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This chart shows Snowflake’s Total Number of Customers, including its Customers with trailing twelve month product revenue greater than $1 million, reported on a quarterly basis.
The following table highlights Snowflake’s Total Number of Customers for Q2 2021, Q1 2022 & Q2 2022:
|Breakdown||Q3 2021||Q2 2022||Q3 2022|
|Customers with trailing 12-month product revenue>$1 million||65||116||148|
Customers with Trailing 12-Month Product Revenue > $1 Million
Snowflake counts the number of customers under capacity arrangements that contributed more than $1 million in product revenue in the trailing 12 months. This was done as a measure to scale with their customers and attract large enterprises to their platform.
Compared with smaller customers, large customers present a greater opportunity for Snowflake to sell additional capacity because these customers have larger budgets, a wider range of potential use cases, and greater potential for migrating new workloads to Snowflake’s platform over time. Large customer relationships lead to scale and operating leverage in their business model. This customer count is adjusted for consolidations, acquisitions, spin-offs, and other market activities.
On a QoQ basis, the customer count under this category increased by 32, which is a 27% increase. Even on a YoY basis, there was an increase of 83, which is a 127% growth.
At the end of each period, Snowflake counts the total number of customers. For purposes of determining their customer count, they treat each customer account with a different count. Those accounts having end-customers under a reseller arrangement, that have at least one corresponding capacity contract are treated as unique customers. However, a single organization with multiple divisions, segments, or subsidiaries may be counted as multiple customers. Even here, customer count is adjusted for consolidations, acquisitions, spin-offs, and other market activities. The customers that use the platform only under on-demand arrangements are not included in this count.
Snowflake’s platform is used globally by a broad range of industries and has been adopted by many organizations for their cloud and data transformation initiatives. As of January 31, 2021, their total customers included 186 of the Fortune 500, based on the 2020 Fortune 500 list. These customers contributed approximately 27% of their total revenue for the fiscal year ended January 31, 2021.
It is to be noted that, this statistic is really important, as the number of customers is an essential indicator of the growth of any business and future revenue trends. On a QoQ basis, there was an increase of 8.5% in the total customer count. Even on a YoY basis, the total customer count increased by more than 52%.
About the Company
Snowflake Inc. delivers a data cloud ecosystem where its customers, partners, data providers, and data consumers can break down data silos and derive value from rapidly growing data sets in secure, governed, and compliant ways. It is listed on the NYSE with the stock ticker SNOW.
Snowflake’s platform is an innovative technology that enables customers to consolidate data to drive meaningful business insights, build data-driven applications, and share data. They provide their platform through a customer-centric, consumption-based business model, wherein customers are charged only for the resources they use.
In September 2020, Snowflake completed its IPO in which it issued and sold 32,200,000 shares of its Class A common stock at $120.00 per share. They received net proceeds of $3700 million after deducting underwriting discounts. Salesforce Ventures LLC and Berkshire Hathaway Inc. each purchased 2,083,333 shares of the Class A common stock at $120.00 per share. Also under the terms of their amended and restated certificate of incorporation, on March 1, 2021, all shares of then-outstanding Class B common stock were automatically converted into the equivalent number of common stock of Class A shares.
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