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  "documentTitle": "2025 Q2FY26 Investor Presentation",
  "authorId": "Snowflake",
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  "notes": "The slide explains why the company prioritizes Product Revenue and RPO over Billings due to the nature of consumption-based revenue.",
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      "kind": "callout",
      "text": "Variable payment terms mean Billings are not necessarily indicative of future consumption patterns.",
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      "text": "Book, Bill, Consume cycle with connecting logic boxes",
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      "kind": "paragraph",
      "text": "Product Revenue: Product Revenue is the leading indicator of growth. Remaining Performance Obligations (RPO): RPO represents contracted future revenue not yet recognized. Billings: Variable payment terms mean Billings are not necessarily indicative of future consumption patterns.",
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      "text": "1. See definitions provided in the Appendix.",
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      "text": "We Focus on Product Revenue and RPO",
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      "arcName": "The Sequoia Pitch",
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