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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission File Number: 001-41446
ADTRAN Holdings, Inc.
(Exact Name of Registrant as Specified in its Charter)
|
|
Delaware |
87-2164282 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer
Identification No.) |
901 Explorer Boulevard Huntsville, Alabama |
35806-2807 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (256) 963-8000
N/A
(Former name, Former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
|
|
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, Par Value $0.01 per share |
|
ADTN |
|
The NASDAQ Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
|
|
|
|
|
|
Large accelerated filer |
|
☒ |
|
Accelerated filer |
|
☐ |
|
|
|
|
Non-accelerated filer |
|
☐ |
|
Smaller reporting company |
|
☐ |
|
|
|
|
|
|
|
Emerging growth company |
|
☐ |
|
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 7, 2022, the registrant had 77,655,939 shares of common stock, $0.01 par value per share, outstanding.
ADTRAN Holdings, Inc.
Quarterly Report on Form 10-Q
For the Three and Nine Months Ended September 30, 2022
Table of Contents
2
GLOSSARY OF SELECTED TERMS
Below are certain acronyms, concepts and defined terms commonly used in our industry and in this Quarterly Report on Form 10-Q, along with their meanings:
|
|
Acronym/Concept/ |
|
Defined Term |
Meaning |
ALM |
Active line monitoring |
DPLTA |
Domination and Profit and Loss Transfer Agreement |
DSO |
Days Sales Outstanding |
ERP |
Enterprise Resource Planning Software |
E.U. |
European Union |
EURIBOR |
Euro Interbank Offered Rate |
LAN |
Local Area Network |
MSO |
Multiple System Operator |
ODM |
Original Design Manufacturing |
OLT |
Optical Line Terminal |
SaaS |
Software as a Service |
SEC |
Securities and Exchange Commission |
Service Provider |
Entity that provides voice, data or video services to consumers and businesses |
SMB |
Small and Mid-Sized Business |
SOFR |
Secured Overnight Financing Rate |
SI |
Person or company that specializes in bringing together component subsystems into a whole and ensuring that those subsystems function together |
U.K. |
United Kingdom |
U.S. |
United States of America |
VAR |
Value-Added Reseller |
WAN |
Wide Area Network |
3
GENERAL
On July 8, 2022, Acorn MergeCo, Inc. (“Merger Sub”), a Delaware corporation and wholly-owned direct subsidiary of ADTRAN Holdings, Inc. (f/k/a Acorn HoldCo, Inc.), merged with and into ADTRAN, Inc., with ADTRAN, Inc. surviving the merger as a wholly-owned direct subsidiary of ADTRAN Holdings, Inc. (the “Merger”). The Merger was consummated pursuant to the Business Combination Agreement, dated as of August 30, 2021 (the “Business Combination Agreement”), by and among ADTRAN Holdings, Inc., ADTRAN, Inc., ADVA Optical Networking SE, a company organized and existing under the laws of Germany (“ADVA”), and Merger Sub. In accordance with the Business Combination Agreement, ADTRAN Holdings, Inc. made a public offer to exchange each issued and outstanding no-par value bearer share of ADVA for 0.8244 shares of common stock, par value $0.01 per share (the “Company Common Stock”), of ADTRAN Holdings, Inc. (the “Exchange Offer” and, together with the Merger, the “Business Combination”). On July 15, 2022 (the “Exchange Offer Settlement Date”), ADTRAN Holdings, Inc. completed the Exchange Offer, in which ADTRAN Holdings, Inc. acquired 33,957,538 million bearer shares of ADVA, or 65.43% of ADVA’s outstanding bearer shares as of the Exchange Offer Settlement Date, in exchange for the issuance of an aggregate of 27,994,595 million shares of Company Common Stock. On October 18, 2022, the Board of Directors of the Company and the management board of ADVA agreed on a final draft of a domination and profit and loss transfer agreement (the “DPLTA”) between the Company, as the controlling company, and ADVA, as the controlled company. The parties’ execution of the DPLTA remains subject to approval of the DPLTA by shareholders of ADVA with 75% of the votes cast in an extraordinary general meeting, which is scheduled to be held on November 30, 2022. If and when signed, effectiveness of the DPLTA is subject to the subsequent registration of the DPLTA with the commercial register (Handelsregister) of the local court (Amtsgericht) at the registered offices of ADVA, with such effectiveness to occur no earlier than January 1, 2023. The Company currently holds 33,957,538 shares of ADVA, representing 65.35% of ADVA’s outstanding shares on September 30, 2022.
Unless the context otherwise indicates or requires, references in this Quarterly Report on Form 10-Q to “ADTRAN,” the “Company,” “we,” “us” and “our” refer to ADTRAN Holdings, Inc. and its consolidated subsidiaries prior to the Merger on July 8, 2022, and to ADTRAN Holdings, Inc. and its consolidated subsidiaries following the Merger.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of ADTRAN. ADTRAN and its representatives may from time to time make written or oral forward-looking statements, including statements contained in this report, our other filings with the Securities and Exchange Commission (the “SEC”) and other communications with our stockholders. Any statement that does not directly relate to a historical or current fact is a forward-looking statement. Generally, the words, “believe”, “expect”, “intend”, “estimate”, “anticipate”, “will”, “may”, “could” and similar expressions identify forward-looking statements. We caution you that any forward-looking statements made by us or on our behalf are subject to uncertainties and other factors that could affect the accuracy of such statements. The following are some of the risks that could affect our financial performance or could cause actual results to differ materially from those expressed or implied in our forward-looking statements:
Risks related to the Business Combination and DPLTA
•We may fail to realize the anticipated strategic and financial benefits sought from the Business Combination.
•We may experience operational challenges, negative synergies and loss of customers.
•While we have agreed on a final draft of a DPLTA with ADVA, we may not be successful in entering into the DPLTA or the effectiveness of a DPLTA may be delayed as a result of litigation or otherwise, which may have an adverse effect on the ability to realize synergies and cost reductions and the market value of our shares.
•If a DPLTA with ADVA is approved by ADVA’s shareholders and becomes effective, the terms of the DPLTA, once effective, may have a material adverse effect on our financial results and condition.
•We are exposed to additional litigation risk and uncertainty with respect to the remaining minority shareholders of ADVA.
•Negative publicity related to post-closing integration measures, may adversely affect us.
•We have incurred and expect to continue to incur significant transaction fees and costs in connection with the Business Combination and post-closing integration efforts.
•We incurred a substantial amount of indebtedness in connection with the Business Combination. Our failure to meet our debt service obligations could have a material adverse effect on our business, financial condition and results of operations.
•Risks relating to the business of ADVA may have a significant adverse impact on our business and financial performance.
•We may be unable to successfully retain and motivate our personnel, including personnel at ADVA.
4
•The terms of our and ADVA's credit agreements restrict our current and future operations, particularly our ability to respond to changes or to take certain actions.
•We may be unable to successfully and effectively manage and integrate acquisitions, divestitures and other significant transactions, which could harm our operating results, business and prospects.
Risks related to our financial results and Company success
•Our revenue for a particular period can be difficult to predict, and a shortfall in revenue may harm our operating results.
•The lengthy sales and approval process required by service providers for new products could result in fluctuations in our revenue.
•We depend heavily on sales to certain customers; the loss of any of these customers would significantly reduce our revenue and net income.
•Our exposure to the credit risks of our customers and distributors may make it difficult to collect accounts receivable and could adversely affect our operating results, financial condition and cash flows.
•We expect gross margins to vary over time, and our levels of product and services gross margins may not be sustainable.
•Our strategy of outsourcing a portion of our manufacturing requirements to subcontractors located in various international regions may result in us not meeting our cost, quality or performance standards.
•Our dependence on a limited number of suppliers for certain raw materials, key components and ODM products, combined with supply shortages, have prevented and may continue to prevent us from delivering our products on a timely basis, which has had and may continue to have a material adverse effect on operating results and could have a material adverse effect on customer relations.
•We compete in markets that have become increasingly competitive, which may result in reduced gross profit margins and market share.
•Our estimates regarding future warranty obligations may change due to product failure rates, installation and shipment volumes, field service repair obligations and other rework costs incurred in correcting product failures. If our estimates change, our liability for warranty obligations may increase or decrease, impacting future cost of revenue.
•Managing our inventory is complex and may include write-downs of excess or obsolete inventory.
•The continuing growth of our international operations could expose us to additional risks, increase our costs and adversely affect our operating results, financial condition and cash flows.
•Our success depends on attracting and retaining key personnel.
•If we fail to manage our exposure to worldwide financial and securities markets successfully, our operating results and financial statements could be materially impacted.
•The terms of the credit agreement governing our senior credit facility restrict our current and future operations, particularly our ability to respond to changes or to take certain actions.
•We are exposed to adverse currency exchange rate fluctuations in jurisdictions where we transact in local currency, which could harm our financial results and cash flows.
•We will require a significant amount of cash to service our indebtedness, our potential payment obligations to ADVA shareholders under the proposed DPLTA, and other obligations.
•We could be required to recognize impairment charges related to goodwill and other intangible assets.
Risks related to COVID-19
•The ongoing COVID-19 pandemic has impacted and may continue to impact our business, results of operations, financial condition and cash flows, particularly our supply chain and workforce.
Risks related to our control environment
•Breaches of our information systems and cyber-attacks could compromise our intellectual property and cause significant damage to our business and reputation.
•If we fail to maintain proper and effective internal controls over financial reporting we could have a material weakness in those internal controls, that if not remediated, could materially adversely affect us.
5
Risks related to the telecommunications industry
•We must continue to update and improve our products and develop new products to compete and to keep pace with improvements in communications technology.
•Our failure or the failure of our contract manufacturers to comply with applicable environmental regulations could adversely impact our results of operations.
•If our products do not interoperate with our customers’ networks, installations may be delayed or canceled, which could harm our business.
•We engage in research and development activities to develop new, innovative solutions and to improve the application of developed technologies, and as a consequence may miss certain market opportunities enjoyed by larger companies with substantially greater research and development efforts and which may focus on more leading-edge development.
•Our strategy of outsourcing a portion of our manufacturing requirements to subcontractors located in various international regions may result in us not meeting our cost, quality or performance standards.
•Our failure to maintain rights to intellectual property used in our business could adversely affect the development, functionality and commercial value of our products.
•Software under license from third parties for use in certain of our products may not continue to be available to us on commercially reasonable terms.
•Our use of open source software could impose limitations on our ability to commercialize our products.
•We may incur liabilities or become subject to litigation that would have a material effect on our business.
•If we are unable to successfully develop and maintain relationships with SIs, service providers and enterprise VARs, our revenue may be negatively affected.
Risks related to the regulatory environments in which we do business
•We are subject to complex and evolving U.S. and foreign laws, regulations and standards governing the conduct of our business. Violations of these laws and regulations may harm our business, subject us to penalties and to other adverse consequences.
•Changes in trade policy in the U.S. and other countries, specifically the U.K. and China, including the imposition of additional tariffs and the resulting consequences, may adversely impact our gross profits, gross margins, results of operations and financial condition.
•New or revised tax regulations, changes in our effective tax rate, recognition of a valuation allowance or assessments arising from tax audits may have an adverse impact on our results.
•Central Banks' monetary policy actions could increase our costs of borrowing money and negatively impact our financial condition and future operations.
•Expectations relating to environmental, social and governance considerations expose the Company to potential liabilities, increased costs, reputational harm, and other adverse effects on the Company’s business.
The foregoing list of risks is not exclusive. For a more detailed description of the risk factors associated with our business, see Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022 (the “2021 Form 10-K”), as well as the risk factors set forth in Part II, Item 1A of this Quarterly Report on Form 10-Q. We caution investors that other factors may prove to be important in the future in affecting our operating results. New factors emerge from time to time, and it is not possible for us to predict all of these factors, nor can we assess the impact each factor, or a combination of factors, may have on our business.
You are further cautioned not to place undue reliance on these forward-looking statements because they speak only of our views as of the date that the statements were made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
6
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ADTRAN Holdings, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
ASSETS |
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
111,099 |
|
|
$ |
56,603 |
|
Restricted cash |
|
|
— |
|
|
|
215 |
|
Short-term investments (includes $803 and $350 of available-for-sale securities as of
September 30, 2022 and December 31, 2021, respectively, reported at fair value) |
|
|
803 |
|
|
|
350 |
|
Accounts receivable, less allowance for credit losses of $218 and $0 as of September 30, 2022
and December 31, 2021, respectively |
|
|
302,401 |
|
|
|
158,742 |
|
Other receivables |
|
|
14,350 |
|
|
|
11,228 |
|
Inventory, net |
|
|
416,163 |
|
|
|
139,891 |
|
Prepaid expenses and other current assets |
|
|
30,739 |
|
|
|
9,296 |
|
Total Current Assets |
|
|
875,555 |
|
|
|
376,325 |
|
Property, plant and equipment, net |
|
|
104,577 |
|
|
|
55,766 |
|
Deferred tax assets, net |
|
|
— |
|
|
|
9,079 |
|
Goodwill |
|
|
357,869 |
|
|
|
6,968 |
|
Intangibles, net |
|
|
393,575 |
|
|
|
19,293 |
|
Other non-current assets |
|
|
56,347 |
|
|
|
30,971 |
|
Long-term investments (includes $27,860 and $29,717 of available-for-sale securities as of
September 30, 2022 and December 31, 2021, respectively, reported at fair value) |
|
|
50,131 |
|
|
|
70,615 |
|
Total Assets |
|
$ |
1,838,054 |
|
|
$ |
569,017 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
276,026 |
|
|
$ |
102,489 |
|
Revolving credit agreements outstanding |
|
|
84,503 |
|
|
|
— |
|
Notes payable |
|
|
29,782 |
|
|
|
— |
|
Unearned revenue |
|
|
40,993 |
|
|
|
17,737 |
|
Accrued expenses and other liabilities |
|
|
25,554 |
|
|
|
13,673 |
|
Accrued wages and benefits |
|
|
41,595 |
|
|
|
14,900 |
|
Income tax payable, net |
|
|
26,838 |
|
|
|
6,560 |
|
Total Current Liabilities |
|
|
525,291 |
|
|
|
155,359 |
|
Deferred tax liabilities, net |
|
|
36,884 |
|
|
|
— |
|
Non-current unearned revenue |
|
|
18,269 |
|
|
|
9,271 |
|
Pension liability |
|
|
16,220 |
|
|
|
11,402 |
|
Deferred compensation liability |
|
|
25,376 |
|
|
|
31,383 |
|
Non-current lease obligations |
|
|
21,490 |
|
|
|
3,269 |
|
Other non-current liabilities |
|
|
9,697 |
|
|
|
1,231 |
|
Total Liabilities |
|
|
653,227 |
|
|
|
211,915 |
|
Commitments and contingencies (see Note 20) |
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Common stock, par value $0.01 per share; 200,000 shares authorized;
77,619 shares issued and outstanding as of September 30, 2022 and
79,652 shares issued and 49,063 shares outstanding as of December 31, 2021 |
|
|
776 |
|
|
|
797 |
|
Additional paid-in capital |
|
|
883,210 |
|
|
|
288,946 |
|
Accumulated other comprehensive loss |
|
|
(40,288 |
) |
|
|
(11,914 |
) |
Retained earnings |
|
|
31,535 |
|
|
|
740,820 |
|
Treasury stock at cost: 197 and 30,590 shares as of September 30, 2022
and December 31, 2021, respectively |
|
|
(4,083 |
) |
|
|
(661,547 |
) |
Non-controlling interest |
|
|
313,677 |
|
|
|
— |
|
Total Equity |
|
|
1,184,827 |
|
|
|
357,102 |
|
Total Liabilities and Equity |
|
$ |
1,838,054 |
|
|
$ |
569,017 |
|
See accompanying notes to condensed consolidated financial statements.
7
ADTRAN Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(Unaudited)
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Network Solutions |
|
$ |
304,940 |
|
|
$ |
120,767 |
|
|
$ |
599,306 |
|
|
$ |
360,025 |
|
Services & Support |
|
|
35,769 |
|
|
|
17,314 |
|
|
|
67,959 |
|
|
|
48,821 |
|
Total Revenue |
|
|
340,709 |
|
|
|
138,081 |
|
|
|
667,265 |
|
|
|
408,846 |
|
Cost of Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Network Solutions |
|
|
222,606 |
|
|
|
81,029 |
|
|
|
413,180 |
|
|
|
216,044 |
|
Services & Support |
|
|
15,076 |
|
|
|
9,379 |
|
|
|
34,236 |
|
|
|
28,860 |
|
Total Cost of Revenue |
|
|
237,682 |
|
|
|
90,408 |
|
|
|
447,416 |
|
|
|
244,904 |
|
Gross Profit |
|
|
103,027 |
|
|
|
47,673 |
|
|
|
219,849 |
|
|
|
163,942 |
|
Selling, general and administrative expenses |
|
|
74,880 |
|
|
|
30,972 |
|
|
|
130,646 |
|
|
|
89,273 |
|
Research and development expenses |
|
|
59,196 |
|
|
|
26,759 |
|
|
|
112,187 |
|
|
|
82,131 |
|
Asset impairment |
|
|
16,969 |
|
|
|
— |
|
|
|
16,969 |
|
|
|
— |
|
Operating Loss |
|
|
(48,018 |
) |
|
|
(10,058 |
) |
|
|
(39,953 |
) |
|
|
(7,462 |
) |
Interest and dividend income |
|
|
347 |
|
|
|
344 |
|
|
|
768 |
|
|
|
887 |
|
Interest expense |
|
|
(1,303 |
) |
|
|
(6 |
) |
|
|
(1,427 |
) |
|
|
(18 |
) |
Net investment (loss) gain |
|
|
(2,691 |
) |
|
|
(63 |
) |
|
|
(10,752 |
) |
|
|
2,942 |
|
Other income, net |
|
|
2,494 |
|
|
|
648 |
|
|
|
2,949 |
|
|
|
2,673 |
|
Loss Before Income Taxes |
|
|
(49,171 |
) |
|
|
(9,135 |
) |
|
|
(48,415 |
) |
|
|
(978 |
) |
Income tax benefit (expense) |
|
|
4,312 |
|
|
|
(1,292 |
) |
|
|
4,572 |
|
|
|
(3,467 |
) |
Net Loss |
|
$ |
(44,859 |
) |
|
$ |
(10,427 |
) |
|
$ |
(43,843 |
) |
|
$ |
(4,445 |
) |
Less: Net Loss attributable to non-controlling interest |
|
|
(2,925 |
) |
|
|
— |
|
|
|
(2,925 |
) |
|
|
— |
|
Net Loss attributable to ADTRAN Holdings, Inc. |
|
$ |
(41,934 |
) |
|
$ |
(10,427 |
) |
|
$ |
(40,918 |
) |
|
$ |
(4,445 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding – basic |
|
|
73,036 |
|
|
|
48,609 |
|
|
|
57,175 |
|
|
|
48,470 |
|
Weighted average shares outstanding – diluted |
|
|
73,036 |
|
|
|
48,609 |
|
|
|
57,175 |
|
|
|
48,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common share attributable to ADTRAN Holdings, Inc. – basic |
|
$ |
(0.57 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.72 |
) |
|
$ |
(0.09 |
) |
Loss per common share attributable to ADTRAN Holdings, Inc. – diluted |
|
$ |
(0.57 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.72 |
) |
|
$ |
(0.09 |
) |
See accompanying notes to condensed consolidated financial statements.
8
ADTRAN Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net Loss |
|
$ |
(44,859 |
) |
|
$ |
(10,427 |
) |
|
$ |
(43,843 |
) |
|
$ |
(4,445 |
) |
Other Comprehensive Loss, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized loss on available-for-sale securities |
|
|
(396 |
) |
|
|
(61 |
) |
|
|
(1,320 |
) |
|
|
(348 |
) |
Defined benefit plan adjustments |
|
|
(118 |
) |
|
|
124 |
|
|
|
(218 |
) |
|
|
435 |
|
Foreign currency translation loss |
|
|
(23,172 |
) |
|
|
(1,389 |
) |
|
|
(26,930 |
) |
|
|
(2,914 |
) |
Other Comprehensive Loss, net of tax |
|
|
(23,686 |
) |
|
|
(1,326 |
) |
|
|
(28,468 |
) |
|
|
(2,827 |
) |
Less: Comprehensive Loss attributable to non-controlling interest, net of tax |
|
|
(94 |
) |
|
|
— |
|
|
|
(94 |
) |
|
|
— |
|
Comprehensive Loss attributable to ADTRAN Holdings, Inc., net of tax |
|
$ |
(68,451 |
) |
|
$ |
(11,753 |
) |
|
$ |
(72,217 |
) |
|
$ |
(7,272 |
) |
See accompanying notes to condensed consolidated financial statements.
9
ADTRAN Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Shares |
|
|
Common
Stock |
|
|
Additional
Paid-In
Capital |
|
|
Retained
Earnings |
|
|
Treasury
Stock |
|
|
Accumulated Other Comprehensive Loss |
|
|
Non-controlling interest |
|
|
Total
Equity |
|
Balance as of December 31, 2021 |
|
|
79,652 |
|
|
$ |
797 |
|
|
$ |
288,946 |
|
|
$ |
740,820 |
|
|
$ |
(661,547 |
) |
|
$ |
(11,914 |
) |
|
$ |
- |
|
|
$ |
357,102 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,127 |
) |
|
|