How does a surf forecasting platform evolve into a multi-pronged company with B2C subscriptions, advertising, B2B SaaS, and even some hardware? Dustan Berg, former equity analyst and current VP of Finance at Surfline Wavetrak, Inc., joins CJ to discuss the evolution of Surfline's business model and the nuances of running this 40-year-old startup. Dustan explains the role of data as a moat and how Surfline navigates retention and increasing wallet share in a business model that’s tied to user identity. He also talks about some of the frameworks he uses to maintain focus on strategy and what he learned about asking the right questions from his days as an equity analyst.

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LINKS:

Dustan Berg on LinkedIn: https://www.linkedin.com/in/dustan-berg-cfa-b7a58634/

Surfline:

https://www.surfline.com

CJ on X (@cjgustafson222): https://x.com/cjgustafson222

Mostly metrics:

http://mostlymetrics.com

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TIMESTAMPS

(00:00) Preview and Intro

(02:34) Sponsor – Pulley | Tabs | Tropic

(08:18) How to Measure a Wave

(12:30) Intro to Surfline: A 40-Year-Old Startup

(16:36) Sponsor – Netsuite | Planful | Subscript | Ripling

(21:09) The Evolution of Surfline’s Business Model

(25:38) B2B SaaS and Hardware Versus Just B2C Subscriptions and Advertising

(28:01) Data as a Moat

(32:34) The Nuances of Running a B2C Model Versus a B2B Model

(35:07) Net Dollar Retention Versus Gross Retention

(39:18) How Surfline Defines an Active User

(40:22) Retention in a Business Model That’s Tied to User Identity

(43:41) Lessons on Asking Questions From a Former Equity Analyst

(45:38) Dustan’s Framework for Maintaining Focus on Strategy

(47:22) Talking About Business Versus Talking About Numbers

(51:05) Dustan’s Favorite Buffett or Munger Quote

(52:49) Long-Ass Lightning Round: A Formula Error on an Annual Plan

(54:00) Advice to Younger Self

(54:23) Finance Software Stack

(56:29) Craziest Expense Story

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