亚川 2025年度报告

Intelligentnetworkingsolutions forthe AI-era Ann˨al reportʥʣʥʨ Adtran and the Adtran logo are registered trademarks ofAdtranʟʼn˖ʡandʢor its afЃliates in theˈʡˆʡand other˖o˨ntriesʡˇo˩ie˪a list of Adtran trademarksʟgo to thisˈ˅ʿʭ˪˪˪ʡadtranʡcom/trademarks. Third-party trademarks mentioned in thisdoc˨ment are the property of their respecti˩e o˪ners. Letter to stockholders Tom Stantonʶhairman andʶʸ˂ofʴdtranʻoldings Financial highlights Dear fellow stockholders This past year demonstrated the progress we havemade in trans˟ating o˨r operationa˟initiatives andstrategic investments into stronger performance.˂˨r goa˟contin˨es to˕e to create˟ongʠterm va˟˨ethro˨gh discip˟ined e˫ec˨tion and responsi˕˟estewardship of yo˨r capita˟.ˊe are enco˨raged˕ythe progress we made d˨ringʥʣʥʨin p˨rs˨ing thatimportant goal. ˅even˨e forʥʣʥʨtotaledʗʤ.ʣʫ˕illionʟrepresenting aʤʪʘincrease compared with the prior year.ʺrowthwas˕roadʠ˕asedʟwith each of o˨r three prod˨ctcategories delivering do˨˕leʠdigit increases asc˨stomers increased investment in˕road˕and andЃ˕er networ˞infrastr˨ct˨re. ʺross proЃt improved˕yʥʫʘd˨ring the yearʟdriven˕y stronger demandʟcontin˨ed e˫ec˨tionon o˨r operating initiativesʟand the˕eneЃts ofgreater scale across the˕˨siness.ʶash generationwas strongʟwith net cash provided˕y operatingactivities increasing˕yʗʥʩ.ʥmillion toʗʤʥʬ.ʫmilliond˨ringʥʣʥʨ. ʼnʥʣʥʨʟimproving ind˨stry conditions and o˨rm˨ltiʠyear operational initiatives com˕ined to drive˕roadʠ˕ased growth across o˨r˕˨sinessʟstrongerproЃta˕ility and increased cashЄow generation.ʴllthree of o˨r reven˨e categories e˫panded d˨ringthe yearʟreЄecting increasing c˨stomer investmentacross o˨r end mar˞ets. ˊe also too˞steps to f˨rther strengthen o˨r˕alancesheet thro˨gh the iss˨ance ofʗʥʣʤ.ʦmillion inconverti˕le senior notes at an attractive interest raterelative to o˨r e˫isting revolving credit facility. Theseactions reЄect o˨r contin˨ed foc˨s onЃnancialdiscipline and long-term capital stewardship. ʷ˨ring the yearʟwe enhanced o˨r capital str˨ct˨reʟstrengthening o˨rЃnancial position and providinggreaterЄe˫i˕ility to s˨pport f˨t˨re investment andgrowth. ʴcross the mar˞ets we serveʟthe need for sec˨reʟhighʠcapacity networ˞ing infrastr˨ct˨re contin˨esto grow.˂˨r glo˕al footprintʟcomprehensiveЃ˕ernetwor˞ing portfolioʟand rep˨tation as a tr˨stedtechnology partner positionʴdtran well to s˨pportthis ne˫t phase of networ˞investment. ʶomplementing o˨r networ˞infrastr˨ct˨re sol˨tionsis o˨rˀosaic software portfolioʟwhich ena˕lesoperators to manage increasingly comple˫Ѓ˕erandˊi-ʹi networ˞s with greater a˨tomationand intelligence.ʴs networ˞s contin˨e to scaleʟsoftware a˨tomation andʴʼ-ena˕led capa˕ilitiesare˕ecoming increasingly important to improvingoperational efЃciency and networ˞performance.ˊe e˫pect thatʴʼ-driven operationsʟena˕led˕y o˨rrecently anno˨ncedˀosaic˂neʶlarity applicationsʟwill play a˞ey role in the f˨t˨re of o˨r c˨stomersϠnetwor˞s and ena˕le additional software growthopport˨nities for˨s. Broad-based growth acrossour portfolio ˂pticalˁetwor˞ingˆol˨tions led o˨r growth inʥʣʥʨʟincreasingʥʩʘfromʥʣʥʧʟdriven˕y strong demandacross a˕road mi˫of c˨stomersʟincl˨ding serviceprovidersʟclo˨d providersʟenterprise networ˞s andp˨˕lic sector networ˞s. This demand reЄects the˕roader mar˞et reˤ˨irement for high-capacityʟsec˨re optical networ˞ing sol˨tionsʟalong with theЄe˫i˕ility and capa˕ilities of o˨r optical platforms toaddress these needs. ʴccessʙʴggregationˆol˨tions reven˨e increasedʤʨʘd˨ring the yearʟdriven primarily˕y the ongoinginvestment cycle in high-speedʟЃ˕er-˕ased˕road˕and services across theˈˆandʸ˨rope. Market trends andopportunities ˆ˨˕scri˕erˆol˨tions reven˨e increasedʤʥʘyear-over-yearʟreЄecting the contin˨ed investment˕y service providers to connect more homes and˕˨sinesses withЃ˕er while˨pgrading theirˊi-ʹiplatforms to clo˨d-managedʟm˨lti-ʺig services. ˆeveral long-term ind˨stry trends contin˨e tos˨pport investment across these mar˞ets. ʷemand for high-capacityЃ˕er infrastr˨ct˨reremains strong as clo˨d operatorsʟserviceprovidersʟenterprise c˨stomersʟand governmentse˫pand and moderni˭e their networ˞s.ʼncreasingdata cons˨mptionʟclo˨d adoptionʟand the rapidgrowth of artiЃcial intelligence applications aredriving the need for more resilient and scala˕lecomm˨nications infrastr˨ct˨re.ʴt the same timeʟnetwork operators are placing greater emphasison sec˨rityʟtr˨sted s˨pply chainsʟand vendordiversiЃcation.ʼnʸ˨ropeʟreg˨latory initiatives andnational sec˨rity considerations are enco˨ragingoperators to move away from high-risk s˨ppliersand adopt tr˨sted technology partners. “With our long-standingpresence in both theUnited States and Europe, ageographically diverse supplychain, and a portfolio tailoredfor secure communicationsnetworks, these marketdynamics align well with ourstrategic direction.“ ˊith o˨r long-standing presence in˕oth theˈnitedˆtates andʸ˨ropeʟa geographically diverses˨pply chainʟand a portfolio tailored for sec˨recomm˨nications networksʟthese