Snowflake Inc. Q2 2024 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Karl Emil Keirstead - UBS Investment Bank, Research Division - Analyst : So Mike, just one -- maybe two quickies. You mentioned there was a onetime credit from one of the CSPs. Are you able to define how material that was? It sounds like it might have certainly hit gross margins, but just wanted to clarify.

Question: Karl Emil Keirstead - UBS Investment Bank, Research Division - Analyst : Okay. Got it. And then maybe just a follow-up, Mike, what I'm hearing you describe is an effort -- you mentioned certainly your largest customer, but perhaps others taking their usage a little bit closer to their ACV. So one would think that, that would result in a decent amount of headwind. Yet your guidance for the third quarter, in my judgment anyway, is relatively solid. So what's the offset? What customer segment might be ramping nicely to offset to some extent the headwinds from your large customers?

Question: Patrick Edwin Ronald Colville - Scotiabank Global Banking and Markets, Research Division - Analyst : I just want to double-click on your comments. I think you said customers are reengaging in July. You said that in the prepared remarks. I mean, I guess, what do you mean by that? Is that new customers, existing customers, consumption, contract negotiations? And then any color you can give us on, thus far, in August would be helpful.

Question: Patrick Edwin Ronald Colville - Scotiabank Global Banking and Markets, Research Division - Analyst : All right. And I guess my kind of follow-up is NVIDIA reported results tonight. I think looking at their numbers, their data center revenue rose about 150% sequentially. But clearly, like AI spend is hitting the silicon layer. I mean a question I get from investors is when will AI spend more clearly hit the software layer. I mean, do you have any thoughts on that?