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Casa Systems Inc (CASA) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Casa Systems Inc

CIK: 1333835 Ticker: CASA

Exhibit 99.1

 

 

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Casa Systems Reports Second Quarter 2019 Financial Results

Andover, Mass. – July 31, 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 its second quarter ended June 30, 2019.

Second Quarter 2019 Financial Highlights

 

   

Revenue of $52.1 million

 

   

Gross margin of 75.4%

 

   

GAAP net income of $1.3 million

 

   

Non-GAAP net income of $6.1 million

 

   

GAAP net income per fully diluted share of $0.01

 

   

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

 

   

Adjusted EBITDA of $9.5 million

“I am pleased to report that our second quarter results were in-line with our expectations and represented a significant increase over our results for the first quarter of this year,” said Jerry Guo, Casa’s President and CEO. “During the quarter, we saw increased spending in our cable business and began to recognize some of the revenue in our wireless backlog. Additionally, we completed our acquisition of NetComm on July 1, 2019, which enhances our business not only in the form of expanded customers and products, but also in strong RF engineering capabilities. I remain quite optimistic about the second half of the year, during which we expect to see continued purchases of software- and hardware-based capacity in our cable business, some DAA and virtual CCAP rollouts, and revenue from our increasing wireless backlog.”

Maurizio Nicolelli, Casa’s CFO added, “Our second quarter performance was in line with our expectations and we have started to see signs of an uptick in spending beginning with the second half of the year. In addition, the NetComm acquisition gives us more opportunity to drive the top line while starting to realize expected cost synergies this year.”

To supplement our financial results presented in accordance with Generally Accepted Accounting Principles (GAAP), we are presenting non-GAAP financial measures in this press release. A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.

Financial Outlook

For the fiscal year 2019, including NetComm, we expect:

 

   

Revenue between $320 million and $350 million, which includes a NetComm revenue range between $70 million and $80 million.

 

   

Gross Margin in a range of 50% and 60%

 

   

Adjusted EBITDA between $40 million and $50 million

 

   

GAAP diluted net income per share between $0.00 and $0.10 and Non-GAAP diluted net income per share between $0.20 and $0.30


The following information was filed by Casa Systems Inc (CASA) on Wednesday, July 31, 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-Q Quarterly 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-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations And Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited) (Parenthetical)
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Details)
Accrued Expenses And Other Current Liabilities (Tables)
Accrued Expenses And Other Current Liabilities - Additional Information (Details)
Accrued Expenses And Other Current Liabilities - Summary Of Changes In Amount Reserved For Warranty Costs (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)
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 Stock Appreciation Rights (Sars) Liability (Details)
Income Taxes
Income Taxes - Additional Information (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)
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 Customer's Location Determined By Customer's Shipping Address (Details)
Segment Information - Summary Of Revenue Based On Customer's Location Determined By Customer's Shipping Address (Parenthetical) (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Assumptions Of Estimated Fair Value Of Option On The Date Of Grant Using Black-Scholes Option Pricing Model (Details)
Stock-Based Compensation - Schedule Of Stock-Based Compensation Expense (Details)
Stock-Based Compensation - Summary Of Outstanding Stock Option And Information Related To Stock Options Activity (Details)
Stock-Based Compensation - Summary Of Rsu Activity (Details)
Stockholders' Equity
Stockholders' Equity - Additional Information (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 - Additional Information (Details1)
Summary Of Significant Accounting Policies - Impact Of New Accounting Standards Asc 606 On Balance Sheet (Details)
Summary Of Significant Accounting Policies - Impact Of New Accounting Standards Asc 606 On Statement Of Cash Flows (Details)
Summary Of Significant Accounting Policies - Impact Of New Accounting Standards Asc 606 On Statement Of Operations And Comprehensive Income (Loss) (Details)
Summary Of Significant Accounting Policies - Schedule Of Accounts Receivable (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 Reconciliation Of Cash, Cash Equivalents And Restricted Cash In Accompanying Condensed Consolidated Balance Sheets (Details)

Material Contracts, Statements, Certifications & more

Casa Systems Inc provided additional information to their SEC Filing as exhibits

Ticker: CASA
CIK: 1333835
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-028778
Submitted to the SEC: Mon Aug 05 2019 4:17:14 PM EST
Accepted by the SEC: Mon Aug 05 2019
Period: Sunday, June 30, 2019
Industry: Radio And Tv Broadcasting And Communications Equipment

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