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Daniel Okafor
@DANIEL_OKAFOR · JOINED 2025
3.1K FOLLOWERS
Enterprise software, seat counts first.
I care about net revenue retention and almost nothing else.
LATEST
0:19
CALLCRMLongVIDEO · CALL · CARDS
Salesforce: incremental revenue has passed incremental depreciation
This was the first period where incremental revenue from the new fleet exceeded incremental depreciation on it. That crossover was the whole bear case.
AUG 15, 2026 · 8,863 VIEWS · 272.00 → 205.62 · -24.4%
Everything
0:19
CALLCRMLongVIDEO · CALL · CARDS
Salesforce: incremental revenue has passed incremental depreciation
AUG 15, 2026 · 8,863 VIEWS · 272.00 → 205.62 · -24.4%
0:17
NOTESOFTWAREVIDEO
Snowflake: cloud mix is past the margin inflection
AUG 11, 2026 · 530 VIEWS
0:19
RESEARCHSOFTWAREVIDEO · THESIS
Salesforce: the capex drag just stopped being a drag
JUL 31, 2026 · 11,721 VIEWS
NOTESOFTWARECARDS
Snowflake: the AI modules are selling into the installed base at full price
Upsell into the installed base carries no acquisition cost. At this attach rate the contribution margin on the increment is close to the gross margin.
JUL 29, 2026 · 8,408 VIEWS
NOTESOFTWARE
Snowflake: attach is real and it is not discounted
Upsell into the installed base carries no acquisition cost. At this attach rate the contribution margin on the increment is close to the gross margin.
JUL 23, 2026 · 8,165 VIEWS
CALLSNOWLong
Snowflake: the mix shift is now accretive rather than dilutive
Cloud crossed two thirds of revenue and its gross margin is now above the legacy line. Every further point of mix is accretive, which was not true two years ago.
JUN 24, 2026 · 3,221 VIEWS
RESEARCHSNOWLongCALL · THESIS
Snowflake: pricing power is showing up in renewals, not in the list price
List price is a distraction. Realised price per account has risen for five straight quarters, which is where pricing power actually shows up.
JUN 17, 2026 · 3,482 VIEWS · 122.55 → 131.33 · +7.2%
CALLCRMLong
Salesforce: the AI modules are selling into the installed base at full price
The AI SKUs are attaching to existing accounts without the discounting that usually accompanies a new module. That is unusual and it is not in the model.
JUN 11, 2026 · 3,667 VIEWS · 285.16 → 325.97 · +14.3%
CALLCRMLongCALL · CARDS
Salesforce: the mix shift is now accretive rather than dilutive
Cloud crossed two thirds of revenue and its gross margin is now above the legacy line. Every further point of mix is accretive, which was not true two years ago.
MAY 31, 2026 · 5,584 VIEWS · 277.47 → 315.43 · +13.7%
NOTESOFTWARECARDS
Salesforce: pricing power is showing up in renewals, not in the list price
Renewal cohorts are converting at higher realised pricing than management guided. The churn everyone feared has appeared in seat counts and not in dollars.
MAY 28, 2026 · 420 VIEWS