Acquisitions (Tables)

12 Months Ended

Apr. 01, 2018

Business Combinations [Abstract]

Schedule of Total Consideration of Acquisition

Total consideration consisted of the following:

(in thousands)
Cash paid to ZMDI shareholders	$	307,030
Less: cash acquired	(27,892		)
Total purchase price, net of cash acquired	$	279,138

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 Purchase Price Allocation

The Company's allocation of the purchase price is as follows:

(in thousands)	Estimated Fair Value
Cash	$	27,892
Accounts receivable	10,618
Inventories	19,892
Other current assets	1,551
Property, plant and equipment	9,287
Other non-current assets	2,003
Intangible assets	126,200
Goodwill	170,089
Accounts payable	(5,633		)
Accrued and other current liabilities	(19,141		)
Loans payable	(9,437		)
Deferred tax liability	(23,467		)
Other long term liabilities	(2,824		)
Total purchase price	$	307,030

The Company's purchase price allocation with immaterial adjustments made through April 1, 2018 is as follows:

(in thousands)	Estimated Fair Value
Cash and cash equivalents	$	9,001
Accounts receivable	14,806
Inventories	18,399
Prepayments and other current assets	2,641
Property, plant and equipment	2,434
Goodwill	113,192
Intangible assets	97,860
Deferred tax assets	7,610
Other assets	1,501
Accounts payable	(5,753		)
Accrued compensation and related expenses	(3,279		)
Other accrued liabilities	(3,538		)
Long-term income tax payable	(1,253		)
Other long-term liabilities	(3,504		)
Total purchase price	$	250,117

Schedule of Fair Value of Intangible Assets Acquired and Useful Lives

A summary of the 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 (in years)
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

A summary of the allocation of intangible assets is as follows:

(in thousands)	Estimated Fair Value		Estimated Useful Life (in years)
Developed technology	$	75,600	7
Customer relationships	44,000		7
Order backlog	5,800		1
Trademark	800		1
Total	$	126,200

Schedule of Pro Forma Financial Information Including Acquisition

Consequently, actual results will differ from the unaudited pro forma information presented below:

	Fiscal Year Ended
(Unaudited in thousands, except per share data)	April 1, 2018			April 2, 2017
Revenues	$	842,764		$	790,319
Net income (loss)	$	(961	)	$	83,873
Basic net income (loss) per share - continuing operations	$	(0.01	)	$	0.63
Diluted net income (loss) per share - continuing operations	$	(0.01	)	$	0.61

Consequently, actual results will differ from the unaudited pro forma information presented below:

	Fiscal Year Ended
(Unaudited in thousands, except per share data)	April 3, 2016		March 29, 2015
Revenues	$	760,232	$	650,815
Net income	$	202,213	$	67,690
Basic net income per share - continuing operations	$	1.42	$	0.46
Diluted net income per share - continuing operations	$	1.37	$	0.44