16
Date: Thursday, May 16, 2019
Time:
10:00am-11:40am PT / 1:00pm-2:40pm ET
Format: A BVR Webinar

Earn 2 CPE credits
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Featuring  (click image for bio)

Antonella Puca
CFA, CPA/ABV, CEIV, CVA
BlueVal Group LLC
Andreas Dal Santo
CFA, ARPM
BlueVal Group LLC
Adam Kindreich
CFA
BlueVal Group LLC

About This Program

Get an update on the guidance to fair value measurement under ASC 820 as applicable to the valuation of software companies, based on the guidance in the AICPA Guide on the Valuation of Portfolio Investments of Venture Capital and Private Equity Funds and Other Investment Companies and other best practices. Join Antonella Puca, Andreas Dal Santo, and Adam Kindreich for an overview of the valuation methodologies that are suitable for the valuation of software companies and how software innovation has become a driver of value in other industries. See practical examples of how to set up a calibration model at the transaction date and how to apply the calibration model to subsequent measurement periods based on Case 10 of the AICPA working draft “Early Stage Software as a Service Startup with Binary Expected Outcomes." And learn how to blend traditional valuation techniques such as DCF analysis with non-GAAP metrics in the valuation of a company that is disrupting the transportation and automotive industry with its innovative software technology: Uber.

Agenda

  • Introduction:
    • Overview of the software industry based on the latest data
    • Definition of fair value and unit of account under ASC 820 and implications for the valuation of software companies
    • Overview of key sources for the most recent guidance on valuation of software companies and insight in the context surrounding the recent activity in this area (AICPA, FASB, IVSC)
  • Valuation of Software Companies – Calibration at Initial Measurement 
    • Practical example of how a calibration model is set up for a sample software company using a scenario-based approach.
    • Identification of scenarios and inputs in the calibration model at inception
    • Effect of potential dilution on the valuation
  • Valuation of Software Companies – Calibration at Subsequent Measurement
    • Practical example of how a calibration model can be applied to subsequent measurement
    • Review of inputs, conditions under which inputs need to be updated.
  • Uber: A Case Study in Deriving Intrinsic Value
    • Economics of the Business Model
    • DCF model

Learning Objectives

  • Describe the provisions of the working draft of the AICPA Guide on the Valuation of Portfolio Investments of Venture Capital and Private Equity Funds and Other Investment Companies as they apply to investments in software companies
  • Set up a calibration model based on the initial transaction price and apply calibration in subsequent measurement periods for the valuation of a software company
  • Examine how software innovation is disrupting traditional industries such as transportation and apply DCF and non-GAAP metrics to the valuation of a sample company based on techniques that reflect the AICPA Guidance

Single Connection Policy

Admission to this event authorizes one computer and phone connection for one location. These connections may be transferred users and/or locations. Multiple concurrent connections for a single admission registration are not allowed.

Multi-User CPE Policy

Admission to this program includes one CPE certificate for one individual. Any additional listeners requesting CPE must pay a processing fee assessed at the completion of the online CE survey for this course.

CPE Processing Fees may be bypassed by entering a valid, unused CPE Authorization Code (for single event purchasers) or by logging into BVR's website (for subscribers to BVR's Training Series).

CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 2 Credit Hours (Accounting Technical)


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