Snowflake (SNOW) Conference Summary - May 28, 2025 Company Overview - **Company**: Snowflake Inc. (SNOW) - **Industry**: Cloud Data Warehousing and Analytics Key Points and Arguments Financial Performance - Snowflake started the year with strong momentum, continuing from a solid Q3 and Q4 performance [2][3] - The company experienced broad-based outperformance, particularly in the retail and technology sectors [3] - Notable growth in bookings, including two deals exceeding $100 million in the financial services sector [5] - Free cash flow margin for the quarter was reported at 20%, aligning with expectations but slightly lower compared to historical performance due to timing of bookings [7] Customer Base and Market Dynamics - The customer profile is shifting towards larger enterprises, which exhibit smoother growth patterns compared to previous cohorts [6][11] - The diversity in the customer base has increased, moving away from a tech-heavy focus to include large banks, telcos, and healthcare companies [9][11] - The company is benefiting from the ongoing migration of on-premise data estates to the cloud, particularly as renewal cycles approach [54] Product Development and AI Integration - Snowflake is focusing on continuous improvement in both product and go-to-market strategies under the leadership of CEO Sreedhar Reddy [17][19] - The product roadmap includes four main areas: data engineering, analytics, AI/ML, and applications [21] - The Cortex suite, part of the AI/ML offerings, has grown from zero to over 5,200 weekly users in 15 months, indicating strong adoption [22] - The company is committed to enhancing traditional data analytics while also preparing for next-generation use cases in AI [26][27] Strategic Partnerships - The partnership with Microsoft Azure is described as stronger than ever, with efforts to ensure better compensation for Azure sales representatives selling Snowflake products [42][44] - Snowflake remains a close partner of Salesforce and Informatica, emphasizing that customers choose where to place their data [45] Competitive Landscape - Snowflake and Databricks are increasingly encroaching on each other's territories, with both companies experiencing rapid growth [48][50] - Snowflake differentiates itself through performance and ease of use, targeting a less technical audience compared to Databricks [49] Future Outlook - The company has guided for 25% growth in product revenue for the year, projecting approximately $4.3 billion [29] - There is a focus on achieving operating margin expansion while pursuing efficient growth strategies [31][38] - The leadership is optimistic about the potential for AI to become a more significant revenue contributor in the future, although it is currently not a major part of revenue [30][36] Upcoming Events - A mini investor day is scheduled, featuring key executives discussing the company's vision and product lifecycle [57][59] Additional Important Insights - The company is cautious about acquisitions, emphasizing the need for strong teams and proprietary technology that align with their product roadmap [51][52] - Snowflake's strategy includes leveraging internal use cases for AI to enhance productivity and operational efficiency [34][35] This summary encapsulates the key insights from the Snowflake conference, highlighting the company's performance, strategic direction, and market positioning.

Financial Data and Key Metrics Changes - Product revenue for Q1 was $997 million, up 26% year over year, with a growth rate stable quarter over quarter [6][19] - Remaining performance obligations totaled $6.7 billion, reflecting a year-over-year growth of 34% [6] - Net revenue retention was reported at 124%, indicating strong customer retention and expansion [7] - Non-GAAP product gross margin was 75.7%, and non-GAAP operating margin was 9%, up 442 basis points year over year [21][24] - The company ended the quarter with $4.9 billion in cash and cash equivalents [24] Business Line Data and Key Metrics Changes - New product offerings, particularly Snowpark and Dynamic Tables, outperformed expectations in Q1 [19] - The data engineering business showed strength, helping customers streamline their data pipelines [8] - The company launched over 125 product capabilities in the quarter, marking significant innovation [11] Market Data and Key Metrics Changes - The company added 451 net new customers in Q1, representing a 19% year-over-year growth [21] - Strong adoption of open data formats, particularly Apache Iceberg, was noted, enhancing customer flexibility [11] Company Strategy and Development Direction - The company aims to empower enterprises through data and AI, focusing on operational efficiency while investing in growth [5][17] - Snowflake is expanding its addressable market with new solutions for the public sector and automotive industries [17] - The company emphasizes collaboration with hyperscalers like AWS and Azure to enhance customer outcomes [76] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business, noting that customer behavior remains strong despite macroeconomic pressures [58][60] - The company expects Q2 product revenue between $1.035 billion and $1.04 billion, representing 25% year-over-year growth [24] - There is optimism regarding the federal government opportunity, with ongoing discussions about data infrastructure efficiency [67] Other Important Information - The company plans to host its Investor Day on June 3 in conjunction with Snowflake Summit [25] - Management is actively seeking candidates for the CFO position following a transition [26] Q&A Session Summary Question: Trends in consumption through the quarter - Management noted that Q1 consumption was strong, and they feel good about consumption trends [30] Question: Monetization trends associated with Cortex - Management indicated that customers are investing in Snowflake for future AI capabilities, integrating AI into their data strategies [34] Question: Performance of Snowpark and Dynamic Tables - Management acknowledged that both product maturation and go-to-market efforts contributed to their success [40] Question: Federal government opportunities - Management highlighted increasing awareness of Snowflake's capabilities within government departments and the focus on efficient data infrastructure [67] Question: Impact of AI on customer investments - Management noted that customers are increasingly recognizing the need for data to be integrated with AI capabilities [108] Question: Share buyback strategy - Management stated that they will continue to evaluate share buybacks on a quarterly basis, with no immediate plans for changes [52] Question: Importance of first-party foundation models - Management emphasized a focus on post-training techniques rather than developing large foundation models, collaborating with partners instead [100]

Financial Performance - The company's Annual Recurring Revenue (ARR) reached $504 million, reflecting an 8% year-over-year growth[9] - Subscription revenue accounted for 76% of the total revenue on a trailing twelve-month (TTM) basis[9] - The company's Remaining Performance Obligations (RPO) totaled $710 million[9] - Q4 2025 revenue was $189 million, a 10% increase year-over-year[11] - Non-GAAP operating income for Q4 2025 was $23 million, a 43% increase year-over-year[11] - Free cash flow was $153 million, resulting in a free cash flow margin of 21%[9, 42] Customer Metrics - The company has 128 customers with over $1 million in annualized subscription revenue[9] - Subscription Net Retention was 104%[9] - Platform Net Retention was 106%[9] Revenue Breakdown - Subscription revenue in Q4 2025 was $145 million, a 9% increase year-over-year[13] - Marketplace & Other revenue in Q4 2025 was $44 million, a 14% increase year-over-year[13] Outlook - The company projects Q1 revenue of $191 million, representing a 9% year-over-year growth[24] - The company projects FY26 revenue between $787 million and $817 million, representing a 6%-10% year-over-year growth[24]

文 | 钛资本研究院 DeepSeek使算力和算法走向平权，AI场景化商业化应用推动数据资产化加速，数据资产化的前提是合 规，合规的原则是以第三方的客观手段对业务留痕，而符合应用一致性和时间完整性的拷贝数据管理 CDM是AI数据的重要基础设施。 最近，钛资本邀请中国CDM领先厂商云信达科技的创始人张兵进行分享，为大家带来一些AI投资热点 下的"冷思考"。主持人是钛资本郭吉荣，他毕业于南京大学，关注信息技术应用创新、新能源等领域。 以下为分享内容： AI三大基础生产要素 今年春节期间，DeepSeek现象引发了全社会对AI的广泛关注，它不仅刺破了美国股市的泡沫，也标志 着AI技术的普及化。算力和算法，其实在走向平权。 DeepSeek现象消除了算力和算法的神秘感，使得算力和算法走向平权化，为行业和企业提供了实际的 商业价值。AI正在通用化，大举进入越来越多的行业和场景，大模型下一阶段的训练必然触及行业或 企业数据乃至个人隐私数据，数据继算力算法之后成为最稀缺的资源。 数据取代模型成为AI最重要的生产要素，通用人工智能AGI加速了数据资产化，私域数据的全方位、全 流程、资产化管理，以及能够和算力、算法无缝结合，强 ...

Core Insights - Denodo Platform significantly enhances data delivery speed for Seres, achieving an 88% improvement compared to traditional ETL methods, and creating a data accelerator termed "Data on Wheels" [2] - The platform allows Seres to integrate data from smart factories and other sources efficiently, providing a unified and reliable data source for business intelligence tools [1][2] - Denodo's solution offers robust performance assurance and comprehensive security, reinforcing Seres' data management and compliance framework [3] Company and Industry Summary - Seres, a leading automotive company in China, is undergoing digital transformation to better manage the increasing volume of data generated across the automotive value chain due to the AI+ initiative [1] - The Denodo Platform enables Seres' authorized personnel to prepare data and allows business users to build applications using low-code/no-code features, thus reducing the burden on IT teams [2] - Denodo is recognized as a leader in data management, with its platform delivering trustworthy AI-ready and business-ready data in one-third of the time compared to traditional methods, outperforming other mainstream data platforms by ten times [3]

Core Insights - Denodo has launched Denodo Platform 9.2, enhancing usability for business users and simplifying development and management processes for technical users [1] Group 1: New Features and Enhancements - The new data marketplace feature in Denodo Platform 9.2 creates an e-commerce-like user experience, allowing employees to quickly explore and access data with an AI-driven automated process [2] - Denodo Platform 9.2 expands support for Generative AI (GenAI) applications, providing seamless access to trusted data across the organization, enhancing data management capabilities [3] - The platform introduces key enhancements for data product development, including workspace support for CI/CD, automated dependency analysis, and extended support for open table formats [4] Group 2: Impact on Organizations - By improving capabilities in self-service data, data product development, and GenAI, Denodo enables organizations to utilize data more efficiently, enhancing decision-making and automating complex workflows [5] - Denodo's platform allows clients to deliver trusted AI-ready and business-ready data in one-third of the time compared to traditional data lakes or other mainstream data platforms, achieving performance that is ten times higher [6]

Core Insights - DataBee, a Comcast Company, has been awarded the "Data Management Solution of the Year" at the 2025 Data Breakthrough Awards for its innovative cloud-native security data fabric platform [1][2][6] - The DataBee platform addresses the challenges of disconnected systems in security and risk organizations, enabling quicker and more informed decision-making by creating analytics-ready datasets [3][4][7] Company Overview - DataBee provides a security, risk, and compliance data fabric platform that integrates over 275 data sources, allowing organizations to maintain control over their data while enhancing insights [5][10] - The platform supports various use cases, including continuous controls monitoring, threat detection, and compliance management, thereby reducing manual data engineering efforts [5][7] Industry Context - The Data Breakthrough Awards program recognizes innovation and disruption in data technologies, attracting thousands of nominations globally [6][8] - The need for effective data management solutions is underscored by the increasing complexity of security and compliance data, which many organizations struggle to manage effectively [3][7]

Core Insights - Acceldata has been recognized for the second consecutive year on Forbes' list of America's Best Startup Employers 2025, highlighting its commitment to an inclusive and innovation-driven workplace [1][2] - The recognition is based on evaluations of company reputation, employee satisfaction, and growth among 3,000 privately-held companies in the U.S. [2] Company Achievements - Acceldata has received multiple accolades from industry analysts, including being named a leader in Everest Group's Data Observability Technology Provider PEAK Matrix® Assessment 2024 and AIM Research's GenAI Observability Vendor Landscape [3] - The company is also recognized in the Gartner® Market Guide for Data Observability Tools and included in the Lazard VGB AI Infra 40, selected from over 2,000 companies in North America and Europe [3] - Additional industry recognitions include the CRN 2024 Big Data 100 list and DBTA 100, showcasing its status as a significant player in the data observability and DataOps sectors [3] Company Overview - Founded in 2018 and based in Campbell, CA, Acceldata specializes in data observability and agentic data management solutions, enabling organizations to gain actionable insights into their data infrastructure [4] - The company utilizes advanced AI technology to provide visibility into data pipelines, helping organizations optimize performance [4] - Acceldata's client base includes notable global companies such as Dun & Bradstreet, PubMatic, and PhonePe [4]

Core Insights - Denodo announced the winner of the Denodo University Challenge, with the Data Shoe team from Dauphine University recognized for their solution aimed at improving life expectancy through data management [1] - The challenge focused on leveraging data and analytics to enhance ESG practices and life expectancy, with students required to analyze various data sources [2][3] Group 1: Challenge Overview - The Denodo University Challenge required participants to integrate data sources to correlate life expectancy with multiple factors, utilizing reporting and visualization tools [3] - The challenge emphasized the importance of data integration and analysis in addressing complex social issues [2] Group 2: Winning Solution - The Data Shoe team identified key factors such as healthcare access, air pollution reduction, and political stability as critical to improving life expectancy [4] - Their solution included a clear narrative and effective use of the Denodo Platform, showcasing their ability to present findings through Microsoft Power BI [5] Group 3: Educational Impact - Participants reported that the challenge enhanced their strategic thinking regarding data integration and the use of the Denodo Platform [6] - The Denodo Platform's capabilities, including low code/no code development, facilitated rapid learning and solution development for students [6] Group 4: Company Background - Denodo is recognized as a leader in data management, with its platform delivering significant ROI and benefits across various industries [7] - The company has demonstrated that its solutions can yield over 400% ROI, with payback periods of less than six months for customers [7]

Financial Performance - Snowflake's product revenue reached $3462 million for fiscal year 2025, representing a 30% year-over-year growth[49] - Q4 FY25 product revenue was $943 million, a 28% year-over-year increase[51] - The company's remaining performance obligations (RPO) totaled $6867 million at the end of Q4 FY25, with 48% expected to be recognized as revenue in the next twelve months[55] - Non-GAAP product gross margin was 76% for FY25[42, 71] - Non-GAAP operating margin was 6% for FY25[71] - Non-GAAP adjusted free cash flow margin was 26% for FY25[71] Customer Growth - Snowflake had 745 Forbes Global 2000 customers at the end of Q4 FY25[59] - The total customer count reached 11159 at the end of Q4 FY25[57] - Customers generating over $1 million in product revenue numbered 580, a 27% year-over-year increase[62] - Net revenue retention rate was 126% in Q4 FY25[42, 65] Market Opportunity - Snowflake estimates its platform TAM to be $342 billion in CY24[40] AI Data Cloud - 36% of Snowflake customers have at least one stable edge for data sharing[81] - There are 3044 marketplace listings available[81]