Issue
Preparing an S-1 on a compressed timeline, the client required assistance with several key areas, including dual-trigger Restricted Stock Units (“RSUs”), basic and diluted earnings per share (“EPS”) calculations, evolving revenue footnote disclosures tied to a new pricing model, and the pricing calculator used to populate various sections of the S-1. In addition, they required added bandwidth and senior technical reviewers to anticipate auditor and SEC comments and avoid surprises.
Solution
CBIZ Advisory embedded an experienced team to deliver both capacity and technical accounting expertise. Our Financial Accounting & Advisory Services (FAAS) professionals built and validated EPS models reflecting complex equity terms (including prior tender-offer impacts) and dual-trigger RSUs, documented accounting positions, and coordinated internal and auditor reviewer sign-offs. In parallel, the FAAS team led the S-1 pricing calculator workstream, owning source-to-schedule tie-outs, linking data and information, and ensuring clear audit trails. The CBIZ professionals refreshed the revenue footnotes and revised controls for allocation and disclosure to align reporting with the company’s updated pricing strategy. Throughout, the team worked seamlessly with management and engaged the external audit team early to surface and resolve issues. As part of the filing process, the FAAS team was able to leverage deep IPO/public-company experience to anticipate SEC comments and work to ensure that the filing clearly addressed critical items.
Plan Your S-1 Without Bottlenecks
IPO timelines compress complex work — EPS with complex equity, revenue disclosures, and a meticulous pricing calculator — into a few intense months. CBIZ supplies the right mix of hands-on doers and senior reviewers, proven IPO playbooks, and audit-ready documentation so finance leaders stay on schedule and file with confidence.
Outcome
The company met the aggressive filing deadlines, resolved auditor questions in real time, and advanced through the S-1 process without unexpected issues. In addition, client management and the Board of Directors were grateful that there were no SEC comments related to the areas CBIZ supported. The offering closed successfully, and CBIZ Advisory now provides ongoing public-company reporting and technical accounting support post IPO.
| Company Information | |
|---|---|
| Industry | Software – Application (SaaS) |
| Entity Type | C Corporation |
| Ownership Structure | Newly publicly traded company |
| Geographic Footprint | Significant global footprint with offices across North America, South America, Europe, Australia, and Asia |
| Number of Employees | 1,736 |
| Annual Revenue | $749 Million |
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“CBIZ” is the brand name under which CBIZ CPAs P.C. and CBIZ, Inc. and its subsidiaries, including CBIZ Advisors, LLC, provide professional services. CBIZ CPAs P.C. and CBIZ, Inc. (and its subsidiaries) practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations, and professional standards. CBIZ CPAs P.C. is a licensed independent CPA firm that provides attest services to its clients. CBIZ, Inc. and its subsidiary entities provide tax, advisory, and consulting services to their clients. CBIZ, Inc. and its subsidiary entities are not licensed CPA firms and, therefore, cannot provide attest services.
