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Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Purchase Price

The purchase price of ESI consisted of the following:

Cash paid for outstanding shares(1)		$	1,032,671
Settlement of share-based compensation awards(2)			30,630
Total purchase price			1,063,301
Less: cash and cash equivalents acquired			(44,072	)
Total purchase price, net of cash and cash equivalents acquired		$	1,019,229

(1) Represents cash paid of $30.00 per share for approximately 34,422,361 shares of ESI common stock, without interest and subject to a deduction for any required withholding tax.

(2) Represents the vested but unissued portion of ESI share-based compensation awards as of the acquisition date of February 1, 2019.

Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed

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

Current assets (excluding inventory)		$	208,009
Inventory			81,696
Intangible assets			316,200
Goodwill			473,951
Property, plant and equipment			65,489
Long-term assets			9,633
Total assets acquired			1,154,978
Current liabilities			51,479
Non-current deferred taxes			33,039
Other long-term liabilities			7,159
Total liabilities assumed			91,677
Fair value of assets acquired, and liabilities assumed			1,063,301
Less: Cash and cash equivalents acquired			(44,072	)
Total purchase price, net of cash and cash equivalents acquired		$	1,019,229

Schedule of Consolidated Net Revenue and Earnings

The Company’s consolidated net revenue and earnings for the year ended December 31, 2019 include the following amounts of revenue and earnings of ESI since the acquisition date:

		Year  Ended December 31,
		2019
Total net revenues		$	183,680
Net loss		$	(33,446	)
Net loss per share:
Basic		$	(0.61	)
Diluted		$	(0.61	)

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 ESI Merger had occurred on January 1, 2018. 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.

		Years Ended December 31,
		2019				2018
Total net revenues		$	1,914,561			$	2,445,711
Net income		$	171,537			$	424,778
Net income per share:
Basic		$	3.14			$	7.81
Diluted		$	3.11			$	7.72

Precisive, LLC [Member]

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:

Completed technology - Laser		$	255,700				12 years
Completed technology -Non-Laser			18,300				10 years
Trademarks and trade names			14,400				7 years
Customer relationships			25,400				10 years
Backlog			2,400				1 year
		$	316,200

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