text stringlengths 198 2.89k |
|---|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the years ended December 31, 2022, 2021 and 2020 was attributable to our product manufactured at our plant in China, respectively. Additionally, a substantial portion of our property, plant and equi... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
business conditions and the overall economic growth of China, which could adversely affect our business.
The Chinese economy differs from the economies of most developed countries in many respects,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
enforcement of such laws is uncertain. Protections of intellectual property rights and confidentiality in China may not be as effective as in the U.S. or other countries or regions with more develop... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
on the ability of commercial banks to make loans, reduced levels of exports and international trade, inflation, lack of financial liquidity, stock market volatility and global economic conditions. A... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
we expect, or we otherwise fail to adequately manage our direct labor turnover rates, then our results of operations could be adversely affected.
Chinese regulation of loans to and direct investmen... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
a FIE, may not be able to convert our capital contributions to them into RMB for equity investments or acquisitions in China.
We cannot assure you that we will be able to obtain these government re... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
reduce our flexibility. The China Labor Contract Law, which went into effect in 2008, together with its implementing rules, provides increased rights to Chinese employees compared to prior employmen... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
from the time the employer should have executed an open-ended contract. Additionally, an employer must pay severance for nearly all terminations, including when an employer decides not to renew a fi... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
rights. We have applied for patents in the U.S. and in other foreign countries, some of which have been issued. In addition, we have registered certain trademarks in the U.S. We cannot guarantee tha... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the misappropriation, unauthorized use or other infringement of our intellectual property rights. Further, we may not be able to effectively protect our intellectual property rights from misappropri... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
into confidentiality and invention assignment agreements with our employees and independent consultants. We also use non-disclosure agreements with other third parties who may have access to our pro... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
if such intellectual property and proprietary rights are infringed, misappropriated or duplicated, our business, results of operations or financial condition could be materially harmed.
In the futu... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
incur significant costs and prevent us from selling or using the challenged technology.
Participants in the markets in which we sell our products have experienced frequent litigation regarding pate... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
tain from a third party claiming infringement a license to the relevant technology, which may not be available on reasonable terms, or at all;
stop manufacturing, selling, incorporating or using our... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
legal expenses, damages for past infringement or royalties for future use. Any indemnity claim could also adversely affect our relationships with our customers and result in substantial costs to us.... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
.
Furthermore, the stock markets have experienced price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. These fluctuations... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of our stock.
Our amended and restated certificate of incorporation and our amended and restated bylaws and our stock incentive plans contain provisions that could delay or prevent a change in cont... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
in our stock incentive plans, and the individual stock option agreements, which provide that a change of control may accelerate the vesting of the stock options and equity awards issued under such p... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the market price being lower than it would be without these provisions.
Our Amended and Restated Certificate of Incorporation includes a forum selection clause, which could limit our stockholders' ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
asserting a claim arising pursuant to any provision of the Delaware General Corporation Law or the Company's Amended and Restated Certificate of Incorporation or By-laws, or (iv) any action assertin... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
1933 or the rules and regulations thereunder. Accordingly, there is uncertainty as to whether a court would enforce such a forum selection provision as written in connection with claims arising unde... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, Texas. The table below provides information regarding our facilities.
Owned or Lease
Approximate
Location
Expiration Date
Square Footage
Use
Sugar Land, Texas
Owned (1)
139,450
Administra... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
systems, such as optical subassemblies and transceivers for the CATV transmitters (at the headend), CATV outdoor equipment (at the node) and internet data center market. Our China subsidiary acquire... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
which incorporate laser chips, subassemblies and components manufactured within our Sugar Land facility. In addition, in our Taiwan location, we manufacture transceivers for the internet data center... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
On September 26, 2013, our common stock began to trade on the NASDAQ Global Market under the sy... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
retain all available funds and future earnings for use in the operation and expansion of our business. Any future determination to pay cash dividends will be at the discretion of our board of direct... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
in this Form 10-K. This discussion and other parts of this Form 10-K contain forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectation... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2021, as amended.
Overview
We are a leading, vertically integrated provider of f... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and level of integration. We are primarily focused on the higher-performance segments within the CATV, internet data center, telecom and FTTH markets which increasingly demand faster connectivity an... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
technology as a replacement for copper cables, particularly as speeds reach 10 Gbps and above, as well as the movement to open internet data center architectures and the increasing use of in-house e... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
have grown our annual revenue at a compound annual growth rate, or CAGR, of 11.0% between 2013 and 2022
. In the years ended December 31, 2022, 2021 and 2020
, we had net loss of $66.4 million,
$... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
sell our products to leading OEMs in the CATV, telecom, and FTTH markets as well as internet data center operators. In 2022
, revenue from the CATV market, internet data center market, telecom mark... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ATX accounted for 47.3%, 25.6%, and 3.7% of our revenue, Cisco accounted for 1.9%, 11.9% and 7.5% of our revenue and CommScope accounted for 1.7%, 3.3% and 2.1% of our revenue, respectively. Data ce... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
%, 8.3%, and 8.0% of our revenue, and the U.S. based NEM company accounted for 3.6%, 7.2% and 7.9% of our revenue, respectively.
29
Table of Contents
In 2022, our revenue increase of 5.3% over the... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
customer forecasts and order backlog we believe that this elevated CATV demand will likely continue into 2023.
We expect continued sales of our 40 Gbps and 100 Gbps products in 2023, and we expect ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
any impact on our revenue in 2023.
Our sales model focuses on direct engagement and close coordination with our customers to determine product design, qualifications, performance and price. Our str... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
for use in our customers’ products. These selection processes are typically lengthy, and as a result our sales cycles will vary based on the level of customization required, market served, whether t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2022, 2021 and 2020, we had 12, 20, and 30 design wins, respectively. We define a design win as the successful completion of the evaluation stage, where our customer has tested our product, verified... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
a corresponding increase or decrease in revenue in the same or immediately succeeding quarter or year. For example, if our total number of design wins in an annual or quarterly period increases or d... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
initial design win (if at all). We do believe that over a period of years the collective impact of design wins correlates to our overall revenue growth.
Divestiture Agreement with Yuhan Optoelectro... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
CFIUS approval.
The purchase price for this transaction will be an amount equal to the $150 million USD equivalent of Renminbi less a holdback amount. Prior to the closing of this transaction, the ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
to determine whether to classify certain of our assets and liabilities as held for sale as of December 31, 2022. ASC 360 requires that a company classifies a business as held for sale in the period ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
likelihoodof which is uncertain and beyond our control, and the fact that we cannot be certain that the buyer will not request modification of terms within the definitive purchase agreement. As a re... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2020, we instituted travel restrictions and implemented sanitation and disinfection procedures to safeguard the health and safety of our employees which continue today. With increased vaccinations a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
manufacturing, warehousing and logistics services. Our supply chain restrictions due to COVID-19 have improved during the latter part of 2022, and we continue to expect improvements in 2023.
30
Ta... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
competitors. In addition, our sales are heavily concentrated with a small number of end customers. As a result, there is strong pricing pressure across many of our product lines. We have addresse... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
lower our production cost. In some cases, we have been able to redesign our products to make them less complex to manufacture, and when possible during these redesigns we also incorporate lower cos... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the market, and thereafter through periodic negotiations with customers. We generally do not agree to periodic automatic price reductions. Furthermore, due to the dynamics in the CATV market and the... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
within these markets, revenue tends to be concentrated among a small number of customers. In the last couple years, we have taken several actions to increase the diversity of our customer base. Thes... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
with a specific customer and customer platform in mind. We believe our close coordination with our customers regarding their future product requirements enhances the efficiency of our research and d... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
31,
Market
2022
2021
2020
CATV
118,169
94,266
37,944
Data Center
77,094
97,461
173,437
Telecom
24,727
16,247
21,092
FTTH
129
957
110
Other
2,699
2,634
2,040
Total
222,818
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
0.0
Other
1.2
1.2
0.9
Total Revenue
100
100
100
In 2022, 2021 and 2020, our top ten customers represented 87.2%, 84.7%, and 84.3% of our revenue, respectively.
Revenue is recognized when ob... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
For the year ended December 31, 2022, 23.0% of our total revenue was manufactured at our China-based subsidiary, with $10.5 million denominated in RMB and 73.7% of our total revenue was from product... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
our mature products, we can experience lower yields and higher production costs if customer requirements change or if we experience manufacturing difficulties or quality issues during our production... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
finished goods that we sell between and among our respective manufacturing operations. We base those internal sales upon established transfer pricing methodologies. However, we eliminate all of thos... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
geographic region in which products are sold, changes in the cost and volumes of materials purchased from our suppliers, changes in labor costs, changes in overhead costs, reserves for excess and ob... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
improve our gross margins through vertical integration such as utilization of our own laser chips and optical sub-components in our solutions. We expect that our gross margins are likely to continue... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and allocated overhead), as well as allocated development costs, such as engineering services, software and hardware tools, depreciation of capital equipment and facility costs. We record all resear... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
show expense, shipping and tariff expense, sales commissions and the allocation of overall corporate services and facility costs. We sell our products to customers who either incorporate our product... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and 2020. As such, our sales and marketing expense does not directly increase with revenue. In the future, we expect sales and marketing expense to increase on a dollar basis as we incrementally inc... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
company. We expect rising costs including increased audit and legal fees, costs to comply with rules and regulations applicable to companies listed on a national stock exchange, as well as investor ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
The functional currency of our China subsidiary is the RMB and the foreign currency transaction gains and losses of our China subsidiary primarily result from their transactions in U.S. dollars. The... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
In 2022 and 2021 our effective tax rate was (0.0%). In 2020 our effective tax rate was (14.1%).
Our wholly owned subsidiary, Global Technology, Inc., has received preferential tax concessions in Ch... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
4, 2017 and 2020, extending its three-year tax preferential status through December 2023.
For the years ended December 31, 2022 and 2021, we had $0.2 million and $0.2 million, respectively, of unrec... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
meaningful quantity of CATV and internet data center products in our Ningbo, China factory in 2017 and 2020, respectively. This factory experiences a lengthy shut-down associated with the Lunar New ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
0 was higher than usual due to the COVID-19 pandemic which caused travel restrictions, additional health check requirements, and a lengthy shutdown of operations in Ningbo. As a result of employee t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
table sets forth our results of operations for the periods presented as a percentage of our revenue for those periods. The period-to-period comparison of our financial results is not necessarily ind... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
17.9
Total operating expenses
41.6
44.7
42.4
Loss from operations
(26.5
)%
(26.8
)%
(20.8
)%
Interest and other expense, net
(3.3
)%
1.2
(1.0
)%
Loss before income taxes
(29.8
)%
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2021
Revenue
We generate revenue through the sale of our products to equipment providers and network operators for the CATV, internet data center, telecom, FTTH and other markets. We derive a signi... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Data Center
77,094
34.6
97,461
46.1
(20,367
(20.9
)%
Telecom
24,727
11.1
16,247
7.7
8,480
52.2
FTTH
129
0.1
957
0.5
(828
(86.5
)%
Other
2,699
1.2
2,634
1.2
65
2.5
Total ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
. The increase was driven primarily by strong demand in CATV product sales arising from products with architecture improvements to enable delivery of additional bandwidth to consumers. The increase i... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, since reliance on a small number of key customers makes our ability to forecast future results dependent upon the accuracy of the forecasts we receive from those key customers.
35
Table of Conten... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
8.8%, from 2021 to 2022, primarily due to a 5.3% increase in sales over the prior year. The decrease in gross margin for the year ended December 31, 2022 compared to the same period ended December 3... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
venue
Amount
revenue
Amount
(in thousands, except percentages)
Research and development
36,244
16.3
41,220
19.5
(4,976
(12.1
)%
Sales and marketing
9,723
4.4
10,899
5.2
(1,176
(10.... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
or 12.1% from 2021 to 2022. Research and development costs consist of R&D work orders, R&D material usage and other project related costs related to 100 Gbps, 200/400 Gbps data center products, DOCS... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
10.8%, from 2021 to 2022. These decreases were primarily due to the less sales from certain customers which include commission incentives, and partially offset by an increase in tradeshow expenses in... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of
Amount
revenue
Amount
revenue
Amount
(in thousands, except percentages)
Interest income
126
0.1
70
0.0
56
80.0
Interest expense
(6,319
(2.8
)%
(5,620
(2.7
)%
(699
12.4
Othe... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
increased by $0.1 million, or 80.0% from 2021 to 2022. The changes are similar to expected rates of fluctuation with the interest rates and cash balances.
Interest expense increased by $0.7 millio... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Benefit (provision) for income taxes
Years ended December 31,
2022
2021
Change
(in thousands, except percentages)
Benefit (provision) for income taxes
(1
(2
(50.0
)%
Our income tax provisi... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2021 was primarily related to the state tax provision and the recording of a valuation allowance on our deferred tax assets.
37
Table of Contents
Liquidity and Capital Resources
As of December 3... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
0, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, up to an aggregate amount of $250 million.
On February 28, 2020, we entered into... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
million, net of expenses and underwriting discounts and commissions.
On February 26, 2021, we entered into another Equity Distribution Agreement (the “Agreement”) with the Sales Agent pursuant to w... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
as amended (the “Securities Act”), including sales made through the facilities of the Nasdaq Global Market, the principal trading market for the Company’s common stock, on any other existing trading... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
amount specified in the placement notice. APPLIED OPTOELECTRONICS, INC. has no obligation to sell any Shares under the Agreement and may at any time suspend offers and sales of the Shares under the ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Shares as set forth in the Agreement, then the Company has agreed to reimburse the Sales Agent for reasonable out-of-pocket expenses, including the reasonable fees and disbursements of counsel incur... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Weighted Average Per Share Price
Number of Shares Sold
Net Proceeds
Compensation to Distribution Agent
Raymond James & Associates, Inc.
March 2021
9.0622
65,748
584
12
Raymond James & Ass... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2022
2.7830
29,426
80
Total
544,424
2,192
44
As of December 31, 2022, the total gross sales were $2.2 million and thus remaining amount of common stock we have available to sell under the Se... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the securities registered pursuant to this registration statement include unsold securities previously registered for sale pursuant to our previously filed registration statement on Form S-3, which ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of Contents
The table below sets forth selected cash flow data for the periods presented (in thousands):
Years ended December 31,
2022
2021
2020
Net cash used in operating activities
(14,022
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
0 million. Net cash used in operating activities consisted of our net loss of $66.4 million, after the exclusion of non-cash items of $40.5 million, an increase in accounts receivable from our custom... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
.2 million, after the exclusion of non-cash items of $36.6 million, an increase in accounts and notes receivable from our customers of $14.6 million and a decrease in accrued liabilities of $3.1 mill... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
.7 million and decrease in accounts payable to our vendor of $3.3 million.
Investing activities
Our investing activities consisted primarily of capital expenditures and purchases of intangible asse... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
$19.3 million. The net cash used consisted of spending on China factory construction, purchase and prepaid of additional property, plant and equipment of $19.1 million.
Financing activities
Our fi... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
tax withholding associated with employee share-based compensation.
In 2021, our financing activities provided $14.1 million in cash. This increase in cash was due to $15.4 million of net proceeds f... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
proceeds from acceptances payable and bank debt.
39
Table of Contents
Loans and commitments
We have lending arrangements with several financial institutions. In the U.S., we entered a Loan Secur... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Development Bank Co., Ltd and a credit facility with China Zheshang Bank Co., Ltd. for our China subsidiary, Global.
As of
December 31, 2022
, we had $13.3 million of unused borrowing capacit... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
On February 8, 2018, we entered into a construction contract with Zhejiang Xinyu Construction Group Co., Ltd. for the construction of a new factory and other facilities at our Ningbo, China location.... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
believe the factory will be placed in service in the second half of 2023 after the construction is completed for the building interior. Property will be transferred from construction in progress to ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of liquidity. These additional sources of liquidity could include one, or a combination, of the following: (i) issuing equity or debt securities, (ii) incurring indebtedness secured by our assets an... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
to Consolidated Financial Statements in this Form 10-K. We also have a fixed-rate convertible senior note. As of December 31, 2022, our convertible senior note had an aggregate principle amount of $... |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.