$ADTN
ADTRAN Holdings, Inc.

2014 Q4 Form 10-Q Financial Statement

#000119312514398391 Filed on November 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $144.0M $162.9M $177.4M
YoY Change -9.5% -8.18% 9.42%
Cost Of Revenue $75.30M $84.64M $94.86M
YoY Change -8.28% -10.78% 15.46%
Gross Profit $68.48M $78.26M $82.55M
YoY Change -10.9% -5.2% 3.22%
Gross Profit Margin 47.56% 48.04% 46.53%
Selling, General & Admin $31.50M $32.44M $32.79M
YoY Change -5.41% -1.09% -3.87%
% of Gross Profit 46.0% 41.45% 39.73%
Research & Development $31.20M $33.32M $32.54M
YoY Change -4.29% 2.4% -8.54%
% of Gross Profit 45.56% 42.58% 39.42%
Depreciation & Amortization $3.700M $3.600M $3.600M
YoY Change 2.78% 0.0% -5.26%
% of Gross Profit 5.4% 4.6% 4.36%
Operating Expenses $62.70M $65.76M $65.34M
YoY Change -4.86% 0.65% -6.25%
Operating Profit $3.979M $12.50M $17.21M
YoY Change -62.6% -27.4% 67.48%
Interest Expense $500.0K $150.0K $581.0K
YoY Change -78.26% -74.18% -1.02%
% of Operating Profit 12.57% 1.2% 3.38%
Other Income/Expense, Net $3.900M -$963.0K $22.00K
YoY Change 178.57% -4477.27% -105.98%
Pretax Income $8.400M $15.06M $19.98M
YoY Change -41.26% -24.62% 45.69%
Income Tax -$900.0K $3.735M $3.776M
% Of Pretax Income -10.71% 24.8% 18.9%
Net Earnings $9.292M $11.33M $16.21M
YoY Change -21.52% -30.11% 74.77%
Net Earnings / Revenue 6.45% 6.95% 9.13%
Basic Earnings Per Share $0.17 $0.21 $0.28
Diluted Earnings Per Share $0.17 $0.21 $0.28
COMMON SHARES
Basic Shares Outstanding 54.32M shares 54.52M shares 57.95M shares
Diluted Shares Outstanding 54.82M shares 58.62M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.4M $114.0M $191.0M
YoY Change -26.63% -40.31% -18.34%
Cash & Equivalents $73.44M $58.42M $54.31M
Short-Term Investments $46.90M $55.60M $136.6M
Other Short-Term Assets $22.40M $21.40M $18.20M
YoY Change 4.67% 17.58% 6.43%
Inventory $85.95M $86.88M $92.97M
Prepaid Expenses $5.129M $5.579M $4.693M
Receivables $88.50M $99.34M $108.0M
Other Receivables $33.30M $27.20M $20.20M
Total Short-Term Assets $351.1M $348.8M $430.4M
YoY Change -7.52% -18.97% -8.25%
LONG-TERM ASSETS
Property, Plant & Equipment $74.83M $75.20M $77.66M
YoY Change -2.49% -3.16% -5.19%
Goodwill $3.492M $3.492M $3.492M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $280.6M $298.5M $298.1M
YoY Change -9.25% 0.13% -8.87%
Other Assets $10.94M $11.75M $11.71M
YoY Change -2.13% 0.32% -15.29%
Total Long-Term Assets $387.6M $402.0M $402.6M
YoY Change -5.52% -0.15% -7.06%
TOTAL ASSETS
Total Short-Term Assets $351.1M $348.8M $430.4M
Total Long-Term Assets $387.6M $402.0M $402.6M
Total Assets $738.7M $750.7M $833.0M
YoY Change -6.48% -9.87% -7.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.41M $49.97M $73.67M
YoY Change 16.84% -32.17% 40.9%
Accrued Expenses $11.08M $12.36M $16.53M
YoY Change -13.3% -25.24% 60.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $119.0M $117.0M $127.0M
YoY Change 16.33% -7.88% 10.1%
LONG-TERM LIABILITIES
Long-Term Debt $28.80M $30.00M $46.50M
YoY Change -37.66% -35.48% 0.0%
Other Long-Term Liabilities $30.92M $23.55M $20.46M
YoY Change 39.65% 15.1% 34.94%
Total Long-Term Liabilities $59.72M $53.55M $66.96M
YoY Change -12.61% -20.03% 8.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $119.0M $117.0M $127.0M
Total Long-Term Liabilities $59.72M $53.55M $66.96M
Total Liabilities $189.7M $184.4M $220.3M
YoY Change 2.37% -16.33% 11.95%
SHAREHOLDERS EQUITY
Retained Earnings $907.8M $903.7M $878.4M
YoY Change 2.63% 2.89% 1.63%
Common Stock $242.6M $240.7M $231.9M
YoY Change 3.55% 3.76% 4.03%
Preferred Stock
YoY Change
Treasury Stock (at cost) $601.3M $583.8M $506.7M
YoY Change 14.55% 15.22% 27.6%
Treasury Stock Shares 26.22M shares 25.33K shares 21.97M shares
Shareholders Equity $549.0M $566.4M $612.7M
YoY Change
Total Liabilities & Shareholders Equity $738.7M $750.7M $833.0M
YoY Change -6.48% -9.87% -7.68%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $9.292M $11.33M $16.21M
YoY Change -21.52% -30.11% 74.77%
Depreciation, Depletion And Amortization $3.700M $3.600M $3.600M
YoY Change 2.78% 0.0% -5.26%
Cash From Operating Activities $14.80M $18.00M $23.00M
YoY Change 89.74% -21.74% -17.27%
INVESTING ACTIVITIES
Capital Expenditures -$3.100M -$3.300M -$3.300M
YoY Change 82.35% 0.0% 10.0%
Acquisitions
YoY Change
Other Investing Activities $27.40M -$200.0K $15.10M
YoY Change 22.32% -101.32% 738.89%
Cash From Investing Activities $24.30M -$3.400M $11.70M
YoY Change 16.27% -129.06% -1075.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -22.80M -13.40M -17.80M
YoY Change -5.0% -24.72% -11.88%
NET CHANGE
Cash From Operating Activities 14.80M 18.00M 23.00M
Cash From Investing Activities 24.30M -3.400M 11.70M
Cash From Financing Activities -22.80M -13.40M -17.80M
Net Change In Cash 16.30M 1.200M 16.90M
YoY Change 246.81% -92.9% 164.06%
FREE CASH FLOW
Cash From Operating Activities $14.80M $18.00M $23.00M
Capital Expenditures -$3.100M -$3.300M -$3.300M
Free Cash Flow $17.90M $21.30M $26.30M
YoY Change 88.42% -19.01% -14.61%

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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 nine months ended September&#xA0;30, 2013 in these categories by $0.4 million in order to be consistent with the 2014 presentation.</p> </div>
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OtherComprehensiveIncomeLossTax
-1638000
CY2013Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
1574000
CY2013Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
960000
CY2013Q3 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
46000
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2176000
CY2013Q3 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
185000
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2014Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
266000 shares
CY2014Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.09
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54824000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.21
CY2014Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
37000 shares
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4500000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54521000 shares
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2568000
CY2014Q3 us-gaap Gross Profit
GrossProfit
78257000
CY2014Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-4170000
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-5716000
CY2014Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
298000
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
162892000
CY2014Q3 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-7729000
CY2014Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-3148000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
12495000
CY2014Q3 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
272000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
5610000
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-2626000
CY2014Q3 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
992000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
15061000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-963000
CY2014Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
-989000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
11326000
CY2014Q3 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
2687000
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1602000
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-2568000
CY2014Q3 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
2728000
CY2014Q3 us-gaap Interest Expense
InterestExpense
150000
CY2014Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
10000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
33324000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
32438000
CY2014Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
84635000
CY2014Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
600000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3735000
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
1024000
CY2014Q3 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
299000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1849000
CY2014Q3 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
236000
CY2014Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
2013000
CY2014Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
2535000
CY2014Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
1546000
CY2014Q3 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
41000
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2147000
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000
CY2014Q3 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
209000

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