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Global Technology IPO Review Full-year and Q4 2016

Global Technology IPO Review Full-year and Q4 2016 1

Global tech IPOs in 2016 dropped to their lowest level in the decade amidst macroeconomic and geopolitical turmoil, but a stream of high-profile companies in the pipeline will likely create a resurgence in 2017*

Raman Chitkara Partner and Global Technology Industry Leader PricewaterhouseCoopers LLP [email protected]

On the heels of two strong years, 2016 ended with the fewest global technology IPOs of any year in the decade, with only 54 tech companies completing initial public offerings for total proceeds of US$9.4 billion. That’s a 41% decline in volume and a 65% decline in proceeds from 2015. With 20 tech IPOs, Q3 was the best period of the year, but Q4 was the worst, with just ten tech IPOs. The market rally following the US elections bodes well for a healthier global tech IPO market in 2017.

The year started slowly with only 24 IPOs and US$2.2 billion in proceeds in the first half of 2016, a result of the steep stock market sell-off in January that froze out potential IPO companies. Volatility and uncertainty closed the US IPO window, and China posted just three tech IPOs in the first quarter. The UK, historically one of the leading markets in Europe, saw no tech IPOs in 2016, a result of uncertainty over the Brexit election that grew into concern about executing on the outcome. Although the UK was absent, Europe posted reasonable results with 10 IPOs from eight countries, including three of the largest tech IPOs of the year. They included the largest, Net A/S, a digital payments company in Denmark, at US$2.4 billion.

Given uncertainty associated with the US presidential election, most companies chose to remain on the sidelines in the fourth quarter. Overall, tech IPOs rebounded in the second half of 2016, with US$7.1 billion, a three-fold jump in proceeds. Even so, average proceeds of US$174 million was the second lowest, just above the average in 2010 (US$165 million). Big-ticket IPOs that were common in 2014 and 2015 were all but non-existent in 2016.

With 80% of tech companies that debuted in 2014 or 2015 typically trading below their first-day closing prices during most of 2016, valuations became a key concern.1 The combination of uncertain market conditions, high private valuations and ample cash caused many companies to wait until public markets offer a more favorable environment, like we’re starting to see in early 2017.

Looking ahead, optimism for higher economic growth post US elections has spurred a market rally. With investors keeping a sharp focus on profitability, not simply revenue growth, we expect the companies going public will likely have better earnings quality and less aggressive valuations than in recent years. This should help to support and accelerate tech IPOs in 2017.

Sincerely,

1. https://www.bdo.nz/getattachment/Insights/Advisory/Newsletters/2016-Technology-Risk-Factor-Report/2016-Technology-RiskFactor-Report-Brochure-WEB.pdf.aspx?lang=en-NZ

*Issue size greater than US$40 million (includes overallotment) and based on trade date; See Methodology

Table of contents

1. Full-year 2016 global tech IPO summary 3 2. A close look at full-year 2016 technology IPOs 12

Geographic IPO trends – Full-year 2016 ...................................................................................................................................... 12 Europe and the UK .................................................................................................................................................................. 12 China ........................................................................................................................................................................................ 13 United States ........................................................................................................................................................................... 14 Full-year 2016 tech IPOs – Offering details ........................................................................................................................... 15

3. Q4 2016 Global tech IPO summary 20 Q4 2016 Top 5 technology listings ................................................................................................................................................. 21 Q4 2016 Geographic tech IPO trends ........................................................................................................................................... 22

United States .......................................................................................................................................................................... 23 China ....................................................................................................................................................................................... 24 Europe (excluding UK) ........................................................................................................................................................... 25 UK ........................................................................................................................................................................................... 26 Asia (Excluding China) ........................................................................................................................................................... 27

Average proceeds .......................................................................................................................................................................... 28 Age of company ............................................................................................................................................................................. 29

4. Q4 2016 Stock exchange distribution 30 5. Q4 2016 Subsector distribution 31 6. Key financials—Q4 2016 33

Q4 2016 Technology IPO listings: Valuation metric ................................................................................................................... 38 Top three subsectors in Q4 2016 ................................................................................................................................................... 40

7. Methodology 61 8. For more information 62


Full-year 2016 global tech IPO summary

The year with the fewest tech IPOs in the decade As measured by numbers of IPOs and total proceeds, 2016 was the slowest year of the decade for global tech IPOs, beating 2013 for this dubious distinction. It was the second lowest for average proceeds, US$174million, since 2010 (US$165). IPOs declined 41% in volume and 65% in total proceeds from 2015 to 2016.

Figure 1: Global tech IPOs 2010-2016

Source: S&P Capital IQ with analysis by PwC

$17,952 $15,857

$23,155

$11,446

$51,193

$27,103

$9,374

109

87 69

64

118

92

54

-

20

40

60

80

100

120

140

2010 2011 2012 2013 2014 2015 2016 $-

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

No.

of I

POs

US$

mill

ionsTotal proceeds (US$mn) Total number of IPOs

“Several factors suggest the 2017 global tech IPO market will be much better: the postelection stock market rally, the promise of US tax reform, general economic conditions, cyclicality of the tech IPO market and pent-up demand for public offerings.”

Raman Chitkara Global Technology Industry Leader


After a slow start, global tech IPOs bounced back in the second half of 2016 The global technology IPO market gained momentum in Q3 after a slow first half. 30 technology IPOs were listed in the second half versus 24 in the first half. The second-half resurgence occurred in Q3 with 20 IPOS, as most tech companies shied away from the IPO market in Q4.

Five Unicorns completed their IPOs in 2016, two each in Q2 and Q4 and one in Q3.

Figure 2: 2010-2016 1st half vs 2nd half tech IPOs


$8,699 $9,253 $8,710$7,147

$20,817

$2,338$4,588

$6,858

$18,955

$32,237

$12,225

$14,878

$2,250

$7,125

55 54 53

34

19

50

27

37

66

52

59

33

24

30

-

10

20

30

40

50

60

70

1st Half2010

2ndHalf2010

1st Half2011

2ndHalf2011

1st Half2012

2ndHalf2012

1st Half2013

2ndHalf2013

1st Half2014

2ndHalf2014

1st Half2015

2ndHalf2015

1st Half2016

2ndHalf2016

$-

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

Total proceeds (US$mn) Number of IPOsU

S$m

illio

ns

No.

of I

POs


Number of offerings and proceeds declined for all regions except Europe (excluding UK) China led with 19 tech IPOs in 2016, followed by the US with 16; aggregate proceeds were US$2.1 billion and US$1.8 billion, respectively. Europe, excluding the UK, had 10 IPOs, including the largest of the year, Nets A/S. Nets, a digital payment services company, raised US$2.4 billion, which was two-thirds of the total proceeds of US$3.7 billion from Europe’s IPOs. The UK had no tech IPOs this year compared to nine in 2015 and seven in 2014 owing to uncertainty over the Brexit vote and its aftermath. Asia, excluding China, saw a dip in proceeds due to fewer IPOs. Only Japan provided some support for the region. It had three tech IPOs and the fourth highest proceeds, led by the second largest IPO of the year, Line Corp. Line, a messaging app, and raised US$1.1 billion in the year’s largest NYSE tech IPO. The US’s Nutanix was the largest VC-backed tech IPO listing on the NASDAQ in 2016, raising US$238 million. Overall, the US IPO market declined, registering 16 tech IPOs and raising US$1.8 billion compared with 23 tech IPOs and US$8.4 billion in 2015.

While several large leveraged buyouts and high-profile startups remain on the sidelines, there are signs of a possible flurry of tech IPOs in the next 12 months.

Figure 3: 2014-2016 Geographic distribution—Number of IPOs


Figure 4: 2014-2016 Geographic distribution—Proceeds


8

19

7

45

37

1117

9

3023

10 9

0

1916

Europe w/o UK Asia w/o China UK China US0

10

20

30

40

50No. of IPOs

2014 2015 2016

No.

of I

POs

$3,570$7,298

$3,277

$29,063

$7,850

$3,176 $3,381$7,811

$4,074$8,396

$3,674 $1,833$0

$2,067 $1,800

Europe w/o UK Asia w/o China UK China US$0

$5,000$10,000$15,000$20,000$25,000$30,000$35,000

Proceeds raised

2014 2015 2016

US$

mill

ions


Tech IPO activity in Europe remained brisk in 2016 despite challenges in other markets

Tech IPO activity in Europe, excluding the UK, remained brisk in 2016 despite challenges elsewhere. There was broad distribution across eight countries, including Denmark, which had the largest tech IPO of the year. Overall, Europe contributed three of the largest tech IPOs of 2016.

Figure 5: Full-year 2016 European tech IPOs


"The European market proved to be notably strong in 2016, in spite of the migration crisis and the Brexit referendum. The expansionary monetary policy in place led investors to look for alternatives to the low interest rate environment. This was translated positively to the European capital market. With US$3,674 million in total proceeds, we experienced in Europe the largest volume of tech IPOs worldwide."

Werner Ballhaus Technology, Media and Telecommunications Industry Leader, PwC Germany


Lack of big-ticket IPOs pushed average proceeds down to a six-year low It was not a year for high-flying tech IPOs, with only two US$1 billion-plus offerings. This reduced average proceeds to US$ 174 million, the second lowest in the decade. However, the majority of tech companies going public in 2016 were long-standing enterprises with histories of strong financial performances.

Figure 6: 2010-2016 Average proceeds


$165 $182

$336

$179

$434

$295

$174

109

87

6964

118

92

54

0

20

40

60

80

100

120

140

$-

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

2010 2011 2012 2013 2014 2015 2016

Average proceeds No. of IPOsU

S$ m

illio

ns

No.

of I

POs


Internet Software & Services (IS&S) and Software subsectors remained the growth engine for tech IPOs, with 33 IPOs raising US$5.3 billion The largest IPO of the year was an IT Consulting & Services company, Nets A/S of Denmark, which raised US$2.4 billion. But the pivotal subsectors for tech IPOs were Internet Software & Services and Software, with a combined 33 IPOs and proceeds of US$5.3 billion.

Figure 7: Full-year 2016 subsector distribution


$5,284

$517$41

$239

$3,000

$293

33

8

1 2

5 5

-

5

10

15

20

25

30

35

Internet Software& Services and

Software

Semiconductors ComputerStorage &

Peripherals

CommunicationsEquipment

IT Consulting &Services

Electronics $-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000


S$m

illio

ns

No.

of I

POs


Compared to the previous six years the Internet Software & Services and Software subsectors experienced a pullback in 2016 with the second lowest proceeds and number of IPOs in the decade

Figure 8: 2010-2016 IPOs for the Internet Software & Services and Software subsectors


$3,369

$8,679

$20,172

$7,297

$40,620

$19,508

$5,284

22

38

34

42

82

56

33

-

10

20

30

40

50

60

70

80

90

2010 2011 2012 2013 2014 2015 2016 $-

$9,000

$18,000

$27,000

$36,000

$45,000

IS&S and Software - Total proceeds IS&S and Software - No. of IPOs

US$

mill

ions

No.

of I

POs


Broad participation across global exchanges With volatility and uncertainty dominating the major markets in China, the UK and the US, companies outside these countries largely chose to list on their home exchanges. Copenhagen’s OMX registered the biggest tech IPO of the year, Nets A/S, raising US$2.4 billion.

The Tokyo SE registered a total of US$111 million with two offerings and India’s BSE and NSE exchanges registered a total of three tech IPOs with US$318 million in proceeds. Australia listed three companies with proceeds of US$283 million, one of which is domiciled in Ireland. The OMX in Stockholm listed four companies with proceeds of US$320 million, one of which is domiciled in Malta. The Hong Kong Stock Exchange listed one company with proceeds of US$629 million, domiciled in China.

Figure 9: 2016 Full-year stock exchange distribution


$1,669

$1,983

$782

$311$186

$283$369

$42$111 $134 $185

$2,371

$320

$629

4

17

10 5

1 3 1

1 2 2 1 1 4 1 -

6

12

18

24

30

36

$0

$500

$1,000

$1,500

$2,000

$2,500

Total proceeds (US$mn) Number of IPOs

US$

mill

ions

No.

of I

POs


Cross-border IPO activity has not changed much despite the pullback in IPOs Cross-border IPOs, as a percentage of the total, were within the 15%-to-17% range, which was mostly consistent with recent years.

Figure 10: 2010-2016 Cross-border tech IPO activity


19 13 16 11 18 11 8

90

74 53

53

100

81

46

17%

15%

23%

17%15%

12%

15%

-

20

40

60

80

100

120

140

2010 2011 2012 2013 2014 2015 20160%

5%

10%

15%

20%

25%

US$

mill

ions

Cross-border IPOs Domestic IPOs % of Cross-border IPOs

No.

of I

POs


A close look at full-year 2016 technology IPOs

Geographic IPO trends – Full-year 2016 Europe and the UK

Europe, excluding the UK, posted strong performance, while the UK languished with no IPOs this year Europe, excluding the UK, was the best performing region in 2016, registering 10 IPOs with total proceeds of US$3.7 billion, a 16% increase over 2015.

Europe had the biggest IPO listing of the year (US$2.4 billion), Nets A/S, which provides digital payment services and related technology solutions. Other tech IPOs from Europe included Takeaway.com, a food delivery app from the Netherlands, with proceeds of US$369 million; Global Dominion Access, S.A., an IT and consulting services company from Spain, raising US$185 million; Talend SA, a software-based platform provider from France, raising US$95 million; German Internet software and services company Trivago NV, raising US$287 million; Catena Media PLC, an Internet software and services company from Malta, raising US$101 million; Oneview Healthcare PLC, an Irish company, with US$47 million; and three companies from Sweden all listing on the Nordic Exchange in Stockholm, LeoVegas AB (US$111 million), Paradox Interactive AB (US$65 million), and THQ Nordic AB (US$43 million).

Figure 11: 2010-2016 Europe (excluding UK) tech IPOs

Figure 12: 2010-2016 UK tech IPOs


$2,777

$1,846

$352$754

$3,571

$3,176

$3,674

3

6

3 4

8

11

10

-

12

2010 2011 2012 2013 2014 2015 2016 $-

$1,000

$2,000

$3,000

$4,000


US$

mill

ions

No.

of I

POs

$843 $0 $0$730

$3,277

$7,811

$0

2

- -

4

7

9

- -

2

4

6

8

10

12

2010 2011 2012 2013 2014 2015 2016 $-

$1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000


US$

mill

ions

No.

of I

POs


China

Chinese tech IPO results were adversely affected by the decline in China’s economic growth, increased volatility on Chinese exchanges and regulatory actions China reported 19 IPOs, but the proceeds raised were relatively low (US$2.1 billion) with an average of US$108 million. The number of Chinese tech IPOs dropped 37% and proceeds fell 49% from 2015 to 2016.

China’s economic slowdown continued, with GDP growth declining from 7.4% in 2014 to 6.9% in 2015. Chinese stock exchange regulators stalled IPOs twice in the last two years for various regulatory reasons. New IPO regulations likely contributed to a more cautious atmosphere for Chinese tech IPOs. The Chinese market is expected to improve this year.

Figure 13: 2010-2016 China tech IPOs


$9,249$7,415

$2,439$1,026

$29,063

$4,074$2,067

70

50

33

8

45

30

19

-

10

20

30

40

50

60

70

80

2010 2011 2012 2013 2014 2015 2016 $-

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000


S$m

illio

ns

No.

of I

POs

“After a one-year adjustment, China’s capital market gradually returned to its normal rhythm during the second half of 2016, although the proceeds of each IPO was generally small. In November 2016 the Chinese Regulatory Commission (CSRC) sped up the approval of IPOs, setting the stage for acceleration in the number of 2017 IPOs for Hong Kong and domestic markets.”

Jianbin Gao

Technology Industry Leader, PwC China


United States

Historical cyclicality combined with a high level of uncertainty about the US presidential election led most US technology companies to remain on the sidelines in 2016

The US tech IPO market exhibited subdued performance in 2016. US tech IPOs slid by almost 79% in proceeds to US$1.8 billion and 30% by number of listings to 16 IPOs. The average deal size was a US$113 million.

Market volatility, geopolitical actions in Europe and the US presidential election left investors uncertain and uneasy and high-profile startups choosing not to test the public markets.

Figure 14: 2010-2016 US tech IPOs


$2,150

$4,926

$20,316

$7,591 $7,850 $8,396

$1,800

19

24

32 35 37

23

16

-

8

16

24

32

40

2010 2011 2012 2013 2014 2015 2016 $-

$5,000

$10,000

$15,000

$20,000

$25,000


S$m

illio

ns

No.

of I

POs

“After a slow start to 2016, there was some rebound in both the number of tech IPOs and returns to investors, despite ongoing uncertainty about the economy and election. We anticipate improvement in market conditions given positive equity market returns. This momentum creates a window for tech companies to pursue a potential IPO. Buy-side investors will demand a path to profitability, not simply revenue growth, to bring these companies to market in 2017.”

Alan Jones Technology Deals Partner, PwC US


Full-year 2016 tech IPOs – Offering details Table 1: 2016 tech IPOs – By issue date

Issue date Company Subsector Proceeds (US$mn) Primary exchange Domicile nation

Q1

3/17/2016 LeoVegas AB (publ) Internet Software & Services

110.7 Nordic Exchange Stockholm

Sweden

2/11/2016 Catena Media Plc Internet Software & Services

101.3 Nordic Exchange Stockholm

Malta

2/18/2016 Quick Heal Technologies Limited IT Consulting & Services

65.9 Mumbai Stock Exchange India

3/3/2016 Eoptolink Technology Inc Ltd Electronics 63.9 Shenzhen Stock Exchange

China

3/17/2016 Akatsuki Inc Software 56.5 Tokyo Stock Exchange Japan

3/15/2016 UMC Electronics Co Ltd Semiconductors 54.4 Tokyo Stock Exchange Japan

3/21/2016 Tongyu Commun Inc Communications Equipment

132.1 ShenzSME China

3/15/2016 Changsha Jingjia Micro Co Ltd Semiconductors 70.5 ShenzChNxt China

3/28/2016 Infibeam Inc Ltd Internet Software & Services

67.6 Mumbai Stock Exchange India

3/16/2016 Oneview Healthcare Plc Software 46.5 Australian Securities Exchange

Ireland

Q2

04/11/2016 Wisetech Global Limited Internet Software & Services

125.8 Australian Securities Exchange

Australia

04/21/2016 SecureWorks Corp Software 112.0 NASDAQ Global Select United States

04/24/2016 Nanjing Doron Technology Co Ltd

Software 75.2 Shanghai Stock Exchange China

04/26/2016 Global Dominion Access SA IT Consulting & Services

185.5 Bolsas y Mercados Espanoles

Spain




05/12/2016 Acacia Communications Inc Semiconductors 103.5 NASDAQ Global Select United States

05/16/2016 Hubei Jiuzhiyang Infrared System Co Ltd

Electronics 100.9 Shenzhen Stock Exchange

China

05/25/2016 Cotiviti Holdings Inc Software 237.5 New York Stock Exchange

United States

05/26/2016 Paradox Interactive AB (publ) Software 65.0 Nordic Exchange Stockholm

Sweden

06/02/2016 NantHealth LLC Software 91.0 New York Stock Exchange

United States

06/09/2016 China Online Education Group Internet Software & Services

65.6 New York Stock Exchange

China

06/20/2016 HAESUNG DS Co Ltd Semiconductors 41.5 Korea Stock Exchange South Korea

06/22/2016 Twilio Inc Internet Software & Services

1500 New York Stock Exchange

United States

06/22/2016 Wuxi New Hongtai Electrical Technology Co Ltd

Electronics 47.8 Shanghai Stock Exchange China

06/23/2016 Shenzhen Shengxunda Technology Co Ltd

Software 78.9 Shenzhen Stock Exchange

China




Q3

07/11/2016 LINE Corporation Software 1,125.2 New York Stock Exchange

Japan

07/14/2016 Larsen & Toubro Infotech Limited

IT Consulting & Services

184.8 National Stock Exchange of India

India

07/20/2016 Impinj Inc Semiconductors 67.2 NASDAQ Global Select United States

07/25/2016 Beijing Global Safety Technology Co Ltd


China

07/28/2016 Talend SA Software 94.5 NASDAQ Global Market France

08/08/2016 Shenzhen Urovo Technology Co Ltd

Electronics 40.1 Shenzhen Stock Exchange

China

08/09/2016 GigaDevice Semiconductor (Beijing) Inc

Semiconductors 87.3 Shanghai Stock Exchange China

08/17/2016 Shenzhen Bingchuan Network Co Ltd


China

09/13/2016 Beijing Advanced Digital Technology Co Ltd


China

09/13/2016 Shenzhen Emperor Technology Co Ltd

Computers & Peripherals 40.8 Shenzhen Stock Exchange

China

09/14/2016 Shanghai Wondertek Software Co Ltd

Software 60.0 Shanghai Stock Exchange China

09/15/2016 Everbridge Inc Software 90.0 NASDAQ Global Market United States

09/20/2016 The Trade Desk Inc Internet Software & Services

84.0 NASDAQ Global Market United States

09/23/2016 Nets A/S IT Consulting & Services 2,371.3 Nordic Exchange Copenhagen

Denmark




09/23/2016 Apptio Inc Internet Software & Services

96.0 NASDAQ Global Market United States

09/23/2016 Gridsum Holding Inc Software 87.1 NASDAQ Global Market/NGS

China

09/28/2016 Hubei TKD Crystal Electronic Science & Technology Co Ltd

Electronics 40.3 Shanghai Stock Exchange China

09/29/2016 Takeaway.com Holding BV Internet Software & Services

369.1 Euronext Amsterdam Netherlands

09/29/2016 Tabula Rasa HealthCare Inc Software 51.6 NASDAQ United States

09/30/2016 Nutanix Inc Software 237.9 NASDAQ United States

Q4

10/05/2016 Coupa Software Incorporated Software 133.2 NASDAQ Global Select United States

10/07/2016 Everspin Technologies Inc Semiconductors 40.0 NASDAQ Global Market United States

10/27/2016 BlackLine Inc Software 146.2 NASDAQ Global Select United States

10/27/2016 Quantenna Communications Inc Communications Equipment

107.2 NASDAQ Global Select United States

11/01/2016 GDS Holdings Limited IT Consulting & Services

192.5 NASDAQ Global Market China

11/16/2016 Bravura Solutions Limited Software 110.7 Australian Securities Exchange

Australia

11/21/2016 THQ Nordic AB Software 43.3 Nordic Exchange Stockholm

Sweden

12/08/2016 Ichor Holdings Ltd Semiconductors 52.9 NASDAQ Global Select United States

12/14/2016 Meitu, Inc. Internet Software and Services

629.1 The Stock Exchange of Hong Kong Ltd.

China




12/16/2016 Trivago NV Internet Software & Services

287.2 NASDAQ Global Select Germany



Q4 2016 Global tech IPO summary Global IPO activity contracted in Q4 2016, but the tech IPO pipeline remains robust Q4 2016 was one of the slowest quarters on record with just ten tech IPOs raising US$1.7 billion. The number of tech IPOs declined by 50% sequentially from 20 IPOs in Q3. Proceeds declined 68% from US$ 5.4 billion in Q3.

Figure 15: Q4 2015-Q4 2016 Global technology IPO trends


$10,785

$769$1,480

$5,382

$1,742

22

10

14

20

10

$-

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 20160

7

14

21

28

35

42


US$

mill

ions

No.

of I

POs


Q4 2016 Top 5 technology listings Ten tech IPOs were listed in Q4 2016. The Internet Software & Services subsector registered the highest proceeds with the Chinese Internet software and services company Meitu, Inc. raising US$629 million with a SEHK listing.

The Software and Internet Software & Services subsector dominated with two each of the five top grossing IPOs. China and the US each had two high-grossing tech IPOs in Q4 2016; and Germany registered one IPO. As for stock exchanges, the US was a clear favorite with four of the five top tech IPOs listing on NASDAQ.

Table 2: IPO summary – Top 5 listings

Issue date Company Subsector Proceeds (US$ mn)

Primary exchange Domicile nation

12/14/2016 Meitu, Inc. Internet Software & Services


China



11/01/2016 GDS Holdings Limited IT Consulting & Services

192.5 NASDAQ Global Market China





Q4 2016 Geographic tech IPO trends US led Q4 tech IPO activity with five of the ten listings Compared to the first three quarters of the year, geographic distribution was low, with only five countries participating in Q4. Proceeds were also down. The US had the most—five IPOs—with total proceeds of US$480 million, but the largest IPO of Q4 was Meitu, Inc., of China, which raised US$629 million.

Figure 16: Q4 2016 Geographic distribution


$480 $287

$822

$111

$43

5

1

2

1

1

-

1

2

3

4

5

6

United States Germany China Australia Sweden$0

$100

$200

$300

$400

$500

$600

$700

$800

$900


US$

mill

ions

No.

of I

POs


United States

The US had five tech IPOs with average proceeds of only US$96 million. Proceeds were in line with the prior three quarters, but were disappointing due to the overall uncertainty of the impending presidential election.

Figure 17: Q4 2016 US tech IPOs


$4,041

$0

$694 $627 $480

6

-

5

6

5

-

1

2

3

4

5

6

7

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500


S$m

illio

ns

No.

of I

POs


China China had two IPO raising US$822 million in Q4 2016, however, the number of small-sized IPOs, with issue size below US$40 million, is increasing. With the move in November 2016 by the China Securities Regulatory Commission (CSRC) to speed up the approval of IPOs, it is expected there will be a higher number of tech IPOs approved and listed in 2017.

Figure 18: Q4 2016 China tech IPOs


$551

$267

$368 $611

$822

6

3

5

9

2

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 -

1

2

3

4

5

6

7

8

9

10


US$

mill

ions

No.

of I

POs


Europe (excluding UK) Europe had two IPOs, one each from Germany and Sweden. Trivago NV from Germany was the biggest IPO for the quarter, raising US$287 million and THQ Nordic AB from Sweden raised US$43 million. The companies belonged to the Internet Software & Services and Software subsectors respectively.

Figure 19: Q4 2016 European tech IPOs (Excluding UK)


$307 $258 $250

$2,835

$331

2

3

2

3

2

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 -

1

2

3

4

5


US$

mill

ions

No.

of I

POs


UK UK markets are still languishing under the impact of Brexit. Lack of clarity on the regulatory impact continued to impact capital markets in Q4.

Figure 20: Q4 2016 UK tech IPOs


$4,768

$0 $0 $0 $0

5

- - - -$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 -

1

2

3

4

5


S$m

illio

ns

No.

of I

POs


Asia (Excluding China) The participation of Asian countries other than China decreased significantly in Q4. One tech IPO outside China was listed by an Australian company, with proceeds of US$111 million.

Figure 21: Q4 2016 Asia tech IPOs (excluding China)


$656

$244$167

$1,310

$111

2

4

2 2

1

$-

$200

$400

$600

$800

$1,000

$1,200

$1,400

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 -

1

2

3

4

5


US$

mill

ions

No.

of I

POs


Average proceeds

Number of IPOs and average proceeds remained below historical norms

Figure 22: Q4 2016 Average proceeds


$372$490

$77$106

$269

$17211

22

10

14

20

10

-

5

10

15

20

25

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 $-

$100

$200

$300

$400

$500

$600

Average proceeds Number of IPOsU

S$m

illio

ns

No.

of I

POs


Age of company

Mature companies with proven track records listed in Q4 Of the ten IPOs in the last quarter of 2016, 60% (six) of the companies are more than ten years old. Three companies are eight years old while only one company, Ichor Holdings, Ltd was less than five years old.

BlackLine Inc is the oldest and was founded in 2001.

During volatile and uncertain markets, those companies with longevity and proven track records are in a better position to obtain a fair valuation while those with limited earnings history are at risk of poor market reception.

Figure 23: Q4 2016 Age of company


1110

15

10

12

10

4

8 8 8

10 10 10 10 10

0

2

4

6

8

10

12

14

16

Age of company Average age

Age

in y

ears


Q4 2016 Stock exchange distribution US NASDAQ exchange led Q4 listings With five of the ten Q4 tech IPOs being US companies, it is not surprising that NASDAQ led listings (seven) with proceeds of US$959 million. However the largest listing was on the SEHK, by Meitu, Inc. that occurred after the US presidential election when markets began to rally.

Figure 24: Q4 2016 Stock exchange distribution


$43$111

$959

$629

1 1

7

1

-

1

2

3

4

5

6

7

8

OMX Nordic ExchangeStockholm (OM)

Australia StockExchange

NASDAQ The Stock Exchange ofHong Kong Ltd.

$-

$200

$400

$600

$800

$1,000

$1,200


US$

mill

ions

No.

of I

POs


Q4 2016 Subsector distributionInternet Software & Services maintained its lead and eclipsed Software subsector in Q4 In Q4 2016 the Software subsector led in numbers of IPOs (four) and Internet Software & Services in proceeds (US$916 million). Most of the big-ticket Internet Software & Services subsector companies chose not to test public markets in 2016.

Figure 25: Q4 2016 Subsector distribution

S&P Capital IQ with analysis by PwC

$916

$433

$93

$193$107

2

4

2

1 1

-

1

1

2

2

3

3

4

4

5

Internet Software &Services

Software Semiconductors IT Consulting &Services


$-

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000


US$

mill

ions

No.

of I

POs


Table 3: Q4 2016 tech IPOs

Issue date Company Subsector Proceeds (US$ mn) Primary exchange

Domicile nation

12/14/2016 Meitu, Inc. Internet Software & Services


China



11/01/2016 GDS Holdings Limited IT Consulting & Services 192.5 NASDAQ Global Market China



11/16/2016 Bravura Solutions Limited Software 110.7 Australian Securities Exchange Australia

10/27/2016 Quantenna Communications Inc Communications Equipment

107.2 NASDAQ Global Select United States

12/08/2016 Ichor Holdings Ltd Semiconductors 52.9 NASDAQ Global Select United States

11/21/2016 THQ Nordic AB (publ) Software 43.3 Nordic Exchange Stockholm Sweden

10/07/2016 Everspin Technologies Inc Semiconductors 40.0 NASDAQ Global Market United States



Key financials—Q4 2016 The average last twelve months’ (LTM) earnings for Q4 2016 was a net loss of US$107 million, with only 20% of the companies reporting net income. Of the ten tech IPOs in the last quarter of 2016, only two companies, THQ Nordic AB of Sweden and Ichor Holdings, Ltd of the US reported net income. THQ Nordic AB in the Software subsector had the highest net income of US$6.8 million.

For the full year, the percentage of companies with net income was noticeably higher, at 57%, compared to Q4 2016. Larsen & Toubro Infotech Limited, an Indian IT Consulting & Services company, had the highest LTM net income in 2016, at US$147 million, while Acacia Communications, Inc, an American semiconductor company had the second highest LTM net income at US$51 million. Nutanix Inc of Japan and NantHealth LLC of the US incurred the highest net losses at US$169 million and US$91 million, respectively.

Software companies were partially responsible for pulling down the average LTM net income with three (43%) of the seven loss-incurring companies from that subsector. In 2016, 42% companies reported LTM net losses compared to 37% of 2015.

The companies that went public in the Internet Software & Services subsector, Trivago NV and Meitu Inc. Trivago NV recorded the highest average revenue overall at US$717 million, which also made it the subsector with the highest average revenue.

The Semiconductor subsector reported the second highest average revenue—US$183 million—from two listings, while the IT Consulting & Services subsector posted average revenue of US$138 million from one listing. The Software subsector reported the lowest average revenue, of US$100 million, from four listings in Q4 2016.

Figure 26: Full-year and Q4 2016 technology IPOs – Net income


20%

80%

Q4 2016

Positive net income Net loss

57%

43%

Full-year 2016

Positive net income Net loss


Figure 27: Q4 2016—Average LTM revenue

Figure 28: Q4 2016—Average LTM EBITDA


$117

$472

$138$183

$100

$202

1

2

12

4

10

0

2

4

6

8

10

12

$- $50.0

$100.0 $150.0 $200.0 $250.0 $300.0 $350.0 $400.0 $450.0 $500.0



IT Consulting & Services Semiconductors Software All sectors

No.

of I

POs

LTM revenue No. of IPOs

In U

S$ m

illio

ns

$1

($54)

$23

$4

($7) ($7)

1 21 2

4

10

0

2

4

6

8

10

12

-$60-$50-$40-$30-$20-$10

$0$10$20$30



IT Consulting & Services Semiconductors Software All Sectors

No.

of I

POs

LTM EBITDA No. of IPOs

In U

S$ m

illio

ns


Figure 29: Q4 2016—Average LTM net income


($2)

($479)

($34) ($8) ($18)

($108)

12

12

4

10

0

2

4

6

8

10

12

$(600.0)

$(500.0)

$(400.0)

$(300.0)

$(200.0)

$(100.0)

$-




No.

of I

POs

LTM Net income No. of IPOs

In U

S$ m

illio

ns


Figure 30: Q4 2016—Average total debt


$6$28

$362

$35 $30

$921

21

2

4

10

0

2

4

6

8

10

$-

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0




No.

of I

POs

LTM debt No. of IPOs

In U

S$ m

illio

ns


Figure 31: Q4 2016—Average Enterprise Value


$817

$4,587

$1,630

$342

$756

$1,627

1

2

1

2

4

10

0

2

4

6

8

10

$-

$500.0

$1,000.0

$1,500.0

$2,000.0

$2,500.0

$3,000.0

$3,500.0

$4,000.0

$4,500.0

$5,000.0




No.

of I

POs

Enterprise value No. of IPOs

In U

S$ m

illio

ns


Q4 2016 Technology IPO listings: Valuation metrics The overall valuation of technology IPOs marginally increased in Q4 2016 compared to Q4 2015. IT Consulting & Services and Internet Software & Services led the valuation metrics with an average with 12x and 10x, respectively.

The average EV/LTM revenue for listed IPOs in Q4 2016 was 8.1x, higher than 4.8x in Q4 2015. The IT Consulting & Services subsector had only one listing with an enterprise value of US$1,630 million and revenue of US$137.5 million, thus making the EV/LTM revenue 11.9x.

Software companies posted an average revenue multiple of 7.5x, followed by Communications Equipment at 7.0x. The Semiconductors subsector came last at 1.9x.

The Communications Equipment subsector led with the highest average EV/LTM EBITDA multiple of 1634.6x, followed by the Semiconductors subsector at 77.7x and IT Consulting & Services subsector at 72.1x.

Figure 32: Q4 2016 EV/LTM revenue


7.0x

9.7x11.9x

1.9x

7.5x8.1x

1

2

1

2

4

10

0

2

4

6

8

10

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x


InternetSoftware &Services

IT Consulting &Services

Semiconductors Software All sectors

No.

of I

POs

EV/LTM revenue No. of IPOs

In m

ultip

les


Figure 33: Q4 2016 EV/LTM EBITDA


1634.6x

NM 72.1x77.7x

NM NM

1

2

1

2

4

10

0

2

4

6

8

10

0.0x

200.0x

400.0x

600.0x

800.0x

1,000.0x

1,200.0x

1,400.0x

1,600.0x

1,800.0x




No.

of I

POs

EV/ LTM EBITDA No. of IPOs

In m

ultip

les


Top three subsectors in Q4 2016

Software The Software subsector registered four IPO listings in Q4 2016, with total proceeds of US$433 million and an average LTM revenue of US$100 million. The subsector witnessed negative growth year to year (down 55%) and quarter to quarter (down 60%). Bravura Solutions Limited of Australia grossed the highest proceeds with US$134 million. Average LTM EBITDA for Q4 2016 was US$7 million compared to US$31 million in Q4 2015. Average net income was actually a loss of US$18 million, which has been a persistent trend from the previous quarter as well as since Q2 2015. Average debt declined 54% compared to Q3 2016. EV/LTM revenue decreased from 12x in Q4 2015 and 9.8x in Q3 2016 to 7.5x in Q4 2016. EV/LTM EBITDA declined from a positive 85.3x to a negative 105.7x year on year.

Figure 34: Software – LTM revenue


$223

$21

$199

$253

$100

4 2

6

10

4

0

2

4

6

8

10

12

$0

$50

$100

$150

$200

$250

$300

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs


In U

S$ m

illio

ns


Figure 35: Software – LTM EBITDA


$31

($11)

$21

$4

($7)

4

2

6

10

4

0

2

4

6

8

10

12

($15)

($10)

($5)

$0

$5

$10

$15

$20

$25

$30

$35

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs


In U

S$ m

illio

ns


Figure 36: Software – LTM net income


($4) ($4)

($11)

($19) ($18)

4

2

6

10

4

0

2

4

6

8

10

12

($20)

($18)

($16)

($14)

($12)

($10)

($8)

($6)

($4)

($2)

$0

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs


In U

S$ m

illio

ns


Figure 37: Software – EV


$2,675

$320

$1,627

$2,468

$7564 2

6

10

4

0

2

4

6

8

10

12

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs


In U

S$ m

illio

ns


Figure 38: Software – Total debt


$0 $2

$178

$65

$30

4

2

6

10

4

0

2

4

6

8

10

12

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs

Total debt No. of IPOs

In U

S$ m

illio

ns


Figure 39: Software – EV/LTM revenue


12.0x

15.2x

8.2x

9.8x

7.5x

4

2

6

10

4

0

2

4

6

8

10

12

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs


In m

ultip

les


Figure 40: Software – EV/LTM EBITDA


85.3x

NM

77.6x

587.6x

NM

4 2

6

10

4

0

2

4

6

8

10

12

0.0x

100.0x

200.0x

300.0x

400.0x

500.0x

600.0x

700.0x

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs

EV/LTM EBITDA No. of IPOs

In m

ultip

les


Semiconductors The average revenue for semiconductors companies was US$183 million in Q4 2016, an increase of 24% on a quarter-to-quarter basis.

Average LTM EBITDA declined by 70% quarter to quarter, from US$15 million to US$4 million in Q4 2016. Semiconductor EV decreased 80% quarter to quarter, from US$1.7 billion in Q3 2016 to US$342 million in Q4 2016.

LTM net income declined from US$13 million in Q3 2016 to a net loss of US$8 million in Q4 2016.

Total debt for Q4 2016 increased by 260%, from US$10 million in Q3 to US$35 million in Q4.

In Q4, the subsector’s valuation multiple of EV/LTM revenue declined to 1.9x from the 11.5x of Q3 2016. EV/LTM EBITDA also sequentially declined to 77.7x in Q4 2016 from 113.4x in Q3 2016.

Figure 41: Semiconductors – LTM revenue


$529

$276

$147$183

2 2 2 2

-

1

2

3

4

$0

$100

$200

$300

$400

$500

$600

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs


In U

S$ m

illio

ns


Figure 42: Semiconductors – LTM EBITDA


$17

$57

$15

$40

2 2 2 2

-

1

2

3

4

$0

$10

$20

$30

$40

$50

$60

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs


In U

S$ m

illio

ns


Figure 43: Semiconductors – LTM net income


$14

$51

$13

($8)0

2 2 2 2

-

1

2

3

4

($20)

($10)

$0

$10

$20

$30

$40

$50

$60

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs


In U

S$ m

illio

ns


Figure 44: Semiconductors – EV


$345

$1,279

$1,689

$342

0

2 2 2 2

-

1

2

3

4

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs


In U

S$ m

illio

ns


Figure 45: Semiconductors – Total debt


$109

$3$10

$35

0

2 2 2 2

-

1

2

3

4

$0

$20

$40

$60

$80

$100

$120

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs


In U

S$ m

illio

ns


Figure 46: Semiconductors – EV/LTM revenue


0.7x

4.6x

11.5x

1.9x

0

2 2 2 2

-

1

2

3

4

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs


In m

ultip

les


Figure 47: Semiconductors – EV/LTM EBITDA


20.8x 22.6x

113.4x

77.7x

0

2 2 2 2

-

1

2

3

4

0.0x

20.0x

40.0x

60.0x

80.0x

100.0x

120.0x

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs


In m

ultip

les


Internet Software & Services The Internet Software & Services subsector registered two listings. The two IPO’s Trivago N.V. and Meitu Inc. had the revenue of US$ 287million and US$629 million respectively. The two IPOs led to average revenue growth of 259% quarter to quarter, from US$131 million in Q3 to US$472 million in Q4. However, the year-to-year average LTM revenue declined 56%.

Average LTM EBITDA for Q4 2016 was a net loss of US$54 million compared to net income of US$309 million in Q4 2015. The average for Q4 2016 was a net loss of US$479 million, compared to an average net loss of US$26 million in Q4 2015.

EV/LTM revenue (9.7x) declined both quarter on quarter (5.2x) as well as year on year (4.9x). EV/LTM EBITDA declined drastically to a negative 84.2x from 1,083.7x of Q3 2016.

Figure 48: Internet Software & Services – LTM revenue


$1,082

$52$96 $131

$472

13

3 3 32

0

3

6

9

12

15

$0

$200

$400

$600

$800

$1,000

$1,200

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs


In U

S$ m

illio

ns


Figure 49: Internet Software & Services – LTM EBITDA


$309

$4

($24)$1

($54)

13

3 3 3

2

0

3

6

9

12

15

($100)

($50)

$0

$50

$100

$150

$200

$250

$300

$350

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs


In U

S$ m

illio

ns


Figure 50: Internet Software & Services – LTM net income


($26)

$4

($28) ($14)

($479)

13

3 3 32

0

3

6

9

12

15

($600)

($500)

($400)

($300)

($200)

($100)

$0

$100

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs


In U

S$ m

illio

ns


Figure 51: Internet Software & Services – Enterprise value


$5,286

$351

$1,526

$686

$4,58713

3 3

3 2

0

3

6

9

12

15

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs


In U

S$ m

illio

ns


Figure 52: Internet Software & Services – Total debt


$2,390

$1$8 $18 $28

13

3 3 32

0

3

6

9

12

15

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs


In U

S$ m

illio

ns


Figure 53: Internet Software & Services – EV/LTM revenue


4.9x

6.8x

15.8x

5.2x

9.7x

13

3 3

32

0

3

6

9

12

15

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

POs


In m

ultip

les


Figure 54: Internet Software & Services – EV/LTM EBITDA


17.1x85.5x

NM

1083.7x

NM

13

3 3 32

0

3

6

9

12

15

0.0x

200.0x

400.0x

600.0x

800.0x

1000.0x

1200.0x

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No.

of I

PO's


In M

ultip

les


Methodology The Global Technology IPO Review for Q4 and full-year 2016 is based on PwC’s analysis of transaction data extracted from S&P Capital IQ. The analysis considers IPOs across all countries worldwide during the period 1 October 2016 to 31 December 2016 (Q4), 1 January 2016 to 31 December 2016 (full-year) and from 2010-2016. Financial data was also obtained from S&P Capital IQ.

The definition of the Technology sector is based on the S&P Capital IQ database industry classifications and includes the following subsectors:

Internet Software & Services IT Consulting & Services Professional Services (e.g., Application Software, Software Solutions) Semiconductors Software Computers & Peripherals

– Computers, Computers Peripheral Equipment – Computers, Storage Device Manufacturing

Electronic Computers Manufacturing (“Electronics”) Communications Equipment

Only IPOs with issue size greater than US$40 million were included in the analysis.

All monetary amounts are in US dollars unless otherwise indicated.

LTM – Last 12 months

Most figures are rounded to one decimal.


For more information

If you would like to discuss how these findings might impact your business or your future strategy, please reach out to any of our technology industry leaders listed below.

Raman Chitkara Global Technology Leader Phone: 1 408 817 3746 Email: [email protected]

Rod Dring – Australia Phone: 61 2 8266 7865 Email: [email protected]

Estela Vieira – Brazil Phone: 55 1 3674 3802 Email: [email protected]

Christopher Dulny – Canada Phone: 1 416 869 2355 Email: [email protected]

Jianbin Gao – China Phone: 86 21 2323 3362 Email: [email protected]

Pierre Marty – France Phone: 33 1 5657 58 15 Email: [email protected]

Werner Ballhaus – Germany Phone: 49 211 981 5848 Email: [email protected]

Sandeep Ladda – India Phone: 91 22 6689 1444 Email: [email protected]

Masahiro Ozaki – Japan Phone: 81 3 5326 9090 Email: [email protected]

Hoonsoo Yoon – Korea Phone: 82 2 709 0201 Email: [email protected]

Ilja Linnemeijer – The Netherlands Phone: 31 88 792 4956 Email: [email protected]

Yury Pukha – Russia Phone: 7 495 223 5177 Email: [email protected]

Mark Jansen – Singapore Phone: 65 6236 7388 Email: [email protected]

Jass Sarai – UK Phone: 44 0 1895 52 2206 Email: [email protected]

Pierre-Alain Sur – US Phone: 1 646 471 6973 Email: [email protected]

Alan Jones – US (Deals partner) Phone: 1 415 498 7398 Email: [email protected]

About PwC’s technology institute The Technology Institute is PwC’s global research network that studies the business of technology and the technology of business with the purpose of creating thought leadership that offers both fact-based analysis and experience-based perspectives. Technology Institute insights and viewpoints originate from active collaboration between our professionals across the globe and their first-hand experiences working in and with the technology industry.

About PwC At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 223,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at http://www.pwc.com/

This content is for general information purposes only and should not be used as a substitute for consultation with professional advisors.

© 2017 PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

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