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  "documentTitle": "2020 Q3FY21 Investor Presentation",
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      "kind": "callout",
      "text": "Billings reflect the timing of the cash flows negotiated with our customers.",
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      "text": "Billings: Why it's less relevant: Billings reflect the timing of the cash flows negotiated with our customers. We have customers who may negotiate to pay upfront and others in installments, but the key metrics are how customers utilize the product (Revenue) and the commitments they make to lock into Snowflake (RPO). Evolving billing terms (annual, quarterly, monthly in arrears).",
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      "text": "Remaining Performance Obligations (RPO): Why it matters: Represents contracted future revenue not yet recognized. What is and isn't reflected: + Deferred revenue. + Committed unbilled backlog. - On-demand arrangements and certain time and material contracts billed in arrears.",
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      "text": "Product Revenue: Why it matters: Substantial majority of our revenue. Customers have flexibility in timing of consumption. What is and isn't reflected: + Contracted capacity consumed including excess in period and rollover from prior periods. + On-demand capacity consumed. - Contracted customers who have yet to consume.",
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