Surfing the Waves of Business Innovation

How does a surf forecasting platform evolve into a multi-pronged company with B2C subscriptions, advertising, B2B SaaS, and even some hardware? Dustan Berg, former equity analyst and current VP of Finance at Surfline Wavetrak, Inc., joins CJ to discuss the evolution of Surfline's business model and the nuances of running this 40-year-old startup. Dustan explains the role of data as a moat and how Surfline navigates retention and increasing wallet share in a business model that’s tied to user identity. He also talks about some of the frameworks he uses to maintain focus on strategy and what he learned about asking the right questions from his days as an equity analyst.

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:

Pulley is the cap table management platform built for CFOs and finance leaders who need reliable, audit-ready data and intuitive workflows—without the hidden fees or unreliable support. Trusted by companies like Linear and Runway, Pulley helps turn ownership into a strategic advantage. Switch in as little as 5 days and get 25% off your first year: pulley.com/mostlymetrics.

Tabs is the AI-native platform automating contract-to-revenue for fast-growing finance teams. Whether you're working with custom terms, usage-based pricing, or hybrid sales models, Tabs eliminates manual reconciliations and late-night deadlines—giving you clean, automated revenue data from contract to cash. Companies like Cortex and Statsig trust Tabs to streamline invoicing, rev rec, and cash application. If you’re still closing the books like it’s 2015, it’s time for an upgrade: tabs.inc/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.

—

LINKS:

Dustan Berg on LinkedIn: https://www.linkedin.com/in/dustan-berg-cfa-b7a58634/

Surfline:

https://www.surfline.com

CJ on X (@cjgustafson222): https://x.com/cjgustafson222

Mostly metrics:

http://mostlymetrics.com

—

TIMESTAMPS

(00:00) Preview and Intro

(02:34) Sponsor – Pulley | Tabs | Tropic

(08:18) How to Measure a Wave

(12:30) Intro to Surfline: A 40-Year-Old Startup

(16:36) Sponsor – Netsuite | Planful | Subscript | Ripling

(21:09) The Evolution of Surfline’s Business Model

(25:38) B2B SaaS and Hardware Versus Just B2C Subscriptions and Advertising

(28:01) Data as a Moat

(32:34) The Nuances of Running a B2C Model Versus a B2B Model

(35:07) Net Dollar Retention Versus Gross Retention

(39:18) How Surfline Defines an Active User

(40:22) Retention in a Business Model That’s Tied to User Identity

(43:41) Lessons on Asking Questions From a Former Equity Analyst

(45:38) Dustan’s Framework for Maintaining Focus on Strategy

(47:22) Talking About Business Versus Talking About Numbers

(51:05) Dustan’s Favorite Buffett or Munger Quote

(52:49) Long-Ass Lightning Round: A Formula Error on an Annual Plan

(54:00) Advice to Younger Self

(54:23) Finance Software Stack

(56:29) Craziest Expense Story