> ## Documentation Index
> Fetch the complete documentation index at: https://docs.upstackdata.com/llms.txt
> Use this file to discover all available pages before exploring further.

# New Customer CM4: First-Order Operating Profit

> Track New Customer CM4 for your Shopify store. Measure operating profit from first-time buyers.

<Tip>
  New Customer CM4 measures the operating profit from first-time buyers—CM3 minus agency fees, OPEX, and other costs for new customer orders.
</Tip>

## Formula

<Info>
  **NC CM4** = **NC CM3** − **NC Agency Fees** − **NC OPEX** − **NC Other Costs**
</Info>

### Formula Components

| Metric                                                                                       | Definition                                          |
| -------------------------------------------------------------------------------------------- | --------------------------------------------------- |
| [**NC CM3**](/reference/metrics/orders/contribution-margin/new-customer-contribution-margin) | New customer contribution margin after marketing    |
| **NC Agency Fees**                                                                           | Agency fees allocated to new customer orders        |
| **NC OPEX**                                                                                  | Operating expenses allocated to new customer orders |
| **NC Other Costs**                                                                           | Other costs allocated to new customer orders        |
| [**customer\_type = new\_customer**](/data-dictionary/measures-and-dimensions#customer-type) | Filters to first-time buyers                        |

| Metadata        |                                                                      |
| --------------- | -------------------------------------------------------------------- |
| **Type**        | Currency                                                             |
| **Data Source** | [Shopify](/sources/shopify), [Upstack Costs](/sources/upstack-costs) |
| **Aggregation** | Sum                                                                  |

***

## Example

New customers generated **\$15,000** CM3 with **\$2,000** agency fees, **\$5,000** OPEX, and **\$1,000** other costs.

| Component      | Amount      | Calculation        |
| -------------- | ----------- | ------------------ |
| NC CM3         | \$15,000    | After marketing    |
| NC Agency Fees | \$2,000     | Agency allocation  |
| NC OPEX        | \$5,000     | Operating expenses |
| NC Other Costs | \$1,000     | Miscellaneous      |
| **NC CM4**     | **\$7,000** | \$15,000 − \$8,000 |

***

## How It Works

NC CM4 shows the true operating profit from new customer acquisition after all costs. This is what remains from new customer orders after paying for products, fulfillment, marketing, agency fees, and operating expenses.

***

## When to Use

| Scenario                            | Action                                           |
| ----------------------------------- | ------------------------------------------------ |
| Measuring acquisition profitability | Ensure NC CM4 is positive for sustainable growth |
| Comparing customer economics        | Benchmark NC CM4 vs RC CM4                       |
| Budget planning                     | Use NC CM4 to validate acquisition investment    |
| Unit economics                      | Calculate true profit per new customer           |

***

## Related Metrics

| Metric                                                                             | Relationship                              |
| ---------------------------------------------------------------------------------- | ----------------------------------------- |
| [NC CM4 %](/reference/metrics/orders/contribution-margin/new-customer-cm4-percent) | NC CM4 as a percentage of NC net revenue  |
| [RC CM4](/reference/metrics/orders/contribution-margin/returning-customer-cm4)     | Operating profit from returning customers |
| [CM4](/reference/metrics/orders/contribution-margin/cm4)                           | Overall operating profit                  |

[See all Contribution Margin metrics →](/reference/metrics/orders/contribution-margin)