Adtran, inc. (ADTN)
Balance Sheet / TTM
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Dec'09
ASSETS
Current Assets
Cash and cash equivalents

71,285

73,773

96,407

106,817

109,119

105,500

94,173

100,319

82,623

86,400

128,253

88,798

72,558

79,895

66,292

70,914

91,609

84,550

83,687

87,215

87,009

73,439

58,415

58,903

52,815

58,298

54,311

37,559

58,640

68,457

43,535

36,968

36,539

42,979

32,526

23,787

37,321

31,677

26,062

29,507

24,135

Short-term investments

5,984

33,243

28,754

30,888

31,290

3,200

5,912

6,069

16,402

16,100

31,385

47,331

52,458

43,188

55,516

50,867

29,303

34,396

42,081

54,127

78,760

46,919

55,587

45,930

89,160

105,760

136,640

152,581

189,236

160,481

190,333

169,449

161,535

159,347

121,389

138,690

99,522

157,479

156,868

150,403

172,469

Accounts receivable, less allowance for doubtful accounts of $38 as of March 31, 2020 and December 31, 2019

86,500

90,531

90,647

116,661

99,032

99,385

101,865

76,135

80,883

144,150

101,613

79,891

85,396

92,346

101,822

89,386

67,492

71,917

86,176

89,088

90,869

88,502

99,341

115,538

100,524

85,814

108,018

103,516

82,102

79,675

102,693

118,511

74,796

76,130

89,631

83,266

84,455

70,893

69,395

71,640

68,044

Other receivables

23,121

16,566

18,927

24,984

34,583

36,699

30,084

28,163

35,124

26,578

18,541

14,561

13,398

15,897

12,159

11,676

9,199

19,321

20,858

31,442

29,962

33,295

27,262

23,841

28,967

18,249

20,268

18,820

16,164

16,253

8,260

8,124

8,037

9,743

12,487

10,425

12,687

3,962

7,353

8,026

4,097

Income tax receivable, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

540

2,405

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

805

0

2,741

-

-

0

Inventory, net

99,515

98,305

104,941

95,110

93,609

99,848

106,060

120,537

120,021

122,542

116,230

113,995

112,774

105,117

96,034

86,936

92,107

91,533

100,705

100,048

93,123

85,948

86,879

89,239

87,396

90,111

92,972

87,773

95,767

101,377

107,183

103,776

95,805

87,800

87,313

86,676

79,034

74,274

69,952

63,947

45,674

Prepaid expenses and other current assets

7,419

7,892

10,327

8,909

9,683

10,744

10,428

9,464

9,693

17,282

23,127

23,556

17,816

16,459

14,477

13,563

13,096

10,145

5,935

5,817

5,092

5,891

5,579

5,295

5,005

4,325

4,693

4,926

4,419

4,148

4,354

4,670

3,861

3,119

3,337

3,362

3,410

3,270

3,493

3,302

2,795

Deferred tax assets, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

17,963

18,488

17,967

-

17,517

17,038

16,297

17,095

15,697

15,054

15,181

17,083

13,494

13,114

12,972

13,055

12,729

12,803

12,548

12,125

12,247

12,150

12,084

10,617

10,067

9,361

8,603

Total Current Assets

293,789

320,310

350,003

383,369

377,316

355,426

348,522

340,687

344,746

413,114

419,149

368,132

354,400

352,902

364,803

344,235

320,773

311,862

356,959

384,775

401,112

351,089

348,760

353,800

379,048

379,640

430,396

418,289

459,300

443,446

469,087

454,301

393,121

391,243

358,930

359,161

328,513

354,913

343,190

336,186

325,817

Property, plant and equipment, net

66,500

68,086

73,384

78,813

79,505

80,635

81,457

82,910

83,875

85,079

85,665

84,122

83,514

84,469

78,078

74,115

73,511

73,233

73,656

73,347

73,987

74,828

75,201

75,265

75,885

76,739

77,658

77,670

77,781

80,246

81,905

81,981

76,502

75,295

75,698

74,961

74,382

73,986

74,098

74,046

74,309

Deferred tax assets, net

7,447

7,561

6,492

39,033

36,891

37,187

39,595

35,615

21,427

23,428

37,130

40,296

39,085

38,036

17,263

19,127

18,878

37,015

23,341

20,473

18,831

17,694

12,991

11,092

11,491

9,622

11,605

12,171

10,680

10,261

6,843

8,368

5,633

8,345

5,918

-

-

0

-

-

-

Goodwill

6,968

6,968

6,968

6,968

6,982

7,106

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

3,492

4,445

-

-

0

-

-

-

Intangibles, net

26,472

27,821

29,113

30,503

31,817

33,183

-

-

-

4,661

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other assets

17,958

19,883

23,283

13,820

14,885

5,668

31,523

32,429

32,635

9,064

13,135

13,305

12,274

12,234

13,548

9,340

9,157

9,276

9,893

10,236

10,080

10,942

11,748

12,087

11,933

11,180

11,711

12,046

12,599

13,482

13,825

14,323

6,831

7,131

8,201

1,825

1,904

1,915

2,034

2,130

2,168

Long-term investments

79,136

94,489

90,632

87,280

85,227

108,822

144,241

144,437

156,472

130,256

136,987

159,634

174,413

176,102

178,379

186,249

195,683

198,026

204,513

216,665

236,678

280,649

298,542

311,622

309,452

309,225

298,122

292,660

310,484

332,729

327,106

348,424

367,474

332,008

348,103

372,432

379,831

261,160

238,382

210,358

162,169

Total Assets

498,270

545,118

579,875

639,786

632,623

628,027

648,830

639,570

642,647

669,094

695,558

668,981

667,178

667,235

655,563

636,558

621,494

632,904

671,854

708,988

744,180

738,694

750,734

767,358

791,301

789,898

832,984

816,328

874,336

883,656

902,258

910,889

853,053

817,514

801,295

808,379

784,630

691,974

657,704

622,720

564,463

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable

47,685

44,870

52,842

63,827

60,116

60,054

65,032

60,150

50,653

60,632

73,127

66,161

74,300

77,342

67,399

59,211

42,635

48,668

69,372

85,456

73,696

56,414

49,972

62,103

59,097

48,282

73,672

62,097

48,933

42,173

52,285

46,978

31,235

29,404

33,150

38,488

33,902

22,785

26,970

44,294

25,782

Bonds payable

-

24,600

25,600

25,600

25,600

1,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unearned revenue

12,465

11,963

14,022

12,910

15,230

17,940

17,004

14,307

13,948

13,070

13,651

15,449

16,969

16,326

15,744

15,982

18,683

16,615

16,484

17,495

16,815

22,762

23,418

26,364

27,533

22,205

19,658

25,808

33,563

35,326

31,672

27,251

11,376

9,965

18,708

9,312

17,516

10,138

8,136

7,737

7,138

Accrued expenses and other liabilities

12,748

13,876

15,697

14,331

14,039

11,746

14,548

14,785

13,826

13,232

15,099

13,433

15,035

12,434

16,010

12,126

13,513

12,108

13,427

15,538

12,773

11,077

12,356

11,865

10,683

12,776

16,527

12,020

11,117

11,735

10,310

12,577

6,479

5,876

6,703

5,957

5,248

4,913

5,610

5,537

4,202

Accrued wages and benefits

13,247

13,890

16,569

19,126

15,105

14,752

12,604

14,913

15,863

15,948

15,345

16,303

12,199

20,433

16,468

15,702

11,064

12,857

14,842

15,515

15,605

13,855

17,591

15,930

17,448

14,040

16,594

14,093

16,479

15,022

16,894

15,709

12,158

13,518

14,753

10,551

11,237

12,125

13,259

12,412

7,634

Income tax payable, net

3,273

3,512

3,420

9,571

11,785

12,518

14,340

11,948

8,277

3,936

7,696

9,594

3,126

-

-

-

2,739

2,395

12,923

10,072

13,088

14,901

13,650

9,400

5,272

5,002

548

2,317

1,585

1,211

4,186

10,677

10,186

3,169

1,916

-

1,699

0

1,896

3,909

3,017

Total Current Liabilities

89,418

112,711

128,150

145,365

141,875

118,010

123,528

116,103

102,567

106,818

124,918

120,940

121,629

126,535

115,621

103,021

88,634

92,643

127,048

144,076

131,977

119,009

116,987

125,662

120,033

102,305

126,999

116,335

111,677

105,467

115,347

113,192

71,434

61,932

75,230

64,308

69,602

49,961

55,871

73,889

47,773

Non-current unearned revenue

4,476

6,012

4,581

4,265

4,514

5,296

3,846

3,639

4,154

4,556

4,918

5,351

5,675

6,333

7,105

6,437

7,288

7,965

8,685

9,444

10,088

10,948

13,822

15,213

15,116

14,643

26,373

25,266

24,990

22,377

19,805

23,009

-

4,874

-

-

-

-

-

-

-

Pension liability

15,546

15,886

-

-

-

13,086

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred compensation liability

18,321

21,698

-

-

-

18,256

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred tax liabilities, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

8,802

11,978

10,350

6,608

2,852

5,035

Other non-current liabilities

6,794

8,385

52,189

44,181

42,687

2,500

32,255

34,601

34,590

34,209

34,756

32,527

30,861

28,050

26,740

25,476

25,283

24,236

29,680

31,268

30,646

30,924

23,548

24,424

23,476

22,144

20,459

19,042

18,541

17,406

15,162

14,908

21,588

12,077

14,853

15,086

14,632

11,841

10,909

10,491

11,390

Bonds payable

-

-

-

-

-

24,600

25,600

25,600

25,600

25,600

26,800

26,800

26,800

26,800

27,900

27,900

27,900

27,900

28,800

28,800

28,800

28,800

30,000

30,000

30,000

46,200

46,500

46,000

46,000

46,000

46,500

46,500

46,500

46,500

46,500

46,500

46,500

47,500

47,750

47,750

47,750

Total Liabilities

134,555

164,692

184,920

193,811

189,076

181,748

185,229

179,943

166,911

171,183

191,392

185,618

184,965

187,718

177,366

162,834

149,105

152,744

194,213

213,588

201,511

189,681

184,357

195,299

188,625

185,292

220,331

206,643

201,208

191,250

196,814

197,609

139,522

125,383

136,583

134,696

142,712

119,652

121,138

134,982

111,948

Commitments and contingencies (see Note 17)

-

-

-

-

-

-

0

0

0

-

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

-

0

-

-

-

Stockholders’ Equity
Common stock, par value $0.01 per share; 200,000 shares authorized; 79,652 shares issued and 47,957 shares outstanding as of March 31, 2020 and 79,652 shares issued and 48,020 shares outstanding as of December 31, 2019

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

797

Additional paid-in capital

276,423

274,632

272,854

270,983

269,529

267,670

265,757

264,118

262,333

260,515

258,655

256,821

254,965

252,957

251,217

249,851

248,305

246,879

246,577

244,920

243,476

241,829

239,878

237,727

235,624

233,511

231,146

228,878

226,748

224,517

222,156

219,693

217,273

213,560

210,779

208,349

205,898

193,866

190,926

186,494

181,240

Accumulated other comprehensive loss

-17,809

-16,417

-16,506

-14,095

-14,885

-14,416

-9,564

-9,118

-5,803

-3,295

-4,256

-6,816

-9,477

-12,188

-7,826

-8,695

-7,951

-8,969

-10,238

-4,667

-3,828

-75

5,721

11,437

10,084

10,753

8,990

6,536

9,947

11,268

15,311

14,681

20,012

13,102

13,975

21,218

24,225

26,948

21,598

15,983

17,853

Retained earnings

790,849

806,702

827,783

878,630

879,180

883,975

900,324

897,586

909,611

922,178

941,845

931,044

923,116

921,942

920,395

912,536

906,820

906,772

905,928

903,448

905,884

907,751

903,741

897,414

888,121

884,451

878,384

867,702

863,456

861,465

864,258

861,428

846,386

840,206

815,730

785,493

754,676

731,962

702,281

679,855

649,256

Treasury stock at cost: 31,697 and 31,638 shares at March 31, 2020 and December 31, 2019, respectively

686,545

685,288

689,973

690,340

691,074

691,747

693,713

693,756

691,202

682,284

692,875

698,483

687,188

683,991

686,386

680,765

675,582

665,319

665,423

649,098

603,660

601,289

583,760

575,316

531,950

524,906

506,664

494,228

427,820

405,641

397,078

383,319

370,937

375,534

376,569

342,174

343,678

381,251

379,036

395,391

396,631

Total Stockholders’ Equity

363,715

380,426

394,955

445,975

443,547

446,279

463,601

459,627

475,736

497,911

504,166

483,363

482,213

479,517

478,197

473,724

472,389

480,160

477,641

495,400

542,669

549,013

566,377

572,059

602,676

604,606

612,653

609,685

673,128

692,406

705,444

713,280

713,531

692,131

664,712

673,683

641,918

572,322

536,566

487,738

452,515

Total Liabilities and Stockholders’ Equity

498,270

545,118

579,875

639,786

632,623

628,027

648,830

639,570

642,647

669,094

695,558

668,981

667,178

667,235

655,563

636,558

621,494

632,904

671,854

708,988

744,180

738,694

750,734

767,358

791,301

789,898

832,984

816,328

874,336

883,656

902,258

910,889

853,053

817,514

801,295

808,379

784,630

691,974

657,704

622,720

564,463