Financial Data and Key Metrics Changes - Product revenue in Q4 grew 30% year-over-year to reach $1.23 billion [8] - Remaining performance obligations totaled $9.77 billion, with year-over-year growth accelerating to 42% [8] - Net revenue retention was at a healthy 125% [8] - Fiscal 2026 non-GAAP operating margin reached 10.5%, expanding more than 400 basis points year-over-year [8][9] - Stock-based compensation declined from 41% of revenue in fiscal 2025 to 34% in fiscal 2026, with expectations to further decrease to 27% in fiscal 2027 [9] Business Line Data and Key Metrics Changes - The company added 2,332 net new customers this year, bringing the total to over 13,300 [9] - 740 net new customers were added in Q4, up 40% year-over-year [21] - 733 customers are now spending more than $1 million on a trailing-twelve-month basis, growing 27% year-over-year [21] - A record number of customers crossed $10 million in trailing-twelve-month spend, totaling 56 customers, growing 56% year-over-year [21] Market Data and Key Metrics Changes - The company signed the largest deal in its history, greater than $400 million in total contract value, and signed 7 nine-figure contracts in Q4 [20] - The AI product offerings have seen significant adoption, with over 9,100 accounts using AI by the end of the quarter [10] Company Strategy and Development Direction - The company is positioned at the center of the enterprise AI revolution, focusing on delivering a platform that combines trusted enterprise data with AI capabilities [5][6] - The acquisition of Observe is expected to unlock new expansion opportunities within the customer base and is reflected in the company's outlook [22] - The company aims to continue innovating rapidly, having launched over 430 product capabilities this year [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of growth, citing stable growth in the core business and increasing contributions from AI workloads [30] - The company anticipates product revenue growth of approximately 27% year-over-year for FY 2027, with expectations for non-GAAP operating margin to reach 12.5% [24] - Management emphasized the importance of delivering value to customers and maintaining a predictable consumption model to avoid "sticker shock" [59] Other Important Information - The company is focused on operational efficiency, with AI driving improvements in service delivery and project margins [16] - The integration of observability with data and AI products is expected to enhance operational reliability and reduce complexity [14] Q&A Session Summary Question: Durability of 27% growth guidance for FY 2027 - Management indicated that the guidance is based on observed customer behavior and stable growth in the core business, along with contributions from AI workloads [30] Question: Momentum with areas outside the core business - Management highlighted that products like Snowflake Intelligence are major growth drivers, with significant customer adoption [31] Question: Details on the $400 million deal - The deal was with an existing customer and reflects trust in the company's product roadmap and AI strategy [39] Question: Changes in sales strategy under new leadership - Management noted positive influences from the new sales leadership and excitement about product offerings, particularly Cortex Code [45] Question: Observability market and acquisition rationale - Management explained that the acquisition of Observe is a natural extension of their role as a data platform, providing significant efficiency improvements for customers [54] Question: Managing customer consumption and pricing predictability - Management is implementing features to provide price predictability while maintaining a consumption-based model [59] Question: Platform usage predictability compared to last year - Management stated that they have sophisticated systems for consumption prediction and are continuously improving their models [78]

Financial Data and Key Metrics Changes - Product revenue in Q4 grew 30% year-over-year to reach $1.23 billion [8] - Remaining performance obligations totaled $9.77 billion, with year-over-year growth accelerating to 42% [8] - Net revenue retention was at a healthy 125% [8] - Fiscal 2026 non-GAAP operating margin reached 10.5%, expanding more than 400 basis points year-over-year [8][9] - Stock-based compensation declined from 41% of revenue in fiscal 2025 to 34% in fiscal 2026, with expectations to further decrease to 27% in fiscal 2027 [9] Business Line Data and Key Metrics Changes - The company added 2,332 net new customers this year, totaling over 13,300 customers [9] - 740 net new customers were added in Q4, up 40% year-over-year [21] - 733 customers are now spending more than $1 million on a trailing-twelve-month basis, growing 27% year-over-year [21] - A record number of customers crossed $10 million in trailing-twelve-month spend, totaling 56 customers, growing 56% year-over-year [21] Market Data and Key Metrics Changes - The company signed the largest deal in its history, greater than $400 million in total contract value, and signed 7 nine-figure contracts in Q4 [20] - The AI product offerings have seen significant adoption, with over 9,100 accounts using AI by the end of the quarter [10] Company Strategy and Development Direction - The company is positioned at the center of the enterprise AI revolution, focusing on delivering a platform that combines trusted enterprise data with AI capabilities [5][6] - The acquisition of Observe is expected to unlock new expansion opportunities within the customer base and is reflected in the company's outlook [22] - The company aims to continue innovating rapidly, having launched over 430 product capabilities this year [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth around 27% for fiscal year 2027, driven by stable growth in the core business and contributions from AI workloads [30][24] - The company is focused on ensuring stability and ongoing excellence in its go-to-market strategy [23] - Management highlighted the transformative impact of AI on their business and customer operations, emphasizing the importance of Snowflake Intelligence and Cortex Code [31][12] Other Important Information - The company plans to host an Investor Day in conjunction with its Summit conference in June [24] - The company is working on features to provide price predictability for customers using Snowflake Intelligence, including a per-user cap [59] Q&A Session Questions and Answers Question: Durability of 27% growth guidance for fiscal year 2027 - The guidance is based on observed customer behavior and reflects high, stable growth in the core business and growing contributions from AI workloads [30] Question: Momentum with areas of the business outside of the core - Products like Snowflake Intelligence are seen as major growth drivers, with significant customer adoption [31] Question: Description of the $400 million deal and sustainable drivers for bookings - The $400 million deal was with an existing customer, indicating trust in the company's product roadmap and AI strategy [39] Question: Observability market and integration of Observe - The observability market is large, and integrating Observe is expected to provide significant value to Snowflake customers [54] Question: Managing customer consumption and potential sticker shock - The company is focused on providing predictable pricing models and ensuring that products deliver value immediately [58]

Financial Data and Key Metrics Changes - Product revenue in Q4 grew 30% year-over-year to reach $1.23 billion [6] - Remaining performance obligations totaled $9.77 billion, with year-over-year growth accelerating to 42% [6] - Net revenue retention was at a healthy 125% [6] - Fiscal 2026 non-GAAP operating margin reached 10.5%, expanding more than 400 basis points year-over-year [6][7] - Stock-based compensation declined from 41% of revenue in fiscal 2025 to 34% in fiscal 2026, expected to further decrease to 27% in fiscal 2027 [7] Business Line Data and Key Metrics Changes - The company added 2,332 net new customers this year, bringing the total to over 13,300 [7] - 740 net new customers were added in Q4, up 40% year-over-year [18] - 733 customers are now spending more than $1 million on a trailing-twelve-month basis, growing 27% year-over-year [18] - A record number of customers crossed $10 million in trailing-twelve-month spend, totaling 56 customers, growing 56% year-over-year [18] Market Data and Key Metrics Changes - The company signed the largest deal in its history, greater than $400 million in total contract value, and signed 7 nine-figure contracts in Q4 [17] - The total number of accounts using AI increased to over 9,100, with Snowflake Intelligence scaling to over 2,500 accounts, almost doubling quarter-over-quarter [8][9] Company Strategy and Development Direction - The company is positioned at the center of the enterprise AI revolution, focusing on delivering a data foundation for enterprises across clouds and data types [4] - The acquisition of Observe is expected to unlock new expansion opportunities within the customer base and extend the company's value proposition in the $50 billion IT operations market [12][19] - The company aims to drive both growth and operating margin expansion while investing in key growth drivers [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of the 27% growth forecast for fiscal year 2027, driven by stable growth in the core business and contributions from AI workloads [25][27] - The company anticipates continued strength in its core business and further growth in AI workloads, with a non-GAAP product gross margin of 75% expected for FY 2027 [22] - Management highlighted the transformative impact of AI on operations and customer workflows, emphasizing the importance of Snowflake Intelligence and Cortex Code [14][15] Other Important Information - The company launched over 430 product capabilities this year, underscoring its product velocity [11] - The partnership with OpenAI and Google Cloud is expected to enhance the company's offerings by integrating advanced AI models into its platform [13] Q&A Session Summary Question: Durability of 27% growth forecast for FY 2027 - Management indicated that the guidance is based on observed customer behavior and stable growth in the core business, with contributions from AI workloads and the Observe acquisition [27][28] Question: Momentum with areas outside the core business - Management noted that products like Snowflake Intelligence are major growth drivers, with significant customer adoption and transformative capabilities [28] Question: Details on the $400 million deal - The deal was with an existing customer and reflects the trust in Snowflake's product roadmap and AI strategy [35][36] Question: Changes in sales strategy under new leadership - Management highlighted the excitement within the sales team regarding new products and the positive influence of the new sales leadership [41] Question: Observability market and acquisition rationale - Management emphasized the importance of observability in AI and the efficiency gains offered by the Observe acquisition, which was built on Snowflake [49] Question: Managing customer consumption and pricing predictability - Management discussed the importance of predictable pricing models and plans to introduce features like per-user caps to mitigate consumption risks [54] Question: Platform usage and predictability compared to last year - Management expressed confidence in their ability to model business consumption and highlighted improvements in predictability [71][73]

Group 1 - Cognizant has been recognized as the Global Data Cloud Services Implementation Partner of the Year by Snowflake, highlighting its excellence in delivering large-scale implementations on the Snowflake AI Data Cloud [1] - The award signifies a milestone in the over five-year strategic partnership between Cognizant and Snowflake, focusing on joint innovations and platform co-development [2] - The partnership's success is driven by the Data Estate Migration to Snowflake offering, which aims to reduce complexity and accelerate business value [3] Group 2 - Cognizant Ignition platform, combined with Agentic AI technology, has enabled significant automation efficiencies for clients, achieving 80% migration process automation and 50% cost savings [4] - The collaboration between Cognizant and Snowflake has been praised by Xerox, emphasizing the tangible business value and the effective transformation model in the industry [5][6] - Xerox's Chief Digital Officer noted the importance of building an agile and secure foundation, facilitated by the expertise and tools provided by Cognizant and Snowflake [6]