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Aleksey Krylov Waterfall Analysis Case Study 7-21-2023

Aleksey Krylov Waterfall Analysis Case Study 7-21-2023

Aleksey
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Aleksey Krylov Waterfall Analysis Case Study 7-21-2023

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  1. Waterfall Analysis: Startup & VC Context OCTOBER 28, 2020

  2. Aleksey Krylov • 20+ years of experience • CFO for private/public companies with focus on strategic transactions (M&A, JV, fundraise) • 12 years with 4 different family offices: VC, LBO, structured and distressed investing: 25 deals, $500M+ invested • Started career in investment banking • MBA Columbia Business School, BS Babson College, CFA Charterholder • 2

  3. Waterfall analysis Frequent structures TOC Example 3

  4. Waterfall “As the name implies: The analysis shows the distribution of value at a liquidity event” - Aleksey Krylov 4

  5. Liquidity Events • IPO • M&A •Liquidation… “Startups work hard and for a long time to strike gold on an IPO and M&A, and unfortunately liquidation can be forced on them quickly,” - Aleksey Krylov 5

  6. Clear cut vs. contested 6

  7. Waterfall analysis Frequent structures TOC Example 7

  8. Common RSUs Convertibles notes/SAFEs Preferred Options/warrants Securities Senior debt/senior secured debt/debentures “All securities have a role to play, and experience finance professional can use them skillfully to align interests of various stakeholders,” - Aleksey Krylov 8

  9. Founding “round” Financing transactions – startups “Not all funding rounds follow this sequence, but there is a logic to this progression which reflects the company’s growth” - Aleksey Krylov Friends/family Seed/angels – converts/safes Series A – preferred Series B – preferred Series XYZ… or IPO 9

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