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Consolidated Statements of Cash Flows
12 Months Ended
Dec. 31, 2022
USD ($)
Cash flows from operating activities:  
Net Loss $ (8,888,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:  
Depreciation and amortization 67,553,000
Asset impairment 17,433,000
Goodwill impairment 0
Amortization of debt issuance cost 288,000
(Accretion) amortization on available-for-sale investments, net 19,000
(Gain) loss on investments 9,826,000
Net loss on disposal of property, plant and equipment 152,000
Stock-based compensation expense 28,322,000
Deferred income taxes (62,388,000)
Inventory reserves (2,363,000)
Change in operating assets and liabilities:  
Accounts receivable, net 788,000
Other receivables (20,088,000)
Inventory (73,237,000)
Prepaid expenses, other current assets and other assets (7,116,000)
Accounts payable 28,105,000
Accrued expenses and other liabilities (20,483,000)
Income taxes payable (2,151,000)
Net cash provided by (used in) operating activities (44,228,000)
Cash flows from investing activities:  
Purchases of property, plant and equipment (17,072,000)
Proceeds from sales and maturities of available-for-sale investments 51,661,000
Purchases of available-for-sale investments (23,899,000)
(Payments) for and proceeds from beneficial interests in securitized accounts receivable 1,126,000
Proceeds from disposals of property, plant and equipment 12,000
Acquisition of business, net of cash acquired 44,003,000
Net cash (used in) provided by investing activities 55,831,000
Cash flows from financing activities:  
Tax withholdings related to stock-based compensation settlements (4,253,000)
Proceeds from stock option exercises 6,904,000
Dividend payments (22,885,000)
Proceeds from draw on revolving credit agreements 141,887,000
Repayment of revolving credit agreements (48,000,000)
Payment of debt issuance cost (3,015,000)
Repayment of notes payable (17,702,000)
Net cash (used in) provided by financing activities 52,936,000
Net (decrease) increase in cash and cash equivalents 64,539,000
Effect of exchange rate changes (12,713,000)
Cash, cash equivalents and restricted cash, beginning of year 56,818,000
Cash, cash equivalents and restricted cash, end of year 108,644,000
Supplemental disclosure of cash flow information:  
Cash paid for interest 1,728,000
Cash paid for income taxes, net of refunds 3,832,000
Cash used in operating activities related to operating leases 5,229,000
Supplemental disclosure of non-cash investing activities  
Right-of-use assets obtained in exchange for lease obligations 3,410,000
Purchases of property, plant and equipment included in accounts payable 1,165,000
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 $ 316,415,000