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Restatement of Quarterly Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2025
Quarterly Financial Information Disclosure [Abstract] |
Schedule of Revised and Restated Quarterly Financial Information |
|  |  | As of March 31, 2024 |
ASSETS | Adj Reference |  | As Reported |  |  | Adjustment |  |  | As Restated |
Current Assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 106,757 |  |  | $ | — |  |  | $ | 106,757 |
Accounts receivable, less allowance for credit losses of $367 as of March 31, 2024 |  |  |  | 187,554 |  |  |  | 3,498 |  |  |  | 191,052 |
Other receivables |  |  |  | 12,116 |  |  |  | — |  |  |  | 12,116 |
Income tax receivable | ADJ 4 |  |  | 8,717 |  |  |  | (4,735 | ) |  |  | 3,982 |
Inventory, net | ADJ 3 |  |  | 322,147 |  |  |  | (3,894 | ) |  |  | 318,253 |
Prepaid expenses and other current assets |  |  |  | 59,667 |  |  |  | (3,889 | ) |  |  | 55,778 |
Total Current Assets |  |  |  | 696,958 |  |  |  | (9,020 | ) |  |  | 687,938 |
Property, plant and equipment, net |  |  |  | 126,969 |  |  |  | 4,040 |  |  |  | 131,009 |
Deferred tax assets | ADJ 4 |  |  | 25,421 |  |  |  | 4,015 |  |  |  | 29,436 |
Goodwill | ADJ 4 |  |  | 55,129 |  |  |  | — |  |  |  | 55,129 |
Intangibles, net |  |  |  | 306,448 |  |  |  | — |  |  |  | 306,448 |
Other non-current assets |  |  |  | 87,729 |  |  |  | — |  |  |  | 87,729 |
Long-term investments |  |  |  | 29,252 |  |  |  | — |  |  |  | 29,252 |
Total Assets |  |  | $ | 1,327,906 |  |  | $ | (965 | ) |  | $ | 1,326,941 |
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND EQUITY |  |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | $ | 159,083 |  |  | $ | — |  |  | $ | 159,083 |
Unearned revenue |  |  |  | 55,124 |  |  |  | 3,121 |  |  |  | 58,245 |
Accrued expenses and other liabilities | ADJ 1 |  |  | 36,404 |  |  |  | (1,403 | ) |  |  | 35,001 |
Accrued wages and benefits |  |  |  | 25,869 |  |  |  | 118 |  |  |  | 25,987 |
Income tax payable, net |  |  |  | 6,266 |  |  |  | — |  |  |  | 6,266 |
Total Current Liabilities |  |  |  | 282,746 |  |  |  | 1,836 |  |  |  | 284,582 |
Non-current revolving credit agreement outstanding |  |  |  | 195,000 |  |  |  | — |  |  |  | 195,000 |
Deferred tax liabilities | ADJ 4 |  |  | 15,414 |  |  |  | 420 |  |  |  | 15,834 |
Non-current unearned revenue |  |  |  | 22,884 |  |  |  | 377 |  |  |  | 23,261 |
Non-current pension liability |  |  |  | 11,692 |  |  |  | — |  |  |  | 11,692 |
Deferred compensation liability |  |  |  | 29,709 |  |  |  | — |  |  |  | 29,709 |
Non-current lease obligations |  |  |  | 27,668 |  |  |  | — |  |  |  | 27,668 |
Other non-current liabilities | ADJ 1 |  |  | 35,375 |  |  |  | (350 | ) |  |  | 35,025 |
Total Liabilities |  |  |  | 620,488 |  |  |  | 2,283 |  |  |  | 622,771 |
Commitments and contingencies (see Note 16) |  |  |  |  |  |  |  |  |  |
Redeemable Non-Controlling Interest | ADJ 2 |  |  | 441,635 |  |  |  | 1,686 |  |  |  | 443,321 |
Equity |  |  |  |  |  |  |  |  |  |
Common stock, par value $0.01 per share; 200,000 shares authorized; 79,116 shares issued and 78,850 outstanding as of March 31, 2024 |  |  |  | 791 |  |  |  | — |  |  |  | 791 |
Additional paid-in capital |  |  |  | 798,897 |  |  |  | (846 | ) |  |  | 798,051 |
Accumulated other comprehensive income | ADJ 1, 3, 4 |  |  | 29,656 |  |  |  | 41 |  |  |  | 29,697 |
Retained deficit | ADJ 2, 3, 4 |  |  | (558,363 | ) |  |  | (4,129 | ) |  |  | (562,492 | )
Treasury stock at cost: 265 as of March 31, 2024 |  |  |  | (5,198 | ) |  |  | — |  |  |  | (5,198 | )
Total Equity |  |  |  | 265,783 |  |  |  | (4,934 | ) |  |  | 260,849 |
Total Liabilities, Redeemable Non-Controlling Interest and Equity |  |  | $ | 1,327,906 |  |  | $ | (965 | ) |  | $ | 1,326,941 |
|  |  | Three Months Ended March 31, 2024 |
| Adj Reference |  | As Reported |  |  | Adjustment |  |  | As Restated |
Revenue |  |  |  |  |  |  |  |  |  |
Network Solutions |  |  | $ | 181,273 |  |  | $ | — |  |  | $ | 181,273 |
Services & Support |  |  |  | 44,900 |  |  |  | — |  |  |  | 44,900 |
Total Revenue |  |  |  | 226,173 |  |  |  | — |  |  |  | 226,173 |
Cost of Revenue |  |  |  |  |  |  |  |  |  |
Network Solutions | ADJ 3 |  |  | 126,326 |  |  |  | 1,940 |  |  |  | 128,266 |
Network Solutions - inventory write-down and other charges |  |  |  | 8,782 |  |  |  | — |  |  |  | 8,782 |
Services & Support |  |  |  | 18,810 |  |  |  | — |  |  |  | 18,810 |
Total Cost of Revenue |  |  |  | 153,918 |  |  |  | 1,940 |  |  |  | 155,858 |
Gross Profit |  |  |  | 72,255 |  |  |  | (1,940 | ) |  |  | 70,315 |
Selling, general and administrative expenses |  |  |  | 59,100 |  |  |  | (109 | ) |  |  | 58,991 |
Research and development expenses |  |  |  | 60,251 |  |  |  | (36 | ) |  |  | 60,215 |
Goodwill impairment | ADJ 4 |  |  | 292,583 |  |  |  | 4,770 |  |  |  | 297,353 |
Operating Loss |  |  |  | (339,679 | ) |  |  | (6,565 | ) |  |  | (346,244 | )
Interest and dividend income |  |  |  | 397 |  |  |  | — |  |  |  | 397 |
Interest expense |  |  |  | (4,598 | ) |  |  | — |  |  |  | (4,598 | )
Net investment gain |  |  |  | 2,253 |  |  |  | — |  |  |  | 2,253 |
Other income, net |  |  |  | 1,310 |  |  |  | — |  |  |  | 1,310 |
Loss Before Income Taxes |  |  |  | (340,317 | ) |  |  | (6,565 | ) |  |  | (346,882 | )
Income tax benefit |  |  |  | 18,647 |  |  |  | — |  |  |  | 18,647 |
Net Loss |  |  | $ | (321,670 | ) |  | $ | (6,565 | ) |  | $ | (328,235 | )
Less: Net Income attributable to non-controlling interest(1) | ADJ 1 |  |  | 2,880 |  |  |  | (350 | ) |  |  | 2,530 |
Net Loss attributable to ADTRAN Holdings, Inc. |  |  | $ | (324,550 | ) |  | $ | (6,215 | ) |  | $ | (330,765 | )
Weighted average shares outstanding – basic |  |  |  | 78,814 |  |  |  | 78,814 |  |  |  | 78,814 |
Weighted average shares outstanding – diluted |  |  |  | 78,814 |  |  |  | 78,814 |  |  |  | 78,814 |
Loss per common share attributable to ADTRAN Holdings, Inc. – basic |  |  | $ | (4.12 | ) |  | $ | (0.08 | ) |  | $ | (4.20 | )
Loss per common share attributable to ADTRAN Holdings, Inc. – diluted |  |  | $ | (4.12 | ) |  | $ | (0.08 | ) |  | $ | (4.20 | )
Net Loss |  |  | $ | (321,670 | ) |  | $ | (6,565 | ) |  | $ | (328,235 | )
Other Comprehensive Loss, net of tax |  |  |  |  |  |  |  |  |  |
Defined benefit plan adjustments |  |  |  | (60 | ) |  |  | — |  |  |  | (60 | )
Foreign currency translation loss | ADJ 1, 3 |  |  | (17,745 | ) |  |  | (28 | ) |  |  | (17,773 | )
Other Comprehensive Loss, net of tax |  |  |  | (17,805 | ) |  |  | (28 | ) |  |  | (17,833 | )
Comprehensive Loss, net of tax |  |  |  | (339,475 | ) |  |  | (6,593 | ) |  |  | (346,068 | )
Less: Comprehensive Income attributable to non-controlling interest, net of tax | ADJ 1 |  |  | 2,880 |  |  |  | (349 | ) |  |  | 2,531 |
Comprehensive Loss attributable to ADTRAN Holdings, Inc., net of tax |  |  | $ | (342,355 | ) |  | $ | (6,244 | ) |  | $ | (348,599 | )
|  | Retained Deficit |  |  | Accumulated Other Comprehensive Income |  |  | Additional paid-in capital |
(In thousands) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Balance as of December 31, 2023 |  | $ | (243,908 | ) |  | $ | 12,202 |  |  | $ | (231,706 | ) |  | $ | 47,461 |  |  | $ | 69 |  |  | $ | 47,530 |  |  | $ | 795,304 |  |  | $ | (836 | ) |  | $ | 794,468 |
Net loss |  |  | (321,670 | ) |  |  | (6,565 | ) |  |  | (328,235 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Annual recurring compensation earned |  |  | (2,880 | ) |  |  | 349 |  |  |  | (2,531 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other comprehensive loss, net of tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (17,805 | ) |  |  | (28 | ) |  |  | (17,833 | ) |  |  | — |  |  |  | — |  |  |  | — |
Deferred compensation adjustments, net of tax |  |  | 3 |  |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (368 | ) |  |  | — |  |  |  | (368 | )
ADTRAN RSUs and restricted stock vested |  |  | (243 | ) |  |  | — |  |  |  | (243 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
ADTRAN stock options exercised |  |  | 219 |  |  |  | — |  |  |  | 219 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
ADTRAN stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,957 |  |  |  | — |  |  |  | 3,957 |
Redemption of redeemable non-controlling interest |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign currency remeasurement of redeemable non-controlling interest |  |  | 10,115 |  |  |  | (10,115 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Adtran Networks stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | (10 | ) |  |  | (6 | )
Balance as of March 31, 2024 |  | $ | (558,363 | ) |  | $ | (4,129 | ) |  | $ | (562,492 | ) |  | $ | 29,656 |  |  | $ | 41 |  |  | $ | 29,697 |  |  | $ | 798,897 |  |  | $ | (846 | ) |  | $ | 798,051 |
|  |  | Three Months Ended March 31, 2024 |
| Adj Reference |  | As Reported |  |  | Adjustment |  |  | As Restated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |
Net loss |  |  | $ | (321,670 | ) |  | $ | (6,565 | ) |  | $ | (328,235 | )
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  | 22,528 |  |  |  | (138 | ) |  |  | 22,390 |
Goodwill Impairment | ADJ 4 |  |  | 292,583 |  |  |  | 4,770 |  |  |  | 297,353 |
Amortization of debt issuance cost |  |  |  | 1,013 |  |  |  | — |  |  |  | 1,013 |
Gain on investments, net |  |  |  | (2,621 | ) |  |  | — |  |  |  | (2,621 | )
Net loss on disposal of property, plant and equipment |  |  |  | 150 |  |  |  | — |  |  |  | 150 |
Stock-based compensation expense |  |  |  | 3,957 |  |  |  | (3 | ) |  |  | 3,954 |
Deferred income taxes |  |  |  | (19,738 | ) |  |  | — |  |  |  | (19,738 | )
Other, net |  |  |  | 545 |  |  |  | — |  |  |  | 545 |
Inventory write down |  |  |  | 3,992 |  |  |  | — |  |  |  | 3,992 |
Inventory reserves |  |  |  | 1,837 |  |  |  | — |  |  |  | 1,837 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |
Accounts receivable, net |  |  |  | 26,002 |  |  |  | (3,498 | ) |  |  | 22,504 |
Other receivables |  |  |  | 5,605 |  |  |  | — |  |  |  | 5,605 |
Income taxes receivable, net | ADJ 4 |  |  | (1,296 | ) |  |  | 4,735 |  |  |  | 3,439 |
Inventory |  |  |  | 30,426 |  |  |  | 1,940 |  |  |  | 32,366 |
Prepaid expenses, other current assets and other assets |  |  |  | (15,882 | ) |  |  | (3,408 | ) |  |  | (19,290 | )
Accounts payable |  |  |  | 553 |  |  |  | — |  |  |  | 553 |
Accrued expenses and other liabilities |  |  |  | 7,459 |  |  |  | 3,494 |  |  |  | 10,953 |
Income taxes payable, net |  |  |  | 1,155 |  |  |  | — |  |  |  | 1,155 |
Net cash provided by operating activities |  |  |  | 36,598 |  |  |  | 1,327 |  |  |  | 37,925 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  |  | (12,183 | ) |  |  | (1,327 | ) |  |  | (13,510 | )
Purchases of intangibles - developed technology |  |  |  | (1,191 | ) |  |  | — |  |  |  | (1,191 | )
Proceeds from sales and maturities of available-for-sale investments |  |  |  | 873 |  |  |  | — |  |  |  | 873 |
Purchases of available-for-sale investments |  |  |  | (44 | ) |  |  | — |  |  |  | (44 | )
Net cash used in investing activities |  |  |  | (12,545 | ) |  |  | (1,327 | ) |  |  | (13,872 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
Tax withholdings related to stock-based compensation settlements |  |  |  | (176 | ) |  |  | — |  |  |  | (176 | )
Proceeds from stock option exercises |  |  |  | 219 |  |  |  | — |  |  |  | 219 |
Proceeds from receivables purchase agreement |  |  |  | 30,231 |  |  |  | — |  |  |  | 30,231 |
Repayments on receivables purchase agreement |  |  |  | (32,437 | ) |  |  | — |  |  |  | (32,437 | )
Payment for redemption of redeemable non-controlling interest |  |  |  | (5 | ) |  |  | — |  |  |  | (5 | )
Payment of debt issuance cost |  |  |  | (1,994 | ) |  |  | — |  |  |  | (1,994 | )
Net cash used in financing activities |  |  |  | (4,162 | ) |  |  | — |  |  |  | (4,162 | )
Net increase in cash and cash equivalents |  |  |  | 19,891 |  |  |  | — |  |  |  | 19,891 |
Effect of exchange rate changes |  |  |  | (301 | ) |  |  | — |  |  |  | (301 | )
Cash and cash equivalents, beginning of period |  |  |  | 87,167 |  |  |  | — |  |  |  | 87,167 |
Cash and cash equivalents, end of period |  |  | $ | 106,757 |  |  | $ | — |  |  | $ | 106,757 |
Supplemental disclosure of cash financing activities: |  |  |  |  |  |  |  |  |  |
Cash paid for interest |  |  | $ | 5,243 |  |  | $ | — |  |  | $ | 5,243 |
Cash paid for income taxes |  |  | $ | 596 |  |  | $ | — |  |  | $ | 596 |
Cash used in operating activities related to operating leases |  |  | $ | 2,384 |  |  | $ | — |  |  | $ | 2,384 |
Supplemental disclosure of non-cash investing activities: |  |  |  |  |  |  |  |  |  |
Right-of-use assets obtained in exchange for lease obligations |  |  | $ | 842 |  |  | $ | — |  |  | $ | 842 |
Purchases of property, plant and equipment included in accounts payable |  |  | $ | 1,689 |  |  | $ | — |  |  | $ | 1,689 |

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 270 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 + Details
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