Acquisition and Divestiture (Tables)

12 Months Ended

Jan. 28, 2024

Business Combination and Asset Acquisition [Abstract]

The purchase price consideration was as follows:


(in thousands)	January 29, 2023
Cash consideration paid to common shareholders	$	1,213,091
Cash consideration paid to holders of Sierra Wireless equity compensation awards (1)	37,669
Total cash consideration paid to selling equity holders	$	1,250,760
Sierra Wireless debt settled at close	58,791
Total purchase price consideration	$	1,309,551

(1) Consideration for Sierra Wireless equity compensation awards consisted of $37.7 million paid for the pre-combination portion of unvested equity awards that were accelerated as part of the Arrangement Agreement. The fair value of the unvested equity awards attributable to the post-combination period of $45.7 million is included in the Company's Statements of Operations for the fiscal year ended January 29, 2023.


(in thousands)	Amounts recognized as of Acquisition Date (as initially reported)		Measurement period adjustments		Amounts recognized as of Acquisition Date (as adjusted)
Total purchase price consideration, net of cash acquired $68,794	$	1,240,757			$	1,240,757
Assets:					—
Accounts receivable, net	92,633		—		92,633
Inventories	96,339		(1,899)		94,440
Other current assets	72,724		5,003		77,727
Property, plant and equipment	29,086		(2,628)		26,458
Intangible assets	214,780		—		214,780
Prepaid taxes	3,001		—		3,001
Deferred tax assets	22,595		285		22,880
Other assets	14,878		—		14,878
Liabilities:
Accounts payable	50,413		210		50,623
Accrued liabilities	148,654		26,232		174,886
Deferred tax liabilities	4,824		350		5,174
Other long-term liabilities	32,785		(2,106)		30,679
Net assets acquired, excluding goodwill	$	309,360	$	(23,925)	285,435
Goodwill	$	931,397	$	23,925	$	955,322

The Company recognized $74.5 million of acquisition-related costs that were expensed in the Statements of Operations in fiscal year 2023 as follows:


(in thousands)	Share-based compensation acceleration expense		Other acquisition costs expensed		Total
Cost of sales	$	802	$	—	$	802
Selling, general and administrative	33,937		28,798		$	62,735
Product development and engineering	11,010		—		$	11,010
Total acquisition costs expensed	$	45,749	$	28,798	$	74,547

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

A summary of the purchase price allocation to amortizable intangible assets is as follows:

(in thousands)

Estimated Useful Life

January 12, 2023

Amortizable intangible assets:

Developed technology

1-6 years

152,780

Customer relationships

2-10 years

53,000

Trade name

2-10 years

9,000

Total amortizable intangible assets

214,780

Business Acquisition, Pro Forma Information

The following table provides a summary of the pro forma unaudited consolidated results of operations of Sierra Wireless as if the Sierra Wireless Acquisition had been completed on February 1, 2021 (the first day of fiscal year 2022):


	Fiscal Year Ended
	January 29, 2023		January 30, 2022
(in thousands)	(unaudited)		(unaudited)
Total revenues	$	1,415,721	$	1,214,067
Net (loss) income	22,174		(144,342)