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      "text": "Billings Terms: Typically Upfront. Snowflake typically bills customers annually in advance for their capacity contracts. Some customers consume on-demand and/or are billed in-arrears. Pros: Bookings represent contractual minimum, Variable consumption creates upside for renewal cycle. Consider: Payment terms are evolving.",
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      "text": "Pricing Model: Consumption. The platform is priced based on consumption of compute, storage, and data transfer resources. Pros: Customers don't pay for shelf-ware. Consider: Performance improvements inherently reduce customer cost.",
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      "text": "Revenue Recognition: Consumption. Snowflake recognizes the substantial majority of its revenue as customers consume the platform. Pros: Enables faster growth, Aligned with customer value, Aligned with usage-based costs. Consider: Revenue is variable based on customers' usage.",
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