ADTRAN (ADTN) Annual Income Statement

Income Statement Summary

ADTRAN Holdings (ADTN) annual income statement covering fiscal 2017 through 2022, as reported to the SEC.

ADTRAN Holdings reported total Revenue of $1.03B in fiscal 2022, up 82.2% from $563M in fiscal 2021.
Gross Profit was $327.25M, up 49.9% from $218.38M. That is a gross margin of 31.9%.
Operating Loss was $72.83M, a bigger loss than the $14.7M in fiscal 2021. Operating margin was -7.1%.
Net Loss was $2.04M, a smaller loss than the $8.63M in fiscal 2021. Net margin was -0.2%.
Loss per common share was $0.03, a smaller loss than the $0.18 in fiscal 2021.
Total Cost of Revenue took 68.1% of total Revenue, research and development expenses 16.9% and selling, general and administrative expenses 20.4%.

Total Revenue has grown 9% a year on average since fiscal 2017, from $666.9M to $1.03B.

An income statement shows what a company sold and what it cost to run the business, ending with the profit left over.

Figures in USD thousands, except per share data

						Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17
Revenue
Total Revenue
1,025,536	563,004	506,510	530,061	529,277	666,900	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total Revenue						1,025,536	563,004	506,510	530,061	529,277	666,900	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cost of Revenue
Total Cost of Revenue
698,284	344,627	288,959	310,894	325,712	363,265	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total Cost of Revenue						698,284	344,627	288,959	310,894	325,712	363,265	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gross Profit
327,252	218,377	217,551	219,167	203,565	303,635	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gross Profit						327,252	218,377	217,551	219,167	203,565	303,635	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Selling, general and administrative expenses
208,889	124,414	113,972	130,288	124,440	135,583	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Selling, general and administrative expenses						208,889	124,414	113,972	130,288	124,440	135,583	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Research and development expenses
173,800	108,700	113,300	126,200	124,500	130,700	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Research and development expenses						173,800	108,700	113,300	126,200	124,500	130,700	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Asset impairments
17,400	-	100	3,900	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Asset impairments						17,400	-	100	3,900	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gain on contingency
-	-	-	1,230	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gain on contingency						-	-	-	1,230	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating Loss
-72,827	-14,700	-9,773	-39,963	-45,422	37,386	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating Loss						-72,827	-14,700	-9,773	-39,963	-45,422	37,386	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest and dividend income
2,123	2,844	1,936	2,765	4,026	4,380	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest and dividend income						2,123	2,844	1,936	2,765	4,026	4,380	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest expense
3,437	34	5	511	533	556	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest expense						3,437	34	5	511	533	556	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net investment (loss) gain
-11,339	1,761	4,850	11,434	-4,050	4,685	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net investment (loss) gain						-11,339	1,761	4,850	11,434	-4,050	4,685	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other income, net
14,517	3,824	-3,254	1,498	1,286	-1,208	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other income, net						14,517	3,824	-3,254	1,498	1,286	-1,208	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gain on bargain purchase of a business
-	-	-	-	11,322	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gain on bargain purchase of a business						-	-	-	-	11,322	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Loss Before Income Taxes
-70,963	-6,305	-6,246	-24,777	-33,371	44,687	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Loss Before Income Taxes						-70,963	-6,305	-6,246	-24,777	-33,371	44,687	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income tax benefit
-62,075	2,330	-8,624	28,205	-14,029	20,847	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income tax benefit						-62,075	2,330	-8,624	28,205	-14,029	20,847	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Loss
-8,888	-8,635	2,378	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Loss						-8,888	-8,635	2,378	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less: Net Loss attributable to non-controlling interest
-6,851	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less: Net Loss attributable to non-controlling interest						-6,851	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Loss attributable to ADTRAN Holdings, Inc.
-2,037	-8,635	2,378	-52,982	-19,342	23,840	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Loss attributable to ADTRAN Holdings, Inc.						-2,037	-8,635	2,378	-52,982	-19,342	23,840	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average shares outstanding – basic
62,346	48,582	47,996	47,836	47,880	48,153	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average shares outstanding – basic						62,346	48,582	47,996	47,836	47,880	48,153	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average shares outstanding – diluted
62,346	48,582	48,288	47,836	47,880	48,699	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average shares outstanding – diluted						62,346	48,582	48,288	47,836	47,880	48,699	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Loss per common share attributable to ADTRAN Holdings, Inc. - basic
-0.03	-0.18	0.05	-1.11	-0.40	0.50	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Loss per common share attributable to ADTRAN Holdings, Inc. - basic						-0.03	-0.18	0.05	-1.11	-0.40	0.50	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Loss per common share attributable to ADTRAN Holdings, Inc. - diluted
-0.03	-0.18	0.05	-1.11	-0.40	0.49	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Loss per common share attributable to ADTRAN Holdings, Inc. - diluted						-0.03	-0.18	0.05	-1.11	-0.40	0.49	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Network Solutions [Member]
Total Revenue
916,793	498,834	438,015	455,226	458,232	540,396	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total Revenue						916,793	498,834	438,015	455,226	458,232	540,396	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total Cost of Revenue
647,105	307,841	244,226	263,677	278,929	279,563	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total Cost of Revenue						647,105	307,841	244,226	263,677	278,929	279,563	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gross Profit
269,688	190,993	193,789	191,549	179,303	260,833	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gross Profit						269,688	190,993	193,789	191,549	179,303	260,833	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Services & Support [Member]
Total Revenue
108,743	64,170	68,495	74,835	71,045	126,504	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total Revenue						108,743	64,170	68,495	74,835	71,045	126,504	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total Cost of Revenue
51,179	36,786	44,733	47,217	46,783	83,702	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total Cost of Revenue						51,179	36,786	44,733	47,217	46,783	83,702	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gross Profit
57,564	27,384	23,762	27,618	24,262	42,802	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gross Profit						57,564	27,384	23,762	27,618	24,262	42,802	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx