Mike Scarpelli: Well, I’m just telling you they’re not growing as quickly as what they did, but we saw in 2021 and 2022, where I think it was a little bit more you or with companies who didn’t have as much cost discipline around spending, and you’re seeing people being more cost conscious and how they do things across the board, not just on Snowflake, that’s why you’re seeing these companies do rips out there. And as a result, we do see these companies growing, albeit they’re growing at a more methodical pace. We’re not seeing these crazy spikes in consumption in customers. And that’s also a function of people are using Snowflake more efficiently in terms of really planning out the rollout of Snowflake, also our PS resource since they’re actively involved with customers. Our partners are getting better trained on how to do Snowflake migrations. This just — this is really a maturing of our partner ecosystem and us.
Operator: Our next question comes from Michael Turrin from Wells Fargo. Your line is open.
Mike Scarpelli: I can’t hear you. Can you repeat that? Even with — sorry, can you start to be in?
Michael Turrin: Yes. Yes. No, happy to. But even with some of the impacts you’re mentioning, the NRR is still holding strong at 18% not lost on us, but any change in how you’re thinking about target levels realize there’s variability that you said you expect those to remain above 130% for a long time. Just anything you’re seeing currently that could cause that metric to dip more meaningfully or anything you can add there is helpful.
Mike Scarpelli: We’re not forecasting it to dip to that level anytime soon. But clearly, as the numbers get bigger, it becomes harder. And that number is still going to be a very high number. And it really all depends upon the customers we land today and the ones that we landed over the last two years that will come into our cohort next year. But clearly, if you recall back in 2020, we actually had an acceleration in our net revenue retention rate. I’m not saying that’s going to happen, but that is possible that, that could happen as well, too. You look through 2022, our net revenue retention went up. And that’s the beautiful thing of a consumption model. Just as companies can really control their spend on Snowflake, when they open up their budgets more, they can ramp very quickly existing customers on Snowflake that could drive that up, but we’re not seeing a precipitous drop off longer term in the net revenue retention.
It will potentially come down longer term, but it’s going to still stay very high. Sorry I can’t hear you.
Michael Turrin: Helpful. Just one more, if I may. Sorry — that’s helpful. Any — you’ve mentioned the new customers ramping slower. I think we can appreciate the environment we’re in. But is — are there things you’re contemplating either from a product or go-to-market perspective that could change that dynamic at all? Or is it more a matter of being patient, letting them come to you and this all leads us out over time from your perspective?
Mike Scarpelli: Yes. I also want to stress too, that’s on average, there are some customers who are ramping very, very quickly. But that was the whole strategy behind the SnowConvert acquisition of Mobileye. That’s really to help enable migrations faster. That’s also why we are spending a lot of time certifying and training our partners so they can work on this. We are doing everything we can to continue to see customers ramp on Snowflake. And to be clear, they continue to ramp at a very good pace, albeit not at the euphoric pace that they were in the past.
Operator: Our next question comes from Mike Cikos from Needham & Company. Your line is open.
