XML 58 R42.htm IDEA: XBRL DOCUMENT

Acquisition (Tables)

12 Months Ended

Dec. 31, 2020

The purchase price of ESI consisted of the following:

Cash paid for outstanding shares⁽¹⁾	$	1,032.7
Settlement of share-based compensation awards⁽²⁾		30.6
Total purchase price		1,063.3
Less: cash and cash equivalents acquired		(44.1	)
Total purchase price, net of cash and cash equivalents acquired	$	1,019.2

⁽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)	$	208.0
Inventory		81.7
Intangible assets		316.2
Goodwill		474.0
Property, plant and equipment		65.5
Long-term assets		9.6
Total assets acquired		1,155.0
Current liabilities		51.5
Non-current deferred taxes		33.0
Other long-term liabilities		7.2
Total liabilities assumed		91.7
Fair value of assets acquired and liabilities assumed		1,063.3
Less: Cash and cash equivalents acquired		(44.1	)
Total purchase price, net of cash and cash equivalents acquired	$	1,019.2

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	$	255.7	12 years
Completed technology - Non-Laser		18.3	10 years
Trademarks and trade names		14.4	7 years
Customer relationships		25.4	10 years
Backlog		2.4	1 year
	$	316.2

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	$	183.7
Net loss	$	(33.5	)
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	$	1,914.6	$	2,445.7
Net income	$	171.5	$	424.8
Net income per share:
Basic	$	3.14	$	7.81
Diluted	$	3.11	$	7.72