Adtran Holdings, Inc.: ADTRAN Holdings, Inc. Reports Earnings for the First Quarter of 2023 and Declares Quarterly Cash Dividend


EQS-Media / 09.05.2023 / 05:00 CET/CEST

ADTRAN Holdings, Inc. Reports Earnings for the First Quarter of 2023 and Declares Quarterly Cash Dividend

HUNTSVILLE, Ala. — (May 8, 2023) — ADTRAN Holdings, Inc., (NASDAQ: ADTN and FSE: QH9) (“ADTRAN Holdings” or the “Company”), today announced its financial results for the first quarter of 2023. For the quarter, revenue was $323.9 million. Net loss inclusive of the non-controlling interest for the first quarter of 2023 was $40.5 million. Net loss attributable to the Company for the first quarter of 2023 was $34.5 million and diluted loss per share attributable to the Company was $0.44. Inclusive of non-controlling interest, non-GAAP net loss was $9.5 million. Non-GAAP net loss attributable to the Company was $5.0 million and non-GAAP diluted loss per share attributable to the Company was $0.06. Non-GAAP net (loss) income and non-GAAP diluted (loss) earnings per share exclude acquisition related expenses, amortizations, 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, asset impairments, integration expenses, restructuring expenses, changes in valuation allowance related to our deferred tax assets, and the tax effect of these adjustments to net (loss) income. The reconciliations between the non-GAAP net (loss) 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, “As mentioned in our pre-release, the results of the quarter were impacted by slowing sales predominately in our Subscriber Solutions category. Although we expect customer inventory management efforts to continue to affect our near-term results, the underlying demand to upgrade and deploy fiber networks is at an unprecedented high and we are ideally positioned to capitalize on this opportunity.”

The Company also announced that its Board of Directors declared a cash dividend for the first quarter of 2023. 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 May 23, 2023. The ex-dividend date is May 22, 2023, and the payment date will be June 6, 2023.

The Company confirmed that it will hold a conference call to discuss its first quarter results on Tuesday, May 9, 2023, 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 investors.ADTRAN.com approximately 10 minutes prior to the start of the call, click on the event “ADTRAN Holdings Releases 1st Quarter 2023 Financial Results and Earnings Call”, and click on the webcast link.

An online replay of the Company’s conference call, as well as the transcript 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 investors.adtran.com or email investor.relations@adtran.com. 

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this press release which are not historical facts, such as those relating to strategy, outlook and financial guidance, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can also generally be identified by the use of words such as “believe,” “expect,” “intend,” “estimate,” “anticipate,” “will,” “may,” “could” and similar expressions. In addition, ADTRAN Holdings, through its senior management, may from time to time make forward-looking public statements concerning the matters described herein. All such projections and other forward-looking information speak only as of the date hereof, and ADTRAN Holdings undertakes no duty to publicly update or revise such forward-looking information, whether as a result of new information, future events, or otherwise, except to the extent as may be required by law. All such forward-looking statements are necessarily estimates and reflect management’s best judgment based upon current information. Actual events or results may differ materially from those anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors which could cause actual events or results to differ materially from those estimated by ADTRAN Holdings include, but are not limited to: (i) risks and uncertainties related to manufacturing and supply chain constraints, including as a result of the continued impact of the COVID-19 global pandemic; (ii) risks and uncertainties related to the completed business combination between the Company, ADTRAN and ADVA, including risks related to the ability to successfully integrate the ADTRAN’s and ADVA’s businesses, the disruption of management time from ongoing business operations due to integration efforts following the business combination, and 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; (iii) the risk of fluctuations in revenue, including due to lengthy sales and approval processes required by major and other service providers for new products and changes in customer demand; (iv) the risk posed by potential breaches of information systems and cyber-attacks; (v) the risks that ADTRAN may not be able to effectively compete, including through product improvements and development; and (vi) other risks set forth in ADTRAN Holdings’ public filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2022, as well as its Form 10-Q for the quarter ended March 31, 2023 to be filed with the SEC.

Explanation of Use of Non-GAAP Financial Measures

Set forth in the tables below are reconciliations of gross profit, gross margin, operating expenses, operating loss, other income (expense), net (loss) income inclusive of the non-controlling interest, net (loss) income attributable to the Company, net loss attributable to the non-controlling interest, and (loss) earnings per share - basic and diluted, attributable to the Company, in each case as reported based on generally accepted accounting principles in the United States (“GAAP”), to non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating (loss) income, non-GAAP other (expense) income, non-GAAP net (loss) income inclusive of the non-controlling interest, non-GAAP net (loss) income attributable to the Company, non-GAAP net (loss) income attributable to the non-controlling interest, and non-GAAP (loss) earnings per share - basic and diluted, 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, asset impairments, integration expenses, restructuring expenses, 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 gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating (loss) income, non-GAAP other (expense) income, non-GAAP net (loss) income inclusive of the non-controlling interest, non-GAAP net (loss) income attributable to the Company, non-GAAP net (loss) income attributable to the non-controlling interest, and non-GAAP (loss) earnings per share - basic and diluted, 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 measures may not be comparable to similar measures calculated by other companies.

About Adtran

ADTRAN Holdings, Inc. (NASDAQ: ADTN and FSE: QH9) is the parent company of ADTRAN, Inc., a leading global provider of open, disaggregated networking and communications solutions that enable voice, data, video and internet communications across any network infrastructure. From the cloud edge to the subscriber edge, ADTRAN empowers communications service providers around the world to manage and scale services that connect people, places and things. ADTRAN solutions are used by service providers, private enterprises, government organizations and millions of individual users worldwide. ADTRAN Holdings, Inc. is also the largest shareholder of ADVA. Find more at Adtran, LinkedIn and Twitter.

Published by

ADTRAN Holdings, Inc.

www.adtran.com

 

For media

Gareth Spence

+44 1904 699 358

public-relations@adva.com

 

For investors

Steven Williams

+49 89 890 665 918

investor.relations@adtran.com

 

 Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

 

  March 31,     December 31,     2023     2022   Assets           Current Assets           Cash and cash equivalents $ 136,457     $ 108,644   Short-term investments   1,058       340   Accounts receivable, net   262,043       279,435   Other receivables   30,938       32,831   Inventory, net   416,291       427,531   Prepaid expenses and other current assets   37,021       33,577   Total Current Assets   883,808       882,358   Property, plant and equipment, net   111,969       110,699   Deferred tax assets   81,631       67,839     385,755       381,724   Intangibles, net   379,286       401,211   Other non-current assets   63,152       66,998   Long-term investments   32,994       32,665   Total Assets $ 1,938,595     $ 1,943,494               Liabilities, Redeemable Non-Controlling Interest and Equity           Current Liabilities           Accounts payable $ 198,596     $ 237,699   Revolving credit agreements outstanding   190,843       95,936   Notes payable   —       24,598   Unearned revenue   55,611       41,193   Accrued expenses and other liabilities   27,424       35,235   Accrued wages and benefits   30,333       44,882   Income tax payable, net   19,397       9,032   Total Current Liabilities   522,204       488,575   Deferred tax liabilities   51,850       61,629   Non-current unearned revenue   24,907       19,239   Pension liability   10,698       10,624   Deferred compensation liability   28,674       26,668   Non-current lease obligations   21,446       22,807   Other non-current liabilities   15,986       10,339   Total Liabilities   675,765       639,881   Redeemable Non-Controlling Interest   442,668       —             Common stock   787       781   Additional paid-in capital   762,035       895,834   Accumulated other comprehensive income   55,251       46,713   Retained earnings   8,006       55,338   Treasury stock   (5,917 )     (4,125 ) Non-controlling interest   —       309,072   Total Equity   820,162       1,303,613   Total Liabilities, Redeemable Non-Controlling Interest and Equity $ 1,938,595     $ 1,943,494  

 

 

 

 

Condensed Consolidated Statements of Loss

(Unaudited)

(In thousands, except per share amounts)

 

    Three Months Ended         March 31,         2023     2022     Revenue               Network Solutions   $ 282,418     $ 138,374     Services Support     41,494       16,144     Total Revenue     323,912       154,518     Cost of Revenue               Network Solutions     219,130       90,653     Services Support     16,974       9,549     Total Cost of Revenue     236,104       100,202     Gross Profit     87,808       54,316     Selling, general and administrative expenses     67,397       27,893     Research and development expenses     70,143       26,491     Operating Loss     (49,732 )     (68 )   Interest and dividend income     304       204     Interest expense     (3,287 )     (30 )   Net investment gain (loss)     1,252       (3,415 )   Other expense, net     (303 )     (226 )   Loss Before Income Taxes     (51,766 )     (3,535 )   Income tax benefit     11,313       2,408     Net Loss   $ (40,453 )   $ (1,127 )   Less: Net Loss attributable to non-controlling interest(1)     (5,989 )     —     Net Loss attributable to ADTRAN Holdings, Inc.   $ (34,464 )   $ (1,127 )                   Weighted average shares outstanding – basic     78,358       49,113     Weighted average shares outstanding – diluted     78,358       49,113                     Loss per common share attributable to ADTRAN Holdings, Inc. – basic   $ (0.44 )   $ (0.02 )   Loss per common share attributable to ADTRAN Holdings, Inc. – diluted   $ (0.44 )   $ (0.02 )  

 

(1) Includes $3.2 million of net loss attributable to non-controlling interests pre-DPLTA and $2.8 million of annual recurring compensation earned by redeemable non-controlling interests and accrued by the Company post-DPLTA.

 

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

    Three Months Ended       March 31,       2023     2022   Cash flows from operating activities:             Net loss   $ (40,453 )   $ (1,127 ) Adjustments to reconcile net loss to net cash (used in) provided by operating activities:             Depreciation and amortization     33,402       3,661   Amortization of debt issuance cost     146       —   (Gain) loss on investments     (3,154 )     3,304   Stock-based compensation expense     3,812       1,893   Deferred income taxes     (24,019 )     —   Other, net     (1 )     (62 ) Inventory reserves     16,051       (1,754 ) Changes in operating assets and liabilities:             Accounts receivable, net     17,658       8,697   Other receivables     1,980       (6,205 ) Inventory     (2,764 )     (29,685 ) Prepaid expenses, other current assets and other assets     1,118       (1,170 ) Accounts payable     (40,367 )     24,818   Accrued expenses and other liabilities     6,349       3,803   Income taxes payable, net     10,316       (1,304 ) Net cash (used in) provided by operating activities     (19,926 )     4,869                 Cash flows from investing activities:             Purchases of property, plant and equipment     (8,439 )     (1,461 ) Proceeds from sales and maturities of available-for-sale investments     930       10,265   Purchases of available-for-sale investments     (516 )     (11,504 ) Proceeds from beneficial interests in securitized accounts receivable     1,231       —   Net cash used in investing activities     (6,794 )     (2,700 )               Cash flows from financing activities:             Tax withholdings related to stock-based compensation settlements     (6,258 )     (54 ) Proceeds from stock option exercises     58       568   Dividend payments     (7,076 )     (4,438 ) Proceeds from draw on revolving credit agreements     138,236       8,000   Repayment of revolving credit agreements     (43,464 )     (8,000 ) Non-controlling interest put option buyback     (1,176 )     —   Repayment of notes payable     (24,692 )     —   Net cash provided by (used in) financing activities     55,628       (3,924 )               Net increase (decrease) in cash, cash equivalents and restricted cash     28,908       (1,755 ) Effect of exchange rate changes     (1,095 )     (1,032 ) Cash and cash equivalents, beginning of period     108,644       56,818                 Cash and cash equivalents, end of period   $ 136,457     $ 54,031                 Supplemental disclosure of cash financing activities:             Cash paid for interest   $ 1,610     $ 30   Cash used in operating activities related to operating leases   $ 4,057     $ 482   Supplemental disclosure of non-cash investing activities:             Right-of-use assets obtained in exchange for lease obligations   $ 486     $ 332   Purchases of property, plant and equipment included in accounts payable   $ 4,354     $ 392                

 

Supplemental Information

Reconciliation of Gross Profit and Gross Margin to

 Non-GAAP Gross Profit and Non-GAAP Gross Margin

(Unaudited)

(In thousands)

 

  Three Months Ended     March 31,
2023     December 31, 2022     March 31,
2022   Total Revenue $ 323,912     $ 358,271     $ 154,518                     Cost of Revenue $ 236,104     $ 250,868     $ 100,202   Acquisition-related expenses, amortizations and adjustments   (32,578 ) (1)   (31,577 ) (3)   —   Stock-based compensation expense   (240 ) (2)   (1,287 ) (4)   (159 ) Pension adjustments   —       144       —   Restructuring expenses   (76 )     (8 )     —   Non-GAAP Cost of Revenue $ 203,210     $ 218,140     $ 100,043                     Gross Profit $ 87,808     $ 107,403     $ 54,316   Non-GAAP Gross Profit $ 120,702     $ 140,131     $ 54,475                     Gross Margin   27.1 %     30.0 %     35.2 % Non-GAAP Gross Margin   37.3 %     39.1 %     35.3 %

 

(1)  Includes intangible amortization of backlog, inventory fair value adjustments, developed technology, customer relationships, and trade names acquired in connection with business combinations, of which $32.6 million is included in total cost of revenue, on the condensed consolidated statements of loss.
(2) Includes $0.2 million in cost of revenue expenses incremental stock-based award modification expense related to the business combination on the condensed consolidated statements of loss.
(3)  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 $31.6 million is included in total cost of revenue, on the condensed consolidated statements of loss.
(4) Includes $1.3 million in cost of revenue expenses incremental stock-based award modification expense related to the business combination on the condensed consolidated statements of loss.

 

Supplemental Information

Reconciliation of Operating Expenses to Non-GAAP Operating Expenses

(Unaudited)

(In thousands)

 

  Three Months Ended       March 31,     December 31,     March 31,       2023     2022     2022     Operating Expenses $ 137,540     $ 139,813     $ 54,384     Acquisition-related expenses, amortizations and adjustments   (4,584 ) (1)   (8,328 ) (6)   (2,330 ) (10) Stock-based compensation expense   (3,458 ) (2)   (11,095 ) (7)   (1,734 ) (11) Restructuring expenses   (2,361 ) (3)   (1,618 ) (8)   (2 ) (12) Integration expenses   (849 ) (4)   —       —     Pension adjustments   —       43   (9)   —     Deferred compensation adjustments   (394 ) (5)   (168 ) (5)   2,696   (5) Non-GAAP Operating Expenses $ 125,894     $ 118,647     $ 53,014    

 

(1)  Includes intangible amortization of backlog, inventory fair value adjustments, developed technology, customer relationships, and trade names acquired in connection with business combinations, of which $4.1 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  loss.

(2) $2.5 million is included in selling, general and administrative expenses and $1.0 million is included in research and development expenses on the condensed consolidated statements of loss. 

(3) $2.2 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 loss.

(4) $0.8 million is included in selling, general and administrative expenses on the condensed consolidated statements of loss. Includes fees relating to the expansion of internal controls at ADVA and the implementation of the DPLTA.

(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 loss.

(6)  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 $7.8 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 loss.

(7) $9.4 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 loss.  Includes $7.3 million of in selling, general and administrative expenses and $0.6 million is included in research and development expenses incremental stock-based award modification expense related to the business combination.

(8) $0.1 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 loss.

(9)  $0.2 million is included in selling, general and administrative expenses and ($0.3) million is included in research and development expenses on the condensed consolidated statements of loss.

(10) $0.5 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 loss .

(11) $0.6 million is included in selling, general and administrative expenses and $1.1 million is included in research and development expenses on the condensed consolidated statements of loss.

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

 

Supplemental Information

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

(Unaudited)

(In thousands)

 

  Three Months Ended     March 31,     December 31,     March 31,     2023     2022     2022   Operating Loss $ (49,732 )   $ (32,874 )   $ (68 ) Acquisition related expenses, amortizations and adjustments   37,162       39,904       2,330   Asset impairments   —       463       —   Stock-based compensation expense   3,698       12,383       1,893   Pension adjustments   —       (187 )     —   Restructuring expenses   2,437       1,627       2   Integration expenses   849       —       —   Deferred compensation adjustments(1)   394       168       (2,696 ) Non-GAAP Operating (Loss) Income $ (5,192 )   $ 21,484     $ 1,461  

 

(1) 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 loss.

 

Supplemental Information

Reconciliation of Other (Expense) Income to Non-GAAP Other (Expense) Income

(Unaudited)

(In thousands)

 

  Three Months Ended     March 31, 2023     December 31, 2022     March 31, 2022   Interest and dividend income $ 304     $ 1,355     $ 204   Interest expense   (3,287 )     (2,010 )     (30 ) Net investment gain (loss)   1,252       (587 )     (3,415 ) Other (expense) income, net   (303 )     11,568       (226 ) Total Other (Expense) Income $ (2,034 )   $ 10,326     $ (3,467 ) Deferred compensation adjustments (1)   (1,250 )     (349 )     1,841   Pension expense (2)   7       77       89   Non-GAAP Other (Expense) Income $ (3,277 )   $ 10,054     $ (1,537 )

 

(1) Includes non-cash change in fair value of equity investments held in the ADTRAN Holdings, Inc. Deferred Compensation Program for Employees.

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

 

 

 

Supplemental Information

 

Reconciliation of Net (Loss) Income inclusive of Non-Controlling Interest to

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

(Unaudited)

 

and

 

Reconciliation of Net Loss attributable to Non-Controlling Interest to

Non-GAAP Net (Loss) Income attributable to Non-Controlling Interest

(Unaudited)

 

and

 

Reconciliation of Net (Loss) Income attributable to ADTRAN Holdings, Inc. and

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

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

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

(Unaudited)

(In thousands, except per share amounts)

 

    Three Months Ended         March 31,
2023     December 31,
2022     March 31,
2022     Net (Loss) Income attributable to ADTRAN Holdings, Inc.   $ (34,464 )   $ 38,881     $ (1,127 )   Plus: Net Loss attributable to non-controlling interest (1)     (5,989 )     (3,926 )     —     Net (Loss) Income inclusive of non-controlling interest   $ (40,453 )   $ 34,955     $ (1,127 )   Acquisition related expenses, amortizations and adjustments     37,162       39,904       2,330     Asset impairments     —       463       —     Stock-based compensation expense     3,698       12,383       1,893     Valuation allowance     —       (60,908 )     8,079     Deferred compensation adjustments (2)     (856 )     (182 )     (855 )   Pension adjustments (3)     7       (109 )     89     Restructuring expenses     2,437       1,627       2     Integration expenses     849       —       —     Tax effect of adjustments to net income (loss)     (12,307 )     (12,463 )     (505 )   Non-GAAP Net (Loss) Income inclusive of non-controlling interest   $ (9,463 )   $ 15,670     $ 9,906     Less: Non-GAAP Net (Loss) Income attributable to non-controlling interest (1)     (4,460 )     5,769       —     Non-GAAP Net (Loss) Income attributable to ADTRAN Holdings, Inc.   $ (5,003 )   $ 9,901     $ 9,906                           GAAP Net Loss attributable to non-controlling interest (1)   $ (5,989 )   $ (3,926 )   $ —     Acquisition related expenses, amortizations and adjustments     1,457       9,039       —     Restructuring expenses     29       402       —     Integration expenses     6       —       —     Stock-based compensation expense     37       300       —     Pension adjustments (3)     —       (46 )     —     Non-GAAP Net (Loss) Income attributable to non-controlling interest (1)   $ (4,460 )   $ 5,769     $ —                           Weighted average shares outstanding – basic     78,358       77,659       49,113     Weighted average shares outstanding – diluted     78,358       79,243       49,113                           (Loss) Earnings per common share attributable to ADTRAN Holdings, Inc. – basic   $ (0.44 )   $ 0.50     $ (0.02 )   (Loss) Earnings per common share attributable to ADTRAN Holdings, Inc. – diluted   $ (0.44 )   $ 0.49     $ (0.02 )                         Non-GAAP (Loss) Earnings per common share attributable to ADTRAN – basic   $ (0.06 )   $ 0.13     $ 0.20     Non-GAAP (Loss) Earnings per common share attributable to ADTRAN – diluted   $ (0.06 )   $ 0.12     $ 0.20    

 

(1) Represents the non-controlling interest portion of the Company's ownership of ADVA pre-DPLTA and the annual recurring compensation earned by redeemable non-controlling interests and accrued by the Company post-DPLTA.

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

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



End of Media Release

Issuer: Adtran Holdings, Inc.
Key word(s): Enterprise

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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: 1626937
  End of News EQS Media

1626937  09.05.2023 CET/CEST