DZS INC.: auditor change — DZS restates Q1 2023 revenue by ~$15M, cuts FY2023 revenue guidance to ~$370M

DZS INC.

Restatement due to timing of revenue recognition on two customer projects; ~$15M revenue reclassification, majority expected in Q2/Q3 2023.
FY2023 revenue guidance reduced to ~$370M (from ~$400M); adjusted EBITDA guidance cut to $15-22M (from $22-27M).
Q2 2023 earnings guidance withdrawn due to uncertainty in revenue timing from restatement.
Customers in good standing and have begun paying; total RPOs of $304M as of March 31, 2023.

item 4.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

DZS INC. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Ernst & Young LLP

Exact text from the filing

determined that the Company’s unaudited condensed consolidated financial statements for the Subject Period should no longer be relied upon and should be restated

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Source: SEC EDGAR

accession 0001101680-23-000048

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