$ADTN
ADTRAN Holdings, Inc.

2015 Q4 Form 10-Q Financial Statement

#000119312515366072 Filed on November 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $139.0M $158.1M $144.0M
YoY Change -3.45% -2.96% -9.5%
Cost Of Revenue $76.60M $87.43M $75.30M
YoY Change 1.73% 3.3% -8.28%
Gross Profit $62.44M $70.65M $68.48M
YoY Change -8.83% -9.72% -10.9%
Gross Profit Margin 44.92% 44.69% 47.56%
Selling, General & Admin $30.30M $30.02M $31.50M
YoY Change -3.81% -7.47% -5.41%
% of Gross Profit 48.53% 42.49% 46.0%
Research & Development $29.30M $32.56M $31.20M
YoY Change -6.09% -2.29% -4.29%
% of Gross Profit 46.93% 46.09% 45.56%
Depreciation & Amortization $3.400M $3.500M $3.700M
YoY Change -8.11% -2.78% 2.78%
% of Gross Profit 5.45% 4.95% 5.4%
Operating Expenses $59.60M $62.58M $62.70M
YoY Change -4.94% -4.84% -4.86%
Operating Profit $2.800M $8.072M $3.979M
YoY Change -29.63% -35.4% -62.6%
Interest Expense $2.300M $151.0K $500.0K
YoY Change 360.0% 0.67% -78.26%
% of Operating Profit 82.14% 1.87% 12.57%
Other Income/Expense, Net $100.0K $52.00K $3.900M
YoY Change -97.44% -105.4% 178.57%
Pretax Income $5.200M $10.87M $8.400M
YoY Change -38.1% -27.81% -41.26%
Income Tax -$500.0K $3.805M -$900.0K
% Of Pretax Income -9.62% 35.0% -10.71%
Net Earnings $5.718M $7.067M $9.292M
YoY Change -38.46% -37.6% -21.52%
Net Earnings / Revenue 4.11% 4.47% 6.45%
Basic Earnings Per Share $0.12 $0.14 $0.17
Diluted Earnings Per Share $0.12 $0.14 $0.17
COMMON SHARES
Basic Shares Outstanding 49.56M shares 49.86M 54.32M shares
Diluted Shares Outstanding 49.93M

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $118.9M $125.8M $120.4M
YoY Change -1.25% 10.35% -26.63%
Cash & Equivalents $84.55M $83.69M $73.44M
Short-Term Investments $34.40M $42.10M $46.90M
Other Short-Term Assets $29.00M $23.40M $22.40M
YoY Change 29.46% 9.35% 4.67%
Inventory $91.53M $100.7M $85.95M
Prepaid Expenses $5.935M $5.129M
Receivables $71.92M $86.18M $88.50M
Other Receivables $19.32M $20.86M $33.30M
Total Short-Term Assets $311.9M $357.0M $351.1M
YoY Change -11.17% 2.35% -7.52%
LONG-TERM ASSETS
Property, Plant & Equipment $73.23M $73.66M $74.83M
YoY Change -2.13% -2.05% -2.49%
Goodwill $3.492M $3.492M $3.492M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $198.0M $204.5M $280.6M
YoY Change -29.44% -31.49% -9.25%
Other Assets $9.276M $9.893M $10.94M
YoY Change -15.23% -15.79% -2.13%
Total Long-Term Assets $321.0M $314.9M $387.6M
YoY Change -17.17% -21.66% -5.52%
TOTAL ASSETS
Total Short-Term Assets $311.9M $357.0M $351.1M
Total Long-Term Assets $321.0M $314.9M $387.6M
Total Assets $632.9M $671.9M $738.7M
YoY Change -14.32% -10.51% -6.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.67M $69.37M $56.41M
YoY Change -13.73% 38.82% 16.84%
Accrued Expenses $12.11M $13.43M $11.08M
YoY Change 9.31% 8.67% -13.3%
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 $92.64M $127.0M $119.0M
YoY Change -22.15% 8.6% 16.33%
LONG-TERM LIABILITIES
Long-Term Debt $27.90M $28.80M $28.80M
YoY Change -3.13% -4.0% -37.66%
Other Long-Term Liabilities $24.24M $29.68M $30.92M
YoY Change -21.63% 26.04% 39.65%
Total Long-Term Liabilities $52.14M $58.48M $59.72M
YoY Change -12.71% 9.21% -12.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.64M $127.0M $119.0M
Total Long-Term Liabilities $52.14M $58.48M $59.72M
Total Liabilities $152.7M $194.2M $189.7M
YoY Change -19.47% 5.35% 2.37%
SHAREHOLDERS EQUITY
Retained Earnings $906.8M $905.9M $907.8M
YoY Change -0.11% 0.24% 2.63%
Common Stock $247.7M $247.4M $242.6M
YoY Change 2.08% 2.78% 3.55%
Preferred Stock
YoY Change
Treasury Stock (at cost) $665.3M $665.4M $601.3M
YoY Change 10.65% 13.99% 14.55%
Treasury Stock Shares $30.09M 30.09M shares 26.22M shares
Shareholders Equity $480.2M $477.6M $549.0M
YoY Change
Total Liabilities & Shareholders Equity $632.9M $671.9M $738.7M
YoY Change -14.32% -10.51% -6.48%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income $5.718M $7.067M $9.292M
YoY Change -38.46% -37.6% -21.52%
Depreciation, Depletion And Amortization $3.400M $3.500M $3.700M
YoY Change -8.11% -2.78% 2.78%
Cash From Operating Activities -$4.800M $2.100M $14.80M
YoY Change -132.43% -88.33% 89.74%
INVESTING ACTIVITIES
Capital Expenditures -$4.000M -$2.400M -$3.100M
YoY Change 29.03% -27.27% 82.35%
Acquisitions
YoY Change
Other Investing Activities $15.10M $18.80M $27.40M
YoY Change -44.89% -9500.0% 22.32%
Cash From Investing Activities $11.10M $16.40M $24.30M
YoY Change -54.32% -582.35% 16.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.800M -20.90M -22.80M
YoY Change -74.56% 55.97% -5.0%
NET CHANGE
Cash From Operating Activities -4.800M 2.100M 14.80M
Cash From Investing Activities 11.10M 16.40M 24.30M
Cash From Financing Activities -5.800M -20.90M -22.80M
Net Change In Cash 500.0K -2.400M 16.30M
YoY Change -96.93% -300.0% 246.81%
FREE CASH FLOW
Cash From Operating Activities -$4.800M $2.100M $14.80M
Capital Expenditures -$4.000M -$2.400M -$3.100M
Free Cash Flow -$800.0K $4.500M $17.90M
YoY Change -104.47% -78.87% 88.42%

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23269000
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22.53
us-gaap Treasury Stock Shares Acquired
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16.69
us-gaap Dividends Payable Date Of Record Day Month And Year
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2015-10-29
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2015
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10-Q
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0000926282
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dei Entity Registrant Name
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ADTRAN INC
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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <i>Changes in Classifications</i></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> 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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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <i>Use of Estimates</i></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> 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 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>
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dei Trading Symbol
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ADTN
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2015-11-12
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P5Y7M28D
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426000
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1303000
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0
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150000
CY2014Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
1546000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
33324000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1849000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2147000
CY2014Q3 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
41000
CY2014Q3 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
299000
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 Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
32438000
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-1024000
CY2014Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
600000
CY2014Q3 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
236000
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.14
CY2015Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.09
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6000000 shares
CY2015Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
36000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49927000 shares
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
29000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49862000 shares
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.14
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
7067000
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-4974000
CY2015Q3 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
252000
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-5571000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
8072000
CY2015Q3 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
2060000
CY2015Q3 us-gaap Gross Profit
GrossProfit
70649000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
52000
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-1351000
CY2015Q3 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
839000
CY2015Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-4291000
CY2015Q3 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-102000
CY2015Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
218000
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-3034000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1496000
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1351000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10872000
CY2015Q3 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
153000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3805000
CY2015Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
87429000
CY2015Q3 us-gaap Interest Expense
InterestExpense
151000
CY2015Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
1186000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
32561000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1456000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1674000
CY2015Q3 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
191000
CY2015Q3 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
328000
CY2015Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-2712000
CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-71000
CY2015Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
1958000
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
30016000
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-1940000
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
4000
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000
CY2015Q3 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
331000
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0

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