[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.

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LINKS:

Alex Immerman on LinkedIn: https://www.linkedin.com/in/immerman

Andreessen Horowitz: https://a16z.com

CJ on LinkedIn: https://www.linkedin.com/in/cj-gustafson-13140948/

Mostly metrics: https://www.mostlymetrics.com

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RELATED EPISODES:

a16z’s Alex Immerman on the Evolving Role of the CFO in the Age of AI

https://youtu.be/JIvHp-mlnzs

So You’re Looking for a “Strategic” CFO? Bloomerang’s Steve Isom on What That Really Means

https://www.youtube.com/watch?v=cgHOtvG1Ces

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TIMESTAMPS:

00:00:00 Preview and Intro

00:01:46 AI Margins Improve Dramatically

00:02:29 What Separates Great CFOs

00:03:29 Founder Mindset Drives Performance

00:05:31 Founder Intensity and Margin Expansion

00:06:57 Backing Unproven Bets Thoughtfully

00:08:29 Interviewing CFOs for Backbone

00:09:55 When CFOs Push Back on Strategy

00:11:25 CFO Trust With Boards and Investors

00:11:50 How CFOs Engage Investors When Hiring

00:14:44 Building Strong CFO Investor Relationships

00:16:18 Sharing Bad News Early

00:17:21 CEO Vision Versus CFO Validation

00:20:57 How AI Is Changing the CFO Role

00:23:56 Incumbents Versus AI-Native Finance Tools

00:26:24 CFOs Driving Internal AI Adoption

00:28:07 AI Impact on Customer Support Efficiency

00:29:26 Internal Leverage From AI Automation

00:31:29 Why Investors Care About LTV to CAC

00:34:00 LTV to CAC Across Business Models

00:36:26 Retention Curves Matter More Than Growth

00:38:16 Evaluating AI Gross Margins Long Term

00:40:04 Recipe for AI Margin Expansion

00:43:01 What Makes a Public-Ready CFO

00:44:47 Beating Guidance Drives IPO Performance

00:46:56 Growth Versus Profitability Has Rebalanced

#RunTheNumbersPodcast #CFOLeadership #FintechInvesting #AISaaS #VentureCapital

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