Financial Data and Key Metrics Changes - Product revenue for Q1 was 997million,up266.7 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 4.9billionincashandcashequivalents[24]BusinessLineDataandKeyMetricsChanges−Newproductofferings,particularlySnowparkandDynamicTables,outperformedexpectationsinQ1[19]−Thedataengineeringbusinessshowedstrength,helpingcustomersstreamlinetheirdatapipelines[8]−Thecompanylaunchedover125productcapabilitiesinthequarter,markingsignificantinnovation[11]MarketDataandKeyMetricsChanges−Thecompanyadded451netnewcustomersinQ1,representinga191.035 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]
Snowflake(SNOW)2025-05-21 22:00