Nick Wareing

Snowflake consumption trends (mentioned on earnings call): Big headwind - customers changing their data retention policies. ie Instead of storing 5 years of data they store 3 years. This reduces storage costs, but also compute (queries run faster as they run against smaller data sets). They called out strong consumption in Feb / March, but then a slowdown from Easter through today. Not entirely clear what caused this change in consumption patterns. They're modeling similar consumption trends like they saw from Easter to today for the rest of the year The way they guide (as described on the call) - they look at 4 weeks of daily consumption leading up to call, and model that daily trend for rest of year. And in April they saw "no week over week consumption growth." So full year guide based on 4 weeks of week consumption relative to Feb / March Also mentioned their consumption patterns more closely mirror AWS (Amazon) vs Azure (Microsoft) More optimizations from their older customers (tend to be larger spend customers). Newer customers growing faster. Azure cloud customers also growing faster No visibility on when consumption patters reaccelerate, "but at some point we'll revert back to the mean" 3 types of optimizations. 1) Hyperscalers releasing hardware improvements (ie Gravitron). 2) Snowflake releases optimizations to their own product. 3) Customer optimizations (like data retention). First 2 represent a ~5% / year headwind they bake in every year Despite slowdown - reaffirmed $10B of product rev by FY 29 (CY 28) $SNOW