$ADTN
ADTRAN Holdings, Inc.

2014 Q2 Form 10-Q Financial Statement

#000119312514297927 Filed on August 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $176.1M $162.2M
YoY Change 8.57% -11.83%
Cost Of Revenue $89.33M $82.44M
YoY Change 8.37% -7.16%
Gross Profit $86.80M $79.80M
YoY Change 8.77% -16.18%
Gross Profit Margin 49.28% 49.19%
Selling, General & Admin $33.79M $32.69M
YoY Change 3.37% -8.97%
% of Gross Profit 38.93% 40.96%
Research & Development $33.67M $33.06M
YoY Change 1.85% 1.85%
% of Gross Profit 38.79% 41.43%
Depreciation & Amortization $3.900M $3.700M
YoY Change 5.41% 5.71%
% of Gross Profit 4.49% 4.64%
Operating Expenses $67.46M $65.75M
YoY Change 2.61% -3.83%
Operating Profit $19.34M $14.05M
YoY Change 37.61% -47.64%
Interest Expense $148.0K $575.0K
YoY Change -74.26% -1.03%
% of Operating Profit 0.77% 4.09%
Other Income/Expense, Net -$774.0K $129.0K
YoY Change -700.0% -73.78%
Pretax Income $21.81M $16.83M
YoY Change 29.57% -48.65%
Income Tax $7.416M $6.975M
% Of Pretax Income 34.0% 41.43%
Net Earnings $14.40M $9.859M
YoY Change 46.01% -53.21%
Net Earnings / Revenue 8.17% 6.08%
Basic Earnings Per Share $0.26 $0.17
Diluted Earnings Per Share $0.26 $0.17
COMMON SHARES
Basic Shares Outstanding 55.41M shares 59.06M shares
Diluted Shares Outstanding 55.73M shares 59.31M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.8M $190.1M
YoY Change -44.87% -7.9%
Cash & Equivalents $58.90M $37.56M
Short-Term Investments $45.90M $152.6M
Other Short-Term Assets $20.40M $18.10M
YoY Change 12.71% 3.43%
Inventory $89.24M $87.77M
Prepaid Expenses $5.295M $4.926M
Receivables $115.5M $103.5M
Other Receivables $23.90M $18.70M
Total Short-Term Assets $353.8M $418.3M
YoY Change -15.42% -7.93%
LONG-TERM ASSETS
Property, Plant & Equipment $75.27M $77.67M
YoY Change -3.1% -5.28%
Goodwill $3.492M $3.492M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $311.6M $292.7M
YoY Change 6.46% -15.99%
Other Assets $12.09M $12.05M
YoY Change 0.34% 33.84%
Total Long-Term Assets $413.6M $398.0M
YoY Change 3.9% -12.83%
TOTAL ASSETS
Total Short-Term Assets $353.8M $418.3M
Total Long-Term Assets $413.6M $398.0M
Total Assets $767.4M $816.3M
YoY Change -6.0% -10.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $62.10M $62.10M
YoY Change 0.01% 32.12%
Accrued Expenses $11.87M $12.02M
YoY Change -1.29% -57.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $125.7M $116.3M
YoY Change 8.02% 2.77%
LONG-TERM LIABILITIES
Long-Term Debt $30.00M $46.00M
YoY Change -34.78% -1.08%
Other Long-Term Liabilities $24.42M $19.04M
YoY Change 28.26% -49.76%
Total Long-Term Liabilities $54.42M $65.04M
YoY Change -16.32% -22.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $125.7M $116.3M
Total Long-Term Liabilities $54.42M $65.04M
Total Liabilities $195.3M $206.6M
YoY Change -5.49% 4.58%
SHAREHOLDERS EQUITY
Retained Earnings $897.4M $867.7M
YoY Change 3.42%
Common Stock $238.5M $229.7M
YoY Change 3.85%
Preferred Stock
YoY Change
Treasury Stock (at cost) $575.3M $494.2M
YoY Change 16.41%
Treasury Stock Shares 24.95M shares 21.47M shares
Shareholders Equity $572.1M $609.7M
YoY Change
Total Liabilities & Shareholders Equity $767.4M $816.3M
YoY Change -6.0% -10.38%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $14.40M $9.859M
YoY Change 46.01% -53.21%
Depreciation, Depletion And Amortization $3.900M $3.700M
YoY Change 5.41% 5.71%
Cash From Operating Activities $13.10M $2.800M
YoY Change 367.86% -77.6%
INVESTING ACTIVITIES
Capital Expenditures -$2.900M -$2.600M
YoY Change 11.54% -29.73%
Acquisitions
YoY Change
Other Investing Activities $44.20M $51.70M
YoY Change -14.51% 406.86%
Cash From Investing Activities $41.40M $49.10M
YoY Change -15.68% 655.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -48.50M -72.00M
YoY Change -32.64% 295.6%
NET CHANGE
Cash From Operating Activities 13.10M 2.800M
Cash From Investing Activities 41.40M 49.10M
Cash From Financing Activities -48.50M -72.00M
Net Change In Cash 6.000M -20.10M
YoY Change -129.85% -2612.5%
FREE CASH FLOW
Cash From Operating Activities $13.10M $2.800M
Capital Expenditures -$2.900M -$2.600M
Free Cash Flow $16.00M $5.400M
YoY Change 196.3% -66.67%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Use of Estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. Our more significant estimates include the obsolete and excess inventory reserves, warranty reserves, customer rebates, determination of the deferred revenue components of multiple element sales agreements, estimated costs to complete obligations associated with deferred revenues, estimated income tax provision and income tax contingencies, the fair value of stock-based compensation, impairment of goodwill, valuation and estimated lives of intangible assets, estimated working capital adjustments under negotiation related to the NSN BBA business acquisition, estimated pension liability, fair value of investments, and the evaluation of other-than-temporary declines in the value of investments. Actual amounts could differ significantly from these estimates.</p> </div>
us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Changes in Classifications</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> We corrected immaterial misclassifications between the operating and investing sections of our consolidated statements of cash flows and adjusted our cash flows for the six months ended June&#xA0;30, 2013 in these categories by $0.5 million in order to be consistent with the 2014 presentation.</p> </div>
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CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55729000 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.26
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4300000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55409000 shares
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
134000
CY2014Q2 us-gaap Gross Profit
GrossProfit
86797000
CY2014Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
2650000
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1353000
CY2014Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
296000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
176129000
CY2014Q2 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
2133000
CY2014Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
1219000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
19339000
CY2014Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
280000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
15748000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
4125000
CY2014Q2 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
1054000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
21811000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-774000
CY2014Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
-829000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
14395000
CY2014Q2 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
2340000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
2516000
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
134000
CY2014Q2 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
2407000
CY2014Q2 us-gaap Interest Expense
InterestExpense
148000
CY2014Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
10000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
33670000
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
33788000
CY2014Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
89332000
CY2014Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
600000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7416000
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-1609000
CY2014Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
306000
CY2014Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1796000
CY2014Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
242000
CY2014Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-780000
CY2014Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
2126000
CY2014Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
1297000
CY2014Q2 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
67000
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2092000
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000
CY2014Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
216000
CY2014Q2 adtn Incremental Common Shares Attributable To Share Based Other Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedOtherPaymentArrangements
32000 shares

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