Fred Lee: You’ve both been very clear about managing the business for the long term and considering this operating philosophy, what’s the thinking behind the $2 billion share buyback versus pouring more gas into the Company’s R&D engine and doubling down on products?
Mike Scarpelli: Yes, Fred, it’s Mike. We have $5.1 billion in cash on our balance sheet. We’ve had $5 billion since the time we went public. We’ve made a number of strategic acquisition and M&A deals. So, we feel we have more than enough capital in the business to fuel our growth through both the small tuck-in M&As as well as invest in headcount, but you can only add so many people at a time and get them productive in an engineering organization. And I’m not hearing our engineering leaders claim they need more people. And it’s not growth at all costs this company. Yes, we are a growth company, but it’s efficient growth as well too, and we’ll continue to do that. And we expect we’re going to generate close to $2 billion over the next two years. And given the $5.1 billion we have, we think it’d be great to manage dilution through that. And we still have the opportunity if we find great candidates to hire faster if we so choose.
Operator: We now turn to Brad Reback from Stifel. Your line is open.
Brad Reback: Mike, over the last three years, you’ve added 1,800 to 1,900 new customers each year. So as we look into ’24, should we expect that to continue in a similar sort of growth in revenue per customer? Or will it skew more towards revenue per customer?
Mike Scarpelli: First of all, I don’t really focus on the total number of customers. As I’ve said many times, I’d like to focus on quality customers. We tend to focus on large enterprise or they can be small that have the ability to be significant customers. And so clearly, the number of customers is going to grow. Whether we add 1,800, 2,000 or 1,500, I really don’t know next year. I’m going to focus more on what those right customers are. And you will see the revenue per customer growing. Yes, our 1 million-plus customers have stayed flat at 3.7 million, but we also added a number of new customers in there. Our Global 2000 now are up to 1.4 million in trailing 12 months. They were at 1.3 million last quarter, yet we still added more Global 2000. So I do think the revenue per million over plus customer and G2K is going to continue to grow over time, and I think you’re going to see more growth out of those Global 2000 numbers.
Operator: Our next question comes from Brent Bracelin from Piper Sandler. Your line is open.
Brent Bracelin: Frank, 20% of customers have tried Snowpark Python. When do you think that those use cases and workloads could actually move from testing and experimentation actually driving acceleration in the business. Do you think this is a potential lever in the second half? Or do you think it take a year for a lot of these customers to work out some of these new use cases from a workload driver perspective?
