XML 17 R9.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (152,317,000) $ (43,843,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 91,422,000 34,783,000
Asset impairment 0 16,969,000
Goodwill impairment 37,874,000  
Amortization of debt issuance cost 607,000 200,000
(Gain) loss on investments, net (3,316,000) 10,395,000
Stock-based compensation expense 12,229,000 15,912,000
Deferred income taxes (45,941,000) (26,366,000)
Other, net 204,000 32,000
Inventory write down 21,043,000 0
Inventory reserves 29,836,000 (6,681,000)
Changes in operating assets and liabilities:    
Accounts receivable, net 47,347,000 (34,535,000)
Other receivables 8,340,000 (2,154,000)
Inventory 536,000 (76,293,000)
Prepaid expenses, other current assets and other assets 1,816,000 610,000
Accounts payable (87,903,000) 70,381,000
Accrued expenses and other liabilities 6,476,000 (23,005,000)
Income taxes payable, net 2,433,000 20,862,000
Net cash used in operating activities (29,314,000) (42,733,000)
Cash flows from investing activities:    
Purchases of property, plant and equipment (33,674,000) (10,141,000)
Proceeds from sales and maturities of available-for-sale investments 10,545,000 30,474,000
Purchases of available-for-sale investments (807,000) (22,215,000)
Proceeds from beneficial interests in securitized accounts receivable 1,178,000 1,294,000
Proceeds from disposals of property, plant and equipment   12,000
Acquisition of business, net of cash acquired   43,957,000
Net cash (used in) provided by investing activities (22,758,000) 43,381,000
Cash flows from financing activities:    
Tax withholdings related to stock-based compensation settlements (6,331,000) (515,000)
Proceeds from stock option exercises 187,000 5,434,000
Dividend payments (21,237,000) (15,859,000)
Proceeds from draw on revolving credit agreements 163,760,000 133,141,000
Repayment of revolving credit agreements (49,233,000) (48,000,000)
Non-controlling interest put option buyback (1,196,000)  
Payment of debt issuance cost (708,000) (3,015,000)
Repayment of notes payable (24,931,000) (10,057,000)
Net cash provided by financing activities 60,311,000 61,129,000
Net increase in cash and cash equivalents 8,239,000 61,777,000
Effect of exchange rate changes (791,000) (7,496,000)
Cash and cash equivalents, beginning of period 108,644,000 56,818,000
Cash and cash equivalents, end of period 116,092,000 111,099,000
Supplemental disclosure of cash financing activities:    
Cash paid for interest 8,540,000 633,000
Cash used in operating activities related to operating leases 7,378,000 2,272,000
Supplemental disclosure of non-cash investing activities:    
Right-of-use assets obtained in exchange for lease obligations 8,490,000 904,000
Purchases of property, plant and equipment included in accounts payable $ 2,508,000 1,037,000
Adtran Networks common shares exchanged in acquisition   565,491,000
Adtran Networks options assumed in acquisition   12,769,000
Non-controlling interest related to Adtran Networks   $ 315,415,000