Quarterly report pursuant to Section 13 or 15(d)

Business Combinations (Tables)

v3.21.1
Business Combinations (Tables)
 3 Months Ended
Mar. 31, 2021
WiFi and Broadband assets business [Member]  
Business Acquisition [Line Items]  
Schedule of Business Acquisitions, by Acquisition
The following table summarizes the fair value of purchase price consideration to acquire the WiFi and Broadband assets business (in thousands):

Description Amount
Fair value of purchase consideration:
Cash $ 150,000 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following is an allocation of purchase price as of the July 31, 2020 acquisition closing date based upon an estimate of the fair value of the assets acquired and the liabilities assumed by the Company in the acquisition (in thousands):
Description Amount
Fair value of consideration transferred:
Cash $ 150,000 
Purchase price allocation:
Inventory $ 67,100 
Property and equipment 17,641 
Identifiable intangible assets 58,000 
Deferred tax assets 457 
Accrued expenses (68)
Accrued price protection liability (413)
Accrued compensation (7,916)
Other long-term liabilities (8,197)
Identifiable net assets acquired 126,604 
Goodwill 23,396 
Total purchase price $ 150,000 
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The following is a summary of identifiable intangible assets acquired and the related expected lives for the finite-lived intangible assets (in thousands):
Category Estimated Life in Years Fair Value
Finite-lived intangible assets:
Developed technology 7 $ 43,200 
Customer-related intangible 5 6,800 
Product backlog 0.58 800 
50,800 
Indefinite-lived intangible assets:
IPR&D N/A 7,200 
Total identifiable intangible assets acquired $ 58,000 
NanoSemi, Inc. [Member]  
Business Acquisition [Line Items]  
Schedule of Business Acquisitions, by Acquisition
The following table summarizes the fair value of purchase price consideration to acquire NanoSemi (in thousands):
Description Amount
Fair value of purchase consideration:
Cash $ 10,000 
Common stock issued(1)
17,080 
Deferred payments(2)
34,100 
Contingent consideration(3)
— 
Total purchase price $ 61,180 
_________________
(1) The fair value of common stock issued in the merger is based on 804,163 shares issued on the September 9, 2020 acquisition date at the closing price of the Company’s common stock of $21.24 per share.
(2) The fair value of the deferred payments was determined by discounting to present value payments totaling $35.0 million expected to be made to NanoSemi stockholders throughout 2021.
(3) The fair value of contingent consideration is zero as the applicable financial objectives from July 1, 2020 through December 31, 2022 are not expected to be met based on the Company’s forecast.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following is an allocation of purchase price as of the September 9, 2020 acquisition closing date based upon a preliminary estimate of the fair value of the assets acquired and the liabilities assumed by the Company in the acquisition (in thousands):
Description Amount
Purchase price allocation:
Accounts receivable $ 175 
Prepaid expenses and other current assets 879 
Property and equipment 177 
Leased right-of-use assets 1,805 
Identifiable intangible assets 19,900 
Accounts payable (602)
Accrued expenses and other current liabilities (323)
Accrued compensation (223)
Long-term lease liabilities (1,546)
Other long-term liabilities (164)
Identifiable net assets acquired 20,078 
Goodwill 41,102 
Total purchase price $ 61,180 
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The following is a summary of identifiable intangible assets acquired and the related expected lives for the finite-lived intangible assets (in thousands):
Category Estimated Life in Years Fair Value
Finite-lived intangible assets:
Developed technology 7 $ 17,500 
Trademarks and tradenames 7 1,000 
Customer-related intangible 5 900 
Product backlog 5.33 500 
Total identifiable intangible assets acquired $ 19,900