Snowflake: the renewal cohort is converting above plan

List price is a distraction. Realised price per account has risen for five straight quarters, which is where pricing power actually shows up.

Elena Petrova@elena_petrova

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Discussion · 6

Omri ShakedAUG 21

Thanks for showing the workings. The cohort split is the detail that everyone leaves out. Would you underwrite this without the catalyst date?

Dana KatzAUG 21

Been on the sidelines on this one. The point about conversion rather than demand is the right one. Would you underwrite this without the catalyst date?

Dana KatzAUG 21

This is the second-order point everyone skips. The contract structure matters more than the headline rate. Interested in what the kill switch looks like in practice.

Sam WhitfieldAUG 21

This is the second-order point everyone skips. The installed base argument is stronger than the cycle argument here. Would you underwrite this without the catalyst date?

Omri ShakedAUG 21

Thanks for showing the workings. The comp table did more work for me than the narrative did. What is the base rate on this kind of setup working?

Ines FerreiraAUG 21

I think the setup matters more than the thesis here. The point about conversion rather than demand is the right one. Any view on how the read-across affects the rest of the group?

SNOWLong

Open

Entry$128.26

NowPending

30d horizon

PositionNo position

Compensation

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This is research, not financial advice. Calls lock at publish and are graded by the market; they can be and often are wrong. Do your own research and consider your own circumstances before acting.