Annual report pursuant to Section 13 and 15(d)

Business Combination (Tables)

v3.6.0.2
Business Combination (Tables)
12 Months Ended
Dec. 31, 2016
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
Description
Amount
 
(in thousands)
Fair value of consideration transferred:
 
Cash
$
21,000

 
 
Purchase price allocation:
 
Inventory
$
912

Property and equipment
21

Identifiable intangible assets
13,600

Warranty obligations
(12
)
     Accrued expenses
(456
)
Identifiable net assets acquired
14,065

Goodwill
6,935

Total purchase price
$
21,000

Description
Amount
 
(in thousands)
Fair value of consideration transferred:
 
Cash
$
80,000

 
 
Preliminary purchase price allocation:
 
Inventory
$
8,715

Other current assets
2,181

Property and equipment, net
1,616

Identifiable intangible assets
56,300

Accrued expenses and other current liabilities
(5,911
)
     Accrued compensation
(2,202
)
Identifiable net assets acquired
60,699

Goodwill
19,301

Total purchase price
$
80,000

Identified Intangible Assets Acquired
 
Estimated Useful Life
(in years)
 
Fair Value
(in thousands)
Developed technology
7
 
$
8,600

Customer relationships
2.7
 
3,100

Backlog
0.5
 
500

Covenants not-to-compete
3
 
100

Total finite-lived intangible assets
5.6
 
12,300

In-process research and development
n/a
 
1,300

Total intangible assets
 
 
$
13,600

 
Estimated Useful Life
(in years)
 
Fair Value
(in thousands)
Developed technology
7
 
$
19,100

Customer relationships
2.5
 
12,200

Backlog
0.5
 
1,900

Covenants not-to-compete
3
 
800

Total finite-lived intangible assets
4.9
 
34,000

In-process research and development
n/a
 
22,300

Total intangible assets
 
 
$
56,300

Unaudited Pro Forma Financial Information
 
Years Ended December 31,
 
2016
 
2015
 
(in thousands)
Net revenue
$
387,832

 
$
300,360

Add: Net revenue – acquired businesses
11,013

 
33,525

Net revenues – proforma combined
$
398,845

 
$
333,885

 
Years Ended December 31,
 
2016
 
2015
 
(in thousands)
Net revenue – proforma combined
$
398,845

 
$
333,885

Net income (loss) – proforma combined
$
58,189

 
$
(85,908
)
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table Text Block]
 
Years Ended December 31,
 
2016
 
2015
 
(in thousands)
Net income (loss)
$
61,292

 
$
(42,331
)
Add: Results of operations – acquired businesses
(8,822
)
 
(22,227
)
Less: Proforma adjustments
 
 
 
Depreciation of property and equipment
(397
)
 
(797
)
Amortization of intangible assets
(2,346
)
 
(12,701
)
Amortization of inventory step-up
5,641

 
(5,641
)
Impairment of intangible assets
1,300

 
(1,300
)
Acquisition and integration expenses
2,141

 

Income taxes
(620
)
 
(911
)
Net income (loss) – proforma combined
$
58,189

 
$
(85,908
)
 
 
 
 
Net income (loss) per share – proforma combined:
 
 
 
Basic
$
0.91

 
$
(1.61
)
Diluted
$
0.86

 
$
(1.61
)
Shares used to compute net income (loss) per share – proforma combined:
 
 
 
Basic
63,781

 
53,378

Diluted
67,653

 
53,378