Good afternoon. Thank you for attending the Snowflake, Q1 FY 2026 earnings call. My name is Matt, and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call for an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I'm about to pass the conference over to our host, Jimmy Sexton, Head of Investor Relations. Jimmy, please go ahead. Good afternoon, and thank you for joining us on Snowflake's Q1 FY 2026 earnings call. Joining me on the call today are Sridhar Ramaswamy, our Chief Executive Officer; Mike Scarpelli, our Chief Financial Officer; and Christian Kleinerman, our Executive Vice President of Product, who will participate in the Q&A. During today's call, we will review our financial results for the first quarter of fiscal 2026 and discuss our guidance for the second quarter and full year of fiscal 2026. During today's call, we will make forward-looking statements, including statements related to our business operations and financial performance. These statements are subject to risks and uncertainties, which could cause them to differ materially from our actual results. Information concerning these risks and uncertainties is available in our earnings press release, our most recent forms 10-K and 10-Q, and other SEC reports. All our statements are made as of today based on information currently available to us. Except as required by law, we assume no obligation to update any such statements. During today's call, we will also discuss certain non-GAAP financial measures. See our investor presentation for a reconciliation of GAAP to non-GAAP measures and business metric definitions, including adoption. The earnings press release and investor presentation are available on our website at investors.snowflake.com. A replay of today's call will also be posted on the website. With that, I would now like to turn the call over to Sridhar. Thanks, Jimmy. Hi, everyone. Thank you all for joining us today. We are off to a strong start to the year, and I could not be more proud of our team. Our core business is very strong. Our product delivery remains in overdrive, and our go-to-market engine continues to get stronger and stronger. We are in the zone, and there is still an enormous opportunity ahead. At Snowflake, our mission is to empower every enterprise to achieve its full potential through data and AI. Our AI Data Cloud helps customers get more value out of their data, innovate faster, and remove friction from their business operations. As I have shared the past few quarters, we are extending that value throughout the data lifecycle. We remain disciplined in driving operational rigor across our business, gaining greater efficiency even as we continue to invest aggressively in growth. We are building on our strengths and executing with urgency and focus to capture the opportunities ahead and sustain durable momentum. Product revenue for Q1 was $997 million, up a strong 26% year over year. Excluding the impact of leap year, product revenue grew 28% year over year. Our growth rate was stable quarter over quarter, showing no deceleration. Remaining performance obligations totaled $6.7 billion, with year-over-year growth of 34%. Our net revenue retention was a very healthy 124%. As you can see, we have started the year with strong revenue growth and overall very healthy results, and we are increasing our growth expectations for the year. As I've shared the past few quarters, Snowflake is obsessed with creating product cohesion to make it easier and easier for our customers to innovate faster and unlock more value from their data, from ingestion to insights. Enterprise leaders like Canva and JPMorgan Chase bet their business on Snowflake because our platform is easy to use, connected to enable fluid access to data wherever it sits, and trusted by companies of all sizes and industries. We are continuing to deliver on our vision of being the end-to-end technology provider for our customers' data journey. We have made important progress in delivering an extensible and flexible connectivity platform for unstructured as well as structured data. Snowflake Connectors, which leverages the technology from our acquisition of Datavolo, enables customers with seamless connectivity and data integration with key platforms like Google Drive, Workday, Slack, SharePoint, and more to tap into critical data across the business. Global pharmaceutical leader AstraZeneca, for example, can now analyze critical business data from systems like SAP and Workday with ease. Customers like Cloud Zero leverage hundreds of powerful active data sharing connections to securely exchange data with their partners and customers, driving value across our ecosystem. As our data engineering business continues to show strength, we are helping our customers streamline and scale their data pipelines with less and less friction and realize meaningful cost savings. By consolidating data in Snowflake, Dentsu, a global marketing agency managing data for numerous Fortune 500 clients, reduced costs by 20% through simplified data architecture and reduced dependence on third-party tools. They now use Snowflake Data Clean Room to help global brands securely combine customer data without compromising privacy, enabling more personalized marketing campaigns while reducing risk. On the analytics front, our world-class solutions continue to power mission-critical operations for our customers. Global technology leader Siemens is collaborating with Snowflake to help manufacturers unlock new levels of operational efficiency and scale. This enables customers to unify their information technology data, such as supply chain management and financial data, with operational technology data like data from plant floor systems and industrial equipment, leveraging Siemens' Industrial Edge and Snowflake's AI Data Cloud to gain better insights, improve machine performance, and optimize production processes across their customers. As AI reshapes the enterprise, Snowflake is helping our customers lead the way with AI-ready data. Take Samsung Ads, a leader in connected TV advertising. They leverage Snowflake to connect advertisers with millions of Samsung consumers while upholding strict privacy standards. By unifying their data on Snowflake, Samsung Ads drives innovation in personalized customer experiences and accelerates the development of new AI and ML-powered advertising features, enabling advertisers to deliver more relevant content and enhance the advertising experience. We have incredible product momentum, and we are continuing to innovate at lightning speed. In fact, this quarter alone, we have brought over 125 product capabilities to market, a 100% increase over what we delivered in Q1 of last year. We continue to see strong adoption of open data formats, especially truly open modern table formats like Apache Iceberg. We recently announced that our customers can now leverage many of Snowflake's core capabilities, including data sharing, security, and performance optimization, using Apache Iceberg, giving them even more flexibility to manage and query data at scale. When it comes to AI, it's pretty amazing to see our progress. A year ago, we were just getting started. Now, we have over 5,200 accounts using our AI and machine learning on a weekly basis. Cortex AI has gone from a nascent product area to a foundational pillar of enterprise AI strategies for customers around the world. It's accelerating clinical research for healthcare companies with unified access to information and turning automotive customer reviews into actionable insights to help them personalize their service. As one of the world's largest food and beverage companies, Kraft Heinz is leveraging Snowflake Cortex to empower its employees with innovative AI tools like HAT or Kraft Heinz AI, their new internal AI assistant. This initiative is designed to revolutionize internal workflows, enhance efficiencies, and drive AI adoption across the organization, paving the way for future advancements in agentic AI. Earlier this year, we launched Cortex Agents, which is now helping customers like Luminate Data, a leading provider of entertainment insights, scale how they process and retrieve both unstructured and structured data. That foundation is critical for developing, deploying, and orchestrating the data agents driving their AI applications. We have further solidified our leadership by continuing to integrate cutting-edge models into Cortex, ensuring day-one availability of Meta's Llama 4 model. As I shared last quarter, we announced an expanded partnership with Microsoft to host OpenAI models on Microsoft Azure regions. We continue to provide our customers with choice and flexibility to leverage the world's leading models for their enterprise AI applications. We also launched the first of our AI-powered migration enhancements. Now, our customers can use Cortex to test and review issues during their migration journey, making a time-intensive process much more efficient. This is just the start of what AI can do to make migrations go fast. All of these innovations are focused on driving real value for our customers. We are making it easy to tap into structured data. We are making it easy to tap into unstructured data as well. We are helping our customers build a strong foundation to lead in the era of agentic AI. We are continuing on this momentum, and you'll see even more from us in just a few weeks. During the first week of June, we'll be joined by tens of thousands of customers, partners, and developers at Snowflake Summit, a four-day event on our biggest yacht, where we will reveal some truly exciting new capabilities we are bringing to market to support our customers at every stage of their data journey. As we innovate, we remain committed to scaling efficiency. Under the leadership of our new Chief Revenue Officer, Mike Gannon, we have renewed focus and rigor across our go-to-market base. We are growing our go-to-market operation while maintaining our close collaboration across engineering, product, marketing, and sales to bring products to market effectively. This ensures that we are able to deliver greater value to our existing customers while continuing to win new ones. We are also expanding our addressable market. With the launch of Snowflake Public Sector and our recent Department of Defense impact-level provisional authorization, we're now equipped to deliver mission-critical data and AI solutions to the national security community, including the U.S. Department of Defense, its military branches, and industry partners. We also introduced new automotive solutions as part of our AI Data Cloud for manufacturing. These solutions empower companies like CarMax and Nissan with advanced data and AI solutions to drive innovation and efficiency. We are using our own AI internally to boost productivity. Our go-to-market teams use our sales knowledge assistant powered by Cortex to access insights from our sales knowledge base using natural language. With fast, intuitive streamlined apps like our Customer 360 app, they can tap into rich insights on customer consumption trends. I'm proud of the discipline and efficiency we've built across the business. We've got a strong operational rhythm. We're investing strategically for growth, and we're laying the groundwork for scale. Mike, why don't you take us through more of the financial details? Thank you, Sridhar. In Q1, product revenues grew 26% year over year to reach $997 million. As Sridhar mentioned, we saw no deceleration in the business when adjusting for leap day. We continue to see meaningful growth from new product offerings. Both Snowpark and Dynamic Tables outperformed expectations in Q1. Other areas of strength included technology and retail sectors. Q1 was a strong quarter for bookings. On our last call, I noted two large customers ran out of capacity in Q4 and elected to delay their larger renewals. As expected, both of these accounts signed $100 million-plus contracts in Q1. We view this variability in bookings as normal for our model. Our focus on new customer acquisitions is yielding positive results. We added 451 net new customers in Q1, growing 19% year over year. Turning to margins, in Q1, our non-GAAP product gross margin was 75.7%. Our non-GAAP operating margin was 9%, up 442 basis points year over year. We continue to focus on driving greater efficiency across the entire company while investing for growth. Non-GAAP adjusted free cash flow margin was 20%. As discussed on our last earnings call, we had several large customers purchase as they consumed in Q4. This booking behavior impacts the seasonality of our free cash flow. We expect this year to be more second-half weighted. In Q1, we used $491 million to repurchase 3.2 million shares at an average weighted price per share of $152.63. We still have $1.5 billion remaining on our authorization through March 2027. We ended the quarter with $4.9 billion in cash, cash equivalents, short-term and long-term investments. Now, moving to our outlook. We expect Q2 product revenue between $1.035 billion and $1.04 billion, representing 25% year-over-year growth. We expect Q2 non-GAAP operating margin of 8%. For FY2026, we are increasing our revenue guidance to $4.325 billion, representing 25% year-over-year growth. As always, we forecast based on observed customer behavior. We expect non-GAAP product gross margin of approximately 75%, non-GAAP operating margin of 8%, and non-GAAP adjusted free cash flow margin of 25%. Finally, we will host our investor day on June 3rd in San Francisco in conjunction with Snowflake Summit. If you are interested in attending, please email ir@snowflake.com. Before opening up the line for questions, I just wanted to update you on my transition, as mentioned on the Q4 conference call last quarter. We are in the process of interviewing many great candidates, and we will make an announcement in the future when we have more firm details to share. With that, operator, you can now open up the line for questions. If you would like to ask a question, please press star followed by one on your telephone keypad. If for any reason you'd like to remove that question, please press star followed by two. Again, to ask a question, press star one. As a reminder, if you're using a speakerphone, please remember to pick up your handset before asking your question. We'll pause here briefly as questions are registered. First question is from the line of Keith Weiss with Morgan Stanley. Your line's now open. Thank you. This is Satyendra Singh for Keith Weiss. Congrats on an outstanding Q1. Sridhar, I want to talk about some of the trend lines of the business, particularly around consumption as it progressed through the quarter. How was consumption sort of exiting the quarter and through the month of May? That's my first question that I had a follow-up. As you know, we don't comment on consumption within a quarter. Overall, Q1 consumption was very strong coming out of the holiday period. You see that in our results. Of course, Q1 had one less day compared to Q1 last year. Overall, we feel very good about where consumption is. I don't see, Satye, we just gave you guidance for the quarter, and that's based upon the customer behaviors we're seeing through today. Yeah, and that Q2 guide was very strong. I think there's a lot to take away from there. Then, Sridhar, on the product front, you mentioned the adoption of Cortex continuing to build. I was wondering to see what are sort of the monetization trends associated with Cortex and to what extent are customers making commitments associated with Cortex in mind and driving that into their overall consumption of Snowflake. I would split that into a few parts, Satye. One is that it is very, very clear that people invest in Snowflake. People invest in data systems, not just for what they used to be able to do before, which is things like analytics and machine learning, but increasingly for what they will be able to do today and in the future. Part of what I tell our customers is that by working with us, by bringing data into Snowflake, they are making their data, they're making their processes AI-ready, as it were. We have taken a very measured approach to how we have had our customers use AI. As you know, we don't sell AI separately. It's not a SKU. Customers are not signing up for contracts on AI, so it's on their existing spend. We focus a lot on use cases that deliver value today. I've talked about some of these examples. It's everything from being able to create chatbots on documents like we have created for our own internal enablement, or Siemens has created for all of the PDF manuals of their 150,000 devices, to putting business data directly into the hands of end users without needing analysts or BI tools in the mix. We are beginning to see compound systems get adopted where you bring in more than one data source that can disambiguate between the kinds of questions that the user has, or multi-step flows where you take data from one source and use that to answer questions or do follow-ups from others. It is very graduated from that perspective. The overall point that I want to make is that every user of data, every CDO, including our own, now realizes that their data strategy, especially one with Snowflake, is a direct unlock for whatever they're going to do with AI, both today and several years down the road. In that sense, I think the roadmaps are emerging. It's not do AI separately on the side. It is more of invest in Snowflake to get your data house in gear and realize value from AI as you go along. Good afternoon. Thank you for attending the Snowflake, Q1 FY 2026 earnings call. My name is Matt, and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call for an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I'm about to pass the conference over to our host, Jimmy Sexton, Head of Investor Relations. Jimmy, please go ahead. Good afternoon. Thank you for attending the Snowflake, Q1 FY 2026 earnings call. My name is Matt, and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call for an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I'm about to pass the conference over to our host, Jimmy Sexton, Head of Investor Relations. Jimmy, please go ahead. Good afternoon. Thank you for attending the Snowflake, Q1 FY 2026 earnings call. My name is Matt, and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call for an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I'm about to pass the conference over to our host, Jimmy Sexton, Head of Investor Relations. Jimmy, please go ahead. Good afternoon. Thank you for attending the Snowflake, Q1 FY 2026 earnings call. My name is Matt, and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call for an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I'm about to pass the conference over to our host, Jimmy Sexton, Head of Investor Relations. Jimmy, please go ahead. Good afternoon. Thank you for attending the Snowflake, Q1 FY 2026 earnings call. My name is Matt, and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call for an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I'm about to pass the conference over to our host, Jimmy Sexton, Head of Investor Relations. Jimmy, please go ahead. Good afternoon. Thank you for attending the Snowflake, Q1 FY 2026 earnings call. My name is Matt, and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call for an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I'm about to pass the conference over to our host, Jimmy Sexton, Head of Investor Relations. Jimmy, please go ahead. Good afternoon. Thank you for attending the Snowflake, Q1 FY 2026 earnings call. My name is Matt, and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call for an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I'm about to pass the conference over to our host, Jimmy Sexton, Head of Investor Relations. Jimmy, please go ahead. Good afternoon, and thank you for joining us on Snowflake's Q1 FY 2026 Earnings Call. Joining me on the call today are Sridhar Ramaswamy, our Chief Executive Officer; Mike Scarpelli, our Chief Financial Officer; and Christian Kleinerman, our Executive Vice President of Product, who will participate in the Q&A. During today's call, we will review our financial results for the first quarter of fiscal 2026 and discuss our guidance for the second quarter and full year of fiscal 2026. During today's call, we will make forward-looking statements, including statements related to our business operations and financial performance. These statements are subject to risks and uncertainties, which could cause them to differ materially from our actual results. Information concerning these risks and uncertainties is available in our earnings press release, our most recent forms 10-K and 10-Q, and other SEC reports. Good afternoon, and thank you for joining us on Snowflake's Q1 FY 2026 Earnings Call. Joining me on the call today are Sridhar Ramaswamy, our Chief Executive Officer; Mike Scarpelli, our Chief Financial Officer; and Christian Kleinerman, our Executive Vice President of Product, who will participate in the Q&A. During today's call, we will review our financial results for the first quarter of fiscal 2026 and discuss our guidance for the second quarter and full year of fiscal 2026. During today's call, we will make forward-looking statements, including statements related to our business operations and financial performance. These statements are subject to risks and uncertainties, which could cause them to differ materially from our actual results. Information concerning these risks and uncertainties is available in our earnings press release, our most recent forms 10-K and 10-Q, and other SEC reports. Good afternoon, and thank you for joining us on Snowflake's Q1 FY 2026 Earnings Call. Joining me on the call today are Sridhar Ramaswamy, our Chief Executive Officer; Mike Scarpelli, our Chief Financial Officer; and Christian Kleinerman, our Executive Vice President of Product, who will participate in the Q&A. During today's call, we will review our financial results for the first quarter of fiscal 2026 and discuss our guidance for the second quarter and full year of fiscal 2026. During today's call, we will make forward-looking statements, including statements related to our business operations and financial performance. These statements are subject to risks and uncertainties, which could cause them to differ materially from our actual results. Information concerning these risks and uncertainties is available in our earnings press release, our most recent forms 10-K and 10-Q, and other SEC reports. Good afternoon, and thank you for joining us on Snowflake's Q1 FY 2026 Earnings Call. Joining me on the call today are Sridhar Ramaswamy, our Chief Executive Officer; Mike Scarpelli, our Chief Financial Officer; and Christian Kleinerman, our Executive Vice President of Product, who will participate in the Q&A. During today's call, we will review our financial results for the first quarter of fiscal 2026 and discuss our guidance for the second quarter and full year of fiscal 2026. During today's call, we will make forward-looking statements, including statements related to our business operations and financial performance. These statements are subject to risks and uncertainties, which could cause them to differ materially from our actual results. Information concerning these risks and uncertainties is available in our earnings press release, our most recent forms 10-K and 10-Q, and other SEC reports. Good afternoon, and thank you for joining us on Snowflake's Q1 FY 2026 Earnings Call. Joining me on the call today are Sridhar Ramaswamy, our Chief Executive Officer; Mike Scarpelli, our Chief Financial Officer; and Christian Kleinerman, our Executive Vice President of Product, who will participate in the Q&A. During today's call, we will review our financial results for the first quarter of fiscal 2026 and discuss our guidance for the second quarter and full year of fiscal 2026. During today's call, we will make forward-looking statements, including statements related to our business operations and financial performance. These statements are subject to risks and uncertainties, which could cause them to differ materially from our actual results. Information concerning these risks and uncertainties is available in our earnings press release, our most recent forms 10-K and 10-Q, and other SEC reports. Good afternoon, and thank you for joining us on Snowflake's Q1 FY 2026 Earnings Call. Joining me on the call today are Sridhar Ramaswamy, our Chief Executive Officer; Mike Scarpelli, our Chief Financial Officer; and Christian Kleinerman, our Executive Vice President of Product, who will participate in the Q&A. During today's call, we will review our financial results for the first quarter of fiscal 2026 and discuss our guidance for the second quarter and full year of fiscal 2026. During today's call, we will make forward-looking statements, including statements related to our business operations and financial performance. These statements are subject to risks and uncertainties, which could cause them to differ materially from our actual results. Information concerning these risks and uncertainties is available in our earnings press release, our most recent forms 10-K and 10-Q, and other SEC reports. All our statements are made as of today based on information currently available to us. Except as required by law, we assume no obligation to update any such statements. During today's call, we will also discuss certain non-GAAP financial measures. See our investor presentation for a reconciliation of GAAP to non-GAAP measures and business metric definitions, including adoption. The earnings press release and investor presentation are available on our website at investors.snowflake.com. A replay of today's call will also be posted on the website. With that, I would now like to turn the call over to Sridhar. All our statements are made as of today based on information currently available to us. Except as required by law, we assume no obligation to update any such statements. During today's call, we will also discuss certain non-GAAP financial measures. See our investor presentation for a reconciliation of GAAP to non-GAAP measures and business metric definitions, including adoption. The earnings press release and investor presentation are available on our website at investors.snowflake.com. A replay of today's call will also be posted on the website. With that, I would now like to turn the call over to Sridhar. All our statements are made as of today based on information currently available to us. Except as required by law, we assume no obligation to update any such statements. During today's call, we will also discuss certain non-GAAP financial measures. See our investor presentation for a reconciliation of GAAP to non-GAAP measures and business metric definitions, including adoption. The earnings press release and investor presentation are available on our website at investors.snowflake.com. A replay of today's call will also be posted on the website. With that, I would now like to turn the call over to Sridhar. All our statements are made as of today based on information currently available to us. Except as required by law, we assume no obligation to update any such statements. During today's call, we will also discuss certain non-GAAP financial measures. See our investor presentation for a reconciliation of GAAP to non-GAAP measures and business metric definitions, including adoption. The earnings press release and investor presentation are available on our website at investors.snowflake.com. A replay of today's call will also be posted on the website. With that, I would now like to turn the call over to Sridhar. All our statements are made as of today based on information currently available to us. Except as required by law, we assume no obligation to update any such statements. During today's call, we will also discuss certain non-GAAP financial measures. See our investor presentation for a reconciliation of GAAP to non-GAAP measures and business metric definitions, including adoption. The earnings press release and investor presentation are available on our website at investors.snowflake.com. A replay of today's call will also be posted on the website. With that, I would now like to turn the call over to Sridhar. All our statements are made as of today based on information currently available to us. Except as required by law, we assume no obligation to update any such statements. During today's call, we will also discuss certain non-GAAP financial measures. See our investor presentation for a reconciliation of GAAP to non-GAAP measures and business metric definitions, including adoption. The earnings press release and investor presentation are available on our website at investors.snowflake.com. A replay of today's call will also be posted on the website. With that, I would now like to turn the call over to Sridhar. All our statements are made as of today based on information currently available to us. Except as required by law, we assume no obligation to update any such statements. During today's call, we will also discuss certain non-GAAP financial measures. See our investor presentation for a reconciliation of GAAP to non-GAAP measures and business metric definitions, including adoption. The earnings press release and investor presentation are available on our website at investors.snowflake.com. A replay of today's call will also be posted on the website. With that, I would now like to turn the call over to Sridhar. Thanks, Jimmy. Hi, everyone. Thank you all for joining us today. We are off to a strong start to the year, and I could not be more proud of our team. Our core business is very strong. Our product delivery remains in overdrive, and our go-to-market engine continues to get stronger and stronger. We are in the zone, and there is still an enormous opportunity ahead. At Snowflake, our mission is to empower every enterprise to achieve its full potential through data and AI. Our AI Data Cloud helps customers get more value out of their data, innovate faster, and remove friction from their business operations. As I have shared the past few quarters, we are extending that value throughout the data lifecycle. We remain disciplined in driving operational rigor across our business, gaining greater efficiency even as we continue to invest aggressively in growth. Hi, everyone. Thank you all for joining us today. We are off to a strong start to the year, and I could not be more proud of our team. Our core business is very strong. Our product delivery remains in overdrive, and our go-to-market engine continues to get stronger and stronger. We are in the zone, and there is still an enormous opportunity ahead. At Snowflake, our mission is to empower every enterprise to achieve its full potential through data and AI. Our AI Data Cloud helps customers get more value out of their data, innovate faster, and remove friction from their business operations. As I have shared the past few quarters, we are extending that value throughout the data lifecycle. We remain disciplined in driving operational rigor across our business, gaining greater efficiency even as we continue to invest aggressively in growth. Hi, everyone. Thank you all for joining us today. We are off to a strong start to the year, and I could not be more proud of our team. Our core business is very strong. Our product delivery remains in overdrive, and our go-to-market engine continues to get stronger and stronger. We are in the zone, and there is still an enormous opportunity ahead. At Snowflake, our mission is to empower every enterprise to achieve its full potential through data and AI. Our AI Data Cloud helps customers get more value out of their data, innovate faster, and remove friction from their business operations. As I have shared the past few quarters, we are extending that value throughout the data lifecycle. We remain disciplined in driving operational rigor across our business, gaining greater efficiency even as we continue to invest aggressively in growth. Hi, everyone. Thank you all for joining us today. We are off to a strong start to the year, and I could not be more proud of our team. Our core business is very strong. Our product delivery remains in overdrive, and our go-to-market engine continues to get stronger and stronger. We are in the zone, and there is still an enormous opportunity ahead. At Snowflake, our mission is to empower every enterprise to achieve its full potential through data and AI. Our AI Data Cloud helps customers get more value out of their data, innovate faster, and remove friction from their business operations. As I have shared the past few quarters, we are extending that value throughout the data lifecycle. We remain disciplined in driving operational rigor across our business, gaining greater efficiency even as we continue to invest aggressively in growth. Hi, everyone. Thank you all for joining us today. We are off to a strong start to the year, and I could not be more proud of our team. Our core business is very strong. Our product delivery remains in overdrive, and our go-to-market engine continues to get stronger and stronger. We are in the zone, and there is still an enormous opportunity ahead. At Snowflake, our mission is to empower every enterprise to achieve its full potential through data and AI. Our AI Data Cloud helps customers get more value out of their data, innovate faster, and remove friction from their business operations. As I have shared the past few quarters, we are extending that value throughout the data lifecycle. We remain disciplined in driving operational rigor across our business, gaining greater efficiency even as we continue to invest aggressively in growth. Hi, everyone. Thank you all for joining us today. We are off to a strong start to the year, and I could not be more proud of our team. Our core business is very strong. Our product delivery remains in overdrive, and our go-to-market engine continues to get stronger and stronger. We are in the zone, and there is still an enormous opportunity ahead. At Snowflake, our mission is to empower every enterprise to achieve its full potential through data and AI. Our AI Data Cloud helps customers get more value out of their data, innovate faster, and remove friction from their business operations. As I have shared the past few quarters, we are extending that value throughout the data lifecycle. We remain disciplined in driving operational rigor across our business, gaining greater efficiency even as we continue to invest aggressively in growth. Hi, everyone. Thank you all for joining us today. We are off to a strong start to the year, and I could not be more proud of our team. Our core business is very strong. Our product delivery remains in overdrive, and our go-to-market engine continues to get stronger and stronger. We are in the zone, and there is still an enormous opportunity ahead. At Snowflake, our mission is to empower every enterprise to achieve its full potential through data and AI. Our AI Data Cloud helps customers get more value out of their data, innovate faster, and remove friction from their business operations. As I have shared the past few quarters, we are extending that value throughout the data lifecycle. We remain disciplined in driving operational rigor across our business, gaining greater efficiency even as we continue to invest aggressively in growth. Hi, everyone. Thank you all for joining us today. We are off to a strong start to the year, and I could not be more proud of our team. Our core business is very strong. Our product delivery remains in overdrive, and our go-to-market engine continues to get stronger and stronger. We are in the zone, and there is still an enormous opportunity ahead. At Snowflake, our mission is to empower every enterprise to achieve its full potential through data and AI. Our AI Data Cloud helps customers get more value out of their data, innovate faster, and remove friction from their business operations. As I have shared the past few quarters, we are extending that value throughout the data lifecycle. We remain disciplined in driving operational rigor across our business, gaining greater efficiency even as we continue to invest aggressively in growth. Hi, everyone. Thank you all for joining us today. We are off to a strong start to the year, and I could not be more proud of our team. Our core business is very strong. Our product delivery remains in overdrive, and our go-to-market engine continues to get stronger and stronger. We are in the zone, and there is still an enormous opportunity ahead. At Snowflake, our mission is to empower every enterprise to achieve its full potential through data and AI. Our AI Data Cloud helps customers get more value out of their data, innovate faster, and remove friction from their business operations. As I have shared the past few quarters, we are extending that value throughout the data lifecycle. We remain disciplined in driving operational rigor across our business, gaining greater efficiency even as we continue to invest aggressively in growth. Hi, everyone. Thank you all for joining us today. We are off to a strong start to the year, and I could not be more proud of our team. Our core business is very strong. Our product delivery remains in overdrive, and our go-to-market engine continues to get stronger and stronger. We are in the zone, and there is still an enormous opportunity ahead. At Snowflake, our mission is to empower every enterprise to achieve its full potential through data and AI. Our AI Data Cloud helps customers get more value out of their data, innovate faster, and remove friction from their business operations. As I have shared the past few quarters, we are extending that value throughout the data lifecycle. We remain disciplined in driving operational rigor across our business, gaining greater efficiency even as we continue to invest aggressively in growth. We are building on our strengths and executing with urgency and focus to capture the opportunities ahead and sustain durable momentum. Product revenue for Q1 was $997 million, up a strong 26% year over year. Excluding the impact of leap year, product revenue grew 28% year over year. Our growth rate was stable quarter over quarter, showing no deceleration. Remaining performance obligations totaled $6.7 billion, with year-over-year growth of 34%. Our net revenue retention was a very healthy 124%. As you can see, we have started the year with strong revenue growth and overall very healthy results, and we are increasing our growth expectations for the year. As I've shared the past few quarters, Snowflake is obsessed with creating product cohesion to make it easier and easier for our customers to innovate faster and unlock more value from their data, from ingestion to insights. We are building on our strengths and executing with urgency and focus to capture the opportunities ahead and sustain durable momentum. Product revenue for Q1 was $997 million, up a strong 26% year over year. Excluding the impact of leap year, product revenue grew 28% year over year. Our growth rate was stable quarter over quarter, showing no deceleration. Remaining performance obligations totaled $6.7 billion, with year-over-year growth of 34%. Our net revenue retention was a very healthy 124%. As you can see, we have started the year with strong revenue growth and overall very healthy results, and we are increasing our growth expectations for the year. As I've shared the past few quarters, Snowflake is obsessed with creating product cohesion to make it easier and easier for our customers to innovate faster and unlock more value from their data, from ingestion to insights. We are building on our strengths and executing with urgency and focus to capture the opportunities ahead and sustain durable momentum. Product revenue for Q1 was $997 million, up a strong 26% year over year. Excluding the impact of leap year, product revenue grew 28% year over year. Our growth rate was stable quarter over quarter, showing no deceleration. Remaining performance obligations totaled $6.7 billion, with year-over-year growth of 34%. Our net revenue retention was a very healthy 124%. As you can see, we have started the year with strong revenue growth and overall very healthy results, and we are increasing our growth expectations for the year. As I've shared the past few quarters, Snowflake is obsessed with creating product cohesion to make it easier and easier for our customers to innovate faster and unlock more value from their data, from ingestion to insights. We are building on our strengths and executing with urgency and focus to capture the opportunities ahead and sustain durable momentum. Product revenue for Q1 was $997 million, up a strong 26% year over year. Excluding the impact of leap year, product revenue grew 28% year over year. Our growth rate was stable quarter over quarter, showing no deceleration. Remaining performance obligations totaled $6.7 billion, with year-over-year growth of 34%. Our net revenue retention was a very healthy 124%. As you can see, we have started the year with strong revenue growth and overall very healthy results, and we are increasing our growth expectations for the year. As I've shared the past few quarters, Snowflake is obsessed with creating product cohesion to make it easier and easier for our customers to innovate faster and unlock more value from their data, from ingestion to insights. We are building on our strengths and executing with urgency and focus to capture the opportunities ahead and sustain durable momentum. Product revenue for Q1 was $997 million, up a strong 26% year over year. Excluding the impact of leap year, product revenue grew 28% year over year. Our growth rate was stable quarter over quarter, showing no deceleration. Remaining performance obligations totaled $6.7 billion, with year-over-year growth of 34%. Our net revenue retention was a very healthy 124%. As you can see, we have started the year with strong revenue growth and overall very healthy results, and we are increasing our growth expectations for the year. As I've shared the past few quarters, Snowflake is obsessed with creating product cohesion to make it easier and easier for our customers to innovate faster and unlock more value from their data, from ingestion to insights. We are building on our strengths and executing with urgency and focus to capture the opportunities ahead and sustain durable momentum. Product revenue for Q1 was $997 million, up a strong 26% year over year. Excluding the impact of leap year, product revenue grew 28% year over year. Our growth rate was stable quarter over quarter, showing no deceleration. Remaining performance obligations totaled $6.7 billion, with year-over-year growth of 34%. Our net revenue retention was a very healthy 124%. As you can see, we have started the year with strong revenue growth and overall very healthy results, and we are increasing our growth expectations for the year. As I've shared the past few quarters, Snowflake is obsessed with creating product cohesion to make it easier and easier for our customers to innovate faster and unlock more value from their data, from ingestion to insights. We are building on our strengths and executing with urgency and focus to capture the opportunities ahead and sustain durable momentum. Product revenue for Q1 was $997 million, up a strong 26% year over year. Excluding the impact of leap year, product revenue grew 28% year over year. Our growth rate was stable quarter over quarter, showing no deceleration. Remaining performance obligations totaled $6.7 billion, with year-over-year growth of 34%. Our net revenue retention was a very healthy 124%. As you can see, we have started the year with strong revenue growth and overall very healthy results, and we are increasing our growth expectations for the year. As I've shared the past few quarters, Snowflake is obsessed with creating product cohesion to make it easier and easier for our customers to innovate faster and unlock more value from their data, from ingestion to insights. We are building on our strengths and executing with urgency and focus to capture the opportunities ahead and sustain durable momentum. Product revenue for Q1 was $997 million, up a strong 26% year over year. Excluding the impact of leap year, product revenue grew 28% year over year. Our growth rate was stable quarter over quarter, showing no deceleration. Remaining performance obligations totaled $6.7 billion, with year-over-year growth of 34%. Our net revenue retention was a very healthy 124%. As you can see, we have started the year with strong revenue growth and overall very healthy results, and we are increasing our growth expectations for the year. As I've shared the past few quarters, Snowflake is obsessed with creating product cohesion to make it easier and easier for our customers to innovate faster and unlock more value from their data, from ingestion to insights. Enterprise leaders like Canva and JPMorgan Chase bet their business on Snowflake because our platform is easy to use, connected to enable fluid access to data wherever it sits, and trusted by companies of all sizes and industries. We are continuing to deliver on our vision of being the end-to-end technology provider for our customers' data journey. We have made important progress in delivering an extensible and flexible connectivity platform for unstructured as well as structured data. Snowflake Connectors, which leverages the technology from our acquisition of Datavolo, enables customers with seamless connectivity and data integration with key platforms like Google Drive, Workday, Slack, SharePoint, and more to tap into critical data across the business. Global pharmaceutical leader AstraZeneca, for example, can now analyze critical business data from systems like SAP and Workday with ease. Enterprise leaders like Canva and JPMorgan Chase bet their business on Snowflake because our platform is easy to use, connected to enable fluid access to data wherever it sits, and trusted by companies of all sizes and industries. We are continuing to deliver on our vision of being the end-to-end technology provider for our customers' data journey. We have made important progress in delivering an extensible and flexible connectivity platform for unstructured as well as structured data. Snowflake Connectors, which leverages the technology from our acquisition of Datavolo, enables customers with seamless connectivity and data integration with key platforms like Google Drive, Workday, Slack, SharePoint, and more to tap into critical data across the business. Global pharmaceutical leader AstraZeneca, for example, can now analyze critical business data from systems like SAP and Workday with ease. Enterprise leaders like Canva and JPMorgan Chase bet their business on Snowflake because our platform is easy to use, connected to enable fluid access to data wherever it sits, and trusted by companies of all sizes and industries. We are continuing to deliver on our vision of being the end-to-end technology provider for our customers' data journey. We have made important progress in delivering an extensible and flexible connectivity platform for unstructured as well as structured data. Snowflake Connectors, which leverages the technology from our acquisition of Datavolo, enables customers with seamless connectivity and data integration with key platforms like Google Drive, Workday, Slack, SharePoint, and more to tap into critical data across the business. Global pharmaceutical leader AstraZeneca, for example, can now analyze critical business data from systems like SAP and Workday with ease. Enterprise leaders like Canva and JPMorgan Chase bet their business on Snowflake because our platform is easy to use, connected to enable fluid access to data wherever it sits, and trusted by companies of all sizes and industries. We are continuing to deliver on our vision of being the end-to-end technology provider for our customers' data journey. We have made important progress in delivering an extensible and flexible connectivity platform for unstructured as well as structured data. Snowflake Connectors, which leverages the technology from our acquisition of Datavolo, enables customers with seamless connectivity and data integration with key platforms like Google Drive, Workday, Slack, SharePoint, and more to tap into critical data across the business. Global pharmaceutical leader AstraZeneca, for example, can now analyze critical business data from systems like SAP and Workday with ease. Enterprise leaders like Canva and JPMorgan Chase bet their business on Snowflake because our platform is easy to use, connected to enable fluid access to data wherever it sits, and trusted by companies of all sizes and industries. We are continuing to deliver on our vision of being the end-to-end technology provider for our customers' data journey. We have made important progress in delivering an extensible and flexible connectivity platform for unstructured as well as structured data. Snowflake Connectors, which leverages the technology from our acquisition of Datavolo, enables customers with seamless connectivity and data integration with key platforms like Google Drive, Workday, Slack, SharePoint, and more to tap into critical data across the business. Global pharmaceutical leader AstraZeneca, for example, can now analyze critical business data from systems like SAP and Workday with ease. Customers like Cloud Zero leverage hundreds of powerful active data sharing connections to securely exchange data with their partners and customers, driving value across our ecosystem. As our data engineering business continues to show strength, we are helping our customers streamline and scale their data pipelines with less and less friction and realize meaningful cost savings. By consolidating data in Snowflake, Dentsu, a global marketing agency managing data for numerous Fortune 500 clients, reduced costs by 20% through simplified data architecture and reduced dependence on third-party tools. They now use Snowflake Data Clean Room to help global brands securely combine customer data without compromising privacy, enabling more personalized marketing campaigns while reducing risk. On the analytics front, our world-class solutions continue to power mission-critical operations for our customers. Global technology leader Siemens is collaborating with Snowflake to help manufacturers unlock new levels of operational efficiency and scale. Customers like Cloud Zero leverage hundreds of powerful active data sharing connections to securely exchange data with their partners and customers, driving value across our ecosystem. As our data engineering business continues to show strength, we are helping our customers streamline and scale their data pipelines with less and less friction and realize meaningful cost savings. By consolidating data in Snowflake, Dentsu, a global marketing agency managing data for numerous Fortune 500 clients, reduced costs by 20% through simplified data architecture and reduced dependence on third-party tools. They now use Snowflake Data Clean Room to help global brands securely combine customer data without compromising privacy, enabling more personalized marketing campaigns while reducing risk. On the analytics front, our world-class solutions continue to power mission-critical operations for our customers. Global technology leader Siemens is collaborating with Snowflake to help manufacturers unlock new levels of operational efficiency and scale. Customers like Cloud Zero leverage hundreds of powerful active data sharing connections to securely exchange data with their partners and customers, driving value across our ecosystem. As our data engineering business continues to show strength, we are helping our customers streamline and scale their data pipelines with less and less friction and realize meaningful cost savings. By consolidating data in Snowflake, Dentsu, a global marketing agency managing data for numerous Fortune 500 clients, reduced costs by 20% through simplified data architecture and reduced dependence on third-party tools. They now use Snowflake Data Clean Room to help global brands securely combine customer data without compromising privacy, enabling more personalized marketing campaigns while reducing risk. On the analytics front, our world-class solutions continue to power mission-critical operations for our customers. Global technology leader Siemens is collaborating with Snowflake to help manufacturers unlock new levels of operational efficiency and scale. Customers like Cloud Zero leverage hundreds of powerful active data sharing connections to securely exchange data with their partners and customers, driving value across our ecosystem. As our data engineering business continues to show strength, we are helping our customers streamline and scale their data pipelines with less and less friction and realize meaningful cost savings. By consolidating data in Snowflake, Dentsu, a global marketing agency managing data for numerous Fortune 500 clients, reduced costs by 20% through simplified data architecture and reduced dependence on third-party tools. They now use Snowflake Data Clean Room to help global brands securely combine customer data without compromising privacy, enabling more personalized marketing campaigns while reducing risk. On the analytics front, our world-class solutions continue to power mission-critical operations for our customers. Global technology leader Siemens is collaborating with Snowflake to help manufacturers unlock new levels of operational efficiency and scale. Customers like Cloud Zero leverage hundreds of powerful active data sharing connections to securely exchange data with their partners and customers, driving value across our ecosystem. As our data engineering business continues to show strength, we are helping our customers streamline and scale their data pipelines with less and less friction and realize meaningful cost savings. By consolidating data in Snowflake, Dentsu, a global marketing agency managing data for numerous Fortune 500 clients, reduced costs by 20% through simplified data architecture and reduced dependence on third-party tools. They now use Snowflake Data Clean Room to help global brands securely combine customer data without compromising privacy, enabling more personalized marketing campaigns while reducing risk. On the analytics front, our world-class solutions continue to power mission-critical operations for our customers. Global technology leader Siemens is collaborating with Snowflake to help manufacturers unlock new levels of operational efficiency and scale. Customers like Cloud Zero leverage hundreds of powerful active data sharing connections to securely exchange data with their partners and customers, driving value across our ecosystem. As our data engineering business continues to show strength, we are helping our customers streamline and scale their data pipelines with less and less friction and realize meaningful cost savings. By consolidating data in Snowflake, Dentsu, a global marketing agency managing data for numerous Fortune 500 clients, reduced costs by 20% through simplified data architecture and reduced dependence on third-party tools. They now use Snowflake Data Clean Room to help global brands securely combine customer data without compromising privacy, enabling more personalized marketing campaigns while reducing risk. On the analytics front, our world-class solutions continue to power mission-critical operations for our customers. Global technology leader Siemens is collaborating with Snowflake to help manufacturers unlock new levels of operational efficiency and scale. This enables customers to unify their information technology data, such as supply chain management and financial data, with operational technology data like data from plant floor systems and industrial equipment, leveraging Siemens' Industrial Edge and Snowflake's AI Data Cloud to gain better insights, improve machine performance, and optimize production processes across their customers. As AI reshapes the enterprise, Snowflake is helping our customers lead the way with AI-ready data. Take Samsung Ads, a leader in connected TV advertising. They leverage Snowflake to connect advertisers with millions of Samsung consumers while upholding strict privacy standards. By unifying their data on Snowflake, Samsung Ads drives innovation in personalized customer experiences and accelerates the development of new AI and ML-powered advertising features, enabling advertisers to deliver more relevant content and enhance the advertising experience. We have incredible product momentum, and we are continuing to innovate at lightning speed. This enables customers to unify their information technology data, such as supply chain management and financial data, with operational technology data like data from plant floor systems and industrial equipment, leveraging Siemens' Industrial Edge and Snowflake's AI Data Cloud to gain better insights, improve machine performance, and optimize production processes across their customers. As AI reshapes the enterprise, Snowflake is helping our customers lead the way with AI-ready data. Take Samsung Ads, a leader in connected TV advertising. They leverage Snowflake to connect advertisers with millions of Samsung consumers while upholding strict privacy standards. By unifying their data on Snowflake, Samsung Ads drives innovation in personalized customer experiences and accelerates the development of new AI and ML-powered advertising features, enabling advertisers to deliver more relevant content and enhance the advertising experience. We have incredible product momentum, and we are continuing to innovate at lightning speed. This enables customers to unify their information technology data, such as supply chain management and financial data, with operational technology data like data from plant floor systems and industrial equipment, leveraging Siemens' Industrial Edge and Snowflake's AI Data Cloud to gain better insights, improve machine performance, and optimize production processes across their customers. As AI reshapes the enterprise, Snowflake is helping our customers lead the way with AI-ready data. Take Samsung Ads, a leader in connected TV advertising. They leverage Snowflake to connect advertisers with millions of Samsung consumers while upholding strict privacy standards. By unifying their data on Snowflake, Samsung Ads drives innovation in personalized customer experiences and accelerates the development of new AI and ML-powered advertising features, enabling advertisers to deliver more relevant content and enhance the advertising experience. We have incredible product momentum, and we are continuing to innovate at lightning speed. This enables customers to unify their information technology data, such as supply chain management and financial data, with operational technology data like data from plant floor systems and industrial equipment, leveraging Siemens' Industrial Edge and Snowflake's AI Data Cloud to gain better insights, improve machine performance, and optimize production processes across their customers. As AI reshapes the enterprise, Snowflake is helping our customers lead the way with AI-ready data. Take Samsung Ads, a leader in connected TV advertising. They leverage Snowflake to connect advertisers with millions of Samsung consumers while upholding strict privacy standards. By unifying their data on Snowflake, Samsung Ads drives innovation in personalized customer experiences and accelerates the development of new AI and ML-powered advertising features, enabling advertisers to deliver more relevant content and enhance the advertising experience. We have incredible product momentum, and we are continuing to innovate at lightning speed. This enables customers to unify their information technology data, such as supply chain management and financial data, with operational technology data like data from plant floor systems and industrial equipment, leveraging Siemens' Industrial Edge and Snowflake's AI Data Cloud to gain better insights, improve machine performance, and optimize production processes across their customers. As AI reshapes the enterprise, Snowflake is helping our customers lead the way with AI-ready data. Take Samsung Ads, a leader in connected TV advertising. They leverage Snowflake to connect advertisers with millions of Samsung consumers while upholding strict privacy standards. By unifying their data on Snowflake, Samsung Ads drives innovation in personalized customer experiences and accelerates the development of new AI and ML-powered advertising features, enabling advertisers to deliver more relevant content and enhance the advertising experience. We have incredible product momentum, and we are continuing to innovate at lightning speed. This enables customers to unify their information technology data, such as supply chain management and financial data, with operational technology data like data from plant floor systems and industrial equipment, leveraging Siemens' Industrial Edge and Snowflake's AI Data Cloud to gain better insights, improve machine performance, and optimize production processes across their customers. As AI reshapes the enterprise, Snowflake is helping our customers lead the way with AI-ready data. Take Samsung Ads, a leader in connected TV advertising. They leverage Snowflake to connect advertisers with millions of Samsung consumers while upholding strict privacy standards. By unifying their data on Snowflake, Samsung Ads drives innovation in personalized customer experiences and accelerates the development of new AI and ML-powered advertising features, enabling advertisers to deliver more relevant content and enhance the advertising experience. We have incredible product momentum, and we are continuing to innovate at lightning speed. In fact, this quarter alone, we have brought over 125 product capabilities to market, a 100% increase over what we delivered in Q1 of last year. We continue to see strong adoption of open data formats, especially truly open modern table formats like Apache Iceberg. We recently announced that our customers can now leverage many of Snowflake's core capabilities, including data sharing, security, and performance optimization, using Apache Iceberg, giving them even more flexibility to manage and query data at scale. When it comes to AI, it's pretty amazing to see our progress. A year ago, we were just getting started. Now, we have over 5,200 accounts using our AI and machine learning on a weekly basis. Cortex AI has gone from a nascent product area to a foundational pillar of enterprise AI strategies for customers around the world. In fact, this quarter alone, we have brought over 125 product capabilities to market, a 100% increase over what we delivered in Q1 of last year. We continue to see strong adoption of open data formats, especially truly open modern table formats like Apache Iceberg. We recently announced that our customers can now leverage many of Snowflake's core capabilities, including data sharing, security, and performance optimization, using Apache Iceberg, giving them even more flexibility to manage and query data at scale. When it comes to AI, it's pretty amazing to see our progress. A year ago, we were just getting started. Now, we have over 5,200 accounts using our AI and machine learning on a weekly basis. Cortex AI has gone from a nascent product area to a foundational pillar of enterprise AI strategies for customers around the world. In fact, this quarter alone, we have brought over 125 product capabilities to market, a 100% increase over what we delivered in Q1 of last year. We continue to see strong adoption of open data formats, especially truly open modern table formats like Apache Iceberg. We recently announced that our customers can now leverage many of Snowflake's core capabilities, including data sharing, security, and performance optimization, using Apache Iceberg, giving them even more flexibility to manage and query data at scale. When it comes to AI, it's pretty amazing to see our progress. A year ago, we were just getting started. Now, we have over 5,200 accounts using our AI and machine learning on a weekly basis. Cortex AI has gone from a nascent product area to a foundational pillar of enterprise AI strategies for customers around the world. In fact, this quarter alone, we have brought over 125 product capabilities to market, a 100% increase over what we delivered in Q1 of last year. We continue to see strong adoption of open data formats, especially truly open modern table formats like Apache Iceberg. We recently announced that our customers can now leverage many of Snowflake's core capabilities, including data sharing, security, and performance optimization, using Apache Iceberg, giving them even more flexibility to manage and query data at scale. When it comes to AI, it's pretty amazing to see our progress. A year ago, we were just getting started. Now, we have over 5,200 accounts using our AI and machine learning on a weekly basis. Cortex AI has gone from a nascent product area to a foundational pillar of enterprise AI strategies for customers around the world. In fact, this quarter alone, we have brought over 125 product capabilities to market, a 100% increase over what we delivered in Q1 of last year. We continue to see strong adoption of open data formats, especially truly open modern table formats like Apache Iceberg. We recently announced that our customers can now leverage many of Snowflake's core capabilities, including data sharing, security, and performance optimization, using Apache Iceberg, giving them even more flexibility to manage and query data at scale. When it comes to AI, it's pretty amazing to see our progress. A year ago, we were just getting started. Now, we have over 5,200 accounts using our AI and machine learning on a weekly basis. Cortex AI has gone from a nascent product area to a foundational pillar of enterprise AI strategies for customers around the world. In fact, this quarter alone, we have brought over 125 product capabilities to market, a 100% increase over what we delivered in Q1 of last year. We continue to see strong adoption of open data formats, especially truly open modern table formats like Apache Iceberg. We recently announced that our customers can now leverage many of Snowflake's core capabilities, including data sharing, security, and performance optimization, using Apache Iceberg, giving them even more flexibility to manage and query data at scale. When it comes to AI, it's pretty amazing to see our progress. A year ago, we were just getting started. Now, we have over 5,200 accounts using our AI and machine learning on a weekly basis. Cortex AI has gone from a nascent product area to a foundational pillar of enterprise AI strategies for customers around the world. In fact, this quarter alone, we have brought over 125 product capabilities to market, a 100% increase over what we delivered in Q1 of last year. We continue to see strong adoption of open data formats, especially truly open modern table formats like Apache Iceberg. We recently announced that our customers can now leverage many of Snowflake's core capabilities, including data sharing, security, and performance optimization, using Apache Iceberg, giving them even more flexibility to manage and query data at scale. When it comes to AI, it's pretty amazing to see our progress. A year ago, we were just getting started. Now, we have over 5,200 accounts using our AI and machine learning on a weekly basis. Cortex AI has gone from a nascent product area to a foundational pillar of enterprise AI strategies for customers around the world. It's accelerating clinical research for healthcare companies with unified access to information and turning automotive customer reviews into actionable insights to help them personalize their service. As one of the world's largest food and beverage companies, Kraft Heinz is leveraging Snowflake Cortex to empower its employees with innovative AI tools like HAT or Kraft Heinz AI, their new internal AI assistant. This initiative is designed to revolutionize internal workflows, enhance efficiencies, and drive AI adoption across the organization, paving the way for future advancements in agentic AI. Earlier this year, we launched Cortex Agents, which is now helping customers like Luminate Data, a leading provider of entertainment insights, scale how they process and retrieve both unstructured and structured data. That foundation is critical for developing, deploying, and orchestrating the data agents driving their AI applications. It's accelerating clinical research for healthcare companies with unified access to information and turning automotive customer reviews into actionable insights to help them personalize their service. As one of the world's largest food and beverage companies, Kraft Heinz is leveraging Snowflake Cortex to empower its employees with innovative AI tools like HAT or Kraft Heinz AI, their new internal AI assistant. This initiative is designed to revolutionize internal workflows, enhance efficiencies, and drive AI adoption across the organization, paving the way for future advancements in agentic AI. Earlier this year, we launched Cortex Agents, which is now helping customers like Luminate Data, a leading provider of entertainment insights, scale how they process and retrieve both unstructured and structured data. That foundation is critical for developing, deploying, and orchestrating the data agents driving their AI applications. It's accelerating clinical research for healthcare companies with unified access to information and turning automotive customer reviews into actionable insights to help them personalize their service. As one of the world's largest food and beverage companies, Kraft Heinz is leveraging Snowflake Cortex to empower its employees with innovative AI tools like HAT or Kraft Heinz AI, their new internal AI assistant. This initiative is designed to revolutionize internal workflows, enhance efficiencies, and drive AI adoption across the organization, paving the way for future advancements in agentic AI. Earlier this year, we launched Cortex Agents, which is now helping customers like Luminate Data, a leading provider of entertainment insights, scale how they process and retrieve both unstructured and structured data. That foundation is critical for developing, deploying, and orchestrating the data agents driving their AI applications. It's accelerating clinical research for healthcare companies with unified access to information and turning automotive customer reviews into actionable insights to help them personalize their service. As one of the world's largest food and beverage companies, Kraft Heinz is leveraging Snowflake Cortex to empower its employees with innovative AI tools like HAT or Kraft Heinz AI, their new internal AI assistant. This initiative is designed to revolutionize internal workflows, enhance efficiencies, and drive AI adoption across the organization, paving the way for future advancements in agentic AI. Earlier this year, we launched Cortex Agents, which is now helping customers like Luminate Data, a leading provider of entertainment insights, scale how they process and retrieve both unstructured and structured data. That foundation is critical for developing, deploying, and orchestrating the data agents driving their AI applications. It's accelerating clinical research for healthcare companies with unified access to information and turning automotive customer reviews into actionable insights to help them personalize their service. As one of the world's largest food and beverage companies, Kraft Heinz is leveraging Snowflake Cortex to empower its employees with innovative AI tools like HAT or Kraft Heinz AI, their new internal AI assistant. This initiative is designed to revolutionize internal workflows, enhance efficiencies, and drive AI adoption across the organization, paving the way for future advancements in agentic AI. Earlier this year, we launched Cortex Agents, which is now helping customers like Luminate Data, a leading provider of entertainment insights, scale how they process and retrieve both unstructured and structured data. That foundation is critical for developing, deploying, and orchestrating the data agents driving their AI applications. We have further solidified our leadership by continuing to integrate cutting-edge models into Cortex, ensuring day-one availability of Meta's Llama 4 model. As I shared last quarter, we announced an expanded partnership with Microsoft to host OpenAI models on Microsoft Azure regions. We continue to provide our customers with choice and flexibility to leverage the world's leading models for their enterprise AI applications. We also launched the first of our AI-powered migration enhancements. Now, our customers can use Cortex to test and review issues during their migration journey, making a time-intensive process much more efficient. This is just the start of what AI can do to make migrations go fast. All of these innovations are focused on driving real value for our customers. We are making it easy to tap into structured data. We are making it easy to tap into unstructured data as well. We have further solidified our leadership by continuing to integrate cutting-edge models into Cortex, ensuring day-one availability of Meta's Llama 4 model. As I shared last quarter, we announced an expanded partnership with Microsoft to host OpenAI models on Microsoft Azure regions. We continue to provide our customers with choice and flexibility to leverage the world's leading models for their enterprise AI applications. We also launched the first of our AI-powered migration enhancements. Now, our customers can use Cortex to test and review issues during their migration journey, making a time-intensive process much more efficient. This is just the start of what AI can do to make migrations go fast. All of these innovations are focused on driving real value for our customers. We are making it easy to tap into structured data. We are making it easy to tap into unstructured data as well. We have further solidified our leadership by continuing to integrate cutting-edge models into Cortex, ensuring day-one availability of Meta's Llama 4 model. As I shared last quarter, we announced an expanded partnership with Microsoft to host OpenAI models on Microsoft Azure regions. We continue to provide our customers with choice and flexibility to leverage the world's leading models for their enterprise AI applications. We also launched the first of our AI-powered migration enhancements. Now, our customers can use Cortex to test and review issues during their migration journey, making a time-intensive process much more efficient. This is just the start of what AI can do to make migrations go fast. All of these innovations are focused on driving real value for our customers. We are making it easy to tap into structured data. We are making it easy to tap into unstructured data as well. We have further solidified our leadership by continuing to integrate cutting-edge models into Cortex, ensuring day-one availability of Meta's Llama 4 model. As I shared last quarter, we announced an expanded partnership with Microsoft to host OpenAI models on Microsoft Azure regions. We continue to provide our customers with choice and flexibility to leverage the world's leading models for their enterprise AI applications. We also launched the first of our AI-powered migration enhancements. Now, our customers can use Cortex to test and review issues during their migration journey, making a time-intensive process much more efficient. This is just the start of what AI can do to make migrations go fast. All of these innovations are focused on driving real value for our customers. We are making it easy to tap into structured data. We are making it easy to tap into unstructured data as well. We have further solidified our leadership by continuing to integrate cutting-edge models into Cortex, ensuring day-one availability of Meta's Llama 4 model. As I shared last quarter, we announced an expanded partnership with Microsoft to host OpenAI models on Microsoft Azure regions. We continue to provide our customers with choice and flexibility to leverage the world's leading models for their enterprise AI applications. We also launched the first of our AI-powered migration enhancements. Now, our customers can use Cortex to test and review issues during their migration journey, making a time-intensive process much more efficient. This is just the start of what AI can do to make migrations go fast. All of these innovations are focused on driving real value for our customers. We are making it easy to tap into structured data. We are making it easy to tap into unstructured data as well. We have further solidified our leadership by continuing to integrate cutting-edge models into Cortex, ensuring day-one availability of Meta's Llama 4 model. As I shared last quarter, we announced an expanded partnership with Microsoft to host OpenAI models on Microsoft Azure regions. We continue to provide our customers with choice and flexibility to leverage the world's leading models for their enterprise AI applications. We also launched the first of our AI-powered migration enhancements. Now, our customers can use Cortex to test and review issues during their migration journey, making a time-intensive process much more efficient. This is just the start of what AI can do to make migrations go fast. All of these innovations are focused on driving real value for our customers. We are making it easy to tap into structured data. We are making it easy to tap into unstructured data as well. We have further solidified our leadership by continuing to integrate cutting-edge models into Cortex, ensuring day-one availability of Meta's Llama 4 model. As I shared last quarter, we announced an expanded partnership with Microsoft to host OpenAI models on Microsoft Azure regions. We continue to provide our customers with choice and flexibility to leverage the world's leading models for their enterprise AI applications. We also launched the first of our AI-powered migration enhancements. Now, our customers can use Cortex to test and review issues during their migration journey, making a time-intensive process much more efficient. This is just the start of what AI can do to make migrations go fast. All of these innovations are focused on driving real value for our customers. We are making it easy to tap into structured data. We are making it easy to tap into unstructured data as well. We have further solidified our leadership by continuing to integrate cutting-edge models into Cortex, ensuring day-one availability of Meta's Llama 4 model. As I shared last quarter, we announced an expanded partnership with Microsoft to host OpenAI models on Microsoft Azure regions. We continue to provide our customers with choice and flexibility to leverage the world's leading models for their enterprise AI applications. We also launched the first of our AI-powered migration enhancements. Now, our customers can use Cortex to test and review issues during their migration journey, making a time-intensive process much more efficient. This is just the start of what AI can do to make migrations go fast. All of these innovations are focused on driving real value for our customers. We are making it easy to tap into structured data. We are making it easy to tap into unstructured data as well. We have further solidified our leadership by continuing to integrate cutting-edge models into Cortex, ensuring day-one availability of Meta's Llama 4 model. As I shared last quarter, we announced an expanded partnership with Microsoft to host OpenAI models on Microsoft Azure regions. We continue to provide our customers with choice and flexibility to leverage the world's leading models for their enterprise AI applications. We also launched the first of our AI-powered migration enhancements. Now, our customers can use Cortex to test and review issues during their migration journey, making a time-intensive process much more efficient. This is just the start of what AI can do to make migrations go fast. All of these innovations are focused on driving real value for our customers. We are making it easy to tap into structured data. We are making it easy to tap into unstructured data as well. We are helping our customers build a strong foundation to lead in the era of agentic AI. We are continuing on this momentum, and you'll see even more from us in just a few weeks. During the first week of June, we'll be joined by tens of thousands of customers, partners, and developers at Snowflake Summit, a four-day event on our biggest yacht, where we will reveal some truly exciting new capabilities we are bringing to market to support our customers at every stage of their data journey. As we innovate, we remain committed to scaling efficiency. Under the leadership of our new Chief Revenue Officer, Mike Gannon, we have renewed focus and rigor across our go-to-market base. We are growing our go-to-market operation while maintaining our close collaboration across engineering, product, marketing, and sales to bring products to market effectively. We are helping our customers build a strong foundation to lead in the era of agentic AI. We are continuing on this momentum, and you'll see even more from us in just a few weeks. During the first week of June, we'll be joined by tens of thousands of customers, partners, and developers at Snowflake Summit, a four-day event on our biggest yacht, where we will reveal some truly exciting new capabilities we are bringing to market to support our customers at every stage of their data journey. As we innovate, we remain committed to scaling efficiency. Under the leadership of our new Chief Revenue Officer, Mike Gannon, we have renewed focus and rigor across our go-to-market base. We are growing our go-to-market operation while maintaining our close collaboration across engineering, product, marketing, and sales to bring products to market effectively. We are helping our customers build a strong foundation to lead in the era of agentic AI. We are continuing on this momentum, and you'll see even more from us in just a few weeks. During the first week of June, we'll be joined by tens of thousands of customers, partners, and developers at Snowflake Summit, a four-day event on our biggest yacht, where we will reveal some truly exciting new capabilities we are bringing to market to support our customers at every stage of their data journey. As we innovate, we remain committed to scaling efficiency. Under the leadership of our new Chief Revenue Officer, Mike Gannon, we have renewed focus and rigor across our go-to-market base. We are growing our go-to-market operation while maintaining our close collaboration across engineering, product, marketing, and sales to bring products to market effectively. We are helping our customers build a strong foundation to lead in the era of agentic AI. We are continuing on this momentum, and you'll see even more from us in just a few weeks. During the first week of June, we'll be joined by tens of thousands of customers, partners, and developers at Snowflake Summit, a four-day event on our biggest yacht, where we will reveal some truly exciting new capabilities we are bringing to market to support our customers at every stage of their data journey. As we innovate, we remain committed to scaling efficiency. Under the leadership of our new Chief Revenue Officer, Mike Gannon, we have renewed focus and rigor across our go-to-market base. We are growing our go-to-market operation while maintaining our close collaboration across engineering, product, marketing, and sales to bring products to market effectively. We are helping our customers build a strong foundation to lead in the era of agentic AI. We are continuing on this momentum, and you'll see even more from us in just a few weeks. During the first week of June, we'll be joined by tens of thousands of customers, partners, and developers at Snowflake Summit, a four-day event on our biggest yacht, where we will reveal some truly exciting new capabilities we are bringing to market to support our customers at every stage of their data journey. As we innovate, we remain committed to scaling efficiency. Under the leadership of our new Chief Revenue Officer, Mike Gannon, we have renewed focus and rigor across our go-to-market base. We are growing our go-to-market operation while maintaining our close collaboration across engineering, product, marketing, and sales to bring products to market effectively. We are helping our customers build a strong foundation to lead in the era of agentic AI. We are continuing on this momentum, and you'll see even more from us in just a few weeks. During the first week of June, we'll be joined by tens of thousands of customers, partners, and developers at Snowflake Summit, a four-day event on our biggest yacht, where we will reveal some truly exciting new capabilities we are bringing to market to support our customers at every stage of their data journey. As we innovate, we remain committed to scaling efficiency. Under the leadership of our new Chief Revenue Officer, Mike Gannon, we have renewed focus and rigor across our go-to-market base. We are growing our go-to-market operation while maintaining our close collaboration across engineering, product, marketing, and sales to bring products to market effectively. This ensures that we are able to deliver greater value to our existing customers while continuing to win new ones. We are also expanding our addressable market. With the launch of Snowflake Public Sector and our recent Department of Defense impact-level provisional authorization, we're now equipped to deliver mission-critical data and AI solutions to the national security community, including the U.S. Department of Defense, its military branches, and industry partners. We also introduced new automotive solutions as part of our AI Data Cloud for manufacturing. These solutions empower companies like CarMax and Nissan with advanced data and AI solutions to drive innovation and efficiency. We are using our own AI internally to boost productivity. Our go-to-market teams use our sales knowledge assistant powered by Cortex to access insights from our sales knowledge base using natural language. This ensures that we are able to deliver greater value to our existing customers while continuing to win new ones. We are also expanding our addressable market. With the launch of Snowflake Public Sector and our recent Department of Defense impact-level provisional authorization, we're now equipped to deliver mission-critical data and AI solutions to the national security community, including the U.S. Department of Defense, its military branches, and industry partners. We also introduced new automotive solutions as part of our AI Data Cloud for manufacturing. These solutions empower companies like CarMax and Nissan with advanced data and AI solutions to drive innovation and efficiency. We are using our own AI internally to boost productivity. Our go-to-market teams use our sales knowledge assistant powered by Cortex to access insights from our sales knowledge base using natural language. This ensures that we are able to deliver greater value to our existing customers while continuing to win new ones. We are also expanding our addressable market. With the launch of Snowflake Public Sector and our recent Department of Defense impact-level provisional authorization, we're now equipped to deliver mission-critical data and AI solutions to the national security community, including the U.S. Department of Defense, its military branches, and industry partners. We also introduced new automotive solutions as part of our AI Data Cloud for manufacturing. These solutions empower companies like CarMax and Nissan with advanced data and AI solutions to drive innovation and efficiency. We are using our own AI internally to boost productivity. Our go-to-market teams use our sales knowledge assistant powered by Cortex to access insights from our sales knowledge base using natural language. This ensures that we are able to deliver greater value to our existing customers while continuing to win new ones. We are also expanding our addressable market. With the launch of Snowflake Public Sector and our recent Department of Defense impact-level provisional authorization, we're now equipped to deliver mission-critical data and AI solutions to the national security community, including the U.S. Department of Defense, its military branches, and industry partners. We also introduced new automotive solutions as part of our AI Data Cloud for manufacturing. These solutions empower companies like CarMax and Nissan with advanced data and AI solutions to drive innovation and efficiency. We are using our own AI internally to boost productivity. Our go-to-market teams use our sales knowledge assistant powered by Cortex to access insights from our sales knowledge base using natural language. This ensures that we are able to deliver greater value to our existing customers while continuing to win new ones. We are also expanding our addressable market. With the launch of Snowflake Public Sector and our recent Department of Defense impact-level provisional authorization, we're now equipped to deliver mission-critical data and AI solutions to the national security community, including the U.S. Department of Defense, its military branches, and industry partners. We also introduced new automotive solutions as part of our AI Data Cloud for manufacturing. These solutions empower companies like CarMax and Nissan with advanced data and AI solutions to drive innovation and efficiency. We are using our own AI internally to boost productivity. Our go-to-market teams use our sales knowledge assistant powered by Cortex to access insights from our sales knowledge base using natural language. This ensures that we are able to deliver greater value to our existing customers while continuing to win new ones. We are also expanding our addressable market. With the launch of Snowflake Public Sector and our recent Department of Defense impact-level provisional authorization, we're now equipped to deliver mission-critical data and AI solutions to the national security community, including the U.S. Department of Defense, its military branches, and industry partners. We also introduced new automotive solutions as part of our AI Data Cloud for manufacturing. These solutions empower companies like CarMax and Nissan with advanced data and AI solutions to drive innovation and efficiency. We are using our own AI internally to boost productivity. Our go-to-market teams use our sales knowledge assistant powered by Cortex to access insights from our sales knowledge base using natural language. This ensures that we are able to deliver greater value to our existing customers while continuing to win new ones. We are also expanding our addressable market. With the launch of Snowflake Public Sector and our recent Department of Defense impact-level provisional authorization, we're now equipped to deliver mission-critical data and AI solutions to the national security community, including the U.S. Department of Defense, its military branches, and industry partners. We also introduced new automotive solutions as part of our AI Data Cloud for manufacturing. These solutions empower companies like CarMax and Nissan with advanced data and AI solutions to drive innovation and efficiency. We are using our own AI internally to boost productivity. Our go-to-market teams use our sales knowledge assistant powered by Cortex to access insights from our sales knowledge base using natural language. This ensures that we are able to deliver greater value to our existing customers while continuing to win new ones. We are also expanding our addressable market. With the launch of Snowflake Public Sector and our recent Department of Defense impact-level provisional authorization, we're now equipped to deliver mission-critical data and AI solutions to the national security community, including the U.S. Department of Defense, its military branches, and industry partners. We also introduced new automotive solutions as part of our AI Data Cloud for manufacturing. These solutions empower companies like CarMax and Nissan with advanced data and AI solutions to drive innovation and efficiency. We are using our own AI internally to boost productivity. Our go-to-market teams use our sales knowledge assistant powered by Cortex to access insights from our sales knowledge base using natural language. With fast, intuitive streamlined apps like our Customer 360 app, they can tap into rich insights on customer consumption trends. I'm proud of the discipline and efficiency we've built across the business. We've got a strong operational rhythm. We're investing strategically for growth, and we're laying the groundwork for scale. Mike, why don't you take us through more of the financial details? With fast, intuitive streamlined apps like our Customer 360 app, they can tap into rich insights on customer consumption trends. I'm proud of the discipline and efficiency we've built across the business. We've got a strong operational rhythm. We're investing strategically for growth, and we're laying the groundwork for scale. Mike, why don't you take us through more of the financial details? With fast, intuitive streamlined apps like our Customer 360 app, they can tap into rich insights on customer consumption trends. I'm proud of the discipline and efficiency we've built across the business. We've got a strong operational rhythm. We're investing strategically for growth, and we're laying the groundwork for scale. Mike, why don't you take us through more of the financial details? With fast, intuitive streamlined apps like our Customer 360 app, they can tap into rich insights on customer consumption trends. I'm proud of the discipline and efficiency we've built across the business. We've got a strong operational rhythm. We're investing strategically for growth, and we're laying the groundwork for scale. Mike, why don't you take us through more of the financial details? With fast, intuitive streamlined apps like our Customer 360 app, they can tap into rich insights on customer consumption trends. I'm proud of the discipline and efficiency we've built across the business. We've got a strong operational rhythm. We're investing strategically for growth, and we're laying the groundwork for scale. Mike, why don't you take us through more of the financial details? Thank you, Sridhar. In Q1, product revenues grew 26% year over year to reach $997 million. As Sridhar mentioned, we saw no deceleration in the business when adjusting for leap day. We continue to see meaningful growth from new product offerings. Both Snowpark and Dynamic Tables outperformed expectations in Q1. Other areas of strength included technology and retail sectors. Q1 was a strong quarter for bookings. On our last call, I noted two large customers ran out of capacity in Q4 and elected to delay their larger renewals. Thank you, Sridhar. In Q1, product revenues grew 26% year over year to reach $997 million. As Sridhar mentioned, we saw no deceleration in the business when adjusting for leap day. We continue to see meaningful growth from new product offerings. Both Snowpark and Dynamic Tables outperformed expectations in Q1. Other areas of strength included technology and retail sectors. Q1 was a strong quarter for bookings. On our last call, I noted two large customers ran out of capacity in Q4 and elected to delay their larger renewals. Thank you, Sridhar. In Q1, product revenues grew 26% year over year to reach $997 million. As Sridhar mentioned, we saw no deceleration in the business when adjusting for leap day. We continue to see meaningful growth from new product offerings. Both Snowpark and Dynamic Tables outperformed expectations in Q1. Other areas of strength included technology and retail sectors. Q1 was a strong quarter for bookings. On our last call, I noted two large customers ran out of capacity in Q4 and elected to delay their larger renewals. Thank you, Sridhar. In Q1, product revenues grew 26% year over year to reach $997 million. As Sridhar mentioned, we saw no deceleration in the business when adjusting for leap day. We continue to see meaningful growth from new product offerings. Both Snowpark and Dynamic Tables outperformed expectations in Q1. Other areas of strength included technology and retail sectors. Q1 was a strong quarter for bookings. On our last call, I noted two large customers ran out of capacity in Q4 and elected to delay their larger renewals. Thank you, Sridhar. In Q1, product revenues grew 26% year over year to reach $997 million. As Sridhar mentioned, we saw no deceleration in the business when adjusting for leap day. We continue to see meaningful growth from new product offerings. Both Snowpark and Dynamic Tables outperformed expectations in Q1. Other areas of strength included technology and retail sectors. Q1 was a strong quarter for bookings. On our last call, I noted two large customers ran out of capacity in Q4 and elected to delay their larger renewals. Thank you, Sridhar. In Q1, product revenues grew 26% year over year to reach $997 million. As Sridhar mentioned, we saw no deceleration in the business when adjusting for leap day. We continue to see meaningful growth from new product offerings. Both Snowpark and Dynamic Tables outperformed expectations in Q1. Other areas of strength included technology and retail sectors. Q1 was a strong quarter for bookings. On our last call, I noted two large customers ran out of capacity in Q4 and elected to delay their larger renewals. Thank you, Sridhar. In Q1, product revenues grew 26% year over year to reach $997 million. As Sridhar mentioned, we saw no deceleration in the business when adjusting for leap day. We continue to see meaningful growth from new product offerings. Both Snowpark and Dynamic Tables outperformed expectations in Q1. Other areas of strength included technology and retail sectors. Q1 was a strong quarter for bookings. On our last call, I noted two large customers ran out of capacity in Q4 and elected to delay their larger renewals. Thank you, Sridhar. In Q1, product revenues grew 26% year over year to reach $997 million. As Sridhar mentioned, we saw no deceleration in the business when adjusting for leap day. We continue to see meaningful growth from new product offerings. Both Snowpark and Dynamic Tables outperformed expectations in Q1. Other areas of strength included technology and retail sectors. Q1 was a strong quarter for bookings. On our last call, I noted two large customers ran out of capacity in Q4 and elected to delay their larger renewals. As expected, both of these accounts signed $100 million-plus contracts in Q1. We view this variability in bookings as normal for our model. Our focus on new customer acquisitions is yielding positive results. We added 451 net new customers in Q1, growing 19% year over year. Turning to margins, in Q1, our non-GAAP product gross margin was 75.7%. Our non-GAAP operating margin was 9%, up 442 basis points year over year. We continue to focus on driving greater efficiency across the entire company while investing for growth. Non-GAAP adjusted free cash flow margin was 20%. As discussed on our last earnings call, we had several large customers purchase as they consumed in Q4. This booking behavior impacts the seasonality of our free cash flow. We expect this year to be more second-half weighted. As expected, both of these accounts signed $100 million-plus contracts in Q1. We view this variability in bookings as normal for our model. Our focus on new customer acquisitions is yielding positive results. We added 451 net new customers in Q1, growing 19% year over year. Turning to margins, in Q1, our non-GAAP product gross margin was 75.7%. Our non-GAAP operating margin was 9%, up 442 basis points year over year. We continue to focus on driving greater efficiency across the entire company while investing for growth. Non-GAAP adjusted free cash flow margin was 20%. As discussed on our last earnings call, we had several large customers purchase as they consumed in Q4. This booking behavior impacts the seasonality of our free cash flow. We expect this year to be more second-half weighted. As expected, both of these accounts signed $100 million-plus contracts in Q1. We view this variability in bookings as normal for our model. Our focus on new customer acquisitions is yielding positive results. We added 451 net new customers in Q1, growing 19% year over year. Turning to margins, in Q1, our non-GAAP product gross margin was 75.7%. Our non-GAAP operating margin was 9%, up 442 basis points year over year. We continue to focus on driving greater efficiency across the entire company while investing for growth. Non-GAAP adjusted free cash flow margin was 20%. As discussed on our last earnings call, we had several large customers purchase as they consumed in Q4. This booking behavior impacts the seasonality of our free cash flow. We expect this year to be more second-half weighted. As expected, both of these accounts signed $100 million-plus contracts in Q1. We view this variability in bookings as normal for our model. Our focus on new customer acquisitions is yielding positive results. We added 451 net new customers in Q1, growing 19% year over year. Turning to margins, in Q1, our non-GAAP product gross margin was 75.7%. Our non-GAAP operating margin was 9%, up 442 basis points year over year. We continue to focus on driving greater efficiency across the entire company while investing for growth. Non-GAAP adjusted free cash flow margin was 20%. As discussed on our last earnings call, we had several large customers purchase as they consumed in Q4. This booking behavior impacts the seasonality of our free cash flow. We expect this year to be more second-half weighted. As expected, both of these accounts signed $100 million-plus contracts in Q1. We view this variability in bookings as normal for our model. Our focus on new customer acquisitions is yielding positive results. We added 451 net new customers in Q1, growing 19% year over year. Turning to margins, in Q1, our non-GAAP product gross margin was 75.7%. Our non-GAAP operating margin was 9%, up 442 basis points year over year. We continue to focus on driving greater efficiency across the entire company while investing for growth. Non-GAAP adjusted free cash flow margin was 20%. As discussed on our last earnings call, we had several large customers purchase as they consumed in Q4. This booking behavior impacts the seasonality of our free cash flow. We expect this year to be more second-half weighted. As expected, both of these accounts signed $100 million-plus contracts in Q1. We view this variability in bookings as normal for our model. Our focus on new customer acquisitions is yielding positive results. We added 451 net new customers in Q1, growing 19% year over year. Turning to margins, in Q1, our non-GAAP product gross margin was 75.7%. Our non-GAAP operating margin was 9%, up 442 basis points year over year. We continue to focus on driving greater efficiency across the entire company while investing for growth. Non-GAAP adjusted free cash flow margin was 20%. As discussed on our last earnings call, we had several large customers purchase as they consumed in Q4. This booking behavior impacts the seasonality of our free cash flow. We expect this year to be more second-half weighted. As expected, both of these accounts signed $100 million-plus contracts in Q1. We view this variability in bookings as normal for our model. Our focus on new customer acquisitions is yielding positive results. We added 451 net new customers in Q1, growing 19% year over year. Turning to margins, in Q1, our non-GAAP product gross margin was 75.7%. Our non-GAAP operating margin was 9%, up 442 basis points year over year. We continue to focus on driving greater efficiency across the entire company while investing for growth. Non-GAAP adjusted free cash flow margin was 20%. As discussed on our last earnings call, we had several large customers purchase as they consumed in Q4. This booking behavior impacts the seasonality of our free cash flow. We expect this year to be more second-half weighted. As expected, both of these accounts signed $100 million-plus contracts in Q1. We view this variability in bookings as normal for our model. Our focus on new customer acquisitions is yielding positive results. We added 451 net new customers in Q1, growing 19% year over year. Turning to margins, in Q1, our non-GAAP product gross margin was 75.7%. Our non-GAAP operating margin was 9%, up 442 basis points year over year. We continue to focus on driving greater efficiency across the entire company while investing for growth. Non-GAAP adjusted free cash flow margin was 20%. As discussed on our last earnings call, we had several large customers purchase as they consumed in Q4. This booking behavior impacts the seasonality of our free cash flow. We expect this year to be more second-half weighted. As expected, both of these accounts signed $100 million-plus contracts in Q1. We view this variability in bookings as normal for our model. Our focus on new customer acquisitions is yielding positive results. We added 451 net new customers in Q1, growing 19% year over year. Turning to margins, in Q1, our non-GAAP product gross margin was 75.7%. Our non-GAAP operating margin was 9%, up 442 basis points year over year. We continue to focus on driving greater efficiency across the entire company while investing for growth. Non-GAAP adjusted free cash flow margin was 20%. As discussed on our last earnings call, we had several large customers purchase as they consumed in Q4. This booking behavior impacts the seasonality of our free cash flow. We expect this year to be more second-half weighted. As expected, both of these accounts signed $100 million-plus contracts in Q1. We view this variability in bookings as normal for our model. Our focus on new customer acquisitions is yielding positive results. We added 451 net new customers in Q1, growing 19% year over year. Turning to margins, in Q1, our non-GAAP product gross margin was 75.7%. Our non-GAAP operating margin was 9%, up 442 basis points year over year. We continue to focus on driving greater efficiency across the entire company while investing for growth. Non-GAAP adjusted free cash flow margin was 20%. As discussed on our last earnings call, we had several large customers purchase as they consumed in Q4. This booking behavior impacts the seasonality of our free cash flow. We expect this year to be more second-half weighted. As expected, both of these accounts signed $100 million-plus contracts in Q1. We view this variability in bookings as normal for our model. Our focus on new customer acquisitions is yielding positive results. We added 451 net new customers in Q1, growing 19% year over year. Turning to margins, in Q1, our non-GAAP product gross margin was 75.7%. Our non-GAAP operating margin was 9%, up 442 basis points year over year. We continue to focus on driving greater efficiency across the entire company while investing for growth. Non-GAAP adjusted free cash flow margin was 20%. As discussed on our last earnings call, we had several large customers purchase as they consumed in Q4. This booking behavior impacts the seasonality of our free cash flow. We expect this year to be more second-half weighted. In Q1, we used $491 million to repurchase 3.2 million shares at an average weighted price per share of $152.63. We still have $1.5 billion remaining on our authorization through March 2027. We ended the quarter with $4.9 billion in cash, cash equivalents, short-term and long-term investments. Now, moving to our outlook. We expect Q2 product revenue between $1.035 billion and $1.04 billion, representing 25% year-over-year growth. We expect Q2 non-GAAP operating margin of 8%. For FY2026, we are increasing our revenue guidance to $4.325 billion, representing 25% year-over-year growth. As always, we forecast based on observed customer behavior. We expect non-GAAP product gross margin of approximately 75%, non-GAAP operating margin of 8%, and non-GAAP adjusted free cash flow margin of 25%. Finally, we will host our investor day on June 3rd in San Francisco in conjunction with Snowflake Summit. If you are interested in attending, please email ir@snowflake.com. In Q1, we used $491 million to repurchase 3.2 million shares at an average weighted price per share of $152.63. We still have $1.5 billion remaining on our authorization through March 2027. We ended the quarter with $4.9 billion in cash, cash equivalents, short-term and long-term investments. Now, moving to our outlook. We expect Q2 product revenue between $1.035 billion and $1.04 billion, representing 25% year-over-year growth. We expect Q2 non-GAAP operating margin of 8%. For FY2026, we are increasing our revenue guidance to $4.325 billion, representing 25% year-over-year growth. As always, we forecast based on observed customer behavior. We expect non-GAAP product gross margin of approximately 75%, non-GAAP operating margin of 8%, and non-GAAP adjusted free cash flow margin of 25%. Finally, we will host our investor day on June 3rd in San Francisco in conjunction with Snowflake Summit. If you are interested in attending, please email ir@snowflake.com. In Q1, we used $491 million to repurchase 3.2 million shares at an average weighted price per share of $152.63. We still have $1.5 billion remaining on our authorization through March 2027. We ended the quarter with $4.9 billion in cash, cash equivalents, short-term and long-term investments. Now, moving to our outlook. We expect Q2 product revenue between $1.035 billion and $1.04 billion, representing 25% year-over-year growth. We expect Q2 non-GAAP operating margin of 8%. For FY2026, we are increasing our revenue guidance to $4.325 billion, representing 25% year-over-year growth. As always, we forecast based on observed customer behavior. We expect non-GAAP product gross margin of approximately 75%, non-GAAP operating margin of 8%, and non-GAAP adjusted free cash flow margin of 25%. Finally, we will host our investor day on June 3rd in San Francisco in conjunction with Snowflake Summit. If you are interested in attending, please email ir@snowflake.com. In Q1, we used $491 million to repurchase 3.2 million shares at an average weighted price per share of $152.63. We still have $1.5 billion remaining on our authorization through March 2027. We ended the quarter with $4.9 billion in cash, cash equivalents, short-term and long-term investments. Now, moving to our outlook. We expect Q2 product revenue between $1.035 billion and $1.04 billion, representing 25% year-over-year growth. We expect Q2 non-GAAP operating margin of 8%. For FY2026, we are increasing our revenue guidance to $4.325 billion, representing 25% year-over-year growth. As always, we forecast based on observed customer behavior. We expect non-GAAP product gross margin of approximately 75%, non-GAAP operating margin of 8%, and non-GAAP adjusted free cash flow margin of 25%. Finally, we will host our investor day on June 3rd in San Francisco in conjunction with Snowflake Summit. If you are interested in attending, please email ir@snowflake.com. In Q1, we used $491 million to repurchase 3.2 million shares at an average weighted price per share of $152.63. We still have $1.5 billion remaining on our authorization through March 2027. We ended the quarter with $4.9 billion in cash, cash equivalents, short-term and long-term investments. Now, moving to our outlook. We expect Q2 product revenue between $1.035 billion and $1.04 billion, representing 25% year-over-year growth. We expect Q2 non-GAAP operating margin of 8%. For FY2026, we are increasing our revenue guidance to $4.325 billion, representing 25% year-over-year growth. As always, we forecast based on observed customer behavior. We expect non-GAAP product gross margin of approximately 75%, non-GAAP operating margin of 8%, and non-GAAP adjusted free cash flow margin of 25%. Finally, we will host our investor day on June 3rd in San Francisco in conjunction with Snowflake Summit. If you are interested in attending, please email ir@snowflake.com. In Q1, we used $491 million to repurchase 3.2 million shares at an average weighted price per share of $152.63. We still have $1.5 billion remaining on our authorization through March 2027. We ended the quarter with $4.9 billion in cash, cash equivalents, short-term and long-term investments. Now, moving to our outlook. We expect Q2 product revenue between $1.035 billion and $1.04 billion, representing 25% year-over-year growth. We expect Q2 non-GAAP operating margin of 8%. For FY2026, we are increasing our revenue guidance to $4.325 billion, representing 25% year-over-year growth. As always, we forecast based on observed customer behavior. We expect non-GAAP product gross margin of approximately 75%, non-GAAP operating margin of 8%, and non-GAAP adjusted free cash flow margin of 25%. Finally, we will host our investor day on June 3rd in San Francisco in conjunction with Snowflake Summit. If you are interested in attending, please email ir@snowflake.com. In Q1, we used $491 million to repurchase 3.2 million shares at an average weighted price per share of $152.63. We still have $1.5 billion remaining on our authorization through March 2027. We ended the quarter with $4.9 billion in cash, cash equivalents, short-term and long-term investments. Now, moving to our outlook. We expect Q2 product revenue between $1.035 billion and $1.04 billion, representing 25% year-over-year growth. We expect Q2 non-GAAP operating margin of 8%. For FY2026, we are increasing our revenue guidance to $4.325 billion, representing 25% year-over-year growth. As always, we forecast based on observed customer behavior. We expect non-GAAP product gross margin of approximately 75%, non-GAAP operating margin of 8%, and non-GAAP adjusted free cash flow margin of 25%. Finally, we will host our investor day on June 3rd in San Francisco in conjunction with Snowflake Summit. If you are interested in attending, please email ir@snowflake.com. In Q1, we used $491 million to repurchase 3.2 million shares at an average weighted price per share of $152.63. We still have $1.5 billion remaining on our authorization through March 2027. We ended the quarter with $4.9 billion in cash, cash equivalents, short-term and long-term investments. Now, moving to our outlook. We expect Q2 product revenue between $1.035 billion and $1.04 billion, representing 25% year-over-year growth. We expect Q2 non-GAAP operating margin of 8%. For FY2026, we are increasing our revenue guidance to $4.325 billion, representing 25% year-over-year growth. As always, we forecast based on observed customer behavior. We expect non-GAAP product gross margin of approximately 75%, non-GAAP operating margin of 8%, and non-GAAP adjusted free cash flow margin of 25%. Finally, we will host our investor day on June 3rd in San Francisco in conjunction with Snowflake Summit. If you are interested in attending, please email ir@snowflake.com. In Q1, we used $491 million to repurchase 3.2 million shares at an average weighted price per share of $152.63. We still have $1.5 billion remaining on our authorization through March 2027. We ended the quarter with $4.9 billion in cash, cash equivalents, short-term and long-term investments. Now, moving to our outlook. We expect Q2 product revenue between $1.035 billion and $1.04 billion, representing 25% year-over-year growth. We expect Q2 non-GAAP operating margin of 8%. For FY2026, we are increasing our revenue guidance to $4.325 billion, representing 25% year-over-year growth. As always, we forecast based on observed customer behavior. We expect non-GAAP product gross margin of approximately 75%, non-GAAP operating margin of 8%, and non-GAAP adjusted free cash flow margin of 25%. Finally, we will host our investor day on June 3rd in San Francisco in conjunction with Snowflake Summit. If you are interested in attending, please email ir@snowflake.com. In Q1, we used $491 million to repurchase 3.2 million shares at an average weighted price per share of $152.63. We still have $1.5 billion remaining on our authorization through March 2027. We ended the quarter with $4.9 billion in cash, cash equivalents, short-term and long-term investments. Now, moving to our outlook. We expect Q2 product revenue between $1.035 billion and $1.04 billion, representing 25% year-over-year growth. We expect Q2 non-GAAP operating margin of 8%. For FY2026, we are increasing our revenue guidance to $4.325 billion, representing 25% year-over-year growth. As always, we forecast based on observed customer behavior. We expect non-GAAP product gross margin of approximately 75%, non-GAAP operating margin of 8%, and non-GAAP adjusted free cash flow margin of 25%. Finally, we will host our investor day on June 3rd in San Francisco in conjunction with Snowflake Summit. If you are interested in attending, please email ir@snowflake.com. In Q1, we used $491 million to repurchase 3.2 million shares at an average weighted price per share of $152.63. We still have $1.5 billion remaining on our authorization through March 2027. We ended the quarter with $4.9 billion in cash, cash equivalents, short-term and long-term investments. Now, moving to our outlook. We expect Q2 product revenue between $1.035 billion and $1.04 billion, representing 25% year-over-year growth. We expect Q2 non-GAAP operating margin of 8%. For FY2026, we are increasing our revenue guidance to $4.325 billion, representing 25% year-over-year growth. As always, we forecast based on observed customer behavior. We expect non-GAAP product gross margin of approximately 75%, non-GAAP operating margin of 8%, and non-GAAP adjusted free cash flow margin of 25%. Finally, we will host our investor day on June 3rd in San Francisco in conjunction with Snowflake Summit. If you are interested in attending, please email ir@snowflake.com. Before opening up the line for questions, I just wanted to update you on my transition, as mentioned on the Q4 conference call last quarter. We are in the process of interviewing many great candidates, and we will make an announcement in the future when we have more firm details to share. With that, operator, you can now open up the line for questions. Before opening up the line for questions, I just wanted to update you on my transition, as mentioned on the Q4 conference call last quarter. We are in the process of interviewing many great candidates, and we will make an announcement in the future when we have more firm details to share. With that, operator, you can now open up the line for questions. Before opening up the line for questions, I just wanted to update you on my transition, as mentioned on the Q4 conference call last quarter. We are in the process of interviewing many great candidates, and we will make an announcement in the future when we have more firm details to share. With that, operator, you can now open up the line for questions. If you would like to ask a question, please press Star followed by 1 on your telephone keypad. If for any reason you'd like to remove that question, please press Star followed by 2. Again, to ask a question, press Star 1. As a reminder, if you're using a speakerphone, please remember to pick up your handset before asking your question. We'll pause here briefly as questions are registered. First question is from the line of Keith Weiss with Morgan Stanley. Your line's now open. If you would like to ask a question, please press Star followed by 1 on your telephone keypad. If for any reason you'd like to remove that question, please press Star followed by 2. Again, to ask a question, press Star 1. As a reminder, if you're using a speakerphone, please remember to pick up your handset before asking your question. We'll pause here briefly as questions are registered. First question is from the line of Keith Weiss with Morgan Stanley. Your line's now open. If you would like to ask a question, please press Star followed by 1 on your telephone keypad. If for any reason you'd like to remove that question, please press Star followed by 2. Again, to ask a question, press Star 1. As a reminder, if you're using a speakerphone, please remember to pick up your handset before asking your question. We'll pause here briefly as questions are registered. First question is from the line of Keith Weiss with Morgan Stanley. Your line's now open. If you would like to ask a question, please press Star followed by 1 on your telephone keypad. If for any reason you'd like to remove that question, please press Star followed by 2. Again, to ask a question, press Star 1. As a reminder, if you're using a speakerphone, please remember to pick up your handset before asking your question. We'll pause here briefly as questions are registered. First question is from the line of Keith Weiss with Morgan Stanley. Your line's now open. If you would like to ask a question, please press Star followed by 1 on your telephone keypad. If for any reason you'd like to remove that question, please press Star followed by 2. Again, to ask a question, press Star 1. As a reminder, if you're using a speakerphone, please remember to pick up your handset before asking your question. We'll pause here briefly as questions are registered. First question is from the line of Keith Weiss with Morgan Stanley. Your line's now open. If you would like to ask a question, please press Star followed by 1 on your telephone keypad. If for any reason you'd like to remove that question, please press Star followed by 2. Again, to ask a question, press Star 1. As a reminder, if you're using a speakerphone, please remember to pick up your handset before asking your question. We'll pause here briefly as questions are registered. First question is from the line of Keith Weiss with Morgan Stanley. Your line's now open. If you would like to ask a question, please press Star followed by 1 on your telephone keypad. If for any reason you'd like to remove that question, please press Star followed by 2. Again, to ask a question, press Star 1. As a reminder, if you're using a speakerphone, please remember to pick up your handset before asking your question. We'll pause here briefly as questions are registered. First question is from the line of Keith Weiss with Morgan Stanley. Your line's now open. Thank you. This is Stanley Singh for Keith Weiss. Congrats on an outstanding Q1. Sridhar, I want to talk about some of the trend lines of the business, particularly around consumption as it progressed through the quarter. How was consumption sort of exiting the quarter and through the month of May? That's my first question that I had a follow-up. Thank you. This is Stanley Singh for Keith Weiss. Congrats on an outstanding Q1. Sridhar, I want to talk about some of the trend lines of the business, particularly around consumption as it progressed through the quarter. How was consumption sort of exiting the quarter and through the month of May? That's my first question that I had a follow-up. Thank you. This is Stanley Singh for Keith Weiss. Congrats on an outstanding Q1. Sridhar, I want to talk about some of the trend lines of the business, particularly around consumption as it progressed through the quarter. How was consumption sort of exiting the quarter and through the month of May? That's my first question that I had a follow-up. Thank you. This is Stanley Singh for Keith Weiss. Congrats on an outstanding Q1. Sridhar, I want to talk about some of the trend lines of the business, particularly around consumption as it progressed through the quarter. How was consumption sort of exiting the quarter and through the month of May? That's my first question that I had a follow-up. Thank you. This is Stanley Singh for Keith Weiss. Congrats on an outstanding Q1. Sridhar, I want to talk about some of the trend lines of the business, particularly around consumption as it progressed through the quarter. How was consumption sort of exiting the quarter and through the month of May? That's my first question that I had a follow-up. Thank you. This is Stanley Singh for Keith Weiss. Congrats on an outstanding Q1. Sridhar, I want to talk about some of the trend lines of the business, particularly around consumption as it progressed through the quarter. How was consumption sort of exiting the quarter and through the month of May? That's my first question that I had a follow-up. As you know, we don't comment on consumption within a quarter. Overall, Q1 consumption was very strong coming out of the holiday period. You see that in our results. Of course, Q1 had one less day compared to Q1 last year. Overall, we feel very good about where consumption is. I don't see, Satye, we just gave you guidance for the quarter, and that's based upon the customer behaviors we're seeing through today. Yeah, and that Q2 guide was very strong. As you know, we don't comment on consumption within a quarter. Overall, Q1 consumption was very strong coming out of the holiday period. You see that in our results. Of course, Q1 had one less day compared to Q1 last year. Overall, we feel very good about where consumption is. I don't see, Satye, we just gave you guidance for the quarter, and that's based upon the customer behaviors we're seeing through today. Yeah, and that Q2 guide was very strong. As you know, we don't comment on consumption within a quarter. Overall, Q1 consumption was very strong coming out of the holiday period. You see that in our results. Of course, Q1 had one less day compared to Q1 last year. Overall, we feel very good about where consumption is. I don't see, Satye, we just gave you guidance for the quarter, and that's based upon the customer behaviors we're seeing through today. Yeah, and that Q2 guide was very strong. As you know, we don't comment on consumption within a quarter. Overall, Q1 consumption was very strong coming out of the holiday period. You see that in our results. Of course, Q1 had one less day compared to Q1 last year. Overall, we feel very good about where consumption is. I don't see, Satye, we just gave you guidance for the quarter, and that's based upon the customer behaviors we're seeing through today. Yeah, and that Q2 guide was very strong. As you know, we don't comment on consumption within a quarter. Overall, Q1 consumption was very strong coming out of the holiday period. You see that in our results. Of course, Q1 had one less day compared to Q1 last year. Overall, we feel very good about where consumption is. I don't see, Satye, we just gave you guidance for the quarter, and that's based upon the customer behaviors we're seeing through today. Yeah, and that Q2 guide was very strong. As you know, we don't comment on consumption within a quarter. Overall, Q1 consumption was very strong coming out of the holiday period. You see that in our results. Of course, Q1 had one less day compared to Q1 last year. Overall, we feel very good about where consumption is. I don't see, Satye, we just gave you guidance for the quarter, and that's based upon the customer behaviors we're seeing through today. Yeah, and that Q2 guide was very strong. As you know, we don't comment on consumption within a quarter. Overall, Q1 consumption was very strong coming out of the holiday period. You see that in our results. Of course, Q1 had one less day compared to Q1 last year. Overall, we feel very good about where consumption is. I don't see, Satye, we just gave you guidance for the quarter, and that's based upon the customer behaviors we're seeing through today. Yeah, and that Q2 guide was very strong. I think there's a lot to take away from there. Then, Sridhar Ramaswamy, on the product front, you mentioned the adoption of Cortex continuing to build. I was wondering to see what are sort of the monetization trends associated with Cortex and to what extent are customers making commitments associated with Cortex in mind and driving that into their overall consumption of Snowflake. I would split that into a few parts, Satye. One is that it is very, very clear that people invest in Snowflake. People invest in data systems, not just for what they used to be able to do before, which is things like analytics and machine learning, but increasingly for what they will be able to do today and in the future. I think there's a lot to take away from there. Then, Sridhar Ramaswamy, on the product front, you mentioned the adoption of Cortex continuing to build. I was wondering to see what are sort of the monetization trends associated with Cortex and to what extent are customers making commitments associated with Cortex in mind and driving that into their overall consumption of Snowflake. I would split that into a few parts, Satye. One is that it is very, very clear that people invest in Snowflake. People invest in data systems, not just for what they used to be able to do before, which is things like analytics and machine learning, but increasingly for what they will be able to do today and in the future. I think there's a lot to take away from there. Then, Sridhar Ramaswamy, on the product front, you mentioned the adoption of Cortex continuing to build. I was wondering to see what are sort of the monetization trends associated with Cortex and to what extent are customers making commitments associated with Cortex in mind and driving that into their overall consumption of Snowflake. I would split that into a few parts, Satye. One is that it is very, very clear that people invest in Snowflake. People invest in data systems, not just for what they used to be able to do before, which is things like analytics and machine learning, but increasingly for what they will be able to do today and in the future. I think there's a lot to take away from there. Then, Sridhar Ramaswamy, on the product front, you mentioned the adoption of Cortex continuing to build. I was wondering to see what are sort of the monetization trends associated with Cortex and to what extent are customers making commitments associated with Cortex in mind and driving that into their overall consumption of Snowflake. I would split that into a few parts, Satye. One is that it is very, very clear that people invest in Snowflake. People invest in data systems, not just for what they used to be able to do before, which is things like analytics and machine learning, but increasingly for what they will be able to do today and in the future. I think there's a lot to take away from there. Then, Sridhar Ramaswamy, on the product front, you mentioned the adoption of Cortex continuing to build. I was wondering to see what are sort of the monetization trends associated with Cortex and to what extent are customers making commitments associated with Cortex in mind and driving that into their overall consumption of Snowflake. I would split that into a few parts, Satye. One is that it is very, very clear that people invest in Snowflake. People invest in data systems, not just for what they used to be able to do before, which is things like analytics and machine learning, but increasingly for what they will be able to do today and in the future. I think there's a lot to take away from there. Then, Sridhar Ramaswamy, on the product front, you mentioned the adoption of Cortex continuing to build. I was wondering to see what are sort of the monetization trends associated with Cortex and to what extent are customers making commitments associated with Cortex in mind and driving that into their overall consumption of Snowflake. I would split that into a few parts, Satye. One is that it is very, very clear that people invest in Snowflake. People invest in data systems, not just for what they used to be able to do before, which is things like analytics and machine learning, but increasingly for what they will be able to do today and in the future. Part of what I tell our customers is that by working with us, by bringing data into Snowflake, they are making their data, they're making their processes AI-ready, as it were. We have taken a very measured approach to how we have had our customers use AI. As you know, we don't sell AI separately. It's not a SKU. Customers are not signing up for contracts on AI, so it's on their existing spend. We focus a lot on use cases that deliver value today. I've talked about some of these examples. It's everything from being able to create chatbots on documents like we have created for our own internal enablement, or Siemens has created for all of the PDF manuals of their 150,000 devices, to putting business data directly into the hands of end users without needing analysts or BI tools in the mix. Part of what I tell our customers is that by working with us, by bringing data into Snowflake, they are making their data, they're making their processes AI-ready, as it were. We have taken a very measured approach to how we have had our customers use AI. As you know, we don't sell AI separately. It's not a SKU. Customers are not signing up for contracts on AI, so it's on their existing spend. We focus a lot on use cases that deliver value today. I've talked about some of these examples. It's everything from being able to create chatbots on documents like we have created for our own internal enablement, or Siemens has created for all of the PDF manuals of their 150,000 devices, to putting business data directly into the hands of end users without needing analysts or BI tools in the mix. Part of what I tell our customers is that by working with us, by bringing data into Snowflake, they are making their data, they're making their processes AI-ready, as it were. We have taken a very measured approach to how we have had our customers use AI. As you know, we don't sell AI separately. It's not a SKU. Customers are not signing up for contracts on AI, so it's on their existing spend. We focus a lot on use cases that deliver value today. I've talked about some of these examples. It's everything from being able to create chatbots on documents like we have created for our own internal enablement, or Siemens has created for all of the PDF manuals of their 150,000 devices, to putting business data directly into the hands of end users without needing analysts or BI tools in the mix. Part of what I tell our customers is that by working with us, by bringing data into Snowflake, they are making their data, they're making their processes AI-ready, as it were. We have taken a very measured approach to how we have had our customers use AI. As you know, we don't sell AI separately. It's not a SKU. Customers are not signing up for contracts on AI, so it's on their existing spend. We focus a lot on use cases that deliver value today. I've talked about some of these examples. It's everything from being able to create chatbots on documents like we have created for our own internal enablement, or Siemens has created for all of the PDF manuals of their 150,000 devices, to putting business data directly into the hands of end users without needing analysts or BI tools in the mix. Part of what I tell our customers is that by working with us, by bringing data into Snowflake, they are making their data, they're making their processes AI-ready, as it were. We have taken a very measured approach to how we have had our customers use AI. As you know, we don't sell AI separately. It's not a SKU. Customers are not signing up for contracts on AI, so it's on their existing spend. We focus a lot on use cases that deliver value today. I've talked about some of these examples. It's everything from being able to create chatbots on documents like we have created for our own internal enablement, or Siemens has created for all of the PDF manuals of their 150,000 devices, to putting business data directly into the hands of end users without needing analysts or BI tools in the mix. Part of what I tell our customers is that by working with us, by bringing data into Snowflake, they are making their data, they're making their processes AI-ready, as it were. We have taken a very measured approach to how we have had our customers use AI. As you know, we don't sell AI separately. It's not a SKU. Customers are not signing up for contracts on AI, so it's on their existing spend. We focus a lot on use cases that deliver value today. I've talked about some of these examples. It's everything from being able to create chatbots on documents like we have created for our own internal enablement, or Siemens has created for all of the PDF manuals of their 150,000 devices, to putting business data directly into the hands of end users without needing analysts or BI tools in the mix. Part of what I tell our customers is that by working with us, by bringing data into Snowflake, they are making their data, they're making their processes AI-ready, as it were. We have taken a very measured approach to how we have had our customers use AI. As you know, we don't sell AI separately. It's not a SKU. Customers are not signing up for contracts on AI, so it's on their existing spend. We focus a lot on use cases that deliver value today. I've talked about some of these examples. It's everything from being able to create chatbots on documents like we have created for our own internal enablement, or Siemens has created for all of the PDF manuals of their 150,000 devices, to putting business data directly into the hands of end users without needing analysts or BI tools in the mix. Part of what I tell our customers is that by working with us, by bringing data into Snowflake, they are making their data, they're making their processes AI-ready, as it were. We have taken a very measured approach to how we have had our customers use AI. As you know, we don't sell AI separately. It's not a SKU. Customers are not signing up for contracts on AI, so it's on their existing spend. We focus a lot on use cases that deliver value today. I've talked about some of these examples. It's everything from being able to create chatbots on documents like we have created for our own internal enablement, or Siemens has created for all of the PDF manuals of their 150,000 devices, to putting business data directly into the hands of end users without needing analysts or BI tools in the mix. We are beginning to see compound systems get adopted where you bring in more than one data source that can disambiguate between the kinds of questions that the user has, or multi-step flows where you take data from one source and use that to answer questions or do follow-ups from others. It is very graduated from that perspective. The overall point that I want to make is that every user of data, every CDO, including our own, now realizes that their data strategy, especially one with Snowflake, is a direct unlock for whatever they're going to do with AI, both today and several years down the road. In that sense, I think the roadmaps are emerging. It's not do AI separately on the side. It is more of invest in Snowflake to get your data house in gear and realize value from AI as you go along. We are beginning to see compound systems get adopted where you bring in more than one data source that can disambiguate between the kinds of questions that the user has, or multi-step flows where you take data from one source and use that to answer questions or do follow-ups from others. It is very graduated from that perspective. The overall point that I want to make is that every user of data, every CDO, including our own, now realizes that their data strategy, especially one with Snowflake, is a direct unlock for whatever they're going to do with AI, both today and several years down the road. In that sense, I think the roadmaps are emerging. It's not do AI separately on the side. It is more of invest in Snowflake to get your data house in gear and realize value from AI as you go along. We are beginning to see compound systems get adopted where you bring in more than one data source that can disambiguate between the kinds of questions that the user has, or multi-step flows where you take data from one source and use that to answer questions or do follow-ups from others. It is very graduated from that perspective. The overall point that I want to make is that every user of data, every CDO, including our own, now realizes that their data strategy, especially one with Snowflake, is a direct unlock for whatever they're going to do with AI, both today and several years down the road. In that sense, I think the roadmaps are emerging. It's not do AI separately on the side. It is more of invest in Snowflake to get your data house in gear and realize value from AI as you go along. We are beginning to see compound systems get adopted where you bring in more than one data source that can disambiguate between the kinds of questions that the user has, or multi-step flows where you take data from one source and use that to answer questions or do follow-ups from others. It is very graduated from that perspective. The overall point that I want to make is that every user of data, every CDO, including our own, now realizes that their data strategy, especially one with Snowflake, is a direct unlock for whatever they're going to do with AI, both today and several years down the road. In that sense, I think the roadmaps are emerging. It's not do AI separately on the side. It is more of invest in Snowflake to get your data house in gear and realize value from AI as you go along. We are beginning to see compound systems get adopted where you bring in more than one data source that can disambiguate between the kinds of questions that the user has, or multi-step flows where you take data from one source and use that to answer questions or do follow-ups from others. It is very graduated from that perspective. The overall point that I want to make is that every user of data, every CDO, including our own, now realizes that their data strategy, especially one with Snowflake, is a direct unlock for whatever they're going to do with AI, both today and several years down the road. In that sense, I think the roadmaps are emerging. It's not do AI separately on the side. It is more of invest in Snowflake to get your data house in gear and realize value from AI as you go along. We are beginning to see compound systems get adopted where you bring in more than one data source that can disambiguate between the kinds of questions that the user has, or multi-step flows where you take data from one source and use that to answer questions or do follow-ups from others. It is very graduated from that perspective. The overall point that I want to make is that every user of data, every CDO, including our own, now realizes that their data strategy, especially one with Snowflake, is a direct unlock for whatever they're going to do with AI, both today and several years down the road. In that sense, I think the roadmaps are emerging. It's not do AI separately on the side. It is more of invest in Snowflake to get your data house in gear and realize value from AI as you go along. Awesome. Appreciate the thoughts. Thank you for your question. Next question is from the line of Kirk Materne with Evercore ISI. Can you want to have that open? Yeah. Thanks very much. And congrats on a nice start to the year. Sridhar, I was wondering if you could just dive in a little bit on the comment around Snowpark and Dynamic Tables outperforming. I was just curious, and I'm sure it's a bit of both, how much is just the product maturation and sort of the readiness for customers to take those on versus some of the things you guys have done on the go-to-market side over the last year in terms of enablement and sales enablement with those products? Thanks. Good question. It's clearly going to be both. You need great products that drive utilities. In addition to those features that you mentioned, Snowpark and Dynamic Tables, I would say that our investments in things like Iceberg also vastly increased the scope of the kinds of things that our customers can do with the data. Similarly, Snowflake Connectors is then going to make more and more data available for these data engineering tools as well as analytics. This is why Christian and I stress the end-to-end data lifecycle a lot. Our motto often is we want to be there from injection to insight when it comes to data. Having said that, we have hired, in addition to my amazing leaders in sales, that are in charge of driving these more specialized motions. Yes, not everybody in the Snowflake sales team is going to become an expert on our AI products or the latest advancements in Snowflake Connectors out of the box. We have a specialist motion that is very targeted, that identifies the highest value use cases that our customers have, pioneers implementations for them so that they can be used as a template to be repeated in other places and increasingly with our GSI partners. You need to be able to do both. You need great products that create value, but then a go-to-market team that can enunciate the value and do the hard work of both establishing the flagship customers and then driving sales across the sales teams. Great. Thank you all. See you in a couple of weeks. Thank you for your question. Next question is from the line of Raimo Lenschow with Barclays. You'll want to have that open. Hey, perfect. Sridhar, if you're looking at Snowpark and adoption there, how do you see this playing out at the moment and maybe more in the future in terms of going wall-to-wall with one vendor versus kind of having different pockets of data that are sitting in your system versus kind of other systems? How do you see what are you seeing there at the moment, and how do you think that will evolve? First of all, I think one of the things that is making us successful, us Snowflake as a company, is our acknowledgment and willingness to work with customers that have complex data ecosystems. It's always going to be just actually true that there are on-prem legacy systems in most large customers or that there are large data estates that are sitting in cloud storage. I think what is unique about this moment is that customers are a little unhappy about needing to stitch together many different tools in order to achieve even relatively simple things. If you think about it, if you in your company wanted to build a chatbot on a corpus sitting in SharePoint, it is rather painful if you have to use four different tools in order to produce that. At the end of it, you will not even have your governance right because you have to go reinvent it. Part of what we want to be able to do for cases like that is have Snowflake Connectors point to the SharePoint repository. If there is any augmentation or transformation of the data that is needed, you get that done, for example, with Snowpark, and then you create an index with Cortex Search and hook it up to a chatbot. I think we will continue to see specialist players that exist, and we partner with them, and we value our partnerships with them. There are also a number of use cases that are ripe for effectively ease of use and consolidation. That is the thing that we are leaning into. Anything to add, Christian? Maybe super quickly, the other investment that we made is around Iceberg, which also creates the opportunity for customers to have an open architecture and be able to mix and match technologies as they see fit. Yep. Okay. Perfect. One quick one for Mike. Obviously, it was very good, opportunistic on the share buyback side this quarter. How do you think about that traction there for the rest of the year now that shares are starting to look better? Thank you. We will continue to evaluate share buyback on a quarterly basis, and we have no plans right now. We've been more opportunistic in terms of the buyback, but we do fully anticipate between now and 2027, we will utilize that. Okay. Thank you. Thank you for your question. Next question is from the line of Karl Keirstead with UBS. Your line's now open. Okay. Great. Thanks. Mike, in the comments from you and Sridhar, there was really no mention of macro per se and no evidence in the numbers that you guys really saw much pressure. You certainly did back in 2022, 2023. I'm just curious, Mike, how you would draw a contrast. Is it that a lot of the post-COVID optimization efforts are now largely behind you? Snowflake just in a better place in terms of the product portfolio or maybe just the degree of macro pressure, the wobbliness we've all seen in the last couple of months is just not as severe as you had to deal with in that post-COVID downturn. Some contrast might be helpful. Thank you. I would say coming out of COVID, I think it was very different. In that environment, we had a lot of digitally native, well-funded startups that were spending crazy and were not really focused on cost as much. Our customer base has really evolved into some of the largest companies in the world that are much more mature, that are much more cost-focused. I am not seeing any big optimizations planned within our customers like what we saw coming out of COVID with those. I will remind you, our customers are constantly optimizing. That may be a little bit, but they're always looking to do things more efficiently, and that will continue. I would say in terms of the macro right now, we really have not seen the impact of anything with the current, all the news on tariffs and other things today. I think if we would have seen that, we would have seen it in the number of new customers. We had a great new customer add, and we had great additions to our PO with this confidence. That shows the confidence our customers have on making big bets with Snowflake. The only small comment I'll add is that this is something that our sales team practices as well, which is to make sure that whenever a use case gets implemented, that they actually take the trouble to tidy things up and make sure that things are optimized. Because our sales team has learned, thanks to 2022 and 2023, that inefficient spend from customers inevitably leads to a contraction later anyway. We are better off making sure that it is always efficient spend. Okay. Thanks. Maybe as a follow-up to Mike, Mike, did Snowflake have any exposure to any of the larger AI natives that on the margin might have given you a little extra oomph this quarter? Nothing extraordinary. We do have a number of the AI companies that are customers, but none of them are, they're all less than 1% of our revenue. Okay. Thank you. Thank you for your question. Next question is from the line of Mark Murphy with JPMorgan. Can you want to have that open? Yeah. Congrats on the great execution, Mike. Even if we were expecting a strong start to the year in terms of the hiring in sales and marketing, I don't think we would have pictured this many hires. It's a very big number. Can you speak to that dynamic and just whether are you hiring into a pipeline that is strengthening around Cortex or Snowpark or some other opportunity that you see opening up? What I would say, Mark, it's just our confidence we have in the business. And it's not just AI, it's everything that we're seeing in Snowflake. As you know, Q1 is always our biggest hiring from a sales and marketing perspective because we try to get those people on board at the beginning of the year so they can be part of our sales kickoff and all of our sales and enablement that we do with the employees in the beginning of the year with all the new features and stuff. I would not read that much other than the confidence we see in our business. As you know, we talked about we're still really looking for operational excellence, and we are constantly looking at productivity of people. We will add people, and we will stop adding if we do not see productivity pay off with those people. Okay. Understood. Sridhar, can you speak to the federal government opportunity because you had touched on it in your comments? Do you think the DOGE is going to run through this initial process of eliminating wasteful spend and then maybe pivot back toward issuing some new RFPs? You've got the right certifications. I'm just curious if you think some agencies might be moving off legacy on-prem data warehouses and maybe be moving some of that onto Snowflake a little later in the year. This is an active topic of conversation with many departments in the government. I think I was in DC a few weeks ago, met with a number of folks, and there is both an increasing awareness of what Snowflake can do, the fact that we have very low operational overhead figures prominently. There's also a little bit of an attitude change where they're very much focused on how do we make sure that our data infrastructure is run efficiently. There's also a desire for things like cross-department sharing of data because that just leads to more efficiency. We'll have more to say on this topic. Mike, our new CFO, is certainly actively looking at this area as well. We are optimistic, and hopefully, we'll have more to say about this in the coming quarters. Thank you. Thank you for your question. Next question is from the line of Kash Rangan with Goldman Sachs. Your line's now open. Hi. Thank you very much. It's really heartening to see the positive shift in the narrative, the strategic positioning, and the execution and handling of everything. Good to see that. Two things still regardless, I mean, although you're approaching $4 billion run rate and growing 26%-27%, which is remarkable. If I could take the liberty of poking at the NER, 124 is good. Not many companies even reach that number at your scale if they reach your scale. You have had 135 new products launched most recent quarter. Scarpelli will be quick to point out that the NER metric is more of a 24-month training metric, which I completely appreciate. Why wouldn't and why shouldn't NER be better given the tail effect of new product production, landing customers at record pace? To Mike's point, the yield of enterprise customers is higher quality. You got AI, which did not exist in 2022, volatility which should play to your advantage. Anything on that front and anything that your new CRO could do to land that number as good as it is, even higher? I have a very quick follow-up question. Thank you so much. What I would say on that is a number of our newer customers that are not in that cohort are contributing to our growth beyond what the NRR is. There was one of our large customers that grew so much last year. This year, they're still doing very well, but they did not grow as much this year. That is really the dynamics. It is those newer customers coupled with that. Once again, over time, NRR and revenue growth rate will converge as we become a more mature company. Got it. Maybe one for you, thank you, Mike. Good to hear your voice. One for you, Sridhar. When you look at what is happening with the hyperscalers, I mean, Microsoft certainly talked about Fabric yesterday. Safiya was on at Build. Certainly seemed to be making a lot of progress. The idea of data Fabric at scale, truly open to enable AI agentic architecture is a thing that's not lost on the big guys. Where does it leave Snowflake? What is going to be the one or two or three things that the Snowflake platform will do better so you can build your vision towards being a 10+ billion revenue company? That's it for me. Thank you. Just like the hyperscalers are formidable, they are amazing both from an engineering execution and business perspective. They also work with Anthropic and OpenAI because they are among the best model makers in the world. Similarly, we are very uniquely positioned in terms of being the excellent data platform that there is. We have also learned how cooperating really leads to a better outcome, whether it is with AWS, which is our biggest partner, or more and more with Azure. There are many customers where Azure plus Snowflake is just a better outcome for everybody that is involved. We have deep partnerships between the team. I think it was six, seven months ago that we announced, for example, that from Snowflake, you could read tables that are in OneLake. We are also actively talking to them about OneLake being the data layer for Snowflake that is at the bottom. We also collaborate with them at the top where we have things like Cortex Analyst and Cortex Agents be available as components in Office Copilot, for example. We very much take this approach of finding customers, for example, who are on a modernization routine or who want to get value, AI value from data and figure out how we can work together. Yes, there is competition, but I think there are more cases than not where we are very, very effectively working together. It is on the uptick, especially with Azure. That will be huge. Thank you so much. Thank you for your question. Next question is from the line of Matthew Hedberg with RBC. Can you want to have that open? Hey, guys. This is Mike Richardson from Matt. Thanks for taking the question and congrats on the results here. You have clearly made great progress on the product front here, but I am just curious how you feel about the maturity of the go-to-market motion to support your AI developments. That is it for me. Thanks. I am actually even more pleased with how we have been able to seize the AI opportunity. I've spoken to you folks previously about how we created what we then called the AI Ninjas, which were a group of solution engineers that were deeply versed with our AI products that could be very close to our sales teams around the globe. Just the excitement that our sales team feels about AI, but more importantly, their ability to drive AI use cases at scale to both pitch the vision, but also run POCs for them, win them, and get them into production. That's been a pretty remarkable transformation for us. We are now in the process of making this kind of specialized knowledge available to more and more of the sales team. I think it is this combination of specialist teams that know more about a sophisticated area like AI, again, doing the initial work, but having more of the team participate in it. That's been hugely positive for us. We apply similar techniques in data engineering. Though with data engineering, I would say it's much closer to the knowledge and skill set of more of our sellers. In some sense, it's more natural to them. AI is doing exceptionally well as well. We have assembled a team of both specialist sellers in AI, but also specialist technical experts that are driving change across the whole sales organization. That, combined with an increasing understanding of what it takes to drive great use cases in general, not just in AI and data engineering, but also across other areas like analytics, really heralds a new era of data-driven go-to-market, which I'm very, very happy about. Thank you for your question. Next question is from the line of Brad Zelnick with Deutsche Bank. Can you want to have that open? Great. Thanks so much. Congrats on a good start to the year. Sridhar, as we think I just want to follow up on Kirk's question. As we think about Snowpark adoption from here, beyond capturing maybe the Spark jobs where data was moving off platform, can you talk about success that you're seeing in penetrating more of the media data science use cases and any anecdotal evidence that you're winning over the data science crowd? Maybe the impact that notebooks are having would be great. Thanks. Yeah. I'll start the answer, Christian. Christian can add on. Our notebooks are doing very well. Several thousand customers are actively using them. There is increasing ability, for example, to train larger and larger machine learning models. As you folks know, the world has made enormous amounts of progress on the basis of machine learning, even though AI is all the hotness these days. When it comes to many, many interesting use cases, for example, next best action prediction, which the likes of Hilton do, or how to route guests to the right next ride, which customers like Disney do, these are all things that we have gained increasing market share around. Notebooks continue to expand. We continue to add product capabilities for training bigger, better, faster models on machines running in container services. These tend to be more technical in terms of the kind of people that are involved, the implementations that happen, but definitely appealing to the developers, the data scientists. That sort of product-led motion is something that is going on pretty well. Christian? Yeah. One quick addition is Snowpark is a collection of libraries and capabilities that help customers do a variety of activities. We see lots of people leveraging it for unstructured data processing, which is a core part of what we're doing. As Sridhar said, we're making more unstructured data available to customers. Snowpark for extracting structure and signal and doing traditional ML on unstructured data is a common use case we're seeing. Thank you. Maybe just a quick follow-up, Mike. Guidance implies a robust ramp through the remainder of the year. I think we all see the pace of innovation. Excited for what's to come at Summit. What, if anything, would you call out that underpins your confidence? Things we might not be thinking about or any key assumptions worth calling out. Thank you. I would just say, as I said, guidance is based upon the observed behavior we see within our customers, coupled with we spend a lot of time, we have for the last five quarters now, on really identifying new workloads going to production. We have a pretty good visibility of those. We're very close with our customers. We know we're doing migrations are moving nicely. We announced we've made SnowConvert available to all of our customers and partners. We're seeing an uptick in the amount of usage around that. That's what gives us the confidence in the guide that we gave. Great to hear. Thanks again. Thank you for your question. Next question is from the line of Brent Thill with Jefferies. Can you want to have that open? This is Zoe Yenon for Brent Thill. Thanks for taking the question. With features like Cortex Analyst and Cortex Agents that can help users to write more efficient queries, are you seeing more query optimization as Cortex AI adoption picks up? What's been a net impact on usage so far in terms of net new queries and query optimization? Thanks. With things like Cortex Analyst, if anything, the end users are a step removed from writing the writing SQL queries. He uses a semantic model to aid in figuring out the intent of the user query and then auto-generate the SQL promise. Certainly, we've made available Copilot-like features both for what we call worksheets, which is where people write SQL or Python, but also inside notebooks. To be honest with you, I think there is a huge amount of innovation that is coming there, some of which we will show at Summit. The bar for people being able to write code now are modern developer platforms like Cursor and GitHub Copilot and others, which can massively increase productivity in terms of the volume of queries that can be written, as well as the amount of work that can be done. While we do not have concrete measurements of this leads to X percent more queries, we are very happy about being able to help our customers write queries faster or write code faster and be able to debug it faster as well. Yeah. We have said in these calls and other forums that our preference or our goal is to make sure that customers are optimized all the time. I think none of us like to go and spend money and then optimize and go ups and downs. We put a lot of effort in technology. Some of the Cortex examples that you have are part of that. Query insights, cost insights, governance insights, all of it is part of how we help customers be in a better optimized state all along. Thank you for your question. Next question is from the line of Patrick Colville with Scotiabank. Can you want to have that open? Hi. Thank you so much for taking my question. I guess my one's for Sridhar. Last year, the Arctic LLM was launched. My question is, how important are first-party foundation models to Snowflake's strategy as of today? Is there a slight pivot more to kind of partnering with third-party foundation models? I've said this before. I think the business of training truly large foundation models has gotten to be a very expensive proposition. We have an amazing team of AI researchers, but they tend to focus more on things like post-training. We have published blogs, for example, about how we can be much more efficient, much more correct at generating SQL queries by using post-training techniques. This makes Cortex Analyst better. I think, at least for now, the era of us training, let's call it frontier foundation models, is not something that we are actively looking at. The research team continues to do amazing work, as I said, in post-training, but also in areas like inference optimization, which has a huge impact on latency. It has a huge impact on margins in AI. We continue to have a robust presence in the area. We work with partners. Meta is a big partner. We were a day-one launch partner for the Llama 4 model that came out. We actively collaborate with Anthropic, with OpenAI, Mistral, Reka, lots of model providers. The one fun thing I'll add is that in the area of embedding models, these are small, unsung heroes, but they are the models that essentially produce fingerprints of documents that you want to index for chatbots, for example. We have world-class embedding models that we have open-source. We have to be optimistic about where we can create value because we simply can't afford to spend the billions of dollars that it takes to be a frontier research lab today. Crystal clear. Thank you, Sridhar. Can I just squeeze in a follow-on for Mike? I mean, the bottom line is clearly less of a focus when you're growing the top line 26% with the possibility to re-accelerate in the back half of the fiscal year. One key operating margin was strong. Nonetheless, the fiscal year margin was left unchanged, as was the fiscal year free cash flow margin target. I guess, what were the puts and takes there as to why leave those targets unchanged? What I would say is in Q2 is when we have a big user event, and that's a very expensive event summit that we operate. That typically has an impact on our operating margin in Q2, and that's factored in. We'll just continue to revise our forecast for the year on a quarterly basis going forward. I actually think that we are being pretty thoughtful when it comes to expanding our operating margin. It was 4% in Q1 last year. It's 9% Q1 this year. This is part of the benefit of practicing what we preach around AI. We spend a lot of time figuring out how engineers can be more productive with AI, how we can get more work done. Similarly, in the sales team, we want to automate many of the tasks that our sales team does not like to do anyway so that they can be more productive in front of sellers. We feel that we are in quite a bit of a Goldilocks moment where we can continue to grow revenue very strongly while continuing to be very efficient when it comes to operating margin and free cash flow. Thank you for your question. Next question is from the line of Alex Zukin with Wolfe Research. Can you want to have that open? Hey, guys. Thanks for taking my question. Maybe just a high-level one first for you, Sridhar or Mike. I guess, again, it seems like what we're seeing, what we're hearing from you is the demand environment's really unchanged, untouched by all the macro headlines. You're seeing new product adoption ahead of expectations. Maybe just the first one, are you seeing a change? Is this being driven by any kind of identifiable AI tailwinds? Y ou're seeing a change with how customers are either investing in their AI stack with Snowflake or building agents specifically. They're building more on data rather than just focusing on the models. Maybe just help us understand and conceptualize the AI tailwind or your place within these AI budgets that a lot of your large customers clearly are making those bets. As I was saying earlier, I think more and more people have internalized that to be good at AI, your data needs to be in here. What we have done on our side is to create the product, whether it's a semantic model that sits very close to the data, usable by anyone, mind you, not just by Snowflake, but also products like Cortex Analyst that can actually unlock the value of that data, both for immediate use, like a chatbot on a specific data set, but much more importantly, for use in an agentic workflow. More and more of our conversations can now focus on what creates value from a business perspective. AI for Snowflake, rather than being this additional thing that we do, in some ways becomes the natural end state for what investing well in data means. Of course, we are using AI ourselves, both within the company, but also in different aspects of the product. We talked about code generation and notebooks being accelerated by Cursor-like experiences. On the other hand, we made SnowConvert, our conversion tool, free so that anyone could use them. We are bringing agentic workflows into SnowConvert so that people can do things like testing with synthetic data far sooner than what they would have done in a traditional waterfall-style migration. I'd say it's a combination of all of these trends that are driving Snowflake forward. Excellent. Maybe just as a follow-up, maybe for you or for Christian, there's been a lot of excitement that we've sensed around Gen 2 and particularly the performance improvements that your customers are seeing. I guess, maybe just touch on, is this potentially leading to unlocking new use cases around the capabilities introduced? How should we think about the potential for some of these new functions as they percolate in the platform? Y eah. Christian here. The best way to think about Gen 2 is our latest and greatest compute environment. What we've done is we've combined the latest hardware instances that we can get from the cloud providers, which are often faster but also more expensive, with a good number of software optimizations and improvements that we have. At the end of the day, it's part of our eternal ongoing promise to customers to always deliver the best price performance in the market. Some of the benchmarks that we have on Gen 2 are completely phenomenal, relative both to Snowflake's AI a year ago but also to many of the competitive platforms out there. Think of it as price performance, which continues to correlate to time to insight and time to value. It's a material step forward. Perfect. Thank you, guys. Congrats. Thank you for your question. Next question is from the line of Joel Fishbein with Truist. Can you want to have that open? Thanks for taking the question. Mike, you mentioned earlier on the call you had the strongest new logo quarter, which was fantastic. Just a question around that. Are you seeing is this a result of better, stronger execution and strategic focus? Or are you seeing a more favorable win rates in a competitive environment? Just as a follow-up to that is, of those $200 million deals, can you just tell us which verticals they were in? Thanks. On the $100 million deals, they were both in the financial services vertical. What I would say on the number of new customers, this is not a result of something we put in place this quarter. We started last year with really breaking out an acquisition team that is just focused on new logos. We are seeing the benefits of the groundwork that we put in place last year. We are pleased with the results. I think we have a very good leader there. We are replicating what we were doing in North America and EMEA as well, too. We are pleased with the number of new logos that we have added. It is a big focus of ours. Thank you. Thank you for your question. Next question is from the line of Brad Reback with Stifel. Can you want to have that open? Great. Thanks very much. Last quarter, Mike, you talked about some changes to the Salesforce comp plan as related to bookings and commits, not just consumption. Maybe an update on how that's tracking and if that had any impact on the strong bookings in the quarter? Yeah. Obviously, I think it helped. The real strong booking for those two big deals that we knew were going to come in, I would say, I think, in general, salespeople are happy with having a bookings component. Still, the principal driver is consumption revenue. As a reminder, we paid on bookings a step last year. It's not like we weren't doing it last year. We just are giving them a quota now for bookings as well, too. I think it's going to take some time to see the real fruits of that change, whether that worked or not. I'm pleased for Q1. I think we had a very solid Q1. It definitely helped. That's great. And then just a quick one, getting into the weeds a little bit. CapEx was up a bunch to a fairly high number. Was there one-time items there, or is this the new level? No. The CapEx was really associated with our new headquarters in San Mateo, as I spoke about previously. We signed a new lease in a Menlo Park office. There was a fair bit of CapEx that went into that, as well as in Bellevue. I talked about that before, too. That just opened this week, that office. There was a fair bit of CapEx that went into that as well, too. I'm not expecting any major office build-outs the next couple of years, actually, now. Perfect. Thank you. Thank you for your question. Next question is from the line of Tyler Radke with Citi. Can you want to have that open? Yeah. Thanks for taking the question here. Mike, you talked about some strength in technology customers in the quarter. I was wondering if you could double-click on that. What are you seeing specifically among kind of larger AI-native customers in terms of their consumption? It's good. As I called out before, we have a number of AI companies, and they're still less than 1%, in our opinion. Okay. Great. The follow-up question I had was for Sridhar. We recently saw Databricks acquire Neon, which was a company that Snowflake Ventures had invested in. I'm just curious if we can get an update on your strategy around Unistore and just sort of your view on the positioning of some of these serverless Postgres databases that are out there in the market. We believed in transactional systems for a while. This is why we got to work on Unistore five years ago. Unistore, the product, is doing very well. Postgres, as a standard, is nothing to be sussed at. And it's adopted widely. We are pretty happy with what we have invested in terms of transactional stores so far. We will continue to invest in the area because it's a very natural addition to what we do. Okay. Thank you. Thank you for your question. There are no additional questions waiting at this time. I'll pass the call back to Sridhar for any closing remarks. Thank you. In closing, Snowflake is at the center of today's enterprise AI revolution. Our focus on making Snowflake easy to use, connected to enable fluid access to data wherever it sits, and trusted for enterprise-grade performance is what makes us differentiated and beloved by our customers. We are committed to supporting them through their end-to-end data journey from inception to insights. Our product revenue growth and strong outlook for FY26 demonstrate our continued ability to execute at scale. Our pace of innovation, coupled with our ability to bring products to market quickly, is driving high growth. We are committed to maintaining that momentum. We believe Snowflake's long-term profile is one that showcases durable, high growth, and continued margin expansion. It is an exciting time for our company. I look forward to sharing more of our progress in the quarters ahead. Thank you all for joining us. That concludes the call. Thank you for joining. You may now disconnect.