Personally, I think of companies as hierarchical equations where inputs at one level are outputs of the next.

E.g., for a subscription co:
– Revenue = Users * LTV
– LTV = Conversion * Retention * ARPPU
– Retention = D1 * W1 * M1 …
…

Eventually you get to ownable metrics.

— Rob Dearborn (@RobDearborn) February 19, 2022