ADTRAN Holdings, Inc., (NASDAQ: ADTN and FSE: QH9) (“ADTRAN
Holdings” or the “Company”), today announced its financial results
for the first quarter of 2023. For the quarter, revenue was $323.9
million. Net loss inclusive of the non-controlling interest for the
first quarter of 2023 was $40.5 million. Net loss attributable to
the Company for the first quarter of 2023 was $34.5 million and
diluted loss per share attributable to the Company was $0.44.
Inclusive of non-controlling interest, non-GAAP net loss was $9.5
million. Non-GAAP net loss attributable to the Company was $5.0
million and non-GAAP diluted loss per share attributable to the
Company was $0.06. Non-GAAP net (loss) income and non-GAAP diluted
(loss) earnings per share exclude acquisition related expenses,
amortizations, adjustments (consisting of intangible amortization
of backlog, developed technology, customer relationships, and trade
names acquired in connection with business combinations and
amortization of inventory fair value adjustments), stock-based
compensation expense, amortization of pension actuarial losses,
deferred compensation adjustments, asset impairments, integration
expenses, restructuring expenses, changes in valuation allowance
related to our deferred tax assets, and the tax effect of these
adjustments to net (loss) income. The reconciliations between the
non-GAAP net (loss) income measures presented herein and the
respective equivalent GAAP financial measures are set forth in the
tables provided below.
ADTRAN Holdings Chairman and Chief Executive Officer Tom Stanton
stated, “As mentioned in our pre-release, the results of the
quarter were impacted by slowing sales predominately in our
Subscriber Solutions category. Although we expect customer
inventory management efforts to continue to affect our near-term
results, the underlying demand to upgrade and deploy fiber networks
is at an unprecedented high and we are ideally positioned to
capitalize on this opportunity.”
The Company also announced that its Board of Directors declared
a cash dividend for the first quarter of 2023. The quarterly cash
dividend of $0.09 per common share is to be paid to the Company’s
stockholders of record as of the close of business on May 23, 2023.
The ex-dividend date is May 22, 2023, and the payment date will be
June 6, 2023.
The Company confirmed that it will hold a conference call to
discuss its first quarter results on Tuesday, May 9, 2023, at 9:30
a.m. Central Time, or 4:30 p.m. Central European Time. ADTRAN
Holdings will webcast this conference call. To listen, simply visit
our Investor Relations site at investors.adtran.com approximately
10 minutes prior to the start of the call, click on the event
“ADTRAN Holdings Releases 1st Quarter 2023 Financial Results and
Earnings Call”, and click on the webcast link.
An online replay of the Company’s conference call, as well as
the transcript of the Company's conference call, will be available
on the Investor Relations site approximately 24 hours following the
call and will remain available for at least 12 months. For more
information, visit investors.adtran.com or email
investor.relations@adtran.com.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this press release which are not
historical facts, such as those relating to strategy, outlook and
financial guidance, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can also generally be identified by the
use of words such as “believe,” “expect,” “intend,” “estimate,”
“anticipate,” “will,” “may,” “could” and similar expressions. In
addition, ADTRAN Holdings, through its senior management, may from
time to time make forward-looking public statements concerning the
matters described herein. All such projections and other
forward-looking information speak only as of the date hereof, and
ADTRAN Holdings undertakes no duty to publicly update or revise
such forward-looking information, whether as a result of new
information, future events, or otherwise, except to the extent as
may be required by law. All such forward-looking statements are
necessarily estimates and reflect management’s best judgment based
upon current information. Actual events or results may differ
materially from those anticipated in these forward-looking
statements as a result of a variety of factors. While it is
impossible to identify all such factors, factors which could cause
actual events or results to differ materially from those estimated
by ADTRAN Holdings include, but are not limited to: (i) risks and
uncertainties related to manufacturing and supply chain
constraints, including as a result of the continued impact of the
COVID-19 global pandemic; (ii) risks and uncertainties related to
the completed business combination between the Company, ADTRAN and
ADVA, including risks related to the ability to successfully
integrate the ADTRAN’s and ADVA’s businesses, the disruption of
management time from ongoing business operations due to integration
efforts following the business combination, and the risk that
ADTRAN Holdings may be unable to achieve expected synergies or that
it may take longer or be more costly than expected to achieve those
synergies; (iii) the risk of fluctuations in revenue, including due
to lengthy sales and approval processes required by major and other
service providers for new products and changes in customer demand;
(iv) the risk posed by potential breaches of information systems
and cyber-attacks; (v) the risks that ADTRAN may not be able to
effectively compete, including through product improvements and
development; and (vi) other risks set forth in ADTRAN Holdings’
public filings made with the Securities and Exchange Commission,
including its Annual Report on Form 10-K for the year ended
December 31, 2022, as well as its Form 10-Q for the quarter ended
March 31, 2023 to be filed with the SEC.
Explanation of Use of Non-GAAP Financial Measures
Set forth in the tables below are reconciliations of gross
profit, gross margin, operating expenses, operating loss, other
income (expense), net (loss) income inclusive of the
non-controlling interest, net (loss) income attributable to the
Company, net loss attributable to the non-controlling interest, and
(loss) earnings per share - basic and diluted, attributable to the
Company, in each case as reported based on generally accepted
accounting principles in the United States (“GAAP”), to non-GAAP
gross profit, non-GAAP gross margin, non-GAAP operating expenses,
non-GAAP operating (loss) income, non-GAAP other (expense) income,
non-GAAP net (loss) income inclusive of the non-controlling
interest, non-GAAP net (loss) income attributable to the Company,
non-GAAP net (loss) income attributable to the non-controlling
interest, and non-GAAP (loss) earnings per share - basic and
diluted, attributable to the Company, respectively. Such non-GAAP
measures exclude acquisition related expenses, amortizations and
adjustments (consisting of intangible amortization of backlog,
developed technology, customer relationships, and trade names
acquired in connection with business combinations and amortization
of inventory fair value adjustments), stock-based compensation
expense, amortization of pension actuarial losses, deferred
compensation adjustments, asset impairments, integration expenses,
restructuring expenses, changes in valuation allowance related to
our deferred tax assets, and the tax effect of these adjustments to
net income. These measures are used by management in our ongoing
planning and annual budgeting processes. Additionally, we believe
the presentation of non-GAAP gross profit, non-GAAP gross margin,
non-GAAP operating expenses, non-GAAP operating (loss) income,
non-GAAP other (expense) income, non-GAAP net (loss) income
inclusive of the non-controlling interest, non-GAAP net (loss)
income attributable to the Company, non-GAAP net (loss) income
attributable to the non-controlling interest, and non-GAAP (loss)
earnings per share - basic and diluted, attributable to the
Company, when combined with the presentation of the most directly
comparable GAAP financial measure, is beneficial to the overall
understanding of ongoing operating performance of the Company.
These non-GAAP financial measures are not prepared in accordance
with, or an alternative for, GAAP and therefore should not be
considered in isolation or as a substitution for analysis of our
results as reported under GAAP. Additionally, our calculation of
non-GAAP measures may not be comparable to similar measures
calculated by other companies.
About Adtran
ADTRAN Holdings, Inc. (NASDAQ: ADTN and FSE: QH9) is the parent
company of Adtran, Inc., a leading global provider of open,
disaggregated networking and communications solutions that enable
voice, data, video and internet communications across any network
infrastructure. From the cloud edge to the subscriber edge, Adtran
empowers communications service providers around the world to
manage and scale services that connect people, places and things.
Adtran solutions are used by service providers, private
enterprises, government organizations and millions of individual
users worldwide. ADTRAN Holdings, Inc. is also the largest
shareholder of ADVA. Find more at Adtran, LinkedIn and Twitter.
Published by
ADTRAN Holdings, Inc.
www.adtran.com
Condensed Consolidated Balance
Sheets
(Unaudited)
(In thousands)
March 31,
December 31,
2023
2022
Assets
Current Assets
Cash and cash equivalents
$
136,457
$
108,644
Short-term investments
1,058
340
Accounts receivable, net
262,043
279,435
Other receivables
30,938
32,831
Inventory, net
416,291
427,531
Prepaid expenses and other current
assets
37,021
33,577
Total Current Assets
883,808
882,358
Property, plant and equipment, net
111,969
110,699
Deferred tax assets
81,631
67,839
Goodwill
385,755
381,724
Intangibles, net
379,286
401,211
Other non-current assets
63,152
66,998
Long-term investments
32,994
32,665
Total Assets
$
1,938,595
$
1,943,494
Liabilities, Redeemable Non-Controlling
Interest and Equity
Current Liabilities
Accounts payable
$
198,596
$
237,699
Revolving credit agreements
outstanding
190,843
95,936
Notes payable
—
24,598
Unearned revenue
55,611
41,193
Accrued expenses and other liabilities
27,424
35,235
Accrued wages and benefits
30,333
44,882
Income tax payable, net
19,397
9,032
Total Current Liabilities
522,204
488,575
Deferred tax liabilities
51,850
61,629
Non-current unearned revenue
24,907
19,239
Pension liability
10,698
10,624
Deferred compensation liability
28,674
26,668
Non-current lease obligations
21,446
22,807
Other non-current liabilities
15,986
10,339
Total Liabilities
675,765
639,881
Redeemable Non-Controlling
Interest
442,668
—
Equity
Common stock
787
781
Additional paid-in capital
762,035
895,834
Accumulated other comprehensive income
55,251
46,713
Retained earnings
8,006
55,338
Treasury stock
(5,917
)
(4,125
)
Non-controlling interest
—
309,072
Total Equity
820,162
1,303,613
Total Liabilities, Redeemable
Non-Controlling Interest and Equity
$
1,938,595
$
1,943,494
Condensed Consolidated
Statements of Loss
(Unaudited)
(In thousands, except per
share amounts)
Three Months Ended
March 31,
2023
2022
Revenue
Network Solutions
$
282,418
$
138,374
Services & Support
41,494
16,144
Total Revenue
323,912
154,518
Cost of Revenue
Network Solutions
219,130
90,653
Services & Support
16,974
9,549
Total Cost of Revenue
236,104
100,202
Gross Profit
87,808
54,316
Selling, general and administrative
expenses
67,397
27,893
Research and development expenses
70,143
26,491
Operating Loss
(49,732
)
(68
)
Interest and dividend income
304
204
Interest expense
(3,287
)
(30
)
Net investment gain (loss)
1,252
(3,415
)
Other expense, net
(303
)
(226
)
Loss Before Income Taxes
(51,766
)
(3,535
)
Income tax benefit
11,313
2,408
Net Loss
$
(40,453
)
$
(1,127
)
Less: Net Loss attributable to
non-controlling interest(1)
(5,989
)
—
Net Loss attributable to ADTRAN
Holdings, Inc.
$
(34,464
)
$
(1,127
)
Weighted average shares outstanding –
basic
78,358
49,113
Weighted average shares outstanding –
diluted
78,358
49,113
Loss per common share attributable to
ADTRAN Holdings, Inc. – basic
$
(0.44
)
$
(0.02
)
Loss per common share attributable to
ADTRAN Holdings, Inc. – diluted
$
(0.44
)
$
(0.02
)
(1) Includes $3.2 million of net loss
attributable to non-controlling interests pre-DPLTA and $2.8
million of annual recurring compensation earned by redeemable
non-controlling interests and accrued by the Company
post-DPLTA.
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
(In thousands)
Three Months Ended
March 31,
2023
2022
Cash flows from operating
activities:
Net loss
$
(40,453
)
$
(1,127
)
Adjustments to reconcile net loss to net
cash (used in) provided by operating activities:
Depreciation and amortization
33,402
3,661
Amortization of debt issuance cost
146
—
(Gain) loss on investments
(3,154
)
3,304
Stock-based compensation expense
3,812
1,893
Deferred income taxes
(24,019
)
—
Other, net
(1
)
(62
)
Inventory reserves
16,051
(1,754
)
Changes in operating assets and
liabilities:
Accounts receivable, net
17,658
8,697
Other receivables
1,980
(6,205
)
Inventory
(2,764
)
(29,685
)
Prepaid expenses, other current assets and
other assets
1,118
(1,170
)
Accounts payable
(40,367
)
24,818
Accrued expenses and other liabilities
6,349
3,803
Income taxes payable, net
10,316
(1,304
)
Net cash (used in) provided by
operating activities
(19,926
)
4,869
Cash flows from investing
activities:
Purchases of property, plant and
equipment
(8,439
)
(1,461
)
Proceeds from sales and maturities of
available-for-sale investments
930
10,265
Purchases of available-for-sale
investments
(516
)
(11,504
)
Proceeds from beneficial interests in
securitized accounts receivable
1,231
—
Net cash used in investing
activities
(6,794
)
(2,700
)
Cash flows from financing
activities:
Tax withholdings related to stock-based
compensation settlements
(6,258
)
(54
)
Proceeds from stock option exercises
58
568
Dividend payments
(7,076
)
(4,438
)
Proceeds from draw on revolving credit
agreements
138,236
8,000
Repayment of revolving credit
agreements
(43,464
)
(8,000
)
Non-controlling interest put option
buyback
(1,176
)
—
Repayment of notes payable
(24,692
)
—
Net cash provided by (used in)
financing activities
55,628
(3,924
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
28,908
(1,755
)
Effect of exchange rate changes
(1,095
)
(1,032
)
Cash and cash equivalents, beginning of
period
108,644
56,818
Cash and cash equivalents, end of
period
$
136,457
$
54,031
Supplemental disclosure of cash financing
activities:
Cash paid for interest
$
1,610
$
30
Cash used in operating activities related
to operating leases
$
4,057
$
482
Supplemental disclosure of non-cash
investing activities:
Right-of-use assets obtained in exchange
for lease obligations
$
486
$
332
Purchases of property, plant and equipment
included in accounts payable
$
4,354
$
392
Supplemental
Information
Reconciliation of Gross Profit
and Gross Margin to
Non-GAAP Gross Profit and
Non-GAAP Gross Margin
(Unaudited)
(In thousands)
Three Months Ended
March 31, 2023
December 31, 2022
March 31, 2022
Total Revenue
$
323,912
$
358,271
$
154,518
Cost of Revenue
$
236,104
$
250,868
$
100,202
Acquisition-related expenses,
amortizations and adjustments
(32,578
)
(1)
(31,577
)
(3)
—
Stock-based compensation expense
(240
)
(2)
(1,287
)
(4)
(159
)
Pension adjustments
—
144
—
Restructuring expenses
(76
)
(8
)
—
Non-GAAP Cost of Revenue
$
203,210
$
218,140
$
100,043
Gross Profit
$
87,808
$
107,403
$
54,316
Non-GAAP Gross Profit
$
120,702
$
140,131
$
54,475
Gross Margin
27.1
%
30.0
%
35.2
%
Non-GAAP Gross Margin
37.3
%
39.1
%
35.3
%
(1) Includes intangible
amortization of backlog, inventory fair value adjustments,
developed technology, customer relationships, and trade names
acquired in connection with business combinations, of which $32.6
million is included in total cost of revenue, on the condensed
consolidated statements of loss.
(2) Includes $0.2 million in cost
of revenue expenses incremental stock-based award modification
expense related to the business combination on the condensed
consolidated statements of loss.
(3) Includes intangible
amortization of backlog, inventory fair value adjustments,
developed technology, customer relationships, and trade names
acquired in connection with business combinations, and certain
one-time transaction expenses of which $31.6 million is included in
total cost of revenue, on the condensed consolidated statements of
loss.
(4) Includes $1.3 million in cost
of revenue expenses incremental stock-based award modification
expense related to the business combination on the condensed
consolidated statements of loss.
Supplemental
Information
Reconciliation of Operating
Expenses to Non-GAAP Operating Expenses
(Unaudited)
(In thousands)
Three Months Ended
March 31,
December 31,
March 31,
2023
2022
2022
Operating Expenses
$
137,540
$
139,813
$
54,384
Acquisition-related expenses,
amortizations and adjustments
(4,584
)
(1)
(8,328
)
(6)
(2,330
)
(10)
Stock-based compensation expense
(3,458
)
(2)
(11,095
)
(7)
(1,734
)
(11)
Restructuring expenses
(2,361
)
(3)
(1,618
)
(8)
(2
)
(12)
Integration expenses
(849
)
(4)
—
—
Pension adjustments
—
43
(9)
—
Deferred compensation adjustments
(394
)
(5)
(168
)
(5)
2,696
(5)
Non-GAAP Operating Expenses
$
125,894
$
118,647
$
53,014
(1) Includes intangible amortization of
backlog, inventory fair value adjustments, developed technology,
customer relationships, and trade names acquired in connection with
business combinations, of which $4.1 million is included in
selling, general and administrative expenses and $0.5 million is
included in research and development expenses on the condensed
consolidated statements of loss.
(2) $2.5 million is included in selling,
general and administrative expenses and $1.0 million is included in
research and development expenses on the condensed consolidated
statements of loss.
(3) $2.2 million is included in selling,
general and administrative expenses and $0.2 million is included in
research and development expenses on the condensed consolidated
statements of loss.
(4) $0.8 million is included in selling,
general and administrative expenses on the condensed consolidated
statements of loss. Includes fees relating to the expansion of
internal controls at ADVA and the implementation of the DPLTA.
(5) Includes non-cash change in fair value
of equity investments held in the ADTRAN Holdings, Inc. Deferred
Compensation Program for Employees, all of which is included in
selling, general and administrative expenses on the condensed
consolidated statement of loss.
(6) Includes intangible amortization of
backlog, inventory fair value adjustments, developed technology,
customer relationships, and trade names acquired in connection with
business combinations, and certain one-time transaction expenses of
which $7.8 million is included in selling, general and
administrative expenses and $0.5 million is included in research
and development expenses on the condensed consolidated statements
of loss.
(7) $9.4 million is included in selling,
general and administrative expenses and $1.7 million is included in
research and development expenses on the condensed consolidated
statements of loss. Includes $7.3 million of in selling, general
and administrative expenses and $0.6 million is included in
research and development expenses incremental stock-based award
modification expense related to the business combination.
(8) $0.1 is included in selling, general
and administrative expenses and $1.5 million is included in
research and development expenses on the condensed consolidated
statements of loss.
(9) $0.2 million is included in selling,
general and administrative expenses and ($0.3) million is included
in research and development expenses on the condensed consolidated
statements of loss.
(10) $0.5 million is included in selling,
general and administrative expenses and $1.8 million is included in
research and development expenses on the condensed consolidated
statements of loss .
(11) $0.6 million is included in selling,
general and administrative expenses and $1.1 million is included in
research and development expenses on the condensed consolidated
statements of loss.
(12) Less than $0.1 million is included in
selling, general and administrative expenses on the condensed
consolidated statements of loss.
Supplemental
Information
Reconciliation of Operating
Loss to Non-GAAP Operating (Loss) Income
(Unaudited)
(In thousands)
Three Months Ended
March 31,
December 31,
March 31,
2023
2022
2022
Operating Loss
$
(49,732
)
$
(32,874
)
$
(68
)
Acquisition related expenses,
amortizations and adjustments
37,162
39,904
2,330
Asset impairments
—
463
—
Stock-based compensation expense
3,698
12,383
1,893
Pension adjustments
—
(187
)
—
Restructuring expenses
2,437
1,627
2
Integration expenses
849
—
—
Deferred compensation adjustments(1)
394
168
(2,696
)
Non-GAAP Operating (Loss)
Income
$
(5,192
)
$
21,484
$
1,461
(1) Includes non-cash change in fair value
of equity investments held in the ADTRAN Holdings, Inc. Deferred
Compensation Program for Employees, all of which is included in
selling, general and administrative expenses on the condensed
consolidated statement of loss.
Supplemental
Information
Reconciliation of Other
(Expense) Income to Non-GAAP Other (Expense) Income
(Unaudited)
(In thousands)
Three Months Ended
March 31, 2023
December 31, 2022
March 31, 2022
Interest and dividend income
$
304
$
1,355
$
204
Interest expense
(3,287
)
(2,010
)
(30
)
Net investment gain (loss)
1,252
(587
)
(3,415
)
Other (expense) income, net
(303
)
11,568
(226
)
Total Other (Expense) Income
$
(2,034
)
$
10,326
$
(3,467
)
Deferred compensation adjustments (1)
(1,250
)
(349
)
1,841
Pension expense (2)
7
77
89
Non-GAAP Other (Expense) Income
$
(3,277
)
$
10,054
$
(1,537
)
(1) Includes non-cash change in fair value
of equity investments held in the ADTRAN Holdings, Inc. Deferred
Compensation Program for Employees.
(2) Includes amortization of actuarial
losses related to the Company's pension plan for employees in
certain foreign countries.
Supplemental
Information
Reconciliation of Net (Loss)
Income inclusive of Non-Controlling Interest to
Non-GAAP Net (Loss) Income
inclusive of Non-Controlling Interest
(Unaudited) and
Reconciliation of Net Loss attributable to Non-Controlling
Interest to
Non-GAAP Net (Loss) Income
attributable to Non-Controlling Interest
(Unaudited) and
Reconciliation of Net (Loss) Income attributable to ADTRAN
Holdings, Inc. and
(Loss) Earnings per Common
Share attributable to ADTRAN Holdings, Inc. – Basic and Diluted
to
Non-GAAP Net (Loss) Income
attributable to ADTRAN Holdings, Inc. and
Non-GAAP (Loss) Earnings per
Common Share attributable to ADTRAN Holdings, Inc. – Basic and
Diluted
(Unaudited)
(In thousands, except per
share amounts)
Three Months Ended
March 31, 2023
December 31, 2022
March 31, 2022
Net (Loss) Income attributable to
ADTRAN Holdings, Inc.
$
(34,464
)
$
38,881
$
(1,127
)
Plus: Net Loss attributable to
non-controlling interest (1)
(5,989
)
(3,926
)
—
Net (Loss) Income inclusive of
non-controlling interest
$
(40,453
)
$
34,955
$
(1,127
)
Acquisition related expenses,
amortizations and adjustments
37,162
39,904
2,330
Asset impairments
—
463
—
Stock-based compensation expense
3,698
12,383
1,893
Valuation allowance
—
(60,908
)
8,079
Deferred compensation adjustments (2)
(856
)
(182
)
(855
)
Pension adjustments (3)
7
(109
)
89
Restructuring expenses
2,437
1,627
2
Integration expenses
849
—
—
Tax effect of adjustments to net income
(loss)
(12,307
)
(12,463
)
(505
)
Non-GAAP Net (Loss) Income inclusive of
non-controlling interest
$
(9,463
)
$
15,670
$
9,906
Less: Non-GAAP Net (Loss) Income
attributable to non-controlling interest (1)
(4,460
)
5,769
—
Non-GAAP Net (Loss) Income attributable
to ADTRAN Holdings, Inc.
$
(5,003
)
$
9,901
$
9,906
GAAP Net Loss attributable to
non-controlling interest (1)
$
(5,989
)
$
(3,926
)
$
—
Acquisition related expenses,
amortizations and adjustments
1,457
9,039
—
Restructuring expenses
29
402
—
Integration expenses
6
—
—
Stock-based compensation expense
37
300
—
Pension adjustments (3)
—
(46
)
—
Non-GAAP Net (Loss) Income attributable
to non-controlling interest (1)
$
(4,460
)
$
5,769
$
—
Weighted average shares outstanding –
basic
78,358
77,659
49,113
Weighted average shares outstanding –
diluted
78,358
79,243
49,113
(Loss) Earnings per common share
attributable to ADTRAN Holdings, Inc. – basic
$
(0.44
)
$
0.50
$
(0.02
)
(Loss) Earnings per common share
attributable to ADTRAN Holdings, Inc. – diluted
$
(0.44
)
$
0.49
$
(0.02
)
Non-GAAP (Loss) Earnings per common
share attributable to ADTRAN – basic
$
(0.06
)
$
0.13
$
0.20
Non-GAAP (Loss) Earnings per common
share attributable to ADTRAN – diluted
$
(0.06
)
$
0.12
$
0.20
(1) Represents the non-controlling
interest portion of the Company's ownership of ADVA pre-DPLTA and
the annual recurring compensation earned by redeemable
non-controlling interests and accrued by the Company
post-DPLTA.
(2) Includes non-cash change in fair value
of equity investments held in deferred compensation plans offered
to certain employees.
(3) Includes amortization of actuarial
losses related to the Company's pension plan for employees in
certain foreign countries.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230508005797/en/
For media Gareth Spence +44 1904 699 358
public-relations@adva.com
For investors Steven Williams +49 89 890 665 918
investor.relations@adtran.com
Grafico Azioni ADTRAN (TG:QH9)
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Da Apr 2024 a Mag 2024
Grafico Azioni ADTRAN (TG:QH9)
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Da Mag 2023 a Mag 2024