Run the Numbers is a weekly podcast about financial metrics and business models, designed for ambitious people operating tech startups. It's a collection of things host CJ Gustafson (CFO at Partstech and writer of Mostly Metrics) has learned and thought about in the trenches as a tech CFO. This show is meant to serve as a playbook of sorts for the stuff CJ wishes he knew earlier in his career, both from experience and from copying people smarter than himself. Topics frequently touch upon Startup SaaS Metrics, Annual Budgeting, Financial Forecasting, Headcount, Equity, Dilution, and Fundraising – and how all of these drive business performance and growth.
Irrespective of the numbers, financial storytelling and strategic communication play a massive role in influencing market perceptions. Hamza Fodderwala, Executive Director at Morgan Stanley, joins CJ to discuss the critical role of CFOs in shaping and communicating a company's financial story. Hamza explains the role of storytelling in driving stocks, the significance of aligning company narratives with prevailing market themes, the metrics that software investor analysts do and don't want to see, the delicate balance of transparency in financial disclosures, and the art and science of giving good guidance. Hear how to balance long-term thinking with short-term market pressures and whether you should focus on managing expectations or results.If you're looking for an ERP, head to NetSuite: https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.—SPONSORS:NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform, head to NetSuite https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Subscript is a modern billing and revenue recognition platform designed for SaaS finance teams that need flexibility and accuracy. From automated invoicing and dunning to compliant, transparent revenue recognition and real-time analytics, Subscript eliminates manual work, reduces errors, and gives you a single source of truth for all your financial data. Book a free demo at subscript.com.Rippling Spend is a spend management solution that handles your entire company's spending in one unified system. It enables you to bring your corporate cards, expense management, bill pay, and more into one place to achieve real-time visibility and uniquely granular control with automated policy controls across every type of spend. Get a demo to see how much time your org would save at rippling.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. From spotting hidden optimization opportunities to automating painful procurement workflows and giving you the best market data to turn vendor negotiations in your favor, Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how.—LINKS:Hamza Fodderwala on LinkedIn: https://www.linkedin.com/in/hamza-fodderwala-66997526/Morgan Stanley: https://www.morganstanley.com/CJ on X (@cjgustafson222): https://x.com/cjgustafson222Mostly metrics: http://mostlymetrics.com—TIMESTAMPS:(00:00) Preview and Intro(02:03) Sponsor – NetSuite | Planful | Subscript(05:54) Sell-Side” Versus “Buy-Side”(07:34) Some of the Companies Hamza Covers(08:23) The Role of Storytelling in Driving Stocks(12:29) How CrowdStrike Turned Its Investor Narrative Around(16:09) Sponsor – Rippling Spend | Vanta | Tropic(20:11) What Sets Good CFOs Apart When It Comes to Storytelling(23:57) The Metrics That Software Investor Analysts Want To See(25:10) Does a CFO Need To Understand the Underlying Technology(26:14) How Often a Company Can or Should Shift Its Narrative(28:14) How To Retire a Metric Gracefully(33:29) The Art and Science Behind Giving Good Guidance(37:29) Metrics That Can Be Retired(39:25) Separating Business Fluctuations From the Broader Economy(42:57) Long-Term Thinking Versus Market Pressures(46:33) Managing Expectations Versus Managing Results(47:52) An Example of Where the Market Misread a Company's Results(50:01) Hamza's Most Memorable Earnings Call(51:52) Investor Days: Net Positive or Neutral(54:00) The Buzzword Hamza Would Ban From Earning Calls Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
What's the real difference between a CFO and a COO? Can you do both roles simultaneously? And which title is more desirable from a career perspective? Today's guest, Colin Sims, who is currently the CFO of Hunters but has held both titles multiple times, joins CJ to answer these questions and to talk about channel sales. They discuss what it takes to build a successful channel sales model and how companies need to “feed the channels" before expecting them to feed the company in return. You'll hear about winning sales motions, what to look for in a CRO, and why transparency trumps democracy when it comes to business decisions.If you're looking for an ERP, head to NetSuite: https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.—SPONSORS:Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Subscript is a modern billing and revenue recognition platform designed for SaaS finance teams that need flexibility and accuracy. From automated invoicing and dunning to compliant, transparent revenue recognition and real-time analytics, Subscript eliminates manual work, reduces errors, and gives you a single source of truth for all your financial data. Book a free demo at subscript.com.Rippling Spend is a spend management solution that handles your entire company's spending in one unified system. It enables you to bring your corporate cards, expense management, bill pay, and more into one place to achieve real-time visibility and uniquely granular control with automated policy controls across every type of spend. Get a demo to see how much time your org would save at rippling.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. From spotting hidden optimization opportunities to automating painful procurement workflows and giving you the best market data to turn vendor negotiations in your favor, Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how.NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform, head to NetSuite https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.—LINKS:Colin Sims: https://www.linkedin.com/in/colinjsims/Hunters: https://www.hunters.security/CJ on X (@cjgustafson222): https://x.com/cjgustafson222Mostly metrics: http://mostlymetrics.com—TIMESTAMPS:(00:00) Preview and Intro(02:35) Sponsor – Planful | Subscript | Rippling Spend(06:39) The Real Difference Between a CFO and a COO(12:58) Why CFOs Are in Greater Demand Than COOs(16:48) Sponsor – Vanta | Tropic | NetSuite(22:21) The CFO-COO Hybrid Role(23:39) Skills To Be a Good COO(26:21) A Winning Sales Motion and the CRO(32:07) Intellectual Curiosity and the Ability To Learn and Adapt(34:48) CROs for Different Stages(36:32) Channel Sales Models That Rely on Partners(41:14) The Predicability of Channel Models(44:24) Where Channel Sales Go Wrong(47:05) The Different Types of Channels(49:03) Transparency Works, Democracy Doesn't(54:27) Long-Ass Lightning Round: Hiring Mistakes(55:56) Finance Software Stack(58:02) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Today we give the straight talk on the state of the economy that operators running tech companies need to hear. We cover:* Ripple Effects: Even if your company doesn't ship atoms, your customers probably do. Expect slower procurement, deferred renewals, and CFOs eyeing legacy tools.* Investor Vibes: Market uncertainty = deal drag. Think longer diligence cycles, cautious boards, and DCF models sweating in real time.* ERP Economics: When Nike gets budget clotheslined, your cloud spend might too. The trickle-down is real.* Hiring Freeze Incoming: Some MBA grads might be ghosted before day one. And no, Nike won't double hire next year to make up for it.* Winners in the Wreckage: Recommerce, maintenance software, parts platforms, and demand planning tools could quietly shine.* Finance Playbook: Monthly budget reviews, cautious hiring, flexible vendor contracts, and employee comms that treat folks like grownups.* Operational Clarity: Turbulent markets are a great time to re-educate teams on “how we make money here.” Finance literacy = strategic clarity.* Sponsor Shoutout: Gelt for Mostly Metrics—proactive tax strategy for high-growth CFOs who want more than just compliance. go.joingelt.com/mostlymetrics Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Nick Rose, CFO of Enable, joins CJ to discuss one of the most overlooked yet powerful levers for growth, trust, and alignment in B2B commerce: rebates. They talk about how rebates are often dismissed as accounting clean-up or mistaken for discounts, but they are actually critical pricing incentives that foster long-term relationships. Nick describes how he first came to Enable as a customer and how it helped him uncover more than $7 million in missed rebates. He breaks down how rebates differ from discounts, how they can exceed net profit, and why manual rebate systems are so complex and inaccurate. Nick also explains how Enable is building a new SaaS category, and the importance of becoming a business's top three priority as a SaaS platform.If you're looking for an ERP, head to NetSuite: https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.—SPONSORS:Subscript is a modern billing and revenue recognition platform designed for SaaS finance teams that need flexibility and accuracy. From automated invoicing and dunning to compliant, transparent revenue recognition and real-time analytics, Subscript eliminates manual work, reduces errors, and gives you a single source of truth for all your financial data. Book a free demo at subscript.com.Rippling Spend is a spend management solution that handles your entire company's spending in one unified system. It enables you to bring your corporate cards, expense management, bill pay, and more into one place to achieve real-time visibility and uniquely granular control with automated policy controls across every type of spend. Get a demo to see how much time your org would save at rippling.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. From spotting hidden optimization opportunities to automating painful procurement workflows and giving you the best market data to turn vendor negotiations in your favor, Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how.MUFG is the largest bank in Japan and a global banking powerhouse with a focus on empowering Growth and Middle Market stage companies in North America and Europe. MUFG provides comprehensive banking services for VC-backed, PE-backed, and public companies with revenues starting at $40M. The bank combines its global capabilities with deep operational understanding to help companies accelerate their growth trajectory. Contact group head Bob Blee at bblee@us.mufg.jp to find out more.NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform, head to NetSuite https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(02:18) Sponsor – Subscript | Rippling Spend | Vanta | Tropic(07:22) From Geography Major to CFO(10:44) How Nick Became an Enable Customer(13:45) $7–8 Million in Missed Rebates(17:01) Sponsor – MUFG | NetSuite | Planful(20:27) Complexity in Manual Rebate Systems(21:45) What Is a Rebate?(26:07) Rebates Exceeding Net Profit(27:30) Why Rebates Build Long-Term Relationships(28:43) Trust and Rebates(34:42) Channel Stuffing and Rebate Fraud(39:59) Bringing Rebates and Pricing Together(42:32) Rebates Versus Discounts(43:23) The Challenges of Creating a New Category(45:42) Becoming a Top Three Priority(48:53) Investor Thesis and Network Effects(51:08) Long-Ass Lightning Round: Bad Hiring Decisions(54:25) Advice to Younger Self(55:36) Finance Software Stack(56:45) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Russ D'Argento, CEO and founder of FINTRX, sits down with CJ in this episode to discuss building a Data as a Service (DaaS) business while also sharing insight into the highly lucrative world of family offices. He explains what a family office is (name a billionaire, they probably have one), their roles in wealth management, and how he identified this niche. He sheds light on FINTRX, what it does, and why building a verticalized data business for a niche market can be both exceptionally complicated and rewarding. He delves into the nuances of DaaS business models, what makes them different from SaaS, why it's so important to own your own data, and the unique challenges one faces in a business like this. He also talks bout the fine art of workflow integration and how allowing customers to access FINTRX's data in other APIs has been surprisingly beneficial.If you're looking for an ERP, head to NetSuite: https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.—SPONSORS:Rippling Spend is a spend management solution that handles your entire company's spending in one unified system. It enables you to bring your corporate cards, expense management, bill pay, and more into one place to achieve real-time visibility and uniquely granular control with automated policy controls across every type of spend. Get a demo to see how much time your org would save at rippling.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. From spotting hidden optimization opportunities to automating painful procurement workflows and giving you the best market data to turn vendor negotiations in your favor, Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how.NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform, head to NetSuite https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Subscript is a modern billing and revenue recognition platform designed for SaaS finance teams that need flexibility and accuracy. From automated invoicing and dunning to compliant, transparent revenue recognition and real-time analytics, Subscript eliminates manual work, reduces errors, and gives you a single source of truth for all your financial data. Book a free demo at subscript.com.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(02:57) Sponsor – Rippling Spend | Vanta | Tropic(07:23) What Is a Family Office(11:49) Why Family Offices Are an Attractive Place To Grow Your Career(14:06) Examples of Family and Multi-Family Offices(18:04) Sponsor – NetSuite | Planful | Subscript(21:13) The Founding Story of FINTRX(23:38) What FINTRX Does(25:02) The Data as a Service Business Model(28:50) The Challenges of Starting a DaaS Business(34:07) Broad Versus Narrow in DaaS(37:57) Building FINTRX's Ideal Customer Profile(42:20) Sourcing Your Own Data Versus Partnering With Others(46:09) Hiring for Engineering and Data Science(51:07) Using FINTRX's Interface Versus Accessing the Data in Another Tool(1:02:26) Advice for Someone Launching a DaaS Business(1:02:02) A Habit That Russ Swears By as a Founder(1:03:24) A Lesson From Something That Went Awry Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Everyone loves talking about finding product-market fit. But what if the real challenge in 2025 is keeping it?In this solo episode, I riff on why PMF has become more fleeting than ever. I unpack what Harry Stebbings, Jason Lemkin and Rory O'Driscoll observed —companies that once had a five-year runway now fall out of PMF in five weeks. We explore AI-fueled growth curves, the myth of “escape velocity,” and why today's go-to-market edge can vanish overnight.I also shares a brutal hill from a recent road race (and the startup metaphor it unlocked), plus a text exchange with a growth investor on the hunt for vertical SaaS alpha.If you're an operator, investor, or CFO trying to understand the new physics of scaling, this one's for you.Run the Numbers is sponsored by Gelt. You already know tax season isn't just a deadline—it's a lever.At Gelt, they work with CFOs who aren't just looking to stay compliant—they're looking to unlock strategic value from their tax position. Think: optimized entity structures, real-time visibility across complex ownership, and proactive tax planning that actually moves the needle on cash flow.Gelt gives you quarterly strategy check-ins and proactive estimates, all designed to lower your effective tax rate, protect equity value, and drive long-term efficiency. You get direct access to your Gelt CPA and a clean, modern platform to track it all.Learn if you qualify at go.joingelt.com/mostlymetrics and schedule a call to learn more. Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
In this episode, CJ sits down with Rob Paterson, CFO of Employment Hero, to talk about smart growth, why not all revenue is good revenue, and Australia's startup scene. They start by discussing when to turn down growth opportunities and which financial metrics are more distracting than helpful. Rob explains the challenges of holding people accountable when you are a growth CFO and how to be a Chief Reality Officer instead of a “CF-No”. He offers a view into the Australian startup ecosystem, highlighting what sets it apart, the challenges local founders face, and why global expansion from day one is a must. Rob also outlines his approach to forecasting and cost control, including how he applies the 80/20 rule to revenue, before sharing a wild fraud story from his auditing days.If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.—SPONSORS:Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. From spotting hidden optimization opportunities to automating painful procurement workflows and giving you the best market data to turn vendor negotiations in your favor, Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how.NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform, head to NetSuite https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Subscript is a modern billing and revenue recognition platform designed for SaaS finance teams that need flexibility and accuracy. From automated invoicing and dunning to compliant, transparent revenue recognition and real-time analytics, Subscript eliminates manual work, reduces errors, and gives you a single source of truth for all your financial data. Book a free demo at subscript.com.Rippling Spend is a spend management solution that handles your entire company's spending in one unified system. It enables you to bring your corporate cards, expense management, bill pay, and more into one place to achieve real-time visibility and uniquely granular control with automated policy controls across every type of spend. Get a demo to see how much time your org would save at rippling.com/metrics.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(02:18) Sponsor – Vanta | Tropic | NetSuite(07:06) Not All Revenue Is Good Revenue(14:09) Metrics: Overrated and Underrated(16:14) Sponsor – Planful | Subscript | Rippling Spend(20:18) Lifetime Value (LTV)(20:11) Vertical and Horizontal P&L(21:27) Chief Reality Officer: Holding People Accountable(24:37) Staying Approachable as a CFO(26:04) The Australian Startup Ecosystem(27:28) What Sets Australian Startups Apart(29:39) Going Global on Day One(31:47) The Remote-First Superpower(32:52) Competitiveness and Tall Poppy Syndrome(35:24) Mastering the 80/20 Rule(39:17) Building Strong Management(41:32) Long-Ass Lightning Round: The Fraud Story(46:10) Finance Software Stack(47:06) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Rick Smith, multi-time CFO, founder of Bonfire Advisory, and author, joins CJ to discuss the complexities and nuances of the CFO role in venture-backed companies. They delve into the dynamics of the CEO-CFO relationship and examine the qualities CEOs think they want in a CFO versus what they need. Rick introduces the concept of “The triangle of doom” that exists between the CEO, the CFO, and the board, and how to navigate situations when forced to pick sides. Having been a CFO of five different organizations across industries and stages, Rick then explains how he categorizes company stages relating to CFO needs. As the founder of Bonfire Advisory, Rick talks about how founders can set themselves up for financial success before they need a full-time CFO and breaks down some of the most common mistakes early-stage companies make.If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.—SPONSORS:Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. From spotting hidden optimization opportunities to automating painful procurement workflows and giving you the best market data to turn vendor negotiations in your favor, Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how.NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅, head to NetSuite https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Subscript is a modern billing and revenue recognition platform designed for SaaS finance teams that need flexibility and accuracy. From automated invoicing and dunning to compliant, transparent revenue recognition and real-time analytics, Subscript eliminates manual work, reduces errors, and gives you a single source of truth for all your financial data. Book a free demo at subscript.com.Rippling Spend is a spend management solution that handles your entire company's spending in one unified system. It enables you to bring your corporate cards, expense management, bill pay, and more into one place to achieve real-time visibility and uniquely granular control with automated policy controls across every type of spend. Get a demo to see how much time your org would save at rippling.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.—FOLLOW US ON X:@cjgustafson222 (CJ)LINKS:Demystifying the Role of the CFO in Venture and Growth Stage Companies - https://www.amazon.com/Demystifying-Role-CFO-Venture-Companies/dp/B0DS9KF2C8Rick Smith on LinkedIn - https://www.linkedin.com/in/rick-smith-906939/—TIMESTAMPS:(00:00) Preview and Intro(02:13) Sponsor – Tropic | NetSuite | Planful(06:49) The Challenges of the CFO-CEO Relationship(12:59) What CEOs Think They Want in a CFO Versus What They Need(17:46) Sponsor – Subscript | Rippling Spend | Vanta(21:21) Hatred of Failure and Personal Accountability(24:38) Establishing Trust With a New CEO(28:21) Navigating Ethics When the CEO Is Dishonest(32:54) Picking Sides Between the Board & CEO(36:42) How To Exit When You Disagree With the CEO(38:19) Categorizing Company Stages(41:21) Why Early-Stage Companies Should Have Fractional CFOs(43:51) Common Mistakes for Early-Stage Companies(48:49) The Types of CFOs You Need at Different Stages(53:14) What Rick Likes About Working With Series A and B(54:54) Rick's Book(57:15) Anecdotes From Rick's Career(01:00:47) Long-Ass Lightning Round: Leases(01:04:49) Advice to Younger Self(01:05:38) Rick's Recommended Tech Stack(01:08:54) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Welcome back to Run the Numbers. Now that I'm full time, I promised that I'd let you all in on the Business of Mostly Metrics. And chapter of that story is the my own failed startup - Bubba Booking.On this episode we'll cover ten lessons I learned, how I lost over $200K, and what came of this face plant.Check out our sponsor Gelt, who makes this podcast possible.You can get 10% off year one - https://go.joingelt.com/mostlymetricsAt Gelt, they work with CFOs who aren't just looking to stay compliant—they're looking to unlock strategic value from their tax position. Think: optimized entity structures, real-time visibility across complex ownership, and proactive tax planning that actually moves the needle on cash flow.And here's the thing: the tax landscape is changing fast—especially for high-growth businesses, alternative investors, and companies navigating multi-entity complexity. Whether it's preparing for a capital event, evaluating compensation structures, or just avoiding costly surprises, your tax strategy should be as agile as the rest of your business.They give you quarterly strategy check-ins and proactive estimates designed to lower your effective tax rate, protect equity value, and drive long-term efficiency—all delivered through clear communication with your Gelt CPA and a powerful, modern platform.You can get 10% off year one - https://go.joingelt.com/mostlymetrics Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
In this episode, CJ Gustafson sits down with Brad Channer, the CFO of UBIO and possibly the world's most interesting CFO and accountant. He describes his unconventional career path from acting to accounting and the he lessons learned from some entrepreneurial failures along the way. Brad also discusses communication and leadership, including how his acting background shaped his style in the boardroom. He breaks down the biggest mistakes CFOs make when explaining financials and why some accountants struggle to reach the C-suite even if they're brilliant on paper. He shares insights on neurodiversity in the workplace and how to unlock its advantages before unpacking why the UK has produced fewer tech giants than the US and the one regulatory shift that could potentially supercharge the industry.If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.—SPONSORS:NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅, head to NetSuite https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Subscript is a modern billing and revenue recognition platform designed for SaaS finance teams that need flexibility and accuracy. From automated invoicing and dunning to compliant, transparent revenue recognition and real-time analytics, Subscript eliminates manual work, reduces errors, and gives you a single source of truth for all your financial data. Book a free demo at subscript.com.Rippling Spend is a spend management solution that handles your entire company's spending in one unified system. It enables you to bring your corporate cards, expense management, bill pay, and more into one place to achieve real-time visibility and uniquely granular control with automated policy controls across every type of spend. Get a demo to see how much time your org would save at rippling.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. From spotting hidden optimization opportunities to automating painful procurement workflows and giving you the best market data to turn vendor negotiations in your favor, Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(02:32) Sponsor - NetSuite | Planful | Subscript(05:39) From Actor to Management Accountant(10:25) Brad's Bold Move to the UK(13:02) His Journey into Entrepreneurship and Accounting(16:07) Sponsor - Rippling Spend | Vanta | Tropic(20:08) Reclaiming the F Word: Failure(23:37) Communicating Like a Human(25:42) Acting Lessons for Accountants(29:49) How to Understand Your Audience(35:36) Navigating Neurodiversity in Business(36:35) How to Adapt Your Communication for Founders(38:30) Why Some Accountants Don't Make it to the C-Suite(40:38) Learning to Ask Questions(43:29) Leadership in Large Companies Versus SMEs or Scale-Ups(45:24) The UK Versus US Tech Scene(47:10) Tall Poppy Syndrome in the UK(51:38) Long-ass lightning round: Do Your Research(55:14) Advice to Younger Self(56:15) Finance Software Stack(56:58) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Sanjay Datta, CFO of Upstart and former senior finance exec at Google, joins CJ to discuss leadership, scaling, and the future of lending with AI. Sanjay spent 12 years at Google, helping grow it into an $80B global ads business. He sheds light on Google's monetization model, the simplicity of its forecasting, and the power of centralized analytics. He also reflects on scaling Upstart from $10M to $500M, going public, managing investor and employee expectations, and staying agile through macroeconomic shifts.If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.—SPONSORS:Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Subscript is a modern billing and revenue recognition platform designed for SaaS finance teams that need flexibility and accuracy. From automated invoicing and dunning to compliant, transparent revenue recognition and real-time analytics, Subscript eliminates manual work, reduces errors, and gives you a single source of truth for all your financial data. Book a free demo at subscript.com.Rippling Spend is a spend management solution that handles your entire company's spending in one unified system. It enables you to bring your corporate cards, expense management, bill pay, and more into one place to achieve real-time visibility and uniquely granular control with automated policy controls across every type of spend. Get a demo to see how much time your org would save at rippling.com/metrics.MUFG is the largest bank in Japan and a global banking powerhouse with a focus on empowering Growth and Middle Market stage companies in North America and Europe. MUFG provides comprehensive banking services for VC-backed, PE-backed, and public companies with revenues starting at $40M. The bank combines its global capabilities with deep operational understanding to help companies accelerate their growth trajectory. Contact Bob Blee at bblee@us.mufg.jp to find out more.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. From spotting hidden optimization opportunities to automating painful procurement workflows and giving you the best market data to turn vendor negotiations in your favor, Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how.NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅, head to NetSuite https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(02:17) Sponsor – Planful | Subscript | Rippling Spend(05:39) Sanjay's Unconventional Career Path(07:55) Lessons From Google on Being a Leader(10:11) Managing an $80 Billion Revenue Ad Business(12:24) The Evolution of Google's Monetization Model(15:06) Sponsor – MUFG | Vanta | Tropic | NetSuite(21:04) Scaling Google Ads to $80 Billion(23:18) Google's Forecasting Model(24:48) Complexity and Scale at Google(28:03) The Science of Analytics in a Digital Company(31:06) Upstart's IPO(33:00) Managing Internal Expectations in Good and Bad Times(37:10) Why You Should Work Yourself Out of a Job Each Year(41:23) Things That Get Easier As You Scale(42:18) How Metrics Shift With Scale(43:35) Contingency Planning at Upstart(47:13) Why the Lending System Is Broken(49:44) How Upstart Keeps Its Credit Models Accurate and Ethical(54:31) Predictions on the Lending Market for the Next Year(58:35) Long-Ass Lightning Round: Wine Corking Business(1:01:17) Advice to Younger Self(1:02:26) Finance Software Stack(01:02:57) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Stubhub has filed for it's upcoming IPO.In this podcast I dive into the meaty details you need to know before one of the most valuable privately held marketplaces makes it's NYSE debut.We cover:* Business model* Key metrics* Market opportunity* 12 Key themes* 3 Red Flags* Bull / Bear caseNone of this is investment advice. If you want the full breakdown go to mostlymetrics.comThis podcast is sponsored by Gelt. You already know tax season isn't just a deadline—it's a lever.At Gelt, they work with CFOs who aren't just looking to stay compliant—they're looking to unlock strategic value from their tax position. Think: optimized entity structures, real-time visibility across complex ownership, and proactive tax planning that actually moves the needle on cash flow.And here's the thing: the tax landscape is changing fast—especially for high-growth businesses, alternative investors, and companies navigating multi-entity complexity. Whether it's preparing for a capital event, evaluating compensation structures, or just avoiding costly surprises, your tax strategy should be as agile as the rest of your business.They give you quarterly strategy check-ins and proactive estimates designed to lower your effective tax rate, protect equity value, and drive long-term efficiency—all delivered through clear communication with your Gelt CPA and a powerful, modern platform.10% off year one - https://go.joingelt.com/mostlymetrics Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
In this episode, CJ sits down with John Connolly, Managing Director at Spectrum Equity, to explore the evolution of consumer investing. They discuss how investor sentiment toward consumer companies has shifted over the past 15 years and why traditional SaaS metrics like net dollar retention (NDR) don't always apply in this space. John explains what signals indicate a strong consumer business, whether brand or product wins in the long run, and how consumer companies have adapted their monetization strategies over the last decade. Plus, John shares the story behind Spectrum Equity's investment in Teachers Pay Teachers and the craziest thing he's ever done to land a deal.If you're looking for an ERP, head to NetSuite: https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.—SPONSORS:Subscript is a modern billing and revenue recognition platform designed for SaaS finance teams that need flexibility and accuracy. From automated invoicing and dunning to compliant, transparent revenue recognition and real-time analytics, Subscript eliminates manual work, reduces errors, and gives you a single source of truth for all your financial data. Book a free demo at subscript.com.Rippling Spend is a spend management solution that handles your entire company's spending in one unified system. It enables you to bring your corporate cards, expense management, bill pay, and more into one place to achieve real-time visibility and uniquely granular control with automated policy controls across every type of spend. Get a demo to see how much time your org would save at rippling.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. From spotting hidden optimization opportunities to automating painful procurement workflows and giving you the best market data to turn vendor negotiations in your favor, Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how.NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅, head to NetSuite https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(02:32) Sponsor – Subscript | Rippling Spend | Vanta(06:04) The Evolution of Investing and Defensibility(08:50) Cooling Investor Appetite for Consumer Businesses(10:13) Efficiency Metrics for Consumer Businesses(12:24) How To Navigate Retention and Churn(14:12) Sponsor – Tropic | NetSuite | Planful(17:47) When Churn Is Necessary(19:15) Increasing TAM in Consumer Businesses(21:13) The Most Important Metric: Funnel Health(24:08) Celebrity Partnerships as a Competitive Mode(25:05) Why Brand Is Even More Important in B2C Than B2B(26:25) The Strongest Brands John Has Invested In(28:23) Changes in How Companies Monetize Over the Past Decade(29:52) Using the Supply Side To Bring You Demand(34:02) How COVID-19 Wreaked Havoc on Consumer Trends(38:11) Evaluating Consumer Businesses(39:04) The Craziest Thing John Has Done To Win a Deal(40:56) How To Pitch to Bootstrapped Founders(43:00) The Revolutionary Teachers Pay Teachers Marketplace(46:18) Wrap Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
On this episode of Run the Numbers we'll cover the state of the private tech markets.* Did Google overpay for Wiz?* Stripe's valuation is (nearly) back up to their COVID high water mark* Plaid shares fall in secondary market* Figma is growing into it's valuation* The Rippling and Deel (hilarious) controversyYou can get this in written form at mostlymetrics.com Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
While few plan for the demise of their startup, it's something that many face. In this episode, CJ is joined by Dori Yona, co-founder and CEO of SimpleClosure, to unpack the financial, legal, and emotional complexities of shutting down a company. Dori explains the options available when a company is running out of cash, what bankruptcy actually means, and the importance of budgeting for the end. The conversation covers acqui-hires, dissolution, returning capital to investors, hidden liabilities, legal pitfalls, tax implications, and more. Dori breaks down the differences between shutting down corporations versus LLCs and the timelines involved. They also discuss how to break the news to investors and why perseverance is sometimes overrated.If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.—SPONSORS:Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. It doesn't just show you where the problems are—it helps you solve them. From spotting hidden optimization opportunities, like duplicative spend, to automating those painful procurement workflows, to giving you the best market data that turns every vendor negotiation in your favor. Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how.NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅, head to NetSuite https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.—FOLLOW US ON X:@cjgustafson222 (CJ)@DoriYona https://x.com/doriyona (Dori)LINKS:SimpleClosure: SimpleClosure.comLinkedIn: https://www.linkedin.com/in/dori-yona-b8369877/Email dori@simpleclosure.com—TIMESTAMPS:(00:00) Preview and Intro(01:44) Sponsor – Tropic | NetSuite | RightRev(05:32) The Inspiration Behind SimpleClosure(08:25) Three Scenarios When a Company Is Running Out of Cash(11:32) The Complications of Shutting Down a Business After Selling It(13:38) What Bankruptcy Actually Means and the Different Types(16:34) Sponsor – Planful | Brex | Vanta(20:16) Giving Money Back to Investors and the Pref Stack(24:31) How To Budget for a Shutdown(27:15) The Time It Takes To Shut Down a Business(29:24) SimpleClosure's Business Model: Serving Customers That Churn(32:00) The Velocity of SimpleClosure's Transactions(36:09) What “Piercing the Corporate Veil” Means(41:27) Shutting Down Corporations Versus LLCs(45:36) The Seasonal Nature of Startups Shutting Down(47:49) Communicating a Shutdown to Your Investors(54:35) Knowing When To Persevere and When To Move On(59:53) Wrap Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
In this episode, CJ is joined by Peter Benevides, CFO of Olo, a leading vertical SaaS company powering digital ordering, payments, and guest engagement solutions for popular restaurant brands. Peter explains how Olo successfully expanded into payments and used this as a strategic advantage. He breaks down how the company stacks S-curves through continued product expansion and adoption, and how this enables them to increase revenue without increasing the take-rate. The conversation also covers pricing strategy and how Olo balances subscription and consumption-based models. Peter also sheds light on what it's like selling into franchise businesses and lessons learned from other vertical SaaS companies like Veeva.If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist.—SPONSORS:NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅, head to NetSuite https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. It doesn't just show you where the problems are—it helps you solve them. From spotting hidden optimization opportunities, like duplicative spend, to automating those painful procurement workflows, to giving you the best market data that turns every vendor negotiation in your favor. Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(01:53) Sponsor – NetSuite | RightRev | Planful(05:24) An Introduction to Olo(08:34) Reaching Larger and Smaller Enterprises(10:34) The Focus on Guest-Facing Technology(13:22) The Evolution of Payments at Olo(16:38) Sponsor – Brex | Vanta | Tropic(20:33) The Card-Not-Present Offering and Fraud(23:50) Knowing Who Your Guest Is and Olo's Extended Value Prop(32:04) Stacking S-Curves(33:30) Increasing Revenue Without Increasing the Take-Rate(36:27) How the Payments Module Makes Other Products Stickier(37:39) Advice to CFOs Looking to Add Payments(39:11) Pricing Subscription and Consumption-Based Products(42:35) Forecasting and the Predictability of This Model(44:43) Vertical Software Company Case Study: Veeva(49:06) Working with Franchises(53:42) Long-Ass Lightning Round: Planning for the Future(56:16) Advice to Younger Self(58:48) Finance Software Stack(59:24) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Klarna, the Swedish fintech powerhouse, is going public on the NYSE (ticker: KLAR).This marks a major moment for the Buy Now, Pay Later (BNPL) space. This IPO will test whether investors believe BNPL is a smarter alternative to credit cards—or another form of subprime lending in disguise.A few years ago, Klarna was worth $46B in private markets. Now? It's eyeing a $15B-$20B valuation—a stark reminder of how fintech sentiment has shifted in a world of higher interest rates.7 Key Themes:1️⃣ Klarna is going public at a fraction of its peak valuation.2️⃣ AI-driven cost cutting (automated customer service, AI-powered CRM) is improving margins.3️⃣ Klarna's banking license is an advantage, but deposit growth is slowing.4️⃣ The US is now Klarna's largest market, but credit losses there are rising.5️⃣ Klarna is morphing into an advertising & payments platform (ads = 6% of revenue).6️⃣ Internal controls raise red flags (issues with user access, revenue recognition, and credit loss estimates).7️⃣ Insiders & VCs have already cashed out >$800M pre-IPO.Valuation Debate:
In this episode, CJ interviews Lucas Swisher, Co-Lead of Growth Investing and Software Investing at Coatue, to explore how one of tech's most influential investment firms navigates both public and private markets. Lucas explains Coatue's evolution—from hedge fund origins to a powerhouse in venture capital—and how the company balances short-term public market pressures and long-term private investments. The conversation takes a dive deep into data-driven decision-making and how Coatue's proprietary Mosaic platform provides an edge while still leaving room for human intuition. They also discuss the firm's investment philosophy, what differentiates them from other investment companies, and why they choose to have such a concentrated portfolio of investments. Lucas sheds light on how they evaluate the sustainability of a small software company's unit economics, the most important metric that they look at, and other important factors and red flags that often get overlooked when choosing where to invest.If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist.—SPONSORS:RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. It doesn't just show you where the problems are—it helps you solve them. From spotting hidden optimization opportunities, like duplicative spend, to automating those painful procurement workflows, to giving you the best market data that turns every vendor negotiation in your favor. Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn howNetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅, head to NetSuite https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(02:18) Sponsor – RightRev | Planful | Brex(06:15) Lucas's Role at Coatue(07:58) The Evolution of Coatue's Investment Strategy(11:36) Growth-Stage Private Assets Versus Public Markets(14:18) Balancing Short-Term Public Investing and Long-Term Patience of Private Markets(16:07) Sponsor – Vanta | Tropic | NetSuite(19:50) The Service Business at the Core of Coatue's Growth Investing(22:08) Coatue's Mosaic Platform and Due Diligence(26:29) How Mosaic Helps Coatue Get to No Faster(28:05) Creating a Concentrated Portfolio of Investments(30:40) Coatue's Edge Versus Firms with Other Investment Philosophies(37:20) How the Best Investment Firms Differentiate Themselves(41:14) Assessing the Sustainability of a Small Software Company's Unit Economics(44:12) Evaluating Enterprise SaaS Versus Consumer Software(46:21) The Next Buyer Scenario(48:53) Prediction for Coatue's Future Structure and Strategy(50:34) What Growth Stage Companies Should Look for in an Investor(52:29) Advice for the Next Generation of Investors Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Mark McCaffrey, the CFO of GoDaddy, joins CJ to talk about the evolution of one of the most recognizable brands on the internet from domain registration to a full-service platform for small businesses. Mark sheds light on GoDaddy's role in the entrepreneurial micro-startup ecosystem and how, after 21 years, GoDaddy has grown to 21 million customers. He describes the trends he's identified in the formation of micro businesses, their adoption of AI, their survival rates, and why churn caused by failing small businesses doesn't affect GoDaddy as much as you think it would. He also talks about the metrics that matter, what he tracks, what he discloses, and how he uses this to pursue customers with intent. He also explains how to not lose sight of the micro when the macro is so big, and lists the two things every company in the tech industry needs to do to achieve long-term success. Spoiler: one has to do with customer relationships.If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist.—SPONSORS:Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. It doesn't just show you where the problems are—it helps you solve them. From spotting hidden optimization opportunities, like duplicative spend, to automating those painful procurement workflows, to giving you the best market data that turns every vendor negotiation in your favor. Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how.NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅, head to NetSuite https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(01:54) Sponsor – Planful | Brex | Vanta(06:16) GoDaddy and the Entrepreneurial Micro-Startup Ecosystem(07:40) The Origins of the GoDaddy Name(09:08) GoDaddy's Business Model and its Evolution(11:45) The Strategic High Ground of Starting with the Domain(12:58) Definition of a Micro-Business(15:32) Sponsor – Tropic | NetSuite | RightRev(19:15) The Mostly Metrics Domain Name(21:50) Unsuccessful Businesses and Churn at GoDaddy(27:07) Surprises from GoDaddy's Data(29:20) Customer Trends in Openness to AI(30:45) Determining Which Metrics Matter and Which to Disclose(34:31) Pursuing Customers with Intent(35:44) When and How Mark Introduces a New Metric(38:25) ARR Versus Bookings(39:25) Retention Trends(41:06) Two Things to Do in the Tech Industry for Long-Term Success(45:47) How the Power of Relationships Led Mark to GoDaddy(49:08) Long-Ass Lightning Round: Excel Spreadsheets(49:44) Three Rules for Every Young Professional(51:02) Finance Software Stack(52:11) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Welcome to the first episode on The Business of Mostly Metrics.The CFO became a CEO. Pretty wild. The CEO of me.During this series we'll cover the following topics:* Writing your story in reverse, which is what today is about* How I lost $209,640 of my own money trying to start a marketplace business* Quitting a job to be able to keep writing, leaving a million dollars of equity on the table, and getting my first CFO job* Decoding my timeline from 0 to 50,000 subscribers and the tactics I used along the way to keep stacking wins* How I monetize my business across sponsorships, paid subscriptions, and events* Starting the podcast and climbing the guest ladder* Where this might all go next* And if you're,, lucky I'll tell you how much this business makesSo let's go back through all these things that I've done to get to this point. Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Ambereen Toubassy, the CFO of Airtable, has experience as an advisor, an investor, and an operator. In this episode, she joins CJ to talk about how this experience informs her role as a CFO. The two delve into the complexities of navigating investor feedback and how to take criticism without getting defensive. They also discuss how to build the right advisory network, red flags to watch for, and the importance of scaffolding your weaknesses with external expertise. The episode also highlights the value of specificity in the role of a finance leader. Ambereen shares insights from her extensive career, including her time at Quibi, explaining what she learned from this moonshot idea that didn't work out as hoped and her approach to balancing fiduciary duties with the human side of leadership.If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist.—SPONSORS:Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. It doesn't just show you where the problems are—it helps you solve them. From spotting hidden optimization opportunities, like duplicative spend, to automating those painful procurement workflows, to giving you the best market data that turns every vendor negotiation in your favor. Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn howMUFG is the largest bank in Japan and a global banking powerhouse with a focus on empowering Growth and Middle Market stage companies in North America and Europe. MUFG provides comprehensive banking services for VC-backed, PE-backed, and public companies with revenues starting at $40M. The bank combines its global capabilities with deep operational understanding to help companies accelerate their growth trajectory. Contact group head Bob Blee at bblee@us.mufg.jp to find out more.NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅, head to NetSuite https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(02:25) Sponsor – Brex | Vanta | Tropic(06:55) What Ambereen Has Learned from Being an Investor(10:53) Dealing with Investor Feedback(18:09) Sponsor – MUFG | NetSuite | RightRev | Planful(22:54) Tips for Not Taking Feedback Personally(24:12) When to Bring Founders into Meetings with Investors(25:52) Scaffolding Your Weaknesses(30:59) Whether or Not to Pay More for Great Advisors(34:12) How to Identify the Right Banker or Consultant(35:13) Banker and Consultant Red Flags to Watch Out For(39:11) “In the Particular Is Contained the Universal”(42:42) How the Specific Plays a Role in the Job of a Finance Leader(46:46) Quibi, the Moonshot Idea That Didn't Land as Planned(50:16) Fiduciary Responsibility When Things Don't Go as Planned(55:00) Long-Ass Lightning Round: A Career Mistake(55:48) Advice to Younger Self(57:14) Finance Software Stack(58:26) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
In this episode, Dashlane's David Lapter, a five-time CFO, joins CJ to discuss the challenges of steering high-growth companies. He breaks down the common blind spots that CFOs face, why many double down on their strengths and avoid their weaknesses, and how the Eisenhower Matrix helped him tackle his own gaps. David also gives his take on competitors and his philosophy of differentiating your org from theirs without demonizing them, as well as how they can be used for motivation. David shares insights on building high-functioning teams, when teams should move from overlapping responsibilities to more defined roles, how to simplify your OKRs to be more effective, and the nature of the ideal HR-CFO relationship. This episode is packed with valuable takeaways for finance leaders navigating the complexities of high-growth environments.If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist.—SPONSORS:Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. It doesn't just show you where the problems are—it helps you solve them. From spotting hidden optimization opportunities, like duplicative spend, to automating those painful procurement workflows, to giving you the best market data that turns every vendor negotiation in your favor. Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn howNetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅, head to NetSuite https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(01:52) Sponsor – Vanta | Tropic | Netsuite(06:18) Identifying Blind Spots(10:44) Hiring to Fill Your Blind Spots(14:21) The Eisenhower Matrix and Prioritising Your Blind Spots(17:15) Sponsor – RightRev | Planful | Brex(20:58) The Traps of Execution Mode Syndrome(26:37) David's Philosophy on Speaking About Competitors(31:09) Tips for Communicating How You're Differentiated(33:02) How Competitors Can Motivate Teams(39:46) When to Move from Overlapping Responsibilities to More Defined Roles(46:50) Simplifying OKRs(52:16) The Urge to Copy the Goal Setting of Other Companies(54:56) Should HR Report to the CFO?(57:57) Long-Ass Lightning Round: A VAT Mistake(01:00:21) Advice to Younger Self(01:03:32) Finance Software Stack(01:06:14) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
This is the CoreWeave IPO breakdown. I studied their S1 filing so you don't have to.What we'll cover:* What CoreWeave does* Their business model* Their financials* Key themes heading into IPO* Investors* Bull, Bear and Base cases for the stockThis is not investment advice. Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
In this episode, CJ interviews Hanan Aharoni, CFO of Operative, who is an expert in operational excellence, particularly in private equity. Hanan shares insights on managing acquisitions and overcoming silos, inefficiencies, and decision paralysis in the process. He highlights the importance of having a clear org chart and a unified leadership team before discussing the critical role of culture in successful integrations. He breaks down how to spot inefficiencies, consolidate systems, and optimize costs without stifling innovation. He also sheds light on how the private equity model differs from the venture capital model in terms of allocating resources, managing debt, and being prepared for an exit or sale. This is a masterclass in private equity operations.—SPONSORS:Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. It doesn't just show you where the problems are—it helps you solve them. From spotting hidden optimization opportunities, like duplicative spend, to automating those painful procurement workflows, to giving you the best market data that turns every vendor negotiation in your favor. Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how.NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅, head to NetSuite https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:00:00 Preview and Intro01:50 Sponsor – Tropic | Netsuite | RightRev 05:55 Hanan's Impressive Career Rise to CFO08:20 Overcoming Silos and Inefficiency When Scaling10:46 Overcoming Inefficiency and Paralysis in M&A15:50 Sponsor – Planful | Brex | Vanta19:18 The Importance of Having a Clear Org Chart22:07 “Vision Without Execution Is Just Hallucination”25:33 Operational Excellence: Identifying Inefficiencies and Optimizing Costs28:40 Acknowledging Biases29:40 Using Industry Benchmarks32:20 Balancing Optimizing Expenses and Preserving Innovation35:16 Forming a Mitigation Plan41:09 Areas Notorious for Inefficient Costs42:56 Allocating Resources in a PE Model Versus a VC Model45:57 How Debt Impacts How You Operate in PE49:12 Tips for Finance Professionals Moving from VC to PE Models50:48 Being Prepared for an Exit or Sale in a PE Environment53:00 Long-Ass Lightning Round: A Massive Excel Spreadsheet Error54:53 Advice to Younger Self: Fast Decisions55:17 Finance Software Stack55:55 Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Today's guest went from being the CFO of a very large telecom company where he was meeting with ministers in Jordan to joining a team of just four people at a startup in Saudi Arabia. Abdullah Tahboub, CFO of Foodics, a cloud-based POS and restaurant management solution, joins CJ to talk about this leap and explain why he wishes he had joined the startup world sooner. The conversation delves into the differences between corporate and startup CFO roles. Abdullah also explores the rapid digital transformation in the food and beverage industry in the Middle East. He outlines Foodic's business model and evolution from cashier systems to payments, becoming a comprehensive fintech and SaaS company. He provides insights into the crawl-walk-run process of this business and how he balances growth in both the SaaS and payments aspects of the org.—SPONSORS:RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. It doesn't just show you where the problems are—it helps you solve them. From spotting hidden optimization opportunities, like duplicative spend, to automating those painful procurement workflows, to giving you the best market data that turns every vendor negotiation in your favor. Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(02:27) Sponsor – RightRev | Planful | Brex(06:12) Abdullah's Bold Career Move & Why CFOs Avoid Risks(09:58) Being a Corporate World CFO Versus a Startup CFO(16:05) Digital Transformation in the Food and Beverage Industry(17:56) Sponsor – Vanta | Tropic(20:20) Food & Beverage and Tech in the Middle East and North Africa(23:06) The Evolution of Foodics' Business Model(30:17) How Lending Works in This Industry(33:37) Balancing Growth in SaaS and Payment Revenue Streams(36:03) Forecasting for Payments(39:12) Staffing for Both SaaS and Payments(41:09) The Most Difficult Part of Adding Payments(44:16) Long-Ass Lightning Round: Dealing with Underperformers(46:21) Advice to Younger Self(47:04) Finance Software Stack(47:45) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
State of the Private Markets delivers an insider's look at the forces reshaping the pre-IPO landscape. In this episode, we break down the latest valuation surges and hiring trends, spotlight key moves from tech giants in security, HR tech, and legal automation, and dive into company updates from Wiz, Harvey, and Deel. We also cover major fundraising rounds and notable executive shifts that signal where the market is headed. Tune in for an in-depth analysis of the trends and shifts driving today's private markets.Thanks to our sponsor Netsuite. Visit netsuite.com/metrics for the CFO's guide to machine learning. Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Jim Cook, Netflix co-founder, former CFO of Mozilla, early employee at Inuit, executive coach, and author of Substack Cook's Playbooks, returns to the podcast for the third time. In this episode, he breaks down the evolution of the role of CFOs from traditional scorekeepers to more strategic and operator roles, before looking ahead at what's to come. This episode is packed full of helpful advice about transparency, building trust, authenticity in your executive role, and why “fake it till you make it” is actually bad advice. Looking at the future of the CFO role, Jim explains why he believes there will be no need for both COO and CFO roles in an organization, the biggest mistake a CFO can make at this time, and how CFOs should be adapting in order to succeed in this next era.—SPONSORS:Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. It doesn't just show you where the problems are—it helps you solve them. From spotting hidden optimization opportunities, like duplicative spend, to automating those painful procurement workflows, to giving you the best market data that turns every vendor negotiation in your favor. Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how.RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.—FOLLOW US ON X:@cjgustafson222 (CJ)LINKS:Cook's Playbookswww.benchboard.comJim Cook on LinkedIn—TIMESTAMPS:(00:00) Preview and Intro(01:37) Sponsor – Planful | Brex | Vanta(05:49) CJ's Career Growth Since First Interviewing Jim(08:35) Making Finance Transparent(14:40) Sponsor – Tropic | RightRev(17:07) The Influence of Bill Campbell(18:57) How to Get to Trust Faster(20:32) Letting Your Freak Flag Fly in Your Executive Role(23:06) Is “Fake It Till You Make It” Bad Advice?(25:25) Why CFO Tenures Are Getting Longer(28:16) The Evolution of the CFO Role and Technological Capability(32:45) Scorekeeping and Actuals Don't Matter Anymore(34:38) The Era of the Strategic CFO(36:48) SaaS and the Operator CFO Era(41:09) Jim's Prediction on the Next Era: The CFO Architect(49:47) The Biggest Mistake We Could Make in This Era(51:48) The Era of, “I Need a COO and a CFO,” Is Over(55:41) Where a CFO Will Spend Most of Their Time in This Next Era Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Today's guest, Arvind Kadaba, the CFO of Aidoc, started his career as a high-profile investor before transitioning into the role of a CFO. He joins CJ to share his career journey and discuss the challenges he faced in transitioning into an operational role. The conversation explores the “grass is always greener” mentality that drives career shifts, and how to find the right career fit. Arvind describes the evolving landscape of healthcare technology and AI. He emphasizes the need for innovation and how to choose whether to build, buy, or partner to achieve this, giving listeners a masterclass in portfolio theory for operators. He also gives helpful tips for balancing short-term and long-term investments and explaining long-term shareholder value to employees. The episode concludes with Arvind defending his contrarian views that not all businesses should be venture-backed and not all great businesses are tech businesses.—SPONSORS:Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. It doesn't just show you where the problems are—it helps you solve them. From spotting hidden optimization opportunities, like duplicative spend, to automating those painful procurement workflows, to giving you the best market data that turns every vendor negotiation in your favor. Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn howRightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(02:21) Sponsor – Brex | Vanta | Tropic(06:59) Transitioning from Investor to Operator(11:13) The Problem-Specific Nature of Being an Operator(14:29) Sponsor – RightRev | Planful(16:39) Personal Product Market Fit(23:18) “All You Need Is One”(25:46) How Arvind Decided to Switch Careers(33:07) The State of Healthcare Technology in AI(36:05) Innovation: Build Versus Buy Versus Partner(37:36) Portfolio Theory for Operators(44:36) Explaining Long-Term Shareholder Value to Employees(47:50) Not All Businesses Should Be Venture-Backed(53:38) Not All Great Businesses Are Tech Businesses(57:03) Long-Ass Lightning Round: Cross-Functional Trust(58:04) Finance Software Stack(58:54) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Fintech Is Back: What's Driving Valuations & Back-Office ConvergenceFintech is making a comeback, and the private markets are shifting fast. In this episode, we break down the biggest fintech moves—from Stripe's $85B valuation jump to Klarna and Chime's rumored IPOs—and explain why investors are paying up for some business models while discounting others.Plus, we dive into a major shift in back-office software: HiBob's acquisition of Mosaic signals a growing convergence between HR and finance, with implications for the future of ERP. Is the back-office stack consolidating into a new source of truth?Topics we cover:✅ Why Stripe commands a 20x revenue multiple, and Mercury's latest fundraise✅ Klarna vs. Chime: Who will get the better IPO valuation?✅ Affirm's comeback—does it validate BNPL's future?✅ The next evolution of back-office SaaS: HR meets FP&AIf you're a founder, operator, or investor in fintech or SaaS, this episode is packed with insights on positioning for the highest valuation.
This episode takes a deep dive into the business model of super app Grab as CJ interviews CFO Peter Oey. Peter introduces listeners to Grab and how it operates in Southeast Asia, highlighting the company's journey from a ride-hailing service to acquiring Uber's operations in the region, expanding into food delivery, and even branching into banking services, all in one single super app. Peter explains why this model thrives in Southeast Asia and speculates on its potential in Western markets. He sheds light on the flywheel effect of branching into banking services, how they get customers to use Grab's different products, and the advertising opportunities that exist for the platform. He also discusses how Grab has positively affected economic activity in the region and shares one customer's incredible success story. The podcast concludes with insights into Grab's proprietary technology, including its unique mapping system, and advice for Western companies looking to enter the Southeast Asian market.—SPONSORS:Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. It doesn't just show you where the problems are—it helps you solve them. From spotting hidden optimization opportunities, like duplicative spend, to automating those painful procurement workflows, to giving you the best market data that turns every vendor negotiation in your favor. Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how.RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(02:15) Sponsor – Vanta | Tropic | RightRev(05:54) Super Apps and Grab's Business Model(11:16) Why the Super App Model Thrives in Southeast Asia(15:33) The Super App Model and Western Markets(17:03) Sponsor – Planful | Brex(19:16) The Role of Banking Services in Grab's Business Model(23:05) The First Step to Becoming a Fintech(25:05) Getting Users to Use Multiple Grab Products(30:31) The Advertising Opportunity for Grab(32:14) Why Southeast Asia Is Overlooked as a Tech Hub(35:30) Advice to Western Tech Companies Operating in Southeast Asia(37:15) How Grab Increases Economic Activity(40:51) A Grab Success Story(41:45) Grab's Proprietary Tech and Mapping System(45:43) Long-Ass Lightning Round: A Forecast Accuracy Error Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
In this episode, CJ is joined by Kelly Mahncke, the CFO of USA Hockey, and the first CFO of a nonprofit to come on the show. They discuss the organization's business model and its revenue streams. Kelly emphasizes the importance of having a successful business whether it's a nonprofit or not, and what she means when she says that there's no mission without margin. The conversation also covers USA Hockey's efforts to balance grassroots development with elite programs, the role of data and technology in enhancing operations, and the challenges of making hockey accessible to underprivileged communities. Kelly shares insights into the financial management of USA Hockey, including the for-profit and nonprofit aspects of the business, and how the four-year cadence of the Winter Olympics affects annual planning.—SPONSORS:Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. It doesn't just show you where the problems are—it helps you solve them. From spotting hidden optimization opportunities, like duplicative spend, to automating those painful procurement workflows, to giving you the best market data that turns every vendor negotiation in your favor. Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn howRightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(02:00) Sponsor – Tropic | RightRev | Planful(06:23) The Companies Under the USA Hockey Umbrella(07:50) Balancing Investing in Grassroots Development and Elite Teams(10:01) USA Hockey's Revenue Streams(11:14) USA Hockey's Data and IT(13:07) Learnings from USA Hockey's Data and Analytics(16:38) Sponsor – Brex | Vanta(19:10) Why Kids Should Try Different Sports(20:03) Anecdotes About Hockey Players(21:56) No Mission Without Margin(23:40) The Most Surprising Line Items in USA Hockey's Budget(24:32) How the Winter Olympics Affects Annual Planning(26:12) For-Profit Money in the Space(29:14) The Business of Rink Ownership(32:54) Making Hockey Accessible to Underprivileged Communities(35:30) The For-Profit and Nonprofit Aspects of USA Hockey(36:56) How Being a Nonprofit Impacts Hiring and Volunteers(39:31) Lightning Round: Advice to Younger Self(40:04) Technology at USA Hockey(41:30) Finance Software Stack(42:20) The Legacy Kelly Hopes to Leave Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
How Much Revenue Do You Need to IPO in 2024?The IPO bar has risen—big time. In the 2010s, companies like RingCentral and Etsy went public with $100M-$250M in revenue. But today? You likely need $500M+ just to get a shot.We'll break down how IPOs evolved from the SaaS boom to the 2021 mega-deals (think Coinbase, Snowflake, and Airbnb), the 2022-23 freeze, and why 2024's IPO class—Reddit, Klaviyo, Instacart—looks different.Plus, we'll preview 2025's biggest potential IPOs, including Stripe, Databricks, and Deel. What's the new rule? If you want to IPO, bring half a billion in revenue—or a damn good reason why you deserve to be public.Visit mostlymetrics.com for more analysis like this Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Serial CFO Michael Bayer, who is currently the CFO of Wasabi, joins CJ to share wisdom from his long career. He talks about his journey from being a “CF-no" to becoming a “CF-go” while emphasizing the importance of strategic investment to fuel hypergrowth companies. He breaks down the epochs of growth that a company goes through as it scales from driving revenue to focusing on cash flow. He highlights the significance of order of magnitude thinking and hiring for future needs. Michael also introduces his “rock-turning” exercise for identifying and addressing issues when joining a company, and shares his three guiding principles: speed is God, best ideas win, and if you're not making mistakes, you're not trying hard enough. The episode concludes with an insightful story about Van Halen's "brown M&M" clause, and what finance leaders can learn from it.—SPONSORS:RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. It doesn't just show you where the problems are—it helps you solve them. From spotting hidden optimization opportunities, like duplicative spend, to automating those painful procurement workflows, to giving you the best market data that turns every vendor negotiation in your favor. Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(02:16) Sponsor – RightRev | Planful | Brex(06:02) The Reason for a Sloth Background(08:31) A Company's Epochs of Growth(12:52) Staffing for the Different Epochs of Growth(17:08) Sponsor – Vanta | Tropic(21:29) The CF-No Versus CF-Go Mentalities(23:42) The “Rule Of” Metric: EBITDA or Cash Flow(27:05) The Rock-Turning Exercise(29:12) The First Rock Michael Turns Over(30:26) Forming Relationships Before Solving Problems(32:08) The Time Factor in Becoming a Good CFO(36:01) Michael's Three Simple Rules for Being a Great CFO(38:45) Creating Space for the Best Ideas(41:18) What It Means to “Rent Capital”(47:25) The Brown M&M Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Erica Gessert, CFO of Upwork, and former Senior Vice President of Finance & Analytics at PayPal, joins CJ for this episode. They discuss Erica's experience with forecasting models at PayPal, emphasizing the need for adaptable models that change with economic conditions. Delving into her role at Upwork, Erica explains the company's approach to customer acquisition costs, the significance of network effects in marketplace businesses, and Upwork's take rate strategies. The conversation covers Upwork's investment in R&D, how the company maintains platform trust in the face of bad actors, and the impact of AI. Apart from explaining how Upwork gained 20 points of EBITDA in just three quarters, Erica also sheds light on their North Star metrics, how they balance growth and profitability, their approach to M&A, and her experience reporting to Masayoshi Son during her time at Sprint. —SPONSORS:Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.MUFG is the largest bank in Japan and a global banking powerhouse with a focus on empowering Growth and Middle Market stage companies in North America and Europe. MUFG provides comprehensive banking services for VC-backed, PE-backed, and public companies with revenues starting at $40M. The bank combines its global capabilities with deep operational understanding to help companies accelerate their growth trajectory. Contact group head Bob Blee at bblee@us.mufg.jp to find out more.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics. Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics. Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. It doesn't just show you where the problems are—it helps you solve them. From spotting hidden optimization opportunities, like duplicative spend, to automating those painful procurement workflows, to giving you the best market data that turns every vendor negotiation in your favor. Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn howRightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS: (00:00) Preview and Intro(02:30) Sponsor – Planful | MUFG | Brex(06:17) Budgeting at PayPal(10:23) Forecasting Methodologies at PayPal(13:15) The Impact of the Calendar on Forecasting(15:01) Forecasting and Macroeconomic Indicators(16:29) Planning Will Take as Long as the Time You Allot for It(17:56) Surprising Insights About Freelancers(19:26) Sponsor – Vanta | Tropic | RightRev(24:55) Upwork's Customer Acquisition Cost(27:59) Freelancers and AI Adoption(29:07) Network Effects in Upwork's Model(31:14) Upwork's Take Rate Strategies(34:49) R&D Investing at Upwork(38:36) Selling Trusted Transactions(41:12) Upwork's North Star Metrics(42:59) Recognising the Potential of AI(44:05) How Upwork Gained 20 Points of EBITDA in Three Quarters(45:29) Balancing Growth and Profitability(46:41) Upwork's M&A Strategy(48:35) Long-Ass Lightning Round: A Big Career Mistake(50:55) Reporting to Masa from SoftBank(52:49) Advice to Younger Self(54:18) Finance Software Stack(54:55) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Hey everyone, welcome back to the show! Last week, our report and podcast on the state of private markets went absolutely bonkers. So, we're building on that momentum today and giving you even more private tech company headlines.The goal? By the end of this episode, you'll feel like you have a backstage pass to the best companies before they hit the public markets—and you'll sound like the smartest person in the room next time you're talking to colleagues (hopefully not over Microsoft Teams, because let's be real, that thing sucks). Honestly, the U.S. government should ban Teams before they ban TikTok. But I digress.A lot happened in the tech market this week when it comes to valuations, efficiency metrics, and overall financial performance, so let's get into it.* X (Formerly Twitter) Profits Surge, But Revenue Tells a Different Story* Deel's Breakneck Growth and Market Positioning* Clay's Valuation Jump Raises Eyebrows in the Data SpaceHit subscribe, share this with your favorite estranged family member, and give us five stars (it would mean a lot to me).mostlymetrics.com Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
In this episode, CJ is joined by Kapil Agrawal, CFO at Outschool, former CFO of Poshmark, and former Global Head of Pricing and Finance Business Partner at Uber. Kapil shares insights on Uber's pricing strategies and the use of promotions to drive customer growth. He discusses the multiple North Star metrics used at Uber before explaining his role in changing the company's take rate. He also talks about his role at Poshmark and how he raised the company's gross margin. The conversation explores the advantages and challenges of marketplace models versus subscription models and highlights the potential of combining both. Also covered is the significance of high-quality decision-making as a leader and the role of hard work in achieving this.—SPONSORS:MUFG is the largest bank in Japan and a global banking powerhouse with a focus on empowering Growth and Middle Market stage companies in North America and Europe. MUFG provides comprehensive banking services for VC-backed, PE-backed, and public companies with revenues starting at $40M. The bank combines its global capabilities with deep operational understanding to help companies accelerate their growth trajectory. Contact group head Bob Blee at bblee@us.mufg.jp to find out more.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. It doesn't just show you where the problems are—it helps you solve them. From spotting hidden optimization opportunities, like duplicative spend, to automating those painful procurement workflows, to giving you the best market data that turns every vendor negotiation in your favor. Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how.RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(0:00) Preview and Intro(02:50) Sponsor – MUFG | Brex | Vanta(07:15) Discounting and Promotions at Uber(09:26) Pros and Cons of Acquiring Customers with Promotions(13:48) How Uber Determined the Promotion Term of Nine Months(14:33) Promotional Launch Strategies Across Different Uber Platforms(17:49) Sponsor – Tropic | RightRev | Planful(21:10) The Multiple North Star Metrics at Uber(24:31) Retention for Drivers Versus Passengers(25:25) Tackling the Competition for Drivers(27:20) Changing Uber's Take Rate(31:55) Raising the Gross Margins at Poshmark(37:53) Moving from Buyer and Seller Cohorts to User Cohorts(39:20) Poshmark's Take Rate(42:46) Intro to Outschool(43:20) Transaction-Based Models Versus Subscription-Based Models(45:04) The Role of Capital Allocation(47:22) Combining Transaction-Based and Subscription-Based Models(49:45) Being Judged on the Quality of Your Decisions(54:00) Hiring: Generalists Versus Specialists(56:06) Long-Ass Lightning Round: A Price Cut Regret(57:34) Advice to Younger Self(58:44) Finance Software Stack(59:28) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
In this episode, CJ interviews Nigel Glenday, CFO, COO, and board member at Masterworks, a company that allows investors to buy shares in high-value artworks. He sheds light on the art market and Masterworks's business model. They discuss the intricacies of art as an asset class, its historical significance, and its potential as an investment. Nigel explains the process of securitizing art, comparing it to other unique asset classes like racehorses and athlete contracts. He highlights the importance of data in valuing art and the company's approach to managing a large portfolio of art investments, before discussing the evolution of Masterworks' business model. The episode provides insights into the unique aspects of this asset class and the innovative ways Masterworks is scaling its business.—SPONSORS:Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. It doesn't just show you where the problems are—it helps you solve them. From spotting hidden optimization opportunities, like duplicative spend, to automating those painful procurement workflows, to giving you the best market data that turns every vendor negotiation in your favor. Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn howRightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(02:23) Sponsor – Vanta | Tropic(04:53) Overcoming the Thomas Crown Affair(06:22) Finance Within the Art World(07:34) The Most Expensive Piece of Art Ever Purchased(09:15) The History of Art as an Asset Class(10:51) The Data-Rich Nature of Trading Art(12:46) The Performance of the Art Market Compared to Other Markets(15:37) Emotional Dividends in Art Investing(17:13) Sponsor – RightRev | Planful | Brex(20:55) Securitizing Anything with a Cash Flow(24:45) Securitizing Art(27:28) Determining When to Sell(30:03) Museums: Owned Versus Loaned(30:55) Masterworks' Revenue Streams(34:21) How Masterworks Services Their Investors(36:06) Data and How It Informs What Masterworks Buys and Sells(41:55) Evaluating the Value of the Art(43:04) The Trading Market(44:59) The Scaling and Evolution of Masterworks(49:24) Long-Ass Lightning Round: Auto-Renewal Contract Mistakes(50:43) Advice to Younger Self: No Style Points(53:52) Finance Software Stack(57:31) Craziest Expense Story: Defend Your Spend Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
This is our inaugural State of the Private Markets, a monthly series where we'll deliver the most compelling valuation, hiring, and revenue insights on pre-IPO candidates. Think of this as your backstage pass to the companies shaping the future before they hit the public markets.Today we will cover:* Valuation: The most valuable private tech companies* Hiring: The fastest hiring companies* Layoffs: The companies shedding headcount* Sector specific highlights: This month we check in on Foundational Models, Fintech, and Autonomous Driving* Company spotlights: This month we check in on DataBricks, Anduril, and Canva* Fundraising: Recent rounds you should know about* Execs: Pre IPO CFO hires Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Eliran Glazer is the CFO of Monday.com. He joined the company just four months before its IPO. As a big believer in the art of storytelling, in this episode, Eliran explains how to be a great storyteller while weaving it into the story of Monday.com's IPO. The conversation also delves into the unique aspects of the Israeli tech scene, the impact of military service on entrepreneurship, and the importance of resilience and adaptability in leadership. Eliran highlights the evolution of Monday.com's narrative, the strategic use of benchmarks, the importance of authenticity, tips for talking about your competition, and the pillars of a good story to help CFO's supercharge their skillsets.—SPONSORS:Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. It doesn't just show you where the problems are—it helps you solve them. From spotting hidden optimization opportunities, like duplicative spend, to automating those painful procurement workflows, to giving you the best market data that turns every vendor negotiation in your favor. Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(01:53) Sponsor – Tropic | Vanta(04:22) The Story Behind Monday.com's Name(09:25) What Makes Israel's Tech Scene So Unique(14:30) How Being an Expat in the USA Shaped Eliran as a CFO(16:56) Sponsor – RightRev | Brex | Planful(20:36) Managing the IPO Four Months After Joining Monday.com(25:02) Differentiating Your Company Through Storytelling(27:14) The Importance of Authenticity(31:03) Avoiding “Robot Mode” When You Repeat Your Company's Story(32:43) The Pillars of a Good Story(35:42) How the Story Changed Throughout the Process(38:25) Being Bold in Your Storytelling(40:39) Using Benchmarks to Support Your Valuation(44:38) Tips for Talking About Competition(46:34) How Monday.com's Story Is Evolving Post-IPO(51:04) Long-Ass Lightning Round: A Mistake Eliran Made(52:27) Advice to Younger Self(53:39) Finance Software Stack(55:03) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
CJ delves deep into the world of analytics in this interview with Jesper Sorensen, the CFO of Mambu, a leading fintech and banking platform in Europe valued at over $5 billion. Jesper, who has authored three books on analytics, introduces the Analytics Escalator—a framework for unlocking real value through descriptive, diagnostic, predictive, and prescriptive analytics. In the discussion, Jesper covers everything from getting started with analytics and deciding where it should sit within an organization to identifying key opportunities, building a solid BI tech stack, and understanding the role of analytics tools and data lakes. He outlines the journey to creating a high-impact analytics function within a company, emphasizing the critical interplay between people, processes, and systems in fostering a thriving analytics culture—and shares practical advice on how to achieve it.—SPONSORS:RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(02:01) Sponsor – RightRev | Brex(04:53) Jesper's Pre-CFO Career(06:50) The Huge Success of Mambu(10:40) Understanding What Analytics Is(13:56) Sponsor – Planful | Vanta(16:02) Where Analytics Should Sit in the Org(20:12) Model for Serving a Team's BI Needs Internally(22:03) Creating Value with the Analytics Escalator(29:51) Prescriptive Analytics and How to Achieve Them(31:08) The Steps on the Analytics Escalator(33:36) Establishing People, Processes, and Systems(34:54) Self-Service Versus Customer Service BI(37:57) The Components of a Good BI Tech Stack(38:50) Data Visualization Tools Versus Analytics Tools(41:59) The Value of a Data Lake(44:26) Build-Versus-Buy for Analytics Tools(46:50) The Need for a Proof-of-Concept for Analytics Tools(48:10) Managing the Trade-Off Between Performance and Cost(50:19) Wrap Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
In this episode, CJ interviews Jeff Cassidy, CFO of Prodigy Education about navigating a diverse career across multiple industries and building strong teams based on ambition and skills rather than credentials. Having worked in financial services, biotech, restaurants, travel, edtech, and even crypto, Jeff shares the story of his own varied career, giving advice on finding the “right” career path, achieving personal product market fit, and what he looks for in a new role. He talks about how he goes about building a strong team and the qualities he looks for in applicants, while sharing stories of some of the hiring choices he's made. The conversation touches on the evolving landscape of higher education, the failures of American four-year colleges, and the need for more practical skills and diverse experiences. Jeff also discusses the challenges of leading a travel company through the COVID-19 pandemic, highlighting the importance of transparency, customer empathy, and supplier management. —SPONSORS:Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics. Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics. RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(03:28) Sponsor – Brex | Planful(06:48) Finding Personal Product Market Fit(12:13) Qualities to Look for in a New Role(14:01) The Misconception About Finding the “Right” Career Path(16:04) Sponsor – Vanta | RightRev(18:32) Linear and Non-Linear Career Moves(20:16) Hiring Based on Ambition and Skills(22:38) How American Four-Year Colleges Are Failing(29:20) Transitioning into Finance(32:05) The Story of a Surprising Finance Hire(35:20) Lessons from an Applicant's Interview Fail(38:16) Running a Travel Company in the Pandemic(41:45) Supplier Management in a Crisis(43:59) Lessons on Communicating Internally(45:43) Long-Ass Lightning Round: An Early Career Mistake(48:25) Advice to Younger Self: Pursue Interests(49:28) Finance Software Stack(49:59) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Michiel Boere, the CFO of Remote, joins CJ to talk about building multinational companies and the benefits of ditching traditional budgets for better business outcomes. Michiel introduces listeners to Remote's business model and discusses how it levels the global job market by enabling companies to hire talent from anywhere while absorbing complications regarding payroll, taxes, and legal entity status. The conversation also covers the complexities of managing a multinational company and the challenges of scaling finance operations globally. As a risk-on CFO, he breaks down how he looks at unit economics in order to underwrite certain risks necessary for in growth. He also shares insights from his experience at Uber before explaining how budgets can lead to suboptimal decisions, such as unnecessary spending or missing out on valuable investments.—SPONSORS:Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(02:32) Sponsor – Planful | Vanta(04:43) How Remote Levels the Playing Field(08:02) The Marketplace-Like Element of Remote(09:52) Increasing Optionality Versus Decreasing Costs(13:11) How Remote Built a Multinational Company in Five Years(14:58) Sponsor – RightRev | Brex(17:48) The Complexity of Building a Multinational Company(20:53) Scaling Finance Globally with a Distributed Team(21:51) Remote's Revenue Lines(23:06) Managing FX in Multiple Countries(26:06) Embracing Investment and Risks(29:37) The Biggest Challenge Michiel Tackled at Uber(32:50) Lessons Michiel Learned About Complexity from Uber(37:42) Why Your Budget May Be Counterproductive(40:56) How to Get Your Board to Change Their Thinking About Budgeting(44:04) Setting Ambitious Goals for Revenue Generators Without a Budget(45:06) Changing Your North Star Metric as Your Company Grows(46:21) Non-Standard Metrics That Michiel Looks At(47:31) Long-Ass Lightning Round: HR Mistakes(49:55) Michiel's Biggest Career Risk(56:21) Finance Software Stack(57:40) The Wall Street Journal Test and the Blush Test for Expenses Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Reid DeRamus, formerly of Hulu, Crunchyroll, HBO Max, and Substack, joins CJ in this episode to discuss B2C business models and growth strategies. Reid sheds light on some of the profound evolutions he's experienced in his career at the intersection of tech and media. The discussion dives into the nuances of price increases in B2C subscriptions—how they affect revenue growth, customer acquisition, and retention—and explores strategies for effectively communicating these changes. They examine the pitfalls of discounting, the pros and cons of annual plans, and the art of segmenting consumers who may be willing to pay more. Reid introduces the concept of “elevating the cohort floor” and emphasizes the importance of the initial subscription period for retention and conversion. The episode also tackles the paradox of "too healthy" metrics and why you should consider pairing your KPIs up. The podcast is not over until they touch on balancing advertising and subscription models, and discuss unique monetization lessons from platforms like OnlyFans, among others.—SPONSORS:Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.—FOLLOW US ON X:@cjgustafson222 (CJ)LINKS:Growth Croissant - https://www.reidtandy.com—TIMESTAMPS:(00:00) Preview and Intro(02:00) Sponsor – Vanta | RightRev(04:40) Reid's Career Path Through Evolutions in the Media World(11:40) Price Increases for Revenue Growth(15:14) Why Price Increases Impact Subscriber Acquisition More than Retention in B2C(18:00) Sponsor – Brex | Planful(20:25) Strategies for Price Increases Without Dropping Subscriptions(24:32) Pricing B2C to Allow for Room to Discount(25:52) Can Discounting Cheapen Your Brand(29:26) The Pros and Cons of Pushing People Towards Annual Plans in B2C(34:50) The Hierarchy of What Monetizes Best in Paid Subscriptions(39:59) Targeting Consumers Who Are Willing to Pay More(45:00) The Importance of the Initial Subscription Period for Retention and Conversion(50:01) Why Your Health Metrics Can Be Too Good(51:49) Paired Metrics: Growing Two KPIs at the Same Time(54:08) Balancing Advertising and Subscription(01:00:49) The B2C Business Application of OnlyFans(01:04:35) Substack and the Value in Focus(01:07:07) Interesting Emerging B2C Apps(01:07:59) B2C Apps Becoming B2B Apps Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
In this episode, CJ sits down with Ryan Roccon, CFO of Zapier, to explore the power of storytelling in finance, decision-making frameworks, and the company's commitment to extreme transparency. Ryan highlights the significance of storytelling in finance to connect complex data with company strategy. He explains how he adapts a story for a specific audience and how he avoids “robot mode” when repeating it. The discussion delves into Zapier's unique approach to transparency, how this plays out, the benefits of it, the challenges of it, and how it has become an integral part of the company's culture. Ryan unpacks the unique dynamics of being a remote-first, bootstrapped company with a cash flow break-even or better requirement. The conversation also covers the importance of effective decision-making, where Ryan suggests that most decisions are reversible and breaks down different frameworks for effective decision-making and fostering organizational buy-in.—SPONSORS:RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off of Vanta at vanta.com/metrics.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(02:34) Sponsor – RightRev | Brex(06:31) What Storytelling Is in Finance(09:01) Adapting Your Story for the Audience(12:19) Avoiding “Robot Mode” When Repeating a Story(17:30) Sponsor – Planful | Vanta(19:37) Frequently Used Analogies(21:33) The Cohort of Companies Zapier Compares Itself To(23:33) Storytelling to Potential New Employees(24:38) Zapier's Extreme Transparency(26:08) The Challenges of Extreme Transparency(29:36) Avoiding Creating Anxiety by Oversharing(31:11) Zapier's Cash Flow Break-Even or Better Requirement(34:18) Other Rules and Ambitions at Zapier(34:55) Burdening the P&L by Product Line(37:24) Getting People to Use the DACI Framework(40:51) The “Fist to Five” Framework(44:51) Making It Safe to Fail While Expecting Excellent Performance(48:35) What Ryan Would Most Like to Automate(49:46) The US Steel and Stanley Cup Story(52:21) Long-Ass Lightning Round: A Mistake Made Early in Ryan's Career(53:31) What Ryan Wishes He Had Known Earlier in His Career(54:27) Finance Software Stack(55:25) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
In this episode, CJ interviews Matt Hudson, CFO of Coda, who shares insights from his unique career path that spans roles as a product manager at Google, YouTube, and Coda before becoming a CFO. He breaks down a number of frameworks he's used in his career from the Blue and Black Loop framework for understanding the growth of a shareable product like Coda's, Eigenquestions for getting to the one question at the center of all questions, and the Vacation Rule for determining whether to build or buy software tools. Matt also discusses the evolution of Coda's pricing model and offers perspectives on community-driven growth instead of typical product-led growth. He sheds light on how to better understand and work with product managers, how to minimize SaaS sprawl, and the role of luck and failure in one's success, before sharing nuggets of wisdom from working with notable investors like Mamoon Hamid and Reid Hoffman.—SPONSORS:Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.—FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(02:13) Sponsor – Brex | Planful(04:30) Matt's Journey from Product Manager to CFO(08:59) The Blue and Black Loop Framework(12:42) Modeling for Growth Loops(16:32) Why Looking at User Cohorts Can Be Misleading(17:59) Sponsor – RightRev(21:08) How Coda's Pricing Model Has Evolved over Time(27:37) The Downside to PLG(31:35) Community-Driven Growth Versus Product-Led Growth(32:29) The Billing Mechanism for PLG(34:16) The Biggest Misconceptions About Product Managers(38:09) Build Versus Buy: The Vacation Rule(42:43) SaaS Sprawl(45:45) Eigenquestions(50:15) Nuggets of Wisdom from Investors(53:32) Reconciling Hard Work and Luck(57:05) Long-Ass Lightning Round: Clarity over Comprehensiveness(1:01:09) Something Matt Wishes He Had Known Earlier(1:03:19) Finance Software Stack(1:03:36) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
Steve Isom, the CFO of Bloomerang, joins CJ to talk about what it really means to be a “strategic” CFO. Steve shares profound insights on the people element of the job and how finance leaders can avoid making the business a math problem. He discusses the CFO's job in playing offense not just defense, and what that looks like. He sheds light on how as a CFO, you can prove yourself as a valuable contributor and earn an invitation to various conversations instead of being seen as an umpire or “CF-no”. He also explains how to deal with friction when you do have to play that role. The conversation covers transaction readiness as part of the CFO's job and how this helped Steve when a previous company, Flywheel, was acquired in a process that took just 31 days even though it wasn't even for sale. He closes with advice on how to build a kick-ass finance team.If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist.—SPONSORS:Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. Whether it's multi-element arrangements, subscription renewals, or complex usage-based contracts, RightRev takes care of it all. That means fewer spreadsheets, fewer errors, and more time for your team to focus on growth. For modern revenue recognition simplified, visit rightrev.com and schedule a demo.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Brex makes it easy to control spend before it happens, automate annoying tasks, and optimize your finances. Find out how Brex can help you make every dollar count at brex.com/metrics. —FOLLOW US ON X:@cjgustafson222 (CJ)—TIMESTAMPS:(00:00) Preview and Intro(02:40) Sponsor – Planful | RightRev(07:48) What It Means to Be a Strategic Finance Leader(12:44) Having Empathy for Sales and Other Roles(15:29) Sponsor – Brex(16:48) Playing Offense Versus Playing Defense(21:02) Balancing the Metrics with the People Element(29:05) Earning a Seat at the Table as a CFO(31:58) Dealing with Friction When You Have to Play Umpire(38:36) Transaction Readiness as Part of the CFO's Job(41:14) Flywheel's 31-Day Acquisition(47:47) Building a Kick-Ass Finance Team Get full access to Mostly metrics at www.mostlymetrics.com/subscribe
In this episode, CJ interviews Ross Grainger, the CFO of Paradox, to discuss work-life integration (instead of balance), why the corporate ladder is less like a ladder and more like a jungle gym, and the hallmarks of a great CFO/FP&A/controller relationship. He starts by sharing his own unconventional career journey and talks about the importance of the hustle, giving examples from his own life of periods when things were weighted towards life or work and how this benefited him. He also describes why the career ladder is more like a jungle gym and gives examples of times when he had to step backwards or sideways to get ahead. He sheds light on the value of investing in work relationships outside of finance, such as product marketing and sales, before discussing the hallmarks of a good CFO/controller/FP&A relationship. With a team in Vietnam, he gives advice on how to expand internationally. The episode includes an explanation of why Ross doesn't believe in annual planning, what he does instead, and how he justifies this to the board. If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist.—SPONSORS:Operators Guild is where the best CEOs, CFOs, VPs of finance, and BizOps leaders in the business connect, network, and grow together. Built by operators for operators, this members-only community is home to more than 1000 of the most elite high-growth operators in the world. Experience connection and knowledge share with professionals who understand you like no one else does. Learn more and apply at operators-guild.com. Maxio is the only billing and financial operations platform that was purpose built for B2B SaaS. They're helping SaaS finance teams automate billing and revenue recognition, manage collections and payments, and put together investor grade reporting packages.
In this episode, CJ has an exceptionally candid conversation with Will Cureton, the CFO of Nitrogen Wealth. Will sheds light on what Nitrogen Wealth does and how it incorporates a tolerance functionality built on the prospect theory into its software platform to better serve wealth management firms. After taking on some private equity backing in 2021, Nitrogen Wealth made a big price increase mistake. Will talks about how the company went about revisiting its growth assumptions. He explains how they assessed the company's TAM, exited unsustainable business lines, and unbundled some of their products in order to maintain or regain their customers. Will then does a deep dive on mitigating churn, covering which metrics Nitrogen tracks to predict churn, how they formulate a churn score, and other steps they take to support customer retention. If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist.—SPONSORS:Maxio is the only billing and financial operations platform that was purpose built for B2B SaaS. They're helping SaaS finance teams automate billing and revenue recognition, manage collections and payments, and put together investor grade reporting packages.
Alyssa Shadinger, CFO of Sisense, sits down with CJ in this episode for a masterful deep dive on building and scaling analytics teams and perfecting the art of the OKR (Objectives and Key Results). They discuss the optimal structure for data and analytics teams and where they should sit within the org. Alyssa explains how Sisense clarified their data models for more accurate self-service reporting, how the company maps their analysts to different teams, and where the costs of this should sit in the P&L. Then CJ and Alyssa delve into OKRs, the biggest challenge to their success, the role of finance in helping the rest of the company define them, and the necessity of linking them to measurable financial outcomes. They also talk about the optimal number of OKRs that an org should have, and other tips for achieving them. If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist.—SPONSORS:RemoFirst is a full-service Employer of Record solution that handles all your global employment needs. RemoFirst can help you navigate the maze of regulations and logistical challenges to onboard employees and contractors from anywhere in the world and streamline payroll, taxes, and compliances. Get two months free on EOR fees for your first hire in any country by visiting RemoFirst.com/metrics. Mercury is the fintech ambitious companies use for banking and all their financial workflows. With a powerful bank account at the center of their operations, companies can make better financial decisions and ensure that every dollar spent aligns with company priorities. That's why over 100K startups choose Mercury to confidently run all their financial operations with the precision, control, and focus they need to operate at their best. Learn more at mercury.com.Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC.NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅, head to NetSuite https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning. Operators Guild is where the best CEOs, CFOs, VPs of finance, and BizOps leaders in the business connect, network, and grow together. Built by operators for operators, this members-only community is home to more than 1000 of the most elite high-growth operators in the world. Experience connection and knowledge share with professionals who understand you like no one else does. Learn more and apply at operators-guild.com. Maxio is the only billing and financial operations platform that was purpose built for B2B SaaS. They're helping SaaS finance teams automate billing and revenue recognition, manage collections and payments, and put together investor grade reporting packages.
In this episode, CJ interviews Rebeca Sanchez Sarmiento, the CFO of Dotmatics and the queen of managing operational complexity. With over seven acquisitions under her belt in just a few years, Rebeca shares insights on managing the complex realities of inorganic growth. She breaks down how Dotmatics balances autonomy and integration across multiple entities while finding synergies and implementing system consolidations. The conversation delves into the intricacies of managing 16 P&Ls, creating consistent forecasting frameworks, and determining whether to lean into an 80/20 approach or aim for all-around excellence. Beyond M&A, Rebeca's extensive experience in investor relations and as a sell-side equity analyst adds depth to the discussion. The conversation also touches on her personal journey, including a bold move to Los Angeles, how it helped her career, and her approach to work-life balance and remote work. If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist.—SPONSORS:Mercury is the fintech ambitious companies use for banking and all their financial workflows. With a powerful bank account at the center of their operations, companies can make better financial decisions and ensure that every dollar spent aligns with company priorities. That's why over 100K startups choose Mercury to confidently run all their financial operations with the precision, control, and focus they need to operate at their best. Learn more at mercury.com.Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC.NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅, head to NetSuite https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning. Operators Guild is where the best CEOs, CFOs, VPs of finance, and BizOps leaders in the business connect, network, and grow together. Built by operators for operators, this members-only community is home to more than 1000 of the most elite high-growth operators in the world. Experience connection and knowledge share with professionals who understand you like no one else does. Learn more and apply at operators-guild.com. Maxio is the only billing and financial operations platform that was purpose built for B2B SaaS. They're helping SaaS finance teams automate billing and revenue recognition, manage collections and payments, and put together investor grade reporting packages.
Samarth Mital, Senior Director of Global Sales Strategy, Planning & Analytics, Renewals & Sales Development at Rubrik joins CJ for this episode to talk all things pipeline, territory creation, commission plans, and renewals. Samarth joined the company when it was doing 70 million in ARR. Rubrik is now doing $1 billion and recently went public. He sheds light on his role at Rubrik in fostering this growth, the teams under his purview, and the cadence of the recurring meetings they have for forecasting. He discusses the value of an “accountability forum”, the best practices for inspecting pipeline, how to set up sales reps for success, and the art and science of territory design. He explains why territories get smaller as you add more products. He also delves into the characteristics of a good comp plan and how he deals with reps who feel their quota's too high, before breaking down what a healthy renewals function looks like. If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist.—SPONSORS:NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅, head to NetSuite https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning. Operators Guild is where the best CEOs, CFOs, VPs of finance, and BizOps leaders in the business connect, network, and grow together. Built by operators for operators, this members-only community is home to more than 1000 of the most elite high-growth operators in the world. Experience connection and knowledge share with professionals who understand you like no one else does. Learn more and apply at operators-guild.com. Maxio is the only billing and financial operations platform that was purpose built for B2B SaaS. They're helping SaaS finance teams automate billing and revenue recognition, manage collections and payments, and put together investor grade reporting packages.
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