$ADTN
ADTRAN Holdings, Inc.

2015 Q2 Form 10-Q Financial Statement

#000119312515278444 Filed on August 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $160.1M $176.1M
YoY Change -9.08% 8.57%
Cost Of Revenue $91.89M $89.33M
YoY Change 2.87% 8.37%
Gross Profit $68.25M $86.80M
YoY Change -21.37% 8.77%
Gross Profit Margin 42.62% 49.28%
Selling, General & Admin $32.12M $33.79M
YoY Change -4.93% 3.37%
% of Gross Profit 47.07% 38.93%
Research & Development $35.48M $33.67M
YoY Change 5.37% 1.85%
% of Gross Profit 51.99% 38.79%
Depreciation & Amortization $3.600M $3.900M
YoY Change -7.69% 5.41%
% of Gross Profit 5.28% 4.49%
Operating Expenses $67.60M $67.46M
YoY Change 0.21% 2.61%
Operating Profit $644.0K $19.34M
YoY Change -96.67% 37.61%
Interest Expense $149.0K $148.0K
YoY Change 0.68% -74.26%
% of Operating Profit 23.14% 0.77%
Other Income/Expense, Net -$547.0K -$774.0K
YoY Change -29.33% -700.0%
Pretax Income $4.111M $21.81M
YoY Change -81.15% 29.57%
Income Tax $1.567M $7.416M
% Of Pretax Income 38.12% 34.0%
Net Earnings $2.544M $14.40M
YoY Change -82.33% 46.01%
Net Earnings / Revenue 1.59% 8.17%
Basic Earnings Per Share $0.05 $0.26
Diluted Earnings Per Share $0.05 $0.26
COMMON SHARES
Basic Shares Outstanding 51.82M shares 55.41M shares
Diluted Shares Outstanding 51.92M shares 55.73M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $141.3M $104.8M
YoY Change 34.83% -44.87%
Cash & Equivalents $87.22M $58.90M
Short-Term Investments $54.10M $45.90M
Other Short-Term Assets $23.30M $20.40M
YoY Change 14.22% 12.71%
Inventory $100.0M $89.24M
Prepaid Expenses $5.817M $5.295M
Receivables $89.09M $115.5M
Other Receivables $31.44M $23.90M
Total Short-Term Assets $384.8M $353.8M
YoY Change 8.75% -15.42%
LONG-TERM ASSETS
Property, Plant & Equipment $73.35M $75.27M
YoY Change -2.55% -3.1%
Goodwill $3.492M $3.492M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $216.7M $311.6M
YoY Change -30.46% 6.46%
Other Assets $10.24M $12.09M
YoY Change -15.31% 0.34%
Total Long-Term Assets $324.2M $413.6M
YoY Change -21.6% 3.9%
TOTAL ASSETS
Total Short-Term Assets $384.8M $353.8M
Total Long-Term Assets $324.2M $413.6M
Total Assets $709.0M $767.4M
YoY Change -7.61% -6.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $85.46M $62.10M
YoY Change 37.6% 0.01%
Accrued Expenses $15.54M $11.87M
YoY Change 30.96% -1.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $144.1M $125.7M
YoY Change 14.65% 8.02%
LONG-TERM LIABILITIES
Long-Term Debt $28.80M $30.00M
YoY Change -4.0% -34.78%
Other Long-Term Liabilities $31.27M $24.42M
YoY Change 28.02% 28.26%
Total Long-Term Liabilities $60.07M $54.42M
YoY Change 10.37% -16.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $144.1M $125.7M
Total Long-Term Liabilities $60.07M $54.42M
Total Liabilities $213.6M $195.3M
YoY Change 9.36% -5.49%
SHAREHOLDERS EQUITY
Retained Earnings $903.4M $897.4M
YoY Change 0.67% 3.42%
Common Stock $245.7M $238.5M
YoY Change 3.02% 3.85%
Preferred Stock
YoY Change
Treasury Stock (at cost) $649.1M $575.3M
YoY Change 12.82% 16.41%
Treasury Stock Shares 29.08M shares 24.95M shares
Shareholders Equity $495.4M $572.1M
YoY Change
Total Liabilities & Shareholders Equity $709.0M $767.4M
YoY Change -7.61% -6.0%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $2.544M $14.40M
YoY Change -82.33% 46.01%
Depreciation, Depletion And Amortization $3.600M $3.900M
YoY Change -7.69% 5.41%
Cash From Operating Activities $8.200M $13.10M
YoY Change -37.4% 367.86%
INVESTING ACTIVITIES
Capital Expenditures -$3.000M -$2.900M
YoY Change 3.45% 11.54%
Acquisitions
YoY Change
Other Investing Activities $44.30M $44.20M
YoY Change 0.23% -14.51%
Cash From Investing Activities $41.40M $41.40M
YoY Change 0.0% -15.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.40M -48.50M
YoY Change 3.92% -32.64%
NET CHANGE
Cash From Operating Activities 8.200M 13.10M
Cash From Investing Activities 41.40M 41.40M
Cash From Financing Activities -50.40M -48.50M
Net Change In Cash -800.0K 6.000M
YoY Change -113.33% -129.85%
FREE CASH FLOW
Cash From Operating Activities $8.200M $13.10M
Capital Expenditures -$3.000M -$2.900M
Free Cash Flow $11.20M $16.00M
YoY Change -30.0% 196.3%

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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 reclassified $2.3 million from other receivables to accounts receivable at December&#xA0;31, 2014 to conform to the current period presentation.</p> </div>
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6100000 shares
CY2015Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
23000 shares
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
72000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51822000 shares
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
2544000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
290000
CY2015Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
250000
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-839000
CY2015Q2 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-1946000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
160138000
CY2015Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
1049000
CY2015Q2 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
3459000
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
1220000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
644000
CY2015Q2 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
3255000
CY2015Q2 us-gaap Gross Profit
GrossProfit
68246000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-547000
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
872000
CY2015Q2 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
908000
CY2015Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-1783000
CY2015Q2 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-100000
CY2015Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
222000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
177000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1705000
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
872000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4111000
CY2015Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
152000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1567000
CY2015Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
91892000
CY2015Q2 us-gaap Interest Expense
InterestExpense
149000
CY2015Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
1888000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
35479000
CY2015Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1253000
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1475000
CY2015Q2 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
204000
CY2015Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
324000
CY2015Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-1107000
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-72000
CY2015Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
3108000
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
32123000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
113000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
25000
CY2015Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000
CY2015Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
326000
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0

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