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Adtran Holdings, Inc. Reports Earnings for the Third Quarter of 2022 and Declares Quarterly Cash Dividend

EQS-News: Adtran Holdings, Inc. / Key word(s): 9 Month figures
Adtran Holdings, Inc. Reports Earnings for the Third Quarter of 2022 and Declares Quarterly Cash Dividend
08.11.2022 / 06:55 CET/CEST
The issuer is solely responsible for the content of this announcement.

ADTRAN Holdings, Inc. Reports Earnings for the Third Quarter of 2022 and Declares Quarterly Cash Dividend


HUNTSVILLE, Ala. — (November 8, 2022) — ADTRAN Holdings, Inc., (NASDAQ: ADTN and FSE: QH9) (“ADTRAN Holdings” or the “Company”), today announced financial results for the third quarter of 2022. For the quarter, revenue was $340.7 million. Net loss inclusive of the non-controlling interest for the third quarter of 2022 was $44.9 million. Net loss attributable to the Company for the third quarter of 2022 was $41.9 million and loss per share attributable to the Company was $0.57. Net loss and loss per share are inclusive of consolidated financial results, significant purchase accounting adjustments, and certain one-time transaction expenses related to the business combination of the Company, ADTRAN, Inc. (“ADTRAN”), and ADVA Optical Networking SE (“ADVA”). Inclusive of non-controlling interests, non-GAAP net income was $12.2 million. Non-GAAP net income attributable to the Company was $7.7 million and non-GAAP diluted earnings per share attributable to the Company was $0.11. Non-GAAP net income and non-GAAP earnings per share exclude acquisition related expenses, amortizations, and adjustments (consisting of intangible amortization of backlog, developed technology, customer relationships, and trade names acquired in connection with business combinations and amortization of inventory fair value adjustments), stock-based compensation expense, amortization of pension actuarial losses, deferred compensation adjustments, certain asset impairments, changes in valuation allowance related to our deferred tax assets, and the tax effect of these adjustments to net income.  The reconciliations between the non-GAAP net income measures presented herein and the respective equivalent GAAP financial measures are set forth in the tables provided below.

 

ADTRAN Holdings Chairman and Chief Executive Officer Tom Stanton stated, “Our third quarter marked a new era in our history as we closed the business combination agreement with ADVA Optical Networking SE. The combined company’s broader portfolio, paired with a larger, more diversified, and regionally balanced customer base, positions us to capitalize on the global fiber conversion. The Q3 results highlight our increased market presence in optical networking and subscriber solutions, two portfolio categories that complement our continued success in fiber access. This success reinforces the positive outlook we have in our ability to maximize our growth potential in the ongoing global investment cycle in fiber networks.”

 

The Company also announced that its Board of Directors declared a cash dividend for the third quarter of 2022. The quarterly cash dividend of $0.09 per common share is to be paid to the Company’s stockholders of record as of the close of business on November 22, 2022. The ex-dividend date is November 21, 2022, and the payment date will be December 6, 2022.

 

The Company confirmed that it will hold a conference call to discuss its third quarter results on Tuesday, November 8, 2022, at 9:30 a.m. Central Time or 4:30 p.m. Central European Time. ADTRAN Holdings will webcast this conference call. To listen, simply visit our Investor Relations site at adtran.com/investor approximately 10 minutes prior to the start of the call, click on the event “ADTRAN Holdings Releases 3rd Quarter 2022 Financial Results and Earnings Call”, and click on the Webcast link.

 

An online replay of the Company’s conference call, as well as the text of the Company's conference call, will be available on the Investor Relations site approximately 24 hours following the call and will remain available for at least 12 months. For more information, visit www.investors.adtran.com or email at investor.relations@adtran.com.

 

About ADTRAN Holdings, Inc.

ADTRAN Holdings, Inc. is the parent company of ADTRAN, Inc., a wholly owned subsidiary and a leading global provider of open, disaggregated networking and communications solutions. ADTRAN Holdings is also the largest shareholder of ADVA, a European telecommunications vendor that provides network equipment for data, storage, voice, and video services.

 

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements, generally identified by the use of words such as “believe,” “expect,” “intend,” “estimate,” “anticipate,” “will,” “may,” “could” and similar expressions, which forward-looking statements reflect management’s best judgment based on factors currently known. However, these statements involve risks and uncertainties, including: (i) risks and uncertainties related to the continued impact of the SARS-CoV-2 coronavirus/COVID-19 global pandemic (including variants of the SARS-CoV-2 coronavirus), including with respect to continued manufacturing and supply chain constraints; (ii) risks and uncertainties related to the completed business combination between the Company, ADTRAN and ADVA, including risks related to regulatory or other limitations imposed following the closing of the business combination on July 15, 2022 and the proposed domination and profit and loss transfer agreement between the Company as the controlling entity, and ADVA as the controlled entity; the ability to successfully integrate the ADTRAN and ADVA businesses; risks related to disruption of management time from ongoing business operations due to integration efforts following the business combination; the risk that the business combination could have adverse effects on the market price of ADTRAN Holdings’ common stock or ADVA’s common shares or the ability of the Company, ADTRAN, and ADVA to retain customers, retain or hire key personnel, maintain relationships with their respective suppliers and customers, and on their operating results and businesses generally; the risk that ADTRAN Holdings may be unable to achieve expected synergies or that it may take longer or be more costly than expected to achieve those synergies; the risk of fluctuations in revenue due to lengthy sales and approval processes required by major and other service providers for new products; the risk posed by potential breaches of information systems and cyber-attacks; the risks that ADTRAN, ADVA or ADTRAN Holdings may not be able to effectively compete, including through product improvements and development; and (iii) other risks set forth in ADVA’s annual and interim financial reports made publicly available and ADTRAN’s and ADTRAN Holdings’ public filings made with the Securities and Exchange Commission, including ADTRAN’s Annual Report on Form 10-K for the year ended December 31, 2021 and ADTRAN Holdings’ Form 10-Q for the quarterly period ended June 30, 2022. These risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements included in this press release.

 

Explanation of Use of Non-GAAP Financial Measures

Set forth in the tables below are reconciliations of operating loss, net loss inclusive of the non-controlling interest, net loss attributable to the Company, and loss per share attributable to the Company, in each case as reported based on generally accepted accounting principles in the United States (“GAAP”), to non-GAAP operating income, non-GAAP net income inclusive of the non-controlling interest, non-GAAP net income attributable to the Company, and non-GAAP diluted earnings per share attributable to the Company, respectively. Such non-GAAP measures exclude acquisition related expenses, amortizations and adjustments (consisting of intangible amortization of backlog, developed technology, customer relationships, and trade names acquired in connection with business combinations and amortization of inventory fair value adjustments), stock-based compensation expense, amortization of pension actuarial losses, deferred compensation adjustments, certain asset impairments, changes in valuation allowance related to our deferred tax assets, and the tax effect of these adjustments to net income. These measures are used by management in our ongoing planning and annual budgeting processes. Additionally, we believe the presentation of non-GAAP operating income, non-GAAP net income inclusive of the non-controlling interest, non-GAAP net income attributable to the Company, and non-GAAP diluted earnings per share attributable to the Company, when combined with the presentation of the most directly comparable GAAP financial measure, is beneficial to the overall understanding of ongoing operating performance of the Company.

 

These non-GAAP financial measures are not prepared in accordance with, or an alternative for, GAAP and therefore should not be considered in isolation or as a substitution for analysis of our results as reported under GAAP. Additionally, our calculation of non-GAAP operating income, non-GAAP net income and non-GAAP earnings per share - basic and diluted, may not be comparable to similar measures calculated by other companies.

 

Investor Services/Assistance:

Rhonda Lambert/256-963-7450

Investor.relations@adtran.com

 

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

 

 

September 30,

 

 

December 31,

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

Current Assets

 

 

 

 

 

Cash and cash equivalents

$

111,099

 

 

$

56,603

 

Restricted cash

 

 

 

 

215

 

Short-term investments

 

803

 

 

 

350

 

Accounts receivable, net

 

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

 

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

 

Common stock

 

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

 

(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

 

 

Condensed Consolidated Statements of Loss

(Unaudited)

(In thousands, except per share data)

 

 

 

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

 

 

226,635

 

 

 

81,029

 

 

 

417,209

 

 

 

216,044

 

 

Services & Support

 

 

11,047

 

 

 

9,379

 

 

 

30,207

 

 

 

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

)

 

 

 

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(43,843

)

 

$

(4,445

)

Adjustments to reconcile net income to net cash (used in) provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

34,783

 

 

 

12,246

 

Asset impairment

 

 

16,969

 

 

 

 

Amortization of debt issuance cost

 

 

200

 

 

 

 

Loss (gain) on investments

 

 

10,395

 

 

 

(3,320

)

Stock-based compensation expense

 

 

15,912

 

 

 

5,457

 

Deferred income taxes

 

 

(26,366

)

 

 

437

 

Other, net

 

 

32

 

 

 

89

 

Inventory reserves

 

 

(6,681

)

 

 

(4,789

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

 

(34,535

)

 

 

(26,346

)

Other receivables

 

 

(2,154

)

 

 

11,152

 

Inventory

 

 

(76,293

)

 

 

2,120

 

Prepaid expenses, other current assets and other assets

 

 

610

 

 

 

(8,514

)

Accounts payable

 

 

70,381

 

 

 

29,614

 

Accrued expenses and other liabilities

 

 

(23,005

)

 

 

10,392

 

Income taxes payable, net

 

 

20,862

 

 

 

4,798

 

Net cash (used in) provided by operating activities

 

 

(42,733

)

 

 

28,891

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(10,141

)

 

 

(3,572

)

Proceeds from sales and maturities of available-for-sale investments

 

 

30,474

 

 

 

28,305

 

Purchases of available-for-sale investments

 

 

(22,215

)

 

 

(28,853

)

Proceeds from beneficial interests in securitized accounts receivable

 

 

1,294

 

 

 

 

Proceeds from disposals of property, plant and equipment

 

 

12

 

 

 

 

Insurance proceeds received

 

 

 

 

 

500

 

Acquisition of business, net of cash acquired

 

 

43,957

 

 

 

 

Net cash provided by (used in) investing activities

 

 

43,381

 

 

 

(3,620

)

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Tax withholdings related to stock-based compensation settlements

 

 

(515

)

 

 

(113

)

Proceeds from stock option exercises

 

 

5,434

 

 

 

6,111

 

Dividend payments

 

 

(15,859

)

 

 

(13,124

)

Proceeds from draw on revolving credit agreement

 

 

133,141

 

 

 

 

Repayment of revolving credit agreement

 

 

(48,000

)

 

 

 

Payment of debt issuance cost

 

 

(3,015

)

 

 

 

Repayment of notes payable

 

 

(10,057

)

 

 

 

Net cash provided by (used in) financing activities

 

 

61,129

 

 

 

(7,126

)

 

 

 

 

 

 

 

Net increase in cash, cash equivalents and restricted cash

 

 

61,777

 

 

 

18,145

 

Effect of exchange rate changes

 

 

(7,496

)

 

 

(2,719

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

56,818

 

 

 

60,179

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash, end of period

 

$

111,099

 

 

$

75,605

 

 

 

 

 

 

 

 

Supplemental disclosure of cash financing activities:

 

 

 

 

 

 

Cash paid for interest

 

$

633

 

 

$

 

Supplemental disclosure of non-cash investing activities

 

 

 

 

 

 

Right-of-use assets obtained in exchange for lease obligations

 

$

904

 

 

$

1,833

 

Purchases of property, plant and equipment included in accounts payable

 

$

1,037

 

 

$

100

 

ADVA common shares exchanged in acquisition

 

$

565,491

 

 

$

 

ADVA options assumed in acquisition

 

$

12,769

 

 

$

 

Non-controlling interest related to ADVA

 

$

316,415

 

 

$

 

 

 

 

 

 

 

 

 

 

Supplemental Information

Reconciliation of Operating Loss to Non-GAAP Operating Income (Loss)

(Unaudited)

(In thousands)

 

 

Three Months Ended
September 30,

 

 

 

Nine Months ended
September 30,

 

 

 

2022

 

 

2021

 

 

 

2022

 

 

2021

 

 

Operating Loss

$

(48,018

)

 

$

(10,058

)

 

 

$

(39,953

)

 

$

(7,462

)

 

Acquisition related expenses, amortizations and adjustments

 

40,310

 

  (1)

 

6,041

 

 (6)

 

 

44,763

 

  (8)

 

9,470

 

 (11)

Asset impairments

 

16,969

 

  (2)

 

 

 

 

 

16,969

 

  (2)

 

 

 

Stock-based compensation expense

 

12,131

 

  (3)

 

1,842

 

 (7)

 

 

15,912

 

  (9)

 

5,457

 

 (12)

Pension adjustments

 

244

 

  (4)

 

 

 

 

 

244

 

  (4)

 

 

 

Restructuring expenses

 

 

 

 

 

 

 

 

2

 

 (10)

 

309

 

 (13)

Deferred compensation adjustments

 

(740

)

  (5)

 

(459

)

 (5)

 

 

(7,173

)

  (5)

 

2,091

 

  (5)

Non-GAAP Operating Income (Loss)

$

20,896

 

 

$

(2,634

)

 

 

$

30,764

 

 

$

9,865

 

 

 

(1) Includes intangible amortization of backlog, inventory fair value adjustments, developed technology, customer relationships, and trade names acquired in connection with business combinations, and certain one-time transaction expenses of which $25.5 million is included in total cost of revenue, $14.3 million is included in selling, general and administrative expenses and $0.5 million is included in research and development expenses on the condensed consolidated statements of income (loss).

(2) Includes impairment charges related to the abandonment of certain information technology projects due to the business combination.

(3) $1.3 million is included in total cost of revenue, $9.1 million is included in selling, general and administrative expenses and $1.7 million is included in research and development expenses on the condensed consolidated statements of income (loss).  Includes $8.9 million of incremental stock-based award modification expense related to the business combination.

(4)  Less than $0.1 million is included in total cost of revenue, $0.1 million is included in selling, general and administrative expenses and $0.1 million is included in research and development expenses on the condensed consolidated statements of income (loss).

(5) Includes non-cash change in fair value of equity investments held in the ADTRAN Holdings, Inc. Deferred Compensation Program for Employees, all of which is included in selling, general and administrative expenses on the condensed consolidated statement of income (loss).

(6) $5.5 million is included in selling, general and administrative expenses and $0.5 million is included in research and development expenses on the condensed consolidated statements of income (loss).

(7) $0.1 million is included in total cost of revenue, $1.1 million is included in selling, general and administrative expenses and $0.6 million is included in research and development expenses on the consolidated statements of income (loss).

(8) Includes intangible amortization of backlog, inventory fair value adjustments, developed technology, customer relationships, and trade names acquired in connection with business combinations, and certain one-time transaction expenses of which $25.5 million is included in total cost of revenue, $17.8 million is included in selling, general and administrative expenses and $1.5 million is included in research and development expenses on the condensed consolidated statements of income (loss).

(9) $1.6 million is included in total cost of revenue, $11.4 million is included in selling, general and administrative expenses and $2.9 million is included in research and development expenses on the condensed consolidated statements of income (loss).  Includes $8.9 million of incremental stock-based award modification expense related to the business combination.

(10) Less than $0.1 million is included in selling, general and administrative expenses condensed consolidated statements of income (loss).

(11) $8.0 million is included in selling, general and administrative expenses and $1.5 million is included in research and development expenses on the condensed consolidated statements of income (loss).

(12) $0.4 million is included in total cost of revenue, $3.3 million is included in selling, general and administrative expenses and $1.8 million is included in research and development expenses on the condensed consolidated statements of income (loss).

(13) $0.1 million is included in selling, general and administrative expenses and $0.2 million is included in research and development expenses on the condensed consolidated statements of income (loss).                                                                                                                   

 

Supplemental Information

 

Reconciliation of Net Loss inclusive of Non-Controlling Interest to

Non-GAAP Net Income (Loss) inclusive of Non-Controlling Interest

(Unaudited)

 

and

 

Reconciliation of Net Loss attributable to ADTRAN Holdings, Inc. and Loss per Common Share attributable to

ADTRAN Holdings, Inc. – Basic and Diluted to Non-GAAP Net Income (Loss) attributable to ADTRAN Holdings, Inc.

 and Non-GAAP Earnings (Loss) per Common Share attributable to ADTRAN Holdings, Inc. – Basic and Diluted

(Unaudited)

 

(In thousands, except per share amounts)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months ended
September 30,

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

Net Loss attributable to ADTRAN Holdings, Inc.

 

$

(41,934

)

 

$

(10,427

)

 

$

(40,918

)

 

$

(4,445

)

 

Plus: Net Loss attributable to non-controlling interest

 

 

(2,925

)

 

 

 

 

 

(2,925

)

 

 

 

 

Net Loss inclusive of non-controlling interest

 

$

(44,859

)

 

$

(10,427

)

 

$

(43,843

)

 

$

(4,445

)

 

Acquisition related expenses, amortizations and adjustments

 

 

40,310

 

 

 

6,041

 

 

 

44,763

 

 

 

9,470

 

 

Asset impairments

 

 

16,969

 

 

 

 

 

 

16,969

 

 

 

 

 

Stock-based compensation expense

 

 

12,131

 

 

 

1,842

 

 

 

15,912

 

 

 

5,457

 

 

Valuation allowance

 

 

3,182

 

 

 

2,455

 

 

 

15,550

 

 

 

4,413

 

 

Deferred compensation adjustments (1)

 

 

383

 

 

 

(262

)

 

 

(612

)

 

 

552

 

 

Pension adjustments (2)

 

 

325

 

 

 

272

 

 

 

499

 

 

 

825

 

 

Restructuring expenses

 

 

 

 

 

 

 

 

2

 

 

 

309

 

 

Tax effect of adjustments to net income (loss)

 

 

(16,245

)

 

 

(736

)

 

 

(17,430

)

 

 

(2,931

)

 

Non-GAAP Net Income (Loss) inclusive of non-controlling interest

 

$

12,196

 

 

$

(815

)

 

$

31,810

 

 

$

13,650

 

 

Less: Non-GAAP Net Income attributable to non-controlling interest

 

 

4,486

 

 

 

 

 

 

4,486

 

 

 

 

 

Non-GAAP Net Income (Loss) attributable to ADTRAN Holdings, Inc.

 

$

7,710

 

 

$

(815

)

 

$

27,324

 

 

$

13,650

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP earnings (loss) per common share attributable to ADTRAN Holdings, Inc. - basic

 

$

0.11

 

 

$

(0.02

)

 

$

0.48

 

 

$

0.28

 

 

Non-GAAP earnings (loss) per common share attributable to ADTRAN Holdings, Inc. - diluted

 

$

0.11

 

 

$

(0.02

)

 

$

0.48

 

 

$

0.28

 

 

 

(1) Includes non-cash change in fair value of equity investments held in deferred compensation plans offered to certain employees.

(2) Includes amortization of actuarial losses related to the Company's pension plan for employees in certain foreign countries.      


08.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

Language:

English

Company:

Adtran Holdings, Inc.

901 Explorer Boulevard

35806 Huntsville

United States

Internet:

www.adtran.com

ISIN:

US00486H1059

WKN:

892015

Indices:

MDAX, TecDAX

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Munich, Stuttgart; Nasdaq

EQS News ID:

1481241


 

End of News

EQS News Service

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