Yum. How do you think about projecting LTV? And to what extent is this a source of disagreement between founder and VC? An answer I hear frequently is that “my old cohorts with ~12–18 months history are trending to and LTV of X but my new cohorts with 1–3 months data are trending to an LTV of 5X.” If that is true, the business is working brilliantly. But really hard to make a decision based on an extrapolation from M1 or M3 about retention/LTV at M24.