 財年第四季度財報電話會議。和我一起在蒙大拿州博茲曼的是我們的董事長兼首席執行官弗蘭克·斯洛特曼；我們的首席財務官 Mike Scarpelli；我們的產品高級副總裁 Christian Kleinerman 將加入我們的問答環節。在今天的電話會議中，我們將審查我們 2022 財年第四季度的財務業績，並討論我們對 2023 財年第一季度和全年的指導。

During today's call, we will make forward-looking statements, including statements related to the expected performance of our business, future financial results, strategy, products and features, long-term growth and overall future prospects. These statements are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed after market close today and in our SEC filings, including our most recently filed Form 10-Q and the Form 10-K for the fiscal year ended January 31, 2022, that we will file with the SEC. 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.

在今天的電話會議中，我們將做出前瞻性陳述，包括與我們的業務預期業績、未來財務業績、戰略、產品和功能、長期增長和整體未來前景相關的陳述。這些陳述存在風險和不確定性，可能導致它們與實際結果存在重大差異。有關這些風險的信息可在我們今天收市後發布的收益新聞稿和我們向美國證券交易委員會提交的文件中提供，包括我們最近提交的截至 2022 年 1 月 31 日的財政年度的 10-Q 表格和 10-K 表格，我們將向 SEC 提交文件。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. We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are presented in addition to and not as a substitute for financial measures calculated in accordance with GAAP. To see reconciliations of GAAP to 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. A replay of today's call will also be posted on the website.

我們還想指出，在今天的電話會議上，我們將報告 GAAP 和非 GAAP 結果。我們在內部將這些非公認會計準則財務指標用於財務和運營決策目的，並作為評估期間比較的一種手段。非 GAAP 財務指標是作為根據 GAAP 計算的財務指標的補充而非替代。要查看 GAAP 與非 GAAP 財務指標的對賬情況，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 上發布的投資者演示文稿。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. Good afternoon, everybody. We finished fiscal 2022 for the record-breaking consumption and bookings results. Product revenue surpassed $1.1 billion for the full year, growing 106% year-over-year. Remaining performance obligations were $2.6 billion, representing year-on-year growth of 99%.

謝謝，吉米。大家下午好。我們以創紀錄的消費和預訂結果結束了 2022 財年。全年產品收入超過 11 億美元，同比增長 106%。剩餘履約義務為 26 億美元，同比增長 99%。

Q4 was our strongest bookings quarter to date and included a number of large multiyear commitments. Our net revenue retention rate reached 178%, driven by continued growth from our largest customers. In the quarter, we added 14 Fortune 500 and 21 Global 2000 customers. Key enterprise wins included the California Department of Public Health and KPMG, who is also a new alliance partner. We closed the year with $150 million non-GAAP adjusted free cash flow, pairing high growth with improving unit economics and operational efficiency.

第四季度是我們迄今為止最強勁的季度預訂，其中包括許多大型多年承諾。在我們最大客戶的持續增長的推動下，我們的淨收入保留率達到 178%。本季度，我們新增了 14 家財富 500 強和 21 家全球 2000 強客戶。關鍵的企業勝利包括加州公共衛生部和畢馬威，後者也是新的聯盟合作夥伴。我們以 1.5 億美元的非公認會計原則調整後的自由現金流結束了這一年，將高增長與提高的單位經濟性和運營效率相結合。

Snowflake's growth is driven by digital transformation and long-term secular trends in data science and analytics enabled by cloud-scale computing and Snowflake's cloud-native architecture. Snowflake is a single data operations platform that addresses a broad spectrum of workload types and incredible performance, economy and governance. As a platform, Snowflake enables the data cloud, a world without silos and the promise of unfettered data science. In the most recent Dresner Advisory survey, 100% of Snowflake customers surveyed said they would recommend Snowflake to other organizations for the fifth year in a row. Our focus is to continually enable more workload types, use cases and data types. This fully aligns with our consumption model, which drives work to the data instead of data to the work.

Snowflake 的增長受到雲規模計算和 Snowflake 的雲原生架構支持的數據科學和分析的數字化轉型和長期長期趨勢的推動。 Snowflake 是一個單一的數據操作平台，可處理廣泛的工作負載類型以及令人難以置信的性能、經濟性和治理。作為一個平台，Snowflake 實現了數據云，一個沒有孤島的世界和無拘無束的數據科學的承諾。在最近的 Dresner Advisory 調查中，接受調查的 Snowflake 客戶中有 100% 表示他們會連續第五年向其他組織推薦 Snowflake。我們的重點是不斷支持更多工作負載類型、用例和數據類型。這與我們的消費模型完全一致，該模型將工作驅動到數據而不是數據驅動到工作。

During the fourth quarter, we announced several product development milestones, including Snowpark, our developer framework that helps data scientists and developers transform and program data. Snowpark for Python is now in private preview, and Snowpark for Java on AWS is now generally available. ITAR, we now support compliance with the international traffic and arms regulations in our Microsoft Azure Government and AWS GovCloud regions, generally available data governance capabilities, including object tagging and conditional data masking. Object tagging, in particular, is important for cataloging of data and resource consumption governance; and continued advancement with higher concurrency and lower latency workloads.

在第四季度，我們宣布了幾個產品開發里程碑，包括 Snowpark，這是我們的開發人員框架，可幫助數據科學家和開發人員轉換和編程數據。適用於 Python 的 Snowpark 現已提供私人預覽版，AWS 上的適用於 Java 的 Snowpark 現已全面推出。 ITAR，我們現在支持遵守我們的 Microsoft Azure Government 和 AWS GovCloud 區域的國際交通和武器法規，以及普遍可用的數據治理功能，包括對象標記和條件數據屏蔽。特別是對象標記對於數據編目和資源消耗治理很重要；並以更高的並發性和更低的延遲工作負載繼續進步。

Snowflake data sharing is seeing continued traction in the field. In fiscal 2022, the number of stable edges grew 130% year-on-year. 18% of our growing customer base has at least one stable edge that is up from 13% a year ago. Snowflake Data Marketplace listings grew 195% this year, now with more than 1,100 data listings from over 230 providers. Our Snowflake Data Marketplace fuels our rich application development ecosystem and Powered by Snowflake program. To date, there are over 285 Powered by Snowflake partners, including new members Yext and Habu.

雪花數據共享在該領域持續受到關注。 2022財年，穩定邊緣數量同比增長130%。我們不斷增長的客戶群中有 18% 至少擁有一個穩定的優勢，高於一年前的 13%。雪花數據市場列表今年增長了 195%，現在有來自 230 多家提供商的 1,100 多個數據列表。我們的 Snowflake 數據市場為我們豐富的應用程序開發生態系統提供燃料，並由 Snowflake 計劃提供支持。迄今為止，有超過 285 個 Powered by Snowflake 合作夥伴，包括新成員 Yext 和 Habu。

We continue to elevate our go-to-market functions with an industry-specific focus. In the fourth quarter, we hosted our first Media Data Cloud Summit. The event highlighted real-world customer use cases. Companies like Experian, Roku and Warner Music Group showed how they are leveraging the media data cloud to protect consumer data and drive advertising and subscriber growth.

我們繼續以特定行業為重點，提升我們的市場推廣功能。第四季度，我們舉辦了第一屆媒體數據云峰會。該活動突出了現實世界的客戶用例。 Experian、Roku 和 Warner Music Group 等公司展示了他們如何利用媒體數據云來保護消費者數據並推動廣告和用戶增長。

A priority for the year is essentially unchanged and is as follows: first, the enablement and expansion of our workload types. Nothing is more core to our mission to develop the data cloud. The existing workload types, such as data lake, data engineering and data science develop continuously to become more functional, efficient and performing. New workload types will be announced later this year. Our focus on Snowpark and enabling workloads driven by languages such as Java and Python fall under this header.

今年的一個重點基本沒有變化，如下：首先，我們的工作負載類型的啟用和擴展。沒有什麼比我們開發數據云的使命更核心了。現有的工作負載類型，如數據湖、數據工程和數據科學，不斷發展，變得更加實用、高效和執行。新的工作負載類型將在今年晚些時候公佈。我們對 Snowpark 和支持由 Java 和 Python 等語言驅動的工作負載的關注屬於此標題。

Today, we announced our intent to acquire Streamlit to accelerate data applications development on Snowflake. Streamlit enables data scientists to build, deploy and share data applications. Data scientists will be able to discover government data to build applications powered by Snowflake. 1.5 million applications have already been built on Streamlit, and we will continue to invest in the open-source framework that developers love. We've agreed to pay $800 million with a mix of cash and stock. The transaction is subject to customary closing conditions.

今天，我們宣布有意收購 Streamlit，以加速 Snowflake 上的數據應用程序開發。 Streamlit 使數據科學家能夠構建、部署和共享數據應用程序。數據科學家將能夠發現政府數據以構建由 Snowflake 提供支持的應用程序。 Streamlit 上已經構建了 150 萬個應用程序，我們將繼續投資開發者喜愛的開源框架。我們已同意以現金和股票的方式支付 8 億美元。該交易須符合慣例成交條件。

Secondly, we're expanding our use cases by vertical industry as well as by -- as well as functions such as IT, sales, marketing, finance and engineering. We are continuing to drive collaboration through data sharing with leading enterprise software companies to drive this trend. Third, as of February 1, we have also verticalized part of our selling motion to address our largest customers by industry. Lastly, we'll continue to deepen and broaden our geographical scope, expecting faster-growing contributions coming from outside the United States.

其次，我們正在通過垂直行業以及 IT、銷售、營銷、財務和工程等功能擴展我們的用例。我們將繼續通過與領先的企業軟件公司共享數據來推動協作，以推動這一趨勢。第三，截至 2 月 1 日，我們還垂直化了部分銷售活動，以解決我們按行業劃分的最大客戶。最後，我們將繼續深化和擴大我們的地理範圍，期待來自美國以外的更快增長的貢獻。

We're excited about starting a new Snowflake fiscal year. With that, I will turn the call over to Mike.

我們很高興開始新的 Snowflake 財政年度。有了這個，我會把電話轉給邁克。

Thank you, Frank. Q4 was another quarter of exceptional execution and strong finish to our fiscal year. Q4 product revenues were $360 million, representing 102% year-over-year growth. Remaining performance obligations accelerated to 99% year-over-year, reaching $2.6 billion. Of the $2.6 billion in RPO, we expect approximately 52% to be recognized as revenue in the next 12 months, representing 85% year-over-year growth.

謝謝你，弗蘭克。第四季度是我們財政年度的又一個季度出色的執行和強勁的收官。第四季度產品收入為 3.6 億美元，同比增長 102%。其餘履約義務同比加速至 99%，達到 26 億美元。在 26 億美元的 RPO 中，我們預計未來 12 個月將有約 52% 被確認為收入，同比增長 85%。

For Q4 product revenue, we anticipated holiday season headwinds. However, we did see a slower-than-expected return to normal consumption in January. We also introduced platform enhancements that improved efficiency higher than expected, which lowered credit consumption. Our increased net revenue retention rate of 178% includes 15 new $1 million customers and reflects durable growth among our largest customers. Similar to last quarter, 6 of our top 10 customers' product revenue grew faster than the company overall.

對於第四季度的產品收入，我們預計假期會遇到逆風。然而，我們確實看到 1 月份恢復正常消費的速度慢於預期。我們還引入了平台增強功能，提高效率高於預期，從而降低了信貸消耗。我們增加了 178% 的淨收入保留率，其中包括 15 名價值 100 萬美元的新客戶，反映了我們最大客戶的持續增長。與上一季度類似，我們前 10 名客戶的產品收入中有 6 家的增長速度快於公司整體。

Our industry vertical investments are yielding strong results. Q4 was our largest bookings quarter to date, and the outperformance spanned across all our core verticals. Financial services, retail and CP&G, advertising and media, health care and technology accounted for 85% of net new bookings in Q4. Large deal volume continues to increase in these verticals. In the quarter, we closed 7 deals at or above $30 million in total contract value, up from just 1 in Q4 of last year. Significant contractual commitments give us confidence that our largest customers' consumption will continue to grow. In Q4, we saw a number of customers with greater than $1 million in trailing 12-month product revenue increased to 184 up from 148 last quarter.

我們的行業垂直投資正在產生強勁的成果。第四季度是我們迄今為止最大的預訂季度，其出色的表現跨越了我們所有的核心垂直領域。金融服務、零售和 CP&G、廣告和媒體、醫療保健和技術佔第四季度淨新預訂量的 85%。這些垂直領域的大宗交易量繼續增加。本季度，我們完成了 7 筆合同總價值或超過 3000 萬美元的交易，而去年第四季度僅為 1 筆。重要的合同承諾使我們相信我們最大客戶的消費將繼續增長。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 148 家增加到 184 家。

Turning to margins. On a non-GAAP basis, our product gross margin was 74.99%, up nearly 500 basis points from last year. Enterprise success and growing scale across regions contribute to steady gross margin improvement. Operating margin was 5%, benefiting from revenue outperformance and hiring linearity.

轉向邊緣。按非美國通用會計準則計算，我們的產品毛利率為 74.99%，比去年上升近 500 個基點。企業的成功和跨地區不斷擴大的規模有助於穩步提高毛利率。營業利潤率為 5%，受益於收入表現和招聘線性。

Our adjusted free cash flow margin was 27%, positively impacted by strong collections and operating margin outperformance. We do experience free cash flow seasonality, and Q1 and Q4 will continue to be our strongest free cash flow quarters. Given the record bookings in Q4, you should expect to see outsized adjusted free cash flow in Q1 of this year. We are proud of our free cash flow progress, and we will continue to invest for growth with a focus on efficiency. We are committed to showing leverage year-on-year. We ended the year in a strong cash position, with approximately $5.1 billion in cash, cash equivalents and short-term and long-term investments. Going forward, we are using our strong cash position to transition to a net share settlement for vesting of employee RSUs in almost all countries. This will help us further manage dilution, which has already been running below 1% year-on-year on a fully diluted basis.

我們調整後的自由現金流利潤率為 27%，受到強勁的收款和營業利潤率優異表現的積極影響。我們確實經歷了自由現金流的季節性，第一季度和第四季度將繼續成為我們最強勁的自由現金流季度。鑑於第四季度創紀錄的預訂量，您應該期望在今年第一季度看到巨大的調整後自由現金流。我們為我們的自由現金流進展感到自豪，我們將繼續投資以實現增長，並專注於效率。我們致力於逐年展示槓桿作用。我們以強勁的現金狀況結束了這一年，擁有約 51 億美元的現金、現金等價物以及短期和長期投資。展望未來，我們將利用我們強大的現金頭寸過渡到淨股份結算，以便在幾乎所有國家/地區歸屬員工 RSU。這將有助於我們進一步管理攤薄，在完全攤薄的基礎上，攤薄的年增長率已經低於 1%。

Now let's turn to guidance, which includes the full impact of the Streamlit acquisition. For the first quarter of fiscal 2023, we expect product revenues between $385 million and $388 million, representing year-over-year growth between 79% and 81%. Turning to margins, we expect, on a non-GAAP basis, negative 2% operating margin; and we expect 359 million diluted weighted average shares outstanding. For the full fiscal 2023, we expect product revenue between $1.88 billion and $1.9 billion, representing year-over-year growth between 65% and 67%.

現在讓我們轉向指導，其中包括收購 Streamlit 的全部影響。對於 2023 財年第一季度，我們預計產品收入在 3.85 億美元至 3.88 億美元之間，同比增長 79% 至 81%。談到利潤率，我們預計，在非公認會計原則的基礎上，營業利潤率為負 2%；我們預計將有 3.59 億股稀釋加權平均流通股。對於整個 2023 財年，我們預計產品收入在 18.8 億美元至 19 億美元之間，同比增長 65% 至 67%。

As we have mentioned before, certain product improvements create a revenue headwind for our business. We undertake these initiatives because they benefit our customers and expand our long-term market opportunity. Last year, we called out improvements in storage compression that reduced storage costs for our customers. Similarly, phased throughout this year, we are rolling out platform improvements within our cloud deployments. No 2 customers are the same, but our initial testing has shown performance improvements ranging on average from 10% to 20%. We have assumed an approximately $97 million revenue impact in our full year forecast, but there is still uncertainty around the full impact these improvements can have. While these efforts negatively impact our revenue in the near term, over time, they lead customers to deploy more workloads to Snowflake due to the improved economics.

正如我們之前提到的，某些產品改進為我們的業務帶來了收入逆風。我們採取這些舉措是因為它們使我們的客戶受益並擴大了我們的長期市場機會。去年，我們呼籲改進存儲壓縮以降低客戶的存儲成本。同樣，在今年分階段，我們將在我們的雲部署中推出平台改進。沒有 2 個客戶是相同的，但我們的初始測試顯示性能平均提高了 10% 到 20%。我們在全年預測中假設了大約 9700 萬美元的收入影響，但這些改進可能產生的全部影響仍然存在不確定性。雖然這些努力在短期內會對我們的收入產生負面影響，但隨著時間的推移，由於經濟性的改善，它們會導致客戶將更多工作負載部署到 Snowflake。

Turning to profitability. For the full year fiscal 2023, we expect, on a non-GAAP basis, 74.5% product gross margin, 1% operating margin and 15% adjusted free cash flow margin. And we expect 360 million diluted weighted average shares outstanding. Our gross margin guidance includes performance improvements and investments in additional deployments around the world, most notably government deployments and international. In order to support our continued growth initiatives, we plan on adding more than 1,500 net new employees during the year.

轉向盈利能力。對於 2023 財年全年，我們預計，按非公認會計原則計算，產品毛利率為 74.5%，營業利潤率為 1%，調整後的自由現金流利潤率為 15%。我們預計將有 3.6 億股稀釋加權平均流通股。我們的毛利率指導包括績效改進和對全球其他部署的投資，尤其是政府部署和國際部署。為了支持我們的持續增長計劃，我們計劃在年內增加 1,500 多名淨新員工。

And lastly, we will host our in-person Investor Day at the week of June 13 in Las Vegas in conjunction with Snowflake Summit, our annual users' conference. If you are interested in attending, please e-mail ir@snowflake.com.

最後，我們將在 6 月 13 日這一周在拉斯維加斯舉辦我們的面對面投資者日，同時與我們的年度用戶大會 Snowflake 峰會一起舉辦。如果您有興趣參加，請發送電子郵件至 ir@snowflake.com。

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

有了這個，接線員，您現在可以打開問題線了。

(Operator Instructions) Your first question comes from the line of Rod Cuestas with Deutsche Bank.

（操作員說明）您的第一個問題來自德意志銀行的 Rod Cuestas。

It's actually Brad Zelnick for Deutsche Bank. Congrats on an amazing quarter and a strong finish to the year. Mike, I want to drill down a little bit more into the platform enhancements that you talked about that resulted in optimization and consumption efficiency in the quarter. And you mentioned -- I think it had a 10% to 20% impact, and you called out the $97 million that I think you baked in that's going forward. To what extent does that compare to the expectations that maybe you had in your forecast? But more importantly, how should we think about the slope of the curve and cadence of future improvements that clearly benefit the customer but the impact that then has on the model? I guess maybe the confidence that you have in calling out $97 million.

實際上是德意志銀行的 Brad Zelnick。祝賀一個驚人的季度和今年的強勁收官。邁克，我想進一步深入了解您談到的平台增強功能，這些增強功能導致了本季度的優化和消費效率。你提到了——我認為它產生了 10% 到 20% 的影響，你提到了我認為你在未來投入的 9700 萬美元。這與您在預測中的預期相比在多大程度上？但更重要的是，我們應該如何考慮曲線的斜率和未來改進的節奏，這些改進顯然有利於客戶，但會對模型產生影響？我想也許你有信心喊出 9700 萬美元。

Yes. Good question. So first of all, as an example, for Q4, there was a rollout of what we call our warehouse scheduling service. We only rolled that out in January for 3 weeks, and we saw a $2 million improvement -- or impact, an improvement for our customers using less but doing the same number of queries because they're not -- it's much more efficient when you're scheduling queries to run them and rolling that out for next year. That is much bigger than what we were anticipating, and the full year impact of that next year is quite significant. But what we generally see is when we do these things, there's usually a lag of about 6 months when we start to see more workloads move to Snowflake. And then there's other platform improvements that we're doing that we rolled out in beta in the end of the quarter, and it's starting to be rolled out now throughout the year. And the growth is actually more like $160 million, but I do expect that will be offset by over $60 million in additional workloads coming from our customers.

是的。好問題。因此，首先，例如，對於第四季度，我們推出了我們稱之為倉庫調度服務的服務。我們只在 1 月份推出了 3 週，我們看到了 200 萬美元的改進 - 或影響，對於我們的客戶使用更少但執行相同數量的查詢的改進，因為他們沒有 - 當你'正在安排查詢以運行它們並在明年推出。這比我們預期的要大得多，明年全年的影響非常顯著。但是我們通常看到的是，當我們做這些事情時，通常會有大約 6 個月的滯後，當我們開始看到更多的工作負載轉移到 Snowflake 時。然後還有我們正在做的其他平台改進，我們在本季度末推出了測試版，現在全年都開始推出。增長實際上更像是 1.6 億美元，但我確實預計這將被來自我們客戶的超過 6000 萬美元的額外工作負載所抵消。

And in terms of what we were expecting, we knew these were going to come next year, and we never gave any guidance for next year yet. So it's within what we were guiding. I just want to remind people of these.

就我們的預期而言，我們知道這些將在明年到來，我們還沒有給出明年的任何指導。所以它在我們所指導的範圍內。我只是想提醒人們這些。

That's very helpful context, Mike. And I mean the growth that you're delivering at scale, I think, is unprecedented. Maybe a real quick follow-up for Frank. As we contemplate the results and the guide for next year, is the Streamlit acquisition, which -- congratulations on it, by the way. Any response to competitive changes in the market? Or is this something that has been teed up and part of the vision for a while?

這是非常有用的上下文，邁克。我的意思是，我認為你們實現的大規模增長是前所未有的。也許對弗蘭克來說是一個真正的快速跟進。當我們考慮明年的結果和指南時，是對 Streamlit 的收購，順便說一句，恭喜它。對市場競爭變化有何反應？或者這是已經準備好的東西，並且是一段時間以來願景的一部分？

All right. Brad, it's Frank. No, this is definitely part of a strategy focus that we've been talking about and making announcements on for the better part of last year, and that's the focus of driving workloads really from the developer to Snowflake. We've been obviously super successful to drive it from the data engineering, data warehousing, data analytics side. But with the initiatives around Snowpark, all the programmability options for us to really address the Python developer community, this is going to be a superb asset for Snowflake. So we have to address workloads across the spectrum, and this is going to help us do that in places where we historically have not been as well represented as we've been in other areas.

好的。布拉德，是弗蘭克。不，這絕對是我們在去年大部分時間裡一直在討論和發布的戰略重點的一部分，這也是將工作負載真正從開發人員轉移到 Snowflake 的重點。從數據工程、數據倉庫、數據分析方面，我們顯然已經非常成功地推動了它。但是隨著圍繞 Snowpark 的舉措，我們真正解決 Python 開發者社區的所有可編程選項，這對於 Snowflake 來說將是一項極好的資產。因此，我們必須解決各個方面的工作負載，這將有助於我們在歷史上沒有像在其他領域那樣有代表性的地方做到這一點。

It's a great asset. Congrats on the deal.

這是一筆巨大的財富。恭喜成交。

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

您的下一個問題來自摩根大通的 Mark Murphy。

Yes. And I'll add my congrats on just a very strong bookings quarter that you're reporting here, especially on the RPO line. I wanted to ask about the comment on the slower-than-normal return to consumption growth in January. Plenty of other software companies saw slower consumption over the holidays. I'm curious, did you get any sense of what occurred in January that might have driven that behavior perhaps relating to Omicron or other factors? And have you seen that change in any direction so far in February?

是的。我要祝賀你在這里報告的一個非常強勁的預訂季度，尤其是在 RPO 線上。我想問一下關於1月份消費增長恢復慢於正常的評論。許多其他軟件公司在假期期間的消費放緩。我很好奇，您是否了解 1 月份發生的可能導致該行為的原因，可能與 Omicron 或其他因素有關？到目前為止，您在 2 月份看到了任何方向的變化嗎？

Yes. So as I said, we did see kind of a little bit more of a holiday effect going into January. Whether people were taking longer vacations, I don't know. But we did see it return to more normal in January. And you do see about 70% of our work is really driven by machines. The other 30% is humans. And that machine -- and we can see that machine layer stays consistent on a daily basis, and it's the human interaction that changes. And we did see a decrease in human interaction early in January, which leads us to believe people were taking vacations. As an example, last week -- we look at it on a daily basis, was Presidents Week and ski week for a number of people. We see it decrease there as well, too, but then we see a return in a week like this.

是的。所以正如我所說，我們確實看到了進入一月份的更多假期效應。我不知道人們是否會放更長的假期。但我們確實看到它在一月份恢復正常。你確實看到我們大約 70% 的工作是由機器驅動的。另外30%是人類。還有那台機器——我們可以看到機器層每天都保持一致，而改變的是人機交互。我們確實在 1 月初看到了人際互動的減少，這讓我們相信人們正在休假。舉個例子，上週——我們每天都在看，對於很多人來說是總統周和滑雪週。我們也看到它在那裡下降，但隨後我們看到像這樣的一周內恢復。

Okay. Understood. And just as a quick follow-up. I think recently, you've had a favorable spread where retention seems like it's giving you 70 points or more of revenue growth. But you've had -- the product revenue has been growing around 100%. Do you have any sense of how that relationship could end up playing out in fiscal year '23 just given the dynamics with the platform improvements?

好的。明白了。就像快速跟進一樣。我認為最近，你有一個有利的分佈，留存率似乎給你帶來了 70 點或更多的收入增長。但是你已經 - 產品收入一直在 100% 左右增長。考慮到平台改進的動態，您是否知道這種關係最終會如何在 23 財年發揮作用？

Well, I don't even try to compare net retention with revenue growth rates but I will say -- or definitely, our net revenue retention will go down next year because of all these improvements. It will stay above 150%, but it's not going to stay in the 170s.

好吧，我什至沒有嘗試將淨留存率與收入增長率進行比較，但我會說 - 或者肯定地說，由於所有這些改進，明年我們的淨收入留存率將會下降。它將保持在 150% 以上，但不會停留在 170 年代。

Your next question comes from the line of Gregg Moskowitz with Mizuho.

您的下一個問題來自瑞穗的 Gregg Moskowitz。

Frank, you mentioned that your -- as of February 1, you implemented changes with respect to verticalizing your sales motion. Can you elaborate on that? It sounds like you're seeing real progress with respect to verticalization. Just trying to get a sense of how substantial these changes may be as you kind of go after that opportunity.

弗蘭克，您提到您的 - 截至 2 月 1 日，您實施了有關垂直化銷售活動的更改。你能詳細說明一下嗎？聽起來您在垂直化方面看到了真正的進步。只是想了解這些變化在你追求那個機會時可能會有多大。

Yes. First of all, this is not a reorientation of our entire selling motion. It's really the upper stratum in terms of our large account focus. We really replaced the geographical backbone with an industry equivalent of that because we don't think, for a large account, the geographical breakdown really adds anything. We've been talking on this call probably, I think, for the last 4 quarters about how we are really, in all aspects of our business, bringing a much stronger industry aperture to everything we're doing. The sales organization has been working all of last year on making this transition happen. So by the time Feb 1 came around, everybody was fully up to speed, were locked and loaded to let that go.

是的。首先，這不是我們整個銷售動作的重新定位。就我們的大客戶重點而言，這確實是上層。我們確實用與行業相當的地理骨幹取代了地理骨幹，因為我們認為，對於大部分人來說，地理細分確實增加了任何東西。我認為，在過去的四個季度裡，我們可能一直在談論這個電話會議，討論我們在業務的各個方面實際上是如何為我們所做的一切帶來更強大的行業視野的。去年，銷售組織一直在努力實現這一轉變。因此，當 2 月 1 日到來時，每個人都已完全跟上進度，被鎖定並加載以釋放它。

But the broader context to industry orientation is that our selling motions and really our whole posture towards the industry is really shifting from a workload-oriented way of thinking to really to what are the use cases that the customer needs to address. I will tell you that in my almost 3 years here, initially, I mean all the conversations were around architecture and moving workloads from on-premise to the cloud and how our database migrations are. And today, 9 out of 10 conversations are industry-specific, very, very industry-specific, oftentimes not necessarily with IT types but with businesspeople and data science types. People are really trying to drive predictive insights into the business, things that are becoming possible, have never been done before.

但更廣泛的行業導向背景是，我們的銷售行動以及我們對行業的整體態度正在從面向工作負載的思維方式真正轉變為客戶需要解決的用例。我會告訴你，在我在這裡將近 3 年的時間裡，最初，我的意思是所有的對話都是圍繞架構和將工作負載從本地遷移到雲以及我們的數據庫遷移是如何進行的。而今天，十分之九的對話是針對特定行業的，非常非常特定於行業，通常不一定是 IT 類型，而是商務人員和數據科學類型。人們真的在努力推動對業務的預測性洞察力，這些事情變得可能，以前從未做過。

So the company really wants to evolve towards this posture in the marketplace. It doesn't mean that we're going to walk away from workload transition. That is bread and butter. We're going to be doing that for forever literally because we're still in the very early stages of that transition as well. But we think the industry posture is all about us assuming the customer's point of view rather than our own, and we think that's the correct way to do things.

因此，該公司確實希望在市場上朝著這種姿態發展。這並不意味著我們將擺脫工作負載過渡。那是麵包和黃油。從字面上看，我們將永遠這樣做，因為我們仍處於過渡的早期階段。但我們認為行業姿態是關於我們假設客戶的觀點而不是我們自己的觀點，我們認為這是做事的正確方式。

Super helpful. And then just as a follow-up. So obviously, having Java available on Snowpark is great. We think eventually getting Python to be GA, is going to become a big deal. And Streamlit clearly enhances your exposure to Python. But what are your expectations of adoption of Snowpark over the next 12 months? How do you see this progressing?

超級有幫助。然後只是作為後續行動。很明顯，在 Snowpark 上提供 Java 非常棒。我們認為最終讓 Python 成為 GA 將成為一件大事。 Streamlit 明顯提高了您對 Python 的了解。但是您對未來 12 個月採用 Snowpark 的期望是什麼？您如何看待這方面的進展？

Do you want to take that, Christian?

你願意接受嗎，克里斯蒂安？

Yes. Sure. This is Christian. I don't know how to project as a percentage of the overall consumption. But if you just look at current adoption, Java is trending quite well. We see migrations from Spark, from Hadoop and other workloads. And I can also share that for Python, right now, we have way more customers requesting access to the preview that we can onboard currently. So they introduced super high. They generate a lot of consumption. Trends are very positive.

是的。當然。這是基督徒。我不知道如何預測佔總消費量的百分比。但是，如果您只看當前的採用情況，Java 的趨勢非常好。我們看到了來自 Spark、Hadoop 和其他工作負載的遷移。我也可以為 Python 分享這一點，現在，我們有更多的客戶請求訪問我們目前可以加入的預覽版。所以他們推出了超高。他們產生了大量的消費。趨勢非常積極。

Your next question comes from the line of Keith Weiss with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Keith Weiss。

In the guidance, is there a significant revenue contribution? And is there any significant sort of operating margin lag that we could be aware of...

在指南中，是否有顯著的收入貢獻？是否有任何我們可以意識到的明顯的營業利潤率滯後......

Keith, your first part of your question was cut off. We couldn't hear it. Could you start from the beginning and rephrase that?

基思，你的問題的第一部分被切斷了。我們聽不見。你能從頭開始並改寫嗎？

Sorry. Yes. So I was just asking about the FY '23 guidance. You mentioned that Streamlit was in the guide but didn't give us much detail in terms of how it was in the guide. Is there a significant revenue contribution or operating margin impact that we should expect from the acquisition?

對不起。是的。所以我只是在詢問 23 財年的指導。您提到 Streamlit 在指南中，但沒有向我們提供指南中的詳細信息。我們應該從收購中獲得顯著的收入貢獻或營業利潤率影響嗎？

Yes. There is about $25 million in expenses associated with Streamlit. There is no revenue. Streamlit has no -- or it's de minimis. It's less than $100,000, and we won't be having a product ready on Streamlit until the end of the year. So we're not factoring any revenue. It could come sooner.

是的。與 Streamlit 相關的費用約為 2500 萬美元。沒有收入。 Streamlit 沒有——或者它是微不足道的。它不到 100,000 美元，而且我們要到年底才能在 Streamlit 上準備好產品。所以我們沒有考慮任何收入。它可能會來得更快。

Got it. Got it. And then when we think about the impacts from the platform improvements, obviously, you're calling out the revenue impact. From the way that we look at the numbers and the net dollar expansion rate, I would assume that that's also going to see impact. Any way you can help us kind of understand what the impact on that is going to be on a go-forward basis?

知道了。知道了。然後，當我們考慮平台改進的影響時，很明顯，您是在說收入影響。從我們看待數字和淨美元擴張率的方式來看，我認為這也會產生影響。您有什麼方法可以幫助我們了解在前進的基礎上會產生什麼影響？

Yes. Well, I did say earlier on one of the questions the net revenue retention is definitely going to come down. We're not going to guide to net revenue retention. It's hard to do. I'll just say it will be above 150%, but it's definitely going to drop below 170%.

是的。好吧，我之前確實說過淨收入保留肯定會下降的問題之一。我們不會指導淨收入保留。這很難做到。我只會說它會高於 150%，但肯定會低於 170%。

Your next question comes from the line of Keith -- sorry, your next question comes from the line of Kamil Mielczarek with William Blair.

您的下一個問題來自Keith - 抱歉，您的下一個問題來自Kamil Mielczarek 和William Blair。

Congrats on the strong year. So you delivered very strong net expansion rates, impressively, I think accelerating up an already strong level this quarter. Can you provide some detail around some of the specific drivers? How should we think about the relative contribution among the adoption of these workloads, more data just being loaded onto platforms for existing use cases and maybe expansion into newer departments within existing customers?

祝賀強勁的一年。因此，您提供了非常強勁的淨擴張率，令人印象深刻的是，我認為本季度已經加快了已經很強勁的水平。您能否提供一些有關某些特定驅動程序的詳細信息？我們應該如何考慮採用這些工作負載、將更多數據加載到現有用例的平台上以及可能擴展到現有客戶的新部門之間的相對貢獻？

Well, you see the net expansion rate of 178% for the quarter. That is really driven by expansion obviously within existing customers, and it's a combination of new workloads or new divisions within companies. And it's across the board -- new use cases as well, too, in there. I can't give really much more color than that.

好吧，您會看到本季度的淨擴張率為 178%。這顯然是由現有客戶內部的擴張推動的，它是公司內新工作負載或新部門的結合。它是全面的——那裡也有新的用例。我不能給出比這更多的顏色。

Snowball effect.

雪球效應。

That's helpful. And just a follow-up on the customer count. So your net new customer growth, I think, was down slightly in the last 2 quarters. I realize that the long-term expectation is for Fortune 500 and other $1 million customers to generate the majority of your revenue. I think 77% was the long-term target. How should we think about the pace of total customer growth going forward? Is it beginning to stabilize? And are we getting to a point where maybe you've landed a large portion of the Fortune 500 and the focus begins to shift more from landing new customers and more towards expanding within existing.

這很有幫助。只是對客戶數量的跟進。因此，我認為您的淨新客戶增長在過去兩個季度略有下降。我意識到，長期期望是財富 500 強和其他 100 萬美元的客戶為您帶來大部分收入。我認為 77% 是長期目標。我們應該如何看待未來總客戶增長的步伐？開始穩定了嗎？我們是否已經到了這樣一個地步，也許您已經獲得了財富 500 強的很大一部分，並且重點開始更多地從吸引新客戶轉向擴大現有客戶。

Yes. So to be honest, we don't focus on absolute number of customers. It's more on the quality of customers. And as we've talked about before, Fortune 500 is not a great metric because it's too U.S.-centric, and we're actually focused more on Global 2000. It doesn't mean we're not focused on Fortune 500. And I will say Global 2000 excludes the public sector and large private enterprises. So it's really going after -- quality, large customers is what we're going after. And you will see fluctuation in the number of new customers we land in the quarter, but that fluctuation tends to be from small customers.

是的。所以說實話，我們並不關注客戶的絕對數量。更看重客戶的質量。正如我們之前談到的，財富 500 強並不是一個很好的指標，因為它過於以美國為中心，我們實際上更關注全球 2000 強。這並不意味著我們不關注財富 500 強。而且我會說全球 2000 不包括公共部門和大型私營企業。所以它真的在追求——質量，大客戶是我們追求的目標。你會看到我們在本季度登陸的新客戶數量出現波動，但這種波動往往來自小客戶。

And I just want to remind you, too. These sales cycles into these large customers, we don't find an opportunity in the quarter and close in the quarter for a new deal. These are 1-, 2-, sometimes 3-year sales cycles to break into these large organizations, and those are the ones that become the $10 million-plus customers. And as I said, we now have 184 paying us north of $1 million a year, and we're very pleased with that growth up from 148. And we see, based upon the ones that are just on the cusp of $1 million, that number will continue to increase.

我也想提醒你一下。這些銷售週期進入這些大客戶，我們在本季度找不到機會並在本季度完成新交易。這些是進入這些大型組織的 1 年、2 年，有時是 3 年的銷售週期，而那些成為超過 1000 萬美元的客戶。正如我所說，我們現在有 184 家每年向我們支付超過 100 萬美元的費用，我們對這一從 148 家的增長感到非常滿意。而且我們看到，基於剛剛接近 100 萬美元的那些，數量將繼續增加。

That's great. Congrats again.

那太棒了。再次恭喜。

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。

First question, Mike, just wanted to touch back on the seasonality and consumption. Can you just talk about how the consumption piece came in versus your expectations? And maybe compare that with how new bookings and sales productivity came in versus expectations.

第一個問題，邁克，只是想談談季節性和消費。你能談談消費部分是如何與你的期望相比的嗎？或許可以將其與新預訂和銷售效率與預期的情況進行比較。

I would say the quarter actually came in pretty much where we were expecting, slightly off from consumption in January but not a huge amount. I will say and I called it out, we were surprised at an enhancement we rolled out, the profound impact of it. It was only out for a few weeks in January and had a $2 million impact. Other than that, we landed from a revenue standpoint where we were forecasting and guiding. Where I was really surprised was the strength in bookings in the quarter. You saw that we closed over $1.2 billion in contract value in the quarter, growing our RPO to $2.6 billion. That was well above what we were planning internally. The other thing I want to call out, too, is we co-sold with the cloud vendors, $1.2 billion in contract value for the year as well.

我會說這個季度實際上與我們預期的差不多，略低於 1 月份的消費量，但不是很大。我會說，我說出來了，我們對我們推出的增強功能感到驚訝，它的深遠影響。它在一月份只發布了幾週，並產生了 200 萬美元的影響。除此之外，我們從預測和指導的收入角度出發。我真正感到驚訝的是本季度的預訂量。您看到我們在本季度完成了超過 12 億美元的合同價值，將我們的 RPO 增加到 26 億美元。這遠遠超出了我們內部的計劃。我還想指出的另一件事是，我們與雲供應商共同出售了 12 億美元的年度合同價值。

Great. Helpful color. And for Frank or Christian, wondering how you're thinking about the opportunity around security. I guess as you look into the new year, I mean how much demand are you seeing around customers wanting to build security data lakes or security analytics on your platform? And is there anything you guys may look to do to lean in more aggressively?

偉大的。有用的顏色。對於弗蘭克或克里斯蒂安來說，想知道你是如何考慮安全方面的機會的。我想當您展望新的一年時，我的意思是您看到客戶有多少需求希望在您的平台上構建安全數據湖或安全分析？你們有沒有什麼辦法可以更積極地傾斜？

Yes. We're going to make announcements on this topic later on this year. But that has been raised to priority and focus quite a lot for Snowflake. It's one of the best add-on selling motions that we have in large account. We think Snowflake is just an ideal platform for hosting that type of capability. So you will see us lean into that opportunity a lot more going forward.

是的。我們將在今年晚些時候就該主題發佈公告。但對於 Snowflake 來說，這已被列為優先事項和重點。這是我們在大賬戶中最好的附加銷售動作之一。我們認為 Snowflake 只是託管此類功能的理想平台。所以你會看到我們更傾向於這個機會。

Your next question comes from the line of DJ Heinz with Canaccord Genuity.

您的下一個問題來自 DJ Heinz 與 Canaccord Genuity 的系列。

Frank, a two-parter for you on the data sharing stuff. So the customers that have embraced data sharing, how long does it typically take for them to get there? Like can that happen quick? Or is it typically more with customers that have been on the platform for a bit? And then the follow-up, the part 2 would be how much of an inflection consumption does that typically drive?

弗蘭克，在數據共享方面為您提供兩部分。那麼已經接受數據共享的客戶，他們通常需要多長時間才能到達那裡？就像那能很快發生嗎？還是通常更多的是已經在平台上使用了一段時間的客戶？然後是後續，第 2 部分將是這通常會驅動多少拐點消費？

Your first question, most of the time, not all the time but most of the time, customers have other priorities in terms of transitioning their databases and their workloads before they get on to data sharing if they weren't doing that before. But it's also quite possible that we have workloads that are driven by data sharing as a core premise. And obviously, then it's something that is a starting point, and that's something that sort of comes several iterations later. So it all depends. And so historically, our business has been very -- much been a modernization play from existing workloads, and that's where you have to wait some time before people sort of get their sea legs under them and they sort of move on to these opportunities. But that is starting to change. As we said in our prepared remarks, I mean we now have 18% of our customers having at least one stable edge as part of their platform, and that was up from 13% last year. So the data cloud is really happening, and that is what a rapidly growing customer base underneath it.

您的第一個問題，大多數時候，不是所有時間，而是大多數時候，如果客戶之前沒有這樣做，那麼在他們開始數據共享之前，他們在轉換他們的數據庫和工作負載方面還有其他優先事項。但是，我們也很有可能擁有以數據共享為核心前提驅動的工作負載。很明顯，這是一個起點，這是在幾次迭代之後出現的。所以這一切都取決於。因此，從歷史上看，我們的業務一直非常 - 很大程度上是現有工作負載的現代化遊戲，這就是你必須等待一段時間才能讓人們獲得他們的海腿並轉向這些機會的地方。但這種情況開始發生變化。正如我們在準備好的評論中所說，我的意思是我們現在有 18% 的客戶擁有至少一個穩定的優勢作為其平台的一部分，而這比去年的 13% 有所上升。所以數據云真的在發生，這就是它下面快速增長的客戶群。

I forgot. What's the second part of your question?

我忘了。你問題的第二部分是什麼？

Just how much of an inflection that is in consumption.

消費中有多少拐點。

Well, it hasn't been an extraordinary inflection in consumption in terms of data sharing, driving consumption per se. But data sharing is a core underlying capability of an overload -- of an overall workload footprint. So it's really important in that sense rather than sort of separating data sharing out as a specific workload driver.

嗯，就數據共享而言，消費並沒有特別的轉折，推動消費本身。但數據共享是過載的核心基礎能力——總體工作負載足跡。因此，從這個意義上說，它真的很重要，而不是將數據共享分離為特定的工作負載驅動程序。

Yes. Got it. And Mike, a very quick follow-up for you. Of the $800 million for Streamlit, how much is cash?

是的。知道了。還有邁克，為您提供非常快速的跟進。在 Streamlit 的 8 億美元中，有多少是現金？

It's roughly 80-20, 80% stock, 20% cash.

大約是 80-20，80% 庫存，20% 現金。

80% stock. Okay. Got it.

80% 庫存。好的。知道了。

Your next question comes from the line of Gili Naftalovich with GS.

您的下一個問題來自 Gili Naftalovich 與 GS 的對話。

It's Kash here, guys. I'm curious to get your -- despite your best-case scenario for Streamlit, the dream that we envision 2 or 3 years from now, what is Streamlit going to allow Snowflake to pursue in the machine learning data science realm that would consider this to be a success.

伙計們，這裡是卡什。我很想知道你的 - 儘管你對 Streamlit 的最佳情況是我們設想的 2 或 3 年後的夢想，但 Streamlit 將允許雪花在機器學習數據科學領域追求什麼要成功。

And Mike, a question for you. I know that you mentioned that you're passing along savings back to customers, but customers are also coming back and doing more workloads with you guys. So if you can just run to the rationale of why do you think renewal rate, net retention rates are going to go below 150%. Because it's coming off of a very, very high base and you've actually earned the goodwill and trust of your customer.

還有邁克，問你一個問題。我知道您提到您正在將節省的資金回饋給客戶，但客戶也會回來並與你們一起做更多的工作。因此，如果你能理解為什麼你認為續訂率，淨保留率將低於 150%。因為它的基礎非常非常高，而且您實際上已經贏得了客戶的善意和信任。

I'll answer first, and then I'm going to turn it over to Christian, who is very passionate about Streamlit and what it can do for us. So in terms of your question on the enhancement we're doing, listen, we're running at 178% net revenue retention. These are extremely high numbers, of such big numbers to begin with, those percentages. And just the law of numbers as we have new customers that are coming into the pool that we've -- remember, that looks back 2 years ago, a customer has to be on for 2 years. That number will going to -- will come down. And the efficiencies, we're talking 10% to 15%, 20%. It depends upon the customer based upon the platform. That has to come down, that number. And as I said, it will remain above 150% for quite some time, but I do think it's going to drop below 170% for the full year, on average, next year.

我會先回答，然後我將把它交給 Christian，他對 Streamlit 以及它可以為我們做什麼充滿熱情。因此，就您關於我們正在做的增強的問題而言，聽著，我們的淨收入保留率為 178%。這些是非常高的數字，從一開始就如此大的數字，這些百分比。只是數字定律，因為我們有新客戶進入我們的池子 - 請記住，回顧 2 年前，客戶必須使用 2 年。這個數字將會——將會下降。而效率，我們說的是 10% 到 15%、20%。這取決於基於平台的客戶。那必須降下來，那個數字。正如我所說，它將在相當長的一段時間內保持在 150% 以上，但我確實認為明年全年平均會降至 170% 以下。

Okay. And I'll comment -- Christian here, comment on Streamlit. If you recall at Investor Day last June, we shared our vision to help organizations of all sizes build applications, data applications and data experiences on Snowflake. What we see with Streamlit is their super easy-to-use framework powering all sorts of applications both for internal consumption of data within companies but also coming to our marketplace and helping entire businesses, some of them industry vertical businesses, some of them horizontal experiences, but at the end of the day unlocking the power of data and creating new data experiences.

好的。我將發表評論—— Christian 在這裡，評論 Streamlit。如果您還記得去年 6 月的投資者日，我們分享了我們的願景，即幫助各種規模的組織在 Snowflake 上構建應用程序、數據應用程序和數據體驗。我們在 Streamlit 中看到的是他們超級易用的框架，它支持各種應用程序，既可以用於公司內部數據的內部消費，也可以進入我們的市場並幫助整個企業，其中一些是行業垂直業務，其中一些是橫向體驗，但最終釋放數據的力量並創造新的數據體驗。

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

您的下一個問題來自於花旗的 Tyler Radke。

So Mike, your long-term free cash flow guide at Analyst Day was for 15% at $10 billion of product revenue, and it looks like you're guiding to 15% free cash flow margin for FY '23. So maybe just give us a sense for what's driving that big outperformance and how you're able to achieve that so much sooner. Is it mainly the efficiencies that you've discovered over the last year? Just help us understand that.

所以邁克，你在分析師日的長期自由現金流指南是 100 億美元產品收入的 15%，看起來你正在指導 23 財年 15% 的自由現金流利潤率。因此，也許只是讓我們了解是什麼推動瞭如此巨大的表現，以及您如何能夠更快地實現這一目標。主要是您在去年發現的效率嗎？只是幫助我們理解這一點。

A couple of things. We're entering into larger customer relationships, and you can see customers' consumption is picking up and which -- resulting in renewing contracts early, which drives that free cash flow. I do fully expect, as I said on last call, that we will be revisiting our longer-term free cash flow and operating margin guidance. I do expect it will come up considerably. I told you guys before I'm not going to give a number now. And I want to remind people to -- don't be surprised when there's a really big free cash flow number in Q1 because of how big our bookings were. But over the year, that 15% is the full year and there is seasonality with Q1 and Q4 being the highest of the 4 quarters.

有幾件事。我們正在建立更大的客戶關係，您可以看到客戶的消費正在回升，這導致提前續簽合同，從而推動了自由現金流。正如我在上次電話會議上所說，我完全期望我們將重新審視我們的長期自由現金流和營業利潤率指導。我確實希望它會大大增加。我之前告訴過你們，我現在不打算給出一個數字。我想提醒人們——當第一季度的自由現金流量非常大時，不要感到驚訝，因為我們的預訂量很大。但在一年中，這 15% 是全年，並且存在季節性，第一季度和第四季度是 4 個季度中最高的。

Got it. And maybe just on the quarter, as you recap this past year, how did kind of the number of replacement deals of a legacy on-prem data warehouse -- how fast did that number grow? And just kind of what are you seeing in the pipeline as well on the legacy replacements?

知道了。也許就在本季度，當你回顧過去的一年時，遺留的本地數據倉庫的替換交易數量如何——這個數字增長的速度有多快？您在管道中以及遺留替代品中看到了什麼？

Well, most of our net new customers tend to be a replacement of some legacy. Some can be cloud, Gen 1 cloud products as well, too, but most of the large Global 2000 tend to be on-premise replacements. And you can see that in our G2K ads and our Fortune 500 ads. But there is a lot of growth as well within existing customers, and that continues to be very strong for us as well.

好吧，我們的大多數淨新客戶往往是一些傳統的替代品。有些可以是雲，也可以是第一代云產品，但大多數大型 Global 2000 往往是內部部署的替代品。您可以在我們的 G2K 廣告和財富 500 強廣告中看到這一點。但是現有客戶也有很多增長，這對我們來說也仍然非常強勁。

Your next question comes from the line of Raimo Lenschow with Barclays.

您的下一個問題來自巴克萊銀行的 Raimo Lenschow。

A quick -- 2 quick questions, if I may squeeze it in. Mike, if you look at other vendors, if they have product improvements that actually saves their customer cost, they usually have like a sharing model of like the customer gains something and you gain something through maybe like price increase, et cetera. Is that something that over time could happen? Or are you really happy to continue to give all the benefits back to customer?

一個快速 -- 兩個快速問題，如果我可以擠進去的話。邁克，如果你看看其他供應商，如果他們的產品改進實際上節省了他們的客戶成本，他們通常有一個分享模式，就像客戶得到一些東西一樣您可能通過價格上漲等獲得一些東西。隨著時間的推移會發生這種情況嗎？還是您真的很樂意繼續將所有好處回饋給客戶？

And then for Frank, just briefly, any update on the unstructured data opportunity? Because I remember that was a big focus for this year.

然後對於弗蘭克，簡單地說，關於非結構化數據機會的任何更新？因為我記得這是今年的一大焦點。

Yes. So our whole philosophy is any improvement we do will benefit the customer but it benefits us long term, too, because anything we do allows them to do more with the credits they bought, the price they pay -- a certain price per credit. They can run more queries per credit they buy. And what happens is when customers see their performance per credit and it's trending, that is getting cheaper for them to run things. They realize they can do other things cheaper in Snowflake and they move more data into us to run more queries. And so we have no intention on, for existing customers, increasing their pricing. What I will say is on new customers coming in, we will be very disciplined around discounting with new customers.

是的。因此，我們的整個理念是，我們所做的任何改進都會使客戶受益，但它也會使我們長期受益，因為我們所做的任何事情都可以讓他們用他們購買的積分、他們支付的價格——每個積分的特定價格——做更多事情。他們購買的每筆信用額度可以運行更多查詢。當客戶看到他們每信用的表現並且它是趨勢時，會發生什麼，這對他們來說運行成本變得越來越便宜。他們意識到他們可以在 Snowflake 中以更便宜的價格做其他事情，並且他們將更多數據移入我們以運行更多查詢。因此，對於現有客戶，我們無意提高他們的定價。我要說的是，在新客戶進來時，我們將在與新客戶打折時非常自律。

On the topic, Raimo, on unstructured data, that -- actually, the uptake has been quite strong on that. And we were expecting it and that's exactly what's been happening. I mean there's some really interesting new opportunities where data models are looking for relationships between unstructured data types and other types of data types, things that just weren't possible before that are now enabled by the platform. So we're driving this hard, and we have tremendous expectations for unstructured data in general and the potential for data science, innovation and new data applications also in the context of the Streamlit acquisition. This is going to get very interesting for us.

關於這個話題，Raimo，關於非結構化數據，實際上，人們對此的接受度非常高。我們期待它，而這正是正在發生的事情。我的意思是有一些非常有趣的新機會，數據模型正在尋找非結構化數據類型和其他類型的數據類型之間的關係，以前不可能的事情現在由平台啟用。因此，我們正在努力推動這一進程，我們對一般的非結構化數據以及在收購 Streamlit 的背景下數據科學、創新和新數據應用的潛力抱有極大的期望。這對我們來說將變得非常有趣。

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

您的下一個問題來自 Brent Bracelin 和 Piper Sandler。

Frank, I wanted to go back to the workload discussion. I think one of the things that stood out to us over the last quarter was just the number of enterprises turning to Snowflake for supply chain, customer support, sales enablement, even machine learning workloads. I get data warehouse migrations will be the bread-and-butter business, but how big of an opportunity do you see in expanding the Snowflake footprint into these departmental areas? And how fast is that -- are those workloads shifting to Snowflake? Any color there would be helpful.

弗蘭克，我想回到工作量討論。我認為上個季度對我們來說最突出的一件事就是轉向 Snowflake 進行供應鏈、客戶支持、銷售支持甚至機器學習工作負載的企業數量。我知道數據倉庫遷移將是基本業務，但是您認為將 Snowflake 足跡擴展到這些部門領域的機會有多大？那有多快——這些工作負載是否轉移到了 Snowflake？那裡的任何顏色都會有幫助。

I think it's important for everybody on the call to understand that we are super early innings in terms of the total opportunity and what is -- what people are going to attempt to do with data. That's because the technology is running out front. It's enabling things that have never been done before. Now it's not like throwing a switch and all of a sudden everything is blinking green. We're in conversations almost every day now with customers that are trying to do predictive things with data that they've never done before. And a lot of the challenges they have is with skill sets that translates from their core business to the data side and the gaps that exist there to make that all happening.

我認為重要的是要讓電話會議上的每個人都明白，就總機會以及人們將嘗試使用數據做什麼而言，我們處於超級早期階段。那是因為這項技術已經走在前面了。它使以前從未做過的事情成為可能。現在這不像是扔了一個開關，突然間一切都變成綠色了。現在，我們幾乎每天都在與客戶進行對話，這些客戶正試圖利用他們以前從未做過的數據進行預測。他們面臨的許多挑戰是從核心業務到數據方面的技能組合以及那裡存在的差距以使這一切發生。

So there's this very normal, natural friction in the evolution of that, that we're trying to learn how to do these things. And you see that in the world of machine learning a lot. I mean it gets talked about but it's actually incredibly hard to drive these benefits in a highly predictable manner. There's lots and lots of attempts at it and people are not already on the first attempt, seeing exactly what they were hoping for.

所以在它的演變過程中存在這種非常正常、自然的摩擦，我們正在努力學習如何做這些事情。你在機器學習的世界裡看到了很多。我的意思是它會被談論，但實際上很難以高度可預測的方式推動這些好處。有很多很多嘗試，人們還沒有第一次嘗試，看到他們所希望的。

But the march is inexorable in the sense that this is where it's all going. I really think that a lot of the bread and butter that we do today, which is these 24-hour cycles. We're running large, highly scaled analytical batch processes, populating dashboards. When we come in, in the morning, we get to see yesterday's data. That's all fine and good. But that's -- we're running these workloads really, really well now compared to what we were doing in the past, but what is coming in terms of the potential is enormous. And as I said, it is early days in terms of this entire opportunity.

但從某種意義上說，這就是一切的發展方向，遊行是不可阻擋的。我真的認為我們今天所做的很多麵包和黃油，就是這些 24 小時循環。我們正在運行大型、高度擴展的分析批處理過程，填充儀表板。當我們早上進來時，我們可以看到昨天的數據。這一切都很好。但這就是 - 與我們過去所做的相比，我們現在運行這些工作負載非常非常好，但潛力是巨大的。正如我所說，就整個機會而言，現在還處於早期階段。

Helpful color there. And then just, Mike, a follow-up on platform enhancements. As you think about the impact to the guide, how much of it is mostly the warehouse scheduling feature versus other, let's say, lower CPU pricing resources you're passing on to clients? Just trying to think through what you've baked in. And is it mostly just scheduling or other things as well?

那裡有用的顏色。然後，邁克，平台增強的後續行動。當您考慮對指南的影響時，與您傳遞給客戶的其他較低 CPU 定價資源相比，其中有多少主要是倉庫調度功能？只是想通過你已經烘烤的東西來思考。它主要是日程安排還是其他事情？

Yes. What I'd say from the gross impact, roughly 40% is coming from warehouse scheduling; on a net basis, about 30%; and then the balance is coming from other software improvements and hardware improvements that we see happening.

是的。從總體影響來看，大約 40% 來自倉庫調度；按淨額計算，約為 30%；然後平衡來自我們看到的其他軟件改進和硬件改進。

Your next question comes from the line of Kirk Materne with Evercore ISI.

您的下一個問題來自於 Evercore ISI 的 Kirk Materne。

Frank, I was wondering if you can just talk about the GSIs and the progress you're seeing there. I think Accenture had a milestone trained employees pretty recently. Just what can they do for you from this sort of a demand gen perspective in fiscal '23?

弗蘭克，我想知道你是否可以談談 GSI 以及你在那裡看到的進展。我認為埃森哲最近有一個里程碑式的培訓員工。從 23 財年的這種需求生成角度來看，他們能為您做什麼？

And then just, Mike, on the platform improvements, can you just kind of conceptualize to us how you think about that from a return perspective? Obviously, it's a $100 million headwind. This year, I think you mentioned you'll start to see a pickup of 6 months later. How should we kind of think about sort of -- or at least how you think about it conceptually from the kind of benefit you get from delivering those improvement back to your customers?

然後，邁克，關於平台改進，您能否從回報的角度向我們概念化您對此的看法？顯然，這是一個 1 億美元的逆風。今年，我想你提到你會在 6 個月後開始看到回升。我們應該如何思考——或者至少從將這些改進回饋給客戶所獲得的好處中，您如何從概念上思考它？

So the way we look at it, the benefit is, first of all, the customers see an immediate price performance improvement. And our customers are always looking at price performance. And when they compare our price performance versus running it, whether in another cloud or running it on-prem in their existing data warehouses, they make the move to move more things into it.

所以我們看待它的方式，好處是，首先，客戶看到立即的價格性能改進。我們的客戶一直在關注性價比。當他們比較我們的性價比和運行它時，無論是在另一個雲中還是在他們現有的數據倉庫中本地運行它，他們都會採取行動將更多的東西轉移到其中。

As a reminder, we have landed hundreds of customers to do these big, on-prem Teradata migrations. I think we've only completed -- we're completely shut down a little over 30 of those. It's maybe in the mid-30s now. There's piles of other workloads that they plan on moving. And when customers see the price performance, they will accelerate the movement of those other workloads to us. And we have historically seen that. As I said, I do anticipate that we will see some. As a reminder, we see the gross impact of about $162 million for the year, and we think we will make up about $65.5 million in revenue. And a lot of that does -- there is a lag and it depends on the customer. It could be a 1-month lag. It could be a 6-month lag before they realize that and move more workloads. But based upon what we're seeing, we think there will be about $65 million coming back in to get to that net $96.7 million if you want to be precise what we're estimating.

提醒一下，我們已經吸引了數百名客戶進行這些大型的本地 Teradata 遷移。我想我們只完成了——我們完全關閉了其中的 30 多個。現在可能是在30年代中期。他們計劃轉移大量其他工作負載。當客戶看到性價比時，他們將加速將其他工作負載轉移給我們。我們在歷史上已經看到了這一點。正如我所說，我確實預計我們會看到一些。提醒一下，我們看到今年的總影響約為 1.62 億美元，我們認為我們將彌補約 6550 萬美元的收入。其中很多確實存在 - 存在滯後，這取決於客戶。可能會延遲 1 個月。他們可能需要 6 個月的時間才能意識到這一點並轉移更多工作負載。但根據我們所看到的情況，如果您想準確估計我們的估計，我們認為將有大約 6500 萬美元的資金回到淨 9670 萬美元。

On your question about SIs, you mentioned Accenture in particular, we're expecting a much higher contribution and partnership with Accenture going forward. We've had outstanding relationships obviously with many others, notably Deloitte. We also announced a relationship with KPMG. It's just the intersection with the large SIs in these large Global 2000 accounts is inevitable. So you will see more and more of that business intersecting with Snowflake and those relationships becoming very, very large over time. Things that we've seen before in other companies is absolutely going to happen for Snowflake as well.

關於您關於 SI 的問題，您特別提到了埃森哲，我們期待未來與埃森哲有更高的貢獻和合作夥伴關係。顯然，我們與許多其他公司（尤其是德勤）建立了良好的關係。我們還宣布了與畢馬威的合作關係。只是與這些大型 Global 2000 賬戶中的大型 SI 的交集是不可避免的。因此，您會看到越來越多的業務與 Snowflake 相交，並且隨著時間的推移，這些關係變得非常非常大。我們以前在其他公司看到的事情也絕對會發生在 Snowflake 身上。

Your next question comes from the line of Karl Keirstead with UBS.

您的下一個問題來自瑞銀集團的 Karl Keirstead。

Two questions. So Mike, to start, does the Q1 April product revenue guide of $388 million assume a more conservative view on usage ramps given what you flagged in early January? Or does it assume basically a return to normal activity, seasonality?

兩個問題。所以邁克，首先，考慮到您在 1 月初的標記，4 月 1 季度 3.88 億美元的產品收入指南是否假設對使用量增長的看法更為保守？或者它是否假設基本上恢復正常活動，季節性？

Well, it includes a $10 million revenue hit because of these product enhancements that we see. And it's based upon what we're seeing today in terms of how customers are returning after vacations.

好吧，由於我們看到的這些產品增強功能，它包括 1000 萬美元的收入損失。它基於我們今天看到的客戶在假期後返回的情況。

Okay. And then as a second question, if I could just press a little bit on the context to passing on these platform improvements. Companies normally don't willingly make changes that cut 5% out of the revenues. So I'm curious, were you getting pushback from customers around price performance relative to alternative products and you decided to try to alleviate that price pushback by making this change? Like what's the broader context for doing this? Because it's very rare.

好的。然後作為第二個問題，我是否可以稍微強調一下上下文以傳遞這些平台改進。公司通常不會心甘情願地做出使收入減少 5% 的改變。所以我很好奇，您是否在相對於替代產品的價格表現方面受到客戶的反對，並且您決定嘗試通過進行此更改來緩解這種價格回退？比如這樣做的更廣泛背景是什麼？因為它非常罕見。

I'm going to let Christian talk from a product standpoint why he and others feel this is very -- and including me, feel this is the right thing to do for our customers and pays off in the long term.

我要讓克里斯蒂安從產品的角度談談為什麼他和其他人覺得這非常 - 包括我在內，覺得這是為我們的客戶做的正確的事情，並且從長遠來看是有回報的。

Yes. So Karl, we've been doing this since the very beginning of Snowflake. We've always been focused on improving the performance of the system, and we are very cognizant that it improves the economics for our customers. And the rationale behind it is that there's so much more data being created every day. And the more the marginal cost and effort of getting value out of the data decreases, we know that there's a lot more value for companies to generate out of the data. We see it time and time again. The more we improve the economics of the platform, the more use cases come to Snowflake. So we're looking at this with a very long-term view.

是的。所以 Karl，我們從 Snowflake 開始就一直在這樣做。我們一直專注於提高系統的性能，我們非常清楚它可以提高客戶的經濟效益。其背後的基本原理是每天都會創建更多的數據。從數據中獲取價值的邊際成本和努力越減少，我們知道公司可以從數據中產生更多的價值。我們一次又一次地看到它。我們越是提高平台的經濟性，Snowflake 的用例就越多。因此，我們以非常長遠的眼光看待這個問題。

Yes. Let me say one thing. It's Frank. This is not philanthropy. We are very much doing this -- that this stimulates demand. And by the way, we can't prove that to ourselves by going back years because we've done this over and over, and it does stimulate demand but it doesn't do it in real time. There's a lag involved in this process.

是的。讓我說一件事。是弗蘭克。這不是慈善事業。我們正在這樣做——這會刺激需求。順便說一句，我們無法通過回溯過去向自己證明這一點，因為我們已經一遍又一遍地這樣做了，它確實刺激了需求，但不是實時的。這個過程有一個滯後。

I will add. I think this is probably the biggest magnitude impact at one time in any platform improvements that we've done since I've been here.

我會加。我認為這可能是自從我來到這里以來我們所做的任何平台改進中最大的一次影響。

It's also the scale of the business.

這也是業務的規模。

Yes. The scale of the business.

是的。業務規模。

In recent years, that's true. In prior years, we did similar big things.

近年來，確實如此。在前幾年，我們做了類似的大事。

Early on in the company, yes.

在公司的早期，是的。

Your next question comes from the line of Phil Winslow with Credit Suisse. Your next question comes from the line of Brad Reback with Stifel.

您的下一個問題來自瑞士信貸的 Phil Winslow。您的下一個問題來自 Brad Reback 與 Stifel 的系列。

Mike, I think earlier in the call, you had mentioned about 30% of the workloads are machine to machine. Can you give us a sense of where that's been historically and where you think that can go to over time?

Mike，我想在電話會議的早些時候，你提到了大約 30% 的工作負載是機器對機器的。您能否讓我們了解一下歷史上的情況以及您認為隨著時間的推移會走向何方？

What I said was about 70% of the queries in the work are machine...

我說的是工作中大約 70% 的查詢是機器...

Scheduled.

預定。

Scheduled. They're not -- you don't need a human to go on a schedule, and these are automated processes that happen because you want to refresh queries every so often. And about 30% is human-driven. And that's been pretty consistent for quite some time, haven't seen any change there.

預定。它們不是——你不需要人來按計劃進行，這些都是自動化的過程，因為你想每隔一段時間刷新一次查詢。大約 30% 是人為驅動的。這在相當長的一段時間內一直保持一致，在那裡沒有看到任何變化。

Yes. We also think we're projecting workloads also under the influence of Python becoming available and more developer-centric workload coming our way but -- which tends to be more interactive. And if you balance that out with machine learning models that are going to -- that we believe are going to be more scheduled in terms of generating predictive results and so on. So we think that breakdown might well hold over a period of time where we -- obviously, we keep looking at that.

是的。我們還認為，在 Python 可用以及更多以開發人員為中心的工作負載的影響下，我們也在預測工作負載，但是——這往往更具交互性。如果你用機器學習模型來平衡這一點，我們相信在生成預測結果等方面會更有計劃。因此，我們認為這種故障很可能會持續一段時間，我們——顯然，我們一直在關注這一點。

Got it. Sorry for getting that transposed. And one other thing. I hope I'm not trying -- transposing as well. I think you also said that there was $1.2 billion co-sold with the hyperscalers for the year. I think last quarter, you talked about $500 million, which would obviously imply you added $700 million. That seems like a really big number.

知道了。很抱歉讓那個換位。還有一件事。我希望我沒有嘗試 - 也可以轉置。我想你也說過今年與超大規模公司共同出售了 12 億美元。我認為上個季度，你談到了 5 億美元，這顯然意味著你增加了 7 億美元。這似乎是一個很大的數字。

Yes. It was a very -- and we sold, in total for the quarter, over $1.2 billion just for the quarter. And roughly $700 million was co-sold with the hyperscalers. And I will say the vast majority of that is AWS. I would say 0 was GCP, and the balance was Azure.

是的。這是一個非常 - 我們在本季度的總銷售額，僅在本季度就超過了 12 億美元。大約 7 億美元與超大規模企業共同出售。我會說其中絕大多數是 AWS。我會說 0 是 GCP，餘額是 Azure。

Your next question comes from the line of Ari Terjanian with Cleveland Research.

您的下一個問題來自 Cleveland Research 的 Ari Terjanian。

Congrats on the close of the year. I just wanted to double-click on international. Could you provide more color if the consumption trends you saw in terms of the holiday seasonality was consistent across geos? And then just more color on your plans for FY '23 and the geographic expansion this year.

恭喜今年結束。我只是想雙擊國際。如果您在假期季節性方面看到的消費趨勢在各個地區是一致的，您能否提供更多顏色？然後為您的 23 財年計劃和今年的地域擴張提供更多色彩。

So I didn't really notice anything by geo in terms of differences. And I will admit I didn't really dig into that, but I can't think of anything or I would have heard something from someone. In terms of -- we continue to focus on international expansion. We think Europe is set to have a very good year this year. APJ, we've been investing a lot there. I mentioned we are opening new deployments. We're getting a request to open deployments, a new one in India, for instance. There's one in Brazil that we'll be opening this year. We're looking at another one in Asia. As well in Europe, there's another 1 or 2 that we'll be opening. So the reason we're opening these is we're seeing the opportunity. So I do expect international, over time, will become a bigger portion of our revenue. It's just that our growth within the U.S. continues to be phenomenal, especially in our enterprise segment.

因此，就差異而言，我並沒有真正注意到地理上的任何差異。我承認我並沒有真正深入研究，但我什麼都想不出來，否則我會從某人那裡聽到什麼。在 - 我們繼續專注於國際擴張。我們認為歐洲今年將迎來非常好的一年。 APJ，我們在那裡進行了大量投資。我提到我們正在開啟新的部署。我們收到了開放部署的請求，例如在印度的一個新部署。我們今年將在巴西開設一家。我們正在尋找亞洲的另一個。在歐洲，我們還將開設另外 1 或 2 個。所以我們開放這些的原因是我們看到了機會。所以我確實預計，隨著時間的推移，國際業務將成為我們收入的更大一部分。只是我們在美國的增長繼續驚人，尤其是在我們的企業領域。

Right, right. And then just one follow-up, if I may. Can you remind us -- could you just fill out what were the impact of platform enhancements, both gross and net, to FY '22 product revenues?

是的是的。如果可以的話，然後只是一個後續行動。您能否提醒我們——您能否填寫平台增強對 22 財年產品收入的影響，包括毛額和淨額？

Well, I just said about $2 million was Q4 for one of the enhancements we rolled out in January for about 3 weeks. That wasn't even to all of our customers. It's now rolled out fully. The other one we talked about at our Investor Day was the storage compression, which we did see a reduction in storage, bringing that down to about 10 but it ends up -- compute becomes a higher percent, and that helps our margins.

好吧，我剛剛說過，我們在 1 月份推出了大約 3 週的增強功能之一，第四季度大約需要 200 萬美元。這甚至不是我們所有的客戶。現在已經全面鋪開。我們在投資者日討論的另一個問題是存儲壓縮，我們確實看到存儲減少，將其降低到大約 10，但最終 - 計算變得更高百分比，這有助於我們的利潤。

Ladies and gentlemen, there are no further questions. Thank you for your participation. This concludes today's conference call. You may now disconnect.

女士們，先生們，沒有其他問題了。感謝您的參與。今天的電話會議到此結束。您現在可以斷開連接。