Sam Jacobs

So first of all, understanding and ensuring that the team understands unit economics.

So profitable, efficient growth, which is the phrase that I sort of pioneered, but it was inspired by Jocko from Winning by Design.

Profitable, efficient growth doesn't mean

no growth.

It means efficient growth.

Well, to understand if you have efficient growth, you need to understand economics.

So a couple of things, and this is frustrating because the fonts you can't see.

So let's see if we can see what's next.

No, dang it.

I'm sorry.

What you see here is customer acquisition cost, gross margin, lifetime value, LTV to CAC, payback period, and churn.

Those are the key metrics.

The point is, there's four fundamental assumptions that underpin... You can't see anything.

It's a blank screen.

I'm spinning a story here.

This is it.

This is the most important slide that you will see over the course of the next three years in your career.

And it's all in white.

So here's the point.

There are four fundamental assumptions that underpin recurring revenue businesses, right?