Snowflake 2022 Q4 Earnings Call
发布时间 2023-05-01 05:33:31 来源
Hello and welcome to the Q4 FY23 Snowflake earnings conference call. My name is Elliot and I will be coordinating your call today. If you would like to register a question during the presentation, you may do so by pressing star one on your telepenty pattern.
大家好，欢迎参加Q4 FY23 Snowflake收益电话会议。我是Elliot，今天将协调您的电话会议。如果您想在演示过程中提出问题，您可以按下电话键盘上的星号一键来注册您的问题。
I would like to hand over to Jimmy Sexton, Head of Investor Relations. Flores yours, please go ahead.
我想把话筒交给投资关系主管Jimmy Sexton。Flores，请发言。
Good afternoon and thanks for joining us on Snowflake's Q4 physical 2023 earnings call. With me and Bozeman Montana, Frank Flouman, our Chairman and Chief Executive Officer, Mike Scarpelli, our Chief Financial Officer, and Christian Clinderman, our Senior Vice President of the product who will join us for the Q&A session.
下午好，感谢加入我们的雪花公司2023财年第四季度财报电话。我们现在在蒙大拿州博兹曼市，与我们一起的有主席兼首席执行官弗兰克·弗洛曼、首席财务官迈克·斯卡佩利和高级产品副总裁克里斯蒂安·克林德曼，他将在问答环节加入我们。
During today's call, we will review our financial guidance for the fourth quarter in full year fiscal 2024 and our results are the first quarter in full year fiscal 2023.
今天的电话会议中，我们将全面审查我们在2024财年第四季度的财务指导和我们在2023财年第一季度以及全年的业绩。
During today's call, we will make four lifting statements, including statements related to the expected performance of our business, future financial results, strategy, product and features, long-term growth, our stock repurchase program, 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 aftermarket close today in our SEC filings, including our most recently filed form 10Q in the form 10K for the fiscal year ended January 31, 2023, 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.
在今天的电话会议中，我们将发布四份推动性声明，其中包括与我们的业务预期表现、未来财务业绩、战略、产品和功能、长期增长、回购计划以及总体未来前景相关的声明。这些声明存在风险和不确定性，可能会导致实际结果与其有所不同。有关这些风险的信息可在我们今天下市后发布的财务业绩新闻稿及我们在SEC备案词汇表中找到，包括我们最近提交的2023财年1月31日结束的10Q表单和即将提交给SEC的10K表单。我们提醒您不要过度依赖前瞻性声明，并且不承担任何通过新信息、未来事件或我们预期的任何更改更新前瞻性声明的义务或责任。
We'd also like to point out that on today's call, we will report both GAP and non-GAP results. We use these non-GAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAP financial measures are presented in addition to, and not get the subject to, or financial measures calculated in accordance with GAP. To see the recommendations of these non-GAP financial measures, please refer to our earnings press release, distributed earlier today in our investor presentation, which will post the investors that Snowflake doctor.
今天的电话会议中，我们将同时报告GAP和非GAP结果。我们内部使用这些非GAP财务指标进行财务和运营决策，并用它们作为评估周期对周期比较的手段。非GAP财务指标是额外呈现的，而不是受制于或按照GAP计算的财务指标。如果您想查看这些非GAP财务指标的建议，请参考我们之前发布的盈利新闻稿，在我们的投资者展示中，Snowflake医生将为投资者提供。
A replay of today's call will also be posted on the website. With that, I would now like to turn the call over to Frank.
今天的电话会议录音也将发布在网站上。现在，我希望把通话交给弗兰克。
Thanks Jimmy, good afternoon everybody on the call. Q4 product revenue grew 54% year on year and for the fiscal year grew 70% totaling $1.9 billion. Q4 net revenue retention was 158%. We continue to be on track for our $10 billion product revenue goal in fiscal 29.
大家好，Jimmy。第四季度产品收入同比增长54%，财年增长70%，总计19亿美元。第四季度净收入保留率为158%。我们仍在按照2029年1,000亿美元产品收入目标的计划推进。
Remaining performance obligations grew 38% totaling 57 billion. We saw a measure of bookings' reticence with certain customer segments in Q4, reflecting a lack of visibility into business, and preferring a cautious short-term stance versus larger, longer-term contract expansions. The contractual posture focused on sufficiently enabling consumption growth in the near-term. This was more pronounced among international SMB and commercial customers, and much less so at the high end of our customer base.
剩余履约义务增长了38%，总计570亿美元。我们在第四季度看到了某些客户细分领域预订的迟疑，反映出对业务的透明度缺乏信心，并更倾向于采取谨慎的短期立场，而不是扩大更大、更长远的合同。合同姿态旨在充分促进近期的消费增长。这在国际中小型企业和商业客户中更为明显，而在我们的高端客户群中则远远不如。
We made substantial progress on our efficiency metrics. Non-GAP operating margin for the Q4 reads 6%, non-GAP adjusted free cash flow margin for the Q4 was 37%. For the full fiscal year, $23, non-GAP adjusted free cash flow margin was 25% totaling $5, $3, $2,000.
我们在提高效率指标方面取得了显著进展。Q4的非GAP运营利润率为6％，非GAP调整自由现金流利润率为37％。整个财年内，非GAP调整后的自由现金流利润率为25％，总计达到5,300元。
Data networking growth as measured by so-called stable edges grew 93% year over year. 23% of our customers now have at least one stable edge up from 18% a year ago. Around $1 million consumption customers, 65% of them at average fixed stable edges. Snowflakes Marketplace listings grew 8% quarter over quarter and now total over 1,800.
所谓的稳定边缘所衡量的数据网络增长率同比增长了93％。23％的客户现在拥有至少一个稳定的边缘，较一年前的18％增长。大约有100万美元的消费客户中，有65％的平均固定稳定边缘。Snowflakes Marketplace的列表按季度增长了8％，现在总共超过1,800个。
During Q4, Snowpark for Python reached general availability status. Early traction is promising. 20% of customers have now tried Snowpark. Snowpark is initially focused on the adoption and migration of Spark workloads for data engineering and machine learning. Spark jobs typically are on cheaper and faster on Snowpark with the added benefits of superior governance and operational simplicity. POC activity is ramping fast and benchmark results so far indicate superior comparative results.
在第四季度中，Python的Snowpark已达到普遍可用状态。初步反响非常有希望，20%的客户现在已经尝试了Snowpark。Snowpark最初的重点是推广和迁移Spark工作负载，以进行数据工程和机器学习。通常情况下，Snowpark上的Spark作业更便宜更快，同时具有更好的管治和操作简单性等附加优势。POC活动正在快速增长，并且基准测试结果迄今表明优于比较结果。
The Fortune 500 customer loads 1 billion transaction records into Snowflake every day. This organization saved $1 million after migrating work from Spark to Snowpark. If financial service customer is migrating workloads from Spark to Snowpark and Snowflake and Snowpark ran 8 times faster at 30% of the cost.
财富500强客户每天向Snowflake加载10亿条交易记录。该组织将工作从Spark迁移到Snowpark后节省了100万美元。如果金融服务客户将工作负载从Spark迁移到Snowpark和Snowflake，那么Snowpark和Snowflake的运行速度将快8倍，成本仅为30%。
We entered private preview status with what we call Streamlit in Snowflake. This is the re-platforming of Streamlit inside of Snowflake. Streamlit is a popular application at all on framework for the Python developer community, which is mostly focused on machine learning applications. Streamlit enables the use of machine learning models and applications by a general business audience.
我们已经在Snowflake中使用我们称之为Streamlit的应用程序进入了私人预览状态。这是在Snowflake内重新平台化Streamlit。Streamlit是Python开发社区中广受欢迎的应用程序框架，主要专注于机器学习应用。Streamlit使一般的商业用户可以使用机器学习模型和应用程序。
In Q4, we announced our intent to acquire mobileized.net's Snowconvert. Snowconverts proprietary conversion tools enable migration from legacy platforms. Snowconvert also helps migrate Spark workloads to Snowpark. It gives abilities accelerate migration to Snowflake and to the strategic nature of this acquisition.
在第四季度，我们宣布了我们有意收购mobileized.net的Snowconvert。Snowconvert的专有转换工具能够实现从旧平台的迁移。Snowconvert也可以帮助迁移Spark工作负载到Snowpark。它提供了加速迁移至Snowflake和本次收购战略性质的能力。
We are operating in a vast and growing market generating free cash flow and maintaining a strong balance sheet. We focus on the business as hand and the outcomes we can control. We are prioritizing positions that directly support the core mission of the enterprise. Resources will continue to be concentrated on the roles that sell, support and build our products.
我们在一个广阔快速增长的市场中运营，产生自由现金流并维持强劲的资产负债表。我们专注于手头的业务和能够控制的结果。我们优先考虑直接支持企业核心使命的职位。资源将继续集中在销售、支持和构建我们产品的角色上。
That will turn the call over to Mike. Thank you, Frank. Q4 product revenues were $555 million representing 54% Euro-year growth and remaining performance obligations grew 38% Euro-year totaling $3.7 billion. Of the $3.7 billion in our PO, we expect to approximately 55% to be recognized as a revenue in the next 12 months. This represents a 48% increase compared to our estimate as of the same quarter last year.
“那么这个电话就交给迈克了。谢谢你，弗兰克。” Q4产品收入为5.55亿美元，表现为54%的欧年增长，剩余履约义务增长了38%的欧年总额为37亿美元。在我们的剩余履约义务中，我们预计将有大约55%的收入在未来12个月内得到确认。相比去年同期，这代表了48%的增长。”
The net revenue retention rate of 158% includes 13 new customers with $1 million in trailing 12-month product revenue and reflects durable growth among our largest customers. The OPE performance in Q4 was driven by longest tenured customers. We continue to see the greatest contribution from the financial services in median entertainment verticals. We continue to focus on growth and efficiency.
净营收保留率为158％，包括13家新客户，其过去12个月的产品收入达到了100万美元，并反映出我们最大客户的可持续增长。Q4的所得税前利润（OPE）表现得到了最老客户的支持。我们继续看到金融服务和娱乐垂直行业对贡献最大。我们继续关注增长和效率。
We generate $250 million in non-GAP adjusted free cash flow of performing our Q4 target. Full year fiscal 2023 non-GAP adjusted free cash flow margin was 25%. Q4 bookings under-performed versus our expectations. Pipeline conversion of the final two weeks of the quarter diverged from historical norms. Local territories drove the largest under-performance relative to plan and multi-year bookings declined 50% year on year.
我们在达成第四季度目标时，产生了2.5亿美元的非GAP调整的自由现金流。2023财年全年非GAP调整的自由现金流利润率为25％。与我们的预期相比，第四季度的预订表现不佳。季度末两周的管道转化与历史规律不同。当地地区相对于计划表现最差，经过多年的预订同比下降了50％。
We are not okay with this outcome. Customers' bookings behavior does not dictate their consumption patterns. Customers have the contractual right to sign smaller deals to bridge them to their contract end date. We are confident that our customers are committed to snowflake and are increasingly focused on better managing their business during more uncertain times.
我们不满意这个结果。顾客的预订行为并不决定他们的消费模式。顾客有合约权利签订更小的交易以弥合他们的合同到期日期。我们相信我们的顾客致力于雪花，并越来越专注于更不确定的时期更好地管理他们的业务。
Q4 represented another quarter of continued progress on profitability. Our non-GAP product gross margin was 75%. Scale in our public cloud data centers continued growth in large customer accounts. In more favorable pricing with our cloud service providers will contribute to year-over-year gross margin improvements. Non-GAP operating margin was 6% benefiting from revenue under out-performance and savings on T&E and lower-bad debt expense. Our non-GAP adjusted free cash flow margin was 37%, positively impacted by strong collections. We received some large customer payments in January that were expected in February. We ended the quarter in a strong cash position with $5.1 billion in cash. Cash equivalents in short-term and long-term investments with no debt.
在第四季度，我们的利润持续增长。我们的非公认会计准则产品毛利润为75％。我们公有云数据中心的规模在大客户账户中持续增长。与我们的云服务提供商的有利定价将有助于年度毛利率的改善。非公认会计准则操作利润率为6％，受到了超额营收和差旅费用节省以及减少坏账费用的影响。我们的非公认会计准则调整后的自由现金流毛利率为37％，受到强大的收款的积极影响。我们在1月份收到了预计在2月份的一些大客户付款。我们在季度末处于强劲的现金地位，现金5.1亿美元，短期和长期的投资均没有负债。
As noted in the press release that went out earlier today, we have expanded our partners ship with AWS over the next five years, more than doubling our previous spend commitment to $2.5 billion. As part of the new AWS, as part of the new agreement, AWS is committing to support joint gold market efforts more favorable pricing. This partnership is aimed at driving growth in innovation.
正如今天早些时候发布的新闻稿所述，我们已经扩大了与AWS的合作伙伴关系，在未来五年内将我们之前的承诺支出翻了一倍以上，达到25亿美元。作为新协议的一部分，AWS承诺支持联合市场努力，并提供更有利的定价。这次合作旨在推动创新增长。
Now let's turn to our guidance. As of today, we have completed the Graviton 2 migration and all of our active commercial AWS deployments. We remain committed to driving towards greater profitability. We are focused on growing revenue, low-expanding, operating and free cash flow margins. That the change in existing customer-pursuing behavior lower than expected new logo bookings and slower expected ramp from our youngest cohorts as led us to re-evaluate our FY24 outlook.
现在让我们转向我们的指导方针。截至今天，我们已经完成了Graviton 2的迁移以及所有正在使用的商业AWS部署。我们仍致力于推动更大的盈利能力。我们专注于增长收入、降低支出、提高运营和自由现金流边际。由于现有客户追求行为的变化导致新标识预订低于预期，以及来自我们最年轻的队伍的预期缓慢升级，我们不得不重新评估我们FY24的前景。
For the first quarter, we expect product revenues between $568 and $573 million, representing your over-year growth between 44 and 45%. Turning to margins, we expect on a non-cap basis, 0% operating margin, and we expect 361 million diluted weighted average shares of standing.
在第一季度，我们预计产品收入将在5.68亿美元至5.73亿美元之间，同比增长44%至45%。转向利润率，我们预计在非资本支出的基础上，操作利润率为0%，同时我们预计有3.61亿股稀释加权平均股份处于流通状态。
For the full year fiscal 2024, we expect product revenues of approximately $2.7 billion, representing your over-year growth of approximately 40%. Turning to profitability for the full year fiscal 2024, we expect on a non-cap basis, approximately 76% product gross margin, 6% operating margin, and 25% adjusted free cash flow margin, and we expect 363 million diluted weighted average shares of standing.
在2024财年全年，我们预计产品收入约为27亿美元，同比增长约40%。就2024财年全年的盈利能力而言，我们预计在非市值上，约76%的产品毛利率，6%的营业利润率和25%的调整后自由现金流利润率，并且我们预计有3.63亿股稀释加权平均股份。
I would also like to announce that our Board of Directors has authorized a stock repurchase program of up to $2 billion over the next two years. This program reflects our conviction in the business and allows us to use our expected free cash flow to manage dilution over this period. Our share count guidance does not include the impact from the stock repurchase.
我还想宣布，我们的董事会已批准股票回购计划，该计划在未来两年内的规模可达20亿美元。这个计划反映了我们对企业的信心，同时也允许我们利用预计的自由现金流来管理此期间的稀释问题。我们的股份指导不包括股票回购的影响。
During fiscal 2023, we added approximately 1,900 net new employees. We view the current hiring market as favorable for snowflake and will continue to prioritize hiring and product engineering and sales. We expect to add more than 1,000 employees in fiscal 2024. We remain on track to achieve our fiscal 2029 $10 billion product revenue target. We look forward to executing against our growing opportunity.
在2023财年，我们新增了大约1900名员工。我们认为当前的招聘市场对于雪花是有利的，因此我们将继续把重点放在招聘以及产品工程师和销售方面。我们预计在2024财年将新增1000多名员工。我们仍然致力于实现我们在2029财年的100亿美元产品收入目标。我们期待着在不断增长的机遇中取得成功。
And lastly, we will host our investor day on June 27th in Las Vegas, and conjunction with snowflake summit, our annual users conference. If you are interested in attending, please email IR at snowflake.com.
最后，我们将于6月27日在拉斯维加斯举办投资者日活动，与雪花峰会-我们的年度用户会议一同举行。如果您有兴趣参加，请发送电子邮件至snowflake.com的IR邮箱。
With that operator, you can now open up to one of the questions. Thank you. If you would like to ask a question, please press star full of 1 and a telephone key. If you would like to withdraw your question, please press star full of 2. One propane to ask your question, please ensure your device is unmuted locally.
有了这个操作符，你现在可以打开其中一个问题。谢谢。如果你想要提问，请按一颗星和电话键。如果你想撤回你的问题，请按两颗星。在提问之前，请确保你的设备在本地没有静音。
Our first question today comes from Mark Murphy from JP Morgan. Good long as I, please.
我们今天的第一个问题来自于 JP Morgan 的 Mark Murphy。请问您可以发表一个长一点的评论吗？
Oh, thank you very much. Mike, I'm curious if you have any insights into the consumption patterns that you saw generally, but including during the holiday periods, including MLK weekend and President's Day Week. Is there anything, any note worthy change there, and then have a quick follow up?
哦，非常感谢。迈克，我好奇你是否有关于消费模式的见解，包括假期期间，比如马丁·路德·金周末和总统日周。有没有什么值得注意的变化，然后再有一个快速的后续问题？
（翻译尽量易读）
You know, there was nothing really noteworthy around the holidays, as we said, going into our Q4 guidance, we were factoring in the holidays, and clearly we were 3% above our guidance, our actual results. And I will say President's Day was slow, but February is off to a very good start. It's kind of where we were expecting it to be.
你知道，假期期间没有什么值得注意的事情，在我们进入第四季度指导时，我们已经考虑到了假期，显然我们比我们的指导实际结果高了3%。我要说总统节那天很慢，但是2月启动非常不错，与我们预期的差不多。
Okay. As the follow up of Frank, I wanted to ask you on the topic of generative AI and large language models, can you frame up the opportunity there for snowflake because I would think with the UD store, you could probably handle all these chat logs. You know, you could be training some of these models on very large data sets. I would think that snow pipes can pull in social media feeds. It kind of helps you improve those models. Do you see any customer activity around that vector or any tailwinds, you think they could be developing in time?
好的。作为对Frank的跟进，我想就生成式人工智能和大型语言模型这个主题询问您，您认为这对雪花公司有什么机会呢？我觉得因为UD存储，您可能能够处理所有这些聊天记录。您可以在非常大的数据集上训练其中一些模型。我认为雪管线可以获取社交媒体的信息流，这有助于改进这些模型。您是否看到任何客户在这个方向上的活动或任何向好的趋势，您认为它们将来会不断发展呢？
Well, you know, still early, you know, in the tackle, obviously, like everybody else, you know, we're all over it in terms of, you know, evaluating, you know, where these technologies can make a difference. I mean, the things that we've sort of, you know, honed in on short term, you know, it's code completion, code optimizations, things that are very, very clear distance returns. You know, one of the challenges, you know, with these new technologies, that people come up with a lot of interesting questions, but what I have to sell a business model, you know, that's not going to take off. So we take a very pragmatic view, you know, we do anticipate that snowflake data will be a very, very big driver of large language model in conjunction with many, many other data sources. So we think that the gravity around data will drive a lot of this action and activity to our platform.
你知道的，现在还处于初期阶段，我们都在评估这些技术在哪些方面可以发挥作用。目前，我们主要关注短期内能够产生实际效益的领域，比如代码完成和代码优化。新技术带来的挑战之一是人们会提出很多有趣的问题，但如果我们无法为这些技术提供商业模型，那么它们将无法得到推广。因此，我们非常务实地看待问题，我们预计雪花数据会成为大型语言模型的一个非常重要的驱动因素，同时还会结合许多其他数据源。因此，我们相信数据周围的重力将推动很多与我们平台有关的行动和活动。
Excellent. Thank you very much. We now turn to Kirk McSon from Evoqua, ISI. Your line is open.
非常好，非常感谢。接下来我们听取 Evoqua，ISI公司的 Kirk McSon 的发言。您的话筒已开启。
Oh, yeah, thanks for taking the question. Congrats on a good quarter. Mike, can you just talk about, you know, the international surrounding performance? Obviously, a really good quarter. Is there something just specific about the region in terms of how people are consuming over there versus the US? Or is this just a maturation of your sales organization that needs to continue over in that region?
哦，是的，感谢您回答这个问题。恭喜您过去一个好季度。迈克，您能否谈谈公司在国际市场的表现？显然，这是一个非常好的季度。在那个地区，人们消费的方式是特定的还是与美国不同？还是公司在该地区的销售组织需要继续发展成熟？
I think it's customers being a little more cautious in their business and just buying as they consume, which they can do under their contracts as well, too. We've always seen that in Japan in particular. Those customers tend to do that, but, you know, I would say part is also our own execution as well, too, which we're working on. So yeah, I will say we did see, we did see as well in North America a number of customers some of our larger customers who had consumed their full contract amount, but still had a contract in place and just bridge themselves rather than do big deals right now. And I think that's just a function of uncertainty in their business, but their consumption still continues to grow on snowflake.
我认为客户在他们的业务中变得更加谨慎，只会按需购买，这在日本尤其明显。这些客户往往会这样做，但是我觉得也有一部分是我们自己的执行问题，我们正在努力改进。在北美，我们看到了一些较大的客户已经消耗了他们的全部合同量，但仍然保留着合同，只是通过桥接来解决目前的大交易。我认为这只是由于他们业务的不确定性所导致的，但他们的消费在 Snowflake 上仍在持续增长。
Okay. Just one quick one for Frank. Frank, you own the Telecom cloud that you guys have announced. So just kind of curious. Your thoughts there, how fast you think that could ramp, obviously financial services and some of the other verticals that you focused on, been really strong to your point around some of the shared edges that you've seen in your bigger customers. Is any thoughts on how fast that could ramp for you guys?
好的，只有一个快速的问题是针对Frank的。Frank，你拥有你们宣布的电信云。所以我有点好奇，你们的想法是什么，你认为它可以快速增长，显然金融服务和其他一些你们专注的领域，一直都非常强大，你提到了一些你大客户中看到的共享边缘。你们有没有关于它可以多快增长的想法？
Telecom is a really important segment for us. I mean, our largest customers, some of our largest customers are in that segment. They're running massive amounts of data, they're very focused on managing the service experience, cross-selling, cross very, very large customer bases. This is our fifth industry cloud that we have announced. And it's really focused on bringing teleclospacific data sets, data assets to it, data practices, applications, and then really bringing in that ecosystem of telcos people that interact with each other, they'll have the opportunity to have the benefit of a data network like Snowflakes. So we're very high on it. I mean, obviously telcos are the cornerstone of every modern economy, and especially in a lot of secondary markets in the telcos tend to be the biggest consumers for us. Thank you all.
电信对我们来说是一个非常重要的领域。我的意思是，我们的一些最大的客户就在这个领域。他们处理大量的数据，非常专注于管理服务体验，交叉销售，跨越极其庞大的客户群体。这是我们宣布的第五个行业云，重点是将电信数据集、数据资产、数据实践和应用带入其中，然后真正引入那个电信生态系统——人们之间的互动，他们将有机会从像Snowflakes这样的数据网络中受益。所以我们非常看好它。我想说的是，显然，电信是每个现代经济体的基石，特别是在许多次要市场中，电信通常是我们的最大消费者。谢谢大家。
Our next question comes from Brent Phil from Jeffries. Your line is open. Thanks. This is a relate to the overall guide. You can just give it a little more color kind of what you baked in, Mike and ultimately, you know, perhaps kind of what's been the big change from your perspective.
我们的下一个问题来自杰弗里斯的布伦特·菲尔。请开口发言。谢谢。这个问题跟整体指南有关。你能否稍微详细一些，让我们知道你和迈克做了哪些规划呢？从你的角度来看，有哪些重大变化呢？
You know, the big change is really the, we're seeing the younger cohorts that are coming into Snowflake are really ramping at a slower pace than what some of the early adopters of Snowflake did. They're still consuming. These tend to be large organizations, as we've been focused on those large G2Ks, and they just move slowly, but they're still ramping their consumption just at a lower rate. And I think Snowflake is being deployed more efficiently for these customers, and I also just think too, as our base gets bigger that growth naturally slows down in the business, but customers are still consuming.
你知道，最大的变化实际上是，我们看到最新的Snowflake一代用户采用速度比早期用户慢很多。他们仍在消费。这些用户往往是大型组织，因为我们一直专注于大型G2K，他们的采购速度比较缓慢，但仍在缓慢地增加消费。我认为，Snowflake更有效地为这些客户部署，而且随着我们的客户基础越来越大，业务增长自然会放缓，但客户仍在继续消费。
And just from a rep productivity perspective, Mike, is there anything changing there where you're seeing the rep productivity slowers not consistent to what you've seen historically? I would say we have a rep productivity issue in some of the international markets, and we are slowing down some of our hiring where we don't see the productivity, but there's other areas where productivity is doing well. The large enterprises is definitely doing well for us. North American enterprise continues to be strong for us, and we're going to deploy resources where we think we can get those reps productive over the next 12 months.
迈克，就代表生产力方面而言，有什么变化吗？您是否看到代表生产力的下降与历史上的情况不一致？我认为在一些国际市场中，我们存在代表生产力问题，因此我们正在减缓一些招聘，我们觉得不具备生产力的地方，但有其他领域的生产力表现良好。大型企业对我们来说确实做得不错。北美企业对我们来说始终强劲，并且我们将部署资源，在未来12个月内，我们认为可以使那些代表具备生产力的地方。
Great. Thanks for the call. We now turn to Keith Weiss from Morgan Stanley. Your line is open. Great. This is Dear Tune-on for Keith. You put up 158% that retention is quarter, which is still impressive number, but slowing sequentially. I would love to understand what you're seeing between the different customer codes in terms of expansion momentum, but also maybe optimization and how that sort of change over the last 90 days. Anyway, you could sort of pause that out between your 1 million plus customers and then the rest of your customers.
太好了，感谢您的来电。现在我们转给摩根士丹利的Keith Weiss。请开始提问。太好了。我是Dear Tune-on，针对Keith的问题。你的留存率在上一季度增长了158%，虽然这个数字仍然令人印象深刻，但增长速度已经逐渐放慢。我想了解一下你在不同客户类型之间看到的拓展动力、优化状况以及过去90天内的变化。你能否具体说明一下你的100万以上客户和其他客户之间的区别？
First of all, the 158 was the exact net revenue retention, just as a reminder when we went public, and I think there was a little bit of a re-acceleration in our business in 2021-2022, where there's a lot of customers that maybe had spending on a control now that costs are much bigger focus within almost every company today. I think people are using snowflake more efficiently. Customers are having very detailed methodical deployment plans on snowflake, which is slowing down that growth rate of customers' consumption as they're going through their implementations. But we're not seeing any customers decrease their spend in any material way. In snowflake, yes, we still had those three. We pointed out at the beginning of last year that a few of those have dropped out of our top 10. Those guys have stabilized, but in general most of our customers continue to grow with us.
首先，158是我们上市时确切的净收入留存率，我想提醒一下。2021-2022年，我们的业务出现了一些重新加速的迹象，因为如今几乎所有公司都非常注重成本控制，所以有很多客户可能已经开始在使用我们的Snowflake上更加高效地消费。客户们现在会有非常详细、有条理的Snowflake部署计划，这使得客户的消费增长率变慢了，因为他们正在进行实施。但我们并没有看到任何客户在任何实质性方式上降低了他们的支出。在Snowflake方面，我们仍然保持了那三个优势。去年初我们指出，有几个客户退出了我们的前10名，但这些客户已经稳定下来了，总的来说大部分客户都在和我们持续增长。
I'll be at a lower pace, and I think that's more of a nature of controlling costs. Okay, great. And then just quickly on your verticalization, I mean clearly that's a big focus for you, and I think the AWS partnership expansion sort of reiterates that effort. Any way you can sort of explain what you're seeing in different verticals, are there any that's low that are stabilizing now, any that might be accelerating, and sort of how you're thinking about different verticals when it comes to your fiscal 24 guide?
我将以更低的速度前进，我认为这更多是为控制成本的需要。好的，很棒。关于你的垂直化方向，我觉得这显然是你们的重点之一，而且我认为扩展AWS伙伴关系也再次强调了这一努力。你能否简单地解释一下你在不同垂直领域所看到的情况，有哪些垂直领域正在稳定下来，有哪些垂直领域可能正在加速发展，以及你在制定财政年度24的计划时如何考虑不同垂直领域？
Well, I would say, as I mentioned in my remarks, and I've said before, financial services is definitely our biggest vertical. That's where we have the most data sharing going on. Most is media and technology, and Tritann, that's a huge segment for us. Clearly some of the newer technology companies we've seen a slowdown in some of those ones, which we had highlighted last year. And I do think you're definitely going to see a slowdown in a lot of the venture-backed companies that may have been growing very quickly. We're definitely seeing cost controls in those companies as well. But large global 2000 continue to grow.
嗯，我想说，在我的发言中提到过，而且我之前也说过，金融服务绝对是我们最大的垂直领域。那是我们数据共享最多的地方。大多数是媒体和技术，Tritann对我们来说是一个巨大的细分市场。显然，我们看到了一些新技术公司的增长放缓，这是我们去年曾经提过的。我认为你肯定会看到很多风险投资支持的公司增长放缓。这些公司的成本管理也在持续加强。但大型全球2,000家公司仍在持续增长。
Our next question comes from Raymo Lenshaw from Bulk, please. Your line is open. Hi, this is Sheldon McMainzon for Raymo. Thanks for taking our question. You've recently discussed the top 15 GSI's have done around 1.4 billion in service to spend around snowflake, and that was year-to-date as of Q3. I was wondering if we could get an update on that, and then how should we think about the attach to those services, the attach a future consumption onto those services? Is there any framework we can think about to help inform next year's revenue expectations? For example, is there a correlation between the growth rates, or can we think about the magnitude of that GSI spend with some sort of lag? Thank you.
我们的下一个问题来自于Bulk的Raymo Lenshaw，请发言。你的电话已经接通了。嗨，我是Sheldon McMainzon代表Raymo问问题。感谢您回答我们的问题。您最近讨论了前15家GSI已经在雪花周围提供了约14亿美元的服务，并且这是截至第三季度的年度数据。我想知道我们是否能够得到一个更新，以及我们应该如何考虑未来对这些服务的附加消费。我们是否可以想到一些框架来帮助我们了解明年的收入预期？例如，是否存在增长率之间的相关性，或者我们是否可以考虑GSI支出的规模具有一定的滞后性？谢谢。
Yeah, I'll just say in the top 15 GSI's the spend in deals they've looked is over 1.6 billion last year, based upon the data that my alliance's team is reporting. In terms of trying to get any concrete relationship between their spend and snowflake revenue, I really don't have that data, and I would be guessing anecdotally looking at specific customers. I'm not going to guide towards that, but it's generally a number of times bigger than what the revenue is associated with in year-one. Got it.
根据我的联盟团队所报告的数据，排名前15位的GSI去年在他们搜索的交易中的总支出超过16亿美元。但是，我并没有获得他们的支出和Snowflake收入之间的具体关系的数据，因此我无法从特定客户的情况来猜测。我不会做出这样的引导，但是通常情况下，这个支出数值是年度收入额的几倍。明白了。
In a quick follow-up, how should we think about the relationship between operating margin and free cash flow margin going forward, particularly when considering the increasing SNM leverage you guys are getting on larger accounts and the greater role of expansion revenue for net new that might affect commissions? And then you mentioned there was some lower booking duration, and I was wondering if billing duration played into that as well.
在一个快速的跟进问题中，我们应该怎样考虑经营利润率和自由现金流利润率之间的关系，特别是在考虑到您们正在抓住更大账户的SNM杠杆和拓展收入对于影响佣金的影响时。您提到了一些较低的预订持续时间，我想知道计费周期是否也会对此产生影响。
First of all, I don't even look at billings because in our model, people are just buying capacity, and that capacity may be for three months, it could be for one month, or it could be for one year, and it really varies by customer and they have the right to do that. In terms of relationship between operating margin and free cash flow, well, definitely as your operating margin expands, I expect our free cash flow to expand, but the operating margin will expand at a more rapid pace given that's a much lower number, and we will update the longer term model as part of our investor day in June. We clearly just guided to 6% non-gap operating margin and 25% adjusted free cash flow full year this year. Got it, thanks.
首先，我甚至不看账单，因为在我们的模式中，人们只是购买容量，这个容量可能是三个月，也可能是一个月，或者可能是一年，这真的因客户而异，他们有权这样做。关于运营利润和自由现金流之间的关系，当然随着您的运营利润增加，我期望我们的自由现金流会增加，但是由于运营利润是一个较低的数字，所以运营利润将以更快的速度增长，我们将在六月份的投资者日更新长期模式。我们明确指导今年全年为非通用会计准则运营利润6％，调整后自由现金流25％，明白了，谢谢。
We now turn to Greg Moskowitz from Missouri. The line is open. Okay, thank you for taking the question. Mike, you mentioned that we can net new bookings and the slower than expected ran from your youngest cohort, in fact, the fiscal 24 guide. But thinking back to the two-three call, you know, you'd also spoken about some significant customers that you were expecting to materially ramp in fiscal 24, and you also said today that the enterprise has generally held up pretty well. So I'm wondering, you know, three months later, maybe looking at it from a bottom's up perspective, can you share with us how you're thinking about these particular customers and the ones that, you know, there was this potential line of sight in terms of them ramping in fiscal 24 just wondering if that's changed at all in terms of that viewpoint. Thanks.
现在我们要转到来自密苏里州的Greg Moskowitz。请开口。好的，谢谢您回答问题。迈克，您提到我们可以享有新的预订，并且最年轻的一群用户使用速度比预期慢，事实上，这是财年24的指南。但回想一下我们在去年的电话会议中提到，您提到有一些重要客户在财年24年内会显著增加，而且您今天也说企业整体表现相当不错。因此，我想知道，三个月后，也许可以从底部透视的角度来看，您能否与我们分享您对这些特定客户以及在财年24中可能增加的那些客户的看法是否发生了改变。谢谢。
Well, those customers are definitely still ramping, but what I will say, what is different in literally week 10 of our quarter, we converted 90% of our weighted pipeline into bookings where historically that's been 140% in Q4. And that's typically because deals are understated and deals get pulled in. That did not happen this quarter. We also had a number of customers, big customers who, rather than they consumed everything and rather than do a big, multi-year deal, literally just bought enough capacity to get them through to the next quarter or two.
那些客户肯定还在逐步增加，但我要说的是，与我们之前四分之一相比，我们在本季度的第十周中将90%的权重管道转化为了预订，而历史上在Q4期间这个数字是140%。通常这是因为交易被低估并且交易被提前结束。但是这个季度没有发生这种情况。我们还有很多大客户，他们并没有消耗所有的服务，而是只购买了足够的容量来帮助他们度过下一个季度或两个季度。
I do have two of my biggest customers. I know they run out of capacity within the next six months that they will have to do something, but once again, they could do big deals or they could just do the, by a sufficient capacity on a quarterly basis because their contracts still haven't expired. They just don't have any capacity left on them. So that's why I don't focus too much on bookings and focus more on revenue and why I think that's the leading indicator. But as I said, we definitely do see a number of our newer customers in the cohort still ramping, but ramping at a slower pace than what historically they have.
我确实有两个最大的客户。我知道他们在接下来的六个月内会容量不足，他们必须采取措施，但再次强调，他们可能会做大交易，或者只是按季度满足足够的能力，因为他们的合同仍未到期。他们只是没有任何额外的产能。所以我不太关注预订，在关注收入，因为我认为这是领先的指标。但正如我所说，我们确实看到新客户中的一些组合仍在加速，但速度比历史上慢。
I think that is a function of the cost controls that are going on within companies to make sure they are conserving as much money as they can from expense standpoint. Very helpful. And then just for Frank on Snowpark for Python. We've heard of a lot of customers that are keeping the tires, a lot of small tests that are taking place, but you did call out a couple of customers that are really ramping.
我认为这归功于公司中正在进行的成本控制功能，以确保他们尽可能地从费用角度节省资金。非常有帮助。还有，针对 Python 雪场的 Frank。我们听说有很多客户正在进行很多小型测试，但你提到了几个真正加速的客户。
It sounds like there's a lot of robust POC activity just to be helpful to get a little more insight in terms of how you're thinking about how this plays out over the course of fiscal 24 in terms of adoption. Thank you.
听起来有很多强健的概念验证活动，只为了帮助获得更多的洞察力，了解您对在财政年度24期间采用的想法是如何演变的。 谢谢。
Well, we definitely have sort of only used a full court press because our basic posture is that, you know, for example, any spark job that runs in the Snowpark orbit, we either putting data into Snowpark or taking data out of the Snowpark for consumption and analytics machine learning purposes is really ours. That's sort of the attitude that we take towards it and we will challenge existing spark traps and we will compete hard for any new ones. So we are really taking ownership for the action and the activity that is happening in our hemisphere, so to speak.
我们基本上只使用全场紧逼的防守策略，因为我们的基本立场是，在Snowpark轨道上运行的任何Spark作业，我们要么将数据输入到Snowpark中，要么将数据从Snowpark中取出以供消费和分析机器学习。这是我们对待它的态度，我们将挑战现有的Spark陷阱，并为任何新的陷阱进行激烈竞争。因此，我们真正对所发生的行动和活动负责，可以说是我们所在半球的所有权。
So it is all over the map. We can see very clearly from our own data, you know, which customers are doing what because they're touching Snowpark. So we really mobilized ourselves as an organization to target that and clearly picked up on the activity. It's a huge amount of stuff and, you know, it's really rolling out in waves and there is a lot of POC activity going on there. These customers, you know, want to see whether we can verify some of the, some of the outcomes that we're anticipating and so far those results have been super encouraging and our sales forces is pretty good about the opportunity, you know, based on the results that we're seeing. So quite excited about this.
这个情况非常复杂。从我们自己的数据中，我们可以清楚地看到哪些客户因为接触Snowpark而在做什么。因此，我们组织整个团队来针对这些客户进行目标定位，明确捕捉到活动中的踪迹。这是一个非常复杂的运营过程，并会分阶段展开，我们会有大量的概念验证活动。这些客户希望看到我们是否能够验证他们预期的结果，而目前的结果已经给我们极大的鼓舞，我们的销售团队也对此充满信心。所以我们对这个项目感到十分兴奋。
It's really, you know, the really biggest expansion, if you will, you know, of our scope as a company since we first came out in, you know, 2015 timeframe. You know, when we went after had to work loads and things of that sort. Great. Thanks very much. We now turn to Derek Wood from Cohen, your line is open.
这是我们公司自2015年进入市场以来，最大的一次扩展。我们开始的时候只是在处理一些工作量，现在我们的业务范围已经非常广泛了。非常感谢。接下来请Derek Wood来自Cohen公司发言。
Great. Thanks, Frank. Legacy migrations from on-premises have been a key growth driver for new customers for you guys. Is the macro causing any change in urgency for those kinds of migration projects? And it's given the, you guys acquired snow, convert, can you talk about how that may help simplify or accelerate migration projects?
非常好。感谢，弗兰克。从本地迁移遗留系统一直是新客户增长的关键驱动因素。宏观经济形势是否会对这些迁移项目的紧急性产生任何变化？而你们收购了Snow Convert，请谈谈它如何帮助简化或加速迁移项目的过程。
Well, you know, I'm still converts. I mean, we've been working with that technology for years and years. We're familiar with it. And you know, we're actually, you know, really happy that we now have full control over that technology because it's not just about migrating customers, it's also getting them to consumption faster, which is, you know, why it matters, you know, to our, you know, to our model. Not really seeing slow down on migrations. I mean, all of the, uh, might comments so far is really about all the customers are continuing, you know, to do contract extensions. They just have, you know, a more resistant posture.
嗯，你知道，我仍然是个追随者。我是说，我们已经与这项技术合作多年了。我们对它很熟悉。你知道，我们现在确实很高兴能够完全控制这项技术，因为这不仅仅是关于迁移客户，还有更快地让他们消费，这对我们的模型非常重要。我并没有看到迁移速度放缓。我是说，到目前为止，所有的评价都表明所有的客户都在继续签订合同。他们只是变得更加谨慎。
And the past, it was all about enabling growth as hard and as fast as they could because that was the dynamic of the times. Now we're sort of in the opposite dynamic where they're looking to not get too far over those keys and they're enabling the growth they are for seeing and they're going, you know, a few steps at a time. But migrations are, uh, keep on coming, you know, fast and furious. Great. Um, Mike, given all the, uh, the head count cuts happening in the tech sector, is that, is that having any material impact to your assumptions around consumption activity?
过去，人们为了尽可能快地推动增长而努力，因为这是当时的动态。而现在，我们正处于相反的动态，因为他们希望不要太过度，他们为即将出现的增长提供支持，他们正在一步一个脚印地前进。但是，移民人数仍然不断增加，快速而激烈。很好。Mike，鉴于科技行业正在进行人员削减，这是否对您对消费活动的预测产生任何实质性影响？
And, um, you did a little bit to kind of the startup tech, uh, same pressure. Any, um, give us a sense for how much revenue exposure you have there? Yeah. Well, first of all, when I make the comment about companies are definitely looking to save on their spend when you're doing a riff, you're generally not just looking at reducing costs and head count. You're also looking at other areas of your business. You can reduce costs. So I definitely think in some customers, you can see one that publicly announced riffs.
嗯，您为初创科技公司减轻了一些压力，您能告诉我们您在该领域的营收暴露度有多大吗？是的，首先，当我提到公司肯定在寻求节省开支时，您通常不仅仅关注成本和人员数量的减少。您还应关注业务的其他方面，以降低成本。因此，我肯定认为，在某些客户中，您可以看到一些公开宣布减少人员的情况。
We've seen some, um, real slow down on the revenue yet others. Why I can't name their names, but there's another one that announced a riff in one of our top 10 customers. Their consumption has actually gone up in snowflakes. So there's no direct correlation between riffs and a customer's consumption in snowflake. But I will say CFOs and companies are definitely looking for ways to cut costs and either through head count or other things.
我们已经看到一些业绩上的缓慢下降,但是其他一些情况则不同。虽然我不能点名,但有一个公司宣布在我们十大客户之一中进行了人员削减, 但是他们的消费实际上在逐渐增加。因此,人员削减与客户在雪花上的消费之间并没有直接的相关性。但是我要说的是，CFOs和公司一定在寻找削减成本的方法，不管是通过减少人员还是其他方式。
Right. We now turn to Alex Suchen from Wolf Research. Your line is open. Hey guys, this is Alan Rickoff, you're on for Alex Suchen. Thank you for taking the question. Just one quick one for me, for your 40% product growth guide in fiscal 24, how should we think about the season how do you through the year? And perhaps how has that changed relative to your view last quarter after now seeing slower ramp times with your more recent adopters of the platform?
好的，现在让我们转向来自Wolf Research的Alex Suchen。你的线路已经打开了。嘿，大家好，这是Alan Rickoff，我代表Alex Suchen回答问题。感谢你们接受提问。我只有一个快速的问题，关于你们在财年24年的40%产品增长指南，我们应该如何考虑季节性，以及你们在整个年度是如何完成的呢？也许，相对于上个季度，现在看到更多最近的平台采用者的缓慢上升时间，这个情况有何变化？
Well, as I said, the more recent adopters of the platform, we definitely see them ramping slower. They're taking longer in terms of they're not growing euphorically like some of the earlier ones. And I really do think that is a factor of, it could be the macro that they want to conserve. It could be that they're depending on the customer, that they're being more efficient in how they roll snowflake out as there's a bigger population of people who have been using snowflake in the market.
正如我所说的，最近采用该平台的用户，我们确实看到他们增长速度较慢。在增长方面，他们不像早期的采用者那样狂热。我真的认为这是一个因素，可能是他们想要保守宏观经济状况的因素，也可能是他们依赖客户，更有效地推广了雪花，因为市场上有更多的人在使用雪花。
And it's also a factor that a lot of the new customers that we're signing up are necessarily these venture back startups that had unlimited capital. They tend to be more of these mature companies that have always been disciplined on their spending. So it really does vary in terms of seasonality. We just guide it for the quarter. You can see what we guide it. We guide it 44 to 45% growth in Q1 and guide it 40% to the year. I'm not going to give you the quarterly guidance for the other quarters because we'll give you Q2 after Q1's finished as we've always done.
这也是我们签约的许多新客户所必须考虑的因素，他们不一定是那些拥有无限资本的风险投资初创企业。他们更多地是那些一直以来在开支上保持纪律的成熟企业。因此，季节性的变化确实有所不同。我们只对季度进行指导。你可以看到我们对季初的指导，我们指导Q1的增长率为44%至45%，全年指导为40%。我不会告诉你其他季度的季度指导，因为我们会在Q1结束后给出Q2，就像我们一直做的那样。
Thank you. Now turns your sterling ulti from SPB. Your line is open. Yeah, thanks. Mike, you gave a couple of reasons for the slower growth in the newer customers. But I'm also wondering are new customers reducing the number of use cases initially? And if so, what are the use cases that you see them ramping with first and what things maybe are they putting on hold?
谢谢。现在该轮到你使用SPB的最终答辩。你的话筒已经打开了。嗯，谢谢。Mike，你给出了几个新客户增长缓慢的原因，但我也想知道，新客户在一开始是否减少了使用实例的数量？如果是这样，他们首先会采用哪些使用实例，而可能暂缓的有哪些事情？
There is no reduction in use cases. Use cases continue to expand. What are the most common use cases? It really depends. Migrations are a big one and on-prem, but it's an on-prem data warehouse, a lot of them. Some of them though are still replacing some of those first generation cloud data warehouses to think redshift and things like that.
使用情况没有减少，反而在不断扩展。最常见的使用情况是什么？这实际上取决于具体情况。迁移是其中最重要的一个，尤其是在本地数据仓库中，有很多这样的例子。有些情况仍在替换某些第一代云数据仓库，例如Redshift等等。
I really haven't seen any slowdown in use cases. The average deal size is remained relatively the same as it changed. Make sense. Thank you. Now, to come out on my Zarek from William Blair. Your line is open. Hi, thanks for taking my question.
我真的没有看到使用情况有任何减缓。平均交易规模相对保持不变，这很合理。谢谢。现在，我从威廉布莱尔公司的Zarek出来了。请你提问。
你好，感谢你接受我的问题。
You're free cash low margin reach your long-term target of 25%. Can you provide a little more color around how you think about that shorter term tax-cooled decision to balance margin and revenue growth? And assuming the map environment proves later this year in fiscal 25, how do you think about bringing down margins to reaccel rate growth?
你自由决定现金低利润达到你的长期目标25％。你能否再详细解释一下你是如何考虑在短期内决定平衡利润和收入增长的税务决策的？并且假设地图环境在本财年25年后得到改善，你会如何考虑降低利润率以重新加速增长？
Free cash low margin is not directly related to our growth. Our growth is more on the expense side and looking at productivity and will not grow our revenue faster unless we see productivity increase in the sales organization. And when we see that increase in productivity, we'll add more heads there and we think we're adding at the appropriate pace based on what we're seeing in the business today.
自由现金流低的边际利润并不直接与我们的增长相关。我们的增长更多地在于节约成本方面，关注生产力，除非我们看到销售组织的生产力提高，否则我们的收入增长不会更快。当我们看到生产力提高时，我们会增加更多的员工，在目前业务的基础上，我们认为我们正在适当的步伐中加入。
As I said, where most companies are cutting, we added 1900 people last year net and we will add over 1000 people this year. Well still generating improvement and operating margin and having very good free cash low next year again. That's helpful and it puts all up. I realized it's still early but can you provide some detail around the traction you're seeing with the unistore product and how you expect that people platforms evolve for the next years?
正如我所说的，大多数公司都在削减人员，而我们去年净增加了1900人，今年将再增加1000人。我们仍在持续产生改进和运营利润，并预计明年的自由现金流也非常不错。这非常有帮助，它使我们获得了更好的发展。我知道目前还为时过早，但您能否提供一些关于Unistore产品获得的进展的详细信息，以及您对未来几年人们平台发展的预期？
Yeah, this is Christian. It is, as you say, still very early on. We're still in private preview with tens of customers validating it for adding a feedback. We received quite positive feedback and encouragement but it's early for us to have any meaningful broad rollout for adoption. Thank you. You now turn to Fred Lee from Credit Suisse. Your line is open.
是的，我是Christian。正如你所说，现在还很早。我们仍处于私有预览阶段，有数十个客户在验证它以添加反馈。我们收到了相当积极的反馈和鼓励，但对于我们来说还太早了，无法进行有意义的广泛推广和采用。谢谢。现在轮到Credit Suisse的Fred Lee发言了，你的线路已经打开。
Hey, gentlemen. Thank you very much for taking my question. We've both been very clear about managing the business for the long term and considering this operating philosophy. What's the thinking behind the $2 billion share by back versus pouring more gas into the company's R&D engine and doubling down the product? Thank you.
各位先生，非常感谢您们回答我的问题。我们都非常明确地了解到了要实现公司的长期管理，并考虑到这种经营哲学。那么，从$20亿美元的股票回购行动背后的思考中，与向公司的研发引擎注入更多资金并进一步加倍产品有何不同之处呢？非常感谢。
Yeah, Fred, it's Mike. We have 5.1 billion in cash on our balance sheet. We've had 5 billion since the time we went public. We've made a number of strategic acquisition and M&A deals. So we feel we have more than enough capital in the business to fuel our growth through both the small Puck-in M&A's as well as invest in headcount. But you can only add so many people at a time and get them productive in an engineering organization. I'm not hearing our engineering leaders claim they need more people. It's not growth at all costs.
嗨，弗雷德，我是迈克。我们的资产负债表上有51亿美元的现金。自我们上市以来，我们已经有了50亿。我们进行了许多战略性的收购和合并交易。因此，我们认为我们在业务中拥有足够的资本来通过小的Puck-in并购以及投资人员来推动我们的增长。但是，在一个工程组织中，你一次只能增加这么多人并让他们变得有效率。我没有听到我们的工程领导者声称他们需要更多的人员。这并不意味着不惜一切代价追求增长。
This company, yes, we are a growth company. It's a fishing growth as well too and we'll continue to do that. And we expect we're going to generate close to $2 billion over the next two years and given the $5.1 billion we have, we think it'd be great to manage dilution through that. And we still have the opportunity if we find great candidates to hire faster if we so choose. That's very helpful, thanks. Thank you Mike.
我们是一家增长型企业，同时也是一家渔业公司，并将继续成长。我们预计在未来两年内将创造接近20亿美元的收入，并考虑通过现有的51亿美元资金管理稀释问题。如果我们找到了合适的候选人，我们仍然有机会更快地扩大招聘规模。谢谢您的帮助，Mike。感谢您。
We now have time to get Brad Reback from Stefall. Your line is open. Great, thanks very much. Mike over the last three years you've added 18 to 1900 customers each year. So as we look into 24 should we expect that to continue in a similar sort of growth and revenue per customer? Or will it skew more towards revenue per customer? Thanks.
我们现在有时间从Stefall那里获得Brad Reback。你的线路已打开。非常好，非常感谢。过去三年中，你每年增加了18至1900名客户。因此，当我们看向24年，是不是应该期望类似的增长和每个客户的收入呢？还是更偏向每个客户的收入？谢谢。
First of all, I don't really focus on the total number of customers as I've said many times. I like to focus on quality customers. We tend to focus on large enterprise or they can be small that have the ability to be significant customers. And so clearly the number of customers is going to grow. Whether we add 1800, 2000 or 1500, I really don't know next year. I'm going to focus more on what those right customers are. And you will see the revenue per customer growing.
首先，我不是很关注客户的总数量，正如我多次提到的那样。我更愿意关注质量客户。我们倾向于关注那些大型企业，或者那些能够成为重要客户的小企业。因此，客户数量显然会增长。无论我们明年增加多少客户（1800、2000或1500），我真的不知道。我将更加关注那些合适的客户。你将会看到每位客户的收入增加。
Yes, our million dollar plus customers have stayed flat at 3.7 million. But we also added a number of new customers in there. Our global 2000 now are up to 1.4 million in trailing 12 months. They were at 1.3 million last quarter. Yet we still add it more global 2000. So I do think the revenue per million dollar plus customer in G2K is going to continue to grow over time. And I think you're going to see more growth out of those global 2000 numbers. That's great. Thanks very much.
是的，我们的百万美元以上客户数量保持在370万不变。但是我们也增加了一些新的客户。在过去的12个月中，我们全球排名前2000强客户达到了140万，上一季度为130万。尽管如此，我们仍在增加更多的全球排名前2000强客户。因此，我认为G2K百万美元以上客户的收入将随着时间的推移而持续增长。我认为你们将看到更多的全球排名前2000强客户的增长。非常感谢。
Next question comes from Brent Braseland from Piposanla. Your line is open. Thank you, good afternoon, Frank. 20% of customers have tried snowpark Python. When do you think that those use cases and workloads could actually move from testing and experimentation to actually driving acceleration in the business? You think this is a potential lever in the second half? Or you think it's going to take a year for a lot of these customers to work out some of these new use cases from a workload driver's perspective. Thanks.
下一个问题来自Piposanla的Brent Braseland。请讲。谢谢，下午好，Frank。有20%的客户尝试过Snowpark Python。您认为这些使用案例和工作负载什么时候能够从测试和实验转变为真正促进业务的加速？您认为这是下半年的一个潜在杠杆？还是您认为这需要一年时间让很多这些客户从工作负载驱动的角度解决一些新的使用案例。谢谢。
Yeah, in terms of what we're already seeing and the velocity of consumption is coming from snowpark, we think it'll be in the second half at some point where we're going to see what we think is material impact from that. But still early days, we're growing from a very small base. So yes, we are seeing high velocity, but that still needs to persist before on our revenue scale. It becomes material. So in another way, Brent, our guidance for this year is not material what we have for snowpark, but I do think longer term will be much more materially. It could give us upside, but it's still too early. Very helpful, and then I don't want to go back to the margin.
是的，在我们目前已经看到的和来自雪公园的消费速度方面，我们认为在下半年的某个时候，我们将会看到我们认为是重要影响的材料。但仍处于早期阶段，我们从一个非常小的基础上增长。所以是的，我们正在看到高速度，但在我们的收入规模上，这仍然需要持续才能成为重要。因此，用另一种方式说，布伦特，我们今年的指引不是雪公园的重要材料，但我认为长期来看会更加重要。它可能会给我们带来上行空间，但现在还为时过早。非常有帮助，然后我不想再回到利润率这个话题。
Comment here. I get recession, you know, impacting a drag on the growth business for 100% usage model. But you are getting a 25% free taxable margin that $2.5 billion scale. Are you rethinking the profitability of this business at $10 billion scale just thinking through margins today and what the potential could be at much larger scale? Well, you're just going to have to wait for June or investor day when we give an update on that model, but clearly there's upside to what we said last investor day.
评论：我理解，衰退对100％使用模型的增长业务产生了阻力，但您可以获得25％的免税利润率，规模为25亿美元。您是否在根据当前的利润率思考到100亿美元时该业务的盈利能力以及更大规模的潜力？我们需要等到6月或者投资者日，我们才能更新模型。但很明显我们上一个投资者日的说法是有上升空间的。
Great, thank you. Now turn to Tyler Rack from city. Mike, going back to your comments on the booking slowdown at the end of the quarter, how much of that was driving the lower outlook for the full year versus actual consumption flowdown that you saw, and I guess secondly, as you think about that booking slowdown, are you incorporating lower close rate assumptions just given that this was the first quarter that you converted below 100% of the weighted adjusted pipeline? Thank you.
很好，谢谢。现在请城市代表Tyler Rack发言。Mike，在您谈到季末预订放缓的评论中，有多少是导致全年低预期的，而不是您看到的实际消费流动减少？我想第二个问题是，当您考虑这种预订放缓时，您是否会考虑更低的成交率假设，只是因为这是第一个您转换了低于加权调整管道的100％的季度？谢谢。
Most of that bookings was really just a duration, customers buying enough capacity to get them through. Yes, there were customers that we did not land some new ones that have deferred into this year to do deals that does have an impact on the second half of the year on revenue, but the biggest thing on the revenue guide is really we are seeing the newer customers take longer to ramp, and these are some of our big customers that are large global 2000 that are very methodical in the way they do things. Unlike some of the early adopters that do everything as possible to get everything on snowflake as soon as possible.
大部分的预订其实只是为了订单的时长，客户为了通过购买足够的容量来解决业务所需。是的，有些客户我们没有获得，一些新客户也推迟到了今年进行交易，这对下半年的收入确实有影响，但是收入指南中最重要的是我们发现新客户需要更长时间去推广，其中包括一些大型的全球 2000 强企业，他们非常注重方法论。与一些早期采用者不同，他们会尽一切可能将所有东西尽早转移到雪花上。
We are now turning to Simon Leopold from Raymond James, your line is open. Regarding the behavior of the new cohorts, do you anticipate that consumption accelerates in the terms of previous consumption rate in a more normalized environment or is this structural shift around how new cohorts are approaching their implementations? This is how we should think about it as the status quo going forward. Well, what I would say is we are in a consumption model that literally the beginning of a day we have zero revenue and customers choose to use snowflake in a tight macro environment. I think people are watching their costs, but just as quickly as they can turn snowflake off, they can ramp it up very quickly as well too.
现在我们转向Raymond James的Simon Leopold，您的线路已经开通。关于新一代的消费行为，您预计在更加正常的环境下，消费会加速以前的消费率，还是这是新一代如何处理实施的结构性转移？这就是我们应该如何考虑未来的现状。好的，我想说的是，我们处于一种消费模式，每天的开始我们没有任何收入，客户选择在紧张的宏观环境中使用Snowflake。我认为人们正在注意他们的成本，但是就像他们可以迅速关闭Snowflake一样，他们也可以很快地加速增长它。
And so we are seeing a customer, as I said before, use snowflake more efficiently, be more methodical in how they roll snowflake out to make sure they are doing things, but there is really no big change. Users are still consuming, they are just not growing at the rate they were, they are still growing. And you see that in our net revenue retention. Okay, that is helpful. And just one could follow up. Can you help us understand a little more around your R&D priorities? Maybe help us understand where your preferences are between adding new features versus entering new markets, just trying to get a sense where you see opportunities around your R&D efforts.
因此，我们看到客户更有效地使用了雪花，更加系统化地推广雪花，以确保他们正在做正确的事情，但并没有什么大的变化。用户仍在消费，只是增长速度没有以前那么快，但仍在增长。您可以从我们的净收入保留中看到这一点。好的，这很有帮助。只有一个后续问题，您能帮助我们更好地了解您的研发优先事项吗？也许可以帮助我们更好地了解您在添加新功能和进入新市场之间的偏好，只是想了解您在研发工作中看到的机会。
I like Christian, talk about that. We continue investing and innovating across the three broad vectors that we discussed in the past. One is continued progress on analytics. Second one is our collaboration where data sharing, clean green space. Third one is the broader category of workload enablement, but within computation to come closer to the data, that is where snow are extremely many areas that are fit in. So we continue investing and making progress on all three prongs.
我喜欢基督徒，聊聊这个话题吧。我们继续在过去讨论过的三个大方向上进行投资和创新。第一个是分析的持续进展。第二个是我们的合作，在数据共享，清洁绿色空间方面。第三个是更广泛的工作负载启用类别，但在处理来自数据更近的计算中，有非常多的领域适合我们。因此，我们在这三个方面继续投资和取得进展。
And on the product side, in our market side, we will have FedRAMP high very, very soon that the public sector, we are going to be able to go after and we are working on IL-5. And expect will have the public sector will start to be more material to us this year in terms of new deals. And in terms of new markets, we continue to explore China with a strategy for our global multi-nationals who operate in China. And that is something where we will be in there this year. And then the other thing that I would say too is we are not opening any new countries. And we are going to invest more in some of the bigger international markets like Japan where we are seeing huge opportunity that they just move slower.
在产品方面，在市场方面，我们很快就会拥有FedRAMP高级认证。公共部门的业务，我们将加大力度拓展，同时我们正在开展IL-5计划。预计今年公共部门在签订新合同方面会对我们产生更多的贡献。在开拓新市场方面，我们将继续探索中国，为我们的全球跨国公司在中国开展战略合作。这是我们今年将要做的事。另外，我想说的是我们没有打算开拓任何新国家市场。我们将在一些更大的国际市场中投资，比如像日本这样的巨大机遇市场，只不过他们进展较慢。
The trouble, thank you. Our next question comes from Will Power from Bed. Your line is open. Okay, great, thanks. It looked like a really nice comprehensive agreement with AWS. I guess I wonder in that vein, if you provide any update as to the Azure relationship, the opportunity there, what go to market currently looks like. And then Mike just as pertains to margins this year, margin guidance a bit higher than where you were previously just by the lower revenue outlet, just maybe any other color on kind of the key levers helping enable that. We'll start with the margins first.
谢谢您提供的问题。我们下一个问题来自Will Power from Bed。请发言。好的，非常感谢。AWS的协议看起来非常全面。我想知道与Azure的合作有什么最新更新，当前市场情况如何。另外，关于今年的利润率指导，由于收入减少，指引稍高，是否能提供更多关键杠杆的说明。我们先从利润率开始说起。
Clearly when we like many of our customers started looking at our costs and we slowed down some of our hire this year. And so that's really driving the margin of performance as well as efficiencies in the way we do things. And we are committed to continuing to operate the company as efficiently as possible. So do expect longer term more leverage in the model there.
当我们和许多客户一样开始关注成本时，我们今年减缓了一些招聘，这使得我们的利润表现以及我们做事情的效率得到提升。我们致力于继续尽可能高效地运营公司。因此，预计在更长的时间内，我们的模式将会更具杠杆效应。
In terms of the relationship with the cloud vendors, I would say the new AWS agreement is a great step forward in improving an already really good relationship with AWS to begin with. We had a 1.2 billion dollar commit. Now we have a 2.5 billion dollar commit over the next five years and it's much better alignment go to market between the two. AWS we're still I mean, my Azure we're still two and a half years into that five year contract. We will start discussing with Azure trying to get better terms and I'm not just talking pricing. Going to market working together with one another and there's no change in GCP today. I'm hopeful there could be something in GCP longer term.
就与云供应商的关系而言，我认为新的AWS协议是向前迈出的一大步，可以进一步改善与AWS的关系，而我们之前的关系已经非常好了。我们有一个12亿美元的承诺。现在，在接下来的五年中，我们有一个25亿美元的承诺，两方的市场定位更加统一。我们与AWS的关系已经有了进展，不过我们与Azure的合同还有两年半的期限。我们将开始与Azure商讨，争取获得更好的条件，这里不只是谈到价格问题。我们要协同合作，一起面向市场，目前GCP并没有变化，不过从长远来看，我对GCP也很有希望。
We will come to the end of our GCP contract in May of 2024 onward tracking to fully consume what we committed to with GCP, but we're clearly running ahead with Azure and AWS. And that's why we did an early renewal or new contract with AWS. Thank you. I mean, I'll send you Fred have Maya from McQuarrie. Your line is open.
我们的GCP合约将在2024年5月到期，我们将继续按照我们与GCP承诺的充分消费路径，但我们在Azure和AWS方面明显领先。这就是为什么我们与AWS进行了提前续约或新合约的原因。谢谢。也就是说，我会将Fred和MaYa从McQuarrie的意见发送给您。您可以开始发言了。
Hi, thank you. You know, Mike, I want to give action earlier. Comment me made about some of your new customer cohorts being more methodical in their approach to ramping on snowflake. Can you provide a little more context around what you're seeing there in terms of what they're doing? Is this something around the perhaps like anything budget related oversight, internal change manager, anything and then trying to square that also or not square it rather but understanding context with the description you gave that the enterprise segment is performing quite well. Thank you.
你好，谢谢。你知道的，Mike，我想要更早采取行动。关于你所提到的一些新客户群体在开始使用雪花时更为缜密的评论，你能否在更多方面提供一些背景信息？这是否与任何预算相关的监督、内部变革管理等有关，同时也试图理解你所给出的企业细分表现良好的背景下的情况。谢谢。
Well, I'm just telling you, they're not growing as quickly as what they did, but we saw in 2021 and 2022 where I think it was a little bit more euphoric with companies that didn't have as much cost discipline around spending. And you're seeing people being more cost conscious and how they do things across the board. Not just on snowflake, that's why you're seeing these companies do riffs out there. And as a result, we do see these companies growing. I'll be it. They're growing it a more methodical pace. We're not seeing these crazy spikes in consumption and customers. And that's also a function of people are using snowflake more efficiently in terms of really planning out the rollout of snowflake. Also our PS resource says are actively involved with customers. Our partners are getting better trained on how to do snowflake migration. This is really a maturing of our partner ecosystem in us. Thank you.
嗯，我只是告诉你，它们的增长速度不如之前那么快，但我们在2021和2022年看到了一些公司的狂热，这些公司在开支上没有那么多的成本纪律。你会发现人们变得更加注重成本以及如何整体进行各种工作。不仅仅是针对Snowflake，这就是为什么你会看到这些公司也在进行裁员。结果，我们确实看到这些公司在增长，尽管它们的增长速度更为谨慎。我们没有看到消费和客户数量的疯狂增长，这也是因为人们正在更有效地使用Snowflake，对Snowflake的推出进行了更充分的规划，并且我们的PS资源积极参与客户工作，我们的合作伙伴在如何进行Snowflake迁移方面受到了更好的培训。这真的是我们合作伙伴生态系统和我们自身的成熟。谢谢您。
Our next question comes from Michael Turn from Wells Fargo. Your line is open.
我们的下一个问题来自Wells Fargo的Michael Turn。请您发言。意思是指下一个提问者是来自Wells Fargo的Michael Turn，请他开始发言。
I was going to be for, I had to just go with you. Hey, great. Thanks. Sorry, I can't hear you. You repeat that. Even with, oh yeah.
我本来要赞成，但是我只能跟着你走了。嘿，太好了。谢谢你。抱歉，我听不见你。你能再说一遍吗？即使是这样，噢是啊。
Sorry, can you start? I'm going to be getting you to be good here. I wasn't coming.
对不起，请你开始吧？我会让你适应好这里。我本来不会来的。
意思是：让别人开始做某件事，同时提供自己的支持，但同时也向对方表达了没有预期会到场的事实。
Yeah. Yeah, no happy to. But even with some of the impacts you're mentioning, the NIR are still holding strong at 158%, not lost on us. But any change in how you're thinking about target levels relies. There's variability that you said you expect those to remain above 130% for a long time. Anything you're seeing currently that could cause that metric to get more meaningfully or anything you can add there as helpful.
是的。是的，我并不开心。但即使您提到的一些影响，NIR仍保持在158%的高峰，我们不会忽视这一点。但您对目标水平的思考方式的任何变化都是关键。您说您期望这些变量保持在130%以上很长一段时间，但您是否发现目前有任何可以导致这个指标更有意义的情况或任何有帮助的补充？
We're not forecasting it to dip to that level anytime soon, but clearly as the numbers get bigger, it becomes harder. And that number is still going to be a very high number. And it really all depends upon the customers we land today and the ones that we landed over the last two years that will come into our cohort next year. If you recall back in 2020, we actually had an acceleration in our net revenue retention rate. I'm not saying that's going to happen, but that is possible that that could happen as well. You look through 2022, our net revenue retention went up. That's the beautiful thing of a consumption model. Just as companies can really control their spend on snowflake, when they open up their budgets more, they can ramp very quickly existing customers on snowflake that could drive that up. But we're not seeing a precipitous drop off longer term in the net revenue retention. It will potentially come down in longer term, but it's going to still stay very high. So I can't hear you.
我们不预测它很快会降到那个水平，但显然随着数字越来越大，变得更困难。而那个数字仍将是一个非常高的数字。这真的取决于今天我们获得的客户以及过去两年我们吸引的客户明年加入我们的队列。如果你回想起2020年，我们实际上加速了净营收留存率。我不是说那会发生，但也有可能发生。你看看2022年，我们的净营收留存率上升了。这是一个消费模型的美妙之处。就像公司可以真正控制它们在雪花上的支出一样，在它们开放预算的时候，它们可以迅速地将现有的雪花客户提升，从而推动它上升。但我们没有看到净营收留存的长期急剧下降。它可能在更长期的时间内下降，但仍将保持非常高的水平。所以我听不到你说什么。
So just one more if I may. You mentioned the new customers ramping slower. I think we can appreciate the environment or in, but are there things you're contemplating either from products or go to market perspective that could change that dynamic at all or is it more of a matter of being patient and letting them come to you? This all evens out over time from your perspective.
如果可以的话，我还想提一个问题。您提到新客户的发展速度较慢。我们可以理解当前的环境，但是您是否考虑从产品或市场推广的角度来改变这种动态呢？还是说您需要耐心等待他们自己找上门来？您的观点是这些问题最终都会在时间上得以平衡。
Yeah, I also want to stress too, that's on average there are some customers who are ramping very, very quickly, but that was a whole strategy behind our snow convert acquisition of mobile eyes. That's really to help enable migration faster. That's also why we are spending a lot of time certifying and training our partners so they can work on this. We're doing everything we can to continue to see customers ramp on snowflake and to be clear. They continue to ramp at a very good pace, albeit not as the euphoric pace that they were in the past. That's very clear.
是的，我也想强调一下，平均来说，有一些客户正在迅速增加，但这正是我们收购Mobileye的整个战略背后，旨在帮助更快地进行迁移。这也是我们花费大量时间认证和培训合作伙伴的原因，以便他们能够进行这项工作。我们正在尽一切可能，继续看到客户在Snowflake上快速发展，并且要清楚地指出，他们以往的狂热增长速度没有那么快了，尽管依然保持了一个很好的步伐。这是非常明确的。
Thank you. Our next question comes from Mike Cicross from Needle and Company. Your line is open.
谢谢。我们的下一个问题来自 Needle and Company 的 Mike Cicross。请发言。
（意思是：谢谢你。接下来的问题来自 Needle and Company 的 Mike Cicross。请发言。）
Hey guys, thanks for getting me on the call here. I wanted to see if I could pour back the guidance construction that you guys have. I know a couple of other folks have asked about maybe total customer ads and I know Mike you commented that you guys are looking to focus on the quality customers. If I just look at like the global 2000s in example, I think previously snowflake is spoken about having one to two year sales cycles for some of these customers again because it's a strategic relationship. Is there any way or can you provide any detail as far as how you're thinking about additions from the global 2000 or how those net retention rates are expected to trend over the course of the year?
大家好，谢谢你们让我参加这个电话会议。我想知道你们的指导建设是否能够倒流给我听一下。我知道其他一些人也询问过是否有可能增加总客户广告，Mike你提到你们正在注重优质客户。举个例子，如果我看全球2000强企业，我认为之前雪花公司就提到过对一些客户进行一到两年的销售循环，因为这是一种战略关系。请问你们是否有任何方式或者提供任何细节，关于你们如何考虑从全球2000强企业中增加客户，还有这些净保留率如何预计在今年的趋势？
One follow-up if I could. I know an earlier colleague had asked about the company's exposure to let's say the more VC backed companies which are clamping down versus the euphoric growth that you had seen previously. Can you size up what that exposure is to that customer segment?
如果可以的话，我有一个后续问题。我知道之前的同事已经问过关于公司暴露在更多风险投资支持的公司与之前您所看到的欣欣向荣的增长之间的比例。您能评估一下公司在这个客户群体中的暴露程度吗？
So you asked a number of questions but the first thing is we land large enterprises global 2000 as fast as we can. They are large, long sales cycles. They will be lumpy in terms of when we land them but that is purely the booking. The ramping of those guys takes time and it's to get them to ramp to revenue. We have not seen any change in terms of really the average deal size of those global 2000 when we land them. In terms of net revenue retention you asked about I'm not going to guide to net revenue retention in the future. In terms of your question of venture backed companies we have disclosed this before and it remains there it's roughly 10% of our business. That tends to be the segment that our inside sales really focuses on not all of that and there are some large companies in there as well too. These are some of the unicorns that have been ready to go public for a while they given the markets have chosen not to but when I look at those large unicorns they are still very well capitalized.
所以你提出了很多问题，但首要任务是尽快与大型企业全球2000签约。这些企业规模大，销售周期长。我们签约时可能会出现收入波动，但这只是预订的问题。这些企业的扩大需要时间，并使其扩大到产生收入。当我们和全球2000签约时，我们没有看到任何平均交易金额变化的情况。关于网状净保留收入，你问得很好，但我不会指导未来的网状净保留收入。关于风险投资的公司，我们之前已经公开了大约占我们业务的10％，这往往是我们内部销售专注的领域，但并非全部，其中也有一些大公司。这些是已经准备好上市但由于市场选择不做出行动的独角兽公司，但就我看来，这些大型独角兽公司仍然很有资本实力。
That's awesome. Thanks Mike and I know that you are saying that there is no change in the average deal size for when you are landing customers but you are saying that the newer cohorts are standing at a slower rate. If customers have typically taken six months to ramp to their run rate how is that trending today? What would that be if we are thinking about magnitude based on this macro impact we are seeing?
太棒了。感谢迈克。我知道你说的是，当你吸引客户时，平均交易规模没有变化，但你表示新的合作伙伴在增长方面比较缓慢。如果客户通常需要六个月才能达到其运转水平，那么现在的趋势如何？如果我们基于我们所看到的宏观影响来思考规模，那将是什么样的情况？
Yeah I'm not going to disclose that I'm just saying it's slower. Got it. Thank you. I have a final question. Say it comes from Brad Selnick from Deutsche Bank. Your line is open.
是的，我不会透露具体的信息，我只是说这个速度比较慢。知道了，谢谢你。我还有一个最后的问题，请注意，这个问题是来自德意志银行的布拉德·塞尔尼克。请讲。
Thanks for taking the question. This is Dan on for Brad. I just wanted to ask one quickly on some of the hardware and software improvements that were kind of a key focus going into the year and now that we have gone through the year and you mentioned the gravity on migration is complete. How did those kind of play out the impact of that in consumption relative to what you are expecting? Anything to call out looking into next year or in the next several quarters in terms of hardware and software improvements and any reason that would differ from long term impact that your spec goes to have that you talked about before.
谢谢你回答问题。我是代表Brad的Dan。我想就今年关注的硬件和软件改进措施提出一个问题。现在我们已经经历了一年，你提到了迁移的重力已经完成。这些措施对消费的影响如何，是否符合您的预期？在明年或未来几个季度，有什么需要关注的硬件和软件改进措施？这是否会有任何区别，与之前提到过的长期影响有关的技术规格？
Thanks. As I said before we factor in a 5% revenue hadn't linned every year associated with both hardware and software improvements and don't see any material hardware improvements happening this year as of today there are a number of software improvements that we were constantly working on those and so I feel pretty good about that 5% as I mentioned. The gravity on two deployments are all completed as of today. We didn't quite get them all done last year. They were a number that were finished in the first month of this quarter and so didn't quite have the full impact as we thought last year but it's really hard to tell but it's baked into our forecast for this year.
谢谢。就像我之前说过的那样，我们考虑到了每年与硬件和软件改进相关的5％收益，目前我们不认为会有任何可观的硬件改进。虽然有许多软件改进我们一直在不断地努力，所以我对那5％感到非常满意。目前为止，这两个部署的重力已经全部完成。去年我们没有完全完成所有工作，但在本季度的第一个月完成了一些，并没有像我们想象的那样产生完全的影响，但很难说，这已经被列入我们今年的预测中。
Thanks.
谢谢。
请将以下英文文本翻译成中文，并表达其意思，尽量让翻译易于理解。谢谢。
"The current situation is challenging, but we are committed to finding a solution that meets the needs of our customers. We are exploring all options and will keep you updated on our progress. Thank you for your patience and understanding."
当前的局面很具挑战性，但我们致力于找到满足客户需求的解决方案。我们正在探索各种选择，并会持续向您更新我们的进展。感谢您的耐心和理解。
And then just one last one I was just curious on the international if there were any markets in particular that kind of grow beyond our performance in the international. So you know and via actually had a good consumption they were pretty much on plan from a consumption. They were a little slower on the booking side and I think that's more of a function of people being more cautious with uncertainty and their businesses.
我还有一个问题，关于国际市场，是否有一些特定的市场发展超过我们的业绩。你知道，VIA（公司名）在消费方面表现不错，他们的消费计划基本上符合预期。但是在预订方面略有缓慢，我认为这更多是由于人们面对不确定性和他们的业务更加谨慎的原因。
I would say Japan is doing well for us but they are very methodical and biased they go and I would say some of the other areas in Asia are a little bit slower but Asia is such a small piece of our world business is really a mea that was a little slower than what we would have thought from a bookings perspective and productivity.
我认为日本对我们来说做得不错，但他们非常有条理并且有偏见。我认为亚洲其他地区的情况要慢一些，但是亚洲只是我们世界商业中的一个小部分，实际上，从预订和生产力方面来看，它比我们预想的要慢一些。
Thanks.
谢谢。
Ladies and gentlemen today's call is now concluded. We'd like to thank for your participation. Coming out is Connecture Lines.
女士们先生们，今天的电话会议现在已经结束了。我们感谢您的参与。下面要介绍的是Connecture Lines。