Run the Numbers

CJ Gustafson

Run the Numbers is a twice-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. cjgustafson.substack.com

  1. SPACs Are Back (Maybe) | Jeff Bernstein of Riveron

    قبل ٩ ساعات

    SPACs Are Back (Maybe) | Jeff Bernstein of Riveron

    In this episode of Run the Numbers, CJ sits down with Jeff Bernstein, managing partner at Riveron, to unpack what really happens when a company decides it might be time to go public. Jeff draws on his experience across banking, hedge funds, operating roles, and advisory work to break down IPOs, dual-track processes, and the surprising realities behind price discovery—including why a 20x-oversubscribed book isn’t what it seems. He also dives into the re-emergence of SPACs, what’s different this time, and the key considerations CFOs should weigh before choosing that route. From IPO-readiness must-haves to building the muscle memory needed for public-company life to the sketchiest EBITDA adjustment he’s ever seen, Jeff brings stories, frameworks, and hard-won lessons for any finance leader thinking about the road to the public markets. — LINKS: Jeff Bernstein on LinkedIn: https://www.linkedin.com/in/jeff-bernstein-498a23158/ Company: https://riveron.com/ CJ on LinkedIn: https://www.linkedin.com/in/cj-gustafson-13140948/ Mostly metrics: https://www.mostlymetrics.com — TIMESTAMPS: 00:00:00 Preview and Intro 00:02:59 Sponsors – Tipalti, Aleph, Fidelity Private Shares 00:06:20 The Mechanics of Going Public at Riveron 00:09:59 The State of Tech Capital Markets 00:11:19 Comparing the Internet, Mobile, and AI Waves 00:14:11 Understanding Dual Track Processes 00:15:34 Sponsors – Metronome, Mercury, RightRev 00:19:35 Why Companies Choose to Go Public or Sell 00:23:02 Why Price Discovery Is Harder in Today’s Market 00:26:05 The Pros and Cons of Direct Listings 00:29:16 Balancing Fairness Between Employees and Investors 00:30:47 Inside the IPO Pricing Process 00:34:26 How Banks and Investors Game Allocations 00:41:22 The Return of SPACs and Why They’re Back 00:43:46 Key Considerations for CFOs Evaluating SPAC Mergers 00:47:53 The Most Successful SPACs to Date 00:49:00 Building Public Company Readiness 00:52:03 Developing Muscle Memory for Quarterly Reporting 00:55:31 The CFO’s Role as Chief Communicator 00:57:47 Long-Ass Lightning Round – Overhyped Metrics and Sketchy EBITDA — SPONSORS: Tipalti automates the entire payables process—from onboarding suppliers to executing global payouts—helping finance teams save time, eliminate costly errors, and scale confidently across 200+ countries and 120 currencies. More than 5,000 businesses already trust Tipalti to manage payments with built-in security and tax compliance. Visit https://www.tipalti.com/runthenumbers to learn more. Aleph automates 90% of manual, error-prone busywork, so you can focus on the strategic work you were hired to do. Minimize busywork and maximize impact with the power of a web app, the flexibility of spreadsheets, and the magic of AI. Get a personalised demo at https://www.getaleph.com/run Fidelity Private Shares is the all-in-one equity management platform that keeps your cap table clean, your data room organized, and your equity story clear—so you never risk losing a fundraising round over messy records. Schedule a demo at https://www.fidelityprivateshares.com and mention Mostly Metrics to get 20% off. Metronome is real-time billing built for modern software companies. Metronome turns raw usage events into accurate invoices, gives customers bills they actually understand, and keeps finance, product, and engineering perfectly in sync. That’s why category-defining companies like OpenAI and Anthropic trust Metronome to power usage-based pricing and enterprise contracts at scale. Focus on your product — not your billing. Learn more and get started at https://www.metronome.com Mercury is business banking built for builders, giving founders and finance pros a financial stack that actually works together. From sending wires to tracking balances and approving payments, Mercury makes it simple to scale without friction. Join the 200,000+ entrepreneurs who trust Mercury and apply online in minutes at https://www.mercury.com 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. For RevRec that auditors actually trust, visit https://www.rightrev.com and schedule a demo. — #RunTheNumbersPodcast #IPOmistakes #CFOinsights #SPACs #FinanceLeadership 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

    ١ س ٣ د
  2. The Marketplace Plus Model Explained | Colin Gardiner of Yonder VC

    قبل ٣ أيام

    The Marketplace Plus Model Explained | Colin Gardiner of Yonder VC

    In this episode of Run the Numbers, CJ Gustafson sits down with Colin Gardiner, General Partner at Yonder VC and former Chief Revenue and Product Officer at Outdoorsy, to unpack what really drives successful marketplace businesses. Colin shares lessons from scaling a peer-to-peer RV platform, where the biggest unlock came not from casual users but from power hosts optimizing utilization and yield through the SaaS tools they built. He introduces his “Marketplace Plus” investing framework—showing how layering SaaS and professional tools can transform a platform into an operating system—and where founders risk overreaching by taking on inventory or managing supply too tightly. The conversation dives deep into monetization, pricing psychology, take rates, and the fine balance between product-market fit and margin obsession, before zooming out to explore how AI and the decline of SEO are reshaping marketplace discovery. — LINKS: Colin on LinkedIn: https://www.linkedin.com/in/colingardiner/ Company: https://www.yonder.vc/ CJ on X (@cjgustafson222): https://x.com/cjgustafson222 Mostly metrics: https://www.mostlymetrics.com — RELATED EPISODES: 996 Culture, Exploding AI Bills & SaaS Chaoshttps://youtu.be/qhrxDL0gsRo “Keep the Take Rate Low” - Turo’s Chuck Fisher on Scaling a Successful Peer-to-peer https://youtu.be/LKH8o1MjnZo The Art of Stacking S-Curves: Olo’s Winning Vertical SaaS Strategy with CFO Peter Benevides https://youtu.be/1X2VoYogj44 — TIMESTAMPS: 00:00:00 Intro and Guest Overview 00:02:57 Sponsors – RightRev, Tipalti, and Aleph 00:07:13 Outdoorsy and the RV Market 00:10:33 Balancing Supply and Demand 00:13:05 Marketplace Plus Model 00:16:59 Sponsors – Fidelity Private Shares, Metronome, and Mercury 00:21:45 Professionalizing Marketplaces 00:24:10 Building Software, Insurance, and Financing Layers 00:28:07 Avoiding Fully Managed Models 00:32:34 Take Rates and Pricing Strategy 00:35:00 Monetizing Both Sides 00:37:06 Advertising and Marketplace Scale 00:39:48 Marketplaces Meet Social Platforms 00:42:36 AI and Marketplace Distribution 00:45:54 AI Agents and Matchmaking 00:47:03 When AI Becomes the Supply 00:49:09 Negative Gross Margins and Scale 00:53:04 Picking a Side – Supply or Demand 00:54:35 Branding, Utilization, and Growth 00:55:42 Closing and Credits — 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. For RevRec that auditors actually trust, visit https://www.rightrev.com and schedule a demo. Tipalti automates the entire payables process—from onboarding suppliers to executing global payouts—helping finance teams save time, eliminate costly errors, and scale confidently across 200+ countries and 120 currencies. More than 5,000 businesses already trust Tipalti to manage payments with built-in security and tax compliance. Visit https://www.tipalti.com/runthenumbers to learn more. Aleph automates 90% of manual, error-prone busywork, so you can focus on the strategic work you were hired to do. Minimize busywork and maximize impact with the power of a web app, the flexibility of spreadsheets, and the magic of AI. Get a personalised demo at https://www.getaleph.com/run Fidelity Private Shares is the all-in-one equity management platform that keeps your cap table clean, your data room organized, and your equity story clear—so you never risk losing a fundraising round over messy records. Schedule a demo at https://www.fidelityprivateshares.com and mention Mostly Metrics to get 20% off. Metronome is real-time billing built for modern software companies. Metronome turns raw usage events into accurate invoices, gives customers bills they actually understand, and keeps finance, product, and engineering perfectly in sync. That’s why category-defining companies like OpenAI and Anthropic trust Metronome to power usage-based pricing and enterprise contracts at scale. Focus on your product — not your billing. Learn more and get started at https://www.metronome.com Mercury is business banking built for builders, giving founders and finance pros a financial stack that actually works together. From sending wires to tracking balances and approving payments, Mercury makes it simple to scale without friction. Join the 200,000+ entrepreneurs who trust Mercury and apply online in minutes at https://www.mercury.com — #RunTheNumbersPodcast #MarketplaceStrategy #AIPoweredBusiness #SaaSModel #StartupFinance 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

    ٥٦ من الدقائق
  3. Guess That Name: Pop Star or SaaS Bro? | Mostly Growth

    قبل ٥ أيام

    Guess That Name: Pop Star or SaaS Bro? | Mostly Growth

    In this high-energy episode of Mostly Growth, CJ Gustafson, Kyle Poyar, and Ben Hillman dive into the hidden levers of SaaS growth and what truly separates startups that scale to $20M+ ARR from those that stall out. They explore eye-opening data from 6,500 companies, revealing how the best improve net retention, raise pricing, and re-engineer their revenue models over time. Alongside the metrics, there’s plenty of playful chaos—like a naming debate over “Yoshinobu Yamamoto Gustafson,” a rapid-fire game of “Founder or Pop Star,” and CJ’s accidental IPO embargo break. It’s part insight, part inside joke, and 100% for SaaS operators and C-suite climbers. — LINKS: Mostly Metrics: https://www.mostlymetrics.com CJ on LinkedIn: https://www.linkedin.com/in/cj-gustafson-13140948/ Growth Unhinged: https://www.growthunhinged.com/ Kyle on LinkedIn: https://www.linkedin.com/in/kyle-poyar/ Slacker Stuff: https://www.slackerstuff.com/ Ben on LinkedIn: https://www.linkedin.com/in/slackerstuff/ https://www.growthunhinged.com/p/the-compounding-startup https://www.growthunhinged.com/p/the-odds-of-making-it https://www.superme.ai/kylepoyar?conversationId=VgDXTOl2Z89mW7UYXstU0b https://a16z.com/anatomy-of-an-enterprise-platform-company/ https://www.investopedia.com/terms/h/hhi.asp https://navan.com/ https://www.mostlymetrics.com/p/navan-ipo-s1-breakdown https://x.com/amendandpretend/status/1983588137453416763?s=46 https://x.com/ryan_c_walsh/status/1983705182371475630?s=46 https://www.reddit.com/r/TwinCities/comments/z6hxp8/how_much_are_people_paying_for_residential_snow/ — RELATED EPISODES: Getting fired 4 times made me a founder | Sam Jacobs of Pavilion https://youtu.be/8X-JVOF-1A0 Why Founders Are Posting Sad Dinners https://youtu.be/Zl6NSIHF2Gk — TIMESTAMPS: 00:00:00 Preview and Intro 00:01:55 Sponsors – Pulley & Metronome 00:04:25 Dodgers Banter & Baby Naming 00:05:38 Founder or Pop Star Game 00:07:50 ChartMogul Data & Growth Levers 00:08:30 Expansion, Upsell & Retention Discussion 00:15:53 Testing Kyle’s AI Avatar 00:17:07 CJ’s AI Self-Query & Beta Discussion 00:18:04 AI Use Cases & Knowledge Retention 00:22:03 Platform Debate & A16z Analysis 00:24:29 Herfindahl-Hirschman Index Explained 00:25:34 Platform Metrics & Valuation Upside 00:26:48 CrowdStrike, Datadog & Multi-Product Expansion 00:28:13 Core Systems of Record & AI’s Impact 00:29:49 Business Blunders – Navan IPO & Snowflake CRO 00:34:07 Snow Removal Pricing & Insurance Logic 00:35:56 Closing Remarks & Credits — SPONSORS: Metronome is real-time billing built for modern software companies. Metronome turns raw usage events into accurate invoices, gives customers bills they actually understand, and keeps finance, product, and engineering perfectly in sync. That’s why category-defining companies like OpenAI and Anthropic trust Metronome to power usage-based pricing and enterprise contracts at scale. Focus on your product — not your billing. Learn more and get started at https://www.metronome.com 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. Switch in as little as 5 days and get 25% off your first year: https://pulley.com/mostlymetrics — #MostlyGrowthPodcast #SaaSGrowth #StartupStrategy #B2BTech #RevenueRetention 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

    ٣٧ من الدقائق
  4. Getting fired 4 times made me a founder | Sam Jacobs of Pavilion

    ٦ نوفمبر

    Getting fired 4 times made me a founder | Sam Jacobs of Pavilion

    In this episode of Run the Numbers, CJ Gustafson sits down with Sam Jacobs, Founder and CEO of Pavilion, the global community for GTM leaders. Sam shares how getting fired multiple times as a CRO led him to build a business rooted in belonging — one that monetized members first, prioritized intimacy over growth, and turned a Slack group into a multimillion-dollar company. He and CJ unpack the mechanics of community: the tradeoffs between exclusivity and expansion, why venture capital doesn’t always fit human-centered businesses, and how Pavilion balances pricing, curation, and access. They also explore the evolution of the GTM function — from the myth of the plug-and-play VP of Sales to how AI is reshaping RevOps, forecasting, and leadership. Finally, Sam reflects on building durable value beyond personal brand and what it really takes to scale trust as a product. — LINKS: Sam Jacobs on LinkedIn: https://www.linkedin.com/in/samfjacobs/ Company: https://www.joinpavilion.com/ CJ on X (@cjgustafson222): https://x.com/cjgustafson222 Mostly metrics: https://www.mostlymetrics.com — RELATED EPISODES: E120: What does the future of tech look like when it costs $0 to switch software? https://www.youtube.com/live/Cpw2pkq-FXI?si=-0y0tcLTIlIbkmyO CFOs: Want to Outmaneuver Your Competitors? Here’s the Jedi Mind Trick https://youtu.be/Yte_fe1xF90?si=hVfgdd0Fg0PQuuoS The Gross Margin Episode with Sarah Wang of a16z https://youtu.be/72aP5ohBxvE — TIMESTAMPS: 00:00:00 Preview and Intro 00:03:05 Sponsors – Mercury, RightRev, and Tipalti 00:06:50 Pavilion, Community, and Go-to-Market Leadership 00:10:28 Career Tenure and Executive Turnover 00:12:55 Compensation Structure and Equity Negotiation 00:14:31 Building Wealth Through Equity 00:16:30 Sponsors – Aleph, Fidelity Private Shares, and Metronome 00:19:36 Managing Wealth, Lifestyle, and Longevity in Leadership 00:22:58 Founding Pavilion to Empower Operators 00:25:13 Taking Roles for Learning, Titles, and Leverage 00:28:47 Contrarian Executives, Team Dynamics, and Leadership Lessons 00:30:36 What Makes a Great VP of Sales 00:33:23 Revenue, Profitability, and Misaligned Incentives 00:35:08 Quota Setting, Forecasting, and Spreadsheet Pitfalls 00:39:07 AI in Sales and the Myth of the AI SDR 00:40:32 The Future of Playbooks in the Age of AI 00:43:38 The Dangers of AI and the Need for Humans in the Loop 00:45:27 Monetizing Pavilion – Memberships, Sponsors, and Pricing Strategy 00:49:30 Building Higher-Margin Community Businesses 00:57:46 Building a Personal Brand with Long-Term Value 01:01:52 Closing Credits and Outro — SPONSORS: Mercury is business banking built for builders, giving founders and finance pros a financial stack that actually works together. From sending wires to tracking balances and approving payments, Mercury makes it simple to scale without friction. Join the 200,000+ entrepreneurs who trust Mercury and apply online in minutes at https://www.mercury.com 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. For RevRec that auditors actually trust, visit https://www.rightrev.com and schedule a demo. Tipalti automates the entire payables process—from onboarding suppliers to executing global payouts—helping finance teams save time, eliminate costly errors, and scale confidently across 200+ countries and 120 currencies. More than 5,000 businesses already trust Tipalti to manage payments with built-in security and tax compliance. Visit https://www.tipalti.com/runthenumbers to learn more. Aleph automates 90% of manual, error-prone busywork, so you can focus on the strategic work you were hired to do. Minimize busywork and maximize impact with the power of a web app, the flexibility of spreadsheets, and the magic of AI. Get a personalised demo at https://www.getaleph.com/run Fidelity Private Shares is the all-in-one equity management platform that keeps your cap table clean, your data room organized, and your equity story clear—so you never risk losing a fundraising round over messy records. Schedule a demo at https://www.fidelityprivateshares.com and mention Mostly Metrics to get 20% off. Metronome is real-time billing built for modern software companies. Metronome turns raw usage events into accurate invoices, gives customers bills they actually understand, and keeps finance, product, and engineering perfectly in sync. That’s why category-defining companies like OpenAI and Anthropic trust Metronome to power usage-based pricing and enterprise contracts at scale. Focus on your product — not your billing. Learn more and get started at https://www.metronome.com #RunTheNumbersPodcast #Finance #CommunityBuilding #Leadership #GoToMarket 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

    ١ س ٢ د
  5. Do the things spreadsheets can’t do | SeatGeek’s Teddy Collins

    ٣ نوفمبر

    Do the things spreadsheets can’t do | SeatGeek’s Teddy Collins

    In this episode of Run the Numbers, CJ Gustafson sits down with Teddy Collins, EVP of Finance at SeatGeek, who helped scale the company from its first in-house finance hire to a tech-forward finance team powering one of the most dynamic businesses in live events. Teddy shares what it was like leading finance through the pandemic when live events went dark overnight, how that period reshaped his approach to forecasting and uncertainty, and how SeatGeek is now using AI and machine learning to enhance planning accuracy and decision-making. He and CJ also dive into how finance can evolve from a cost center to a strategic partner, the toughest manual processes he’s eliminated, and where he sees the next big leap in the CFO tech stack. Finally, Teddy opens up about his rapid rise—four promotions in ten years—and offers practical advice on career growth, feedback, and building trust in a world where AI is redefining what “junior” really means. — LINKS: On LinkedIn: https://www.linkedin.com/in/teddycollins/ Company: https://seatgeek.com/ CJ on X (@cjgustafson222): https://x.com/cjgustafson222 Mostly metrics: https://www.mostlymetrics.com — RELATED EPISODES: CFO of FloQast on Why Finance Teams are Data Curators — TIMESTAMPS: (00:00:00) Preview and Intro (00:02:49) Sponsor – Metronome | Mercury | RightRev (00:06:36) Joining SeatGeek and the Early Finance Journey (00:08:05) Managing Finance When Live Events Went Dark (00:10:23) Forecasting Through Uncertainty (00:13:12) Building Systems and Processes from Scratch (00:15:34) Sponsor – Tipalti | Aleph | Fidelity Private Shares (00:18:06) Using AI and Machine Learning in Forecasting (00:22:44) Build vs. Buy: SeatGeek’s Tech Philosophy (00:26:31) Turning Finance into a Strategic Partner (00:30:42) Killing Manual Processes and Automating Insights (00:34:55) The Next Big Leap in the CFO Stack (00:38:46) Leading Teams Through Change and Growth (00:42:11) Talent, Tools, and the Future of Finance Roles (00:46:07) Climbing the Ladder: Four Promotions in Ten Years (00:49:50) Career Advice and Earning Trust in Fast-Growing Teams (00:53:16) How AI Is Reshaping the Definition of “Junior” (00:56:22) Lightning Round and Closing Thoughts — SPONSORS: Today’s podcast is brought to you by Metronome. You just launched your new AI product. The new pricing page looks great. But behind it? Last-minute glue code, messy spreadsheets, and running ad-hoc queries to figure out what to bill. Customers get invoices they can’t understand. Engineers are chasing billing bugs. Finance can’t close the books. With Metronome, you hand it all off to the real-time billing infrastructure that just works—reliable, flexible, and built to grow with you. We turn raw usage events into accurate invoices, give customers bills they actually understand, and keep every team in sync in real time. Whether you’re launching usage-based pricing, managing enterprise contracts, or rolling out new AI services, Metronome does the heavy lifting so you can focus on your product, not your billing. That’s why some of the fastest-growing companies in the world, like OpenAI and Anthropic, run their billing on Metronome. Visit metronome.com to learn more. Mercury is business banking built for builders, giving founders and finance pros a financial stack that actually works together. From sending wires to tracking balances and approving payments, Mercury makes it simple to scale without friction. Join the 200,000+ entrepreneurs who trust Mercury and apply online in minutes at https://www.mercury.com 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. For RevRec that auditors actually trust, visit https://www.rightrev.com and schedule a demo. Tipalti automates the entire payables process—from onboarding suppliers to executing global payouts—helping finance teams save time, eliminate costly errors, and scale confidently across 200+ countries and 120 currencies. More than 5,000 businesses already trust Tipalti to manage payments with built-in security and tax compliance. Visit https://www.tipalti.com/runthenumbers to learn more. Aleph automates 90% of manual, error-prone busywork, so you can focus on the strategic work you were hired to do. Minimize busywork and maximize impact with the power of a web app, the flexibility of spreadsheets, and the magic of AI. Get a personalised demo at https://www.getaleph.com/run Fidelity Private Shares is the all-in-one equity management platform that keeps your cap table clean, your data room organized, and your equity story clear—so you never risk losing a fundraising round over messy records. Schedule a demo at https://www.fidelityprivateshares.com and mention Mostly Metrics to get 20% off. #RunTheNumbersPodcast #FinanceLeadership #CFOStack #AIForecasting #SeatGeek 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

    ١ س ٤ د
  6. The Gross Margin Episode with Sarah Wang of a16z

    ٢٧ أكتوبر

    The Gross Margin Episode with Sarah Wang of a16z

    Gross margins, GPUs, and the future of finance — this one’s for the metrics nerds. CJ sits down with Sarah Wang, General Partner at Andreessen Horowitz, to talk about what happens when the traditional SaaS playbook collides with AI. Sarah shares how legacy benchmarks like payback period and burn multiple start to break down in a world where compute, not headcount, drives costs. She explains why sky-high gross margins can actually be an orange flag, how finance leaders can think about resource allocation between engineers and GPUs, and why the most valuable finance teams today are deeply operational. They also unpack what it’s like partnering with AI-native founders, the evolution of pricing models as LLM costs drop, and whether we’ll see a private trillion-dollar company anytime soon. — LINKS: on LinkedIn: https://www.linkedin.com/in/sarah-wang-59b96a7/ Company: https://a16z.com/ CJ on X (@cjgustafson222): https://x.com/cjgustafson222 Mostly metrics: https://www.mostlymetrics.com — RELATED EPISODES: 996 Culture, Exploding AI Bills & SaaS Chaos From Credit Karma to Notion: CFO Rama Katkar on Leading Finance Through Every Growth Stage 5,762 Job Applications. Zero Offers. Thinking About Adding Payments to Your Software Product? Listen to This First! — TIMESTAMPS: (00:00:00) Preview and Intro (00:02:40) Sponsors – Fidelity Private Shares, Mercury, RightRev (00:05:50) Sarah Joins the Show (00:06:06) The Future of Excel in the Age of AI (00:08:24) Why Gross Margins Don’t Tell the Whole Story (00:10:42) When Sky-High Margins Are an Orange Flag (00:12:57) Finance as a Strategic Lever in AI Companies (00:15:04) Sponsors – Tipalti, Aleph, Rillet (00:17:22) Partnering with AI-Native Founders (00:20:35) When Traditional SaaS Benchmarks Break Down (00:23:58) Forecasting and Financial Planning for Compute Costs (00:27:16) The Engineers-Versus-GPUs Trade-Off (00:30:29) Resource Allocation and Infrastructure Efficiency (00:33:47) How Pricing Models Evolve as LLM Costs Drop (00:37:15) Circular Finance: When Big Tech Funds Its Own Vendors (00:40:39) Metrics That Still Matter in AI-Driven Businesses (00:44:12) The Evolving Role of Finance Leaders (00:47:26) What “Operational Finance” Really Means (00:50:58) Building Sustainable Efficiency in AI Companies (00:54:03) Will We See a Private Trillion-Dollar Company? (00:55:33) Outro — SPONSORS: Fidelity Private Shares is the all-in-one equity management platform that keeps your cap table clean, your data room organized, and your equity story clear—so you never risk losing a fundraising round over messy records. Schedule a demo at https://www.fidelityprivateshares.com and mention Mostly Metrics to get 20% off. Mercury is business banking built for builders, giving founders and finance pros a financial stack that actually works together. From sending wires to tracking balances and approving payments, Mercury makes it simple to scale without friction. Join the 200,000+ entrepreneurs who trust Mercury and apply online in minutes at https://www.mercury.com 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. For RevRec that auditors actually trust, visit https://www.rightrev.com and schedule a demo. Tipalti automates the entire payables process—from onboarding suppliers to executing global payouts—helping finance teams save time, eliminate costly errors, and scale confidently across 200+ countries and 120 currencies. More than 5,000 businesses already trust Tipalti to manage payments with built-in security and tax compliance. Visit https://www.tipalti.com/runthenumbers to learn more. Aleph automates 90% of manual, error-prone busywork, so you can focus on the strategic work you were hired to do. Minimize busywork and maximize impact with the power of a web app, the flexibility of spreadsheets, and the magic of AI. Get a personalised demo at https://www.getaleph.com/run Rillet is the AI-native ERP modern finance teams are switching to because it’s faster, simpler, and 100% built for how teams operate today. See how fast your team can move. Book a demo at https://www.rillet.com/metrics #RunTheNumbersPodcast #FinanceLeadership #AIinBusiness #VentureCapital #SaaSMetrics 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

    ٥٦ من الدقائق
  7. Sloponomics: Surviving the AI Content Flood with Rudeness | Mostly Growth

    ٢٥ أكتوبر

    Sloponomics: Surviving the AI Content Flood with Rudeness | Mostly Growth

    Check out Mostly Growth and get episodes early. Available on all platforms. * YouTube * Spotify * Apple In this episode, CJ Gustafson, Kyle Poyar, and Ben Hillman dive into the concept of “sloponomics”—a tongue-in-cheek look at the overwhelming flood of mediocre AI-generated content and what it means for creators, startups, and investors. They discuss how unique voices and genuine creativity will stand out in an AI-saturated landscape, the economic parallels between modern content creation and startup growth, and the tricky dynamics of building sustainable momentum in a world of noise. The trio also unpack the “$10K MRR” meme, pricing psychology, and the difference between chasing vanity metrics and building lasting value. With humor and real-world insight, they explore how AI, distribution, and early-stage investment are reshaping what success looks like in tech and media. Timestamps: 00:00 Preview and Intro 00:35 Being Mean to AI and Early Banter 02:05 When You’re Rude to AI: The Penn State Study 04:57 Sponsor – Metronome 06:02 The Rise of AI-Generated “Slop” Content 07:15 The Creator “Haves and Have-Nots” 09:00 Losing Credit to AI Models 11:20 Feeding the Beast: 400 Posts Later 13:13 “Slop Talk” and Human-Made Slop 14:27 The $10K MRR Meme and Startup Momentum 15:49 Pricing Psychology and Product Traction 17:42 Hunting Mice, Buffalo, and Elephants 20:19 Venture Funds, Bubbles, and Ecosystem Investing 23:39 When Startups Invest in Startups 26:25 Slack, Lattice, and the Platform Play 30:39 Wrapping Up and Late-Night Insights 33:12 The Hemingway Story and CJ’s No-Instagram Lifestyle 36:10 Electric Boats, Group Discounts, and Sign-Off Episodes Referenced: Slop Talk (coming soon) ⁠https://www.youtube.com/slackerstuff⁠ Why Only 2% of Startups Make It When startups burn cash faster than they learn | Ivan Makarov:⁠ 996 Culture, Exploding AI Bills & SaaS Chaos⁠ Links: ⁠https://www.dexerto.com/entertainment/study-proves-being-rude-to-ai-chatbots-gets-better-results-than-being-nice-3269895/⁠ ⁠https://www.usg.edu/galileo/skills/unit07/internet07_02.phtml⁠ ⁠https://futurism.com/altman-please-thanks-chatgpt⁠ ⁠https://futurism.com/artificial-intelligence/over-50-percent-internet-ai-slop⁠ ⁠https://www.axios.com/2025/10/14/ai-generated-writing-humans⁠ ⁠https://www.economist.com/business/2025/10/16/sloponomics-who-wins-and-loses-in-the-ai-content-flood⁠ ⁠https://x.com/madhuraaa_/status/1978390720881819884⁠ ⁠https://www.mostlymetrics.com/p/eat-what-you-kill⁠ ⁠https://christophjanz.blogspot.com/2014/10/five-ways-to-build-100-million-business.html⁠ ⁠https://www.growthunhinged.com/p/how-to-build-your-early-gtm-strategy⁠ ⁠https://www.mostlymetrics.com/p/startups-investing-in-startups-peak-bubble-behavior⁠ ⁠https://www.economist.com/science-and-technology/2025/10/10/are-barefoot-shoes-good-for-runners⁠ ⁠https://x.com/ivanomaksf/status/1978852000298320068?s=46⁠ ⁠https://www.linkedin.com/news/story/uber-offers-drivers-extra-pay-to-perform-tasks-that-train-ai-7116401/⁠ ⁠https://www.mostlymetrics.com/p/is-ltv-to-cac-the-nickelback-of-metrics⁠ ⁠https://www.hollywoodreporter.com/tv/tv-news/final-2024-25-network-tv-ratings-tracker-high-potential-1236312223/⁠ ⁠https://christophjanz.blogspot.com/2014/10/five-ways-to-build-100-million-business.html⁠ ⁠https://www.theinformation.com/articles/ben-horowitz-hires-jensen-vercel-starts-venture-fund⁠ ⁠https://www.instagram.com/chasemytail/ Today’s podcast is brought to you by Metronome You just launched your new AI product. The new pricing page looks great. But behind it? Last-minute glue code, messy spreadsheets, and running ad-hoc queries to figure out what to bill. Customers get invoices they can’t understand. Engineers are chasing billing bugs. Finance can’t close the books. With Metronome, you hand it all off to the real-time billing infrastructure that just works—reliable, flexible, and built to grow with you. We turn raw usage events into accurate invoices, give customers bills they actually understand, and keep every team in sync in real time. Whether you’re launching usage-based pricing, managing enterprise contracts, or rolling out new AI services, Metronome does the heavy lifting so you can focus on your product, not your billing. That’s why some of the fastest-growing companies in the world, like OpenAI and Anthropic, run their billing on Metronome. Visit metronome.com to learn more. 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

    ٣٨ من الدقائق
  8. Decoding the Psychology of Price in the Age of AI | Michael Stanisz

    ٢٣ أكتوبر

    Decoding the Psychology of Price in the Age of AI | Michael Stanisz

    In this episode of Run the Numbers, CJ sits down with Michael Stanisz, Partner at Revenue Management Labs, the person companies call when their pricing model stops making sense. For decades, software pricing was predictable: sell more seats, add more margin. But with AI, every usage prompt has a real cost, and the old economics no longer hold. CJ and Michael dive into what happens when your product looks like software but behaves like infrastructure, how pricing power erodes as features become free, and why value-based pricing might not be as customer-friendly as it sounds. They also explore the chaos of real-world pricing: from Microsoft cloning your startup to measuring ROI when your product’s impact is undeniable but hard to prove; all wrapped in sharp insights and a few “we still run this on DOS” war stories. — LINKS: Michael on LinkedIn: https://www.linkedin.com/in/michael-stanisz-27418a28 Revenue Management Labs: https://revenueml.com/ CJ on X (@cjgustafson222): https://x.com/cjgustafson222 Mostly metrics: https://www.mostlymetrics.com — RELATED EPISODES: “Anything new needs to have AI core to its offering”: Amy Butte, How Navan Is Redefining Finance Ops From Credit Karma to Notion: CFO Rama Katkar on Leading Finance Through Every Growth Stage — TIMESTAMPS: (00:00:00) Preview and Intro (00:02:23) Sponsor – Rillet, Fidelity Private Shares, and Mercury (00:05:27) The new economics of AI pricing (00:07:51) When variable costs replace software margins (00:10:30) The fall of 80% SaaS margins (00:13:23) From premium feature to table stakes (00:15:07) Sponsor – RightRev, Tipalti, and Aleph (00:19:12) Spotting a feature before it becomes a commodity (00:23:31) The real cost of switching and why stickiness matters (00:27:46) The rise of AI white labeling (00:30:03) Outcome-based pricing — altruism or strategy? (00:34:22) Rewarding throughput and avoiding “tollbooth” pricing (00:36:29) Measuring usage and why telemetry matters (00:40:49) What makes a value exchange credible (00:44:14) Cost avoidance vs. revenue gain (00:46:02) The stages of pricing maturity (00:49:49) Why startups see what big companies can’t (00:52:09) When hype meets hard costs in AI (00:55:17) When customers refuse to leave on-prem (01:03:29) Credits and Sign-Off — SPONSORS: Rillet is the AI-native ERP modern finance teams are switching to because it’s faster, simpler, and 100% built for how teams operate today. See how fast your team can move. Book a demo at https://www.rillet.com/metrics Fidelity Private Shares is the all-in-one equity management platform that keeps your cap table clean, your data room organized, and your equity story clear—so you never risk losing a fundraising round over messy records. Schedule a demo at https://www.fidelityprivateshares.com and mention Mostly Metrics to get 20% off. Mercury is business banking built for builders, giving founders and finance pros a financial stack that actually works together. From sending wires to tracking balances and approving payments, Mercury makes it simple to scale without friction. Join the 200,000+ entrepreneurs who trust Mercury and apply online in minutes at https://www.mercury.com 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. For RevRec that auditors actually trust, visit https://www.rightrev.com and schedule a demo. Tipalti automates the entire payables process—from onboarding suppliers to executing global payouts—helping finance teams save time, eliminate costly errors, and scale confidently across 200+ countries and 120 currencies. More than 5,000 businesses already trust Tipalti to manage payments with built-in security and tax compliance. Visit https://www.tipalti.com/runthenumbers to learn more. Aleph automates 90% of manual, error-prone busywork, so you can focus on the strategic work you were hired to do. Minimize busywork and maximize impact with the power of a web app, the flexibility of spreadsheets, and the magic of AI. Get a personalised demo at https://www.getaleph.com/run #RunTheNumbersPodcast #PricingStrategy #SaaSModels #AIPricing #B2BRevenue 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

    ١ س ٤ د
٥
من ٥
‫٥٤ من التقييمات‬

حول

Run the Numbers is a twice-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. cjgustafson.substack.com

قد يعجبك أيضًا