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 |
|
|