
Fanatics CFO on CAC, LTV, and Capital Allocation Across Verticals
Run the Numbers
Partnership structure and KPIs
Glenn explains partnerships are 'snowflakes' and highlights KPIs: users, transactions, AOV, margins, and FCF.
In this episode of Run the Numbers, CJ sits down with Glenn Schiffman, CFO of Fanatics. They break down the economics of sports IP, how Fanatics approaches CAC, LTV, and capital allocation across merchandising, collectibles, and betting, and the negotiation lessons Glenn learned from decades in investment banking and leading finance at IAC.
—
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/metrics
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
RightRev is an automated revenue recognition platform built for teams that have outgrown spreadsheets and billing tool workarounds. It handles high-volume subscriptions, usage-based contracts, and mid-cycle upgrades, so you can scale without scrambling at month-end. For RevRec that keeps your books clean, visit https://www.rightrev.com/CJ
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/cj
EY works with high-growth tech companies to navigate the messy realities of scaling—from regulatory requirements to IPO readiness. By helping teams get it right early and often, EY lets founders stay focused on building while reducing risk as they grow. Learn more at https://www.ey.com/techstartups
SpendHound is a SaaS spend management platform built for finance and procurement teams that want visibility and leverage in every deal. By tracking all your software, benchmarking pricing across thousands of vendors, and surfacing contracts and renewals, SpendHound helps you stop overpaying and negotiate with confidence. Trusted by teams at ZoomInfo and Hootsuite. Get started at https://www.spendhound.com
—
LINKS:
Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsN
Guest: https://www.linkedin.com/in/glenn-h-s-51440521/
Company: https://www.fanaticsinc.com/
CJ: https://www.linkedin.com/in/cj-gustafson-13140948/
Mostly metrics: https://www.mostlymetrics.com
—
TIMESTAMPS:
0:00 Preview and intro
1:13 Welcome and guest intro
2:38 Football at Duke and college businesses
5:40 Predecessor to DoorDash story
7:10 IP monetization explained
9:22 All deals are snowflakes
10:36 Partnership KPIs
13:21 Sponsors — Brex | Aleph | RightRev
16:40 Buy, bet, collect: CAC and LTV
17:15 Single view of the fan
18:39 Multi-business customers spend 4.7x
20:32 Fanatics credit card launch
22:13 AI for personalization
23:01 DTC vs. wholesale margin profiles
24:05 Budgeting process
26:07 Infinite vs. finite: focus on revenue
26:37 Sponsors — Rillet | EY | SpendHound
29:47 Starve your losers, feed your winners
32:58 Capital compounding: revenue, EBITDA, FCF
33:56 Buybacks at IAC
37:02 First negotiation at Lehman
39:17 Outlasting the other side
39:56 Listening in negotiations
40:03 Long-Ass Lightning Round
44:25 Credits
#RunTheNumbersPodcast #CFO #SportsCommerce #CapitalAllocation #FinanceLeadership


