Winning the Super Bowl of FP&A – with Cayla Pingel
Jan 9, 2024
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Cayla Pingel, a senior director with experience at Warner Bros, Fox Sports, and 2K Games, discusses managing FP&A for major sporting events like the Super Bowl, the impact of COVID on live sports, differences between accounting and FP&A, and the challenges of forecasting in the evolving media and entertainment industry.
The podcast discusses the challenges of budgeting in the sports industry during the pandemic, highlighting the need for constant scenario planning and model rebuilding to navigate unpredictable circumstances.
The rise of streaming and online gaming has transformed the sports industry, introducing new revenue streams, changing broadcasting dynamics, and emphasizing the importance of data analytics and engagement metrics.
The speaker discusses the most challenging budgeting experience in their career, which was in 2020 at Fox Sports. Due to the pandemic, the world of sports came to a halt, making it difficult to create a budget for the following year without knowing when sports would return. They faced uncertainty and had to constantly run scenarios and rebuild models that could handle the unpredictable circumstances. Despite the challenges and long hours, they successfully navigated the budgeting process.
Career Path in the Sports Industry
The speaker shares her journey in the sports industry, starting with her accounting degree and CPA certification. While she started her career in accounting, she gradually shifted towards finance and FP&A. Working in finance allowed her to have a forward-looking perspective and work closely with the business operations. She found excitement in working on products she personally cared about, such as sports media and gaming. Her passion for watching sports and analyzing its business implications fueled her career in the industry.
Impacts of Streaming and Online Gaming on the Sports Industry
The speaker discusses the transformations brought about by the rise of streaming and online gaming in the sports industry. With an abundance of content available, organizations now compete for viewership and engagement. Streaming and online gaming data provide quicker insights, enabling proactive decision-making and long-term forecasting. Additionally, the expansion of streaming platforms has introduced new revenue streams and changed the dynamics of broadcasting contracts. Data analytics and engagement metrics play a crucial role in understanding consumer behavior and tailoring content offerings.
Involvement in a Nonprofit Organization and the Importance of Networking
The speaker highlights her involvement in the Los Angeles chapter of Women in Sports and Events (WISE). Through this experience, she gained insights into nonprofit operations, event planning, and sponsorship management. Networking with professionals from different sports organizations provided her with valuable connections and opportunities to learn from others' experiences. Being active in such organizations allows individuals to expand their horizons, develop new skills, and contribute to the community while fostering personal and professional growth.
Cayla Pingel has led FP&A in sports, gaming and entertainment at companies including Warner Bros, Fox Sports and most recently, 2K Games, a global video game company. At Fox Sports she financially quarterbacked the full P&L for the biggest sporting events including the Super Bowl, the World Series, and the NFL Baseball World Cup.
The senior Director, Finance at 2K describes her approach to business partnering as more like a “sports agent” (“like Jerry Maguire but more calm” says Pingel).
Pingel says “I tell my business partners to think of me as your agent. I’m going to go out and negotiate this for you from a financial perspective. Tell me what you need and let me help sell this so that we can make the case and do it.”
In this episode:
Being at Fox Sports when live sports came screeching to a halt during COVID
Show me the Money – managing the superbowl of FP&A at Fox Sports, Warner Bros and 2K and the power of ratings for finance
How blowouts affect financial performance
Uncovering the differences between Accounting vs FP&A at Fox Sports
Why I chose the FP&A direction rather than a COO role
Most important metrics in sports businesses
Heavy fixed costs and the challenges of live broadcasting
Huge tech, streaming and viewership changes in media/sports and entertainment – and how to forecast the future of the game for finance pros
Metrics in game playing: and finance discussions about whether to put new features in a game
Leading the Los Angeles chapter for women in sports and events
Flying out to Prague six weeks into a new job at Warner Bros to fix a mess and the strategic resolution
March Madness ‘Budget Season’ Challenge at Fox Sports – and why the loser has to do the waterfall charts