Every search fund and long-term equity publication I've ever read includes some material reference to enduring revenue or "recurring revenue". The definitions are usually kept broad with the largest variance in definition being time (year-to-year focused vs across decades).

My question for the community... What is your definition behind enduring revenue / recurring revenue that you value within your search? If you had to build a scorecard to quantify a company's enduring revenue value (scale 1 to 10), what's the definition that makes a company a '10' vs. a company that might only be a '5'?

Please share any general examples from your search experience if willing.

Thank you.