Navigating the Challenges of an IPO and Financial Management

Bill Koefoed, CFO of OneStream Software, sits down with CJ for an in-depth look at the company’s recent IPO journey. Bill sheds light on the events that resulted in OneStream's stock soaring from $20 to $27, a 34% leap, on day one despite market uncertainties. He shares insights on the decision-making process leading up to going public, the challenges faced during their roadshow, and the unique experiences they had along the way. He also delves into building the book for investors and the metrics OneStream prioritizes. With experience at Microsoft, Bill discusses what it was like working in their investor relations, his time with Steve Ballmer, and his role in Microsoft’s acquisition of Skype. He shares lessons from his journey on transparency, handling tough news, and the qualities that set extraordinary CFOs apart. This episode provides a comprehensive look at the intricacies of taking a company public and the ongoing responsibilities of a public company CFO.

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TIMESTAMPS:

(00:00) Preview and Intro

(02:21) Sponsor – Maxio | Leapfin

(04:49) How OneStream Software Decided to Go Public

(07:16) The Pros of Going Public When No One Else Is

(07:48) Metrics and Criteria for IPO Readiness

(08:59) The State of the Market on the Day OneStream Software Went Public

(11:11) The Art and Part Science of a Day-One IPO Pop

(15:31) Building the Book for Investors

(18:02) Sponsor – Mercury | NetSuite | Operators Guild

(21:31) The Mix Between Long-Only and Hedge Funds

(22:55) What Matters the Most in IPO Prep

(28:17) Why Bill Shares ARR and NRR Metrics to the Public

(30:42) The Most Important Metric for a SaaS Company

(31:46) Learnings as a Public Company CFO

(34:27) Bill’s Learnings from Investor Relations at Microsoft

(37:14) Working with Steve Ballmer

(37:34) The Acquisition of Skype

(41:12) The Most Critical Moments on Bill’s Path to CFO

(43:23) The Qualities That Differentiate Great CFOs

(44:55) Long-Ass Lightning Round: The Skill of Asking for Help

(48:11) Finance Software Stack

(50:48) Craziest Expense Story