Run the Numbers

[Original air date: June 19, 2025]In this episode, Alex Immerman, partner at Andreessen Horowitz, joins CJ to discuss the CFO role and how it’s changing in the era of AI. He explains what the components of a company’s AI agenda the CFO should own, how and where it should be leveraged in an organization, and why, if you’re preparing to go public, AI needs to be mentioned in your S-1. He breaks down how the financial landscape differs greatly between AI-native SaaS companies and traditional B2B SaaS companies in terms of retention curves and gross margins, and how this relates to the ever-important LTV to CAC metric. As someone who has worked with prominent CFOs and interviewed many for a16z’s portfolio companies, Alex also describes the qualities of a great CFO, and shares his favorite interview question, before discussing CFOs, CEO, and board dynamics.—LINKS:Alex Immerman on LinkedIn: https://www.linkedin.com/in/immermanAndreessen Horowitz: https://a16z.comCJ on LinkedIn: https://www.linkedin.com/in/cj-gustafson-13140948/Mostly metrics: https://www.mostlymetrics.com—RELATED EPISODES:a16z’s Alex Immerman on the Evolving Role of the CFO in the Age of AIhttps://youtu.be/JIvHp-mlnzsSo You’re Looking for a “Strategic” CFO? Bloomerang’s Steve Isom on What That Really Meanshttps://www.youtube.com/watch?v=cgHOtvG1Ces—TIMESTAMPS:00:00:00 Preview and Intro00:01:46 AI Margins Improve Dramatically00:02:29 What Separates Great CFOs00:03:29 Founder Mindset Drives Performance00:05:31 Founder Intensity and Margin Expansion00:06:57 Backing Unproven Bets Thoughtfully00:08:29 Interviewing CFOs for Backbone00:09:55 When CFOs Push Back on Strategy00:11:25 CFO Trust With Boards and Investors00:11:50 How CFOs Engage Investors When Hiring00:14:44 Building Strong CFO Investor Relationships00:16:18 Sharing Bad News Early00:17:21 CEO Vision Versus CFO Validation00:20:57 How AI Is Changing the CFO Role00:23:56 Incumbents Versus AI-Native Finance Tools00:26:24 CFOs Driving Internal AI Adoption00:28:07 AI Impact on Customer Support Efficiency00:29:26 Internal Leverage From AI Automation00:31:29 Why Investors Care About LTV to CAC00:34:00 LTV to CAC Across Business Models00:36:26 Retention Curves Matter More Than Growth00:38:16 Evaluating AI Gross Margins Long Term00:40:04 Recipe for AI Margin Expansion00:43:01 What Makes a Public-Ready CFO00:44:47 Beating Guidance Drives IPO Performance00:46:56 Growth Versus Profitability Has Rebalanced#RunTheNumbersPodcast #CFOLeadership #FintechInvesting #AISaaS #VentureCapital This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit cjgustafson.substack.com

In this insightful discussion, investor relations experts Samuel Levenson and Jon Neitzell dive into the strategic role of IR in aligning communication with business goals. Levenson emphasizes the importance of targeting the right investors and tailoring messages based on different investor types. Neitzell shares how data-driven insights can avoid poor capital allocation decisions and improve investor confidence. They also explore adapting IR strategies for algorithmic trading, highlighting the blend of metrics with compelling narratives.

Dive into the world of independent creators as the hosts reflect on a year of growth and challenges. They discuss the balance of creative intuition versus metrics, revealing how much content drives real engagement. There’s a candid exploration of subscriber dynamics, including the emotional weight of churn and the realities of burnout. Learn about optimizing writing routines, team building, and the complexities of monetization through ads versus subscriptions. Finally, tips for enhancing LinkedIn credibility and the importance of simplicity in operations round out this insightful conversation.

In this engaging conversation, Russell Lester, CFO of Tropic and former Calendly CFO, dives into the nuances of capital management. He introduces the concept of 'spoilage,' highlighting how wasted capital can hinder growth. Lester explains levers and leakages, emphasizing the CFO's role as a Chief Alignment Officer. He shares practical insights on identifying waste, aligning teams, and utilizing tools for efficient spend management. Discover how daily 'data safaris' can drive curiosity and smarter decisions that foster growth.

In this illuminating conversation, Paul Stansik, Operating Partner at ParkerGale and author of the Hello Operator newsletter, interviews CJ Gustafson, founder of Mostly Media. They dive into CJ's journey from CFO to entrepreneur, revealing the origins of Mostly Media and its growth tactics. CJ shares insights on monetization through diverse revenue streams and the importance of building relationships. With a focus on strategy and authenticity, he offers practical advice for aspiring creators looking to cultivate an engaged audience.

Dive into a world of thought-provoking predictions, where AI's impact on marketing becomes a focal point. Discover why direct mail is making a surprising comeback in an age dominated by digital. Listen as experts explore the challenges of AI reliability and the monetization of specialized audiences. Uncover standout pricing models, including the intriguing economics of AirPods as a recurring revenue source. This dynamic conversation paints a vivid picture of how our consumption and marketing strategies are evolving.

Larry Contrella, General Partner at JMI Equity, blends his competitive running background with investment insights. He discusses the value of fostering long-term founder partnerships over financial engineering. Larry emphasizes JMI's commitment to organic growth and the importance of product quality. He dives into unique sourcing strategies enhanced by customer conversations and transparency with operators. The discussion also touches on investing in mission-driven sectors like K–12, highlighting the significance of community and branding in scaling successful businesses.

Brian Brown, CFO of Rocket Companies and a seasoned M&A leader, shares insights on how Rocket evolved into a comprehensive fintech powerhouse. He elaborates on their unique approach to mortgage servicing as a way to enhance customer relationships and drive repeat business with impressively high recapture rates. Brian emphasizes the importance of storytelling in finance, debates the value of brand trust in high-stakes environments, and discusses the challenges and strategies behind public-to-public acquisitions.

Discover the fascinating evolution of mall Santas and the changing atmosphere of modern mall visits. Explore how niche brands like Untuckit and Raising Cane's thrive through a laser focus on their core offerings. Delve into the complex dynamics of competition, and why chasing rivals can be counterproductive. Examine the resurgence of cold calling in B2B growth, and unravel the quirks of algorithmic pricing. The conversation is packed with insights that illuminate the intriguing mechanics of business and consumer culture.

Blake Grayson, CFO of DocuSign and former finance leader at Amazon, shares insights on transforming e-signatures into Intelligent Agreement Management. He discusses leveraging DocuSign's brand trust and network effects to evolve products without losing core identity. Blake dives into the complexities of agreement management, the importance of consumer education, and how proper pricing models can enhance product positioning. He highlights the need for effective capital allocation and the crucial role of customer feedback in shaping metrics and processes.