> ## 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.

# LTV 120: 120-Day Customer Lifetime Value

> Measure average revenue per customer within 120 days of their first purchase. Use LTV 120 to evaluate mid-term acquisition payback and retention trends.

<Tip>
  Average revenue generated per customer within 120 days (4 months) of their first purchase.
</Tip>

## Formula

<Info>
  **LTV 120** = **Total Revenue (120d Window)** ÷ **Customer Count**
</Info>

### Formula Components

| Metric                                                                     | Definition                                             |
| -------------------------------------------------------------------------- | ------------------------------------------------------ |
| [**Total Revenue**](/reference/metrics/orders/revenue/total-revenue)       | Sum of order revenue within 120 days of first purchase |
| [**Customer Count**](/reference/metrics/orders/customers/unique-customers) | Number of customers in the cohort                      |

| Metadata        |                             |
| --------------- | --------------------------- |
| **Type**        | Currency                    |
| **Data Source** | [Shopify](/sources/shopify) |
| **Aggregation** | Average                     |

***

## Example

Your January cohort of **850 new customers** generated **\$80,750** within their first 120 days:

| Cohort   | Customers | Revenue (120d) | LTV 120  |
| -------- | --------- | -------------- | -------- |
| January  | 850       | \$80,750       | \$95.00  |
| February | 920       | \$92,000       | \$100.00 |
| March    | 780       | \$70,200       | \$90.00  |

***

## How It Works

LTV 120 calculates the average total revenue per customer within 120 days of their first purchase. Each customer's orders placed within this 120-day window are summed, then averaged across all customers in the cohort. The 4-month window captures mid-term repurchase behavior and provides a balance between short-term payback (LTV 90) and longer evaluation periods (LTV 180/365).

***

## When to Use

| Scenario                       | Action                                                      |
| ------------------------------ | ----------------------------------------------------------- |
| Quarterly acquisition planning | Compare LTV 120 against CAC to evaluate 4-month payback     |
| Retention program evaluation   | Track if loyalty programs improve LTV 120 vs baseline       |
| Subscription product analysis  | Assess value from initial purchase plus first renewal cycle |
| Seasonal cohort comparison     | Compare cohorts acquired in different quarters              |

***

## Related Metrics

| Metric                                                           | Relationship                                         |
| ---------------------------------------------------------------- | ---------------------------------------------------- |
| [LTV 90](/reference/metrics/orders/ltv/ltv-90)                   | Shorter window (90 days) for faster payback analysis |
| [LTV 180](/reference/metrics/orders/ltv/ltv-180)                 | Extended window (180 days) for longer-term value     |
| [LTV 365](/reference/metrics/orders/ltv/ltv-365)                 | Full-year customer value benchmark                   |
| [AOV](/reference/metrics/orders/aov/total-aov)                   | Per-order value vs per-customer value                |
| [Total Revenue](/reference/metrics/orders/revenue/total-revenue) | Revenue without time-window constraints              |

[See all LTV metrics →](/reference/metrics/orders/ltv)