The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Karl Emil Keirstead - UBS Investment Bank, Research Division - Analyst
: Maybe I'll direct this one to you, Mike. Mike, given that you mentioned that some customers might be exposed to macro, you called
out consumer-facing cloud companies, and maybe that pinched you a little bit in the April quarter. When you -- stepping back and
reaffirming the full year product revenue guide of $1.9 billion, Mike, what are the assumptions you're embedding in that guidance
for 2Q through 4Q? Are you assuming that what you saw in the April quarter essentially continues, gets a little bit worse? I think that
might be an interesting color from you.
Question: Kasthuri Gopalan Rangan - Goldman Sachs Group, Inc., Research Division - Analyst
: Did the full effect of the warehouse optimizer credit and the AMD upfront shift, did you get the full headwind effect in this quarter?
Just curious about that.
Question: Kasthuri Gopalan Rangan - Goldman Sachs Group, Inc., Research Division - Analyst
: Just curious about that. Or is there any more left to play out? Okay.
Question: Kasthuri Gopalan Rangan - Goldman Sachs Group, Inc., Research Division - Analyst
: Got it. So which quarter should we expect a maximum headwind and then the weighting of that headwind?
Question: Kasthuri Gopalan Rangan - Goldman Sachs Group, Inc., Research Division - Analyst
: Okay. Got it. Also, the -- you said that -- Mike, you said that you saw activity resumed back in the first couple of weeks of May. Was
that the same cohort of customers that did go through the decline in consumption? Or was it more of an aggregate effect?
Question: Kasthuri Gopalan Rangan - Goldman Sachs Group, Inc., Research Division - Analyst
: Got it. And finally, are you rethinking how you structure contracts to have more subscription and more predictable element given
that the macroeconomic environment is.
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MAY 25, 2022 / 9:00PM, SNOW.N - Q1 2023 Snowflake Inc. Earnings Call
Question: Kasthuri Gopalan Rangan - Goldman Sachs Group, Inc., Research Division - Analyst
: Why would that not be the case?
Question: David E. Hynes - Canaccord Genuity Corp., Research Division - Analyst
: Mike, just one for you. So if you see more consumption rollover, right, which I think notionally kind of lowers your expansion
opportunities at renewal, how does that impact your thinking around retention of sales staff, right? I know just given the comp
model, driving expansions like foundational to how these guys get paid, is that something you worry about at all? Or how would
you manage through it?
Question: David E. Hynes - Canaccord Genuity Corp., Research Division - Analyst
: Okay. Yes, that's an important clarification.
Question: Steven Richard Koenig - SMBC Nikko Securities America, Inc., Research Division - Analyst
: I'll just ask one question for Mike. And by the way, it's a pleasure to be covering you guys now. So Mike, the acceleration in NRR and
revenue per customer across fiscal '22 was really remarkable. Can you talk a little bit about what drove this? And just qualitatively,
how should we think about the puts and takes on the trends in those metrics going forward, either short-term lumpiness or longer
term?
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