【正文】 ting how the retention curves might look, we prefer to measure 12 month and 24 month LTV.　　Another important calculation here is LTV as it contributes to margin. This is important because a revenue or gross margin LTV suggests a higher upper limit on what you can spend on customer acquisition. Contribution Margin LTV to CAC ratio is also a good measure to determine CAC payback and manage your advertising and marketing spend accordingly.　　　第七、 （Gross Merchandise Value (GMV) vs. Revenue）　　這是非常傳統(tǒng)的電商和交易平臺指標(biāo)，在撮合交易平臺上適用。因此，在計算LTV時所使用的假設(shè)應(yīng)該是基于業(yè)務(wù)實(shí)際情況進(jìn)行的謹(jǐn)慎且合理的推斷?！　τ诔鮿?chuàng)企業(yè)，LTV的主要用途是用于衡量公司(特別是SaaS公司)市場支出的有效性并用以決定是否需要進(jìn)入加速擴(kuò)大市場支出的階段。另外，對特定市場渠道加大投入可能會引起該渠道paid CAC的變化，其變化情況和背后的原因可能非常重要。來自不同渠道的用戶所對應(yīng)的CAC可能是不同的?！　AC是獲取單個新用戶所需花費(fèi)的全部成本。通常而言，會以單個用戶的平均ACV對銷售能力和用戶的接受度進(jìn)行分析。　　通常，制造業(yè)的毛利率會偏低，而軟件、快消品行業(yè)的毛利率保守的講也至少在60%以上?！　∶麧櫍剩┖饬苛酥鳡I業(yè)務(wù)在發(fā)生期間費(fèi)用之前的銷售獲利水平?！　?）MRR（月度經(jīng)常性收入）是以月度為頻率的經(jīng)常性收入，它是對SaaS公司進(jìn)行業(yè)務(wù)分析時的重要指標(biāo)。　　A16Z的投資人在此提出了三個經(jīng)常性收入指標(biāo)：　　1）ARR（年度經(jīng)常性收入）是做業(yè)務(wù)分析時最基本的經(jīng)常性收入指標(biāo)，它是名副其實(shí)的“主營業(yè)務(wù)收入”。　　A mon mistake is to use bookings and revenue interchangeably, but they aren’t the same thing.　　Bookings is the value of a contract between the pany and the customer. It reflects a contractual obligation on the part of the customer to pay the pany.　　Revenue is recognized when the service is actually provided or ratably over the life of the subscription agreement. How and when revenue is recognized is governed by GAAP.　　Letters of intent and verbal agreements are neither revenue nor bookings.　　第二、（Recurring Revenue vs. Total Revenue）　　Recurring的字面意思是“重復(fù)出現(xiàn)的”，我們可以將其理解為由日常業(yè)務(wù)產(chǎn)生的經(jīng)常性收入?？词杖氲慕^對值和增長率是投資人最初要看的數(shù)字之一。按照會計語言的定義，收入是指企業(yè)在日?；顒又兴纬傻?、會導(dǎo)致所有者權(quán)益增加的、非所有者投入資本的經(jīng)濟(jì)利益的總流入。在一個會計期間（通常為一年）里跟誰簽了銷售合同，合同的簽約金額是多大，公司會拿個小本本記錄（book）下來。兩者的區(qū)別非常清楚，不可混淆?！　∵@里，“使用者”基本上指的是（潛在）投資人和創(chuàng)業(yè)公司的管理層?！　∮幸痪湓捳f的好：You can’t manage what you don’t measure.　　我們看到各種各樣的初創(chuàng)企業(yè)，似乎大家都拿到了錢而且活的不錯。A16Z是世界知名的頂級風(fēng)投公司，Skype, Facebook, Instagram, Twitter, Foursquare, Pinterest, Airbnb, Zynga, GitHub, Jawbone, Lyft, Oculus, Slack, Zenefit等等都是其被投企業(yè)。16個經(jīng)營指標(biāo)避免掉坑摘要：財務(wù)指標(biāo)并不是做判斷時的決定性因素，但的確是重要的投資標(biāo)的質(zhì)量對比指標(biāo)。A16Z的合伙人之一Andreessen Horowitz是暢銷書《創(chuàng)業(yè)維艱》一書的作者。但，真實(shí)情況是怎樣的？　　其實(shí)需要回答的問題是：如何衡量一家初創(chuàng)企業(yè)的真實(shí)情況？　　一篇文章很難說清楚這件事，我們只能粗略說一下用來衡量真實(shí)情況可能會用到的工具?！　e have the privilege of meeting with thousands of entrepreneurs every year, and in the course of those discussions are presented with all kinds of numbers, measures, and metrics that illustrate the promise and health of a particular pany. Sometimes, however, the metrics may not be the best gauge of what’s actually happening in the business, or people may use different definitions of the same metric in a way that makes it hard to understand the health of the business.　　So, while some of this may be obvious to many of you who live and breathe these metrics all day long, we piled a list of the most mon or confusing ones. Where appropriate, we tried to add some notes on why investors focus on those metrics. Ultimately, though, good metrics aren’t about raising money from VCs — they’re about running the business in a way where founders know how and why certain things are working (or not) … and can address or adjust accordingly.　　　第一部分：業(yè)務(wù)與財務(wù)指標(biāo)　　對于多數(shù)早期創(chuàng)業(yè)公司而言，財務(wù)指標(biāo)并不是做判斷時的決定性因素，但的確是重要的投資標(biāo)的質(zhì)量對比指標(biāo)。財務(wù)數(shù)字是在會計的語言體系下對公司過去業(yè)務(wù)成果進(jìn)行的描述。在把這些簽約金額累加在一起之后就構(gòu)成了本年度公司記錄的新簽約合同金額（bookings）。一般而言，收入只有在經(jīng)濟(jì)利益很可能流入從而導(dǎo)致企業(yè)資產(chǎn)增加或者負(fù)債減少，且經(jīng)濟(jì)利益的流入額能夠可靠計量時才能予以確認(rèn)。這個指標(biāo)本身有其內(nèi)涵，但在一開始只能起到一個過濾器的作用，對于變現(xiàn)模式清晰的公司，如果收入表現(xiàn)不達(dá)標(biāo)是很少會有人會繼續(xù)分析的。這個財務(wù)指標(biāo)衡量的是一家公司的常規(guī)業(yè)務(wù)創(chuàng)造經(jīng)濟(jì)利益流入的能力?！　?）ARR per customer（單個用戶ARR）衡量的是從單個用戶身上獲取的年度經(jīng)常性收入。需要注意的地方有，不要把非經(jīng)常性收入算進(jìn)來；不要把合同金額當(dāng)成收入?！　≡诖_定毛利潤的過程中，最重要的是需要把銷售成本的組成部分拎清楚?！　?shí)際上，投資人在進(jìn)行財務(wù)指標(biāo)衡量時未必是嚴(yán)格按照會計規(guī)定進(jìn)行項目調(diào)整的，行業(yè)慣例及其所反映的經(jīng)濟(jì)實(shí)質(zhì)才是做報表調(diào)整背后的原因。這是SaaS業(yè)務(wù)的常用分析指標(biāo)?！　∑溆嬎愎綖椋篊AC=銷售費(fèi)用總額/期間新增用戶數(shù)。另外，因?yàn)榭倳幸徊糠钟脩羰亲约赫疫^來而不是通過你的市場投入吸引過來的，這一類用戶不可以進(jìn)入CAC計算公式的分母項?！　ustomer acquisition cost or CAC should be the full cost of acquiring users, stated on a per user basis. Unfortunately, CAC metrics e in all shapes and sizes.　　One mon problem with CAC metrics is failing to include all the costs incurred in user acquisition such as referral fees, credits, or discounts. Another mon problem is to calculate CAC as a “blended” cost (including users acquired organically) rather than isolating users acquired through “paid” marketing. While blended CAC [total acquisition cost / total new customers acquired across all channels] isn’t wrong, it doesn’t inform how well your paid