ADTRAN Holdings, Inc. (NASDAQ: ADTN and FSE: QH9) (“ADTRAN
Holdings” or the “Company”) today announced its financial results
for the second quarter of 2023. For the quarter, revenue was $327.4
million, up 90% year-over-year and 1% quarter-over-quarter. Net
loss attributable to the Company for the second quarter of 2023 was
$33.3 million, down 1,655% year-over-year and up 3%
quarter-over-quarter. Consequently, diluted loss per share
attributable to the Company for the quarter was $0.43, down by
1,175% year-over-year and up 2% quarter-over-quarter. Non-GAAP net
income attributable to the Company was $0.1 million, down 99%
year-over-year and up 102% quarter-over-quarter. Consequently,
non-GAAP diluted earnings per share attributable to the Company was
$0.00, down 99% year-over-year and up 102% quarter-over-quarter.
Non-GAAP net loss and non-GAAP diluted loss per share exclude
acquisition related expenses, amortization, adjustments (consisting
of intangible amortization of backlog, developed technology,
customer relationships, and trade names acquired in connection with
business combinations and amortization of inventory fair value
adjustments), stock-based compensation expense, amortization of
pension actuarial losses, deferred compensation adjustments,
integration expenses, restructuring expenses, changes in valuation
allowance related to our deferred tax assets, and the tax effect of
these adjustments to net (loss) income. The reconciliations between
the non-GAAP net loss measures presented herein and the respective
equivalent GAAP financial measures are set forth in the tables
provided below.
ADTRAN Holdings Chairman and Chief Executive Officer Tom Stanton
stated, “Our Q2 2023 results were in line with our expectations.
Although new customer acquisitions remain near an all-time high, we
anticipate the second half of 2023 will continue to present
challenges due to customers optimizing inventory and the
macroeconomic environment. Nevertheless, we continue to believe
that we are in the early stage of an unprecedented investment cycle
and ADTRAN Holdings is well positioned to be one of the largest
beneficiaries.”
The Company also announced that its Board of Directors declared
a cash dividend for the second quarter of 2023. The quarterly cash
dividend of $0.09 per common share is to be paid to the Company’s
stockholders of record as of the close of business on August 21,
2023. The ex-dividend date is August 20, 2023, and the payment date
will be September 5, 2023.
The Company confirmed that it will hold a conference call to
discuss its second quarter results on Tuesday, August 8, 2023, at
9:30 a.m. Central Time, or 4:30 p.m. Central European Summer Time.
ADTRAN Holdings will webcast this conference call. To listen,
simply visit our Investor Relations site at investors.adtran.com
approximately 10 minutes prior to the start of the call, click on
the event “ADTRAN Holdings Releases 2nd Quarter 2023 Financial
Results and Earnings Call”, and click on the webcast link.
An online replay of the Company’s conference call, as well as
the transcript of the Company's conference call, will be available
on the Investor Relations site approximately 24 hours following the
call and will remain available for at least 12 months. For more
information, visit investors.adtran.com or email
investor.relations@adtran.com.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this press release which are not
historical facts, such as those relating to strategy, outlook and
financial guidance, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can also generally be identified by the
use of words such as “believe,” “expect,” “intend,” “estimate,”
“anticipate,” “will,” “may,” “could” and similar expressions. In
addition, ADTRAN Holdings, through its senior management, may from
time to time make forward-looking public statements concerning the
matters described herein. All such projections and other
forward-looking information speak only as of the date hereof, and
ADTRAN Holdings undertakes no duty to publicly update or revise
such forward-looking information, whether as a result of new
information, future events, or otherwise, except to the extent as
may be required by law. All such forward-looking statements are
necessarily estimates and reflect management’s best judgment based
upon current information. Actual events or results may differ
materially from those anticipated in these forward-looking
statements as a result of a variety of factors. While it is
impossible to identify all such factors, factors which could cause
actual events or results to differ materially from those estimated
by ADTRAN Holdings include, but are not limited to: (i) risks and
uncertainties related to manufacturing and supply chain
constraints; (ii) risks and uncertainties related to the completed
business combination between the Company, ADTRAN, Inc. (“ADTRAN”)
and Adtran Networks SE (“Adtran Networks”), formerly ADVA Optical
Networks SE, including risks related to the ability to successfully
integrate ADTRAN’s and Adtran Networks’ businesses, the disruption
of management time from ongoing business operations due to
integration efforts following the business combination, and the
risk that ADTRAN Holdings may be unable to achieve expected
synergies or that it may take longer or be more costly than
expected to achieve those synergies; (iii) the risk of fluctuations
in revenue, including due to lengthy sales and approval processes
required by major and other service providers for new products and
changes in customer demand, as well as tighter inventory management
of ADTRAN Holdings’ customers; (iv) the risk posed by potential
breaches of information systems and cyber-attacks; (v) the risk
that ADTRAN Holdings may not be able to effectively compete,
including through product improvements and development; (vi) risks
related to ongoing patent litigation; and (vii) other risks set
forth in ADTRAN Holdings’ public filings made with the Securities
and Exchange Commission, including its Annual Report on Form 10-K
for the year ended December 31, 2022, as well as its Form 10-Q for
the quarter ended March 31, 2023 filed with the SEC.
Explanation of Use of Non-GAAP Financial Measures
Set forth in the tables below are reconciliations of gross
profit, gross margin, operating expenses, operating (loss) income,
other income (expense), net (loss) income inclusive of the
non-controlling interest, net (loss) income attributable to the
Company, net loss attributable to the non-controlling interest, and
(loss) earnings per share - basic and diluted, attributable to the
Company, in each case as reported based on generally accepted
accounting principles in the United States (“GAAP”), to non-GAAP
gross profit, non-GAAP gross margin, non-GAAP operating expenses,
non-GAAP operating income (loss), non-GAAP other (expense) income,
non-GAAP net (loss) income inclusive of the non-controlling
interest, non-GAAP net income (loss) attributable to the Company,
non-GAAP net loss attributable to the non-controlling interest, and
non-GAAP earnings (loss) per share - basic and diluted,
attributable to the Company, respectively. Such non-GAAP measures
exclude acquisition related expenses, amortization and adjustments
(consisting of intangible amortization of backlog, developed
technology, customer relationships, and trade names acquired in
connection with business combinations and amortization of inventory
fair value adjustments), stock-based compensation expense,
amortization of pension actuarial losses, deferred compensation
adjustments, integration expenses, restructuring expenses, asset
impairments, changes in valuation allowance related to our deferred
tax assets, and the tax effect of these adjustments to net income.
These measures are used by management in our ongoing planning and
annual budgeting processes. Additionally, we believe the
presentation of these non-GAAP measures when combined with the
presentation of the most directly comparable GAAP financial
measure, is beneficial to the overall understanding of ongoing
operating performance of the Company.
These non-GAAP financial measures are not prepared in accordance
with, or an alternative for, GAAP and therefore should not be
considered in isolation or as a substitution for analysis of our
results as reported under GAAP. Additionally, our calculation of
non-GAAP measures may not be comparable to similar measures
calculated by other companies.
About Adtran
ADTRAN Holdings, Inc. (NASDAQ: ADTN and FSE: QH9) is the parent
company of Adtran, Inc., a leading global provider of open,
disaggregated networking and communications solutions that enable
voice, data, video and internet communications across any network
infrastructure. From the cloud edge to the subscriber edge, Adtran
empowers communications service providers around the world to
manage and scale services that connect people, places and things.
Adtran solutions are used by service providers, private
enterprises, government organizations and millions of individual
users worldwide. ADTRAN Holdings, Inc. is also the largest
shareholder of Adtran Networks SE, formerly ADVA Optical Networking
SE. Find more at Adtran, LinkedIn and Twitter.
Published by
ADTRAN Holdings, Inc.
www.adtran.com
Condensed Consolidated Balance
Sheets
(Unaudited)
(In thousands)
June 30,
December 31,
2023
2022
Assets
Current Assets
Cash and cash equivalents
$
124,294
$
108,644
Short-term investments
3,089
340
Accounts receivable, net
239,565
279,435
Other receivables
32,394
32,831
Inventory, net
416,802
427,531
Prepaid expenses and other current
assets
33,880
33,577
Total Current Assets
850,024
882,358
Property, plant and equipment, net
115,719
110,699
Deferred tax assets
82,076
67,839
Goodwill
388,163
381,724
Intangibles, net
355,084
401,211
Other non-current assets
60,634
66,998
Long-term investments
31,238
32,665
Total Assets
$
1,882,938
$
1,943,494
Liabilities, Redeemable Non-Controlling
Interest and Equity
Current Liabilities
Accounts payable
$
171,735
$
237,699
Revolving credit agreements
outstanding
210,912
95,936
Notes payable
—
24,598
Unearned revenue
48,030
41,193
Accrued expenses and other liabilities
26,807
35,235
Accrued wages and benefits
36,843
44,882
Income tax payable, net
15,314
9,032
Total Current Liabilities
509,641
488,575
Deferred tax liabilities
44,614
61,629
Non-current unearned revenue
24,111
19,239
Pension liability
10,883
10,624
Deferred compensation liability
28,522
26,668
Non-current lease obligations
20,834
22,807
Other non-current liabilities
16,401
10,339
Total Liabilities
655,006
639,881
Redeemable Non-Controlling
Interest
445,462
—
Equity
Common stock
787
781
Additional paid-in capital
766,428
895,834
Accumulated other comprehensive income
62,208
46,713
Retained (deficit) earnings
(41,010
)
55,338
Treasury stock
(5,943
)
(4,125
)
Non-controlling interest
—
309,072
Total Equity
782,470
1,303,613
Total Liabilities, Redeemable
Non-Controlling Interest and Equity
$
1,882,938
$
1,943,494
Condensed Consolidated
Statements of (Loss) Income
(Unaudited)
(In thousands, except per
share amounts)
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
Revenue
Network Solutions
$
283,002
$
155,992
$
565,420
$
294,366
Services & Support
44,376
16,046
85,870
32,190
Total Revenue
327,378
172,038
651,290
326,556
Cost of Revenue
Network Solutions
216,960
99,921
436,090
190,575
Services & Support
17,865
9,611
34,839
19,159
Total Cost of Revenue
234,825
109,532
470,929
209,734
Gross Profit
92,553
62,506
180,361
116,822
Selling, general and administrative
expenses
66,583
27,873
133,980
55,766
Research and development expenses
70,598
26,500
140,741
52,991
Operating (Loss) Income
(44,628
)
8,133
(94,360
)
8,065
Interest and dividend income
358
217
662
421
Interest expense
(4,064
)
(94
)
(7,351
)
(124
)
Net investment gain (loss)
1,262
(4,646
)
2,514
(8,061
)
Other income, net
2,494
681
2,191
455
(Loss) Income Before Income
Taxes
(44,578
)
4,291
(96,344
)
756
Income tax benefit (expense)
8,363
(2,148
)
19,676
260
Net (Loss) Income
$
(36,215
)
$
2,143
$
(76,668
)
$
1,016
Less: Net Loss attributable to
non-controlling interest(1)
(2,881
)
—
(8,870
)
—
Net (Loss) Income attributable to
ADTRAN Holdings, Inc.
$
(33,334
)
$
2,143
$
(67,798
)
$
1,016
Weighted average shares outstanding –
basic
78,366
49,123
78,364
49,110
Weighted average shares outstanding –
diluted
78,366
49,809
78,364
49,813
(Loss) earnings per common share
attributable to ADTRAN Holdings, Inc. – basic
$
(0.43
)
$
0.04
$
(0.87
)
$
0.02
(Loss) earnings per common share
attributable to ADTRAN Holdings, Inc. – diluted
$
(0.43
)
$
0.04
$
(0.87
)
$
0.02
(1) For the three and six months ended
June 30, 2023, we have recognized $2.9 million and $5.7 million,
respectively, representing the recurring cash compensation earned
by non-controlling interest shareholders post-DPLTA and an
incremental $3.2 million net loss attributable to non-controlling
interests pre-DPLTA for the six months ended June 30, 2023.
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
(In thousands)
Six Months Ended
June 30,
2023
2022
Cash flows from operating
activities:
Net (loss) income
$
(76,668
)
$
1,016
Adjustments to reconcile net loss to net
cash (used in) provided by operating activities:
Depreciation and amortization
67,467
7,235
Amortization of debt issuance cost
291
—
(Gain) loss on investments
(4,530
)
7,882
Stock-based compensation expense
8,103
3,781
Deferred income taxes
(31,962
)
(93
)
Other, net
130
27
Inventory reserves
20,885
(4,296
)
Changes in operating assets and
liabilities:
Accounts receivable, net
40,975
(14,315
)
Other receivables
561
2,606
Inventory
(6,920
)
(53,982
)
Prepaid expenses, other current assets and
other assets
7,105
671
Accounts payable
(67,923
)
42,968
Accrued expenses and other liabilities
110
2,179
Income taxes payable, net
6,216
(1,597
)
Net cash used in by operating
activities
(36,160
)
(5,918
)
Cash flows from investing
activities:
Purchases of property, plant and
equipment
(20,118
)
(3,285
)
Proceeds from sales and maturities of
available-for-sale investments
2,074
25,071
Purchases of available-for-sale
investments
(580
)
(17,002
)
Proceeds from beneficial interests in
securitized accounts receivable
1,156
—
Net cash (used in) provided by
investing activities
(17,468
)
4,784
Cash flows from financing
activities:
Tax withholdings related to stock-based
compensation settlements
(6,315
)
(333
)
Proceeds from stock option exercises
163
636
Dividend payments
(14,156
)
(8,877
)
Proceeds from draw on revolving credit
agreements
163,729
28,000
Repayment of revolving credit
agreements
(49,155
)
(28,000
)
Non-controlling interest put option
buyback
(1,202
)
—
Repayment of notes payable
(24,885
)
—
Net cash provided by (used in)
financing activities
68,179
(8,574
)
Net increase (decrease) in cash and cash
equivalents
14,551
(9,708
)
Effect of exchange rate changes
1,099
(3,742
)
Cash and cash equivalents, beginning of
period
108,644
56,818
Cash and cash equivalents, end of
period
$
124,294
$
43,368
Supplemental disclosure of cash financing
activities:
Cash paid for interest
$
4,719
$
124
Cash used in operating activities related
to operating leases
$
4,502
$
915
Supplemental disclosure of non-cash
investing activities:
Right-of-use assets obtained in exchange
for lease obligations
$
515
$
552
Purchases of property, plant and equipment
included in accounts payable
$
2,662
$
818
Supplemental
Information
Reconciliation of Gross Profit
and Gross Margin to
Non-GAAP Gross Profit and
Non-GAAP Gross Margin
(Unaudited)
(In thousands)
Three Months Ended
Six Months Ended
June 30, 2023
March 31, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Total Revenue
$
327,378
$
323,912
$
172,038
$
651,290
$
326,556
Cost of Revenue
$
234,825
$
236,104
$
109,532
$
470,929
$
209,734
Acquisition-related expenses, amortization
and adjustments(1)
(33,439
)
(32,578
)
—
(66,017
)
—
Stock-based compensation expense
(335
)
(240
)
(162
)
(575
)
(321
)
Restructuring expenses(2)
—
(76
)
—
(76
)
—
Non-GAAP Cost of Revenue
$
201,051
$
203,210
$
109,370
$
404,261
$
209,413
Gross Profit
$
92,553
$
87,808
$
62,506
$
180,361
$
116,822
Non-GAAP Gross Profit
$
126,327
$
120,702
$
62,668
$
247,029
$
117,143
Gross Margin
28.3
%
27.1
%
36.3
%
27.7
%
35.8
%
Non-GAAP Gross Margin
38.6
%
37.3
%
36.4
%
37.9
%
35.9
%
(1) Includes intangible amortization of
backlog, inventory fair value adjustments, developed technology,
customer relationships, and trade names acquired in connection with
business combinations.
(2) Includes expenses for restructuring
program designed to optimize the assets and business processes
following the business combination with Adtran Networks.
Supplemental
Information
Reconciliation of Operating
Expenses to Non-GAAP Operating Expenses
(Unaudited)
(In thousands)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
2023
2023
2022
2023
2022
Operating Expenses
$
137,181
$
137,540
$
54,373
$
274,721
$
108,757
Acquisition-related expenses, amortization
and adjustments
(4,398
)
(1)
(4,584
)
(6)
(2,123
)
(10)
(8,982
)
(12)
(4,453
)
(16)
Stock-based compensation expense
(3,974
)
(2)
(3,458
)
(7)
(1,726
)
(11)
(7,432
)
(13)
(3,460
)
(17)
Restructuring expenses
(5,868
)
(3)
(2,361
)
(8)
—
(8,229
)
(14)
(2
)
Pension adjustments
—
—
—
—
—
Integration expenses
(563
)
(4)
(849
)
(9)
—
(1,412
)
(15)
—
Deferred compensation adjustments(5)
307
(394
)
3,737
(87
)
6,433
Non-GAAP Operating Expenses
$
122,685
$
125,894
$
54,261
$
248,579
$
107,275
(1) Includes intangible amortization of
developed technology, customer relationships, and trade names
acquired in connection with business combinations, of which $3.9
million is included in selling, general and administrative expenses
and $0.5 million is included in research and development expenses
on the condensed consolidated statements of (loss) income.
(2) $2.7 million is included in selling,
general and administrative expenses and $1.3 million is included in
research and development expenses on the condensed consolidated
statements of (loss) income.
(3) $1.4 million is included in selling,
general and administrative expenses and $4.5 million is included in
research and development expenses on the condensed consolidated
statements of (loss) income.
(4) $0.6 million is included in selling,
general and administrative expenses on the condensed consolidated
statements of (loss) income. Includes fees relating to the
expansion of internal controls at Adtran Networks and the
implementation of the DPLTA.
(5) Includes non-cash change in fair value
of equity investments held in the ADTRAN Holdings, Inc. Deferred
Compensation Program for Employees, all of which is included in
selling, general and administrative expenses on the condensed
consolidated statement of (loss) income.
(6) Includes intangible amortization of
developed technology, customer relationships, and trade names
acquired in connection with business combinations, of which $4.1
million is included in selling, general and administrative expenses
and $0.5 million is included in research and development expenses
on the condensed consolidated statements of (loss) income.
(7) $2.5 million is included in selling,
general and administrative expenses and $1.0 million is included in
research and development expenses on the condensed consolidated
statements of (loss) income.
(8) $2.2 million is included in selling,
general and administrative expenses and $0.2 million is included in
research and development expenses on the condensed consolidated
statements of (loss) income.
(9) $0.8 million is included in selling,
general and administrative expenses on the condensed consolidated
statements of (loss) income. Includes fees relating to the
expansion of internal controls at Adtran Networks and the
implementation of the DPLTA.
(10) $1.6 million is included in selling,
general and administrative expenses and $0.5 million is included in
research and development expenses on the condensed consolidated
statements of (loss) income.
(11) $1.1 million is included in selling,
general and administrative expenses and $0.6 million is included in
research and development expenses on the condensed consolidated
statements of (loss) income.
(12) Includes intangible amortization of
developed technology, customer relationships, and trade names
acquired in connection with business combinations, of which $8.0
million is included in selling, general and administrative expenses
and $1.0 million is included in research and development expenses
on the condensed consolidated statements of (loss) income.
(13) $5.1 million is included in selling,
general and administrative expenses and $2.3 million is included in
research and development expenses on the condensed consolidated
statements of (loss) income.
(14) $3.5 million is included in selling,
general and administrative expenses and $4.7 million is included in
research and development expenses on the condensed consolidated
statements of (loss) income.
(15) $1.4 million is included in selling,
general and administrative expenses on the condensed consolidated
statements of (loss) income. Includes fees relating to the
expansion of internal controls at Adtran Networks and the
implementation of the DPLTA.
(16) Includes intangible amortization of
developed technology, customer relationships, and trade names
acquired in connection with business combinations, of which $3.4
million is included in selling, general and administrative expenses
and $1.0 million is included in research and development expenses
on the condensed consolidated statements of (loss) income.
(17) $2.3 million is included in selling,
general and administrative expenses and $1.2 million is included in
research and development expenses on the condensed consolidated
statements of (loss) income.
Supplemental
Information
Reconciliation of Operating
(Loss) Income to Non-GAAP Operating Income (Loss)
(Unaudited)
(In thousands)
Three Months Ended
Six Months Ended
June 30,
March,
June 30,
June 30,
June 30,
2023
2023
2022
2023
2022
Operating (Loss) Income
$
(44,628
)
$
(49,732
)
$
8,133
$
(94,360
)
$
8,065
Acquisition related expenses, amortization
and adjustments(1)
37,837
37,162
2,123
74,999
4,453
Stock-based compensation expense
4,309
3,698
1,888
8,007
3,781
Pension adjustments
—
—
—
—
—
Restructuring expenses(2)
5,868
2,437
—
8,305
2
Integration expenses
563
849
—
1,412
—
Deferred compensation adjustments(3)
(307
)
394
(3,737
)
87
(6,433
)
Non-GAAP Operating Income
(Loss)
$
3,642
$
(5,192
)
$
8,407
$
(1,550
)
$
9,868
(1) Includes intangible amortization of
backlog, inventory fair value adjustments, developed technology,
customer relationships, and trade names acquired in connection with
business combinations.
(2) Includes expenses for restructuring
program designed to optimize the assets and business processes
following the business combination with Adtran Networks.
(3) Includes non-cash change in fair value
of equity investments held in the ADTRAN Holdings, Inc. Deferred
Compensation Program for Employees, all of which is included in
selling, general and administrative expenses on the condensed
consolidated statement of (loss) income.
Supplemental
Information
Reconciliation of Other Income
(Expense) to Non-GAAP Other Expense
(Unaudited)
(In thousands)
Three Months Ended
Six Months Ended
June 30, 2023
March 31, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Interest and dividend income
$
358
$
304
$
217
$
662
$
421
Interest expense
(4,064
)
(3,287
)
(94
)
(7,351
)
(124
)
Net investment gain (loss)
1,262
1,252
(4,646
)
2,514
(8,061
)
Other income (expense), net
2,494
(303
)
681
2,191
455
Total Other Income (Expense)
$
50
$
(2,034
)
$
(3,842
)
$
(1,984
)
$
(7,309
)
Deferred compensation adjustments (1)
(1,254
)
(1,250
)
3,596
(2,504
)
5,437
Pension expense(2)
6
7
85
13
174
Non-GAAP Other Expense
$
(1,198
)
$
(3,277
)
$
(161
)
$
(4,475
)
$
(1,698
)
(1) Includes non-cash change in fair value
of equity investments held in the ADTRAN Holdings, Inc. Deferred
Compensation Program for Employees.
(2) Includes amortization of actuarial
losses related to the Company's pension plan for employees in
certain foreign countries.
Supplemental
Information
Reconciliation of Net (Loss)
Income inclusive of Non-Controlling Interest to
Non-GAAP Net (Loss) Income
inclusive of Non-Controlling Interest
(Unaudited)
and
Reconciliation of Net Loss
attributable to Non-Controlling Interest to
Non-GAAP Net Loss attributable
to Non-Controlling Interest
(Unaudited)
and
Reconciliation of Net (Loss)
Income attributable to ADTRAN Holdings, Inc. and
(Loss) Earnings per Common
Share attributable to ADTRAN Holdings, Inc. – Basic and Diluted
to
Non-GAAP Net Income (Loss)
attributable to ADTRAN Holdings, Inc. and
Non-GAAP Earnings (Loss) per
Common Share attributable to ADTRAN Holdings, Inc. – Basic and
Diluted
(Unaudited)
(In thousands, except per
share amounts)
Three Months Ended
Six Months Ended
June 30, 2023
March 31, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Net (Loss) Income attributable to
ADTRAN Holdings, Inc.
$
(33,334
)
$
(34,464
)
$
2,143
$
(67,798
)
$
1,016
Plus: Net Loss attributable to
non-controlling interest (1)
(2,881
)
(5,989
)
—
(8,870
)
—
Net (Loss) Income inclusive of
non-controlling interest
$
(36,215
)
$
(40,453
)
$
2,143
$
(76,668
)
$
1,016
Acquisition related expenses, amortization
and adjustments
37,837
37,162
2,123
74,999
4,453
Asset impairments
—
—
—
—
—
Stock-based compensation expense
4,309
3,698
1,888
8,007
3,781
Valuation allowance
(185
)
—
4,289
(185
)
12,368
Deferred compensation adjustments (2)
(1,561
)
(856
)
(140
)
(2,417
)
(995
)
Pension adjustments (3)
6
7
85
13
174
Restructuring expenses
5,868
2,437
—
8,305
2
Integration expenses
563
849
—
1,412
—
Tax effect of adjustments to net (loss)
income
(13,426
)
(12,307
)
(680
)
(25,733
)
(1,185
)
Non-GAAP Net (Loss) Income inclusive of
non-controlling interest
$
(2,804
)
$
(9,463
)
$
9,708
$
(12,267
)
$
19,614
Less: Non-GAAP Net Loss attributable to
non-controlling interest (1)
(2,881
)
(4,460
)
—
(7,341
)
—
Non-GAAP Net Income (Loss) attributable
to ADTRAN Holdings, Inc.
$
77
$
(5,003
)
$
9,708
$
(4,926
)
$
19,614
GAAP Net Loss attributable to
non-controlling interest (1)
$
(2,881
)
$
(5,989
)
$
—
$
(8,870
)
$
—
Acquisition related expenses, amortization
and adjustments
—
1,457
—
1,457
—
Restructuring expenses
—
29
—
29
—
Integration expenses
—
6
—
6
—
Stock-based compensation expense
—
37
—
37
—
Pension adjustments
—
—
—
—
—
Non-GAAP Net Loss attributable to
non-controlling interest(1)
$
(2,881
)
$
(4,460
)
$
—
$
(7,341
)
$
—
Weighted average shares outstanding –
basic
78,366
78,358
49,123
78,364
49,110
Weighted average shares outstanding –
diluted
78,366
78,358
49,809
78,364
49,813
(Loss) Earnings per common share
attributable to ADTRAN Holdings, Inc. – basic
$
(0.43
)
$
(0.44
)
$
0.04
$
(0.87
)
$
0.02
(Loss) Earnings per common share
attributable to ADTRAN Holdings, Inc. – diluted
$
(0.43
)
$
(0.44
)
$
0.04
$
(0.87
)
$
0.02
Non-GAAP Earnings (Loss) per common
share attributable to ADTRAN – basic
$
0.00
$
(0.06
)
$
0.20
$
(0.06
)
$
0.40
Non-GAAP Earnings (Loss) per common
share attributable to ADTRAN – diluted
$
0.00
$
(0.06
)
$
0.19
$
(0.06
)
$
0.39
(1) Represents the non-controlling
interest portion of the Company's ownership of Adtran Networks
pre-DPLTA and the annual recurring compensation earned by
redeemable non-controlling interests and accrued by the Company
post-DPLTA.
(2) Includes non-cash change in fair value
of equity investments held in deferred compensation plans offered
to certain employees.
(3) Includes amortization of actuarial
losses related to the Company's pension plan for employees in
certain foreign countries.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230806350035/en/
For media Gareth Spence +44 1904 699 358
public-relations@adva.com
For investors Steven Williams +49 89 890 665 918
investor.relations@adtran.com
ADTRAN (TG:QH9)
過去 株価チャート
から 4 2024 まで 5 2024
ADTRAN (TG:QH9)
過去 株価チャート
から 5 2023 まで 5 2024