New Case Study: Firm Uses Wdesk to Beat Own Record for Filing a 10-K

Firm Uses Wdesk

From When Heather Krupa first joined Global Water Resources, she had to take a step back in time to remember when she had to use something other than Wdesk for SEC reporting.

“We have to go to Wdesk because this is horrible.”

–Heather Krupa, Controller, Global Water Resources

After sharing her experience and explaining the benefits of Wdesk, Heather convinced the water resource management company to make the switch to Wdesk. As a result, Global Water Resources was able to file its 10-K a day earlier than it ever had. Even more impressive: the filing schedule included the time Heather took to train a new hire on XBRL tagging.

Part of the time-savings came from the ability for multiple users to work on the same document simultaneously. The reporting team also had control over what auditors, top executives, and board members could see and when.

Previously, with another SEC reporting platform, Heather said she had to remember what a pilcrow is (hint: it is a paragraph marker) and that she had to insert one before editing information. She also remembers spending a 12-hour day chasing rounders.

In Wdesk, the interface is designed to be extremely user-friendly. Linking, commenting, and audit trails help contributors see source data and improve data governance and transparency. In comparison to a competing platform Heather has also used, “The linking functionality within Wdesk is definitely superior,” she said.

Heather says Wdesk streamlines processes and allows her to focus on the value she delivers as a certified public accountant (CPA).

“I am always trying to ask how can we do this faster and how can we do this better,” she said. “Accounting is not a 9-to-5 job. If I can get it to be as close to 9-to-8 as possible, the better. The only way to do that is either get more people, which may run up against cost constraints, or find better ways of doing it. Technology is what’s helping foster the ability to get more work done in less time.”

Download case study here.

Wall Street Journal: Workiva CFO chimes in on Uber IPO


Uber IPO: A Lot Will Ride on CFO’s Choice of Metrics, Timing

Finance chief Nelson Chai will have to decide whether Uber will go ahead or trail rival Lyft and what performance indicators to share with investors


Uber Technologies Inc.’s finance chief will play a critical numbers game as the ride-hailing service races toward an initial public offering riding a potential valuation of $120 billion.

Central to the IPO will be the metrics Nelson Chai, who became Uber’s chief financial officer last month, chooses to justify what some experts consider a lofty valuation for a company that doesn’t expect to be profitable for at least three years.

The figures will help him craft a compelling growth narrative that drives discussions with investors and underwriters as he helps determine the timing of the San Francisco company’s roadshow and listing. Mr. Chai’s targets for revenue and rider growth and other performance indicators will set the benchmark for how Wall Street tracks the company.

“You almost have to look ahead a few years and ask, ‘What am I going to look like? And what are my metrics going to be, and will they stand the test of time?’ ” said Jackie Kelley, the Americas IPO markets leader at Ernst & Young LLC.

Mr. Chai won’t have the luxury of time to deliberate because of the uniquely competitive nature of this offering, according to finance chiefs with IPO experience. Uber’s biggest U.S. competitor Lyft. Inc. is also angling to go public, meaning both companies could be presenting to underwriters and investors almost simultaneously. Both Uber and Lyft declined to comment.

If Lyft can make its case first, the numbers it uses could influence Uber’s conversations with investors. Metrics Mr. Chai uses to describe Uber’s expected growth and business drivers might then be compared with figures issued by the company’s smaller rival.

“If you’re the first one out, you can pick your comparables,” said Stuart Miller, CFO of Workiva Inc., who helped take the professional services software company public in 2014. “If you’re the second one out, there’s only one comparable.”

Trailing Lyft to the market could also stoke doubts about whether Uber’s valuation premium over that of Lyft was large enough, he said. Lyft is expected to debut above its most recent valuation of $15.1 billion.

The $120 billion Uber valuation floated by bankers is a leap from its most recent funding round, which valued the company at $76 billion. The new figure likely includes as much as $20 billion in cash Uber and its current backers will raise from the public market, said Jay Ritter, a finance professor at the University of Florida.

Read the full, original article here. From Private To Public: How To Read An S-1


IPO stories abound in the financial press. However, coverage may be cursory or lack information about the company you’d like to know.

Maybe coverage of a hot IPO contains excellent information on how much money the CEO stands to make when her company debuts, but zero details on its customer cohorts. Or maybe you want to learn more about a company’s quarterly performance, but the piece you find covers the numbers without context.

If you could do your own research, you’d be in business. You wouldn’t be dependent on the media (hello!) to tell you what matters and what doesn’t. In order to get started, let’s define what an S-1 will tell you about a company aiming to go public.

Meet The S-1 Filing

A Form S-1, commonly referred to as an S-1, is a form that private companies file with the U.S. Securities and Exchange Commission (SEC) when they intend to go public.

The form includes a wealth of information about the company:

  • How much a company intends to raise in its offering.
  • A summary of its business.
  • Notes concerning its competitors.
  • How the firm intends to spend the money it raises.
  • And the most critical parts of an S-1: its financial performance.

What you need to know is that when a company is going public, it files an S-1 with oodles of details on its business. The filing provides information that the company uses to sell shares in its IPO, and provides much of the information that regular folks will use to decide whether to buy shares in the company.

The better-known the filing company is, the bigger splash its S-1 can make. You can imagine, for example, how big of a deal it was when Google and Facebook originally filed, and how big of deal it will be when Uber eventually releases its own S-1 as well. And unlike a lot of government documents, these filings are fairly accessible to the general public.

Read the full, original article here.

PwC: Q3 2018 Capital Markets Watch


The US IPO markets continued to roar, posting the busiest Q3 since 2014

The US IPO market had its best third quarter since 2014 with 60 IPOs raising $13.4 billion. The trend continued from Q2’18, which also had its best second quarter since 2014. Well-positioned issuers in rapidly growing industries with increasingly addressable markets and proven management teams fared well. The Q3 macroeconomic environment combined with strong corporate profits also produced outperforming investment returns.

The quarter saw larger IPO pricings compared to Q3’17, with the average deal size up 24%, primarily due to three large IPOs raising more than $1 billion each. Despite a typical summer slowdown, the US IPO market continued to show strength in Q3’18 with 24 pricings in September, marking the busiest September in more than seven years.

See full, original article here.