Snowflake 2023 Q4 Earnings Call (FY2024)

Hello and welcome to the Q4 fiscal year 24 snowflake earnings call. My name is Alex, I'll be coordinating the call today. If you'd like to ask a question at the end of the presentation, you can press star, followed by one on your telephone keypad. On our hand up to your host, Catherine McCracken, Senior Manager and Vesta Relations. Please go ahead.

大家好，欢迎参加第24财年第四季度雪花收益电话会议。我是Alex，今天将负责协调本次通话。如果在演示结束后想提问，您可以按下电话键盘上的星号键，然后再按数字一。现在我将介绍我们的主持人，Catherine McCracken，高级经理兼Vesta关系主管。请开始。

Good afternoon and thank you for joining us on snowflake's Q4 fiscal year 24 earnings call. I'm Roseanne Montana, our street our Ramazwami, our chief executive officer, Frank Fluteman, our chairman, Mike Scarpelli, our chief financial officer, and Christian Kinerman, our executive vice president of product who will join us for the Q&A session. During today's call, we will review our financial results for the fourth quarter fiscal 2024 and discuss our guidance for the first quarter and full year fiscal 2025.

大家下午好，感谢大家参加雪花公司2024财年第四季度收益电话会议。我是罗斯安·蒙塔纳，我们的首席执行官，还有我们的董事长拉马兹瓦米，首席财务官弗兰克·弗鲁特曼，我们的首席财务官迈克·斯卡佩利，以及我们的产品执行副总裁克里斯蒂安·基纳曼，他将在问答环节中与我们一起回答问题。在今天的电话会议中，我们将回顾2024财年第四季度的财务业绩，并讨论我们对2025财年第一季度和全年的指导。

During today's call, we will make forward-looking statements, including statements related to our business operations and financial performance. These statements are subject to risks and uncertainties, which could cause them to differ materials. Information concerning these risks and uncertainties is available in our earnings press release, our most recent forms 10k and 10q and our other SEC reports. All our statements are made as of today based on information currently available. Except as a part of our loss, we have no obligations to update any such statement.

在今天的电话会议中，我们将会发表前瞻性声明，包括与我们的业务运营和财务表现相关的声明。这些声明可能会受到风险和不确定性的影响，这可能导致它们产生实质性差异。有关这些风险和不确定性的信息可以在我们的收益新闻稿、最新的10k和10q表格以及其他SEC报告中找到。所有我们的声明都是基于目前可用的信息在今天进行的。除非另有规定，我们没有义务更新任何此类声明。

During today's call, we will also discuss certain non-gats financial measures. A reconciliation of gaps and non-gat measures is included in today's earnings press release. The earnings press release and an accompanying adjuster and fee station patients are available on our website at investors.snowflake.com. A replay of today's call will also be posted on the website. With that, I would now like to share my follow-up with Frank. Thanks, Catherine.

在今天的电话会议中，我们还将讨论特定的非通用财务指标。 通用财务指标和非通用财务指标的对账表格已包含在今天的收益新闻稿中。 收益新闻稿和附带的调整员和费用统计表已经在我们的网站investors.snowflake.com上提供。 今天电话会议的重播也将发布在网站上。 有了这个，我现在想与弗兰克分享我的后续计划。谢谢，凯瑟琳。

Welcome and good afternoon. By now, you've heard the great news about street art becoming our next CEO. Before we get to that, I would like to highlight our fiscal 2024 results. FY24, Product Revenue Group, 38% year over year to reach 2.67 billion. Non-gap product growth margin expanded to 77.8%. Non-gap adjusted free cash flow was 810 million, representing 56% year over year growth. We continue to pair high growth with efficiency. Year began against an unsettled macroeconomic backdrop. We witnessed lackluster sentiments and customer hesitation due to lack of visibility in their businesses. Customers preferred a wait and seat posture versus leaning in to longer-term contract expansions. This reversed in the second half of the year and we started seeing larger multi-year commitments. Q4 was an exceptionally strong booking squatter. We reported 5.2 billion of remaining performance obligations, representing accelerated year on year growth of 41%.

欢迎，下午好。目前您已经听说了涂鸦艺术成为我们下一任CEO的好消息。在此之前，我想强调一下我们2024财年的业绩。财年24年，产品收入集团同比增长38%，达到了267亿美元。非通用会计准则产品增长利润率扩大至77.8%。非通用会计准则调整后的自由现金流为8.1亿美元，同比增长56%。我们继续将高增长和效率相结合。今年年初始于一个不稳定的宏观经济背景下。由于客户自身业务缺乏可见性，我们目睹了消极情绪和客户犹豫。客户更倾向于持观望态度，而不是加大长期合同的扩张力度。这种情况在年底逆转，并且我们开始看到更大规模的多年承诺。第四季度的订单预订非常强劲。我们报告了52亿美元的剩余履约义务，同比增长41%。

Our international theatres outperformed the company as a whole. We continue to see success in our effort to campaign the largest enterprises globally. We added 14 global 2000s in the quarter and 8 of our top-down customers grew sequentially. Meanwhile, Snowflake has announced many new technologies that let customers mobilize AI streamlids in Snowflake, Snowpark, ML Modeling API and Cortex-ML functions are all generally available. We also received FedRAMP high authorization on the AWS Guff Cloud. This enabled Snowflake to protect some of the federal government's most sensitive, unclassified data. Now on the topic of CEO transition, I was brought to Snowflake five years ago to help the company break out and scale. I wanted to grow the business fast but not at all costs. It had to be efficient and establish a foundation for long-term growth. I believe the company succeeded on that mission.

我们的国际剧院的业绩超过了整个公司。我们继续在全球最大企业的努力中取得成功。本季度我们增加了14家全球500强企业客户，其中8家顶级客户的业务持续增长。与此同时，Snowflake宣布了许多新技术，让客户能够在Snowflake中动用AI流，Snowpark、ML建模API和Cortex-ML功能现在都已经普遍可用。我们还在AWS GovCloud上获得了FedRAMP高级授权。这使Snowflake能够保护一些联邦政府最敏感的非机密数据。现在谈到首席执行官的交接，五年前我加入Snowflake是为了帮助公司突破和扩大规模。我希望快速发展业务，但不希望以任何代价。这必须高效，并建立一个长期成长的基础。我相信公司在这个任务上取得了成功。

The board has run a succession process that wasn't based on an arbitrary timeline but instead looked for an opportunity to advance the company's mission well into the future. The arrival of 3D Rama Swami through the acquisition of NEVA last year represented that opportunity. Since joining us, Snowflake has been a global advertising product during its 15 year tenure to Google to help grow at-wards in Google's advertising business from $1.5 billion to over $100 billion. With the onslaught of generative AI, Snowflake needs a hard-driving technology to navigate the challenges the new world represents. FedR's vision for the future and its proven ability to execute a scale made clear to us as a board. He's the right executive at the right time to lead Snowflake. Since March my retirement from an operating role, I will remain on duty as chairman of the board and look forward to working with Shredir and the team going forward. With that, I will pass it over to Shredir.

董事会进行了一项继任计划，这并不是基于任意的时间表，而是寻找机会使公司的使命在未来得以发展。去年通过收购NEVA，3D Rama Swami的加入代表了这个机会。自加入我们以来，Snowflake在谷歌任职15年期间成为了全球广告产品，帮助谷歌的广告业务从15亿美元增长到1000亿美元以上。随着生成式人工智能的崛起，Snowflake需要一个高效的技术来应对这个新世界所带来的挑战。FedR对未来的愿景和他在规模执行方面的能力明确地展现给了我们董事会。他是目前可以领导Snowflake的合适高管。自从三月份我从运营角色退休后，我将继续担任董事会主席，期待与Shredir和团队继续合作。现在我将把话题交给Shredir。

Thank you, Frank. I'm honored to have been chosen to lead this great company. The success Snowflake has achieved is a testament to the great customers, employees and partners who have contributed along the way. And of course, Frank has been a huge part of getting us here, which I greatly acknowledge. Snowflake is a once-in-a-generation company that will revolutionize the world with its cloud data platform. This has become more true in the past year with the rapid technology innovations we have seen. Generative AI is at the forefront of my customer conversations. This drives renewed emphasis on data strategy in preparation of these new technologies. I've heard the team say it many times. There's no AI strategy without a data strategy. And this has opened a massive opportunity for Snowflake to address. To deliver on the opportunity ahead, we must have clear focus and move even faster to bring innovation on the Snowflake platform to our customers and partners. This will be my focus. I look forward to working with the team and I'm extremely excited for the opportunity. With that, I'll pass it over to Mike. Thank you, Shridhar.

谢谢你，Frank。我很荣幸被选为领导这家伟大公司的人。Snowflake取得的成功证明了一路上为其贡献的伟大客户、员工和合作伙伴。当然，Frank在这过程中起到了巨大的作用，我对此深表感激。Snowflake是一家一经代的公司，将以其云数据平台改变世界。在过去一年，我们看到了技术创新的快速发展，这使这一点变得更加真实。生成式人工智能是我与客户谈论的重点。这促使更加重视数据策略，以应对这些新技术的到来。团队多次说过这句话。没有数据战略就没有人工智能战略。这为Snowflake提供了巨大的机遇。为了抓住前方的机遇，我们必须有明确的重点，并且更快地将创新带到Snowflake平台上，为我们的客户和合作伙伴提供服务。这将是我的重点。我期待着与团队合作，并对这次机会感到非常兴奋。现在，我将把话题交给Mike。谢谢你，Shridhar。

Q4 marked a strong finish to a challenging year. Product revenue was $738 million, growing 33% year over year. Similar to prior years, we experienced significant holiday impacts in December and January. Holidays make it difficult to discern meaningful consumption trends. In the quarter, younger customers led revenue growth. These accounts are adding new workloads and migrating from legacy vendors. Financial services and retail were our largest revenue contributors. And we are seeing emerging momentum from the Amira region and technology vertical. Customer optimizations return to a normal level with eight of our top 10 accounts growing sequentially. We proactively engage with customers to help them optimize their Snowflake usage and will continue to do so.

Q4是一个艰难一年的强劲收官。产品收入达到7.38亿美元，同比增长33%。和往年一样，我们在12月和1月经历了重要的节日影响。节假日会使有效消费趋势变得难以辨别。在这一季度，年轻客户推动了收入增长。这些客户正在增加新的工作负载，并从传统供应商迁移。金融服务和零售是我们最大的收入贡献者。我们也看到了来自阿米拉地区和技术垂直领域的发展势头。客户优化恢复到正常水平，我们前十个账户中有八个在前后季度间呈增长趋势。我们会主动与客户互动，帮助他们优化Snowflake的使用，并将继续保持这种方式。

Q4 has shown that optimizations expand our long-term opportunity. We now have 83 customers with trailing 12-month product revenue greater than $5 million up from 75 and Q3. Q4 was an exceptional booking quarter for us. Bookings are not leading indicator of revenue. They do signal an improving macro environment. Raining performance obligations grew 41% year over year to $5.2 billion. Of the $5.2 billion in RPO, we expect approximately 50% to be recognized as revenue in the next 12 months. We signed our largest deal ever in Q4, a five-year $250 million contract with an existing customer. Our international territories return to meaningful growth of performing expectations for the first time in a year. We made significant progress in delivering margin expansion. Non-GAP product margin of 78% was upper-prox. 300 basis points year over year. Improved terms from the cloud service providers have contributed to margin expansion. Non-GAP operating margin of 9% was ahead of expectations. Operating margin benefit from increased hiring scrutiny. Non-GAP adjusted free cash flow margin was 42%. Bookings outperformance increased collections. We ended the quarter with $4.8 billion in cash equivalents and short-term and long-term investments. We did not repurchase any shares in Q4. We have approximately $1.4 billion remaining under our original authorization of $2 billion. Now let's turn to outlook.

第四季度表明，优化措施扩大了我们的长期机会。现在我们有83个客户的过去12个月产品收入超过500万美元，比第三季度的75个客户增加了。第四季度对我们来说是一个杰出的预定季度。预定并非收入的领先指标，但它们确实表明宏观环境正在改善。尾随的履行义务同比增长了41%，达到了52亿美元。在这52亿美元的履行义务中，我们预计大约50%将在未来12个月内认定为收入。我们在第四季度签署了迄今为止最大的一笔交易，即一项与现有客户签订的为期五年的2.5亿美元合同。我们的国际市场领域首次在一年内实现了盈利预期的有意义增长。我们在实现利润率扩张方面取得了重大进展。非通用会计准则产品利润率为78%，较去年同比增加了300个基点。来自云服务提供商的优惠条款有助于利润率扩张。非通用会计准则营业利润率为9%，超出预期。营业利润率受益于加大招聘审查。非通用调整后的自由现金流利润率为42%。预定超额增加了收款额。我们在季度结束时的现金及现金等价物以及短期和长期投资总额为48亿美元。我们在第四季度没有回购任何股票。我们原始授权的20亿美元中还剩大约14亿美元。现在让我们展望未来。

Some trends have improved since the beginning of last year but have not returned to pre-FY 24 patterns. We have evolved our forecasting process to be more receptive to recent trends. For that reason, our guidance assumes similar customer behavior to fiscal 2024. We are forecasting increased revenue headwinds associated with product efficiency gains, tiered storage pricing, and the expectation that some of our customers will leverage iceberg tables for their storage. We are not including potential revenue benefits from these initiatives in our forecast. These changes in our assumption impact our long-term guidance. Internally we continue to march towards $10 billion in product revenue. Externally, we will not manage expectations to our previous targets until we have more data. We are focused on executing an FY24 to ensure long-term durable growth. Without turning to FY25 guidance, for the first quarter we expect product revenue between $745 and $750 million representing year-over-year growth between 26 and 27 percent. For the first quarter, we expect non-gap operating margin of 3 percent and $366 million dilute weighted average shares outstanding.

自去年年初以来，一些趋势有所改善，但尚未恢复到FY24之前的模式。我们已经调整了我们的预测过程，使其更能接受最近的趋势。出于这个原因，我们的指导假设与2024财年类似的客户行为。我们预测与产品效率提高、分层存储定价以及一些客户将利用“冰山表”进行存储相关的收入阻力增加。我们没有将这些举措所带来的潜在收入好处纳入我们的预测中。这些假设的改变影响了我们的长期指导。在内部，我们继续朝着产品收入达到100亿美元的目标迈进。在外部，我们将在有更多数据之前不对之前的目标进行管理。我们专注于执行2024年的计划，以确保长期持久的增长。在没有转向2025年的指导的情况下，我们预计第一季度的产品收入在7.45亿至7.5亿美元之间，同比增长率在26%到27%之间。我们预计第一季度的非GAAP营运利润率为3%，而摊薄加权平均股本为3.66亿美元。

For the full year, we expect product revenue of approximately $3.25 billion representing 22 percent year-over-year growth. We expect snowpark to contribute 3 percent of product revenue. We are not including any other new products in our forecast at this time. For the full year, we expect non-gap product gross margin of 76 percent, non-gap operating margin of 6 percent, non-gap adjusted free cash flow margin of 29 percent, and dilute weighted average shares outstanding of $368 million. We plan to add approximately 1,000 employees this year inclusive of M&A. For expenses, our forecast assumes meaningful investments in our AI initiatives. We expect approximately 50 million of GPU-related costs in fiscal year 25, approximately 10 million flowing through cost of product revenue. For the purpose of forecasting, we are not including any incremental revenue associated with these features. We have also evolved our go-to-market motion. As we compensate more reps on a consumption quota, we will see increased commission expense. Competition-based commissions are expense immediately rather than amortized over a five-year period. This has no impact on cash flows but is expected to have approximately $30 million impact to P&O.

我们预计全年产品收入约为32.5亿美元，同比增长22％。我们预计雪公园将贡献产品收入的3％。目前在我们的预测中不包括任何其他新产品。我们预计全年非依据公允价值的产品毛利率为76％，非依据公允价值的运营利润率为6％，非依据公允价值的调整自由现金流量率为29％，稀释加权平均股份为3.68亿美元。今年我们计划新增约1000名员工，包括M&A。在支出方面，我们的预测假设我们在人工智能项目中进行了重大投资。我们预计在2025财年与GPU相关的成本约为5000万美元，其中约1000万美元会流入产品收入成本。为了预测，我们不计算与这些功能相关的任何额外收入。我们还改进了我们的市场营销方式。随着我们对消费配额的销售代表的增加，我们将看到佣金支出增加。基于竞争的佣金立即支出，而不是在五年期内分期摊销。这对现金流没有影响，但预计将对P&O有约3000万美元的影响。

Lastly, I would like to acknowledge Frank's retirement. Working with Frank for the past 17 years has been an incredible learning experience, and I am grateful for our time together. Frank's contributions to Snowflake set the company up for the long-term success, and I look forward to being part of that journey. I have committed to Shreda on the board that I will be with Snowflake for at least the next three years.

最后，我想要感谢弗兰克的退休。在过去的17年里与弗兰克一起工作是一次难得的学习经验，我很感激我们在一起的时光。弗兰克对Snowflake的贡献为公司长期的成功打下了基础，我期待成为这个旅程的一部分。我已经向董事会承诺，我将至少在接下来的三年里一直留在Snowflake。

Before closing, we will host our investor day on June 4th in San Francisco in conjunction with Data Cloud Summit or Annual Users Conference. If you are interested in attending, please email IR at snowflake.com. With that operator, you can now open up the line for questions. Thank you. As a reminder, if you would like to ask a question, you can press star followed by one on your telephone keypad. If you would like to remove your question, you may press star followed by two. Our first question for today comes from Mark Murphy of JP Morgan.

在结束之前，我们将于6月4日在旧金山举办投资者日活动，与数据云峰会或年度用户大会同时举行。如果您有兴趣参加，请发送电子邮件至snowflake.com联系投资者关系部门。有了这位操作员，您现在可以开放线路接受问题。谢谢。提醒一下，如果您想提问，请按下电话键盘上的星号再按1。如果您想撤销您的问题，请按下星号再按2。今天的第一个问题来自JP Morgan的Mark Murphy。

You will line this out open. Please go ahead. Thank you very much, Snowflake. I think we, with the understanding that bookings are not a perfect forward indicator of revenue, it is hard not to notice the total bookings performance is quite spectacular. Even the short-term backlog number looks good. I think we are trying to bridge from that growing closer to 30 percent. To arrive at the revenue growth in the low 20s, I understand it is mechanically more complicated than that. On the surface, it looks like you are guiding with a lot more conservatism than a year ago. I am just wondering, does that part of this feel a little more comfortable to you? Do you think it could take a little longer to convert bookings to consumption this year?

你会明白这一点。请继续。非常感谢，Snowflake。我认为，尽管订书并不是收入的完美前瞻指标，但总体预订表现相当惊人。即使短期积压订单数字看起来也不错。我认为我们正试图从以接近30%的增长趋势上跃升。要实现低20%的收入增长，我明白这机械性方面更为复杂。从表面上看，你的偏向指引比一年前更为保守。我只是想知道，这部分对你而言是否更舒适一些？你是否认为今年可能会需要更长时间将预订转化为消费？

I think we are definitely more conservative this year. Given the consumption patterns we saw in 24, and as we said at our analyst day last year, we needed to see consumption patterns more in line what we saw pre-24 to get to our longer term goal. As a result, we have decided to forecast this year based upon the consumption patterns we saw in 24. As you know, we forecast based upon historical consumption of our products. There is a lot of new products coming into GA and public preview this year that we have not taken into account in our forecast. We will do so once we start to see that consumption. We will take this quarter by quarter for the year.

我觉得今年我们肯定更保守些。鉴于我们在24年看到的消费模式，正如我们在去年的分析师日所说的，我们需要看到消费模式更符合我们在24年前看到的情况，以实现我们的长期目标。因此，我们决定根据我们在24年看到的消费模式来预测今年的情况。正如你所知，我们根据我们产品的历史消费量来做预测。今年将有很多新产品进入GA和公开预览，我们在预测中尚未考虑到这一点。一旦开始看到这种消费，我们将加以考虑。我们将按季度进行全年计划。

As a quick follow-up, Frank, I wanted to thank you for everything and wish you all the best. Shridhar, I just wanted to ask you because of your background and generative AI, do you envision any changes in the technology roadmap, perhaps relating to Snow Park, or perhaps your role in LLMs, or how heavily you would steer the go-to market in those areas? I am just wondering if you would foresee any change in philosophy or approach. I have had over 100 conversations with customers over the past year about generative AI in particular. The product announcements that we have already made, things in private preview, including Snowflake Cortex, which is our managed AI and search layer combined with applications like Document AI, or extracting structured data or our co-pilot. These have been very well received Document AI, for example, has hundreds of customers waiting for it to hit GA that are on our waitlist.

作为一个快速的跟进，Frank，我想感谢你为一切，祝你一切顺利。Shridhar，我只是想问你，鉴于你的背景和生成式人工智能，你是否预见到技术路线图的任何变化，也许涉及到Snow Park，或者你在LLMs中的角色，或者你在这些领域中如何推动市场？我只是想知道你是否预见到任何哲学或方法上的变化。去年我与客户进行了100多次关于生成式人工智能的对话。我们已经宣布的产品，包括私人预览中的事物，包括Snowflake Cortex，这是我们的托管AI和搜索层，结合了应用程序如Document AI，提取结构化数据或我们的共同驾驶员。这些产品受到了广泛好评，例如，Document AI已经有数百个在等待上线的客户，他们已经在我们的候补名单上了。

So, I would say it is a matter of executing to the roadmap that we have already laid out. Cortex will hit public preview soon. To Mike's point, getting this to GA, getting this in the hands of our customers, and having them realize value is the top priority. I don't think of this as needing a new strategy. Thank you very much. Thank you. Our next question comes from Mike Keith. Nice. I was wondering if you could give us a sense for where the consumption was softer as it is impacting your guidance. I think last quarter you gave us a good sense for digital natives seem to stabilize, enterprise seem to get better. So can you just double click where the consumption is softening now versus your expectations and where may be stronger?

因此，我认为关键是执行我们已经制定的路线图。Cortex很快就会进入公开预览阶段。正如Mike所言，将其推向GA，让客户使用并让他们意识到其价值是最重要的。我认为这并不需要新的策略。非常感谢。谢谢你。我们下一个问题来自Mike Keith。好的。我想知道您是否能让我们了解消费者的轻微减少对您的指引产生了影响。我认为上个季度您给出了一个很好的数字，数字原生人似乎稳定下来，企业看起来越来越好。因此，您能详细说明消费减少的原因与您的预期相比现在在哪里有所减弱，哪里可能更强大吗？

Well, as I said, the strength was in financial services in retail. We are seeing the technology vertical do well. And I wouldn't say it is soft. We did beat the last quarter. But what I would say is it is improving, but it is not back to the pre-2024 levels, as I mentioned. And that's the, we're basing, we've revised our model to look at more recent history rather than going back to foreign history for forecasting consumption patterns. That's very helpful. And then one more follow up on sort of the existing customer business and your net retention rate. That seemed to be on top of the bookings and other KPI that is at least getting better on a rate of change basis. Is there any level that you would guide us to in terms of where that net retention rate could stabilize? Is that informing your guide aside from kind of the consumption you're seeing in any meaningful way? Any call you can give us and that would be helpful too.

嗯，正如我所说的，零售金融服务是我们的优势所在。我们看到科技领域表现良好。我不会说它软弱。我们上一季度确实取得了胜利。但我要说的是，虽然在改善，但还没有回到我之前提到的2024年前的水平。因此，我们修正了我们的模型，以更多地关注最近的历史，而不是过去的历史，以预测消费模式。这非常有帮助。再谈一下现有客户业务和您的净保留率。与之前的预订和其他关键绩效指标相比，这似乎在增速上有所改善。您是否可以给我们指导净保留率可能稳定在哪个水平？除了您能够看到的消费情况之外，这是否以某种有意义的方式影响了您的指导？您可以为我们提供任何指导吗？这也会有所帮助。

Well, as we've said before, over time net revenue retention will converge with a revenue growth rate. And as I've said before, I'm not going to guide to net revenue retention. Got it. Thanks. Thank you. Our next question comes from a rainbow Lencho of Barclays. Your line is now open. Please go ahead. Thank you, Frank, all the best for me as well.

好的，正如我们之前所说的，随着时间的推移，净收入保留率将会与收入增长率趋同。正如我之前所说的，我不会提供净收入保留率的指导。明白了，谢谢。谢谢你。下一个问题来自巴克莱的雷恩科。你的电话线现在开通了，请继续。谢谢，弗兰克，也祝你一切顺利。

A question for a three-year. If you think about the customer conversations with AI and people will think differently about the data and the data platform, can you speak a little bit about how do you see that playing out for you guys from a snowflake perspective in terms of the one part of the data warehouse but also then more on the lake side? What are you in customer conversations and how are you positioned now and what would be the push for you there? And then have one follow-up for Mike.

三年级生的一个问题。如果你考虑到客户与人工智能对话时，人们会对数据和数据平台有不同的看法，你能谈谈你是如何从雪花的角度看待这一点，尤其是在数据仓库和数据湖方面？在客户对话中你是什么立场，以及你目前的定位是什么，接下来对你会有什么推动？然后再有一个追问的话题转给迈克。

Yeah, on snowflake cortex, we are implementing it as a core platform layer. It ships with every deployment. And it makes AI readily accessible from SQL so that even an analyst that's not an LLM expert or a Python expert can simply write SQL for things like summarization or sentiment detection data that is already in snowflake. Our overall aspiration here is to make AI really, really simple for our customers to use. And in some sense, deep prototypical AI application is a chatbot over a specialized corpus using what's called a rag retrieval augmented generation.

是的，在雪花皮质上，我们将其实施为核心平台层。它随每次部署一起交付。它使人工智能从SQL中轻松访问，这样即使是不是LLM专家或Python专家的分析员也可以简单地为诸如摘要或情感检测等已经存在于雪花中的数据编写SQL。我们在这里的总体志向是使人工智能对我们的客户来说真的非常简单易用。在某种意义上，深度原型人工智能应用是在专门语料库上使用所谓的拉格检索增强生成的聊天机器人。

But the idea is basically you're able to say talk to your documentation or talk to the support cases that you have and get answers back in natural language but with things like citations so you can actually believe the answers that are coming back from the chat bot. So both of these are ready-made applications that our customers are excited about. But I would say the big, big unlock is being able to get at the structured data that is in snowflake and have that be accessed by many, many more people. Today people go through an elaborate process of getting the data ready, using BI tools, going through a pretty slow cycle. And so the thing that we are driving towards is creating easy ways for people to be able to talk to subsets of data like Mike to be able to talk to finance data or other things like that. I would say that that is the thing that is truly, truly exciting for our customers.

但基本的想法是，您可以通过与文档或支持案例交谈，以自然语言获取答案，但带有引文，这样您就可以真正相信聊天机器人返回的答案。因此，我们的客户对这两个现成的应用程序感到兴奋。但我想说的是，真正重要的突破是能够访问雪花中的结构化数据，并让更多人访问该数据。如今，人们需要花费大量时间准备数据，使用BI工具，经历相当慢的循环过程。因此，我们正在努力创造简单的方法，让人们可以与数据子集进行交谈，比如让迈克能够与财务数据等进行交谈。我认为，这才是真正令客户兴奋的事情。

And with respect to where data is sitting, as you know, we support things like iceberg formats, it's getting more and more popular. So data interoperability is very much a thing. And our AI products can generally act on data that is sitting in cloud storage as well. So the solutions that we are offering as part of snowflake are broadly applicable both to data within snowflake but also data that's sitting in cloud storage. Okay, perfect. Thank you. And Mike, quick question for you on the goals, Martin, you know, congrats on the amazing improvement there. Would that do I understand you correctly? Is that just one hyperscaler where the contract terms kind of got improved? And is that something that we could kind of hope for others or is the level now or the level? Thank you. So as a reminder, we did AWS and Azure before our Investor Day last year. We just did our Google contract last quarter as well. So all three of those contracts now and those are where we are running and those three clouds are current and I don't expect any changes to those terms in any meaningful way in the short term.

关于数据存放的位置，正如您所知，我们支持冰山格式等事项，这已变得越来越流行。因此，数据互操作性非常重要。我们的人工智能产品通常可以处理存放在云存储中的数据。因此，我们作为Snowflake的一部分提供的解决方案，不仅适用于Snowflake内部的数据，也适用于存放在云存储中的数据。好的。非常感谢。迈克，我有一个简短的问题想问您关于目标，马丁，您知道，在那里有一个惊人的改善。我理解得对吗？这只是一个超级规模商其中合同条款得到了改善吗？我们是否可以期待其他的类似情况或者改善了吗？谢谢。作为提醒，去年投资者日之前，我们与AWS和Azure达成了协议。上个季度，我们也完成了与Google的合同。这三个合同现在都已经签署了，并且我们正在运行在这三个云环境中，我不认为在短期内对这些条款会有任何实质性的变化。

Perfect. Thank you. Thank you. On the next question comes from Kirk. Merton from Evercore. The line is now open. Please go ahead. Oh, yeah. Thanks very much. And Frank, congrats on a great run. That's snowflake in before. You'll make maybe for you, you know, every year you've told us that your voice include technology advancements that you pass back to your customers and your guidance. It seems like there's a higher level of conservatism around that just given the lack of visibility on that. Can you try to, I guess, qualitatively give us some idea of how much bigger a headwind that is than prior years just to go along with some of the conservatism around consumption trends?

非常完美。谢谢。下一个问题来自柯克。埃弗科尔的默顿。现在开放线路。请开始。哦，是的。非常感谢。弗兰克，祝贺您取得了很好的成绩。以前就有雪花了。也许你知道的，每年你告诉我们，你的业务包括技术进步，然后把它传递给客户和你的指导。看起来围绕这一点有更高的保守程度，只是因为看不清楚。你能否尝试以一种定性的方式给我们一些概念，这相比以往几年来有多大的阻力，以便配合一些关于消费趋势保守的看法？

It's about a 6.2, 6.3% impact this year. And but coupled with that too in the revenue, we rolled out in Q4 tiered storage pricing. So the amount of revenue associated with storage is coming down. But on top of that, we do expect a number of our large customers are going to adopt iceberg formats and move their data out of snowflake where we lose that storage revenue and also the compute revenue associated with moving that data into snowflake. We do expect though there'll be more workloads that will move to us. But until we see that incremental revenue on workloads, we're not going to forecast that. I will say last year we saw a 62% increase in the number of jobs running on snowflake year over year with a corresponding 33% increase in revenue. And that's because we continue to show our customers that we become cheaper and cheaper to them every year. And when we do that, it opens up new workload opportunities for us and we'll continue to do that. That's right. I'll leave it there. Shred our congrats on the new position. Thanks, Gus. Thank you. Our next question for today comes from Brent Liu of Jeff Reyes. If you're not on the snow open, please go ahead. Thanks Mike. I just want to reconcile really good RPO close acceleration in Q4 and then how you marry that with the guy. I think there's a lot of questions about the acceleration you saw and perhaps why that may not flow through into next year. Well, I would say we signed a lot of large multi-year deals in Q4. I mentioned the one that was a five-year, $250 million deal. There is and so what customers, what that really shows is the commitment customers are making to snowflake. And from a customer's perspective, as long as they use that, those credits up within their contract period, they're fine. There is a lot of pent up demand for a lot of our new products that are coming out.

这一年的影响大约是6.2%，6.3%。而且在收入方面，我们在第四季度推出了分层存储定价。因此，与存储相关的收入金额正在下降。但除此之外，我们确实预计很多大客户会采用冰山格式，将他们的数据从snowflake移出，从而失去存储收入，也失去将数据移入snowflake时所产生的计算收入。我们确实预计会有更多的工作量会转移到我们这里。但在我们看到工作量的增量收入之前，我们不会进行预测。我要说，去年，我们看到snowflake每年运行的任务数量增加了62%，相应收入增长了33%。这是因为我们继续向客户展示，我们每年都会变得对他们更加廉价。当我们这样做时，就为我们开拓了新的工作量机会，我们将继续这样做。对，就说到这里。祝贺你的新职位，Shred。谢谢，Gus。谢谢。我们今天的下一个问题来自Jeff Reyes的Brent Liu。如果你没有在现场，请继续。谢谢，迈克。我只想调和一下，第四季度非常好的RPO接近加速，然后你如何与之对应。我觉得有很多关于你看到的加速以及为什么可能不会在明年体现出来的问题。嗯，我会说我们在第四季度签署了很多大型多年合同。我提到了一笔为期五年，2.5亿美元的交易。因此，真正展示的是客户对snowflake的承诺。从客户的角度来看，只要他们在合同期内使用完这些信用额，他们就没问题。我们的很多新产品都有很大的潜在需求。

Shred our talked about document AI, but we have a lot of customers that want cortex and snow park container services. So I think it's going to be more back end loaded this year and until we see that consumption by our customers, it's hard to forecast that. So stay tuned. Okay. And Mike, just on linearity in Q4, I know the holidays were the holidays, but did you see things bounce back similar to what you've seen historically in Q4s or was there anything unique closing out the quarter? Are you talking from a revenue or are you talking about bookings? Bookings was very strong in January. I would say from a revenue consumption pattern, I think there was a little bit more of a prolonged holiday that went into mid-January, coming out of January, consumption is good. But once again, and through today, but it's more in line with 2024 consumption versus the pre-24 consumption patterns. Okay. Great. Thank you. Thank you. Our next question comes from Alex Zuchen of Wolf Research. If you're going to sign up open, please go ahead. Hey, guys, this is Alan on. Mike, just as a follow-up about consumption in the quarter, I'd love to maybe get a comparison on February. I know we got a day left, but maybe how this month shaped out compared to February of last year, and then I got a quick follow-up. And that's from a consumption perspective. It's the consumption is tracking where we are, and I just gave guidance for the quarter. So I don't know what else you want me to tell you.

我们谈过AI文件的碎片化，但我们有许多客户希望使用cortex和snow park容器服务。所以我认为今年会更多地倾向于后端加载，直到我们看到客户的消费情况，很难预测。所以请继续关注。好的。迈克，就第四季度的线性性而言，我知道节假日是节假日，但您是否看到事情是否像您在历史上看到的第四季度一样反弹，或者有什么特别的事情在本季度结尾时发生？您是指收入还是预订？1月的预订非常强劲。从收入消费模式来看，我认为节日持续到了一月中旬，一月末后，消费情况良好。但再次强调，直到今天，与2024年的消费模式更加接近，而非2024年之前的消费模式。非常感谢。谢谢您。我们的下一个问题来自沃尔夫研究的Alex Zuchen。请开始。嘿，伙计们，我是艾伦。迈克，对于本季度的消费情况，我想与二月份进行比较。我知道我们还剩一天，但也许您能告诉我这个月与去年同期的二月份相比如何，然后我有一个简短的后续问题。从消费的角度来看，目前的消费情况与我们的指导一致。我不知道您还希望我告诉您什么。

Okay. And as a follow-up, I guess, you talked about some of the precast flow impacts from the go-to-market change around pushing consumption more. Is there any way we should be thinking about maybe the top-line impacts as a result of that with the guys? Thanks. What I was talking about with cash flow was a switch in the comp plan from paying people on consumption versus the booking. And it doesn't really change the free cash flow associated because we're still doing the payments the same. And it has a $30 million P&L impact, but no cash flow impact is what I was referring to. And obviously, one of the reasons why we switched to paying reps more on consumption is because we want reps to be driving revenue more rather than bookings necessarily. And our reps are heavily compensated on two things this year. You have, for actually, 35% of our reps are focused just on initial new customers. 55% are just paid on existing customers with driving consumption, identifying new workloads within customers. You have about 10% that are in a hybrid, a mix of new customers and consumption. And those are more in emerging territories or territories where maybe the installed base of customers isn't as high.

好的。作为跟进，我想说一下，你提到了一些关于市场推广变化对预制流程的影响，更加推动消费方面的影响。我们是否应该考虑这些变化对公司的总收入有何影响？谢谢。我之前提到的现金流是关于从按消费付款转变为按预订付款的激励计划的变化。这并没有实际改变与之相关的自由现金流，因为我们仍然按照相同的方式进行付款。这对损益表有一个3000万美元的影响，但对现金流没有影响是我所指的。显然，我们之所以改为更多地按消费付款给销售代表，是因为我们希望销售代表更多地推动收入，而不一定是预订。今年，我们的销售代表主要通过两种方式获得报酬。35%的销售代表专注于初次新客户，55%的销售代表仅按现有客户付款，并推动消费，识别客户内的新工作负载。约有10%的销售代表处于混合模式，既有新客户又有消费模式。这些销售代表主要分布在新兴领域或客户安装基数不高的地区。

Thank you. Our next question comes from Brent Bracelyn of Pypress Handler. If you're going to start open, please go ahead. Thank you. Good afternoon. Frank, I'll well wish you're in retirement or forever. Remember, you're working with you on the first IPO. And the last one here, it's been an amazing 17 year journey. Mike, glad to know you'll be with us for another three years. My question here is for sure. As we think about driving more AI workloads to the Snowflake platform, what's the tip of the spear going forward? Is it Cortex? Is it Snowpark? Help us understand what you're focused on accelerating AI workloads to Snowflake. Yeah. When it comes to AI, as it was outlining, first of all, simplifying it so that it is easy for our customers to use via Cortex is the very first thing. And a lot of things that you and I, like analysts do with text now become so much easier to do with language models of different sizes. But I would say the applications that truly drive customer excitement, that there is incredible demand for, are on the document AI side and on the co-pilot offering. They're different, but they've used the same underlying technologies. Document AI is about extracting structured information from unstructured documents like PDFs that every enterprise has workloads off. And then on the other side, co-pilot finally makes real the possibility of being able to just talk to your data, ask questions in natural language, and for that to get translated underneath.

谢谢。我们接下来的问题来自Pypress Handler的Brent Bracelyn。如果您想要开始提问，请继续。谢谢。下午好。Frank，我祝愿您退休愉快或永远幸福。记得您曾在第一次IPO中与您合作。而在这次最后一次，这段持续17年的旅程简直太棒了。Mike，很高兴知道您将再和我们一起工作三年。我的问题是关于推动更多AI工作负载到Snowflake平台的事情。未来的先锋是什么？是Cortex吗？是Snowpark吗？帮助我们了解你们正在加速AI工作负载到Snowflake上的重点。 是的。关于AI，正如我所概述的，首先是通过Cortex简化它，使我们的客户能够轻松使用。现在，我们所做的许多事情，比如分析师与文本相关的工作，现在变得更容易，因为我们有了不同规模的语言模型。但我可以说，真正激发客户兴奋的应用程序，也是有着非常高需求的，位于文件AI侧和co-pilot融合。它们不同，但它们使用了相同的基础技术。文件AI是从非结构化文档中提取结构化信息的技术，比如每家企业都有的PDF工作负载。然后在另一方面，co-pilot最终实现了能够直接与数据对话，用自然语言提出问题的可能性，并能在底层进行翻译。

To SQL, for that SQL to be run against Snowflake and for you to get back a tabular answer, and then soon visualizations as well. It's that kind of fluid access that customers are really, really excited by. And what you get from Snowflake is that this comes out of the box. This is very easy, you can build a streamlit app with it. And so it avoids all of the complicated exfiltration of data using other tools needing to stitch things together as an IT project in order to get something done. And that's the power of our platform where we know the data, we know the schema, we know all the previous queries that have been run against it and are therefore able to create a very effective co-pilot solution. So hopefully that gives you a flavor for the kinds of conversations that we've been having customers and what they are looking forward to.

将数据查询转换成SQL语句，在Snowflake上运行，然后得到一个表格答案，并很快还会有可视化结果。顾客们对这种流畅访问非常兴奋。Snowflake提供这种功能，非常容易使用，您可以创建一个基于streamlit的应用程序。这样就避免了使用其他工具复杂的数据导出，并需要将各种东西拼接起来作为一个IT项目来完成任务。这就是我们平台的优势，我们了解数据，了解架构，了解以前运行过的所有查询，因此能够创建一个非常有效的辅助解决方案。希望这能让您了解我们与客户进行的对话类型和他们期待的内容。

Very helpful there. And then Mike, if I just look at the guide on a per customer basis, it does look like consumption per customer could be slower this year than last year. What's the delta there? Is the primary delta the assumption that tiered storage pricing and iceberg will put more pressure on consumption growth? Is that the primary delta or is there something else I'm missing? No, there's a lot of new performance enhancements being rolled out on our software this year that are going to have an impact. There's also, well, I'll tell you, but I really don't want to because I know you're going to ask a lot of questions. We're also rolling out the arm ship and the Azure. It's not as big as AWS's impact that will impact that as well too. And clearly we do expect customers will begin to adopt iceberg table format.

在那里非常有帮助。然后迈克，如果我只是按照每个客户的基础来看指南，看起来每个客户的消费可能会比去年慢。这里的差异是什么？主要差异是存储定价和冰山将对消费增长施加更大压力的假设吗？这是主要的差异还是我漏掉了什么？不，今年我们的软件上推出了许多新的性能增强功能，这将产生影响。此外，我会告诉你，但我真的不想因为我知道你会问很多问题。我们还在arm和Azure上推出，虽然不如AWS的影响大，但也会产生影响。显然，我们确实希望客户会开始采用冰山表格格式。

A couple of colors. Thank you. Thank you. And next question comes from Tasha Rangan from Golden Sides. Your lines now open. Please go ahead. Thank you very much. The mic won for you and won for you, St. Mark. How much of the conservatism is due to the transition at the senior most level and won't for you, St. Mark, congratulations. What are the biggest challenges and opportunities facing snowflake in your opinion? Thank you so much. I don't know how to answer that question, Cash. But what I would say is I'd like to set the company up to be successful throughout the year as we progress with Schrader coming on board.

一对颜色。谢谢。谢谢。下一个问题来自Golden Sides的Tasha Rangan。您的线现在打开。请继续。非常感谢。麦克风为您和为您赢得了圣马克。您认为保守主义的多少是由于高级别的过渡造成的呢？圣马克，恭喜您。在您看来，snowflake面临的最大挑战和机会是什么？非常感谢。我不知道怎样回答这个问题，卡什。但我想说的是，我希望通过Schrader的加入，将公司打造成为一家成功的企业。

Yeah. And to answer your question, yeah, to answer your question, Gosh. As you know, like Frank, our founders have built snowflake to be the trusted, efficient and cost-effective platform for enterprises. So I'm standing on the shoulder of giants to take us to the next chapter. And we already have a pretty ambitious plan, for example, to be able to write applications on top of snowflake and those underlying technologies, native applications, container services are built to GA this year.

是的。回答你的问题，是的，为了回答你的问题，哎呀。正如你知道的，像弗兰克一样，我们的创始人们建立了雪花作为企业信任、高效和具有成本效益的平台。因此，我站在巨人的肩膀上，带领我们走向下一个篇章。我们已经有一个相当雄心勃勃的计划，例如，能够在雪花和那些基础技术上编写应用程序，原生应用程序、容器服务今年将正式发布。

And then I would add what is unique about this moment in technology, of course, is AI and its power to democratize access to enterprise data. I think this sort of dramatically changes our understanding and notions of what an application is, how things can be stitched together. I think it is that a data platform combined with applications, with AI powering things like interoperability, that I think is the biggest opportunity in front of us. And we have a ton of investments. I've said many of them are coming to GA, getting them out quickly and driving adoption is easily my highest priority.

然后我会补充说，这个科技时代独特的地方在于人工智能以及其民主化获取企业数据的能力。我认为这种情况会极大地改变我们对应用程序的理解和概念，以及如何将事物连接在一起。我认为，数据平台结合应用程序，以人工智能驱动诸如互操作性之类的事物，是目前我们面临的最大机遇。我们有大量的投资。我已经说过很多投资将很快实现，将它们推广并推动采用是我最高的优先事项。

And in terms of challenges, some of these were deep platform surgeries. Unistor, as you folks know, is an incredibly ambitious project that has never been done before, but it will roll out. So I think you're going to see us realize a lot of benefits of the investments that we've been making in the core technology platform over the last two years. But as you know, AI is also moving at lightning speed. We have an amazing team that's at work on it, but I think there's just lots more disruption to the software landscape to come. And that's why acting with speed and urgency is especially important for us.

在挑战方面，其中一些是平台手术深度。Unistor，正如你们所知，是一个前所未有的雄心勃勃的项目，但它将会推出。所以我认为你们会看到我们在过去两年中对核心技术平台所做投资带来的许多好处。但你们也知道，人工智能也在以闪电般的速度发展。我们有一个很棒的团队正在努力工作，但我认为软件领域还将会有更多的颠覆。这就是为什么对我们来说，以速度和紧迫性行动尤为重要。

Awesome. Exeter to be on this journey with you, St. Peter. Congratulations. And thank you, Mike. Thank you, Chris. Thank you. Our next question comes from Patrick Koval of Skoshabank. Your line is now open. Please go ahead. All right. Thank you for taking my question. I mean, under Frank's leadership, snowflakes, I doubt it'll be in a bit of a rocket ship. So Frank, I want to ask you why leave now and then treat I can ask you on as well, you know, looking forward to being in charge for exciting next steps. How are you thinking about your strategy for snowflake and changes you want to make now that you're in the CEO position?

太棒了。和你一起踏上这段旅程，圣彼得，埃克塞特。恭喜你。谢谢你，迈克。谢谢你，克里斯。谢谢。下一个问题来自斯科沙银行的帕特里克·科瓦尔。你现在可以发言了，请提问吧。好的。谢谢你回答我的问题。在Frank的领导下，Snowflake肯定会像火箭般快速发展。所以Frank，我想问你为什么现在离开，也想问一下你觉得在CEO职位上，你将如何思考你对Snowflake的战略和想要做出的改变。希望你期待着负责激动人心的下一步。

I'm going to quick pull off. That's right. Yeah. The important thing that I tried to highlight in the prepared remarks was that we haven't run succession as a time-based process. And I said, why ask now? It's not a timing issue. It is, you know, do we have the person that we think is going to be an incredible win for the company, you know, going forward? And that's not, you can't dictate that or mandate that it's just based on opportunities that will or will not present themselves. So we feel incredibly fortunate that we cross paths with treat our through the acquisition of NIVA.

我准备快速脱离。是的，没错。在准备好的讲话中，我试图强调的重点是，我们并未将继任者的选择作为一个基于时间的过程来进行。我说，为什么现在问？这不是一个时间问题。问题在于，我们是否有我们认为会为公司带来巨大成功的人选，你知道，这并不是可以强迫或指示的，而是基于将出现或不出现的机会。所以我们感到非常幸运，通过收购NIVA与Treat Our相遇。

You know, if I think of myself, not just as the former CEO of snowflake, but also as an individual shareholder in snowflake, this is the move I want to make at this time. And, you know, I cannot tell you as an investor how strongly you should feel, you know, about succession. This is not just about changing the guard. This is also about positioning the company really, really well for the challenges that are coming at us. Yeah. And just adding on to what, you know, Frank said just now, our short-term goals are very clear. And they said we have a slew of product enhancements and everything from, you know, like transactional systems like Unistor to interoperable storage to making applications on top of our data cloud possible with native applications and container services.

你知道，如果我不仅将自己看作是"雪花"的前首席执行官，还是一位个人股东的话，这是我现在想要做的举动。我不能告诉你作为投资者应该对继任问题有多强烈的感受。这不仅仅是换帅的问题，也是为了将公司在即将到来的挑战中定位得非常非常好。是的，补充一下弗兰克刚刚说的，我们的短期目标非常明确。他们表示我们有一系列产品增强措施，涵盖从事务系统如Unistor到可互操作的存储，再到利用本地应用和容器服务实现在我们的数据云上构建应用的可能性。

And of course, AI on top of that. So I think the short-term and the need to react pretty quickly to a very quick silver AI landscape is what I'm going to be focused on. But I would almost say that, you know, that actually translates pretty well into a longer-term strategy. Our belief is that a cloud that starts with data at the center combined with our product philosophy of creating a tightly integrated, easy-to-use product is the long-term winning strategy. Yes, there are going to be details that are different about, you know, which are the applications that we are going to be developing, what are ones that we are going to be doing in partnership.

当然，还有人工智能。因此，我认为短期内需要迅速应对迅速变化的人工智能格局是我将专注的重点。但我几乎可以说，这实际上很好地转化为一个长期战略。我们的信念是，以数据为中心的云结合我们的产品理念，即创建一个紧密集成、易于使用的产品，是长期取胜的策略。是的，关于我们将开发哪些应用程序，哪些是我们将与合作伙伴合作完成的细节会有不同。

But that combination of the data cloud applications built on top of it with AI as an orchestrator is actually a pretty solid long-term strategy as well. Of course, as I said, we have to be adaptive because the world of AI and its capabilities are changing by the month. And so we have to be receptive to that kind of change. But I feel very good about the path that we have set out for ourselves in how effective it's going to be both in the short-term and the long-term. Terrific. Thank you, Frank and Sridhar. Mike, can I just one quick one for you. You gave the guidance about three points of product revenue will be from Snow Park in 1Q. Thanks for that colour. The year. Guess my question for the year. When, for the year, okay, fiscal 25, okay, when might Snow Park hockey stick? It's been a product you guys have been talking about and invested pretty heavily in. It's seen terrific momentum, but can we expect a hockey stick at some point? Anything is possible. What I would say is we did about mid-30 million in revenue, I think 35, 36 million in revenue last year associated with Snow Park. Clearly, what I'm saying, 3% is going to be just under 100,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000 this year. I think that is pretty phenomenal growth. If we can get it to grow faster, we obviously will. All right, keep on the good luck. Thank you. Our next question comes from Brad Sales of Bank of America. Brad, see you line this out open. Please go ahead.

但是，数据云应用程序与AI作为协调者结合在一起的这种组合实际上也是一个相当稳固的长期战略。当然，正如我所说的，我们必须具备适应能力，因为AI的世界及其能力每个月都在发生变化。因此，我们必须接受这种变化。但是，我对我们制定的路径感到非常满意，因为我相信它在短期和长期内都将非常有效。太棒了。谢谢，Frank和Sridhar。Mike，我只有一个快速的问题想问你。你提供了在第一季度产品收入中三个点将来自Snow Park的指导。谢谢你的指示。关于整个年份，对于这一年。在这一年，好吧，财政25，好吧，Snow Park何时可能爆发增长呢？这是你们一直在谈论并投入了大量资源的产品。它显示了令人惊人的势头，但我们是否可以期待某个时间点的爆发增长呢？一切皆有可能。我想说的是，我认为去年我们与Snow Park相关的收入大约是三千五百万，我认为是三千六百万美元。显然，我所说的3％将会略低于一亿美元，今年。我认为这是非常惊人的增长。如果我们能够让它增长得更快，当然我们会努力的。好的，祝你好运。谢谢。我们下一个提问来自美国银行的Brad Sales。Brad，您的电话线已打开，请继续。

Hi. Thank you for taking the question. This is Carly on for Brad. I guess first question just want to ask on your guide for the full year, fiscal 25, I think you assumed a number of large customers going to a stop iceberg table. So some expectation on data moving out of, you know, like losing some storage revenue and some compute revenue there. Can you just double click on that? Why some of the existing large customers are going to choose iceberg table rather than their original? A lot of big customers want to have open file formats to give them the options. And by the way, this is not necessarily customers moving all of their storage out of a day, out of snowflake, but a lot of the growth in their storage will be put into iceberg tables as well as what we think is going to happen. So you're just not going to see the growth associated with the storage and many of those customers. As a reminder, about 10 to 11% of our overall revenue is associated with storage.

嗨，谢谢您回答问题。我是Carly代表Brad。我想首先问一下关于您在全年报指引中提到的问题，我想您可能假设将有一些大客户转向使用冰山表。因此，我们可以预期一些数据会移出，也就是丢失一些存储收入和计算收入。您能详细解释一下吗？为什么一些现有的大客户会选择冰山表而不是保留原有的服务？很多大客户希望拥有开放的文件格式，以此给予他们更多选择。顺便提一下，并不是所有的客户都会将其所有存储数据移出Snowflake，但其中很多增长的存储数据也会被放入冰山表，这也是我们认为会发生的情况。因此，您可能不会看到与这些客户的存储数据增长相关的收入增长。提醒一下，我们大约有10%到11%的总收入与存储相关。

All right. And then just a follow-up on, I guess, on the, it's like encouraging to know, you know, 10% of the contribution will be from snow parts. And then at the same time, you guys are expecting some headwinds from iceberg and also the tier storage pricing. Can you just quantify for us, you know, what's like headwinds for the storage pricing and the iceberg table for the, for the, for the full year?

好的，接下来我想再问一下，我想说，知道有百分之十的贡献来自雪地部分是令人鼓舞的。与此同时，您们也预计将受到冰山和存储定价的一些不利影响。您能为我们量化一下，存储定价和冰山对全年的影响是什么吗？

Well, let's build into our guidance. I'm not going to break the model separately. I would say the performance improvements, which have nothing to do with that, are around 6.2, 6.3%. Okay. And then I think you said the consumption is going to be quite similar to fiscal 24. We're forecasting consumption patterns similar to what we saw in 24. Okay. Thank you.

好的，让我们深入了解一下我们的指导。我不打算单独打破这个模型。我想说的是，与此无关的性能改进大约为6.2%至6.3%。而且我认为你说的消费量会与24财年相似。我们预测消费模式会与24年看到的相似。好的，谢谢。

Thank you. Our next question comes from Matt Hedberg of RBC. Your line is out open. Please go ahead. Great. Thanks for taking my questions, guys. And I guess a follow-up on the snow part conversation, it feels like $35 million going to $100 million. Like you said, Mike, that is good growth. Could you talk a little bit more about sort of, you know, what the customer feedback has been? It feels like pipeline, it's really like every check you do. Snow parks in the conversation. So maybe just double click on, you know, what that customer feedback has been and how encourage you are with the pipeline growth there.

谢谢你。我们接下来的问题来自RBC的Matt Hedberg。您的线路已打开。请继续。好的。感谢你们回答我的问题。关于雪地部分的继续对话，从3500万美元增长到1亿美元，像你说的，Mike，这是一个良好的增长。你能谈谈顾客反馈吗？感觉像是每次查看时都会看到雪地公园的对话。也许可以更详细地谈一下，顾客反馈是怎样的，你对渠道增长感到多么鼓舞。

Yes. Hi, Christian here. The feedback has been very strongly positive. What we hear more often is better economics and better performance, but probably more important, more simplicity into how data doesn't have to be moved between systems and is just an integrated solution. Some of the enhancements that you see apply not only to data engineering, but also to traditional machine learning, which we see an increasing number of use cases also being deployed. So the sentiment is very positive.

是的，你好，我是克里斯蒂安。反馈非常积极。我们经常听到的是更好的经济效益和更好的性能，但可能更重要的是数据不需要在系统之间移动，而是一个集成的解决方案，更简单的处理方式。你看到的一些增强功能不仅适用于数据工程，还适用于传统机器学习，我们看到越来越多的使用案例也在部署中。所以情绪非常积极。

Got it. Thanks. Mike, maybe just one more question. Just to double click on the guidance philosophy, it said consumption patterns from 24 is what influencing your 25 guidance. It feels like consumption has improved as 24 progressed. Are you sort of waiting it more towards what you saw in the first half of the year or more sort of like some of the better trends you saw in the second half or just maybe double click in on a little bit on kind of what those fiscal 24 assumptions look. It feels like things have gotten better as the year progressed.

知道了。谢谢。迈克，也许只有一个问题。再详细谈谈指导理念，它说从24年开始的消费模式影响了你们25年的指导。感觉消费在24年逐渐改善了。你是更倾向于第一半年所看到的情况，还是更像第二半年一些更好的趋势，或者再详细谈谈关于这些24财年的假设看起来是什么样子。感觉随着一年的进展，事情变得越来越好了。

I would say it's more the average of 24, which we saw stability happen in our customer base. I'm not forecasting any type of recovery inside there. Got it. Thanks, guys. Thank you. All night question comes from Tyler Radke of Sissy. The line is now open. Please go ahead.

我认为这更接近24的平均水平，我们在客户群中看到了稳定的情况。我并不预测会出现任何复苏。明白了，谢谢。谢谢。下一个问题来自Sissy的Tyler Radke。现在开放了线路，请继续。

Yeah, thanks for taking the question. I want to direct this question at Sridhar and maybe Christian can jump in. But just as we think about the product roadmap for employee 25, you know, you talked a little bit about uni store container services, core techs. Can you just provide an opportunity to get a little bit of a more information? And I, you know, you talked a little bit about uni store container services, core techs. Can you just provide an update on when you expect these products to go GA what you're seeing in terms of customer momentum and any customer statistics you can call out. And then how do you just kind of think about the maturity these products, Sridhar, now that you've had time to look at the progress of these? Are you still expecting these to be contributors by your end? Thank you. I'll give a brief initial answer and then have Christian take over from that. One of the things that the snowflake team is very, very good at doing is making sure that everything that we should is tightly integrated with everything else. And then you know, there's just fluid interoperability between our various features and that is also rock solid. I think that that culture of integrated and well built features is a hallmark of snowflake. Of course, in areas like AI, which is moving at lightning speed, we want a stable infrastructure, but we also need to be flexible enough, whether it's new models that we put inside core techs or other functionality that we need to develop on top of it. But a lot of the core investments that the team has made to allow for this kind of extensibility is what is coming in handy for us in terms of being able to shift things with speed. I'll hand it off to Christian to talk about when he expects different things to hit GA.

是的，谢谢您提出这个问题。我想把这个问题提给Sridhar，也许Christian可以补充一下。当我们考虑员工25的产品路线图时，您提到了uni存储容器服务、核心技术。您能否提供一些更详细的信息？您提到了uni存储容器服务、核心技术。您能否更新一下您预计这些产品何时上市，您在客户动力方面看到了什么，以及您可以提到的任何客户统计数据。然后，Sridhar，您在看到这些进展后，您如何看待这些产品的成熟度？您是否仍然期望这些产品在年底前贡献？谢谢您。我将简要回答，然后由Christian接替。雪花团队非常擅长确保我们应该的一切与其他事物紧密集成。你知道，我们各种功能之间的互操作性是流畅而牢固的。我认为这种集成和良好构建功能的文化是雪花的特点。当然，在像人工智能这样发展迅速的领域，我们需要稳定的基础设施，但我们也需要足够灵活，无论是将新模型放入核心技术中，还是其他需要在其之上开发的功能。团队所做的许多核心投资允许我们进行这种可扩展性，这对我们来说在能够快速转变事物方面很方便。我将把话交给Christian，让他谈谈他预计不同事物什么时候会上市。

Christian? Yeah, so as both StreetR and Mike mentioned, we expect a number of meaningful GA milestones this fiscal year. Starting with generative AI core techs will be in public preview very soon and we expect it to be generally available on and around the summit time frame. And as we said, we expect all sorts of interesting use cases of generally AI coming to the data and preserving privacy and security. Snowfer Container Services is already in public preview in AWS and we expect it to be generally available in that same time frame. It will take a couple of months from summit and is the ultimate extensibility capability for bringing computation into snowflake. Iceberg tables is already on public preview across all three clouds and will be generally available. Again, also in the data cloud summit time frame, unit store which enables combining transactional and analytical capabilities in single applications, went very recently into public preview in AWS and will be generally available in the second half of the year.

基督徒？是的，正如StreetR和Mike提到的，我们期待在这个财政年度实现许多重要的GA里程碑。从生成式人工智能核心技术很快就会进入公共预览阶段，我们预计它将在峰会时间周围开始普遍可用。正如我们所说，我们期待各种有趣的用例，普通人工智能将进入数据并保护隐私和安全。Snowflake容器服务已在AWS中公共预览，我们希望它在同一时间段内开始普遍可用。从峰会开始需要几个月，这是将计算引入snowflake的最终扩展能力。Iceberg表已经在三个云平台的公共预览中，并将很快开始普遍可用。同样，在数据云峰会时间框架内，支持在单个应用程序中结合事务和分析能力的单元存储不久前已经在AWS中公开预览，并将在下半年普遍可用。

And native apps, which is how we accelerate time to value for both partners and customers, is currently a GA on AWS and Azure. And we're continuing to round up the enhancement. So this is imminent and we expect a strong showing of product capabilities at the data cloud summit. Great. Thanks. And follow up for Mike just in terms of what you've seen so far in February. And I know you're talking about FY 25 consumption assumptions consistent with a year ago, but have you seen February trends improve relative to January is just February feel similar to February year ago or is it closer to the strong growth that you saw in consumption, you know, towards the end of last year? Well, I just guided for February. Well, for the quarter and that reflects the consumption trends we've been seeing through yesterday. So I would say it's fine with what we saw coming out last year. Um, throughout on average for the year.

以本地应用程序为例，这是我们如何加速合作伙伴和客户的价值实现的方式，目前在AWS和Azure上已经通用。我们还在继续完善增强功能。因此，这是即将发生的，并且我们期待在数据云峰会上展示强大的产品能力。太好了，谢谢。追问Mike，就2月份迄今为止你看到的情况来说。我知道你提到FY25的消费假设与一年前一致，但你是否看到2月份的趋势相对于1月有所改善，还是2月份感觉与一年前的2月份相似，或者更接近去年年底看到的消费强劲增长？嗯，我刚刚对2月份提出了指导意见。这反映了我们昨天之前看到的消费趋势。我会说，这与去年初全年看到的趋势相符。

Thank you. Our next question comes from Mike Seacos of Needleman code. Your line is now open. Please go ahead. Hey, thanks for getting me on here guys. And I did just want to follow up. I guess one of the dominant messages from management. If I just go back a quarter ago. I really seem to be this theme about the growing use of unstructured data by your customers. And I don't know if it's just my read here, but it feels like it's a more muted message today. Maybe I'm missing something. But can you just put some finer points here as far as the trends that no flakes seeing specifically around unstructured data in Q for and then I did have a follow up. Great question here. The momentum that we shared in the last quarter has carried forward on to this quarter. So there's no changing pace or interest. And if anything, the document AI that the Twitter mentioned earlier in the call where we have hundreds of customers lined up to be able to leverage technology is all about extracting value and signal from unstructured document. So the fact that it was not mentioned is not anything that you'll be ready to edit still a topic of high interest among many of our customers. Got it. And I know that you guys have these assumptions as well. And the guidance around the potential headwinds from some of your larger customers adopting or moving data to iceberg. Maybe to pour us through that a little bit. Can you talk about what you've seen thus far as far as customers behavior or are they already doing this with iceberg or is it just an assumption that you guys have them. I'm trying to get a sense as far as the behavior customers have exhibited as well as how much you guys are peppering into your guidance today when we think about that headwind as well as the rollout of to storage. Yeah, iceberg is not GA yet. So customers are not going to roll that into production until it's GA. And we do think it will be a gradual process of if they're going to move data out. But as soon as it's GA, new data can go into iceberg table. And we don't expect that to be GA until sometime around June timeframe. Okay.

谢谢您。下一个问题来自Needleman code的Mike Seacos。请发言。嘿，谢谢你们让我上线。我只是想跟进一下。我想回顾一下上个季度管理层传达出来的一个主题，那就是客户越来越多地使用非结构化数据。我不知道是不是我理解有误，但今天这个信息似乎没有那么突出了。也许我理解错了。能否进一步解释一下关于nono flakes在第四季度看到的关于非结构化数据的具体趋势，然后我还有一个问题。 这里有个很好的问题。我们在上个季度分享的势头延续到了这个季度。所以没有改变的步伐或兴趣。而且，之前在通话中提到的文档AI，我们有数百个客户排队利用这项技术，都是为了从非结构化文档中提取价值和信号。所以这点没有被提及并不代表它不再是许多客户高度关注的话题。 明白了。我知道你们也有这些假设。关于一些大客户采用或将数据转移到冰山的潜在阻力，可以稍微解释一下吗？你们目前看到客户的行为如何，他们是否已经将数据转移到了冰山，还是这只是你们的猜测？我想要了解一下客户展现出来的行为以及你们在今天的指导中考虑到这个阻力和存储推出时的插入量。 冰山尚未正式发布。所以客户不会在正式发布之前将其投入生产。我们认为他们可能会逐步将数据转移到冰山表中。但一旦正式发布，新数据就可以存储在冰山表中。我们预计正式发布的时间会在6月左右。好的。

And so just to put a finer point on that though, the headwind we're expecting from iceberg. This is this is theoretical. You have not seen that behavior from customers just yet. Correct. It is what we are expecting. I know the tiered the new towards tiered storage price and that we're seeing that today. And I'll let Christian add some to that as well too. Yeah, I would add that for many of our large customers, we have been in touch on their plans for adoption on iceberg. So some of what you see in our guidance has factored in those intentions. Terrific. Thank you. Our next question comes from Michael Turin of Wells Fargo. Your line is now open. Please go ahead. Hey, thanks. I appreciate you taking the question. Maybe one on hiring. I think you mentioned 1000 net new heads. You're expecting to add in the coming year. How are you balancing adding to R&D given all the new product efforts and AI interest with bringing on sales capacity if the market does start to turn. And on the FedRAMP high authorization, any commentary around that, what that could open up in a section area, potential about here as well. Thank you.

为了更加明确地指出这一点，我们预计将遇到的头风来自冰山。这只是理论上的情况。目前我们还没有看到客户表现出这种行为。是的，这是我们所期待的。我知道我们朝向分层存储定价，今天我们已经看到了。我也会让基督教添加一些内容。是的，我要补充的是，对于我们许多大客户，我们一直在了解他们对冰山采用计划的意向。因此我们指导中的一部分已经考虑了这些意向。非常好，谢谢。接下来的问题来自富国银行的迈克尔·图林。您现在可以发言。请继续。嘿，谢谢。感谢您答复问题。也许关于招聘方面有一个问题。我记得你提到了你们计划在接下来的一年中新增1000个净职位。在增加研发人员的同时，您如何平衡推进所有新产品努力和人工智能兴趣，又要增加销售能力，以防市场开始有所转变。另外关于FedRAMP高级授权，对此有何评论，这可能在某个领域开辟新机会，请谈一下。谢谢。

I would say a lot of our expensive hiring is in the R&D area and there will continue to be more in the AI, ML space. These engineers are very expensive. With that said, we're still adding in the sales organization. And if we see an uptick in new customers and consumption patterns with our customers, we can easily dial that up. Just like we've dialed back our hiring in the past, but we are not going to sacrifice on R&D. Got it. Thanks. Thank you. Our next question comes from a direct word of TD Cohen. Your line is now open. Please go ahead. Thanks, Mike. Most other cloud consumption vendors are talking about stabilizing growth. You guys are still modeling pretty sharp. These are all racing over the next year. So this certainly sticks out and may bring about questions on maybe company specific challenges. So first, are there any notable customer or workload losses that could be weighing on growth this year? And generally, how are you feeling about sales productivity and competitive win rates and the current environment?

我会说我们昂贵的招聘大部分集中在研发领域，未来在人工智能和机器学习领域会有更多投入。这些工程师非常昂贵。话虽如此，我们仍在销售组织中增加人员。如果我们看到新客户和客户消费模式出现增长，我们可以轻松调整。就像我们过去减少招聘一样，但我们不会牺牲研发。明白了。谢谢。我们下一个问题来自TD Cohen。请继续。谢谢，迈克。大多数其他云消费供应商都在谈论增长的稳定。你们仍然在模拟相当尖锐的增长。这在明年可能仍很突出，可能会带来关于公司特定挑战的问题。首先，今年是否有任何显著的客户或工作量损失可能对增长造成影响？一般来说，你对销售生产力和竞争胜率以及当前环境感觉如何？

Absolutely. No big competitive losses or workloads moving off that I'm aware of. This is all related to our model where a lot of the performance improvements that we have in our software go directly to the customer. And that's why I was pointing out you saw there was a 62% year over year growth in jobs on a daily basis run on Snowflake versus only a 33% revenue growth. And we know there's a lot of performance improvements coming into play this year coupled with iceberg, coupled with tiered storage pricing that we rolled out. And I was able to roll out the tiered storage pricing because we were getting much better pricing out of the cloud vendors to us.

当然。据我所知，并没有发生大的竞争性损失或工作量转移。这一切都与我们的模式有关，在这种模式中，软件的许多性能改进直接惠及客户。这就是我指出的原因，你会看到每天在Snowflake上运行的工作量同比增长了62％，而收入仅增长了33％。我们知道今年会有很多性能改进出现，再加上冰山技术和分层存储价格定价策略。我之所以能够推出分层存储价格定价策略，是因为我们从云供应商那里得到了更好的价格。

Yeah, okay. It would be interesting to kind of see what the growth rates on just the workloads related to compute is relative to the storage drag. Maybe that's something you could give. But just how do you feel about ultimately kind of getting back to 30% growth, the longer term and kind of what's the top one or two critical things that need to take place to get you there?

是的，好的。看到与计算相关的工作负载的增长率与存储落后的比较会很有趣。也许你可以给一些数据。但是你对最终回到30%的增长率感觉如何？从长远来看，实现这个目标需要发生的头两个关键事情是什么呢？

I would say the biggest thing is the uptick and consumption associated with all the new enhancements we have in our product in particular. What we could see coming out of Cortex, what we could see coming out of Snowflake Container Services and ultimately what we could see in native app development on our platform. Okay, thank you. Thank you. Our next question comes from Gray Powell of BTIG. Your line is now open. Please go ahead. Okay, great. Thank you for taking the question. I just had a quick follow up on Snow Park. I think you called out Snow Park at a 70 million annual run date run run rate one day back in December. I know that was just sort of like a one day statistic, but I'm just trying to think through that. I mean, the guide of 3% of revenue for fiscal 25. That's like, you know, 95, 100 million. I guess it just seems kind of conservative given that Snow Park was that consumption on Snow Park is going 45% quarter over quarter last quarter. Just how should we think about the level of conservatism on that, you know, assumption within your guidance?

我认为最大的变化是与我们产品中所有新的增强功能相关的消费量上升。我们可以看到从Cortex中出现的变化，可以看到从Snowflake容器服务中出现的变化，最终可以看到在我们平台上的本地应用开发。好的，谢谢。谢谢。下一个问题是来自BTIG的Gray Powell。您现在可以发言，请继续。好的，谢谢您回答我的问题。我只是对Snow Park有个简短的跟进问题。我记得你在去年12月提到Snow Park有一个年度运行率为7000万美元的数据。我知道那只是一个一天的统计数据，但我在思考这个问题。我意思是，对于2025财年收入的3%指导，就像是9500万到1亿美元。我觉得这个指导似乎有点保守，因为Snow Park的消费量在上一季度呈现45%的季度增长率。在你的指导中，我们应该如何看待这个保守程度呢？

Well, what I'm saying is we're guiding it to be 3% of product revenue this year and you can infer what you want from the guidance. What is that? Thank you very much. Thank you. We'll take no further questions for today. So that concludes today's conference call. Thank you all for joining. You may now disconnect your lines.

我想说的是，我们将引导产品营收的3%用于这一年，您可以根据这个指导得出您想要的结论。这是什么？非常感谢。谢谢。今天不再接受进一步问题。所以今天的电话会议到此结束。感谢大家的参与。您现在可以挂断电话。