Snowflake Inc. (SNOW) Deutsche Financial institution Expertise Convention Transcript

Snowflake Inc. (NYSE:SNOW) Deutsche Financial institution Expertise Convention August 31, 2022 3:45 PM ET

Firm Contributors

Mike Scarpelli – Chief Monetary Officer

Convention Name Contributors

Brad Zelnick – Deutsche Financial institution

Brad Zelnick

Welcome again everyone. I am nonetheless Brad Zelnick, Deutsche Financial institution software program crew, delighted to be right here for this keynote session, posting a fireplace chat dialog with Snowflake CFO, Mr. Mike Scarpelli. Mike, welcome.

Mike Scarpelli

Thanks for having me, Brad.

Brad Zelnick

At all times a pleasure, even higher to see you right here in Las Vegas, the place there’s on line casino motion and all kinds of enjoyable available along with studying lots of issues about good corporations like Snowflake.

Mike Scarpelli

Sure, first reside convention as a public firm.

Brad Zelnick

Welcome again. Welcome again. So the format of this session is a fireplace chat. I will ask Mike an entire bunch of questions. I will attempt to hold my eyes on my inbox in case you’ve gotten one thing you’d need to add into the dialog, I am going to do my finest to weave it in. However with that, let’s leap proper in. Possibly Mike, simply to start out, you simply reported Q2 outcomes final week. What key messages do you hope buyers walked away with?

Mike Scarpelli

I believe the primary factor is we’re taking part in in an enormous market that is rising and there is such an enormous alternative. And there are going to be many profitable winners on this area. It is not a one take all. So I believe that is a very necessary factor. The opposite factor is we’re nonetheless very a lot within the early innings with most of our corporations that we’re coping with. If you happen to take a look at the International 2000, we gave you that metric. We now have about 500 of them. And the typical income is $1.2 million. That’s not very huge spend on a International 2000, however should you take a look at $1 million plus clients, we’re at 3.5 million. It tells you there’s lots of room for development in these corporations. And it is humorous. I get all these questions from individuals they usually’re saying, properly, all clients and the macro uncertainty are attempting to chop prices.

Effectively, you need to know what 1.2 million in spend you can let go 5 individuals and that covers 1.2 million. Once you bought corporations which have 100 thousand staff or extra, this isn’t an enormous spend for many of our clients. And the opposite factor I believe that is necessary too is with lots of our clients, they do not essentially see us as a value. They see us as serving to drive their enterprise and even new income streams for his or her enterprise. You noticed Capital One, they’ve that Slingshot software program that they need to promote. We’re serving to drive income for them there. And that is quite common throughout the board with lots of our clients or we’re foundational to them operating their companies. So very early innings of migrations for our clients.

Brad Zelnick

That helps to set the stage. And once more, I simply need to sort of open it up reflecting a bit of bit on the trail, I do not need to dwell. But when I am going again to Q1, Q1 was anomalous and possibly not such a great way, Q2 anomalous maybe or some would say in a constructive sense as you look to the again half of the yr relative to Q1 and Q2 and you consider your steering methodology and I suppose the precision that you simply possibly have over time and having the ability to higher predict the enterprise. Is there something to name out that we should always take into account after we take into consideration the again half and the expectations that you’ve got set?

Mike Scarpelli

Nothing has modified in our steering philosophy since we went public. If any of you have been on the street present calls, after we talked to buyers, I have been very clear {that a} 3% to five% beat is an effective beat and that is what we sort of intention for. Sure, I might like to beat it by extra, however I really do not need to beat by 10% to fifteen%. I attempt to give individuals significant steering and sensible steering for the corporate identical to Q1. We do not get overly anxious after we’re 3% beat, identical to I do not get overly excited when we have now a 6% beat. These are quarterly issues. I am targeted extra on the $10 billion and the way rapidly can we get to $10 billion. I do know that is what the entire administration crew is targeted on.

Brad Zelnick

Effectively, it is good to know that nothing’s modified.

Mike Scarpelli

Nothing has modified in any respect.

Brad Zelnick

And it is also good to listen to you say $10 billion, as a result of we’ll speak extra about that as we proceed. However possibly simply when it comes to enterprise tendencies and the drivers of Snowflake, one of many very constructive issues we proceed to listen to about Snowflake from clients is your early management and knowledge sharing and the potential alternative there. The place are our clients simply when it comes to their readiness to actually make the most of knowledge sharing for analytical processes? And the way do you see this creating thickness for the platform long-term?

Mike Scarpelli

Effectively, I’d say I will step again. So when we’ll nearly each new buyer, that is one of many issues we talked concerning the capacity for knowledge sharing, and that’s what will get many individuals excited to go for Snowflake – to Snowflake, however the actuality is you first must get your knowledge into Snowflake and begin doing all of your regular work and then you definitely get into knowledge sharing. Knowledge sharing might be the furthest alongside within the monetary providers, however that should not shock you both as a result of there’s a lot sharing of knowledge with consider all of the hedge funds and stuff, all of the totally different knowledge sources the place you get cash from or consider constancy or the banks and the way they take care of getting knowledge to their clients. Knowledge sharing is a perfect method to do issues in a secured ruled approach as a result of the custodianship of the info by no means adjustments.

So it actually solves lots of the privateness safety points there. And through the use of Snowflake for knowledge sharing, you recognize precisely who has accessed what knowledge to do issues. And in order that’s a fairly significant piece for us and it creates that stickiness. And what we’re seeing now could be lots of the brand new buyer wins we’re getting is due to a few of our – powered by Snowflake use circumstances inside monetary providers are driving new clients to us. So we predict it is likely one of the most significant issues and an actual differentiator for Snowflake is that knowledge sharing functionality that we have now.

Brad Zelnick

Superior. I attended summit in June, tons of buyer exercise and lots of enthusiasm, lots of new merchandise or new options, lots of innovation, two specifically that stood out to me, Iceberg and Unistore, simply in vital methods. And I might love to listen to from you, that are you extra enthusiastic about and why?

Mike Scarpelli

So that they’re each fairly thrilling, however Unistore, the place you’ll be able to have the ability to course of transaction like workloads, consider issues to 10 milliseconds, you are not going to get lower than that proper now, however that basically allows lots of the individuals to construct their functions with the info and the entire Native App. Nevertheless it’s not simply that Streamlit is a vital piece of that. And one of many causes we purchased Streamlit was to speed up our product roadmap, the place we at all times wished to make it simpler for individuals to write down functions that ties in with Unistore. And I believe Apache Iceberg is rising because the de facto commonplace for desk codecs for our largest clients. And this offers clients the power to run their Snowflake immediately towards these exterior tables. We now have a few of our greatest clients wanting us to get that into GA as quickly as potential as a result of they went begin utilizing it in manufacturing to do this.

And so I am enthusiastic about each of them, however Native Apps are the place the true alternative is and that is going to kick in subsequent yr. I’d say Iceberg Tables will likely be in GA by the top of this yr. You did not discuss PI Snowpark with Python. Capacity will likely be in GA on the finish of this yr, Unistore a bit of bit later, extra the primary half of subsequent yr. And that is after we count on Streamlit will likely be absolutely native to Snowflake as properly too to assist allow that. That is what is thrilling us. Actually, the Native Apps is the factor.

Brad Zelnick

Cool, stay up for it, stay up for seeing the affect that it has on the enterprise and listening to extra from clients. Simply possibly turning to your web retention price leaping round a bit right here continues to be best-in-class at 171% final quarter, suggesting clients see actual worth from what are sometimes small preliminary lands after which scaling up actually rapidly. How does your increase movement assist facilitate the steep ramp in utilization we see with many purchasers?

Mike Scarpelli

So, to start with, our web income imply, I simply need to degree setting everybody to remind you to enter that cohort for the web income retention you need to be consuming for 2 years and it – as a result of it is your final 12 month development over your prior 12 month development. And what I’d say is we imagine our web income retention price will stay excessive for fairly a while. Sure, it’ll come down. However that is only a perform of – so lots of our clients are within the early innings of their migrations. I do not see that slowing down. It goes again to what I used to be saying the typical G2K spends 1.2 million at present. That’s should you take a look at the budgets of those individuals, that could be very small spend. And if we will get the likes of a Capital One, that is like a $48 million, $49 million run price, however they’re all in on the cloud. Many of the different banks, the massive ones could be a lot larger than Capital One in the event that they went all in with the cloud, but to see whether or not that may occur or not.

Brad Zelnick

Received it. How typically do you see purchasers, Mike, over consuming versus underneath consuming their credit on contractual commitments? Are you able to simply remind us of your observe of rolling over unused credit to future contract years? And what tendencies are you seeing maybe when it comes to clients’ capacity to forecast their consumption with you?

Mike Scarpelli

Sure.

Brad Zelnick

As a result of I really feel like if we mirror on final yr, that was the recurring story of, hey clients are seeing a lot profit. They’re deploying even faster, realizing much more worth they usually’re discovering themselves the place they’re earlier than yr finish exhausting by their credit.

Mike Scarpelli

Sure. Good. No good, so I will break it up into two issues. So usually after we do a Cap One with a buyer, Cap One is the preliminary deal on a brand new buyer coming in, it was taking 240 days to get them as much as that contracted price that they have been consuming throughout the first yr. Now we have accelerated that with the assistance of companions and instruments that it is now about 210 days to get them absolutely ramped into manufacturing. Typically, clients are consuming 100% inside their first yr. Sure, you’ve gotten some clients because of enterprise causes or no matter, they have been simply slower, priorities modified throughout the firm. It could take them longer after which they’ve unused credit. The way in which our contracting works is so long as you renew for an quantity equal to or larger than your final annual contract, you’ll be able to roll these unused credit over.

And so, usually, we are going to signal a contract with a buyer that is a 3 yr contract and it often is a dedication of a lot in yr one, yr two ramps, yr three ramps. On the finish if they’ve something left, it will get rolled over into new contract so long as they’re doing an quantity equal to or larger, however the actuality is we do get into negotiations with clients. Unused credit isn’t an enormous factor. It is fairly frankly most clients are consuming earlier than their three yr – and our largest clients are prime instance that’s not going to – goes to expire of credit earlier than that three yr interval. I’ll say there’s usually each quarter $3 million or $4 million in expired credit that come into income. And it is usually related to there are – imagine it or not, there are lots of small corporations that also go bankrupt that you simply by no means hear of. There are companies that their enterprise has modified they usually’re downsizing what they do they usually dump a division or no matter, but it surely’s not an enormous share of our income that that occurs with.

Brad Zelnick

Cool, useful commentary. Possibly turning to a different matter of conversations pertains to Snowflake your platform enhancements, which you have bought an important observe document of pushing by over a few years as an organization. And it feels like buyer suggestions on the enhancements from late final yr stay very constructive and I do know you shared some examples of this at your Investor Day displaying some cohort adoption. However are you able to inform us concerning the demand elasticity and growth alternatives you talked about that sometimes take about six months to come back to fruition? And the way ought to we take into consideration the impacts of holding out Graviton 2 within the again half of the yr and the extent to which it is factored into your steering?

Mike Scarpelli

Effectively, it is absolutely factored into our steering as we stated to start with of Q1 after we gave our – after we reported on This autumn and it was at all times deliberate that that was going to be within the second half of this yr. The truth is software program and {hardware} enhancements are a elementary factor that we’ll proceed to see. And it is good as a result of it improves the worth efficiency for our clients. After we turn into cheaper for our clients, they transfer extra workloads to us. And as we stated previously, we count on there is a 5% income headwind yearly. That is how we forecast the corporate long-term for these totally different efficiency enhancements, whether or not they be software program and we really feel most have come from software program or {hardware}. And at any time I sit in a gathering each quarter the place I take care of the senior engineering and product administration management, and there is 50 plus issues on that pipeline which can be all software program enhancements they’re engaged on which can be going to be rolled out over the subsequent two years.

The one factor I’ll say that is so distinctive about this enterprise not like an software software program enterprise, in an software software program enterprise you’ll be able to roll out a brand new function in 1 / 4. The issues we do are two to a few to 4 yr initiatives we have been engaged on. Like all these items we’re speaking about, Unistore, Snowpark all this, these are issues that have been began after I – someplace earlier than after I joined the corporate that they are simply coming to market now, as a result of we’re in a database world. It’s important to get the whole lot proper. There’s a lot testing that goes into it. So…

Brad Zelnick

And I believe it is truthful to say that creates a aggressive mode that possibly – is not loved by functions corporations…

Mike Scarpelli

Appropriate…

Brad Zelnick

…which can be modeling a enterprise workflow could be loads – loads much less technologically subtle, not unimportant, however…

Mike Scarpelli

Sure. We’re not naive although, too. There’s competitors on the market. And as I stated previously, there’s going to be many winners on this. We simply assume that we have now a superior expertise. And we predict we’re quite a few years forward of individuals. I’d say, the most important moat for us although or the true differentiator that creates the stickiness is the info sharing.

Brad Zelnick

Makes lots of sense.

Mike Scarpelli

And by the best way, we’re the one one doing knowledge sharing the best way we’re doing it. Folks discuss knowledge sharing, however they’re actually not doing the identical factor.

Brad Zelnick

Are you able to double click on on that?

Mike Scarpelli

There are some corporations on the market that discuss knowledge sharing, however they’re actually transferring the info. We do not switch the info. We proceed to maintain that in our Snowflake occasion, and we have now the safety and governance round that.

Brad Zelnick

I used to be going to say, what are the advantages of safety and governance?

Mike Scarpelli

Safety and governance is the primary factor, but in addition price since you’re solely storing it as soon as. It is an enormous profit.

Brad Zelnick

Makes lots of sense. You already talked to this a bit of bit whenever you speak concerning the 1.2 million common, however are there another stats that persuade you that Snowflake stays underpenetrated inside your put in base? And in addition, are you able to possibly supply any sense of what a saturated account seems like? If there may be such a factor, which I’ve to think about, there’s at all times going to be knowledge development, however what’s saturated, what’s a mean account appear like and the way do you actually drive residence the purpose for buyers, what the headroom seems like throughout the bottom?

Mike Scarpelli

Effectively, I’d have thought our largest buyer was a saturated account two years in the past and it is sort of gone from 29 million to 48 million, 49 million run price and I do know there’s extra alternative there, so I do not actually know what a saturated account seems like. I have never seen it. Not saying it is there, I am not conscious of any of that I’d say are absolutely saturated as a result of there’s at all times extra use circumstances. However what sort of provides me the arrogance, should you take a look at what International 2000 corporations are spending a yr on {hardware} and other people to handle that {hardware} and all of the totally different safety round that {hardware}, 1.2 million is nothing.

I was the CFO of ServiceNow, we ran all of our infrastructure internally for like operating SAP and HANA. And whenever you noticed what you’d spend a yr in your {hardware} for HANA, that is nothing. And that is what provides me the arrogance that I do know, it is a very small ticket relative to the place they will go. And after I take a look at our 246 clients which can be one million plus a yr on common, they’re 3.5 million. There is not any cause why a International 2000, I am not going to say that is going to occur inside six, seven years, however they might simply spend 10 million a yr on common simply.

Brad Zelnick

That makes complete sense. One of many considerations about speedy cloud consumption development throughout the enterprise that we hear about is inefficiency and over consumption at instances. And in ways in which add questionable enterprise worth, how do you’re employed with clients to make sure that their utilization of Snowflake is in reality optimized for worth?

Mike Scarpelli

The primary factor we see after we take a look at clients the place their spend will get uncontrolled rapidly, it usually goes again to, they by no means took the coaching. I am critical. And I really bought actually upset at our gross sales individuals in my final QBR I am like, pay attention, the district managers we had put in place that you have to, whenever you’re a Cap One, you have to purchase coaching and why it is low-cost. It is not that costly, however why you need to do coaching is that you simply really perceive the right way to use Snowflake correctly. And you place in place your personal governance, as a result of on the finish of the day, the shopper must put the governance in round controlling their utilization of Snowflake. And what was taking place is the DMs have been simply permitting, that they had the authority to take away it from the order type.

And now coaching cannot be eliminated except it goes by offers which is managed by my group due to that truth. However we’re consistently going into clients. We now have since day one, this isn’t a brand new phenomena the place we go into clients and we assist them optimize. We put resident architects on website with clients to assist them. And lots of the time, it is understanding the right way to write their queries effectively inside Snowflake, in order that it is not losing lots of compute cycles to course of issues, easy issues as that.

Brad Zelnick

Mike, you are some of the strategic CFOs, I’ve had the pleasure to know, however you are still CFO. So if it is okay, I to ask you some finance questions?

Mike Scarpelli

You possibly can ask me no matter you need.

Brad Zelnick

Get to the mannequin. So Mike, if we extrapolate out of your fiscal 2023 information to your fiscal 2029 goal of 10 billion, it implies that 32% CAGR or very close to the 30% or so development price that you simply goal in fiscal 2029 when you’re at 10 billion in scale. It will appear unlikely in your development price to drop from about 65% in fiscal 2023, the close to 30% keep flat at that price for six years. Are you able to simply assist us sq. the expansion trajectory to 10 billion in fiscal 2029?

Mike Scarpelli

Effectively, that is a goal we put on the market that everybody expects us to beat and we need to beat it and I am not guiding past what I’ve completed proper there. And you may hear what our steering is for 2024 ultimately of February after we report This autumn.

Brad Zelnick

Okay. We’ll stay up for it.

Mike Scarpelli

Sorry, Brad, I am unable to offer you extra steering.

Brad Zelnick

No, truthful sufficient. As you extra deeply penetrate massive enterprise accounts, how does your promoting movement in addition to the unit economics of the enterprise evolve?

Mike Scarpelli

The promoting movement in these massive accounts, when accounts get to a sure dimension, there’s only one rep that that is their whole life is engaged on that account, but it surely’s not simply that rep, you can have a number of SEs and resident architects in these accounts. And that rep is compensated extra on income versus development. And the larger the shopper relationship, the extra leverage we get out of gross sales and advertising {dollars}, but it surely’s not 100% move by to us as a result of these huge accounts do take extra sources to handle them. However clearly managing $50 million relationships have a a lot larger contribution margin in managing a bunch of $2 million buyer relationships.

And you will note leverage long term in gross sales and advertising. And I believe we have been fairly according to dropping working leverage year-over-year for the previous few years. And we’ll proceed with that, however I’d say, we’re extra targeted in income development, product margin growth, and free money move, after which working margin.

Brad Zelnick

Received it. That results in my subsequent query, which at Investor Day, you raised your lengthy vary or fiscal 2029 working margins goal to twenty% from prior 10%. Are you able to possibly simply double click on and you’ve got already sort of answered this to some extent, however simply the combo of contribution to this goal between product gross margin, gross sales and advertising advantages, which feels like that is actually the lion’s share of the place leverage comes from and the opposite parts of expense.

Mike Scarpelli

Sure. I believe there may be room in product margin. We have guided to 78, we’re at 75 proper now. Possibly we will get a bit of bit larger, however let’s get nearer to the 78 first. We’re by no means going to get into the mid 80s, which isn’t going to occur with the quantity of compute and storage prices that we have now there. Gross sales and advertising is certainly one the place there’s leverage and we’re in a bit of little bit of an unknown. I really feel comfy with the targets we gave, possibly there’s upside. I do not know, however my philosophy is, I wish to stroll earlier than I run and let’s get nearer to these targets earlier than we replace them and understanding it is sort of good on an investor knowledge, at all times replace issues.

Brad Zelnick

It at all times is. What is the draw back threat to product gross margin? You run right into a scenario the place someplace on the horizon, larger value competitors, or another components that…

Mike Scarpelli

The primary threat to product margin is that if we get into extra transactional kind workloads, what’s the pricing appear like in that to achieve success and have no idea, I believe we have left some buffer in there as a result of I do assume there’s some pricing pressures there and who is aware of what the competitors is. And by the best way, we have gotten these margins after we take care of individuals, like among the one of many huge cloud gamers will like to offer issues free of charge to maintain us out of accounts and we’re nonetheless capable of win.

Brad Zelnick

We’re like a child, they are saying.

Mike Scarpelli

Sure. Free is not free. There’s nonetheless price to operating it.

Brad Zelnick

Cool. Let’s speak concerning the steadiness sheet. You have now bought about $5 billion in money and investments and nil debt. And also you’re now starting to generate some significant free money move as properly. How a lot money do you should run the enterprise and the way are you desirous about deploying extra capital going ahead?

Mike Scarpelli

I haven’t got a certain quantity that I’d say we have to run the enterprise. I’ll inform you on this surroundings, I wish to have that as a result of there’s lots of attention-grabbing corporations now which can be coming to us, we could do extra M&A, I do not know, I do not see us doing huge stuff, however there’s – we’ll proceed to do M&A that basically accelerates our product roadmap. And that is what Streamlit did. That is what Applica is doing. And so do I take a look at doing any kind of share buyback or not till we turn into working margin constructive, would that even be thought of? So we’ll see, it is not burning a gap in our pockets, so.

Brad Zelnick

Definitely, with that chance, you talked about Applica, are you able to double click on on us – for us. What the chance was that you simply noticed, any particulars on scale. What you paid for it, what you count on from it.

Mike Scarpelli

So, Applica has about 95 engineers, primarily primarily based in Warsaw, Poland has some actually attention-grabbing technical expertise round AI that we didn’t have within the firm and particularly the expertise that they’ve and the individuals they helped take unstructured paperwork, consider PDFs and others, and put it in a semi-structured format. So you are able to do extra analytics on these issues. And that is what it actually does. And that was one thing we have wished to only to do. And we’re engaged on constructing it, however we did not have the DNA.

Brad Zelnick

Did they’ve any income or is it…

Mike Scarpelli

Small income. They have been – it was like not even one million bucks.

Brad Zelnick

Received it. Thanks. Thanks. Simply hold…

Mike Scarpelli

About 200 million.

Brad Zelnick

I am sorry.

Mike Scarpelli

It is about 200 million for the corporate.

Brad Zelnick

Received it. Effectively, understood. Simply possibly turning to another matters.

Mike Scarpelli

By the best way, that was the corporate whereas in the past was taking a look at a valuation of 600 million in free cash funding. So there’s lots of these corporations on the market proper now that thought they have been value 600 million, 700 million that are actually entertaining 100 million to 200 million to purchase them.

Brad Zelnick

However once more, with the IP and the expertise.

Mike Scarpelli

Appropriate.

Brad Zelnick

And the power to show it on instantly.

Mike Scarpelli

Sure.

Brad Zelnick

And what it means for bringing extra knowledge to the platform.

Mike Scarpelli

Appropriate.

Brad Zelnick

I see the place there is a logical enterprise case for it. Simply one other huge image query away from M&A and capabilities that you simply’re including to the platform. One of many shocking belongings you disclosed at Investor Day is that greater than 40% of the migrations you see are coming from different cloud options. And I think about that is a fairly heavy elevate shifting volumes of knowledge. What’s it that tells clients to beat the inertia of sticking with their present answer and the place do you see essentially the most cloud migrations coming from?

Mike Scarpelli

So really the simplest migrations are the cloud migrations. It is the on-prem migrations which can be essentially the most painful ones. And we nonetheless see lots of Redshift clients coming to Snowflake. It doesn’t suggest, I believe Redshift, this goes again to my remark earlier, there’s going to be many profitable winners. I believe Redshift nonetheless has about $1 billion enterprise. However lots of these clients have actually outgrown the capabilities of Redshift they usually need to do knowledge sharing is why they’re coming to us. And so I’ll say lots of the GSIs are serving to speed up timelines on migrations, however they have a tendency to focus extra on the massive on-prem migrations. The Teradata is the – we’re seeing HANA migrations and different issues happening proper now.

Brad Zelnick

Cool. Simply to that time of cloud migrations being loads simpler, to what extent, I do know knowledge sharing creates stickiness over time, however to what extent is that maybe a threat for Snowflake? And clearly, I imply, your web retention is phenomenal. I do not assume you speak a lot about your gross churn or gross retention.

Mike Scarpelli

The gross retention is like 90, north of 95. I do not even know at 97 possibly, I do not – Jimmy is there. He is aware of the quantity precisely.

Brad Zelnick

Jimmy, 97 gross retention, thereabouts round there. Okay. Cool.

Mike Scarpelli

I focus extra on that retention.

Brad Zelnick

No, I believe that is far more necessary and understandably so, we’re nearly out of time. We have got a couple of minutes left. I imply, I can ask you any variety of questions, Mike. It is at all times good to see you. What is the query I am not asking you, what’s it that you simply need to be sure we all know. And what do you assume is possibly most misunderstood by buyers when they give thought to Snowflake?

Mike Scarpelli

Sure, I simply assume that lots of people consider us as a value and I take a look at it extra, what is the worth we’re driving and we assist take price out of corporations. And the opposite factor that I believe is admittedly necessary to know it’s a large market we’re taking part in in, there are going to be many profitable individuals on this market. It is not one take all, by no means going to be one take all. Nothing has modified for the reason that time we went public, who we compete with essentially the most is Google with Huge Question, then Microsoft and AWS. But we’re such good companions with AWS. After which Microsoft second, I’d say we do not have an important partnership with GCP, however we will now promote in market and GCP. We coexist with Databricks in lots of, many accounts, I believe they do very well on the info science aspect. They do not have the info sharing capabilities, however what actually distinguish us from all of these is the simplicity of use in that you do not want to be a technical, have lots of technical abilities to have the ability to use Snowflake, not like these different merchandise on the market.

Brad Zelnick

Cool. Mike, with that, I believe we’re about out of time. It is at all times good to see you, even higher to see you right here and actually respect it. Thanks.

Mike Scarpelli

Thanks for having me.

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