ADTRAN Says Took Non-Cash Goodwill Impairment For Q1 2024 In An Estimated Amount Of $293 Mln
ADTRAN Holdings Inc ADTN:
EQS-ADHOC: NON-CASH GOODWILL IMPAIRMENT FOR THE FIRST QUARTER 2024 IN AN ESTIMATED AMOUNT OF $293 MILLION; NO IMPACT ON NON-GAAP RESULTS AND CASH FLOW FOR THE FIRST QUARTER 2024
DETERMINED THAT A MATERIAL CHARGE FOR IMPAIRMENT TO GOODWILL WILL BE REQUIRED FOR Q1 OF 2024
IMPAIRMENT LEADS TO AN INCREASED GAAP OPERATING LOSS FOR Q1 2024 BY SAME AMOUNT
CHARGE HAS NO IMPACT ON COMPANY'S COMPLIANCE WITH COVENANTS UNDER ITS CREDIT AGREEMENT
ADTRAN HOLDINGS - NON-CASH GOODWILL IMPAIRMENT ON CARRYING AMOUNT OF GOODWILL SOLELY ALLOCATED TO NETWORK SOLUTIONS SEGMENT ESTIMATED AROUND $293 MILLION
IMPAIRMENT ASSESSMENT WAS TRIGGERED AS A RESULT OF FACTORS SUCH AS A DECREASE IN COMPANY'S MARKET CAPITALIZATION
ADTRAN HOLDINGS - IMPAIRMENT ASSESSMENT WAS TRIGGERED AS A RESULT OF FACTORS SUCH AS CAUTIOUS SERVICE PROVIDER SPENDING DUE TO ECONOMIC UNCERTAINTY