Adtran, inc. (ADTN)
CashFlow / Quarterly
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'10Mar'10
Cash flows from operating activities:
Net income (loss)

-9,969

-11,624

-46,123

3,995

770

-8,447

7,589

-7,670

-10,814

-11,110

15,898

12,401

6,651

7,572

12,415

10,228

5,014

5,718

7,067

2,544

3,317

9,292

11,326

14,395

9,607

11,840

16,205

9,859

7,890

3,961

9,271

21,071

12,960

31,163

36,213

36,943

34,258

35,960

32,084

27,751

18,194

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization

4,365

4,456

4,402

4,417

4,496

3,939

4,426

3,912

3,614

3,658

3,657

4,054

4,323

4,147

3,571

3,342

3,347

3,480

3,509

3,528

3,728

3,718

3,660

3,887

3,580

3,607

3,648

3,710

3,663

3,713

3,751

3,520

3,095

3,064

2,966

2,745

2,724

2,703

2,624

2,625

2,593

Asset impairments

65

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of net premium on available-for-sale investments

-61

14

29

63

-6

36

34

22

-42

-73

-590

114

124

-1,132

113

156

220

317

507

668

910

997

1,091

1,137

1,135

1,268

1,373

1,561

1,754

1,914

2,013

2,159

2,171

1,920

1,705

1,693

1,299

1,113

1,056

1,109

1,102

Net (gain) loss on long-term investments

-10,877

3,239

-216

2,485

5,926

-9,450

4,507

990

-97

1,816

1,009

1,390

470

1,769

1,316

1,110

1,728

1,907

2,060

3,255

3,115

59

2,687

2,340

2,192

1,665

1,751

1,553

3,645

2,197

2,530

2,356

2,467

3,333

2,982

3,372

2,767

2,953

3,399

2,464

2,192

Net (gain) loss on disposal of property, plant and equipment

-52

-9

0

-64

6

1

0

-1

-67

135

-1

-5

16

-1

-16

-2

-3

-455

-29

-152

-8

-33

-72

-40

3

3

11

0

-17

1

9

-10

214

8

3

-5

-12

7

3

-15

3

Gain on bargain purchase of a business

-

-

-

-

-

0

0

0

11,322

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock-based compensation expense

1,791

1,778

1,871

1,454

1,859

1,912

1,640

1,784

1,819

1,860

1,834

1,856

1,883

2,094

1,492

1,551

1,558

1,924

1,674

1,475

1,639

2,267

2,147

2,092

2,057

2,557

2,176

2,108

2,232

2,481

2,351

2,211

2,221

2,714

2,290

2,076

2,089

2,490

1,730

1,808

1,689

Deferred income taxes

-63

-351

32,301

-2,115

235

3,111

-3,984

-14,507

-1,877

-

-

-825

-1,947

-2,222

-109

-789

435

1,640

-589

-1,051

-692

-5,404

-499

-250

627

-2,762

-1,446

-565

715

-2,629

1,271

-397

-2,030

447

320

-1,069

877

300

559

-415

-1,768

Tax impact of stock option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

17

15

8

-152

4

10

57

-

-

-

-

92

112

209

1,492

68

139

376

9,942

450

2,702

1,320

437

Excess tax benefits from stock-based compensation arrangements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

41

-47

9

10

-5

3

55

-

-

-

-

44

66

193

1,153

62

131

333

8,847

418

2,407

1,206

373

Changes in operating assets and liabilities:
Accounts receivable, net

-3,052

-679

-24,891

17,458

-170

-8,034

25,765

-3,027

-63,904

42,128

20,886

-6,664

-7,247

-8,068

12,178

21,944

-4,752

-14,075

-2,846

-2,568

4,571

-11,897

-15,776

15,612

15,971

-19,102

2,826

21,712

1,306

-23,331

-16,884

44,396

-1,334

-13,501

6,067

-1,189

13,562

1,498

-2,245

-2,500

6,096

Other receivables

6,707

-2,401

-5,967

-9,677

-2,001

6,680

1,851

-6,607

6,598

7,298

3,495

1,313

-1,884

3,374

401

2,324

-10,200

-1,172

-10,651

630

-511

8,572

6,654

-5,335

9,407

-3,376

997

2,503

224

-1,111

131

-291

-1,706

-2,744

2,062

-2,262

8,725

-3,391

-673

-2,026

5,955

Income tax receivable, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-805

805

-2,741

-

-

-

-

Inventory, net

1,598

-7,250

10,610

1,362

-5,974

-7,649

-14,480

1,305

-3,368

6,035

1,936

148

7,399

10,204

5,621

-4,775

-163

-8,068

691

6,470

7,784

269

-1,572

1,898

-2,739

-918

4,752

-6,796

-6,540

-6,191

3,406

-13,553

8,005

487

-155

7,642

4,760

4,322

6,005

16,148

2,125

Prepaid expenses and other assets

-2,206

-12,820

14,786

-1,906

-2,809

-2,005

1,435

426

-10,583

-4,817

-206

7,440

2,413

1,928

917

1,180

3,083

3,405

232

1,220

213

-277

992

1,079

2,024

-1,169

-248

448

217

-148

-334

817

710

-315

-383

-40

216

-255

182

276

371

Accounts payable, net

2,712

-7,925

-10,578

4,843

166

-9,022

4,540

10,916

-10,233

-13,015

6,183

-9,197

-1,713

10,359

6,009

16,874

-6,520

-19,513

-17,251

10,854

20,084

6,410

-10,862

3,382

11,043

-24,867

10,287

12,616

7,170

-10,097

4,730

11,046

1,831

-2,880

-5,779

4,586

10,117

-4,185

-17,324

9,523

8,989

Accrued expenses and other liabilities

-6,680

-15,162

9,924

2,995

-2,355

-3,382

-1,852

1,182

826

-2,635

-191

537

-3,166

1,485

5,833

572

902

-6,293

-6,171

2,457

-282

-7,673

-741

-183

8,431

-10,807

2,248

-7,775

1,188

-3,874

-330

7,812

5,287

-8,738

13,177

-7,736

9,606

1,101

1,727

1,587

4,211

Income taxes payable

-188

-3,632

-2,243

-2,343

-487

-1,771

2,516

4,192

2,753

-4,713

-1,702

6,224

4,049

-221

1,858

-5,212

413

-10,453

2,824

-3,437

-524

1,903

4,823

4,167

275

4,425

-1,772

715

379

-2,982

-6,486

491

7,017

-

-

-

1,699

-1,896

-2,013

-7,796

8,688

Net cash provided by (used in) operating activities

-24

-12,554

-925

1,295

9,712

6,761

-4,237

6,701

46,229

-64,404

1,446

11,542

9,037

14,170

7,215

4,941

15,676

-4,719

2,055

8,199

13,015

14,817

18,041

13,080

9,899

8,162

22,637

2,809

26,156

21,118

27,759

12,461

24,535

41,681

43,045

29,259

36,487

29,743

14,067

21,959

27,020

Cash flows from investing activities:
Purchases of property, plant and equipment

1,406

3,486

1,701

2,435

1,872

2,415

1,512

2,233

1,950

2,416

4,795

3,637

3,872

8,757

6,005

3,513

3,166

3,910

2,451

2,950

2,442

3,094

3,243

2,877

2,042

2,050

2,922

2,558

643

1,561

2,972

3,701

4,086

2,247

3,244

3,242

3,045

2,497

2,586

2,460

2,329

Proceeds from disposals of property, plant and equipment

-

-

-

-

-

-

-

-

-

135

0

0

16

-

-

-

-

-

-

-

-

0

0

0

1

-

-

-

-

0

0

0

266

-

-

-

-

-

-

-

-

Acquisition of note receivable

523

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sales and maturities of debt and equity investments

46,440

8,707

14,255

7,267

17,039

36,892

30,321

37,362

49,074

36,480

55,381

57,420

24,471

83,972

31,110

49,407

60,586

90,707

69,306

62,347

58,075

43,006

20,495

81,446

85,072

67,986

51,418

106,030

118,133

83,473

60,259

68,943

69,364

87,955

140,829

75,772

161,687

54,269

109,188

55,890

56,095

Purchases of debt and equity investments

16,879

11,355

15,679

6,226

15,318

7,938

25,470

13,841

75,960

13,428

14,573

35,623

29,517

69,991

26,278

60,850

52,053

75,694

50,601

18,042

44,584

15,621

20,668

37,224

69,182

45,496

36,399

54,319

125,411

62,385

58,506

66,203

95,646

111,354

107,405

111,411

224,459

68,106

134,695

72,732

64,956

Acquisition of business, net of cash acquired

-

-

-

-

-

14,239

0

0

7,806

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

27,632

-6,134

-3,125

-381

-151

12,300

3,339

21,288

-36,642

20,771

36,013

18,160

-8,902

5,224

-2,116

-14,956

5,367

11,164

16,368

41,363

11,049

24,291

-3,416

41,345

13,849

20,440

12,097

49,153

-7,921

19,527

-1,219

6,535

-30,102

-25,545

7,418

-38,881

-65,817

-16,334

-28,093

-19,302

-11,190

Cash flows from financing activities:
Proceeds from stock option exercises

-

-

-

-

-

162

952

0

369

6,806

4,884

345

1,377

3,641

535

294

247

54

74

553

280

528

530

240

1,541

1,297

1,513

764

55

1,117

604

768

3,560

494

609

1,207

31,815

5,173

12,360

5,069

2,340

Purchases of treasury stock

-

0

0

0

184

1,347

1,411

2,603

10,171

0

37

11,752

5,559

2,900

6,338

5,576

11,003

352

16,501

46,272

3,035

18,432

9,053

43,664

9,427

20,120

14,230

67,371

22,546

-

-

-

-

-

-

-

-

7,986

0

0

10,330

Dividend payments

4,328

4,304

4,304

4,303

4,301

4,291

4,297

4,312

4,367

4,337

4,312

4,350

4,369

4,353

4,370

4,407

4,453

4,460

4,480

4,698

4,811

4,887

4,923

5,035

5,102

5,192

5,238

5,396

5,586

5,640

5,697

5,737

5,739

5,729

5,799

5,821

5,775

5,680

5,651

5,594

5,577

Repayment of bonds payable

24,600

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

16,500

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefits from stock-based compensation arrangements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-41

29

9

-116

-5

3

55

-

-

-

-

44

66

193

1,153

62

131

333

8,847

418

2,407

1,206

373

Net cash used in financing activities

-28,928

-5,304

-4,304

-3,777

-4,485

-6,576

-4,756

-6,915

-14,169

1,369

535

-15,757

-8,551

-4,712

-10,173

-9,689

-15,209

-5,861

-20,866

-50,464

-7,557

-22,781

-13,451

-48,456

-29,433

-23,963

-17,870

-71,982

-28,077

-15,763

-20,173

-18,208

-1,026

-6,560

-40,237

-4,281

34,887

-8,325

9,116

681

-13,194

Net increase (decrease) in cash and cash equivalents

-1,320

-23,992

-8,354

-2,863

5,076

12,485

-5,654

21,074

-4,582

-42,264

37,994

13,945

-8,416

14,682

-5,074

-19,704

5,834

584

-2,443

-902

16,507

16,327

1,174

5,969

-5,685

4,639

16,864

-20,020

-9,842

24,882

6,367

788

-6,593

9,576

10,226

-13,903

5,557

5,084

-4,910

3,338

2,636

Effect of exchange rate changes

-1,168

1,358

-2,056

561

-1,461

-1,154

-492

-3,378

772

444

1,461

2,295

1,079

-1,079

452

-991

1,225

279

-1,085

1,108

-2,937

-1,303

-1,662

119

202

-652

-112

-1,061

25

40

200

-359

153

877

-1,487

369

87

531

1,465

-770

168

Supplemental disclosure of non-cash investing activities:
Purchases of property, plant and equipment included in accounts payable

302

-45

-70

-68

273

-293

146

114

95

136

-182

-55

509

929

620

69

485

-705

1,033

-514

784

-131

175

338

85

-50

-80

482

92

-

-

-

-

-

-

-

-

-

-

-

-