ADTRAN Holdings, Inc. (ADTN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.04	$0.04	0.0%	—	$281.1M	—
Q1 26	$0.09	$0.14	+55.6%	—	$286.1M	—
Q4 25	$0.08	$0.16	+100.0%	—	$291.6M	—
Q3 25	$0.06	$0.05	-16.7%	—	$279.4M	—
Q2 25	-$0.03	$0.03	+200.0%	—	—	—
Q1 25	-$0.04	-$0.05	-25.0%	—	—	—
Q4 24	-$0.09	-$0.24	-166.7%	—	—	—
Q3 24	-$0.11	-$0.02	+81.8%	—	—	—
Q2 24	-$0.09	-$1.09	-1111.1%	—	—	—
Q1 24	-$0.1	-$0.14	-40.0%	—	—	—
Q4 23	$0.04	-$0.06	-250.0%	—	—	—
Q3 23	$0.16	$0.12	-25.0%	—	—	—
Q2 23	$0.19	$0.11	-42.1%	—	—	—
Q1 23	$0.11	$0.19	+72.7%	—	—	—
Q4 22	$0.05	$0.2	+300.0%	—	—	—
Q3 22	-$0.02	$0.1	+600.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.52	—	—	$1.1B	—
FY24	—	-$5.67	—	—	$922.7M	—
FY23	—	-$3.41	—	—	$1.1B	—
FY22	—	-$0.03	—	—	$1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$636.8M	$666.9M	$529.3M	$530.1M	$506.5M	$563M	$1B	$1.1B	$922.7M	$1.1B
YoY change	+6.12%	+4.73%	-20.6%	+0.15%	-4.44%	+11.2%	+82.2%	+12%	-19.7%	+17.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	636.8M	666.9M	529.3M	530.1M	506.5M	563M	1B	1.1B	922.7M	1.1B
Cost of revenue	345.5M	363.3M	325.7M	310.9M	289M	344.6M	698.3M	816M	598.6M	668.9M
Gross profit	291.3M	303.6M	203.6M	219.2M	217.6M	218.4M	327.3M	333.1M	324.2M	415M
Gross margin	45.8%	45.5%	38.5%	41.3%	43%	38.8%	31.9%	29%	35.1%	38.3%
Research & development	124.9M	130.7M	124.5M	126.2M	113.3M	108.7M	173.8M	258.3M	221.5M	204.3M
Selling, general & administrative	131.8M	135.6M	124.4M	130.3M	114M	124.4M	208.9M	258.1M	232.9M	226.3M
Operating expenses	256.8M	266.2M	249M	256.5M	227.3M	233.1M	382.6M	516.5M	454.4M	430.6M
Operating income	34.6M	37.4M	-45.4M	-37.3M	-9.7M	-14.7M	-55.4M	-183.4M	-130.2M	-15.6M
Operating margin	5.43%	5.61%	-8.58%	-7.04%	-1.92%	-2.61%	-5.4%	-16%	-14.1%	-1.44%
Non-operating income, net	9M	3.5M	8.6M	10.3M	1.5M	5.6M	-14.3M	-33.9M	-293.5M	1.4M
Pretax income	46.9M	44.7M	-33.4M	-24.8M	-6.2M	-6.3M	-71M	-231.2M	-442.7M	-31.3M
Income tax	11.7M	20.8M	-14M	28.2M	-8.6M	2.3M	-62.1M	28.1M	7.3M	5M
Net income	35.2M	23.8M	-19.3M	-53M	2.4M	-8.6M	-8.9M	-259.3M	-450.1M	-36.2M
Net margin	5.53%	3.57%	-3.65%	-10%	0.47%	-1.53%	-0.87%	-22.6%	-48.8%	-3.34%
EBITDA	52.4M	56.3M	-24.2M	-15.3M	5.6M	8.1M	28.8M	-66.8M	-36.4M	77.6M
EPS	0.72	0.49	-0.4	-1.13	0.05	-0.18	-0.03	-3.41	-5.67	-0.52
Diluted EPS	0.72	0.49	-0.4	-1.13	0.05	-0.18	-0.03	-3.41	-5.67	-0.52

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	272.3M	225.5M	226.2M	226M	227.7M	242.9M	247.7M	265.1M	279.4M	291.6M	286.1M	281.1M
Cost of revenue	198.1M	147M	153.9M	144.4M	142.5M	151.6M	152.6M	166.1M	172.3M	177.8M	173.1M	177.2M
Gross profit	74.2M	78.5M	72.3M	81.6M	85.3M	91.2M	95.2M	98.9M	107.1M	113.7M	113M	104M
Gross margin	27.3%	34.8%	31.9%	36.1%	37.4%	37.6%	38.4%	37.3%	38.3%	39%	39.5%	37%
Research & development	62.8M	54.8M	60.3M	60.4M	51.6M	49.2M	48.9M	51.9M	51.7M	51.8M	50.8M	53.8M
Selling, general & administrative	62.9M	61.3M	59.1M	59.5M	57.6M	57.2M	50.3M	60.3M	58.2M	57.4M	55.8M	60.2M
Operating expenses	125.7M	116.1M	119.4M	119.9M	109.2M	106.4M	99.1M	112.2M	109.9M	109.3M	106.6M	114M
Operating income	-51.4M	-37.6M	-47.1M	-38.3M	-24M	-15.1M	-4M	-13.3M	-2.8M	4.5M	6.4M	-10.1M
Operating margin	-18.9%	-16.7%	-20.8%	-17%	-10.5%	-6.23%	-1.6%	-5.02%	-1%	1.54%	2.23%	-3.58%
Non-operating income, net	-36.8M	-1.8M	-289M	-29K	532K	-233K	-742K	439K	1.4M	231K	413K	6M
Pretax income	-92.2M	-42.7M	-340.3M	-44.9M	-28.5M	-18.6M	-9.3M	-17.2M	-6.6M	1.9M	2.8M	-7.9M
Income tax	-16.6M	64.4M	-18.6M	2.1M	390K	24.9M	-397K	1M	1.2M	3.2M	1.9M	788K
Net income	-75.6M	-107M	-328.2M	-47M	-28.9M	-43.5M	-8.9M	-18.3M	-7.8M	-1.3M	930K	-8.7M
Net margin	-27.8%	-47.5%	-145.1%	-20.8%	-12.7%	-17.9%	-3.61%	-6.89%	-2.78%	-0.44%	0.33%	-3.1%
EBITDA	-24.4M	-18.4M	-22.9M	-16.1M	-592K	9.8M	18.7M	7.6M	20.1M	31.2M	32.9M	16.6M
EPS	-1	-1.4	-4.12	-0.63	-0.36	-0.58	-0.13	-0.24	-0.12	-0.02	-0.01	—
Diluted EPS	-1	-1.4	-4.12	-0.63	-0.36	-0.58	-0.13	-0.24	-0.12	-0.02	-0.01	—

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.1B	931.8M	514.2M	473.1M	708.9M	1.1B	—	—	657.5M	693M	554.1M
Enterprise value	992.7M	854.8M	431.1M	390.7M	645.6M	1.1B	—	—	797M	807.1M	1.1B
Shares outstanding	48.7M	48.2M	47.9M	47.8M	48M	48.6M	62.3M	78.4M	78.9M	79.7M	79.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	30.9	39.1	—	—	298.1	—	—	—	—	—	-13
P/S	1.71	1.4	0.97	0.89	1.4	1.97	—	—	0.71	0.64	0.49
P/B	2.27	1.87	1.15	1.24	1.9	3.11	—	—	1.2	1.33	4.29
EV/EBITDA	18.9	15.2	-17.8	-25.6	115.3	131.1	—	—	-21.9	10.4	11.4
EV/Sales	1.56	1.28	0.81	0.74	1.27	1.87	—	—	0.86	0.74	0.97
Earnings yield	3.24%	2.56%	—	—	0.34%	—	—	—	—	—	-7.66%
FCF yield	1.89%	-6.13%	9.21%	-2.53%	-3.23%	-0.24%	—	—	5.84%	8.73%	4.48%
PEG	—	—	—	—	—	—	—	—	—	—	11.7

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	45.8%	45.5%	38.5%	41.3%	43%	38.8%	31.9%	29%	35.1%	38.3%	37%
Operating margin	5.43%	5.61%	-8.58%	-7.04%	-1.92%	-2.61%	-5.4%	-16%	-14.1%	-1.44%	-3.54%
Net margin	5.53%	3.57%	-3.65%	-10%	0.47%	-1.53%	-0.87%	-22.6%	-48.8%	-3.34%	-2.29%
ROE	7.35%	4.79%	-4.33%	-13.9%	0.64%	-2.42%	-0.68%	-24.8%	-81.8%	-6.98%	-3.17%
ROA	5.28%	3.56%	-3.08%	-9.72%	0.45%	-1.52%	-0.46%	-15.4%	-38.4%	-3.01%	-0.07%
ROIC	6.78%	4.74%	-12.5%	-12.5%	-3.14%	-4.84%	-4.14%	-15.5%	-18.9%	-2.46%	-0.33%
Return on tangible assets	5.46%	3.65%	-3.53%	-11.1%	0.51%	-1.67%	-2.35%	-81.1%	-90.8%	-7.3%	-3.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.79	3.87	3.01	2.84	3.37	2.42	2.06	2.64	2.04	1.76	1.79
Quick ratio	1.96	2.72	2.17	1.97	2.04	1.52	1.06	1.34	1.15	1.16	1.19
Debt / equity	0.06	0.05	0.06	0.06	—	0.01	0.11	0.22	0.39	0.47	0.5
Debt / assets	0.04	0.04	0.04	0.05	—	0.01	0.07	0.13	0.18	0.2	0.21
Net debt / EBITDA	-1.84	-1.37	3.43	5.39	—	-6.67	1.19	-2.08	-3.83	1.47	1.23
Interest coverage	83	81.4	-61.6	-47.5	-1.2K	-184.4	-19.6	-13.2	-19.1	-0.62	0.47
Effective tax rate	24.9%	46.7%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	13.1	13.8	11.1	11.1	10.6	11.6	16.4	14.7	11.7	13.6	14.2
EPS (basic)	0.72	0.49	-0.4	-1.13	0.05	-0.18	-0.03	-3.41	-5.67	-0.52	-0.52
EPS (diluted)	0.72	0.49	-0.4	-1.13	0.05	-0.18	-0.03	-3.41	-5.67	-0.52	-0.28
Book value per share	9.84	10.3	9.32	7.95	7.77	7.35	20.9	13.3	6.97	6.51	1.59
FCF per share	0.42	-1.19	0.99	-0.25	-0.48	-0.05	-0.98	-1.13	0.49	0.76	0.31
Cash per share	2.53	2.13	2.27	2.24	1.32	1.17	1.75	1.11	0.96	1.64	0.98
Capex per share	0.44	0.3	0.17	0.2	0.13	0.12	0.27	0.55	0.44	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.37%	2.18%	1.53%	1.79%	1.27%	1.01%	1.66%	3.75%	3.74%	—	—
Capex / operating cash flow	44%	-46.2%	22.4%	48%	-217.8%	118.7%	-43.1%	-37.5%	-18.5%	—	—
Payout ratio	49.9%	72.9%	-89.3%	-32.5%	728.9%	-203%	-257.5%	-8.19%	0%	0%	0%
Dividend yield	1.61%	1.86%	3.36%	3.64%	2.45%	1.58%	—	—	0%	0%	5.31%

Yield

5.31%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.09

ex-dividend Aug 18, 2023

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 18, 2023	$0.09
May 22, 2023	$0.09
Mar 6, 2023	$0.09
Nov 21, 2022	$0.09
Aug 17, 2022	$0.09
May 18, 2022	$0.09
Feb 16, 2022	$0.09

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$272.3M	$225.5M	$226.2M	$226M	$227.7M	$242.9M	$247.7M	$265.1M	$279.4M	$291.6M	$286.1M	$281.1M
YoY change	-20.1%	-37.1%	-30.2%	-31%	-16.4%	+7.7%	+9.54%	+17.3%	+22.7%	+20.1%	+15.5%	+6.07%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	123.1M	102.6M	108.8M	107M	63.3M	57M	109M	87.2M	76M	130.9M
Receivables	92.3M	144.2M	99.4M	90.5M	98.8M	158.7M	279.4M	216.4M	178M	210.7M
Inventory	105.1M	122.5M	99.8M	98.3M	125.5M	139.9M	427.5M	362.3M	261.6M	215.7M
Total current assets	352.9M	413.1M	355.4M	320.3M	317.4M	376.3M	882.4M	736.9M	599.1M	635.2M
Property, plant & equipment	-13.1M	-15.7M	-21.9M	-34.9M	-40.9M	-48M	-20.1M	-14.4M	15.6M	28.5M
Goodwill & intangibles	21.5M	16.3M	80.6M	69.6M	60.9M	52.5M	1.6B	1.4B	675.6M	708.1M
Total assets	667.2M	669.1M	628M	545.1M	525.7M	569M	1.9B	1.7B	1.2B	1.2B
Accounts payable	77.3M	60.6M	60.1M	44.9M	49.9M	102.5M	237.7M	162.9M	171.8M	167.3M
Short-term debt	—	—	1M	24.6M	—	—	60.5M	—	—	—
Total current liabilities	126.5M	106.8M	118M	112.7M	94.2M	155.4M	428.6M	279.5M	293.5M	361.9M
Long-term debt	26.8M	25.6M	24.6M	—	—	3.3M	82.8M	226.4M	215.5M	245M
Total liabilities	187.7M	171.2M	181.7M	164.7M	152.7M	211.9M	639.9M	636.9M	621.5M	685.3M
Shareholders' equity	479.5M	497.9M	446.3M	380.4M	372.9M	357.1M	1.3B	1B	549.9M	519.2M
Total debt	26.8M	25.6M	25.6M	24.6M	—	3.3M	143.3M	226.4M	215.5M	245M
Net debt	-53.1M	-60.8M	-79.9M	-49.2M	—	-53.3M	34.7M	139.3M	139.5M	149.3M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	116.1M	87.2M	106.8M	111.2M	88.5M	76M	106.8M	106.3M	93.7M	130.9M	122.1M	118.3M
Receivables	229.3M	216.4M	187.6M	186.2M	172M	178M	187.6M	164.8M	178.6M	210.7M	215.5M	205.8M
Inventory	374M	362.3M	322.1M	287.9M	282.9M	261.6M	322.1M	240.1M	223.8M	215.7M	209M	208.8M
Total current assets	779.6M	736.9M	697M	668.3M	638.9M	599.1M	697M	607.2M	603.1M	635.2M	634.2M	617.8M
Property, plant & equipment	-18.6M	-14.4M	-9.7M	-3.2M	8.1M	15.6M	16.8M	15.8M	25.5M	28.5M	28.2M	27.6M
Goodwill & intangibles	1.3B	1.4B	723.2M	691.4M	686M	675.6M	696.4M	740.7M	724.4M	708.1M	680.6M	655.6M
Total assets	1.7B	1.7B	1.3B	1.3B	1.3B	1.2B	1.3B	1.2B	1.2B	1.2B	1.2B	1.1B
Accounts payable	148.9M	162.9M	159.1M	158.6M	173.4M	171.8M	159.1M	178.3M	188.9M	167.3M	170.6M	169.3M
Short-term debt	10.6M	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	285.3M	279.5M	282.7M	289.7M	304.8M	293.5M	282.7M	309.7M	307.8M	361.9M	359.2M	344.8M
Long-term debt	223.6M	226.4M	222.7M	216.9M	215.5M	215.5M	222.7M	218M	243.8M	245M	243.4M	242.7M
Total liabilities	1.1B	636.9M	620.5M	630.8M	637.4M	621.5M	620.5M	644.6M	665.2M	685.3M	678.5M	661.3M
Shareholders' equity	684.9M	1B	707.4M	660M	635.8M	549.9M	707.4M	571.7M	543.7M	519.2M	506.5M	488.7M
Total debt	234.2M	226.4M	222.7M	216.9M	215.5M	215.5M	222.7M	218M	243.8M	245M	243.4M	242.7M
Net debt	118.1M	139.3M	115.9M	105.7M	127M	139.5M	115.9M	111.7M	150.2M	149.3M	155.1M	163.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	35.2M	23.8M	-19.3M	-53M	2.4M	-8.6M	-8.9M	-259.3M	-450.1M	-36.2M
Depreciation & amortization	14.4M	15.7M	15.9M	17.8M	16.6M	16.1M	67.6M	112.9M	90.5M	92.5M
Stock-based compensation	6.7M	7.4M	7.2M	7M	6.8M	7.5M	28.3M	16M	16M	10.1M
Change in working capital	-1.4M	-92.6M	61.1M	20.2M	-27.6M	-8.5M	-64.4M	1.9M	147.7M	72M
Operating cash flow	48.7M	-31.5M	36.2M	19.8M	-2.9M	4.8M	-39.5M	-115M	-186.3M	129.8M
Capital expenditure	-21.4M	-14.6M	-8.1M	-9.5M	-6.4M	-5.7M	-17.1M	-43.1M	-34.5M	—
Investing cash flow	-6.5M	66M	285K	-9.8M	41.4M	10.3M	55.8M	-32.2M	-33.6M	97K
Dividends paid	-17.6M	-17.4M	-17.3M	-17.2M	-17.3M	-17.5M	-22.9M	-21.2M	0	0
Share repurchases	-25.8M	-17.3M	-15.5M	-184K	0	0	—	—	—	—
Financing cash flow	-44.5M	-35.8M	-33.9M	-18.4M	-43M	-9.4M	187.9M	33.4M	-50.8M	-48.5M
Net change in cash	-2.2M	-1.3M	2.6M	-8.4M	-4.5M	5.7M	204.2M	-113.7M	-270.8M	81.4M
Free cash flow	20.6M	-57.1M	47.3M	-12M	-22.9M	-2.7M	-61.3M	-88.7M	38.4M	60.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-75.6M	-107M	-321.7M	-40.4M	-22.1M	-43.5M	-8.9M	-18.3M	-7.8M	-1.3M	930K	-8.7M
Depreciation & amortization	24M	21.5M	22.5M	22.8M	23.6M	22.6M	21.6M	23.4M	23.3M	24.2M	24.9M	25.6M
Stock-based compensation	4.1M	3.8M	4M	3.8M	3.6M	3.9M	3.2M	2.7M	2.9M	1.3M	1.8M	2.9M
Change in working capital	1.6M	33.6M	61.3M	21.3M	48.5M	6.7M	20.3M	27.9M	11.2M	12.7M	-3.6M	19.6M
Operating cash flow	-59.5M	10.5M	-252.1M	12.8M	53.7M	8.5M	36.3M	32.2M	12.2M	42.2M	12.7M	25.9M
Capital expenditure	-13.6M	-9.4M	-13.4M	-15.9M	-23.2M	15.7M	-7.4M	—	—	—	—	—
Investing cash flow	-5.3M	-9.4M	-12.5M	-15.9M	-23M	15.4M	-7M	78K	-25K	-313K	87K	106K
Dividends paid	-7.1M	0	0	0	0	0	—	—	—	—	0	0
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-171.7M	-165.5M	-4.4M	-670K	-44.8M	-957K	-432K	-20.2M	1.2M	-29M	-1.7M	-22.6M
Net change in cash	-236.5M	-164.4M	-269M	-3.7M	-14.1M	22.9M	28.9M	12M	13.3M	12.9M	11.1M	3.4M
Free cash flow	-6.7M	-25.7M	23.2M	3.9M	23.2M	-10.4M	24.5M	18.3M	-4.8M	22.5M	-3.3M	8.7M

Date	Ratio
Dec 16, 2003	2:1
May 15, 1995	2:1

ADTRAN Holdings, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history