Mike Scarpelli: I’ll let Christian talk about that.
Christian Kleinerman: Yes. We continue investing and innovating across the three broad vectors that we discussed in the past. One is continued progress on analytics. Second one is around collaboration, where data sharing cleanest. Here, one is the broader category of who’s not enablement, but we’ve seen computation to come closer to the data, that’s where Snow are extremely and many of our initiatives fit in. So we continue investing and making progress now three prongs.
Mike Scarpelli: And on the product side or in market side, we will have FedRAMP high very, very soon that the public sector, we’re going to be able to go after and as well, we’re working on our side, and expect we’ll have the public sector will start to be more material to us this year in terms of new deals. And in terms of new markets, we continue to explore China with a strategy for our global multinationals who operate in China, and that is something where we will be in there this year. And then the other thing that I would say, too, is we’re not opening any new countries, and we’re going to invest more in some of the bigger international markets like Japan where we’re seeing huge opportunity. They just move slower.
Operator: Our next question comes from Will Power from Baird. Your line is open.
Will Power: Okay. Great. It looks like a really nice comprehensive agreement with AWS. I guess I wonder in that vein, if you could provide any update as to the Azure relationship, the opportunity there, what go-to-market currently looks like? And then Mike, just as it pertains to margins this year, margin guidance a bit higher than where you were previously despite the lower revenue outlook. Just maybe any other color on kind of the key levers helping enable that.
Mike Scarpelli: Well, I’ll start with the margins first. Clearly, when we, like many of our customers started looking at our costs, and we slowed down some of our hiring this year. And so that’s really driving the margin outperformance as well as efficiencies in the way we do things. And we are committed to continuing to operate the Company as efficiently as possible. So do expect longer term more leverage in the model there. In terms of the relationship with the cloud vendors, I would say, the new AWS agreement is a great step forward in improving an already really good relationship with AWS to begin with. We had a $1.2 billion commit. Now we have a $2.5 billion commit over the next five years, and it’s much better alignment go-to-market between the two.
AWS, we’re still — I mean Azure, we’re still 2.5 years into that five-year contract. We will start discussing with Azure trying to get better terms. I’m not just talking pricing, I’m talking go-to-market working together with one another, and there’s no change in GCP to date. I’m hopeful there could be something in GCP longer term. We will come to the end of our GCP contract in May of 2024. And we’re tracking to fully consume what we committed to with GCP, but we’re clearly running ahead with Azure and AWS, and that’s why we did an early renewal or a new contract with AWS.
Operator: We now turn to Fred Havemeyer from Macquarie. Your line is open.
Fred Havemeyer: Mike, I wanted to go back to an earlier comment you made about some of your newer customer cohorts being more methodical in their approach to ramping on Snowflake. Could you provide a little more context around what you’re seeing there in terms of what they’re doing? Is this something around the — perhaps like anything budget-related oversight, internal change management or anything? And I’m trying to square that also or not square it rather, but understand it in context with the description you gave that the enterprise segment is performing quite well.
