Marketplace Economics | Faire CFO Jason Lee

In this episode of Run the Numbers, CJ sits down with Jason Lee, CFO of Faire, to unpack the economics of wholesale marketplaces. They break down how Faire connects independent brands with local retailers, the key metrics that matter in marketplace businesses, and ROI as a decision-making framework. Jason also shares lessons from scaling Square through its IPO and how finance leaders navigate valuation resets in private markets.—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.comRightRev is an automated revenue recognition platform built for modern pricing models like usage-based pricing, bundles, and mid-cycle upgrades. RightRev lets companies scale monetization without slowing down close or compliance. For RevRec that keeps growth moving, visit https://www.rightrev.comRillet is an AI-native ERP built for modern finance teams that want to close faster without fighting legacy systems. Designed to support complex revenue recognition, multi-entity operations, and real-time reporting, Rillet helps teams achieve a true zero-day close—with some customers closing in hours, not days. If you’re scaling on an ERP that wasn’t built in the 90s, book a demo at https://www.rillet.com/cjTabs is an AI-native revenue platform that unifies billing, collections, and revenue recognition for companies running usage-based or complex contracts. By bringing together ERP, CRM, and real product usage data into a single system of record, Tabs eliminates manual reconciliations and speeds up close and cash collection. Companies like Cortex, Statsig, and Cursor trust Tabs to scale revenue efficiently. Learn more at https://www.tabs.com/runAbacum is a modern FP&A platform built by former CFOs to replace slow, consultant-heavy planning tools. With self-service integrations and AI-powered workflows for forecasting, variance analysis, and scenario modeling, Abacum helps finance teams scale without becoming software admins. Trusted by teams at Strava, Replit, and JG Wentworth—learn more at https://www.abacum.aiBrex is an intelligent finance platform that combines corporate cards, built-in expense management, and AI agents to eliminate manual finance work. By automating expense reviews and reconciliations, Brex gives CFOs more time for the high-impact work that drives growth. Join 35,000+ companies like Anthropic, Coinbase, and DoorDash at https://www.brex.com/metrics—LINKS: Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsNJason: https://www.linkedin.com/in/jason-lee-11787020/Faire: https://www.faire.com/CJ: https://www.linkedin.com/in/cj-gustafson-13140948/Mostly metrics: https://www.mostlymetrics.com—TIMESTAMPS:0:00 Preview and intro3:01 How Faire serves retailers5:49 Revenue model and retention metrics8:21 Recurring vs. reoccurring revenue11:54 Sponsors — Metronome | RightRev | Rillet15:17 Input vs. output metrics17:13 The business equation19:08 Metric ownership22:07 Killing metrics: signal to noise23:21 800 metrics at Faire24:51 Customer count as a misleading metric26:04 Sponsors — Tabs | Abacum | Brex29:25 Planning cadences at Faire32:41 When to reallocate resources36:40 ROI as a framework40:25 Portfolio view of investments43:53 Discipline is knowing where to say yes47:11 Faire's valuation reset50:49 Tender offer mechanics55:33 Screwing up IR at Square IPO56:52 Advice to younger self58:44 AI at Faire59:32 Claude connected to data warehouse1:00:16 Tariff analysis with AI1:02:38 Credits#RunTheNumbersPodcast #Marketplace #CFO #SaaS #FinanceLeadership

In this episode of Run the Numbers, CJ sits down with Mike Wilcox, CFO of Blockchain.com, to unpack the economics of crypto exchanges. They discuss how platforms serve both retail traders and institutional clients, the different ways exchanges generate revenue, and the tension between blockchain’s radical transparency and the valuable first-party data exchanges control.—SPONSORS:Brex is an intelligent finance platform that combines corporate cards, built-in expense management, and AI agents to eliminate manual finance work. By automating expense reviews and reconciliations, Brex gives CFOs more time for the high-impact work that drives growth. Join 35,000+ companies like Anthropic, Coinbase, and DoorDash at https://www.brex.com/metricsMetronome 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.comRightRev is an automated revenue recognition platform built for modern pricing models like usage-based pricing, bundles, and mid-cycle upgrades. RightRev lets companies scale monetization without slowing down close or compliance. For RevRec that keeps growth moving, visit https://www.rightrev.comRillet is an AI-native ERP built for modern finance teams that want to close faster without fighting legacy systems. Designed to support complex revenue recognition, multi-entity operations, and real-time reporting, Rillet helps teams achieve a true zero-day close—with some customers closing in hours, not days. If you’re scaling on an ERP that wasn’t built in the 90s, book a demo at https://www.rillet.com/cjTabs is an AI-native revenue platform that unifies billing, collections, and revenue recognition for companies running usage-based or complex contracts. By bringing together ERP, CRM, and real product usage data into a single system of record, Tabs eliminates manual reconciliations and speeds up close and cash collection. Companies like Cortex, Statsig, and Cursor trust Tabs to scale revenue efficiently. Learn more at https://www.tabs.com/runAbacum is a modern FP&A platform built by former CFOs to replace slow, consultant-heavy planning tools. With self-service integrations and AI-powered workflows for forecasting, variance analysis, and scenario modeling, Abacum helps finance teams scale without becoming software admins. Trusted by teams at Strava, Replit, and JG Wentworth—learn more at https://www.abacum.ai—LINKS: Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsNMike: https://www.linkedin.com/in/mike-wilcox-65078a12/https://www.blockchain.com/CJ: https://www.linkedin.com/in/cj-gustafson-13140948/Mostly metrics: https://www.mostlymetrics.com—TIMESTAMPS:Here's the trimmed version:0:00 Preview and intro2:12 Tradfi to crypto transition3:49 Blockchain.com origin5:45 CFO as business partner6:01 Finance team backgrounds7:02 Banking relationships8:51 On ramps and off ramps8:51 Retail vs. institutional10:53 Sponsors — Brex | Metronome | RightRev14:09 B2C to B2B motion16:04 Shared infrastructure18:31 Go-to-market differences19:00 Brand equity and low CAC20:06 Education as top-of-funnel21:13 Institutional vs. retail volatility22:37 Exchange vs. brokerage model23:56 How brokerages make money24:06 Sponsors — Rillet | Tabs | Abacum27:31 Setting take rates29:13 Distribution flywheel30:13 Data as a moat31:13 Nigeria market playbook31:44 Crypto balance sheet33:25 Duration matching34:37 Transaction-level risk36:12 Latency arms race37:28 Stablecoins and CFOs38:13 Risk vectors40:01 Annual planning41:51 Lightning round43:00 Finance software stack43:31 Advice to younger self44:09 Credits

CJ sits down with Marshall Hawks, a 20-year veteran of venture lending and author of Venture Debt Deals. They cover the real rules of thumb behind deal sizing, why lenders underwrite likelihood of raising again (not breakout outcomes), how banks and private credit differ, the three real sources of repayment, and how to actually run a venture debt process without blowing your legal budget.---SPONSORS:Tabs is an AI-native revenue platform that unifies billing, collections, and revenue recognition for companies running usage-based or complex contracts. By bringing together ERP, CRM, and real product usage data into a single system of record, Tabs eliminates manual reconciliations and speeds up close and cash collection. Companies like Cortex, Statsig, and Cursor trust Tabs to scale revenue efficiently. Learn more at https://www.tabs.com/runAbacum is a modern FP&A platform built by former CFOs to replace slow, consultant-heavy planning tools. With self-service integrations and AI-powered workflows for forecasting, variance analysis, and scenario modeling, Abacum helps finance teams scale without becoming software admins. Trusted by teams at Strava, Replit, and JG Wentworth—learn more at https://www.abacum.aiBrex is an intelligent finance platform that combines corporate cards, built-in expense management, and AI agents to eliminate manual finance work. By automating expense reviews and reconciliations, Brex gives CFOs more time for the high-impact work that drives growth. Join 35,000+ companies like Anthropic, Coinbase, and DoorDash at https://www.brex.com/metricsMetronome 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.comRightRev is an automated revenue recognition platform built for modern pricing models like usage-based pricing, bundles, and mid-cycle upgrades. RightRev lets companies scale monetization without slowing down close or compliance. For RevRec that keeps growth moving, visit https://www.rightrev.comRillet is an AI-native ERP built for modern finance teams that want to close faster without fighting legacy systems. Designed to support complex revenue recognition, multi-entity operations, and real-time reporting, Rillet helps teams achieve a true zero-day close—with some customers closing in hours, not days. If you're scaling on an ERP that wasn't built in the 90s, book a demo at https://www.rillet.com/cjLINKS:Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsNMarshall: https://www.linkedin.com/in/marshallhawks/Marshall's website: https://www.marshallhawks.comCJ: https://www.linkedin.com/in/cj-gustafson-13140948/Mostly metrics: https://www.mostlymetrics.comTIMESTAMPS:0:00 Preview and intro3:23 Marshall's background and the book4:47 Venture Deals as inspiration6:30 Companies Marshall has worked with6:49 The venture debt sweet spot8:01 Why venture debt follows equity raises10:55 The 25–40% rule of thumb12:08 AI companies and the limits of the rule13:58 Sponsors — Abacum | Brex | Metronome17:15 How lenders think vs. investors19:12 The three sources of repayment21:37 Venture debt and the AI boom23:52 Banks vs. private credit26:28 Sponsors — RightRev | Rillet | Tabs29:57 Private credit pricing and warrants33:04 Syndicated deals35:04 Legal timelines38:13 Who pays the legal bill?40:06 Why your GC shouldn't quarterback the deal41:30 What forecast to give your lender43:37 Reporting cadence45:57 Bad news should travel fast47:49 The Twitch case study50:19 Are we over our skis in 2026?54:50 Where to get Venture Debt Deals55:09 Credits

In this episode of Run the Numbers, CJ sits down with Superhuman’s Head of Analytics Chris Byington. They break down where analytics should sit inside a company, why dashboards often fail, and how the best teams connect metrics, OKRs, and forecasting to real decisions. Chris also explains why “ship goals” can mislead teams and what CEOs and CFOs should expect from a truly decision-driving data function.—SPONSORS:Tabs is an AI-native revenue platform that unifies billing, collections, and revenue recognition for companies running usage-based or complex contracts. By bringing together ERP, CRM, and real product usage data into a single system of record, Tabs eliminates manual reconciliations and speeds up close and cash collection. Companies like Cortex, Statsig, and Cursor trust Tabs to scale revenue efficiently. Learn more at https://www.tabs.com/runAbacum is a modern FP&A platform built by former CFOs to replace slow, consultant-heavy planning tools. With self-service integrations and AI-powered workflows for forecasting, variance analysis, and scenario modeling, Abacum helps finance teams scale without becoming software admins. Trusted by teams at Strava, Replit, and JG Wentworth—learn more at https://www.abacum.aiBrex is an intelligent finance platform that combines corporate cards, built-in expense management, and AI agents to eliminate manual finance work. By automating expense reviews and reconciliations, Brex gives CFOs more time for the high-impact work that drives growth. Join 35,000+ companies like Anthropic, Coinbase, and DoorDash at https://www.brex.com/metricsMetronome 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.comRightRev is an automated revenue recognition platform built for modern pricing models like usage-based pricing, bundles, and mid-cycle upgrades. RightRev lets companies scale monetization without slowing down close or compliance. For RevRec that keeps growth moving, visit https://www.rightrev.comRillet is an AI-native ERP built for modern finance teams that want to close faster without fighting legacy systems. Designed to support complex revenue recognition, multi-entity operations, and real-time reporting, Rillet helps teams achieve a true zero-day close—with some customers closing in hours, not days. If you’re scaling on an ERP that wasn’t built in the 90s, book a demo at https://www.rillet.com/cj—LINKS: Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsNChris: https://www.linkedin.com/in/chris-byington/Superhuman: https://superhuman.com/CJ: https://www.linkedin.com/in/cj-gustafson-13140948/Mostly metrics: https://www.mostlymetrics.com—RELATED EPISODES:Matt Hudson Episodehttps://youtu.be/_FWGYkzhymQ—TIMESTAMPS:0:00 Preview and intro3:29 Centralized analytics team7:29 Start analytics with problems not tools9:41 Lead with the problem10:14 Align on growth model11:46 Pre-commit to decisions13:14 Sponsors — Tabs | Abacum | Brex16:35 Dashboards need growth context19:10 Where analytics should sit21:18 Pros and cons of analytics in finance23:18 Operations vs revenue org placement24:11 Hub-and-spoke analytics model25:18 What “embedded” actually means26:14 Sponsors — Metronome | RightRev | Rillet29:38 When self-service analytics works32:04 Self-serve pitfalls33:44 Buy vs build BI35:44 Analytics owns metrics38:26 Hero metric example41:41 Outcomes > shipping42:14 Set goals before build43:57 Metrics are outcome proxies46:40 Easy way to say no48:29 Start answers with yes52:17 Proving analytics impact56:19 Credits#RunTheNumbersPodcast

In this episode of Run the Numbers, CJ breaks down the 5,000-year history of marketplaces—from Mesopotamia to Amazon—and the economics behind take rates, trust layers, and vertical unbundling. We unpack Airbnb’s fee backlash, Facebook Marketplace’s hidden value, why inventory kills platforms, and how AI will reshape discovery—without eliminating the middleman.—SPONSORS:Rillet is an AI-native ERP built for modern finance teams that want to close faster without fighting legacy systems. Designed to support complex revenue recognition, multi-entity operations, and real-time reporting, Rillet helps teams achieve a true zero-day close—with some customers closing in hours, not days. If you’re scaling on an ERP that wasn’t built in the 90s, book a demo at https://www.rillet.com/cjTabs is an AI-native revenue platform that unifies billing, collections, and revenue recognition for companies running usage-based or complex contracts. By bringing together ERP, CRM, and real product usage data into a single system of record, Tabs eliminates manual reconciliations and speeds up close and cash collection. Companies like Cortex, Statsig, and Cursor trust Tabs to scale revenue efficiently. Learn more at https://www.tabs.com/runAbacum is a modern FP&A platform built by former CFOs to replace slow, consultant-heavy planning tools. With self-service integrations and AI-powered workflows for forecasting, variance analysis, and scenario modeling, Abacum helps finance teams scale without becoming software admins. Trusted by teams at Strava, Replit, and JG Wentworth—learn more at https://www.abacum.aiBrex is an intelligent finance platform that combines corporate cards, built-in expense management, and AI agents to eliminate manual finance work. By automating expense reviews and reconciliations, Brex gives CFOs more time for the high-impact work that drives growth. Join 35,000+ companies like Anthropic, Coinbase, and DoorDash at https://www.brex.com/metricsMetronome 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.comRightRev is an automated revenue recognition platform built for modern pricing models like usage-based pricing, bundles, and mid-cycle upgrades. RightRev lets companies scale monetization without slowing down close or compliance. For RevRec that keeps growth moving, visit https://www.rightrev.com—LINKS: Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsNCJ: https://www.linkedin.com/in/cj-gustafson-13140948/Mostly metrics: https://www.mostlymetrics.comSlacker Stuff: https://www.slackerstuff.com/Ben: https://www.linkedin.com/in/slackerstuff/—RELATED EPISODES:The Mindshare Advantage Marketplace Success With Boris Wertz of Version One Ventureshttps://youtu.be/kN61sAxw_ykThe Marketplace Plus Model Explained | Colin Gardiner of Yonder VChttps://youtu.be/VIWFVwCfyLEA CFO Explains the History of EBITDAhttps://youtu.be/JySZv_fSNqs—TIMESTAMPS:0:00 Preview1:34 Marketplace Origins2:48 The Digital Shift5:55 Unbundling of Craigslist9:56 Sponsors — Rillet | Tabs | Abacum13:21 Smart Phone Revolution17:33 Take Rate Calculations21:08 When the Marketplace Crosses the Line24:49 Sponsors — Brex | Metronome | RightRev28:09 When Fees Become Friction30:37 The Marketplace Plus Model33:26 The $100B Flea Market36:14 The Inventory Trap40:07 The Disintermediation Problem42:35 Convenience Beats Inspection45:09 AI Compresses the Marketplace47:56 You Can’t Cut Out the Middleman50:03 Credits#RunTheNumbersPodcast #Marketplaces #PlatformEconomy #Middleman #TechStrategy

CJ sits down with Mike Jung, Co-Founder and Managing Partner of Founders Circle Capital. They unpack the rise of structured liquidity, how secondaries went mainstream, and what CFOs should know before running a tender. Mike shares lessons from the dot-com era, AI’s “super cycle,” and what separates durable growth companies from hype.—SPONSORS:RightRev is an automated revenue recognition platform built for modern pricing models like usage-based pricing, bundles, and mid-cycle upgrades. RightRev lets companies scale monetization without slowing down close or compliance. For RevRec that keeps growth moving, visit https://www.rightrev.comRillet is an AI-native ERP built for modern finance teams that want to close faster without fighting legacy systems. Designed to support complex revenue recognition, multi-entity operations, and real-time reporting, Rillet helps teams achieve a true zero-day close—with some customers closing in hours, not days. If you’re scaling on an ERP that wasn’t built in the 90s, book a demo at https://www.rillet.com/cjTabs is an AI-native revenue platform that unifies billing, collections, and revenue recognition for companies running usage-based or complex contracts. By bringing together ERP, CRM, and real product usage data into a single system of record, Tabs eliminates manual reconciliations and speeds up close and cash collection. Companies like Cortex, Statsig, and Cursor trust Tabs to scale revenue efficiently. Learn more at https://www.tabs.com/runAbacum is a modern FP&A platform built by former CFOs to replace slow, consultant-heavy planning tools. With self-service integrations and AI-powered workflows for forecasting, variance analysis, and scenario modeling, Abacum helps finance teams scale without becoming software admins. Trusted by teams at Strava, Replit, and JG Wentworth—learn more at https://www.abacum.aiBrex is an intelligent finance platform that combines corporate cards, built-in expense management, and AI agents to eliminate manual finance work. By automating expense reviews and reconciliations, Brex gives CFOs more time for the high-impact work that drives growth. Join 35,000+ companies like Anthropic, Coinbase, and DoorDash at https://www.brex.com/metricsMetronome 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—LINKS: Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsNMike: https://www.linkedin.com/in/mikjunghttps://www.founderscircle.com/CJ: https://www.linkedin.com/in/cj-gustafson-13140948/https://www.mostlymetrics.com—TIMESTAMPS:1:08 Founder Circle origin3:15 The founder liquidity insight5:16 Staying private longer problem6:04 Secondary market control vs chaos8:44 Secondaries over IPOs10:12 Liquidity keeps VC alive11:27 Ask Jeeves dot-com lesson12:26 $190 to $1 + AMT reality13:10 Sponsors — RightRev | Rillet | Tabs16:39 Private share opacity risk20:25 Founder + employee liquidity playbooks21:55 Early investors need liquidity too22:31 Cap table math actually matters24:17 SPV fee stacking insanity25:37 Sponsors — Abacum | Brex | Metronome28:54 Tender offer guardrails30:09 Minimum vs maximum liquidity balance33:01 Growth stage sweet spot + IPO bar rising34:17 AI Cambrian explosion34:58 Buying fear vs buying hype36:29 AI growth sustainability37:19 Founder-led advantage + product velocity38:47 TAM is created, not measured41:06 Anti-portfolio lessons43:01 What is a supercycle44:34 Do supercycles end in crashes?46:16 AI’s unprecedented adoption curve48:31 Community as a moat52:50 Earning the right to be on the cap table

In this episode of Run the Numbers, CJ sits down with Mateo Bryant, CFO of Minted. They break down Minted’s life-event flywheel and decades-long LTV, managing extreme seasonality when half the year happens in one month, and balancing long-term CAC with short-term monetization. Mateo also shares lessons from scaling Uber and Amazon globally, localization missteps, and making marketplaces work in emerging markets.—SPONSORS:Abacum is a modern FP&A platform built by former CFOs to replace slow, consultant-heavy planning tools. With self-service integrations and AI-powered workflows for forecasting, variance analysis, and scenario modeling, Abacum helps finance teams scale without becoming software admins. Trusted by teams at Strava, Replit, and JG Wentworth—learn more at https://www.abacum.aiBrex is an intelligent finance platform that combines corporate cards, built-in expense management, and AI agents to eliminate manual finance work. By automating expense reviews and reconciliations, Brex gives CFOs more time for the high-impact work that drives growth. Join 35,000+ companies like Anthropic, Coinbase, and DoorDash at https://www.brex.com/metricsMetronome 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.comRightRev is an automated revenue recognition platform built for modern pricing models like usage-based pricing, bundles, and mid-cycle upgrades. RightRev lets companies scale monetization without slowing down close or compliance. For RevRec that keeps growth moving, visit https://www.rightrev.comRillet is an AI-native ERP built for modern finance teams that want to close faster without fighting legacy systems. Designed to support complex revenue recognition, multi-entity operations, and real-time reporting, Rillet helps teams achieve a true zero-day close—with some customers closing in hours, not days. If you’re scaling on an ERP that wasn’t built in the 90s, book a demo at https://www.rillet.com/cjTabs is an AI-native revenue platform that unifies billing, collections, and revenue recognition for companies running usage-based or complex contracts. By bringing together ERP, CRM, and real product usage data into a single system of record, Tabs eliminates manual reconciliations and speeds up close and cash collection. Companies like Cortex, Statsig, and Cursor trust Tabs to scale revenue efficiently. Learn more at https://www.tabs.com/run—LINKS: Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsNMateo: https://www.linkedin.com/in/bryantmatt/Minted: https://www.minted.com/CJ: https://www.linkedin.com/in/cj-gustafson-13140948/Mostly metrics: https://www.mostlymetrics.com—RELATED EPISODES:Peter Oey, CFO of Grab:https://youtu.be/tdq0AZO0dLU—TIMESTAMPS:00:00 Intro03:16 Fixer to CFO05:32 Mexico City Startups09:00 Minted Flywheel10:24 LTV Expansion11:04 Entry Points12:18 CAC and Cohorts13:42 Sponsors: Metronome | RightRev | Rillet17:06 Wedding Lifecycle19:49 Holiday Forecasting22:23 Retail Calendar24:03 Cash Flow Swings25:05 Marketing Over Sales26:06 Email Limits27:41 Sponsors: Tabs | Abacum | Brex31:02 Retail Strategy35:08 Global Experience40:47 Uber Cash Economics46:04 Cost of Not Localizing50:19 Importer of Record53:17 No Google Lesson55:34 QBR Mistake56:48 High Leverage Hours59:03 Finance Stack59:50 Seven Day Cruise Expense#RunTheNumbersPodcast #MarketplaceStrategy #EcommerceFinance #GigEconomy #CFOInsights

In this episode of Run the Numbers, CJ sits down with Varsha Udayabhanu of Invisible to unpack what enterprise AI adoption actually looks like beyond the hype. They cover forward deployed engineers, eight-week solution sprints, value-based pricing when outcomes are hard to meter, ARR vs. services revenue, and why “momentum” beats traditional SaaS metrics. A tactical look at trust, expansion, and building durable AI revenue.—SPONSORS:Brex is an intelligent finance platform that combines corporate cards, built-in expense management, and AI agents to eliminate manual finance work. By automating expense reviews and reconciliations, Brex gives CFOs more time for the high-impact work that drives growth. Join 35,000+ companies like Anthropic, Coinbase, and DoorDash at https://www.brex.com/metricsMetronome 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.comRightRev is an automated revenue recognition platform built for modern pricing models like usage-based pricing, bundles, and mid-cycle upgrades. RightRev lets companies scale monetization without slowing down close or compliance. For RevRec that keeps growth moving, visit https://www.rightrev.comRillet is an AI-native ERP built for modern finance teams that want to close faster without fighting legacy systems. Designed to support complex revenue recognition, multi-entity operations, and real-time reporting, Rillet helps teams achieve a true zero-day close—with some customers closing in hours, not days. If you’re scaling on an ERP that wasn’t built in the 90s, book a demo at https://www.rillet.com/cjTabs is an AI-native revenue platform that unifies billing, collections, and revenue recognition for companies running usage-based or complex contracts. By bringing together ERP, CRM, and real product usage data into a single system of record, Tabs eliminates manual reconciliations and speeds up close and cash collection. Companies like Cortex, Statsig, and Cursor trust Tabs to scale revenue efficiently. Learn more at https://www.tabs.com/runAbacum is a modern FP&A platform built by former CFOs to replace slow, consultant-heavy planning tools. With self-service integrations and AI-powered workflows for forecasting, variance analysis, and scenario modeling, Abacum helps finance teams scale without becoming software admins. Trusted by teams at Strava, Replit, and JG Wentworth—learn more at https://www.abacum.ai—LINKS: Varsha: https://www.linkedin.com/in/varshaudayabhanu/Company: https://invisibletech.ai/CJ: https://www.linkedin.com/in/cj-gustafson-13140948/Mostly metrics: https://www.mostlymetrics.com—RELATED EPISODES:Marketing as a Form of Capital Allocation With Carta's Head of Growth Angela Winegarhttps://youtu.be/rG09ehsrWv8—TIMESTAMPS:00:00 Intro03:21 What Invisible Technologies Does05:34 Enterprise AI Adoption Gap07:38 Forward Deployed Engineers09:44 Evolving GTM in AI Services10:36 Solution Sprints12:37 Sponsor — Brex | Metronome | RightRev15:56 Upfront Investment vs. Upside18:38 Bespoke Deals20:37 Value-Based Pricing in Enterprise AI22:12 Value Sold vs. Value Delivered23:31 Enterprise Revenue as a Portfolio of Bets24:53 Time-Bound Solution Sprints27:06 Sponsor — Rillet | Tabs | Abacum30:32 Humans in the Loop & Expert Incentives33:38 Niche Human Expertise34:10 Rethinking KPIs Beyond ARR35:44 Momentum Metrics39:00 Evaluating GenAI Financial Profiles40:47 Expansion as the Atomic Unit42:19 AdTech Lessons on Distribution & Brand43:23 Why Brand Matters for Enterprise47:10 Commoditization Risk48:31 Long-Ass Lightning Round53:20 Credits

In this episode, CJ talks with Paul Stansik of ParkerGale Capital about what separates Simplifiers from Complicators. They unpack why most board meetings miss the point, how to answer the actual question, and why naming the real problem builds trust.—SPONSORS:Abacum is a modern FP&A platform built by former CFOs to replace slow, consultant-heavy planning tools. With self-service integrations and AI-powered workflows for forecasting, variance analysis, and scenario modeling, Abacum helps finance teams scale without becoming software admins. Trusted by teams at Strava, Replit, and JG Wentworth—learn more at https://www.abacum.aiBrex is an intelligent finance platform that combines corporate cards, built-in expense management, and AI agents to eliminate manual finance work. By automating expense reviews and reconciliations, Brex gives CFOs more time for the high-impact work that drives growth. Join 35,000+ companies like Anthropic, Coinbase, and DoorDash at https://www.brex.com/metricsMetronome 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.comRightRev is an automated revenue recognition platform built for modern pricing models like usage-based pricing, bundles, and mid-cycle upgrades. RightRev lets companies scale monetization without slowing down close or compliance. For RevRec that keeps growth moving, visit https://www.rightrev.comRillet is an AI-native ERP built for modern finance teams that want to close faster without fighting legacy systems. Designed to support complex revenue recognition, multi-entity operations, and real-time reporting, Rillet helps teams achieve a true zero-day close—with some customers closing in hours, not days. If you’re scaling on an ERP that wasn’t built in the 90s, book a demo at https://www.rillet.com/cjTabs is an AI-native revenue platform that unifies billing, collections, and revenue recognition for companies running usage-based or complex contracts. By bringing together ERP, CRM, and real product usage data into a single system of record, Tabs eliminates manual reconciliations and speeds up close and cash collection. Companies like Cortex, Statsig, and Cursor trust Tabs to scale revenue efficiently. Learn more at https://www.tabs.com/run—LINKS: Paul on LinkedIn: https://www.linkedin.com/in/paulstansik/ParkerGale Capital: https://www.parkergale.com/https://hellooperator.substack.com/CJ on LinkedIn: https://www.linkedin.com/in/cj-gustafson-13140948/Mostly metrics: https://www.mostlymetrics.com—TIMESTAMPS:0:00 Fixing Broken Windows in Investing3:08 What an Operating Partner Actually Does5:35 Managing Nine Portfolio Companies6:07 Where PE Investors Spend Their Time9:02 Do Investors Think About You All Day?10:16 The Operator “Bermuda Triangle”12:35 Sponsors — Abacum | Brex | Metronome15:52 The CFO “Triangle of Doom”17:47 How to Become an Investor Favorite18:42 Templates Build Trust in Board Communication20:54 Using Trusted Data22:10 The Board Payback Record Scratch23:18 Building Your “Data Diet” With the Board25:19 Sponsors — RightRev | Rillet | Tabs28:47 Signs a Team Isn’t in Command31:30 Board Meetings Aren’t a Performance34:16 “20 Board Meetings—Don’t Waste Them”35:15 Ask Permission to Reallocate the Agenda37:54 When to Send Board Materials40:28 Simplifiers vs. Complicators41:58 The Simplifier Finds the One Question That Matters42:16 Three Traits of a Simplifier: Answer, Find, Do43:15 Why Complicated Operators Take You on a Ride44:26 Selling vs. Substance46:23 “Get There, Bob”47:25 Why We Hedge49:36 You Can’t Fix a Secret52:50 Credits

In this episode of Run the Numbers, CJ Gustafson talks with Rivian CFO Claire McDonough about financing one of the most capital-intensive businesses in the world. They cover long-term investment decisions, capacity planning, cash management as production scales, lessons from Rivian’s nearly $14B IPO, the risks of over- and under-building, and why federal EV tax credits matter more than most people think.—SPONSORS:Tabs is an AI-native revenue platform that unifies billing, collections, and revenue recognition for companies running usage-based or complex contracts. By bringing together ERP, CRM, and real product usage data into a single system of record, Tabs eliminates manual reconciliations and speeds up close and cash collection. Companies like Cortex, Statsig, and Cursor trust Tabs to scale revenue efficiently. Learn more at https://www.tabs.com/runAbacum is a modern FP&A platform built by former CFOs to replace slow, consultant-heavy planning tools. With self-service integrations and AI-powered workflows for forecasting, variance analysis, and scenario modeling, Abacum helps finance teams scale without becoming software admins. Trusted by teams at Strava, Replit, and JG Wentworth—learn more at https://www.abacum.aiBrex is an intelligent finance platform that combines corporate cards, built-in expense management, and AI agents to eliminate manual finance work. By automating expense reviews and reconciliations, Brex gives CFOs more time for the high-impact work that drives growth. Join 35,000+ companies like Anthropic, Coinbase, and DoorDash at https://www.brex.com/metricsMetronome 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.comRightRev is an automated revenue recognition platform built for modern pricing models like usage-based pricing, bundles, and mid-cycle upgrades. RightRev lets companies scale monetization without slowing down close or compliance. For RevRec that keeps growth moving, visit https://www.rightrev.comRillet is an AI-native ERP built for modern finance teams that want to close faster without fighting legacy systems. Designed to support complex revenue recognition, multi-entity operations, and real-time reporting, Rillet helps teams achieve a true zero-day close—with some customers closing in hours, not days. If you’re scaling on an ERP that wasn’t built in the 90s, book a demo at https://www.rillet.com/cj—LINKS: Claire on LinkedIn: https://www.linkedin.com/in/claire-rauh-mcdonough-5291b946/Rivian: https://rivian.com/CJ on LinkedIn: https://www.linkedin.com/in/cj-gustafson-13140948/Mostly metrics: https://www.mostlymetrics.com—RELATED EPISODES:Why Revenue Recognition Is the Next AI Battleground | Dan Miller of RightRevhttps://youtu.be/TxhTtwmOass—TIMESTAMPS:00:00:00 Craziest Expense Story at Rivian00:01:22 Intro to Claire McDonough00:03:09 Capital Intensity and Vertical Integration at Rivian00:06:44 Raising $14B: How Rivian Planned Its IPO Capital00:10:22 Capacity Planning and Scaling R2 Production00:12:13 Sponsors — Tabs, Abacum, Brex00:15:34 Sweating Existing Capacity vs Overbuilding00:18:22 Winning EV Adoption from ICE Buyers00:22:27 How Federal EV Tax Credits Shape EV Pricing00:26:03 Sponsors — Metronome, RightRev, Rillet00:29:27 R2 as a Driver of Long-Term Profitability00:33:14 Supply Chain as the Critical Path to Launch00:36:53 Product Roadmap as the Anchor for Capital and Headcount00:39:40 Peloton and Flipkart Lessons from Banking00:43:42 Biggest Career Mistake00:44:50 Advice to Younger Self00:47:19 Rivian’s Finance Software Stack