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Hayward Holdings Inc. + Workiva

A Better IPO Process for Hayward

Disconnected Challenges

  • Didn’t want to collaborate on an IPO with dozens of people via email
  • Needed to start adding XBRL® tags to data as a newly public company 
  • Needed controls so auditors would sign off on financials

Connected Results

  • Successful IPO process with dozens of remote contributors working together in the Workiva cloud platform 
  • Faster reviews by external auditors and lawyers, also within the Workiva platform
  • Connected data, with Hayward using the Workiva platform to manage SEC reporting, review XBRL tagging, and manage internal controls

Why They Chose Workiva

Chief Accounting Officer Mike Colicchio didn’t want to rely on emails to collaborate with remote contributors and wanted a workspace where everyone could work on one document at the same time.

hayward logo

Workiva Solutions

  • Capital Market Transactions

Hayward Vice President and Chief Accounting Officer Mike Colicchio learned on November 15, 2020, that executives wanted to execute an initial public offering. It filed its S-1 draft registration statement December 14, 2020. On March 12, 2021, the company started trading on the New York Stock Exchange. 

“We did a four-month IPO during a pandemic,” Mike said. “What should have taken double the time took half the time, and I really believe it was because of the collaboration allowed by using a tool such as Workiva.”

Bringing everyone together in a single workspace

Mike has worked on other IPOs during his 35-year career. For Hayward’s, he knew he needed a cloud collaboration tool so he wouldn’t have to email different versions of registration statements back and forth with dozens of collaborators, external counsel, and auditors. 

He knew of Workiva and its reputation for simplifying work. It made sense to use the platform as a shared workspace where everyone involved in the IPO journey could work on the same document at the same time. 

“Workiva was built for collaboration,” Mike said. “As a user of it, I can attest that it certainly meets what was desired.”

His team worked in the platform with the accounting, tax, and business advisory firm EisnerAmper, which helped prepare Hayward to go public. The company also gave its auditor and outside attorneys access so they could leave comments for Mike’s team directly in working documents. At a time when no one could meet in the same room, they could work together simultaneously in the cloud.

“Those days of scanning or printing out PDFs circulated via the dreaded email were eliminated,” Mike said. “The Workiva platform allows you to collaborate with multiple people making edits in a document—three minds can work at the same time, four minds, five minds.” 

Mike’s team could control who had permission to view or edit specific sections or pages and turn access on and off. An automatic audit trail captured a detailed history of revisions.

“We had control as to what was going on and when,” said Jerry Ravi, a partner at EisnerAmper and National Practice Leader of EisnerAmper Digital. This control fed Mike’s appetite for using technology to automate cumbersome manual tasks to build for the future.  

“We specialize in providing peace of mind to the office of finance, providing that peace of mind for what's next,” Jerry said. “We want to enable teams to do more analysis versus creating manual processes and headaches. We strive to do things differently to create true change.”

Working with a consultant

To go public, Hayward had to execute procedures it hadn’t done as a private company. EisnerAmper and the Workiva crew helped Mike’s team develop processes using the Workiva platform to ensure Hayward could meet its auditor’s requirements and enable the auditor to quickly review quarterly financial statements.

Within three weeks, the IPO team had reviewed roughly two dozen processes, identified controls, brought them into the Workiva solution for internal controls management, and added documentation, said Jerry, who has worked on about 200 IPOs over the course of his career.

“This is probably one of the most accelerated processes in IPOs that I've ever been a part of,” Jerry said. “What was most exciting is that we were able to leverage Workiva to help us do that.” 

Beyond the IPO

Today Hayward uses the Workiva platform for SEC reporting as a public company. As Hayward prepared its first 10-Q, a director who helped take the company public departed. However, because of the platform’s functionality, Mike was able to quickly pick up where the director left off.

XBRL® tagging of financial data was new for Hayward but is required in 10-Qs and 10-Ks. For tagging help, Hayward turned to the Workiva Professional Services team, which also commented on accounting and compliance issues. “I was very impressed by that,” Mike said. 

Drafting earnings releases was also new for Hayward. The ability to link data in the Workiva solution came in handy when working with the investor relations team on those announcements. The investor relations team could link numbers in their working drafts to numbers the company included in its SEC filings to maintain consistency across all instances, even as they changed.

Though Mike is at the tail end of his career, he is finding new ways to continue using the Workiva platform.

“Technology is something that you know is absolutely required to do an exceptional job, and Workiva provides a platform that allows my team, me, our auditors, our advisors to do the best we absolutely can,” Mike said.

XBRL is a trademark of XBRL International, Inc. All rights reserved. The XBRL® standards are open and freely licensed by way of the XBRL International License Agreement.

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