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Casa Systems Inc (CASA) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Casa Systems Inc

CIK: 1333835 Ticker: CASA

Exhibit 99.1

 

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Casa Systems Reports Fourth Quarter 2018 and Full Year 2018 Financial Results

Announces Agreement to Acquire NetComm Wireless

Andover, Mass. – February 21, 2019 – Casa Systems, Inc. (Nasdaq:CASA), a leading provider of converged broadband infrastructure technology solutions for mobile, cable and fixed networks, today announced its financial results for the fourth quarter and year ended December 31, 2018.

Fourth Quarter 2018 Financial Highlights

 

   

Revenue of $67.8 million

 

   

Gross margin of 73.2%

 

   

GAAP net income of $14.9 million

 

   

Non-GAAP net income of $17.3 million

 

   

GAAP net income per fully diluted share of $0.17

 

   

Non-GAAP net income per fully diluted share of $0.20

 

   

Adjusted EBITDA of $21.6 million

2018 Financial Highlights

 

   

Revenue of $297.1 million

 

   

Gross margin of 73.4%

 

   

GAAP net income of $73.0 million

 

   

Non-GAAP net income of $81.5 million

 

   

GAAP net income per fully diluted share of $0.79

 

   

Non-GAAP net income per fully diluted share of $0.88

 

   

Adjusted EBITDA of $98.1 million

“Our fourth quarter results were impacted by lower than expected spending by a few MSO customers, particularly with respect to hardware, which led to lower than expected hardware volumes. We also experienced wireless product certification delays, which affected the timing of our wireless revenue recognition,” said Jerry Guo, Casa’s President and CEO. “While we are disappointed with our financial performance, we are encouraged by several positive developments in our business in the quarter that included a high percentage of software sales in our revenue mix, a material DAA deal representing 17% of our revenue, an expanded footprint in wireless, and lower customer concentration. Looking out to 2019, wireless will be a key focus for our business. To ensure that we remain at the cutting edge of wireless with innovative and differentiated products, we intend to accelerate our investment in this area both organically and through opportunistic complementary acquisitions, such as the NetComm Wireless transaction we announced today. As network transformation continues and service provider investments in 5G and DAA begin to ramp, we remain confident in the strategic direction of the company. We believe that Casa’s converged solutions for broadband networks position the company to benefit from these material technology inflection points.”

Maurizio Nicolelli, Casa’s CFO added, “While our cable customers continue to digest recent hardware purchases and expansions, we see ongoing software-based capacity expansions, which accounted for 57% of product revenue during the fourth quarter and contributed to a healthy 73.2% GAAP gross margin. As we move into 2019, our guidance reflects both the digestion we see in our cable business and the investment that we believe will enable us to capitalize on the significant wireless opportunity ahead of us.”


The following information was filed by Casa Systems Inc (CASA) on Thursday, February 21, 2019 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Convertible Preferred Stock And Stockholders' Equity (Deficit)
Consolidated Statements Of Convertible Preferred Stock And Stockholders' Equity (Deficit) (Parenthetical)
Consolidated Statements Of Operations And Comprehensive Income
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Details)
Accrued Expenses And Other Current Liabilities (Tables)
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)
Common Stock
Common Stock - Additional Information (Details)
Convertible Preferred Stock
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)
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
Nature Of Business And Basis Of Presentation - Additional Information (Details)
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)
Preferred Stock - Additional Information (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)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - Schedule Of Property And Equipment, Net By Location (Details)
Segment Information - Summary Of Revenue Based On Customers Location Determined By Customers Shipping Address (Details)
Segment Information - Summary Of Revenue Based On Customers Location Determined By Customers Shipping Address (Parenthetical) (Details)
Selected Quarterly Financial Information (Unaudited)
Selected Quarterly Financial Information (Unaudited) (Tables)
Selected Quarterly Financial Information (Unaudited) - Schedule Of Unaudited Quarterly Consolidated Statements Of Income (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (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 Rsu Activity (Details)
Subsequent Events
Subsequent Events - Additional Information (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: 0001564590-19-005442
Submitted to the SEC: Thu Feb 28 2019 4:07:15 PM EST
Accepted by the SEC: Thu Feb 28 2019
Period: Monday, December 31, 2018
Industry: Radio And Tv Broadcasting And Communications Equipment

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