Acquisitions (Tables)

6 Months Ended

Jun. 30, 2016

Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the date of the Precisive acquisition:


Current assets	$	693
Non-current assets		18
Intangible assets		5,110
Goodwill		7,042

Total assets acquired		12,863

Total current liabilities assumed		(343	)

Fair value of assets acquired and liabilities assumed		12,520

Less cash acquired		(435	)

Total purchase price, net of cash acquired	$	12,085

Allocation of Acquired Intangible Assets and Related Estimates of Useful Lives

Substantially all of the purchase price is deductible for tax purposes. The following table reflects the allocation of the acquired intangible assets and related estimates of useful lives. These acquired intangibles will be amortized on a straight-line basis, which approximates the pattern of use.


Order backlog	$	50	18 months
Customer relationships		1,430	8 years
Exclusive patent license		2,600	10 years
Trade names		210	10 years
Developed technology		820	10 years

Total	$	5,110

Newport [Member]

Summary of Purchase Price

The purchase price of Newport consisted of the following:


Cash paid for outstanding shares ⁽¹⁾	$	905,254
Settlement of share-based compensation awards ⁽²⁾		8,824
Cash paid for Newport debt ⁽³⁾		93,200

Total purchase price	$	1,007,278

Less: Cash and cash equivalents acquired		(61,463	)

Total purchase price, net of cash and cash equivalents acquired	$	945,815

Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the preliminary purchase price to the fair values assigned to assets acquired and liabilities assumed at the date of the Newport Merger:


Current assets (including cash)	$	185,388
Inventory		142,914
Intangible assets		394,804
Goodwill		395,784
Property, plant and equipment		119,932
Long-term assets		22,726

Total assets acquired		1,261,548

Current liabilities		94,422
Other long-term liabilities		159,848

Total liabilities assumed		254,270

Fair value of assets acquired and liabilities assumed		1,007,278

Less: cash and cash equivalents acquired		(61,463	)

Total purchase price, net of cash and cash equivalents acquired	$	945,815

Allocation of Acquired Intangible Assets and Related Estimates of Useful Lives

The following table reflects the allocation of the acquired intangible assets and related estimate of useful lives:


Order backlog	$	12,100	1 year
Customer relationships		243,093	6-18 years
Trademarks and trade names		55,200	Indefinite
Developed technology		75,386	4-8 years
In-process research and development		6,899	Undefined	⁽¹⁾
Leasehold interest		2,126	4-5 years

Total	$	394,804

(1)	The useful lives of in-process research and development will be defined in the future upon further evaluation of the status of these applications.

Schedule of Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information presents the combined results of operations of the Company as if the Newport Merger had occurred on January 1, 2015. The unaudited pro forma financial information is not necessarily indicative of what the Company’s condensed consolidated results of operations actually would have been had the acquisition occurred at the beginning of each year. In addition, the unaudited pro forma financial information does not attempt to project the future results of operations of the combined company.


	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Total net revenues	$	358,483	$	365,125	$	687,650	$	734,800

Net income		14,158		26,024		31,730		25,448

Net income per share:
Basic	$	0.26	$	0.49	$	0.59	$	0.48

Diluted	$	0.26	$	0.49	$	0.59	$	0.48