The short answer is depends on who is calculating, and it doesn't matter.
The long answer is, that it is typically calculated at an "optimal" diet for the species (typically 16-18% protein for rabbit grow outs from either pellets or hay) and across many individuals to arrive at an average, and these are done over and over and over, and then some median number gets reported on the internet. The real story is that a million tiny factors affect this number including management practices, feed quality, individual genetics, and the climate where you live. Studies will exist showing that you can get comparable feed conversion ratios on pure forage in one location, or great hay + small amounts of grain, or all pellets. Then make it dramatically hotter or colder and none of those numbers will be achievable with a given rabbit.
So this is a little like mpg for your car, if you take great care of it, drive carefully and use quality fuel, you may get the manufacturers published mpg on a given road, but throw in some funky weather, low tire pressure, and a lead foot and you will likely get something quite different.
The measurement is best used as a simple ballpark estimation, or a relative measure over time in your own herd...and very few people bother to keep accurate records in order to track this metric.