The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates. We also saw more than 130 percent annual increase in so-called stable edges. And that machine -- and we can see that machine layer stays consistent on a daily basis, and it's the human interaction that changes. Yes. Snowflake SNOW is set to release second-quarter fiscal 2022 results on Aug 25. . Calculator, Marketing That's great color. Frank Slootman -- Chairman and Chief Executive Officer. The company had revenue of $497.25 million for the quarter, compared to the consensus estimate of $466.03 million. So we think that breakdown might well hold over a period of time where we -- obviously, we keep looking at that. Let me say one thing. Working on creating end to end Datalake/Data Warehouse solutions for US Healthcare Insurance. Snowflake data sharing is seeing continued traction in the field. And the growth is actually more like $160 million, but I do expect that will be offset by over $60 million in additional workloads coming from our customers. Snowflake has an Earnings ESP of 0 . Snowflake's data marketplace grew 41 percent this quarter, now with more than 900 datasets from over 200 providers. Board, Snowflake for Advertising, Media, & Entertainment. To what extent does that compare to the expectations that maybe you had in your forecast? They may not have a very clear view of what they will be doing or when, but they're literally learning and exploring, you know, as they go along. I don't know how to project as a percentage of the overall consumption. *Average returns of all recommendations since inception. No, this is definitely part of a strategy focus that we've been talking about and making announcements on for the better part of last year, and that's the focus of driving workloads really from the developer to Snowflake. We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. The other thing that I would say is that, you know, we shouldn't sort of view things in the historical way that, you know, the money is going to come from Fortune 500 companies. That is not a department or, you know, or a function in our world. To make matters worse, coming into the Q2 report, expectations were decidedly low. Or is this something that has been teed up and part of the vision for a while? And we're seeing customers start to leverage Snowpark to do programming in Java to get value out of those files. But based upon what we're seeing, we think there will be about $65 million coming back in to get to that net $96.7 million if you want to be precise what we're estimating. Q3 benefited from record quarter-on-quarter incremental growth, and we are pleased to see our largest customers continuing to expand their use of Snowflake. That is much bigger than what we were anticipating, and the full-year impact of that next year is quite significant. That's short and sweet. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Our adjusted free cash flow margin was 27%, positively impacted by strong collections and operating margin outperformance. So --. During today's call, we will review our financial results for fourth-quarter fiscal 2022 and discuss our guidance for the first quarter and full year of fiscal 2023. Does it cost money? Mark Murphy -- JPMorgan Chase and Company -- Analyst. Your line is open. What I would say is it was really driven by some of our largest mature customers with some things that was unique to their business that kind of surprised us on the upside. Christian Kleinerman -- Senior Vice President of Product. Remaining performance obligations were $2.6 billion, representing year-on-year growth of 99%. Good afternoon, and thank you for joining us on Snowflake's Q4 fiscal 2022 earnings call. By now, everyone should have access to the earnings release for the period. And that's what you see as benefiting from. Congrats on another incredible quarter, and thanks for taking my question. Thank you, and good afternoon. Good afternoon. And you see a lot of other players, you know, following our lead in this regard. That really mitigates the sticker shock because people can make investment decisions, you know, as they go along and as it warrants it. And what happens is when customers see their performance per credit and it's trending, that is getting cheaper for them to run things. So it's really going after -- quality, large customers is what we're going after. You know, we're no longer, you know, talking exclusively to IT types and CIOs and so on, but, you know, we're now talking to the business side of IT. Your line is open. Consumption continues to be led by our financial services, media, retail, and technology customers. I'm curious, did you get any sense of what occurred in January that might have driven that behavior perhaps relating to omicron or other factors? And at Snowflake, we're 100 percent focused on price performance for our customers. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Good day, and. So, first of all, I think it's going well with some of the CSPs. Value Is it mostly customer-led? And a lot of the challenges they have is with skill sets that translates from their core business to the data side and the gaps that exist there to make that all happening. For Q4 product revenue, we anticipated holiday season headwinds. Can you just talk about how the consumption piece came in versus your expectations? Snowflake's growth is driven by digital transformation and long-term secular trends in data science and analytics enabled by cloud-scale computing and Snowflake's cloud-native architecture. We have assumed an approximately $97 million revenue impact in our full-year forecast, but there is still uncertainty around the full impact these improvements can have. Labs, Leadership & So, we have -- if you recall, we have a standard enterprise, Business Critical. Yes. I mean it gets talked about but it's actually incredibly hard to drive these benefits in a highly predictable manner. Well, if you recall at the end of last quarter, a lot of people picked on our RPO and I said, don't worry, it's timing. With that, I would now like to turn the call over to Frank. First question, Mike, just wanted to touch back on the seasonality and consumption. Board, Speakers I realize that the long-term expectation is for Fortune 500 and other $1 million customers to generate the majority of your revenue. And as a reminder, Christian Kleinerman, our SVP of products will be joining us for Q&A. this would be the company's fourthearnings call This Data Cloud platform . We have your next question from Kamil Mielczarek with William Blair. Thank you so much. So -- and the beautiful thing is we use Snowflake to help in our modeling. So, it's very strong there. Yes. For your $1 million customers, how long does it take on average for them to move from that contract signing to that $1 million? If you experience any issues with this process, please contact us for further assistance. Frank, a two-parter for you on the data sharing stuff. I told you guys before I'm not going to give a number now. They can run more queries per credit they buy. You know, there's this whole movement afoot to enrich data for advertising yield and effectiveness. Snowflake, a cloud-based software company that went public in September of last year . Volatility profiles based on trailing-three-year calculations of the standard deviation of service investment returns. I would say the first thing is the guidance we give. A couple of things. Stories, Leadership & Labs, Leadership & We're teaming up with Disney Advertising Sales to provide the infrastructure underlying their new data clean room solution. And then just, Mike, a follow-up on platform enhancements. Those kinds of things often have priority, you know, over getting, you know, to data sharing, because we cannot even consider data sharing unless we get our data to the cloud. And for Frank or Christian, wondering how you're thinking about the opportunity around security. So, these are very, very big things that are happening. So in terms of your question on the enhancement we're doing, listen, we're running at 178% net revenue retention. Now let's turn to guidance, which includes the full impact of the Streamlit acquisition. Yes. Please disable your ad-blocker and refresh. Together, Snowflake and Disney Advertising Sales enable data collaboration for compliant and secure advertising. Read the full transcript of their conference call transcript here. The other one we talked about at our Investor Day was the storage compression, which we did see a reduction in storage, bringing that down to about 10 but it ends up -- compute becomes a higher percent, and that helps our margins. So maybe just give us a sense for what's driving that big outperformance and how you're able to achieve that so much sooner. You know, let's benchmark and POC these workloads to see how they do. It's a great asset. Last year, we called out improvements in storage compression that reduced storage costs for our customers. Your line is open. Thank you so much for taking my question. Thanks, Jimmy. We are proud of our free cash flow progress, and we will continue to invest for growth with a focus on efficiency. Most customers don't sign a million-dollar capacity one deal, they typically will sign -- I think if you look at our average deal size, it's somewhere around $50,000 initially in signing a customer. If you are interested in attending, please email [emailprotected] With that, operator, you can now open up the line for questions. Your line is open. After the speakers' remarks that will be a question -and -answer session [Operator Instructions] Thank you. Stable edges are ongoing Snowflake data networking relationships between providers and consumers. It's helpful color. We are committed to showing leverage year on year. Of the $2.6 billion in RPO, we expect approximately 52% to be recognized as revenue in the next 12 months, representing 85% year-over-year growth. There's one in Brazil that we'll be opening this year. Nothing is more core to our mission to develop the data cloud. And I'll add my congrats on just a very strong bookings quarter that you're reporting here, especially on the RPO line. We expect, on a non-GAAP basis, 74 percent product gross margin, negative four percent operating margin, and eight percent adjusted free cash flow margin. OK. Because it's coming off of a very, very high base and you've actually earned the goodwill and trust of your customer. When you think about unstructured data, I know you made an announcement to push harder here. My name is Hannah, and I will be your moderator for today's call. Thank you so much. And just as a quick follow-up. And I guess, given, you know, all the developments going around IDFA and cracking down on third party and really the push to try to monetize first party, what kind of opportunity do you see in collecting and powering that first-party data, you know, in the media and entertainment and other B2C industries? . Thanks for the plug on the book there, Brent. Your first question, most of the time, not all the time but most of the time, customers have other priorities in terms of transitioning their databases and their workloads before they get on to data sharing if they weren't doing that before. You know, the question here is are you seeing signs of an inflection in consumption overseas? And the product revenue from those partners growing 173 percent year-on-year. One, we talked about that when Frank came on board pre going public, we really shifted to going after some of the largest companies in the world, not that we weren't going after them before. So you delivered very strong net expansion rates, impressively, I think accelerating up an already strong level this quarter. I will tell you that in my almost three years here, initially, I mean all the conversations were around architecture and moving workloads from on-premise to the cloud and how our database migrations are. What we see with Streamlit is their super easy-to-use framework powering all sorts of applications both for internal consumption of data within companies but also coming to our marketplace and helping entire businesses, some of them industry vertical businesses, some of them horizontal experiences, but at the end of the day unlocking the power of data and creating new data experiences. 131.27K Follower s The following slide deck was published by Snowflake Inc. in conjunction with their 2022 Q3 earnings call. The event received over 20,000 registrations, which was three times last year's BUILD events. We see it time and time again. But at the end of the day, it's not RPO and isolation, it's revenue, and it's more current RPO that is more meaningful. And as I said before, we are hiring what we think is the right pace to get quality people in the door. I would just love to get your thoughts. In Q4, we saw a number of customers with greater than $1 million in trailing 12-month product revenue increased to 184 up from 148 last quarter. ET, Snowflake Inc. (SNOW) Q2 2023 Earnings Call Transcript, Snowflake Inc. (SNOW) Q1 2023 Earnings Call Transcript, Snowflake Inc. (SNOW) Q3 2022 Earnings Call Transcript, Snowflake Inc. (SNOW) Q2 2022 Earnings Call Transcript, Snowflake Inc. (SNOW) Q1 2022 Earnings Call Transcript, Cumulative Growth of a $10,000 Investment in Stock Advisor, The Best Stocks to Buy With $500 Right Now, Stock Market Rally: 3 Once-in-a-Decade Buying Opportunities, 1 Incredible Growth Stock Down 64% to Buy Hand Over Fist, Why Tesla, Rivian, and ChargePoint Stocks Are Falling Today, Join Over 1 Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. On a non-GAAP basis, our product gross margin was 74.99%, up nearly 500 basis points from last year. And it takes a number of years to ramp those customers, and we're seeing a lot of these companies starting to mature right now. So, it's not like throwing the switch. Whether people were taking longer vacations, I don't know. Or does it assume basically a return to normal activity, seasonality? During the quarter, Snowflake invested in Anaconda to bring enterprise-grade Python capabilities to the data cloud. Value You know, there are some, you know, predictable ways in which things happen, but it depends on the type of enterprises that we deal with. I wanted to ask about the comment on the slower-than-normal return to consumption growth in January. And in terms of what we were expecting, we knew these were going to come next year, and we never gave any guidance for next year yet. Yes. You know, we're seeing with some of our large banking customers, you know, they went from, you know, recomputing loan rates on a monthly basis to doing it every night. Developers explored how new Java user-defined functions are expanding what is possible with Snowflake. Any way you can help us kind of understand what the impact on that is going to be on a go-forward basis? Thank you. And that's because these are newer enterprises, they are born in the cloud, and digital, direct-to-consumer-oriented, and they have a very different culture toward data and a very different orientation. It depends upon the customer based upon the platform. One of the featured data sets is FactSet's Tick History data feed. Ladies and gentlemen, thank you for standing by, and welcome to the third quarter fiscal year 2022 Snowflake earnings conference call. Mike, if you look at other vendors, if they have product improvements that actually saves their customer cost, they usually have a sharing model of like the customer gains something and you gain something through maybe like price increase, etc. If you recall at Investor Day last June, we shared our vision to help organizations of all sizes build applications, data applications, and data experiences on Snowflake. The net revenue retention rate expanded to 173 percent, and we recorded our first positive non-GAAP operating income in the company's history. Hey. This will help us further manage dilution, which has already been running below 1% year on year on a fully diluted basis. We continued our international expansion with product revenue from EMEA and Asia Pacific, outstripping the company's year-on-year growth, up 174 and 219 percent, respectively. There's a lot of upside in those numbers because it takes time to ramp these guys, and those have been added in the last couple of years, and it will take time. And we expect $357 million diluted weighted average shares outstanding. I forgot. Yes. I think you called out, if I got it right, a half a billion booked in partnership with CSP partners. Next Earnings (Confirmed) 11/30/2022. So, I'm pretty pleased with that, and it does get easier as we have a larger and larger customer base. Conference Call Details. Other than that, we've been pretty accurate with what we gave the field at the beginning of the year, consumption by customer forecast. ET Contents: Prepared Remarks Questions and Answers. Overall, the company is known for the fact that all of its data solutions that can be hosted on various public clouds. It's not sort of a runaway utility model. Find out why Snowflake Inc.is one of the 10 best stocks to buy now, Our award-winning analyst teamhas spent more than a decade beating the market. That's where you see Snowpark, that's where you see Python. We saw momentum accelerate in Q3 with product revenues growing 110 percent year on year to $312 million and remaining performance obligations growing to $1.8 billion. We'd also like to point out that on today's call, we will report both GAAP and non-GAAP results. It could be a 6-month lag before they realize that and move more workloads. We are very much doing this -- that this stimulates demand. Snowflake Inc. ( SNOW -7.31%) Q2 2022 Earnings Call Aug 25, 2021, 5:00 p.m. Yes, it costs money. Two, a lot of the things we've been doing with new product features like Snowpark and the Powered By, we're seeing the benefits of that taking place. Can you talk to us about, you know, what you're seeing from customers' interest level? Good afternoon, everybody. $0.04. Just trying to double click around the acceleration you saw on the product side. Non-GAAP financial measures are presented in addition to and not as a substitute for financial measures calculated in accordance with GAAP. And the efficiencies, we're talking 10% to 15%, 20%. Your line is open. The Anaconda partnership will enhance the Snowpark experience to extend programmability with Snowflake. They're still going to grow their consumption, but I don't think they're going to grow their consumption at the same rate. Remaining performance obligations were $1.5 billion, representing 122% year-over-year growth. Your line is open. That's super helpful, guys. And then when we think about the impacts from the platform improvements, obviously, you're calling out the revenue impact. I think 77% was the long-term target. They generally choose to go to marketplace so they can draw down their commit with the cloud provider. And just as a quick follow-up, it's nice to see the positive operating income. Snowflake Inc. is estimated to report earnings on 12/07/2022. Yes, in our Top 10, we have one European customer that is our largest and is growing very, very fast. In the quarter, we closed seven deals at or above $30 million in total contract value, up from just one in Q4 of last year. All right. [Operator Instructions] I. I think you also said that there was $1.2 billion co-sold with the hyperscalers for the year. Mark Murphy -- JPMorgan Chase and Company -- Analyst. And just a follow-up on the customer count. It seems to me that the penetration wallet share is quite low, which leaves a lot of opportunity. The Zacks Consensus Estimate for the top line is currently pegged at $371.89 million, suggesting growth of. Turning to margins. Listen, we're doing well across the board. , everyone should have access to the earnings release for the quarter, and technology customers generally choose go. 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