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Casa Systems Inc (CASA) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

Casa Systems Inc

CIK: 1333835 Ticker: CASA

Exhibit 99.1

 

 

Casa Systems Reports Fourth Quarter 2021 and Full Year 2021 Financial Results

Double Digit Q4 and Full Year Wireless Growth

Full Year Revenue Growth Despite Supply Chain Impact

Company Guides to Significant Software and Margin Increase in FY 2022

 

Andover, Mass. – February 24, 2022 –

Casa Systems, Inc. (Nasdaq: CASA), a leading provider of cloud-native software and physical broadband technology solutions for wireless, cable and fixed networks, today announced its financial results for its fourth quarter and year ended December 31, 2021.

Fourth Quarter 2021 Financial & Operational Highlights

 

Revenue of $105.1 million

 

Gross margin of 43.8%

 

GAAP net income of $1.5 million

 

Non-GAAP net income of $6.5 million

 

GAAP net income per fully diluted share of $0.02

 

Non-GAAP net income per fully diluted share of $0.07

 

Adjusted EBITDA of $11.3 million

2021 Financial & Operational Highlights

 

Revenue of $401.3 million

 

Gross margin of 46.9%

 

GAAP net income of $3.2 million

 

Non-GAAP net income of $12.8 million

 

GAAP net income per fully diluted share of $0.04

 

Non-GAAP net income per fully diluted share of $0.14

 

Adjusted EBITDA of $48.8 million

"Despite the supply chain issues we faced in the second half of the year, I am happy to report that 2021 was another growth year for Casa,” said Jerry Guo, Casa Systems' President, and Chief Executive Officer.  “Additionally, we made significant progress with our wireless products during the fourth quarter and full year, delivering double digit growth in both periods. Wireless is now the largest source of our revenue and our most critical growth driver.  For 2022, we are focused on growing our software and cloud revenue, as we committed in our Investor Day. This will mean significantly higher margins and improved profitability for the fiscal year 2022."

Scott Bruckner, Casa Systems' Chief Financial Officer, said, "I am proud of what Casa accomplished in fiscal 2021 against a backdrop of challenging supply chain issues. We delivered year-over-year top-line growth, closed the year with a large cash balance, increased our working capital, and further reduced our debt.  We entered fiscal 2022 with the financial flexibility to navigate the near-term supply chain headwinds, while also continuing to support our growth and transition to software."


The following information was filed by Casa Systems Inc (CASA) on Thursday, February 24, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Casa Systems Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income (Loss)
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Tables)
Accrued Expenses And Other Current Liabilities - Schedule Of Accrued Expenses And Other Current Liabilities (Details)
Business Acquisition
Business Acquisition - Additional Information (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Schedule Of Future Minimum Lease Payments Under Non-Cancelable Operating Leases (Details)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Schedule Of Aggregate Minimum Future Principal Payments Of Debt (Details)
Debt - Schedule Of Aggregate Principal Amount Of Debt Outstanding (Details)
Debt - Schedule Of Current And Non-Current Debt Obligations (Details)
Derivative Instruments
Derivative Instruments - Additional Information (Details)
Employee Benefit Plan
Employee Benefit Plan - Additional Information (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Fair Value Of Financial Assets And Liabilities (Details)
Fair Value Measurements - Summary Of Changes In Fair Values Of Sars Liability (Details)
Fair Value Measurements - Summary Of Company's Cash And Cash Equivalents And Restricted Cash (Details)
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangibles
Goodwill And Intangibles (Tables)
Goodwill And Intangibles - Schedule Of Amortization Expense On Existing Intangible Assets (Details)
Goodwill And Intangibles - Schedule Of Carrying Value Of Goodwill (Details)
Goodwill And Intangibles - Schedule Of Intangible Assets, Net (Details)
Goodwill And Intangibles - Summary Of Amortization Expense (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Schedule Of Changes In Balance Of Gross Uncertain Tax Positions (Details)
Income Taxes - Schedule Of Income Before Provision For (Benefit From) Income Taxes (Details)
Income Taxes - Schedule Of Income Tax Effect Of Each Type Of Temporary Difference And Carryforward (Details)
Income Taxes - Schedule Of Provision For (Benefit From) Income Taxes (Details)
Income Taxes - Schedule Of Reconciliation Of U.S. Federal Statutory Rate To Effective Income Tax Rate (Details)
Inventory
Inventory (Tables)
Inventory - Schedule Of Inventory (Details)
Nature Of Business And Basis Of Presentation
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Tables)
Net Income (Loss) Per Share - Schedule Of Basic And Diluted Net Income (Loss) Per Share Attributable To Common Stockholders (Details)
Net Income (Loss) Per Share - Schedule Of Potential Common Shares Excluded From The Computation Of Diluted Net Income (Loss) Per Share Attributable To Common Stockholders (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (Details)
Property And Equipment - Summary Of Components Of Property And Equipment (Details)
Related Parties
Related Parties - Additional Information (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Additional Information (Details)
Revenue From Contracts With Customers - Additional Information (Details1)
Revenue From Contracts With Customers - Summary Of Disaggregates Of Revenue Based On Product Line (Details)
Revenue From Contracts With Customers - Summary Of Disaggregation Of Revenue Based On Geographic Locations Determined By Customer's Shipping Address (Details)
Revenue From Contracts With Customers - Summary Of Disaggregation Of Revenue Based On Geographic Locations Determined By Customer's Shipping Address (Parenthetical) (Details)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - Schedule Of Property And Equipment, Net By Location (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Assumptions Of Estimated Based On Monte Carlo Simulation Model (Details)
Stock-Based Compensation - Assumptions Used In Black-Scholes Option Pricing Model (Details)
Stock-Based Compensation - Schedule Of Stock-Based Compensation Expense (Details)
Stock-Based Compensation - Summary Of Option Activity (Details)
Stock-Based Compensation - Summary Of Psu Activity (Details)
Stock-Based Compensation - Summary Of Rsu Activity (Details)
Stock-Based Compensation - Summary Of Stock-Based Compensation Expense Recognized In The Consolidated Balance Sheets (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Schedule Of Equitable Adjustment Payments (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Schedule Of Accounts Receivable (Details)
Summary Of Significant Accounting Policies - Schedule Of Estimated Useful Lives Of Property And Equipment Assets (Details)
Summary Of Significant Accounting Policies - Schedule Of Significant Customers Represent 10% Or More Of Revenue Or Accounts Receivable (Details)
Summary Of Significant Accounting Policies - Summary Of Changes In Amount Reserved For Warranty Costs (Details)
Summary Of Significant Accounting Policies - Summary Of Changes In Provision For Doubtful Accounts (Details)
Summary Of Significant Accounting Policies - Summary Of Reconciliation Of Cash, Cash Equivalents And Restricted Cash In Accompanying Condensed Consolidated Balance Sheets (Details)
Ticker: CASA
CIK: 1333835
Form Type: 10-K Annual Report
Accession Number: 0001564590-22-007157
Submitted to the SEC: Fri Feb 25 2022 4:07:06 PM EST
Accepted by the SEC: Fri Feb 25 2022
Period: Friday, December 31, 2021
Industry: Radio And Tv Broadcasting And Communications Equipment

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