Andrew is available for hire
Hire AndrewAndrew Fales
Verified Expert in Finance
Finance Expert
Location
Cody, WY, United States
Toptal Member Since
July 11, 2018
A dynamic CFO, Andrew built and sold a CPA firm offering contract CFO services and led a management buyout that generated a 5.0x net cash-on-cash return for investors on a $4 million investment. Andrew possesses extensive expertise in accounting, finance, investments, and tax. He enjoys quickly learning about new industries and opportunities while providing concise insights for investment funds and private equity-backed companies as a freelance.
Career Highlights
Managing Partner and Founder
Fales & Co, CPAs
Mergers & Acquisitions Associate
PricewaterhouseCoopers LLP
Education Highlights
Master of Business Administration (MBA)
The Wharton School of the University of Pennsylvania
Bachelor of Science Degree
Brigham Young University
Master of Accountancy Degree
Brigham Young University
Certification Highlights
Certified Public Accountant (CPA)
Wyoming Board of Certified Public Accountants, Idaho and Delaware Boards of Accountancy
Case Studies
Industry Expertise
Software Expertise
Other Expertise
Work Experience
Chief Financial Officer
2018 - 2023
Insurtech Company
- Built financial models from scratch forecasting premiums and expenses for state insurance regulators to support growth into additional states/markets.
- Automated financial reporting systems, where possible, to ensure data integrity, which also provided insights and analytics primarily through Tableau.
- Led all aspects of consolidated and subsidiary financial reporting to state regulators, lenders, and shareholders. Conducted audits and tax compliance/reporting with outside accounting firms.
- Created "carve out" financials to divest affiliates in multi-million dollar transactions to private equity funds.
- Led commutation (i.e., monetization) analysis of reinsurance affiliates to redeploy capital to support Jet's growth.
Focus areas: Analytics, Big Data, Audits, Financial Reporting, Accounting, Risk Management, Regulatory Reporting, Financial Planning & Analysis (FP&A), Mergers & Acquisitions (M&A), Startups, Fintech, Risk Analysis, Excel Expert, Data Analysis, Business Intelligence (BI), Forecasting, Audit Management, Part-time CFO
Senior Adviser to the Co-head of Investments
2011 - 2020
MAP Energy
- Identified additional cash flow sources for existing assets that increase annual cash yields by 12-15% by disentangling complex securities and bank hedge arrangements and determining that payments were miscalculated.
- Led negotiations for equity, tax equity, and construction financings on transactions of $200 million with a Fortune 50 investment team, $125 million with a top-tier investment bank, and $60 million with a top project finance bank.
- Developed the structure and led the analysis and negotiation of an innovative and proprietary $150 million asset-backed security as part of a leveraged recapitalization transaction designed to increase investor IRR.
- Utilized discounted cash flow modeling to provide critical valuation analysis to support a $100 million upfront payment and additional contingent consideration of up to $1.5 billion as part of an asset portfolio sale to a Fortune 200 energy company.
- Navigated legal, regulatory, and energy market dynamics through extensive research of state and federal commission rulings and orders, utility rate cases, capital structure, and other publicly available financial information.
- Created sophisticated investment models to capture value and risk and quantify opportunities to efficiently allocate and utilize tax benefits for complicated partnership tax structures.
Focus areas: Financial Planning & Analysis (FP&A), Yield Cos, Working Capital Management, Weighted Average Cost of Capital (WACC), Value Investing, Valuation, Power Purchase Agreements (PPA), Monetization Models, Investment Thesis, Cash Flow Forecasting, Equity Research, Debt Structuring, Discounted Cash Flow (DCF), Due Diligence, Cost of Capital, Financial Reporting, Venture Funding, Tax Credits, Price Analysis, Asset Acquisition, Accounting, Project Finance, Mergers & Acquisitions (M&A), Financial Modeling, Renewable Energy, Carbon, Venture Capital, Business Analysis
Chief Financial Officer
2009 - 2011
Wasatch Wind
- Led a management buyout and negotiated the elimination of $20 million in liabilities, successfully closing a $4 million recapitalization that generated a 5.0x net cash-on-cash return to investors for MAP Energy.
- Developed and monetized 62-megawatt and 80-megawatt operating wind projects in Utah and Wyoming that required $95 million and $120 million of capital investment, respectively.
- Created and executed the firm’s “lean and focused” results-driven strategy that identified the firm's most marketable assets, isolated non-essential functions to outsource, and secured low-cost capital, enabling the business to capture extensive value.
- Led the negotiations and valuation analysis for asset divestitures and financings with GE Power, GE Energy Financial Services, and Rabobank.
- Negotiated power purchase agreements with PacifiCorp, $124 million of equipment contracts with GE Power, and construction contracts for large energy projects.
- Managed the financial reporting, cash flow forecasts, and ensured a working capital adequacy.
Focus areas: Financial Planning & Analysis (FP&A), Working Capital Management, Weighted Average Cost of Capital (WACC), DCF Valuation, Value Creation, Debt Structuring, Promissory Notes, Power Purchase Agreements (PPA), Cash Flow Forecasting, Private Equity, Expense Reduction, Debt Workouts, Due Diligence, Discounted Cash Flow (DCF), Cost of Capital, CFO, Budgeting, Series A, Tax Credits, Project Finance, Monetization Models, Accounting, Cap Tables
Managing Partner and Founder
2003 - 2008
Fales & Co, CPAs
- Provided contract CFO, accounting, corporate finance, tax compliance and planning, and acquisition diligence services to entrepreneurs, venture-backed startups, real estate development companies, and investment firms.
- Advised on accounting and tax items for a multimillion-dollar series A VC investment, establishing beginning financial statements and working through post-closing issues by setting up accounting policies and procedures.
- Created a reorganization plan for a real estate partnership to defer taxes on multi-million dollar gain.
- Structured the recapitalization of a failing firm and helped them to become cash flow positive by establishing weekly cash flow forecasts, identifying the most profitable product lines, liquidating obsolete and slow-moving inventory to generate cash flow and meeting compliance requirements with Zions Bank to increase access to the working capital revolver.
- Structured asset and stock transactions to maximize after-tax cash flow, as well as optimize the financial, legal and GAAP benefits for clients.
Focus areas: Financial Planning & Analysis (FP&A), Estate Planning, Risk Models, Venture Funding, Debt Structuring, Private Company Valuation, Reasonable Compensation Calculation, Double-entry Bookkeeping, Certified Public Accountant (CPA), Finance, Real Estate, Acquisitions, Accounting, Business Taxation, Annual Tax Returns, Individual Tax, Deferred Tax, Tax Credits, Income Tax, Tax Planning, Tax Incentives, Taxation, Business Services
Mergers & Acquisitions Associate
2001 - 2002
PricewaterhouseCoopers LLP
- Developed a sophisticated model that led investment bankers advising a mutual Fortune 500 client to delay the spin-off of a subsidiary enabling the business to generate an additional $700 million of after-tax cash flow.
- Advised Lehman Brothers on the tax implications of an innovative debt offering with a variable interest rate linked to the S&P 500 Index.
- Structured asset and stock transactions to maximize after-tax cash flow as well as optimize the financial, legal and GAAP benefits for clients.
- Created sophisticated financial models to determine optimal tax structures based on debt and equity capitalizations.
- Performed due diligence to identify tax exposures in both domestic and cross-border transactions.
- Worked extensively on complex restructurings with Kmart, Global Crossing, and XO Communications with a focus on preserving and maximizing tax attributes.
Focus areas: Cash Flow Modeling, Capital Structuring, Private Equity, Financial Restructuring, Deferred Tax, Accounting, Due Diligence, Equity Research, Equity Offerings, Debt Restructuring, Debt Structuring, Fund Structure, Tax Planning, Mergers & Acquisitions (M&A), Structuring
Education
2008 - 2010
Master of Business Administration (MBA) in Finance and Entrepreneurship
The Wharton School of the University of Pennsylvania - Philadelphia, PA, USA
1997 - 2001
Bachelor of Science Degree in Accounting
Brigham Young University - Provo, UT, USA
1997 - 2001
Master of Accountancy Degree in Taxation
Brigham Young University - Provo, UT, USA
Certifications
SEPTEMBER 2002 - DECEMBER 2023
Certified Public Accountant (CPA)
Wyoming Board of Certified Public Accountants, Idaho and Delaware Boards of Accountancy