Value in BS2 emulator Shiftout?

Hi, can anyone tell me what the parameter of value does in the following code? My guess is that it tells when to write the data (clock high or low), but I'm not sure.

PUB SHIFTOUT (Dpin, Cpin, Value, Mode, Bits)| bitNum
{{
   Shift data out, master clock, for mode use ObjName#LSBFIRST, #MSBFIRST
   Clock rate is ~16Kbps.  Use at 80MHz only is recommended.
     BS2.SHIFTOUT(5,6,"B",BS2#LSBFIRST,8)
}}
    outa[noparse][[/noparse]Dpin]:=0                                          ' Data pin = 0
    dira[noparse][[/noparse]Dpin]~~                                           ' Set data as output
    outa[noparse][[/noparse]Cpin]:=0
    dira[noparse][[/noparse]Cpin]~~
    If Mode == LSBFIRST                                    ' Send LSB first    
       REPEAT Bits
          outa[noparse][[/noparse]Dpin] := Value                              ' Set output
          Value := Value >> 1                              ' Shift value right
          !outa[noparse][[/noparse]Cpin]                                      ' cycle clock
          !outa[noparse][[/noparse]Cpin]
          waitcnt(1000 + cnt)                              ' delay
    elseIf Mode == MSBFIRST                                ' Send MSB first               
       REPEAT Bits                                                                
          outa[noparse][[/noparse]Dpin] := Value >> (bits-1)                  ' Set output           
          Value := Value << 1                              ' Shift value right    
          !outa[noparse][[/noparse]Cpin]                                      ' cycle clock          
          !outa[noparse][[/noparse]Cpin]                                                             
          waitcnt(1000 + cnt)                              ' delay                
    outa[noparse][[/noparse]Dpin]~                                            ' Set data to low