ADTRAN Holdings, Inc. (ADTN): auditor change — ADTRAN restates Q1-Q3 2023 results; net loss understated by up to $17.2M, EPS cut by up to $0.22

ADTRAN Holdings, Inc.

Audit Committee concludes non-reliance on Q1, Q2, Q3 2023 financials due to misattribution of non-controlling interest.
Net loss attributable to ADTRAN adjusted from $(140.5M) to $(157.7M) for nine months ended Sep 30, 2023.
Reported basic EPS for nine months revised from $(1.79) to $(2.01); Q3 EPS revised from $(0.93) to $(1.00).
Error stemmed from treatment of guaranteed cash compensation under DPLTA with subsidiary Adtran Networks.
Management evaluating possible new material weaknesses; prior disclosure controls found ineffective since Sep 2022.

item 4.02

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

ADTRAN Holdings, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: PricewaterhouseCoopers LLP

Exact text from the filing

hs ended September 30, 2023 included in the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2023, respectively (collectively, the “Non-Reliance Periods”), and such financial statements should no longer be relied upon. The error does not have any impact on, or result in any change to, the reported amounts through consolidated net loss on the Condensed Consolidated Statements of Loss, the Company’s Condensed Consolidated Balance Sheets or Condensed Consolidated Statements of Cash Flows. The understatements were solely related and limited to the financial statement presentation below the reported consolidated net loss line item and specific to the bifurcation of net income and loss per share on the Condensed Consolidated Statements of Loss to the Company and the non-controlling interest. The misstatements occurred following the effectiveness of the Dominat

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ADTRAN Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-040068

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