Selected Project Highlights

 We assisted with the following projects:

• Purchase price allocation work for six acquisitions for reporting related to ASC 805. Purchase prices ranged from approximately $50 million to over $280 million, and our analyses involved the valuation of acquired intangible assets, including developed technology, trade names, customer relationships, and certain other relationships. For certain of the acquisitions, our analysis also included valuation calculations related to replacement options and prior target stock options considering a binomial lattice model.
• Analysis of complex equity awards, including Total Shareholder Return equity awards, using a Monte Carlo simulation framework.
• Analysis of fair values associated with over ten reporting units as part of goodwill impairment testing.
• Valuation of an earn-out associated with a division divestiture for tax reporting purposes.

Financial reporting projects reviewed by KPMG

 We assisted with the following projects:

• Purchase price allocation work for three acquisitions for reporting related to IFRS 3. Purchase prices ranged from $90 million to over $2 billion, and our analyses involved the valuation of intangible assets, inventory, and contingent consideration.
• Impairment testing related to over 20 previously acquired products.
• Goodwill impairment testing related to three cash generating units (one based in the U.S. and two based in Europe) for reporting related to IAS 36.

Projects reviewed by Deloitte

For a dispute in litigation related to a transaction associated with a large regional consulting firm, one of our Managing Directors served as an expert witness. The engagement included:

• Preparation of an expert report which valued the subject company at two valuation dates.
• Provision of deposition testimony and arbitration testimony.
• Preparation of a detailed critique related to a valuation prepared by the opposing side’s expert.
• Development of a rebuttal report associated with the opposing side’s critique of our Managing Director’s report.

We provided consulting to assist management with negotiations associated with the planned buyout of a partner’s ownership in a popular neighborhood bar and restaurant. Our analysis included valuations related to multiple elements of the subject business pursuant to provisions in a buy-sell agreement, including the operation’s overall business enterprise and certain intangible assets. 

The project consisted of the valuation of various interests in over 25 private companies for estate tax planning and reporting. The international operations of the subject companies spanned a variety of industries, including banking, financial services, insurance underwriting and brokerage, hospitality, retail, and others.

We valued intangible assets and equipment as part of fresh start accounting related to a post-bankruptcy reorganization of the company. The valuation considered two reporting units and involved the following for each reporting unit: (i) enterprise value determination; (ii) valuation of intangible assets (contracts and customer relationships, trade names, an unfavorable contract, and off-market leases); and (iii) valuation of equipment (teleports, telecommunications equipment, and other fixed assets).

Project reviewed by PricewaterhouseCoopers

 We assisted with the following projects:

• Purchase price allocation for a multi-billion-dollar acquisition for reporting associated with ASC 805. Our analysis included the valuation of intangible assets, fixed assets, real estate, inventory, and deferred revenue for over twenty separate acquired subsidiaries.
• Impairment testing associated with goodwill and long-lived assets for a major reporting unit as part of reporting for ASC 350 and ASC 360. This project involved the analysis of intangible and fixed assets as part of prior Step Two goodwill impairment procedures – and included the valuation of developed technology, customer relationships, and a trade name.
• Valuation of over 30 interests in a variety of domestic and international subsidiaries – including operating entities, companies which own intellectual property, and sales-focused entities – for tax planning and reporting associated with corporate restructuring.
• As part of the divestiture of certain operations, valuation of various businesses to assist with the allocation of goodwill at various dates.

Financial reporting projects were reviewed by Ernst & Young