MARKETPLACE (cont’d) METRIC DEFINITION GMV (Gross Merchandise Value) Total sales dollar volume of merchandise transacted in a given period NET REVENUE The portion of GMV that the company recognizes as revenue for services rendered NET REVENUE CMGR Implied compounded monthly net revenue growth rate between two disparate months [CMGR = (latest (Compound Monthly Growth Rate) month net revenue / first month net revenue) ^ (1 / # of months) -1] USER RETENTION Percent of customers who go on to make at least one purchase in month 2 (note: this is a cohort metric) PAID CAC Cost per customer acquired through paid marketing channels (total sales and marketing spend in a given month / total customers acquired via paid channels, including via sales, in a given month) 15