【正文】 利率會(huì)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?！　hile topline bookings growth is super important, investors want to understand how profitable that revenue stream is. Gross profit provides that measure.　　What’s included in gross profit may vary by pany, but in general all costs associated with the manufacturing, delivery, and support of a product/service should be included.　　So be prepared to break down what’s included in — and excluded — from that gross profit figure.　　第四、（Total Contract Value (TCV) vs. Annual Contract Value (ACV)）　　合同總價(jià)值（TCV），指的是一份商業(yè)合同的簽約金額，無論合同的服務(wù)期限是一個(gè)月、幾個(gè)月或長于一年。通常而言，會(huì)以單個(gè)用戶的平均ACV對(duì)銷售能力和用戶的接受度進(jìn)行分析?！　⌒枰赋龅氖?，對(duì)ACV的分析不能離開下文提到的CAC（獲客成本）分析，這兩者結(jié)合在一起才能看出業(yè)務(wù)的優(yōu)劣。　　CAC是獲取單個(gè)新用戶所需花費(fèi)的全部成本。　　在確定CAC時(shí)，總體上要遵循謹(jǐn)慎性原則：　　首先，需要遵循完整性原則把在經(jīng)濟(jì)實(shí)質(zhì)上歸屬于獲取新客戶的所有費(fèi)用都包括進(jìn)來（銷售行為中的打折、返點(diǎn)都屬于此類）。來自不同渠道的用戶所對(duì)應(yīng)的CAC可能是不同的。　　所以，嚴(yán)格意義上的CAC是所謂的paid CAC，即，通過付出市場費(fèi)用而獲取的用戶所對(duì)應(yīng)的CAC。另外，對(duì)特定市場渠道加大投入可能會(huì)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。現(xiàn)值是一個(gè)財(cái)務(wù)管理上的概念，簡單的講，未來的錢沒有現(xiàn)在的錢值錢，所以，折現(xiàn)就是要把未來經(jīng)濟(jì)利益的面值折算成為現(xiàn)在的價(jià)值。　　對(duì)于初創(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?！　∨cLTV相關(guān)的因素主要有：ARPU（平均單個(gè)用戶收入）、用戶流失率（其倒數(shù)為用戶生命周期）、服務(wù)單個(gè)用戶成本、CAC（獲客成本）。因此，在計(jì)算LTV時(shí)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。這就造成大家所使用的假設(shè)可能不同，假設(shè)的合理性與否就要看各自的職業(yè)判斷能力了?！　ifetime value is the present value of the future net profit from the customer over the duration of the relationship. It helps determine the longterm value of the customer and how much net value you generate per customer after accounting for customer acquisition costs (CAC).　　A mon mistake is to estimate the LTV as a present value of revenue or even gross margin of the customer instead of calculating it as net profit of the customer over the life of the relationship.　　Reminder, here’s a way to calculate LTV:　　Revenue per customer (per month) = average order value multiplied by the number of orders.　　Contribution margin per customer (per month) = revenue from customer minus variable costs associated with a customer. Variable costs include selling, administrative and any operational costs associated with serving the customer.　　Avg. life span of customer (in months) = 1 / by your monthly churn.　　LTV = Contribution margin from customer multiplied by the average lifespan of customer.　　Note, if you have only few months of data, the conservative way to measure LTV is to look at historical value to date. Rather than predicting average life span and estimating 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(tái)指標(biāo)，在撮合交易平臺(tái)上適用。它說明了交易平臺(tái)對(duì)流量的吸納能力。　　In marketplace businesses, these are frequently used interchangeably. But GMV does not equal revenue!　　GMV (gross merchandise volume) is the total sales dollar volume of merchandise transacting through the marketplace in a specific period. It’s the real top line, what the consumer side of the marketplace is spending. It is a useful measure of the size of the marketplace and can be useful as a “current run rate” measure based on annualizing the most recent month or quarter.　　Revenue is the portion of GMV that the marketplace “takes”. Revenue consists of the various fees that the marketplace gets for providing its services。根據(jù)會(huì)計(jì)準(zhǔn)則，公司不得把尚未履行的服務(wù)所產(chǎn)生的經(jīng)濟(jì)流入確認(rèn)為收入項(xiàng)目。因此公司財(cái)務(wù)必須把這部分提前收到的款項(xiàng)作為對(duì)客戶的負(fù)債記錄在資產(chǎn)負(fù)債表上?！　illing的意思是開收據(jù)，在公司在收到客戶預(yù)付款項(xiàng)時(shí)需要開具收據(jù)并記錄，當(dāng)相應(yīng)的款項(xiàng)符合收入確認(rèn)條件時(shí)向客戶開具發(fā)票?！　‘?dāng)期Billing這個(gè)數(shù)字所代表的是公司從用戶那里收到的全部現(xiàn)金金額?！　n a SaaS business, this is the cash you collect at the time of the booking in advance of when the revenues will actually be realized.　　As we’ve shared previously, SaaS panies only get to recognize revenue over the term of the deal as the service is delivered — even if a customer signs a huge upfront deal. So in most cases, that “booking” goes onto the balance sheet in a liability line item called deferred revenue. (Because the balance sheet has to “balance,” the corresponding entry on the assets side of the balance sheet is “cash” if the customer prepaid for the service or “accounts re