漫天的我飘落在枫叶上雪花上_揭开雪花的神秘面纱，史上最大的软件IPO

漫天的我飘落在枫叶上雪花上

重点(Top highlight)

股票行情(The Ticker)

Welcome to The Ticker, a series that examines everything you need to know about companies going public.

欢迎来到The Ticker ，该系列调查了您需要了解的有关公司上市的所有信息。

One week ago, Snowflake made history. Debuting on the New York Stock Exchange, the data warehousing company became the largest software company to IPO in the U.S., ever. Initially expected to price shares between $75 and $85, the company went public at $120, catapulting up to $300 in its first day of trading. That broke another record: Snowflake became the largest company to ever double in value on its opening day, reaching a market cap of close to $75 billion.

ØNE一周前，雪花创造了历史。 数据仓库公司在纽约证券交易所首次亮相，成为有史以来美国最大的IPO软件公司。 最初，该公司预计其股价将在75美元至85美元之间，该公司的发行价为120美元，上市首日就飙升至300美元。 那又打破了另一个纪录：雪花成为上市首日市值翻倍的最大公司，市值接近750亿美元。

Reasonably enough, this startling performance has been used as further evidence that the market has lost its mind. A searing hot summer that sent Vroom, Lemonade, BigCommerce, and other IPOs soaring appears to be transforming into an unseasonably balmy autumn.

雷亚小号onably不够，这惊人的性能已被用作进一步的证据表明， 市场有失去了理智。 炎热的夏天使Vroom，Lemonade，BigCommerce和其他IPO飙升，似乎正在转变为一个不合季节的宜人的秋天。

How else do you explain an unprofitable company with 60% gross margins trading at about 75x the revenue it might earn a year from now?

您还如何解释一家毛利率为60％的无利公司，该公司的利润约为从现在开始每年可能获得的收入的75倍？

Despite the rather remarkable multiples, there are reasons for optimism. They’re explored in detail in our longer report on the company, but outlined below are the three reasons Snowflake is here to stay, along with one note of caution.

尽管市盈率相当高，但仍有理由感到乐观。 我们在有关该公司的更长的报告中对它们进行了详细的探讨，但以下概述了Snowflake留下的三个原因以及一个注意事项。

Before enumerating Snowflake’s merits and weaknesses, it’s worth explaining what the company does.

在列举Snowflake的优缺点之前，值得解释一下公司的工作。

Historically, a lot of company data has been stored on-premises. That means data is stored on physical servers managed by a company. Incumbents like Oracle and IBM have traditionally dominated the space.

历史上，许多公司数据已存储在本地。 这意味着数据存储在公司管理的物理服务器上。 传统上，像Oracle和IBM这样的老牌公司主导着这个领域。

Snowflake is fundamentally different. Rather than help store data on-premises, Snowflake helps companies warehouse it in the cloud. Even more critically, Snowflake makes that data queryable, meaning that it’s easier for businesses to pull insights from the data stored.

雪花根本不同。 Snowflake可以帮助公司将其存储在云中，而不是帮助在内部存储数据。 更关键的是，Snowflake使该数据可查询，这意味着企业更容易从存储的数据中获取见解。

This is considered one of Snowflake’s key innovations: separating storage (where the data is held) from computing (the act of querying). By offering this service before Google, Amazon, and Microsoft had equivalent products of their own, Snowflake was able to attract customers, and build market share in the data warehousing space.

这被认为是Snowflake的关键创新之一：将存储(保存数据的地方)与计算(查询的行为)分开。 通过在Google，Amazon和Microsoft拥有自己的同类产品之前提供此服务，Snowflake能够吸引客户，并在数据仓库领域中建立市场份额。

它具有良好的市场动态 (It has favorable market dynamics)

Snowflake’s total addressable market is massive. The company pegs it at $81 billion, though it may be larger than that. The International Data Corporation calculated that $88 billion in revenue was generated from global data storage in 2018, a figure expected to reach about $176 billion by 2023. The data warehousing market — Snowflake’s space — was considerably smaller but growing well. Estimated at $13 billion in 2018, the market is predicted to reach $30 billion by 2025, a 12% compound annual growth rate. As new devices and software programs increase the amount of data generated, demand for sophisticated warehousing solutions like Snowflake’s is likely to increase.

Snowflake的整个潜在市场很大。 该公司将其固定在810亿美元，尽管可能会更大。 国际数据公司(International Data Corporation)计算出，2018年全球数据存储产生880亿美元的收入，这一数字预计到2023年将达到约1,760亿美元。数据仓库市场(Snowflake的空间)虽然规模较小，但增长良好。 该市场在2018年估计为130亿美元，预计到2025年将达到300亿美元，复合年增长率为12％。 随着新设备和软件程序增加生成的数据量，对诸如Snowflake的复杂仓储解决方案的需求可能会增加。

Critically, Snowflake’s market is fragmented. Datanyze estimates that the largest player in the space, Business Warehouse from SAP, holds just around 15% of the market. They’re followed by Apache Hive (11%) and Snowflake (10%). To continue growing, Snowflake does not need to topple a behemoth that holds majority share, they simply need to hold off rivals and pick off smaller players.

至关重要的是，雪花的市场是分散的。 Datanyze估计，该领域最大的参与者，SAP的Business Warehouse，仅占有大约15％的市场。 其次是Apache Hive(占11％)和Snowflake(占10％)。 要继续增长，雪花无需推翻拥有多数股份的庞然大物，他们只需要与竞争对手抗衡并挑选规模较小的玩家。

它有一个专业的首席执行官 (It has a specialist CEO)

Unlike many of tech’s success stories, Snowflake is not run by the founders. Started by three database engineers in 2012 in conjunction with Sutter Hill Ventures (SHV), a secretive VC firm, Snowflake is currently helmed by software veteran, Frank Slootman.

与许多高科技的成功故事不同，Snowflake不是由创始人经营的。 Snowflake由三位数据库工程师于2012年与秘密的VC公司Sutter Hill Ventures(SHV)共同创立，目前由软件资深人士Frank Slootman掌舵。

Though Snowflake certainly appears to have been well-run prior to Slootman’s 2019 appointment — Mike Speiser, partner at SHV, served as the company’s first CEO before turning the reins over to Microsoft stalwart, Bob Muglia — the outspoken Dutchman is a proven quantity.

尽管Snowflake在Slootman于2019年被任命之前似乎表现良好，但SHV的合伙人Mike Speiser曾担任公司的第一任首席执行官，然后才将权力交给微软坚定的鲍勃·穆格利亚(Bob Muglia)–直言不讳的荷兰人已被证明是可靠的人选。

Prior to taking over at Snowflake, Slootman ran Data Domain and ServiceNow as an outside CEO. Both tenures can be considered incredibly successful. Data Domain was little more than a startup when Slootman joined, employing just 20 people. He guided the company to $1 billion in sales before brokering a $2.4 billion acquisition to EMC. He oversaw similarly remarkable growth at ServiceNow: From 2011 to 2017, revenue grew from $75 million to $1.5 billion.

在接管Snowflake之前，Slootman担任Data Domain和ServiceNow的外部首席执行官。 这两个任期都可以被认为是非常成功的。 Slootman加盟时，只有20名员工，Data Domain只是一家初创公司。 他指导该公司实现10亿美元的销售额，然后促成以24亿美元的价格收购EMC。 他监督了ServiceNow的类似显着增长：从2011年到2017年，收入从7500万美元增长到15亿美元。

If Snowflake is to mature into its valuation, it will need to maintain its breakout trajectory, growing revenue. In Frank Slootman, the company has someone who has done it twice before.

如果Snowflake要使其估值趋于成熟，则将需要保持其突破轨迹，从而增加收入。 在Frank Slootman，该公司有一位曾经做过两次的人。

它的增长惊人 (Its growth is stunning)

An incredible start to life as a public company should not distract from Snowflake’s remarkable story to date. The company has executed nearly flawlessly since inception, scaling revenue, winning top-tier customers, and expanding with them.

作为一家上市公司，令人难以置信的人生开始不应分散雪花迄今为止的非凡故事。 自成立以来，公司几乎完美地执行了业务，扩大了收入，赢得了顶级客户，并与他们一起扩展。

Revenue grew 173% over the last fiscal year, increasing from $96.7 million to $264 million. In the six months ending July 31, 2020, Snowflake logged $241 million, an annual run rate of $482 million. That represented an increase of 132% from the same period the year prior.

收入在上一财年增长了173％，从9,670万美元增至2.64亿美元。 截至2020年7月31日的六个月中，Snowflake录得2.41亿美元，年运营额为4.82亿美元。 与去年同期相比增长了132％。

Just as impressively, Snowflake has shown the ability to retain its customer base. Net revenue retention over six months in 2020 reached 158%, indicating an increase in customer spend of 58% over the same period the year prior, accounting for churn. This is the second-best net dollar retention among public SaaS companies, exceeding that of Datadog (146%), Slack (138%), and Slootman’s old roost, ServiceNow (~130%). Snowflake’s customer base also spans several sectors and boasts big names, including Office Depot, McKesson, Nielsen, DoorDash, Instacart, and Rent the Runway. Capital One is Snowflake’s biggest customer, accounting for 11% of Snowflake’s revenue in the past fiscal year.

同样令人印象深刻的是，Snowflake已显示出保留其客户群的能力。 2020年六个月的净收入保留率达到了158％，表明客户支出比去年同期增长了58％，造成了客户流失。 这是SaaS上市公司中净美元保留率第二高的数据，超过了Datadog(146％)，Slack(138％)和Slootman的老巢ServiceNow(〜130％)。 Snowflake的客户群也跨越多个领域，并拥有知名度，包括Office Depot，McKesson，Nielsen，DoorDash，Instacart和Rent the Runway。 Capital One是Snowflake的最大客户，在上一财政年度占Snowflake收入的11％ 。

与巨人作战 (It’s battling giants)

Competition provides some reason for circumspection. While Snowflake is operating in a fragmented market, they’re rubbing shoulders with some of the world’s largest companies, including Amazon, Google, and Microsoft. While Snowflake has benefited from a first-mover advantage, the Big Three are catching up, offering equivalent platforms.

竞争提供了一些谨慎的理由。 尽管Snowflake在分散的市场中运营，但它们与包括亚马逊，谷歌和微软在内的一些全球最大公司并肩作战。 尽管Snowflake已从先行者优势中受益，但三大巨头正在追赶，提供了等效的平台。

What makes matters worse is that Snowflake is reliant on these competitors for data storage. To date, the company has managed to prosper by being a sort of “Switzerland,” playing nicely with the Big Three’s offerings, meaning that customers don’t have to use just one. As more companies operate complex “multicloud” offerings, neutrality can be an advantage. But that may not always be possible. There are no identifiable barriers that prevent the Big Three from muscling in on Snowflake’s market share, and given their technical talent and funding, Snowflake is vulnerable. To that end, investors may want to keep a particularly close eye on Snowflake’s market share.

更糟糕的是，Snowflake依靠这些竞争对手进行数据存储。 迄今为止，该公司已经成功地发展成为“瑞士”，与三巨头的产品打成一片，这意味着客户不必只使用其中的一个。 随着越来越多的公司使用复杂的“多云”产品，中立性将成为一种优势。 但这并非总是可能的。 没有可识别的障碍可以阻止三巨头进入雪花的市场份额，并且鉴于其技术才能和资金，雪花很脆弱。 为此，投资者可能希望密切关注Snowflake的市场份额。

Snowflake has only just begun its time as a public company — we will get a much better sense of its staying power over the next six to 12 months. Despite strong competitive pressure, an excellent management team, favorable market dynamics, and an exceptional track record suggest that Snowflake may be much more than a flash in the pan. It may be a truly generational business.

Snowflake刚刚起步，是一家上市公司-我们将在未来6到12个月内更好地了解其持久力。 尽管面临强大的竞争压力，但出色的管理团队，良好的市场动态以及出色的往绩记录表明，Snowflake可能不仅仅只是一时兴起。 这可能是真正的世代业务。

翻译自: https://marker.medium.com/demystifying-snowflake-the-biggest-software-ipo-in-history-61e57c476289

漫天的我飘落在枫叶上雪花上