Key Takeaways MSFT offers a full-stack data platform spanning storage, analytics and AI tools. Enterprise adoption of Fabric and OneLake highlights MSFT's growing platform traction. SNOW is deepening AI integration and expanding its unified data experience for enterprises.Snowflake (SNOW) and Microsoft (MSFT) are major players in the expanding cloud data platform market. Snowflake provides a scalable data warehouse with integrated AI and machine learning. Microsoft delivers a suite of data services on Azu ...

Core Viewpoint - Morgan Stanley supports Snowflake (SNOW.US), stating that artificial intelligence will open long-term growth paths for its core business, with a target of over 20% compound annual growth rate (CAGR) by 2030 [1] Group 1: Business Growth and Strategy - Under the leadership of CEO Sri Dhar Ramaswamy, Snowflake has improved its long-term growth outlook, becoming a more efficient organization in sales, marketing, and product engineering, resulting in stable product revenue growth rates above 20% [1][2] - Snowflake has identified its positioning and developed a strategy to capitalize on a $300 billion market opportunity, allowing customers to easily apply AI to structured and unstructured data on a secure platform [2] Group 2: Revenue Drivers - The core data warehouse business is expected to remain healthy, with Snowflake being one of the few vendors increasing market share among the top ten data warehouse suppliers for 2024 [3] - Snowflake's data engineering product suite has seen revenue run rates exceed $200 million, with projections indicating an increase from $204 million in FY2025 to $367 million in FY2026, representing an 80% growth rate [4] - The AI product suite is expected to contribute significantly from FY2027 onwards, with large customers already engaging in substantial AI workloads on Snowflake [4] Group 3: Customer Growth and Ecosystem - Snowflake's customer base has grown at a 23% CAGR from Q1 2022 to Q1 2025, with expectations of continued strong growth, particularly in new customer acquisition [5] - The newly appointed Chief Revenue Officer, Mike Gannon, is enhancing relationships with major cloud service providers and has confirmed commitments from three of the top five global system integrators to build a $1 billion business line around Snowflake [6]

弘则科技-关注 SaaS 自下而上的机会 (25Q2)20250618 摘要 SaaS 行业在 2025 年主要表现为宏观扰动带来的估值波动，而非实质 性收入增长。尽管 AI 驱动曾带来短暂上涨，但多数软件公司收入层面未 见显著加速，需关注公司层面的独立逻辑和变化。 AI 技术在解决用户复杂任务方面存在局限性，思维链能力不足，仍需依 赖传统自动化方式。生成式 AI 主要用于理解用户需求，具体任务执行依 赖 RPA 等传统方式，单点增强应用场景有一定帮助。 互联网和软件公司利用 AI 增强用户或商业生态循环，而非直接通过单一 AI 产品满足所有需求。Google 和 Meta 通过增强自身生态系统实现目 标，AI 作为辅助工具提升现有业务模式和服务质量。 企业 IT 支出趋于谨慎，下游客户开始整合资源，SaaS、数据基础设施 及网络安全领域呈现平台化趋势，大公司抢夺市场份额逻辑显著，与云 计算时代共同受益不同。 数据打通导致软件公司业务边界模糊，未来更多公司将从边界模糊化中 获益，强者恒强。具有成熟用户生态或管理体系输出能力的公司更具优 势，如多邻国、Roblox、ServiceNow 和 SAP。 今年（20 ...

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.

Jefferies分析师Brent Thill将这份财报誉为"全方位优质答卷"，印证了新产品正在加速获得市场认可，尤 其提及了Snowpark和Dynamic Tables两款产品。 Thill维持对Snowflake的"买入"评级及220美元目标价，并在报告中表示："我们重申Snowflake是我们眼 中最具复苏潜力的标的。" Needham分析师Mike Cikos将Snowflake的目标价从215美元上调至230美元，并重申"买入"评级。 智通财经APP获悉，在最新季度财报超出市场预期并上调业绩指引后，Snowflake(SNOW.US)股价在盘 前交易时段应声上涨近10%。华尔街分析师普遍认为，这一表现印证了该公司销售体系改革与新产品战 略已获得市场认可。 摩根士丹利分析师Keith Weiss因估值因素维持对Snowflake的"持股观望"评级，但将目标价从185美元上 调至200美元。他指出，自2024年2月Sridhar Ramaswamy出任CEO以来，公司已实现全面转型。 Snowflake不仅加快了产品创新步伐，推动销售团队与市场拓展策略更高效协同，还提升了应对人工智 能(AI)工作负载 ...

Financial Data and Key Metrics Changes - Product revenue for Q1 was $997 million, representing a strong 26% year-over-year growth, and 28% when excluding the impact of the leap year [10][25] - Remaining performance obligations totaled $6.7 billion, with year-over-year growth of 34% [10] - Net revenue retention was a healthy 124% [11] - Non-GAAP product gross margin was 75.7%, and non-GAAP operating margin was 9%, up 442 basis points year-over-year [27][28] - Non-GAAP adjusted free cash flow margin was 20% [28] - The company ended the quarter with $4.9 billion in cash and investments [29] Business Line Data and Key Metrics Changes - New product offerings, particularly Snowpark and Dynamic Tables, outperformed expectations in Q1 [25] - The data engineering business showed strength, helping customers streamline their data pipelines [12] - The company added 451 net new customers in Q1, growing 19% year-over-year [27] Market Data and Key Metrics Changes - Strong growth was noted in the technology and retail sectors [25] - The company is expanding its addressable market with the launch of Snowflake Public Sector Inc. and new automotive solutions [22] Company Strategy and Development Direction - The company aims to empower enterprises through data and AI, focusing on operational rigor and efficiency while investing in growth [9] - Snowflake is committed to being an end-to-end technology provider for customers' data journeys [11] - The company is focusing on building a flexible connectivity platform for both structured and unstructured data [12] - There is a renewed focus on go-to-market operations under the new Chief Revenue Officer [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong start to the year and the ongoing momentum in revenue growth [8] - The company expects Q2 product revenue between $1.035 billion and $1.040 billion, representing 25% year-over-year growth [29] - Management noted that customer behavior is being closely monitored to inform forecasts [29] Other Important Information - The company plans to host an Investor Day on June 3 in conjunction with Snowflake Summit [30] - The company is leveraging AI internally to boost productivity [22] Q&A Session Summary Question: Consumption trends exiting the quarter - Management stated that Q1 consumption was strong, and they feel good about consumption levels [34][36] Question: Monetization trends associated with Cortex - Management indicated that customers are investing in Snowflake to make their data processes AI-ready, with no separate contracts for AI [39][41] Question: Performance of Snowpark and Dynamic Tables - Management noted that both product maturation and go-to-market efforts contributed to their strong performance [45][47] Question: Federal government opportunities - Management highlighted increasing awareness of Snowflake's capabilities within government departments and optimism for future engagements [72][73] Question: Impact of macroeconomic conditions - Management observed that their customer base has evolved to include larger, more mature companies that are cost-focused, with no significant macro pressure noted [61][62] Question: Share buyback strategy - Management plans to evaluate share buybacks on a quarterly basis and anticipates utilizing the remaining authorization [56] Question: AI adoption and customer investments - Management confirmed that there is a strong demand for AI-related capabilities, with customers increasingly focusing on data rather than just models [113]

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]