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59
Valuation of Intangible Assets and Intellectual Property Manoj P. Dandekar, Ph.D. SDP Annual Conference September 11-12, 2017

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Page 1: v v P ] o v / v o o µ o W } Ç.../ l/W Á Z u l } u v Ç µ v ] µ U v µ v ] µ v ] Á Z o ] v P } u v ] ] À ( } / v v P ] o À ] o ,$ ,3 3URYLGHV SURGXFW GLIIHUHQWLDWLRQ 3URWHFWV

Valuation of Intangible Assets and Intellectual PropertyManoj P. Dandekar, Ph.D.

SDP Annual ConferenceSeptember 11-12, 2017

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Outline • WHY VALUE IA / IP

• IA: DEFINITION and TYPES

• WHAT IS AND IS NOT AN IA / IP?

• IP: TYPES and CATEGORIES

• IA / IP VALUATION APPROACHES

• Income

• Market

• Cost

• REMAINING USEFUL LIFE ANALYSIS

• QUESTIONS AND DISCUSSION

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Intangibles Impact the Value of a Business

Intangibles are vital assetsMay represent the core of a company’s ability to distinguishitself and its value proposition in the marketplace

Companies that trade above their net asset value may berecognized for their intangible asset value

Intangible assets can be the first assets to lose value as abusiness experiences financial difficulty

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IA/IP are what make a company unique, and uniqueness is what leading companies strive for

Intangibles are vital assets

IA/IP

Provides product

differentiation

Protects competitive advantage

Strengthens business

relationships

Enhances Shareholder

ValuePotential for

revenue generation

Protects pricing

strategies

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Common Reasons to Value IA / IP1. Transaction pricing and structuring2. Intercompany use and ownership transfers3. Financial accounting and fair value reporting4. Ad valorem property taxation planning and

compliance5. Financing collateralization and securitization6. Litigation claims and dispute resolution7. Management information and strategic

planning8. Corporate governance and regulatory /

contractual compliance9. Bankruptcy and reorganization analysis10. License, joint venture, and other

development / commercializationopportunities

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Definition of an Intangible Asset

Numerous legal, accounting, and tax related definitions exist

• Marston, Winfrey and Hempstead, in “Engineering Valuation and Depreciation”,state:

– Intangible property is real property; it does not, however, have a physicalexistence.

– Items such as organization, financing, goodwill, going value, contracts and thelike, patents, and rights of various kinds are included in the group ofintangible properties.

• Smith and Parr, in “Valuation of Intellectual Property and Intangible Assets”, state:– All of the elements of a business enterprise that exist in addition to monetary

and tangible assets

• The Financial Accounting Standards Board Accounting Standard Codification350 (ASC 350) defines an intangible asset as an asset, other than a financialasset, that lacks physical substance.

• International Accounting Standards Board standard 38 (IAS 38) defines anintangible asset as: "an identifiable non-monetary asset without physicalsubstance.“

The lack of physical substance would therefore seem to be a defining characteristicof an intangible asset. Both the IASB and FASB definitions specifically precludemonetary assets in their definition of an intangible asset.

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Definition of an Intangible Asset 2

The IRS allows to amortize over 15 years the capitalized costs of "section 197 intangibles"acquired after August 10, 1993.

Intangible Property is property that has value but cannot be seen or touched. The term “section197 intangible” means

1. Goodwill.

2. Going concern value.

3. Workforce in place.

4. Business books and records, operating systems, or any other information base, includinglists or other information concerning current or prospective customers.

5. A patent, copyright, formula, process, design, pattern, know-how, format, or similar item.

6. A customer-based intangible.

7. A supplier-based intangible.

8. Any item similar to items (3) through (7).

9. A license, permit, or other right granted by a governmental unit or agency (includingissuances and renewals).

10. A covenant not to compete entered into in connection with the acquisition of an interest in atrade or business.

11. Any franchise, trademark, or trade name.

12. A contract for the use of, or a term interest in, any item in this list.

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Listing of Intangibles commonly found in Utilities

• Licenses and Permits

• Procedural Manuals and Know How

• Proprietary Technology

• Patents - product/process

• Regulatory Approvals

• Right of Way

• Supplier Contracts

• Trademarks and Trade Names

• Assembled Workforce

• Computer Software (off the shelf, customized, proprietary)

• Customer Contracts

• Customer Relationships

• Easements

• Employment Contracts

• Engineering Drawings

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Illustrative listing of Intangible Assets and Intellectual Properties commonly subject to Appraisal

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Categories and Types of Intangibles

Trademarks, trade names, service marksInternet domain namesNon-compete agreements

Customer listsBacklogContracts and non-contractual customer relationships

Licensing/Royalty agreementsLease, franchise agreements; permitsOperating and broadcasting rightsUse rights: drilling, air, routes

Patented and unpatented technologyComputer softwareDatabasesTrade secrets, formulas, recipes

Marketing Related

Customer Related

Artistic Related

Contract Based

Technology Based

Plays, operas, balletsBooks, magazines, literary, music worksVideo/audiovisual (TV programs, movies)

Leasehold interestsMineral exploitation rightsLocation Related

Going concern valueGoodwill Related

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Economic Phenomenon that Qualify as an Intangible Asset

For an intangible asset to exist from a valuation or economicperspective, typically it should posses certain attributes.

Some of the more common attributes include the following:1. It should be subject to specific identification and recognizable

description.2. It should be subject to legal existence and protection.3. It should be subject to the right of private ownership, and this

private ownership must be legally transferable.4. There should be some tangible evidence or manifestation of the

existence of the intangible asset (e.g., a contract, a license, aregistration document, a computer diskette, a listing of customers,a set of financial statements, etc.)

5. It should have been created or have come into existing at anidentifiable time or as the result of an identifiable event.

6. It should be subject to being destroyed or to a termination ofexistence at an identifiable time or as the result of an identifiableevent.

In other words, there should be a specific bundle of legal rights (andother natural properties) associated with the existence of anyintangible asset.

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Economic Phenomenon that Do NOT Qualify as an Intangible Asset

Economic phenomena that do not meet the specific attributetests described previously do not qualify as identifiableintangible assets.

Some economic phenomena are descriptive or expeditionaryin nature. They may describe conditions that contribute to theexistence or - and value of - identified intangible assets.

Such “descriptive” economic phenomena - that do not qualifyas identifiable intangible assets - may included:

1. Market Share 5. Lack of Regulation2. Visibility (or a Regulated Environment)3. High Profitability 6. Market Potential4. Monopoly Position 7. Etc.

However, while these “descriptive” conditions do not qualify asintangible assets themselves, they may indicate that the actualidentifiable assets do have substantial economic value.

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Intellectual Properties• There is a specialized classification of intangible assets

called intellectual properties.

• Intellectual properties manifest all of the legal existenceand economic value attributes of other intangible assets.However, because of their special status, intellectualproperties enjoy special legal recognition and protection.

• Unlike other intangible assets which may be created in thenormal course of business operations, intellectualproperties are created by human intellectual and/orinspirational activity.

• Such activity (although not always planned) is specific andconscious. And, such creativity can be attributed to theactivity of identified, specific individuals.

• Because of this unique creation process, intellectualproperties are generally registered under, and protected by,specific Federal and State statutes.

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Types of Intellectual Properties• An intellectual property is a commercial intangibleasset that enjoys special legal recognition and legalprotection.

• The intellectual property special legal status comesfrom either federal or state statutes.

• There are four types of intellectual property:– patents– trademarks– copyrights– trade secrets

• There often are commercial intangible assetsassociated with IP

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Intellectual Properties:Patents

• A patent grants an inventor the right to exclude others frommaking, using, or selling the patented invention for a specifictime period.

• There are three types of patents:– utility patent – for an invention that has some type of

usefulness or utility– design patent – “new, original, or ornamental design

for an article of manufacture”– plant patent – “distinct and new variety of plant”

• Two patents may be issued for the same product; forexample:

– a design patent – for the product design– a utility patent – for the product useful

characteristics

• A patent must be registered.

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Intellectual Properties:Trademarks

• A trademark is used to identify a product brand or a company

• A service mark is used to identify a service provider

• A trade name is a manufacturing business entity’s name

• A service name is a service business entity’s name

• Trade dress is the packaging for a product or décor for a service

• A trademark may be registered– registered trademark– unregistered trademark

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Intellectual Properties:Copyrights

• Copyright law protects “original works of authorship”

• The original work must display some creativity and be fixed ina tangible medium

• The copyright covers the specific expression of an idea – notthe idea itself

• Original works may include:– literary works − pictorial, graphic, and structural

works– musical works − motion pictures– dramatic works − sound recordings– choreographic works − architectural works

• May be registered

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Intellectual Properties:Trade Secrets

• Any information that has economic value and is not generally known to the public

• Typically examples include:– information about customers– information about employees, suppliers, distributors– information about product costs and prices– information about new business opportunities– information about business methods– some databases and know-how

• Cannot be registered with any government agency

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Intangible AssetsVsIntellectual Properties Rights

•Contracts (receiving or providing)•Non-compete agreements•Franchises•Leases

Relationships•Vendor relationships•Distributor relationships•Customer relationships

Other•Assembled workforce•Goodwill and going concern value

Intellectual Property (IP)•Patents•Trademarks/trade names•Copyrights•Trade secrets/know-how

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Objective of IA / IP Analysis1. to estimate a defined value for a specific ownership interest in theintellectual property

2. to measure an appropriate royalty rate or license fee associatedwith the third party license of the intellectual property

3. to calculate the arm’s-length price (ALP) for the intercompanytransfer of intellectual property between controlled foreign entitiesof a multinational taxpayer corporation

4. to quantify the expected remaining useful life (RUL) of theownership or operating (or associated rate of change in the value) ofthe intellectual property

5. to determine the amount of lost profits or other economicdamages associated with a damages event suffered by theintellectual property

6. to opine on the fairness (or solvency, adequate consideration,excess benefits, etc.) of an intellectual property sale or license

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Elements of the Analysis:Description / Definition

A complete definition of the IA / IP

• The definition should specify exactly what patent, copyright,trademark, trade secret, customer relationship, etc. is thevaluation subject.

• The description should set the boundaries and limits of theIA / IP.

• This definition should describe any commercial intangibleassets to be considered with the intellectual property.

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Elements of the Analysis:Bundle of Rights

Description of the bundle of legal rights.

• Which of the following bundles should be included in the valuation?

1. fee simple interest

2. term/reversion interest

3. licensor/licensee interest

4. territory (domestic/international) interest

5. product line/industry interest

6. sublicense rights

7. development rights

8. commercialization/exploitation rights

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Elements of the Analysis:Contract Terms

Description of any contract or license terms in effect

• – licensor/licensee responsibility contract terms

– • legal protection requirements– • R&D expenditures– • marketing expenditures– • licenses, permits, or other regulatory approvals

• – other contract terms

– • minimum use, production, or sales– • minimum marketing or commercialization expense– • R&D technology development payments, completion

payments– • party responsible to obtain the required approvals– • milestone license payments

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Elements of the Analysis:Standard of Value

• The standard (or definition) of value the analyst is asked to conclude:

– fair value– fair market value– use value– user value– owner value– investment value– acquisition value– collateral value

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Standard of Value:Value Definition

Fair Market Value is defined as the price for whichproperty would exchange between a willing buyerand a willing seller, each having reasonableknowledge of all relevant facts, neither undercompulsion to buyer or seller, and with equity to both.

Fair Value is the price that would be received for anasset, or paid to transfer a liability, in a currenttransaction between marketplace participants inthe reference market for the asset or liability.

Value In-Use is defined as an amount of money thatwould be exchanged between a willing buyer and awilling seller with equity to both, on a as-is basis, asof certain date.

All of the above in an arm’s length transaction

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Elements of the Analysis:Premise of Value

The premise of value that the analyst should assume:

– value in continued use– value in place (but not in use)– value in exchange—orderly disposition basis– value in exchange—voluntary liquidation basis– value in exchange—involuntary liquidation basis

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Elements of the Analysis:Data Gathering andDue Diligence

• The valuation analyst will typically gather and analyzeinformation related to the IA / IP current owner/operator.

• Such information will typically include the following:1. owner/operator historical and prospective financial statements2. owner/operator historical and prospective development /

maintenance costs3. owner/operator current and expected resource/capacity

constraints4. description and estimate of the intellectual property economic

benefits to the current owner/operator• associated revenue increase (e.g., related product unitprice/volume,market size/position)• associated expense decrease (e.g., expense related toproduct returns,COGS, SGA, R&D)• associated investment decrease (e.g., inventory, capitalexpenditures)• associated risk decrease (existence of intellectual propertycontracts,decrease of cost of capital components)

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Elements of the Analysis:Market Potential

• The valuation analyst will consider the IA / IP marketpotential outside of the current owner/operator.

• The analyst may consider the following factors:1. change in the market definition or the market size for analterative owner/user2. change in alternative/competitive uses to an alternativeowner/user3. the intellectual property ability to create inbound/outboundlicense opportunities to an alternative owner/user4. whether the current owner can operate the intellectualproperty and also outbound license the intellectual property(in different products, different markets, different territories,etc.)

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IA / IP Valuation Approaches• Income approach

• Market approach

• Cost approach

• The nature, quality, and quantity of informationavailable will determine the optimum approach(es).

• More than one valuation method may beappropriate to apply.

• Contrary to a business wherein valuation analystspresume a perpetual life, IA / IP have a finite life(although some, such as, trade marks and the likemay be considered to have an indefinite life).

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IA / IP Valuation Approaches:The Income Approach

• Economic principle of anticipation (sometimes alsocalled the principle of expectation).

• This expectation of prospective economic income isconverted to a present worth - - i.e., the indicatedvalue of the subject asset and its expected renewal.

• Determines value by converting anticipatedeconomic benefits into a present single amount.

• Assumes that the income or cost savings derivedfrom an asset will, to a large extent, drive its value.

• Relies on a cash flow forecast.

• Based on a discount rate that reasonably reflects therisk of the forecast.

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IA / IP Valuation Approaches:The Income Approach Discount Rate

• Definition – A rate of return used to convert afuture monetary sum into present value.

• Must be reflective of risk regardingattainability of cash flows.

• Elements of discount rates:– Cost of equity using capital asset pricing

model (“CAPM”)– Cost of debt– Weighted average cost of capital

(“WACC”).

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IA / IP Valuation Approaches:The Income Approach Common Methods

• Methods that estimate a relief from a hypotheticalroyalty payment – owner/operator actually owns theintellectual property. Therefore, the owner/operatordoes not have to inbound license the intellectualproperty from a hypothetical third party licensor.

• Methods that quantify the incremental income level– the owner/operator earns greater revenue orincurs lower costs with the intellectual property.

• Methods that measure a differential income level –compare the owner/operator income to somebenchmark income measure.

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IA / IP Valuation Approaches:The Income Approach Common Methods 2

• Relief from royalty– Value reflects theoretical avoidance from paying

a royalty for using the asset.

• Excess earnings– Determines the economic benefits that exceed

market return for the use of an asset.– Requires that charges for other assets be

calculated and deducted from cash flow.

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IA / IP Valuation Approaches:The Income Approach Considerations

• Current and anticipated use

• Rights

• Research, development, and marketingexpenses

• Appropriate capital or contributory assetcharge, if applicable

• Position of the intangible asset in its lifecycle

• Risk along the life cycle

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IA / IP Valuation Approaches:The Income Approach Risk: Discount Rate Estimation

● Rate of return of a particular asset is commensurate with its risk● Assets within a business enterprise have different risk and return

characteristics ● Assets within a business enterprise typically have different liquidity

and return characteristics

Low High

High

Low

Degree of Risk

Inventory

Cash

Receivables

Tangible Assets

Intangible Assets

Liquidity

Low

High

Investment Return Requirement

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IA / IP Valuation Approaches:The Income Approach Discount Rate Estimation 2

• The selected discount rate should match the riskassociated with the earnings attributable to theintangible asset. A general risk spectrum associatedwith various intangible asset classes follows:

Weighted Average Cost of Capital (“WACC”)

WACC + Premium

ContractsCustomer

Relationships Software In-process R&D

Trademark Patented Technology

Unpatented Technology

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IA / IP Valuation Approaches:The Income Approach Discount Rate Estimation 3

● Returns on individual assets are selected in light of:– Current costs of funds– Type of asset and its liquidity– Acceptance as collateral for debt-financing purposes– Special purpose nature vs. broader use– Discussions with asset-based lenders on current

trends

● Higher liquidity of an asset corresponds to:– Increased marketability– Greater acceptance as collateral– Less equity required to finance the asset– Lower required rate of return

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IA / IP Valuation Approaches:The Income Approach Discount Rate Estimation 4

The IPR&D Practice Aid identifies two publications (Plummer and Scherlis/Sahlman) that provide guidance on rates of return commanded by venture capital investors at various stages of an entity’s development (Table 5.3.88). These and others are listed below:

These rates are best used as a reasonableness check. They are NOT a substitute for independent analysis.

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IA / IP Valuation Approaches:The Income Approach Remaining Useful Life

• Remaining useful life for the intangible asset is used: – To estimate over what period to analyze cash flows– To suggest the period over which to amortize the asset.

• Factors to consider:– Legal, regulatory, or contractual provisions that may limit

useful life or enable renewal/extension of useful life with little or no cost

– Expected useful life of another asset or group of assets to which the useful life of the intangible asset may relate

– Effects of obsolescence, demand, competition, and other economic factors

– Level of maintenance required to maintain future cash flows from intangible asset.

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IA / IP Valuation Approaches:Income Approach Implications

• Historical trend analysis may not be a useful indication of future cash flow

• Speculative cash flow projections should reflect a higher expected rate of return (i.e., discount rate)

• Remaining useful life may be lower due to current market conditions, thus lowering value

• Licensing agreement terms may be renegotiated or may not be renewed

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Income Approach:Example 1

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Income Approach:Example 2

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IA / IP Valuation Approaches:The Market Approach

• Economic principals of competition and equilibrium.

• These economic principals conclude that, in a free andunrestricted market, supply and demand factors will drive theprice of an investment to a point of equilibrium.

• Determines value by comparing the intangible asset to similarassets that have been sold.

• Market data is adjusted for factors such as marketcomparability.

• Less frequently used (other than royalty rates) because of thelack of public information on transactions of comparableintangible assets.

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IA / IP Valuation Approaches:Market Approach Implications

• May be difficult to find recent transactions; may need to consider more dated information.

• Transactions that occur close to the valuation date can be more meaningful when current economic conditions are volatile.

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Change by Daily SitesPrice Alexa rank in past 3 months Bounce Rate Pageviews Time on Site Linking In

Public Domain Sales - 1st Half of the Year 2015 per Visitor "Backlinks"1 Heika.com $ 300,000 7,889,578 13,384,305 1.00 3 2 Same.com $ 233,333 2,231,114 5,356,314 1.00 14 3 Pax.com $ 200,000 n e d 5,681 4 Reponse.com $ 150,000 7,786,981 3.00 5.13 - 5 Anker.com $ 130,000 10,928 1,624 40.40% 3.62 2.42 312 6 KHC.com $ 120,000 n e d 7 7 Mercari.com € 100,000 n e d - 8 Ignite.com $ 112,500 2,454,399 125,049 85.00% 1.00 0.31 25 9 Autism.rocks $ 100,000 4,295,944 (977,424) 69.20% 1.00 1.37 26

10 Shein.com $ 95,000 2,975 307 34.50% 8.49 8.31 8,657

Public Domain Sales - Year 2014

1 mm.com $ 1,200,000 487,322 52,518 81.10% 7.10 2.45 2332 true.com € 350,000 413,771 73,586 48.30% 2.30 1.56 2433 malls.com $ 320,000 1,025,138 41,377 65.70% 3.50 2.17 3044 gab.com € 200,002 2,618,617 3,489,880 64.50% 1.50 1.40 215 cornerstonehouses.com $ 150,000 n e d 06 kaffee.com € 100,000 n e d 27 vitaminc.com € 104,000 14,259,833 (7,141,138) 2.00 478 jct.com $ 98,000 n e d 149 teamshirts.com $ 89,000 n e d 1

10 jamrock.com $ 68,750 18,472,584 (2,639,767) 1.00 - 4

Style.com 65,294 96,804 71.90% 2.39 2.10 12,699

* n e d: not enough data for Alexa to analyze** blanks indicate that data was not available

Market Approach:Example

Alexa Rank Linking In R-Square Intercept Coefficients Value

Estimate

= x 0.1059 350,861.5 (16.7126) 349,770$ 1/x 0.0464 300,088.7 (680,574) 289,665$

= x 0.0264 292,213.3 (20.3675) 33,567$ 1/x 0.0275 307,758.0 (474,768.68) 307,721$

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IA / IP Valuation Approaches:The Cost Approach

• Economic principal of substitution.

• The availability (and the cost) of substitute investments isdirectly affected by shifts in the supply and demand functionswith regard to the universe of substitute investments.

• Quantifies the costs required to replace the future servicecapability of the asset.

• Considers reproduction cost or replacement cost as anindicator of value.

• The time and costs incurred (e.g., to build a distributornetwork, establish a patent, create a trademark, etc.).

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IA / IP Valuation Approaches:Cost Approach Implications

• Obsolescence may be more difficult to assess due to the changing economic environment

– Economic obsolescence– Functional obsolescence

Forms of obsolescence

physical *functional *technological economic (external)

Due to physical wear and tear resulting from continued use (rarely applicable for intangibles)

Inability to perform the function for which it was originally designed

Due to improvements in technology

Effects, events, or conditions, that are not controlled by the current use or condition of the asset

*Note: Many consider technological obsolescence to be a subset of functional obsolescence.

Identification & quantification of obsolescence is a key valuation issue.

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Cost Approach:Example

CostMember Lines of Effort in Indication

Dept. Location Count Code Person Months $ [1]

ECDIS Charlotteesville 391,785 323.90 2,867,865 New Malden 111,673 95.48 845,396 Manro 62,850 54.57 483,172 Persistent 54,856 47.81 423,318

621,164 4,619,750$ Obsolescence 692,963 FMV 3,926,788$ FMV (rounded) 3,930,000$

Notes:1. Fully loaded cost per person month $8,854.00

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Remaining Useful Life (“RUL”)Analysis

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Life Analysis (“Lifing”) ofIA / IP

● There are two distinct lifing issues:– Economic life of an asset – valuation concept. The

period over which an asset will generate cash flows(either directly or indirectly).

– Depreciable or amortization life of an asset – accountingconcept. The period over which the value of an asset willbe charged to the income statement.

● Role of the valuation professional is to assistmanagement in developing an estimate of theeconomic life of the asset in order to determine avalue for an asset.

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Conceptual Guidance from ASC 350

● Estimation of remaining economic life – general considerations per ASC 350-30-35-1 to ASC 350-30-35-5:

a. The highest and best use of the asset by a market participant (thisadjusts what is stated in ASC 350 for ASC 820).

b. The expected useful life of another asset or a group of assets towhich the useful life of the intangible asset may relate (marketparticipant basis assumptions).

c. Any legal, regulatory, or contractual provisions that may limit theuseful life.

d. The entity’s own historical experience in renewing or extending similarrelationships (consistent with the intended use of the asset by theentity), regardless of whether those arrangements have specificrenewal or extension provisions. In the absence of that experience, theentity shall consider the assumptions that market participants woulduse about renewal or extension (consistent with the highest and bestuse of the asset by market participants) adjusted for entity specificfactors in this paragraph. (ASC 350-30-35-3D posted April 25, 2008effective for fiscal years after December 15, 2008.)

e. The effects of obsolescence, demand, competition, and othereconomic factors (such as stability of the industry, knowntechnological advances, legislative action that results in an uncertain orchanging regulatory environment and expected changes in distributionchannels).

f. The level of maintenance expenditures required to obtain theexpected future cash flows from the asset (for example, a materiallevel of required maintenance in relation to the carrying amount of theasset may suggest a very limited useful life).

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Means of Determinants to Estimate RUL 1. Legal Determinants

- Patents- Copyrights

2. Contractual Determinants- Non-compete agreements- Loans- Leases

3. Judicial Determinants- Computer software

4. Physical Determinants- Engineering drawings

5. Functional Determinants- Computer software

6. Technological Determinants- Proprietary technology- Technical documentation

7. Economic Determinants- Proprietary technology- Computer software

8. Analytical Determinants- Processing contracts- Customer lists- Credit card portfolios

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Surveys of Amortization Periods

Exceeding 31-40 21-30 11 - 20 10 Estimated orIntangible Asset 40 Years Years Years Years or Less Legal Life

Trademarks, brand names, copyrights 1 5 20 58 64 42

Customer lists/relationships - - 10 99 107 56

Patents, patent rights 1 1 6 44 42 45

Technology - 1 2 41 68 25

Licenses, franchises, memberships - 1 8 20 22 24

Noncompete covenants - - 2 8 62 21

Contracts, agreements 2 - 8 26 31 25

Number of Entities

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Surveys of Amortization Periods

Exceeding 31-40 21-30 11 - 20 10 Estimated orIntangible Asset 40 Years Years Years Years or Less Legal Life

Trademarks, brand names, copyrights 1 5 20 58 64 42

Customer lists/relationships - - 10 99 107 56

Patents, patent rights 1 1 6 44 42 45

Technology - 1 2 41 68 25

Licenses, franchises, memberships - 1 8 20 22 24

Noncompete covenants - - 2 8 62 21

Contracts, agreements 2 - 8 26 31 25

Number of Entities

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Iowa-type Survivor Curves andIntangible Assets

• “O” family of Iowa-type curves– The modal frequency of the O type curves occurs

at -- or very close to -- the origin.

• O type curves tend to represent “relationship”assets generally, inferring that a relationshipmay last longer if it does not “fail” (orterminate) during the “break-in” (or trial)period.

– Typical types of “relationship” assets include thecategory of customer-type intangible assets, suchas newspaper subscribers, credit card customers,bank “core” depositors, etc. Generally, the O3 andO4 type Iowa curves tend to represent suchintangibles.

– Also tend to portray electronic equipment.

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Weibull Function andIntangible Assets

• Useful in a great variety of economic analysis,engineering, and valuation applications -- particularlyas a model for estimating product life.

• Its versatility arises from the fact that it is extremelyflexible in fitting empirical life or retirement data.

• S(t) = exp (-(t/a) ^ B ), t > 0

where:

S(t) = the survivor percentage at age t

exp = an exponential function

a = the distribution scale parameter; it ispositive and determines the spread of the function; ithas the same units as t such as months, quarters, oryears;

B = the distribution shape parameter, adimension-less number greater than zero; itdetermines the shape of the distribution.

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Weibull Function andIowa-type Curves

• For B < 1, the Weibull function approximates the Iowa“O” type curves.

• For B > 1, the Weibull function approximates the otherIowa-type curves, i.e., the “L”, “S”, and “R” typecurves.

• At B = 1, the Weibull function is an exponential decaycurve; the Iowa O3 has characteristics similar to theexponential decay in its initial stages up to andaround the average life, then, the O3 curve decays tozero percent surviving while the exponential curvekeeps going and does not converge to zero percentsurviving.

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Questions

ThankYou

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Valuers estimate value, the market determines it.

Manoj P. Dandekar, Ph.D., ASA, FRICSEnterprise Economic Evaluation

Cell: +1 650 224 1489Email: [email protected]

• Dr. Manoj P. Dandekar is the Managing Director of Enterprise Economic Evaluation.

• He has nearly 30 years of experience in the identification, valuation and remaining lifeanalysis of intangible assets and intellectual property as well as the appraisal ofbusiness enterprises and partial business interests. He has also assisted in mattersinvolving fixed assets and real estate valuations.

• Manoj has worked for clients in the manufacturing, telecommunications, technology,oil and gas, chemical and healthcare industries. His client base includes publicly tradedand privately held companies as well as financial institutions.

• Dr. Dandekar has published several articles and made presentations on the topicsrelated to IA and IP and has developed a module for the American Society ofAppraisers’ (ASA) intangibles course. He has also been deposed and provided witnesstestimony in state courts and in binding arbitration.

• Earlier he was a senior economist affiliated with a world wide law firm. Prior to that, hewas a director in the corporate finance practice of a global audit and advisory firm’sIndia office, a senior manager at the same firm’s US office, and a director at a publiclytraded global business advisory firm.

• Dr. Dandekar earned his PhD in Engineering Valuation from Iowa State University afterreceiving his BE in Mechanical Engineering from the University of Bombay, India. Manojis an Accredited Senior Appraiser (ASA) in Business Valuation and Intangible Assets, anda Fellow of the Royal Institution of Chartered Surveyors (FRICS).


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