Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

v3.21.2
Acquisitions (Tables)
6 Months Ended
Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The following table sets forth an allocation of the preliminary purchase price to the identifiable tangible and intangible assets acquired and liabilities assumed, with the excess recorded to goodwill (in thousands):
Cash $ 51,407 
Restricted cash 200 
Accounts and unbilled receivables 1,359 
Property and equipment, net 7,823 
Right-of-use asset 3,070 
Other assets 1,338 
Intangibles acquired 385,000 
Goodwill(1)
91,837 
Accounts payable (6,814)
Accrued liabilities (8,455)
Deferred revenue (3,908)
Lease liabilities (3,070)
Other liabilities (1,382)
Deferred tax liabilities, net (53,296)
$ 465,109 
(1) Goodwill represents the excess of the purchase price over the preliminary fair value of the underlying assets acquired and liabilities assumed. Goodwill is attributable to the assembled workforce of experienced personnel at Pfenex and expected synergies. None of the goodwill is expected to be deductible for tax purposes.
Schedule of Pro Forma Information
The following summary presents our unaudited pro forma consolidated results of operations for the three and six months ended June 30, 2020 as if the Pfenex acquisition had occurred on January 1, 2020, which gives effect to certain transaction accounting adjustments, including amortization of acquired intangibles and share based compensation expense for retained Pfenex employees. The pro forma financial information is not necessarily indicative of the operating results that would have occurred had the acquisition been consummated as of the date indicated, nor is it necessarily indicative of future operating results (in thousands, except per share amounts):
Three months ended
June 30, 2020
Six months ended
June 30, 2020
Revenue $ 42,201  $ 76,044 
Net income (loss) $ 7,435  $ (30,505)
Net income (loss) per common share:
Basic $ 0.46  $ (1.87)
Diluted $ 0.45  $ (1.87)