$ADTN
ADTRAN Holdings, Inc.

2016 Q2 Form 10-Q Financial Statement

#000119312516576994 Filed on May 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q1
Revenue $162.7M $142.2M $142.8M
YoY Change 1.6% -0.44% -2.84%
Cost Of Revenue $83.70M $76.41M $77.27M
YoY Change -8.91% -1.12% 11.64%
Gross Profit $78.96M $65.79M $65.56M
YoY Change 15.69% 0.35% -15.72%
Gross Profit Margin 48.53% 46.27% 45.9%
Selling, General & Admin $32.90M $30.79M $31.06M
YoY Change 2.42% -0.9% -8.47%
% of Gross Profit 41.67% 46.79% 47.38%
Research & Development $31.30M $29.49M $32.54M
YoY Change -11.78% -9.37% -0.05%
% of Gross Profit 39.64% 44.82% 49.63%
Depreciation & Amortization $3.400M $3.347M $3.728M
YoY Change -5.56% -10.22% 4.13%
% of Gross Profit 4.31% 5.09% 5.69%
Operating Expenses $64.20M $60.27M $63.60M
YoY Change -5.03% -5.23% -4.35%
Operating Profit $14.81M $5.521M $1.963M
YoY Change 2200.0% 181.25% -82.63%
Interest Expense $2.100M $145.0K $148.0K
YoY Change 1309.4% -2.03% -34.8%
% of Operating Profit 14.18% 2.63% 7.54%
Other Income/Expense, Net -$500.0K $119.0K -$353.0K
YoY Change -8.59% -133.71% -389.34%
Pretax Income $16.50M $8.078M $5.510M
YoY Change 301.36% 46.61% -62.46%
Income Tax $6.200M $3.064M $2.193M
% Of Pretax Income 37.58% 37.93% 39.8%
Net Earnings $10.23M $5.014M $3.317M
YoY Change 302.04% 51.16% -65.47%
Net Earnings / Revenue 6.29% 3.53% 2.32%
Basic Earnings Per Share $0.21 $0.10 $0.06
Diluted Earnings Per Share $0.21 $0.10 $0.06
COMMON SHARES
Basic Shares Outstanding 48.97M shares 49.22M 53.40M shares
Diluted Shares Outstanding 49.39M 53.63M shares

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $121.8M $120.9M $165.8M
YoY Change -13.8% -27.08% 16.76%
Cash & Equivalents $70.91M $91.61M $87.01M
Short-Term Investments $50.90M $29.30M $78.80M
Other Short-Term Assets $32.10M $31.10M $23.10M
YoY Change 37.77% 34.63% 14.36%
Inventory $86.94M $92.11M $93.12M
Prepaid Expenses $5.092M
Receivables $89.39M $67.49M $90.87M
Other Receivables $11.68M $9.199M $29.96M
Total Short-Term Assets $344.2M $320.8M $401.1M
YoY Change -10.55% -20.03% 5.82%
LONG-TERM ASSETS
Property, Plant & Equipment $74.10M $73.51M $73.99M
YoY Change 1.03% -0.64% -2.5%
Goodwill $3.492M $3.492M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $186.2M $195.7M $236.7M
YoY Change -14.07% -17.32% -23.52%
Other Assets $9.340M $9.157M $10.08M
YoY Change -8.75% -9.16% -15.53%
Total Long-Term Assets $292.4M $300.7M $343.1M
YoY Change -9.83% -12.34% -16.78%
TOTAL ASSETS
Total Short-Term Assets $344.2M $320.8M $401.1M
Total Long-Term Assets $292.4M $300.7M $343.1M
Total Assets $636.6M $621.5M $744.2M
YoY Change -10.22% -16.49% -5.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.21M $42.64M $73.70M
YoY Change -30.71% -42.15% 24.7%
Accrued Expenses $12.13M $13.51M $12.77M
YoY Change -21.96% 5.79% 19.56%
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 $103.0M $88.63M $132.0M
YoY Change -28.5% -32.84% 9.95%
LONG-TERM LIABILITIES
Long-Term Debt $27.90M $27.90M $28.80M
YoY Change -3.13% -3.13% -4.0%
Other Long-Term Liabilities $25.48M $25.28M $30.65M
YoY Change -18.52% -17.5% 30.54%
Total Long-Term Liabilities $53.38M $53.18M $59.45M
YoY Change -11.14% -10.54% 11.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $103.0M $88.63M $132.0M
Total Long-Term Liabilities $53.38M $53.18M $59.45M
Total Liabilities $162.8M $149.1M $201.5M
YoY Change -23.76% -26.01% 6.83%
SHAREHOLDERS EQUITY
Retained Earnings $912.5M $906.8M $905.9M
YoY Change 1.01% 0.1% 2.0%
Common Stock $250.6M $249.1M $244.3M
YoY Change 2.01% 1.98% 3.32%
Preferred Stock
YoY Change
Treasury Stock (at cost) $680.8M $675.6M $603.7M
YoY Change 4.88% 11.91% 13.48%
Treasury Stock Shares 30.66M shares 26.33M shares
Shareholders Equity $473.7M $472.4M $542.7M
YoY Change
Total Liabilities & Shareholders Equity $636.6M $621.5M $744.2M
YoY Change -10.22% -16.49% -5.95%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $10.23M $5.014M $3.317M
YoY Change 302.04% 51.16% -65.47%
Depreciation, Depletion And Amortization $3.400M $3.347M $3.728M
YoY Change -5.56% -10.22% 4.13%
Cash From Operating Activities $4.900M $15.70M $13.00M
YoY Change -40.24% 20.77% 31.31%
INVESTING ACTIVITIES
Capital Expenditures -$3.500M $3.166M $2.442M
YoY Change 16.67% 29.65% 19.59%
Acquisitions
YoY Change
Other Investing Activities -$11.40M $8.500M $13.50M
YoY Change -125.73% -37.04% -15.09%
Cash From Investing Activities -$15.00M $5.400M $11.00M
YoY Change -136.23% -50.91% -20.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $11.00M $3.035M
YoY Change 262.54% -67.81%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.700M -15.20M -7.600M
YoY Change -80.75% 100.0% -74.15%
NET CHANGE
Cash From Operating Activities 4.900M 15.70M 13.00M
Cash From Investing Activities -15.00M 5.400M 11.00M
Cash From Financing Activities -9.700M -15.20M -7.600M
Net Change In Cash -19.80M 5.900M 16.40M
YoY Change 2375.0% -64.02% -387.72%
FREE CASH FLOW
Cash From Operating Activities $4.900M $15.70M $13.00M
Capital Expenditures -$3.500M $3.166M $2.442M
Free Cash Flow $8.400M $12.53M $10.56M
YoY Change -25.0% 18.72% 34.36%

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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>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>
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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15000 shares
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636000
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485000
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413000
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595000
CY2016Q1 adtn Number Of Product Categories
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3 Category
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-143000
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CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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CY2016Q1 us-gaap Selling General And Administrative Expense
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485000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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36000
CY2016Q1 us-gaap Amortization Of Intangible Assets
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400000
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1661000
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CY2016Q1 us-gaap Goodwill Acquired During Period
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0
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20000
CY2016Q1 adtn Estimated Forfeitures For Stock Options
EstimatedForfeituresForStockOptions
0.037 pure

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