In this episode of Run the Numbers, CJ sits down with Praveer Melwani, CFO of Figma, to unpack the financial model behind one of tech’s most iconic product-led companies. They cover viral growth, forecasting without a traditional sales pipeline, AI credit pricing, margin tradeoffs, and the metric Praveer believes matters most in the long run: free cash flow per share.

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SPONSORS:

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Aleph is a modern FP&A platform built for teams that want more than another planning tool. By connecting your ERP, CRM, and other systems into one trusted data layer with AI workflows, Aleph helps you move faster with real-time insights. Get a personalized demo at https://www.getaleph.com/run

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LINKS:

Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsN

Guest: https://www.linkedin.com/in/praveer-melwani/

Company: https://www.figma.com/

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

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

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TIMESTAMPS:

0:00 Preview and intro

1:21 Welcome and guest intro

2:55 From banking to Dropbox to Figma

5:04 Inflection points: building trust early

8:36 TAM expansion thinking

10:31 Sponsors — EY | SpendHound | Brex

13:38 Two-thirds of Figma users aren't designers

14:36 Forecasting product led growth

16:22 Cohorts and NDR discovery

17:39 LTV to CAC philosophy

18:57 Product signals for account expansion

20:22 How Figma achieved hypergrowth with 90%+ margins

22:14 AI expands TAM: time to hit the gas

23:22 AI credit pricing model

24:50 Sponsors — Aleph | RightRev | Rillet

28:13 Outcome based pricing consideration

29:00 Where AI margins settle: gross profit dollars

30:08 Free cash flow per share as north star

31:04 NDR and pricing volatility

32:13 Bundled vs. unbundled seats

34:50 Being engaged in sales to understand admin pain

35:17 IPO day experience

36:27 Keeping employees focused beyond the stock price

37:19 Employee stock pressure and lockup reality

39:37 Kitchen cabinet of advisors

41:44 How to ask better questions of advisors

41:47 Lightning round

41:50 Advice to younger self

42:47 Finance software stack

44:09 Claude WTF moment: forecasting model throughput

45:13 Craziest expense story: the haircut

45:59 Credits

Inside Figma’s Financial Playbook with CFO Praveer Melwani

Run the Numbers