[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/immerman

Andreessen Horowitz: https://a16z.com

CJ 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 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

—

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

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

a16z’s Alex Immerman on How AI Is Redefining the Modern CFO | Mostly Classics

Run the Numbers

a16z’s Alex Immerman on How AI Is Redefining the Modern CFO | Mostly Classics