Welcome to the Q4 2014 issue of Orrick Technology IPO Insights, a quarterly publication highlighting trends in U.S. information technology company IPOs.

We isolate technology companies in order to analyze and present concerns specific to them in the IPO process – we believe that lumping technology companies together with companies in other industries can muddy the water and lead to misguided conclusions about the issues that technology companies face. Each issue of Orrick Technology IPO Insights features commentary on a specific aspect of tech IPOs by one of Orrick’s partners, as well as data on the technology company IPOs for the most recent quarter and for the overall period since the 2008 Financial Crisis.

In this issue, Christopher Austin, a recognized leader in capital markets work with extensive experience advising technology companies and leading tech-focused investment banks on IPOs, highlights key considerations that companies should be mindful of when drafting MD&A. In particular, he urges careful consideration of the company’s business model and key metrics, as this disclosure can set the terms upon which the company’s performance will be judged for years to come.