Business Combination (Tables)

3 Months Ended

Jul. 02, 2017

Total consideration consisted of the following:



(in thousands)
Cash paid to GigPeak shareholders	$	246,717
Fair value of partially vested employee equity awards related to pre-combination services	3,400
Total purchase price	250,117
Less: cash acquired	(9,001		)
Total purchase price, net of cash acquired	$	241,116

Schedule of allocation of purchase price

The Company's preliminary purchase price allocation is as follows:



(in thousands)	Estimated Fair Value
Cash and cash equivalents	$	9,001
Accounts receivable, net	14,703
Inventories	19,247
Prepayments and other current assets	2,641
Property, plant and equipment, net	2,434
Goodwill	113,192
Intangible assets, net	97,860
Deferred tax assets	6,714
Other assets	1,501
Accounts payable	(5,753		)
Accrued compensation and related expenses	(3,154		)
Other accrued liabilities	(3,512		)
Other long-term liabilities	(4,757		)
Total purchase price	$	250,117

Schedule of allocation of intangible assets

A summary of the preliminary estimated fair value of the intangible assets, net acquired and their estimated useful lives is as follows:



(in thousands)	Estimated Fair Value		Estimated Useful Life
Developed technology	$	56,000	5 years
Customer contracts and related relationships	28,900		5 years
Order backlog	200		1 year
Software licenses	2,560		less than a year
In-process research and development ("IPR&D")	10,200
Total	$	97,860

Pro forma financial information including acquisition

The following unaudited pro forma financial information present combined results of operations for each of the periods presented, as if GigPeak had been acquired as of the beginning of fiscal year 2017. The pro forma financial information primarily includes the business combination effect of the amortization charges from acquired intangible assets, the amortization of the fair value inventory, interest expenses and the acquisition-related expenses. The pro forma data are for informational purposes only and are not necessarily indicative of the consolidated results of operations of the combined business had the acquisition actually occurred at the beginning of fiscal year 2017 or of the results of future operations of the combined business. Consequently, actual results will differ from the unaudited pro forma information presented below:




	Three Months Ended
(Unaudited in thousands, except per share data)	July 2, 2017		July 3, 2016
Revenues	$	196,713	$	207,496
Net income	$	22,869	$	11,391
Basic net income per share	$	0.17	$	0.09
Diluted net income per share	$	0.17	$	0.08