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Acquisitions (Tables)

12 Months Ended

Jun. 30, 2018

Conexant Systems, LLC [Member]

Business Acquisition [Line Items]

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the amounts recorded for the estimated fair values of the assets acquired and liabilities assumed as of the Conexant Closing Date (in millions):

Cash		$	4.3
Accounts receivable			11.7
Inventory			51.0
Other current assets			3.5
Property and equipment			3.2
Acquired intangible assets			145.7
Other assets			0.9
Total identifiable assets acquired			220.3
Accounts payable			14.2
Accrued compensation			1.3
Other accrued liabilities			9.3
Other long-term liabilities			3.0
Net identifiable assets acquired			192.5
Goodwill			153.7
Net assets acquired		$	346.2

Summary of Unaudited Pro Forma Financial Information Presents Combined Results of Operations

The following unaudited pro forma financial information (in millions, except per share data) presents the combined results of operations for us and Conexant as if the Conexant Acquisition had occurred on June 30, 2016. The unaudited pro forma financial information has been prepared for comparative purposes only and does not purport to be indicative of the actual operating results that would have been recorded had the Conexant Acquisition actually taken place on June 30, 2016 and should not be taken as indicative of future consolidated operating results. Additionally, the unaudited pro forma financial results do not include any anticipated synergies or other expected benefits from the Conexant Acquisition.

		2018				2017
Revenue		$	1,638.4			$	1,829.0
Net income/(loss)			(124.4	)			34.9
Net income/(loss) per share			(3.64	)			1.01

Summary of Pro Forma Adjustments Used to Arrive Pro Forma Net Income

Pro forma adjustments used to arrive at pro forma net income for fiscal year 2018 and 2017 were as follows (in millions):

		2018				2017
Buyer transaction costs		$	0.9			$	-
Interest expense			-				(18.1	)
Intangible amortization			(1.8	)			(23.7	)
Depreciation			(0.5	)			(0.9	)
Income tax adjustment			0.4				15.0
Total		$	(1.0	)		$	(27.7	)

Marvell Technology Group Ltd [Member]

Business Acquisition [Line Items]

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the amounts recorded for the estimated fair values of the assets acquired and liabilities assumed as of the Marvell Business Acquisition date (in millions):

Inventory		$	28.4
Property and equipment			5.0
Acquired intangible assets			48.7
Total identifiable assets acquired			82.1
Accrued liabilities			0.7
Net identifiable assets acquired			81.4
Goodwill			12.3
Net assets acquired		$	93.7

Summary of Unaudited Pro Forma Financial Information Presents Combined Results of Operations

The following unaudited pro forma financial information (in millions, except per share data) presents the combined results of operations for us and Marvell as if the Marvell Business Acquisition had occurred on June 30, 2016. The unaudited pro forma financial information has been prepared for comparative purposes only and does not purport to be indicative of the actual operating results that would have been recorded had the Marvell Business Acquisition actually taken place on June 30, 2016 and should not be taken as indicative of future consolidated operating results. Additionally, the unaudited pro forma financial results do not include any anticipated synergies or other expected benefits from the Marvell Business Acquisition. As the Marvell Business Acquisition was an asset acquisition and only a portion of Marvell’s multimedia solutions business was acquired, the unaudited pro forma financial information has been prepared using certain estimates.

		2018				2017
Revenue		$	1,670.7			$	1,793.6
Net income/(loss)			(123.6	)			27.7
Net income/(loss) per share			(3.61	)			0.82

Summary of Pro Forma Adjustments Used to Arrive Pro Forma Net Income

Pro forma adjustments used to arrive at pro forma net loss for fiscal 2018 and 2017 were as follows (in millions):

		2018				2017
Buyer transaction costs		$	1.1			$	-
Interest expense			-				(19.6	)
Intangible amortization			(2.3	)			(17.6	)
Income tax adjustment			0.3				13.0
Total		$	(0.9	)		$	(24.2	)

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