In FunnelFlux there are direct and indirect conversions.
A direct conversion is any conversion that happens within the current funnel.
An indirect conversion is any conversion that a user triggers that happens outside of the specific funnel that you are looking at in your reporting.
For example:
You send traffic from FB ads to a number of different funnels
A user loads funnel A and gets tracked, a cookie is placed, They do not convert.
They load funnel B the next day and their tracking cookie is present, so FunnelFlux identifies them as the same visitor as earlier in funnel A
They convert in funnel B
In this scenario if you looked at the data for funnel A, you would see no direct conversion but would see a single indirect conversion.
This is quite powerful as it lets you use cookies or forced visitor ID's to track the indirect conversions (and revenue) that users bring from your campaigns.
Another example:
You send users from FB ads to funnel A
You have them opt-in to some email list, and at the time you use the form to capture their visitor ID from FunnelFlux (you can pass it in the URL using the {visitor-id} token)
In your emails, you provide links that go to a separate funnel designed for email, and you pass in the logged visitor ID using the flux_visitor parameter in your link, which forces FunnelFlux to use the existing visitor ID
By doing the above you connect the funnels without relying on cookies
In the above situation, you could now look at your stats for funnel A from your Facebook advertising and see the indirect conversions, revenue and lifetime value of your traffic based on all your traffic parameters, so you can tell what ads, ad sets, etc. are giving the highest value downstream across all the funnels involved.
So, to summarise, indirect conversions are just conversions that are related to the same user but in a different funnel, and lifetime value is the sum of direct and indirect conversion revenue.