10-Q Filing

ADTRAN HOLDINGS, INC. CIK: 926282 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001564590-18-012467`
Period End Date	20180331
Filing Date	20180509
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	adtn-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 45 Cash Flow Statement 63 Comprehensive Income 13

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	79.65M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$79.89M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$82.62M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$86.43M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	79.65M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$72.56M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	48.48M	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$16.13M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$16.40M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	47.91M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	31.17M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $ at March 31, 2018 and December 31, 2017	`AccountsReceivableNetCurrent`	$80.88M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	31.74M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $ at March 31, 2018 and December 31, 2017	`AccountsReceivableNetCurrent`	$144.15M	USD	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$26.58M	USD	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$35.12M	USD	Point-in-time
Inventory, net	`InventoryNet`	$120.02M	USD	Point-in-time
Inventory, net	`InventoryNet`	$122.54M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$9.69M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$17.28M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$413.11M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$344.75M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$83.88M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$85.08M	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$21.43M	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$23.43M	USD	Point-in-time
Goodwill	`Goodwill`	$3.49M	USD	Point-in-time
Goodwill	`Goodwill`	$3.49M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$32.63M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$13.72M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$156.47M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$130.26M	USD	Point-in-time
Total Assets	`Assets`	$669.09M	USD	Point-in-time
Total Assets	`Assets`	$642.65M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$50.65M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$60.63M	USD	Point-in-time
Unearned revenue	`DeferredRevenueCurrent`	$13.07M	USD	Point-in-time
Unearned revenue	`DeferredRevenueCurrent`	$13.95M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$13.83M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$13.23M	USD	Point-in-time
Accrued wages and benefits	`EmployeeRelatedLiabilitiesCurrent`	$15.86M	USD	Point-in-time
Accrued wages and benefits	`EmployeeRelatedLiabilitiesCurrent`	$15.95M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$8.28M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$3.94M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$102.57M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$106.82M	USD	Point-in-time
Non-current unearned revenue	`DeferredRevenueNoncurrent`	$4.15M	USD	Point-in-time
Non-current unearned revenue	`DeferredRevenueNoncurrent`	$4.56M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$34.21M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$34.59M	USD	Point-in-time
Bonds payable	`LongTermDebtNoncurrent`	$25.60M	USD	Point-in-time
Bonds payable	`LongTermDebtNoncurrent`	$25.60M	USD	Point-in-time
Total Liabilities	`Liabilities`	$171.18M	USD	Point-in-time
Total Liabilities	`Liabilities`	$166.91M	USD	Point-in-time
Commitments and contingencies (see Note 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (see Note 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, par value $0.01 per share; 200,000 shares authorized; 79,652 shares issued and 47,914 shares outstanding at March 31, 2018 and 79,652 shares issued and 48,485 shares outstanding at December 31, 2017	`CommonStockValue`	$797.00K	USD	Point-in-time
Common stock, par value $0.01 per share; 200,000 shares authorized; 79,652 shares issued and 47,914 shares outstanding at March 31, 2018 and 79,652 shares issued and 48,485 shares outstanding at December 31, 2017	`CommonStockValue`	$797.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$260.51M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$262.33M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.29M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-5.80M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$909.61M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$922.18M	USD	Point-in-time
Less treasury stock at cost: 31,738 and 31,167 shares at March 31, 2018 and December 31, 2017, respectively	`TreasuryStockValue`	$691.20M	USD	Point-in-time
Less treasury stock at cost: 31,738 and 31,167 shares at March 31, 2018 and December 31, 2017, respectively	`TreasuryStockValue`	$682.28M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$475.74M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$497.91M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$669.09M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$642.65M	USD	Point-in-time

Income Statement 45 line items

Line Item	Tag	Value	Unit	Period
Products	`SalesRevenueGoodsNet`	$143.60M	USD	1 Quarter
Products	`SalesRevenueGoodsNet`	$105.25M	USD	1 Quarter
Services	`SalesRevenueServicesNet`	$26.68M	USD	1 Quarter
Services	`SalesRevenueServicesNet`	$15.55M	USD	1 Quarter
Total Sales	`SalesRevenueNet`	$170.28M	USD	1 Quarter
Total Sales	`SalesRevenueNet`	$120.81M	USD	1 Quarter
Products	`CostOfGoodsSold`	$68.61M	USD	1 Quarter
Products	`CostOfGoodsSold`	$76.66M	USD	1 Quarter
Services	`CostOfServices`	$12.46M	USD	1 Quarter
Services	`CostOfServices`	$19.91M	USD	1 Quarter
Total Cost of Sales	`CostOfGoodsAndServicesSold`	$96.57M	USD	1 Quarter
Total Cost of Sales	`CostOfGoodsAndServicesSold`	$81.07M	USD	1 Quarter
Gross Profit	`GrossProfit`	$73.71M	USD	1 Quarter
Gross Profit	`GrossProfit`	$39.73M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$34.79M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$33.53M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$32.85M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$31.97M	USD	1 Quarter
Operating Income (Loss)	`OperatingIncomeLoss`	$6.95M	USD	1 Quarter
Operating Income (Loss)	`OperatingIncomeLoss`	$-26.65M	USD	1 Quarter
Interest and dividend income	`InvestmentIncomeInterestAndDividend`	$866.00K	USD	1 Quarter
Interest and dividend income	`InvestmentIncomeInterestAndDividend`	$933.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$141.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$132.00K	USD	1 Quarter
Net realized investment gain	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	$470.00K	USD	1 Quarter
Net realized investment gain	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	$-97.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-57.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$134.00K	USD	1 Quarter
Gain on bargain purchase of a business	`BusinessCombinationBargainPurchaseGainRecognizedAmount`	$11.32M	USD	1 Quarter
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$8.35M	USD	1 Quarter
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-14.74M	USD	1 Quarter
(Provision) benefit for income taxes	`IncomeTaxExpenseBenefit`	$-3.93M	USD	1 Quarter
(Provision) benefit for income taxes	`IncomeTaxExpenseBenefit`	$1.69M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-10.81M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$6.65M	USD	1 Quarter
Weighted average shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	48.43M	shares	1 Quarter
Weighted average shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	48.23M	shares	1 Quarter
Weighted average shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	48.94M	shares	1 Quarter
Weighted average shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	48.29M	shares	1 Quarter
Earnings (loss) per common share basic	`EarningsPerShareBasic`	$0.14	USD	1 Quarter
Earnings (loss) per common share basic	`EarningsPerShareBasic`	$-0.22	USD	1 Quarter
Earnings (loss) per common share diluted	`EarningsPerShareDiluted`	$0.14	USD	1 Quarter
Earnings (loss) per common share diluted	`EarningsPerShareDiluted`	$-0.22	USD	1 Quarter
Dividend per share	`CommonStockDividendsPerShareCashPaid`	$0.09	USD	1 Quarter
Dividend per share	`CommonStockDividendsPerShareCashPaid`	$0.09	USD	1 Quarter

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Net Income (Loss)	`NetIncomeLoss`	$-10.81M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$6.65M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.61M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.32M	USD	1 Quarter
Amortization of net premium on available-for-sale investments	`InvestmentIncomeAmortizationOfPremium`	$42.00K	USD	1 Quarter
Amortization of net premium on available-for-sale investments	`InvestmentIncomeAmortizationOfPremium`	$124.00K	USD	1 Quarter
Net realized (gain) loss on long-term investments	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	$470.00K	USD	1 Quarter
Net realized (gain) loss on long-term investments	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	$-97.00K	USD	1 Quarter
Net (gain) loss on disposal of property, plant and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-67.00K	USD	1 Quarter
Net (gain) loss on disposal of property, plant and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$16.00K	USD	1 Quarter
Gain on bargain purchase of a business	`BusinessCombinationBargainPurchaseGainRecognizedAmount`	$11.32M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.82M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.88M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.88M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.95M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-63.90M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-7.25M	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$6.60M	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-1.88M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-3.37M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$7.40M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-10.58M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.41M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-10.23M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.71M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$826.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-3.17M	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$2.75M	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$4.05M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$9.04M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$46.23M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.95M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.87M	USD	1 Quarter
Proceeds from disposals of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$16.00K	USD	1 Quarter
Proceeds from sales and maturities of available-for-sale investments	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$24.47M	USD	1 Quarter
Proceeds from sales and maturities of available-for-sale investments	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$49.07M	USD	1 Quarter
Purchases of available-for-sale investments	`PaymentsToAcquireAvailableForSaleSecurities`	$29.52M	USD	1 Quarter
Purchases of available-for-sale investments	`PaymentsToAcquireAvailableForSaleSecurities`	$75.96M	USD	1 Quarter
Acquisition of business	`PaymentsToAcquireBusinessesGross`	$7.81M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-8.90M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-36.64M	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$369.00K	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$1.38M	USD	1 Quarter
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$10.17M	USD	1 Quarter
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$5.56M	USD	1 Quarter
Dividend payments	`PaymentsOfDividendsCommonStock`	$4.37M	USD	1 Quarter
Dividend payments	`PaymentsOfDividendsCommonStock`	$4.37M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-8.55M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-14.17M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-8.42M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-4.58M	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$1.08M	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$772.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$79.89M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$82.62M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$86.43M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$72.56M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$79.89M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$82.62M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$86.43M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$72.56M	USD	Point-in-time
Purchases of property, plant and equipment included in accounts payable	`NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1`	$509.00K	USD	1 Quarter
Purchases of property, plant and equipment included in accounts payable	`NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1`	$95.00K	USD	1 Quarter

Comprehensive Income 13 line items

Line Item	Tag	Value	Unit	Period
Net Income (Loss)	`NetIncomeLoss`	$-10.81M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$6.65M	USD	1 Quarter
Net unrealized gains (losses) on available-for-sale securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$1.33M	USD	1 Quarter
Net unrealized gains (losses) on available-for-sale securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-3.41M	USD	1 Quarter
Net unrealized gains (losses) on cash flow hedges	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$79.00K	USD	1 Quarter
Defined benefit plan adjustments	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-55.00K	USD	1 Quarter
Defined benefit plan adjustments	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-62.00K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.24M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$842.00K	USD	1 Quarter
Other Comprehensive Income (Loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-2.51M	USD	1 Quarter
Other Comprehensive Income (Loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$2.71M	USD	1 Quarter
Comprehensive Income (Loss), net of tax	`ComprehensiveIncomeNetOfTax`	$-13.32M	USD	1 Quarter
Comprehensive Income (Loss), net of tax	`ComprehensiveIncomeNetOfTax`	$9.36M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.