Unidentified Analyst: Okay. Great. Got it. And then just quickly on your verticalization. I mean clearly, that’s a big focus for you. And I think the AWS partnership expansion sort of reiterates that effort. Any way you can sort of explain what you’re seeing in different verticals? Are there any that slowed that are stabilizing now? Any that might be accelerating and sort of how you’re thinking about different verticals when it comes to your fiscal year ’24 guide?
Mike Scarpelli: Well, I would say, as I mentioned in my remarks, and I’ve said before, financial services is definitely our biggest vertical. That’s where we have the most data sharing going on. Next is media and technology, and entertainment. That’s a huge segment for us. Clearly, some of the newer technology companies, we’ve seen a slowdown in some of those ones, which we had highlighted last year. And I do think you’re definitely going to see a slowdown in a lot of the venture Mac companies that may have been growing very quickly. We’re definitely seeing cost controls in those companies as well, but large Global 2000 continue to grow.
Operator: Our next question comes from Raimo Lenschow from Barclays. Your line is open.
Sean McMahon: This is Sean McMahon on for Raimo. You’ve recently discussed the top 15 GSIs have done around $1.4 billion in services spend around Snowflake and that was year-to-date as of Q3. I was wondering if we could get an update on that. And then how should we think about the attach to those service — the attach of future consumption onto those services? Is there any framework we can think about to help inform next year’s revenue expectations? For example, is there a correlation between the growth rates? Or can we think about the magnitude of that GSI spend with some sort of lag?
Mike Scarpelli: Yes. I’ll just say in the top 15 GSIs, the spend was — in deals they’ve booked is over $1.6 billion last year based upon the data that my alliances team is reporting. In terms of trying to get any concrete relationship between their spend and Snowflake revenue, I really don’t have that data and I would be guessing anecdotally looking at specific customers. So I’m not going to guide towards that. But it’s generally a number of times bigger than what the revenue is associated with it in Year 1.
Sean McMahon: Got it. And a quick follow-up. How should we think about the relationship between operating margin and free cash flow margin going forward? Particularly when considering the increasing S&M leverage you guys are getting on larger accounts and the greater role of expansion revenue versus net new that may affect commissions? And then you mentioned there was some lower bookings duration, and I was wondering if billings duration played into that as well.
Mike Scarpelli: First of all, I don’t even look at billings because in our model, people are just buying capacity and that capacity may be for three months, it could be for one month or could be for one year, and it really varies by customer, and they have the right to do that. In terms of relationship between operating margin and free cash flow, well, definitely as your operating margin expands, I expect our free cash flow to expand. But the operating margin will expand at a more rapid pace given it’s a much lower number, and we will update the longer-term model as part of our Investor Day in June. We clearly just guided to 6% non-GAAP operating margin and 25% adjusted free cash flow for the full year this year.
Operator: We now turn to Gregg Moskowitz from Mizuho. Your line is open.
