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ADTRAN - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

ADTRAN INC. (ISIN: US00738A1060, WKN: 892015) Kursdatum: 21.07.2017 Kurs: 23,300 USD
Beschreibung Daten
Symbol ADTN
Marktkapitalisierung 1.140.511.744,00 USD
Land Vereinigte Staaten von Amerika
Indizes NASDAQ Comp.
Sektor Telekommunikation
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 2003-12-16 - 2:1 |
Internet
Letztes Bilanz Update 24.02.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
55,48 27,16 1,55% 5,28 71,87 32,36 1,79 2,38

Firmenbeschreibung

 

 

Note 14 – Summarized Quarterly Financial Data

(Unaudited)

 

The following table presents unaudited quarterly operating results

for each of our last eight fiscal quarters. This information has

been prepared on a basis consistent with our audited financial

statements and includes all adjustments, consisting only of normal

recurring adjustments, considered necessary for a fair presentation

of the data.

 

Unaudited Quarterly Operating Results

 

(In thousands, except for per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

  

March 31, 2015

 

  

June 30, 2015

 

  

September 30, 2015

 

  

December 31, 2015

 

 

 

 

 

Net sales

 

  

$

142,835

  

  

$

160,138

  

  

$

158,078

  

  

$

139,013

  

 

 

 

 

Gross profit

 

  

$

65,563

  

  

$

68,246

  

  

$

70,649

  

  

$

62,439

  

 

 

 

 

Operating income

 

  

$

1,963

  

  

$

644

  

  

$

8,072

  

  

$

2,800

  

 

 

 

 

Net income

 

  

$

3,317

  

  

$

2,544

  

  

$

7,067

  

  

$

5,718

  

 

 

 

 

Earnings per common share

 

  

$

0.06

  

  

$

0.05

  

  

$

0.14

  

  

$

0.12

  

 

 

 

 

Earnings per common share assuming dilution (1)

 

  

$

0.06

  

  

$

0.05

  

  

$

0.14

  

  

$

0.12

  

 

 

 

 

 

 

 

 

 

Three Months Ended

  

March 31, 2014

 

  

June 30, 2014

 

  

September 30, 2014

 

  

December 31, 2014

 

 

 

 

 

Net sales

 

  

$

147,004

  

  

$

176,129

  

  

$

162,892

  

  

$

143,982

  

 

 

 

 

Gross profit

 

  

$

77,790

  

  

$

86,797

  

  

$

78,257

  

  

$

68,483

  

 

 

 

 

Operating income

 

  

$

11,298

  

  

$

19,339

  

  

$

12,495

  

  

$

3,979

  

 

 

 

 

Net income

 

  

$

9,607

  

  

$

14,395

  

  

$

11,326

  

  

$

9,292

  

 

 

 

 

Earnings per common share

 

  

$

0.17

  

  

$

0.26

  

  

$

0.21

  

  

$

0.17

  

 

 

 

 

Earnings per common share assuming dilution (1)

 

  

$

0.17

  

  

$

0.26

  

  

$

0.21

  

  

$

0.17

  

 

 

 

 

 

 

(1) 

Assumes exercise of dilutive stock

options calculated under the treasury stock method.

 

 

 

Firmenstrategie

 

 

Principles of Consolidation

 

Our consolidated financial statements include ADTRAN and its wholly

owned subsidiaries. All inter-company accounts and transactions

have been eliminated in consolidation.

 

RevenueRecognitionPolicyTextBlock

 

Revenue Recognition

Revenue is generally recognized when persuasive evidence of an

arrangement exists, delivery has occurred, the product price is

fixed or determinable, collection of the resulting receivable is

reasonably assured, and product returns are reasonably estimable.

For product sales, revenue is generally recognized upon shipment of

the product to our customer in accordance with the title transfer

terms of the sales agreement, generally Ex Works, per International

Commercial Terms. In the case of consigned inventory, revenue is

recognized when the end customer assumes ownership of the product.

Contracts that contain multiple deliverables are evaluated to

determine the units of accounting, and the consideration from the

arrangement is allocated to each unit of accounting based on the

relative selling price and corresponding terms of the contract. We

use vendor-specific objective evidence of selling price. When this

evidence is not available, we are generally not able to determine

third-party evidence of selling price because of the extent of

customization among competing products or services from other

companies. In these instances, we use best estimates to allocate

consideration to each respective unit of accounting. These

estimates include analysis of respective bills of material and

review and analysis of similar product and service offerings. We

record revenue associated with installation services when

respective contractual obligations are complete. In instances where

customer acceptance is required, revenue is deferred until

respective acceptance criteria have been met. Contracts that

include both installation services and product sales are evaluated

for revenue recognition in accordance with contract terms. As a

result, installation services may be considered a separate

deliverable or may be considered a combined single unit of

accounting with the delivered product. Generally, either the

purchaser, ADTRAN, or a third party can perform the installation of

our products. Shipping fees are recorded as revenue and the related

cost is included in cost of sales. Sales taxes invoiced to

customers are included in revenues, and represent less than one

percent of total revenues. The corresponding sales taxes paid are

included in cost of goods sold. Value added taxes collected from

customers in international jurisdictions are recorded in accrued

expenses as a liability. Revenue is recorded net of discounts.

Sales returns are accrued based on historical sales return

experience, which we believe provides a reasonable estimate of

future returns.

A portion of Enterprise Networks products are sold to a

non-exclusive distribution network of major technology distributors

in the United States. These large organizations then distribute or

provide fulfillment services to an extensive network of VARs and

SIs. VARs and SIs may be affiliated with us as a channel partner,

or they may purchase from the distributor in an unaffiliated

fashion. Additionally, with certain limitations our distributors

may return unused and unopened product for stock-balancing purposes

when such returns are accompanied by offsetting orders for products

of equal or greater value.

We participate in cooperative advertising and market development

programs with certain customers. We use these programs to reimburse

customers for certain forms of advertising, and in general, to

allow our customers credits up to a specified percentage of their

net purchases. Our costs associated with these programs are

estimated and included in marketing expenses in our consolidated

statements of income. We also participate in rebate programs to

provide sales incentives for certain products. Our costs associated

with these programs are estimated and accrued at the time of sale,

and are recorded as a reduction of sales in our consolidated

statements of income.

 

SegmentReportingDisclosureTextBlock

 

Note 11 – Segment Information and Major Customers

We operate in two reportable segments: (1) the Carrier

Networks Division and (2) the Enterprise Networks Division.

The accounting policies of the segments are the same as those

described in the “Nature of Business and Summary of

Significant Accounting Policies” (see Note 1) to the extent

that such policies affect the reported segment information. We

evaluate the performance of our segments based on gross profit;

therefore, selling, general and administrative expense, research

and development expenses, interest income and dividend income,

interest expense, net realized investment gain/loss, other

income/expense and provision for taxes are reported on an

entity-wide basis only. There are no inter-segment revenues.

The following table presents information about the reported sales

and gross profit of our reportable segments for each of the years

ended December 31, 2015, 2014 and 2013. Asset information by

reportable segment is not reported, since we do not produce such

information internally.

Sales and Gross Profit by Market Segment

 

(In thousands)    2015      2014      2013  
     Sales      Gross Profit      Sales      Gross Profit      Sales      Gross Profit  
 

Carrier Networks

 
   $ 499,402       $ 209,284       $ 510,373       $ 243,211       $ 500,733       $ 233,206   
 

Enterprise Networks

 
     100,662         57,613         119,634         68,116         141,011         75,680   
    

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
 
 

Total

 
   $ 600,064       $ 266,897       $ 630,007       $ 311,327       $ 641,744       $ 308,886   
    

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
 

Sales by Product

Our three major product categories are Carrier Systems, Business

Networking and Loop Access.

Carrier Systems products are used by communications SPs to

provide data, voice, and video services to consumers and

enterprises. This category includes the following product areas and

related services:

 

    Broadband Access

 

    Total Access 5000 Series of Multi-Service Access Node (MSANs)

 

    hiX 5600 Series of MSANs

 

    Total Access 1100/1200 Series of Fiber to the Node (FTTN) products

 

    hiX 1100 Series of FTTN products

 

    VDSL2 Vectoring based Digital Subscriber Line Access Multiplexer (DSLAM) products

 

    ADTRAN 500 Series of FTTdp G.fast Distribution Point Units (DPU)

 

    Optical

 

    Optical Networking Edge (ONE)

 

    NetVanta 8000 Series of Fiber Ethernet Access Devices (EAD)

 

    NetVanta 8400 Series of 10Gig Multi-service Edge Switches

 

    OPTI-6100 and Total Access 3000 optical Multi-Service Provisioning Platforms (MSPP)

 

    Pluggable Optical Products, including Small Form Factor Pluggable (SFP), 10-Gigabit Fiber Small Form Factor Pluggable (XFP), and SFP+

 

    Time Division Multiplexed (TDM) systems

Business Networking products provide access to communication

services and facilitate the delivery of cloud connectivity and

enterprise communications to the small and mid-sized enterprise

(SME) market. This category includes the following product areas

and related services:

 

    Internetworking products

 

    Total Access IP Business Gateways

 

    Optical Network Terminals (ONTs)

 

    Bluesocket virtual Wireless LAN (vWLAN)

 

    NetVanta

 

    Access Routers

 

    Enterprise Session Border Controllers (eSBC)

 

    Managed Ethernet Switches

 

    IP Business Gateways

 

    Unified Communications (UC) solutions

 

    Carrier Ethernet Network Termination Equipment (NTE)

 

    Carrier Ethernet Routers and Gateways

 

    Network Management Solutions

 

Loop Access products are used by carrier and enterprise

customers for access to copper-based communications networks. This

category includes the following product areas and related

services:

 

    High bit-rate Digital Subscriber Line (HDSL) products

 

    Digital Data Service (DDS)

 

    Integrated Services Digital Network (ISDN) products

The table below presents sales information by product category for

the years ended December 31, 2015, 2014 and 2013:

 

(In thousands)    2015      2014      2013  
 

Carrier Systems

 
   $ 433,373       $ 442,664       $ 427,850   
 

Business Networking

 
     139,693         156,980         168,871   
 

Loop Access

 
     26,998         30,363         45,023   
    

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
 
 

Total

 
   $ 600,064       $ 630,007       $ 641,744   
    

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
 

In addition, we identify subcategories of product revenues, which

we divide into core products and legacy products. Our core products

consist of Broadband Access and Optical products (included in

Carrier Systems), and Internetworking products (included in

Business Networking). Our legacy products include HDSL products

(included in Loop Access) and other products not included in the

aforementioned core products.

The table below presents subcategory revenues for the years ended

December 31, 2015, 2014 and 2013:

 

(In thousands)    2015      2014      2013  
 

Core Products

 
        
 

Broadband Access (included in Carrier Systems)

 
   $ 364,537       $ 368,464       $ 340,560   
 

Optical (included in Carrier Systems)

 
     56,615         55,374         55,615   
 

Internetworking (NetVanta & Multi-service Access Gateways) (included in Business Networking)

 
     135,720         152,223         164,422   
    

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
 
 

Subtotal

 
   $ 556,872       $ 576,061       $ 560,597   
 

Legacy Products

 
        
 

HDSL (does not include T1) (included in Loop Access)

 
     25,349         27,829         41,666   
 

Other products (excluding HDSL)

 
     17,843         26,117         39,481   
    

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
 
 

Subtotal

 
   $ 43,192       $ 53,946       $ 81,147   
    

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
 
 

Total

 
   $ 600,064       $ 630,007       $ 641,744   
    

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
 

The following table presents sales information by geographic area

for the years ended December 31, 2015, 2014 and 2013.

International sales correlate to shipments with a non-U.S.

destination.

 

(In thousands)    2015      2014      2013  
 

United States

 
   $ 419,366       $ 381,382       $ 455,996   
 

Germany

 
     111,666         150,987         97,151   
 

Other international

 
     69,032         97,638         88,597   
    

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
 
 

Total

 
   $ 600,064       $ 630,007       $ 641,744   
    

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
 

Customers comprising more than 10% of revenue can change from year

to year. Single customers comprising more than 10% of our revenue

in 2015 included three customers at 20%, 17% and 14%. Single

customers comprising more than 10% of our revenue in 2014 included

two customers at 21% and 14%. Single customers comprising more than

10% of our revenue in 2013 included two customers at 17% and 14%.

No other customer accounted for 10% or more of our sales in 2015,

2014 or 2013. Our five largest customers, other than those with

more than 10 percent of revenues disclosed above, can change from

year to year. These customers represented 14%, 22%, and 22% of

total revenue in 2015, 2014 and 2013, respectively. Revenues in

this disclosure do not include distributor agents, who

predominately provide fulfillment services to end users. In such

cases where known, that revenue is associated with the end

user.

As of December 31, 2015, long-lived assets, net totaled $73.2

million, which includes $68.8 million held in the United States and

$4.4 million held outside the United States. As of

December 31, 2014, long-lived assets, net totaled $74.8

million, which includes $70.0 million held in the United States and

$4.8 million held outside the United States.

 

EarningsPerSharePolicyTextBlock

 

Earnings per Share

Earnings per common share, and earnings per common share assuming

dilution, are based on the weighted average number of common shares

and, when dilutive, common equivalent shares outstanding during the

year. See Note 13 of Notes to Consolidated Financial Statements for

additional information.