Frank Slootman: Yes, in terms of what we’re already seeing in the velocity of consumption that is coming from Snowpark, we think it will be in the second half at some point, where we’re going to see what we think is a material impact from that. But it’s still early days. We’re growing from a very small base. So yes, we are seeing high velocity that still need to persist before on our revenue scale, it becomes material.
Mike Scarpelli: Another way, Brent, our guidance for this year is not material what we have for Snowpark, but I do think longer term will be much more materially. It could give us upside, but it’s still too early.
Brent Bracelin: Very helpful. And then, Mike, I want to go back to the margin comment here. I guess recession impacting a drag on the growth business for 100% usage model, but you are guiding a 25% free cash flow margins at, call it, $2.5 billion scale. Are you rethinking the profitability of this business at $10 billion scale, just thinking through margins today and what they potentially could be at much larger scale.
Mike Scarpelli: Well, you’re just going to have to wait for June or Investor Day when we give an update on that model but clearly, there’s upside to what we said last Investor Day.
Operator: We now turn to Tyler Radke from Citi. Your line is open.
Tyler Radke: Yes, Mike, going back to your comments on the bookings slowdown at the end of the quarter, how much of that was driving the lower outlook for the full year versus actual consumption slowdown that you saw? And I guess, secondly, as you think about that booking slowdown, are you incorporating lower close rate assumptions just given that this was the first quarter that you converted below 100% of the weighted adjusted pipeline?
Mike Scarpelli: Most of that bookings was really just a duration customers buying enough capacity to get them through. Yes, there were customers that we did not land some new ones that have deferred into this year to do deals that does have an impact in the second half of the year on revenue. But the biggest thing on the revenue guide is really we are seeing the newer customers take longer to ramp. And these are some of our big customers that are large Global 2000 that are very methodical in the way they do things. Unlike some of the early adopters that were do everything as possible to get everything on Snowflake as soon as possible.
Operator: We’re now turning to Simon Leopold from Raymond James.
Victor Chiu: This is Victor Chiu in for Simon. Regarding the behavior of the new cohorts, do you anticipate that consumption accelerates and returns to previous consumption rates in a more normalized environment? Or is this a structural shift around how new cohorts are kind of approaching their implementations, and this is how we should think about it as kind of the status quo going forward?
Mike Scarpelli: Well, what I would say is we’re in a consumption model that literally the beginning of the day, we have zero revenue and customers choose to use Snowflake. In a tight macro environment, I think people are watching their costs. But just as quickly as they can turn Snowflake off, they can ramp it up very quickly as well, too. And so we’re seeing a customers, as I said before, use Snowflake more efficiently, be more methodical in how they roll Snowflake out to make sure they’re doing things. But there’s really no big change. Customers are still consuming. They’re just not growing at the rate they were, they’re still growing. And you see that in our net revenue retention.
Victor Chiu: Okay. That’s helpful. And just one quick follow-up. Can you help us understand a little more around your R&D priorities? Maybe help us understand where your preferences are between adding new features versus entering new markets? Just trying to get a sense for where you see opportunities around your R&D efforts.
