Snowflake’s Net Revenue Retention Rate (2020 – 2022)

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This statistic highlights Snowflake’s Net Retention Rate, reported on a quarterly basis from Q3 2020 onwards.
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This statistic highlights Snowflake’s Net Retention Rate, reported on a quarterly basis from Q3 2020 onwards.

Understanding Net Revenue Retention Rate

Rise in use of the company’s platform by current clients is a key indicator of any company’s health and future development potential. To quantify this growth, Snowflake looks at their dollar-based net revenue retention rate. For starters, it’s an important metric to measure consumer satisfaction. Also, a high net revenue retention rate (above 100%) indicates consistent and scalable business development.

To compute this statistic,

  • We first select a measurement period that includes the two years preceding the end of our current period.
  • The population of customers with capacity who used the platform at any time during the first month of the measurement period contracts and  is thus defined as our measurement cohort.
  • Then by dividing the product revenue from this cohort in the second year of the measurement period by our product revenue from this cohort in the first year of the measurement period, we get the net revenue retention rate.

Snowflake’s Net Revenue Retention Rate 

Item Q3 2020 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
Net Revenue Retention Rate (%) 189 158 162 168 168 169

(All figures in percentages)

The company had 186 Fortune 500 companies as clients as of January 31, 2021. For the fiscal year ending January 31, 2021, such customers provided around 27% of revenue. Snowflake’s go-to-market strategy focuses on obtaining new clients and encouraging existing customers to stay on our platform. Customers frequently increase their usage of the platform as they learn about its benefits, as indicated by their net revenue retention rate of 168% as of January 31, 2021.

The net revenue retention rate grew significantly for the three months ending on July 31, 2019, as a consequence of a big business customer’s increasing usage of the company’s platform.

Recent Trends and Forecasts 

The company’s net revenue retention rate is expected to decline over time as customers who have used their platform for a long time make up a larger percentage of both their overall customer base and the product revenue used to calculate net revenue retention rate, and as their consumption growth is primarily based on existing use cases rather than new use cases.

As evidenced by their net revenue retention rate of 168% as of January 31, 2021, product revenue increased $301.6 million for the fiscal year ended January 31, 2021 compared to the fiscal year ended January 31, 2020. This was primarily due to increased consumption of our platform by existing customers.

About the Company:

Snowflake Inc. (Snowflake or the Company) is a cloud-based data platform that allows companies to consolidate data in order to get valuable business insights, develop data-driven applications, and share data. The Company’s platform is delivered through a customer-centric, consumption-based business model, with clients only being charged for the resources they consume. Snowflake customers, partners, data producers, and data consumers may use the company’s platform to break down data silos and gain value from fast growing data volumes in a secure, regulated, and compliant way in the Data Cloud.

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