Business Combination (Tables)

6 Months Ended

Dec. 31, 2019

Summary of Unaudited Pro Forma Financial Information

	Three Months Ended						Six Months Ended
	December 31, 2019			December 31, 2018			December 31, 2019			December 31, 2018
Net revenues	$	268,367		$	288,873		$	536,045		$	568,107
Net loss	$	(5,031	)	$	(20,694	)	$	(28,847	)	$	(59,779	)
Net loss per share - basic and diluted	$	(0.04	)	$	(0.18	)	$	(0.24	)	$	(0.51	)
Shares used in per share calculation - basic and diluted		119,555			117,544			119,891			117,456

Aerohive Networks, Inc.

Components of Aggregate Estimated Purchase Consideration

The components of aggregate estimated purchase consideration are as follows (in thousands):

Estimated purchase consideration	August 9, 2019
Cash paid to acquire outstanding shares	$	263,616
Replacement of stock-based awards		3,530
Aggregate estimated purchase consideration	$	267,146

Summary of Preliminary Allocation of Tangible and Identifiable Intangible Assets Acquired and Liabilities Assumed

The preliminary purchase price allocation is set forth in the table below and reflects estimated fair values (in thousands).

	Preliminary Allocation as of August 9, 2019			Adjustments				Allocation as of December 31, 2019
Cash and cash equivalents	$	44,158		$	—			$	44,158
Short-term investments		45,148			—				45,148
Accounts receivable, net		11,753			—				11,753
Inventories		16,698			2,534		a		19,232
Prepaid expenses and other current assets		3,980			(56	)	b		3,924
Property and equipment		2,185			179		c		2,364
Operating lease right-of-use assets		6,336			—				6,336
Other assets		2,195			—				2,195
Debt		(20,000	)		—				(20,000	)
Accounts payable		(9,737	)		—				(9,737	)
Accrued compensation and benefits		(7,129	)		—				(7,129	)
Accrued warranty		(570	)		—				(570	)
Other accrued liabilities		(1,960	)		—				(1,960	)
Operating lease liabilities		(4,752	)		—				(4,752	)
Deferred revenue		(68,415	)		—				(68,415	)
Other liabilities		(408	)		—				(408	)
Net tangible assets		19,482			2,657				22,139
Identifiable intangible assets		53,400			—				53,400
Goodwill		194,264			(2,657	)	a,b,c		191,607
Total intangible assets acquired		247,664			(2,657	)			245,007
Total net assets acquired	$	267,146		$	-			$	267,146

The changes during the period in the table above include: a) adjustment of the fair value of inventories acquired, b) write-off of an asset with no future economic value as of the Acquisition Date, c) adjustment to the value of property and equipment as of the Acquisition Date at an international location.

Schedule of Identifiable Intangible Assets Acquired as Part of Acquisition

The following table presents details of the identifiable intangible assets acquired as part of the Acquisition (dollars in thousands):

Intangible Assets	Estimated Useful Life (in years)		Amount
Developed technology		4	$	40,000
Backlog		1		400
Customer relationships		7		11,400
Trade names		1		1,600
Total identifiable intangible assets			$	53,400