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Casa Systems Inc (CASA) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Casa Systems Inc

CIK: 1333835 Ticker: CASA

Exhibit 99.1

 

 

Casa Systems Reports Second Quarter 2021 Financial Results

Double-digit Revenue Growth Driven by Strong Wireless Demand

Wireless Backlog Growth of 63%, year-over-year

EBITDA Growth of 25%, year-over-year

Reaffirming 2021 Guidance

 

Andover, Mass. – July 29, 2021 –

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 second quarter ended June 30, 2021.

Second Quarter 2021 Financial & Operational Highlights

 

Revenue of $92.7 million

 

Gross margin of 49.1%

 

GAAP net loss of $(3.2) million

 

Non-GAAP net income of $1.0 million

 

GAAP net loss per fully diluted share of $(0.04)

 

Non-GAAP net income per fully diluted share of $0.01

 

Adjusted EBITDA of $11.7 million

“Casa's strong start to 2021 continued through the second quarter, putting us ahead of our expectations for the first half of fiscal 2021,” said Jerry Guo, Casa Systems' President and Chief Executive Officer. "We delivered another quarter of double-digit top-line growth and experienced strong wireless demand, material progress with our 5G cores and 5G fixed wireless access products, and increased traction with new cable technologies. We ended the quarter with a very large backlog.  While we had an exceptionally strong start to the fiscal year, the second half may see some impact from the worsening supply chain situation that’s affecting our entire industry.”

Scott Bruckner, Casa Systems' Chief Financial Officer, said, "In addition to our top-line and new product growth, we further demonstrated our commitment to profitability, as EBITDA was up 25% year-over-year and operating income was up 173% over the prior year. Additionally, we ended the quarter in a strong liquidity position, which benefited from a 20% increase in working capital year-over-year, including a 16.2% increase in cash quarter-over-quarter. The strategic initiatives we implemented continue to show results, which are evident in our double-digit, profitable revenue growth.”

To supplement its financial results presented in accordance with Generally Accepted Accounting Principles (“GAAP”), Casa Systems is 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 2021, Casa Systems expects:


The following information was filed by Casa Systems Inc (CASA) on Thursday, July 29, 2021 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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Inside Casa Systems Inc's 10-Q Quarterly Report:

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 (Loss) Income (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Tables)
Accrued Expenses And Other Current Liabilities - Additional Information (Details)
Accrued Expenses And Other Current Liabilities - Schedule Of Accrued Expenses And Other Current Liabilities (Details)
Accrued Expenses And Other Current Liabilities - Summary Of Changes In Amount Reserved For Warranty Costs (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (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)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Schedule Of Amortization Expense On Existing Intangible Assets (Details)
Goodwill And Intangible Assets - Schedule Of Intangible Assets, Net (Details)
Goodwill And Intangible Assets - Summary Of Amortization Expense (Details)
Income Taxes
Income Taxes - Additional Information (Details)
Inventory
Inventory (Tables)
Inventory - Schedule Of Inventory (Details)
Nature Of Business And Basis Of Presentation
Net (Loss) Income Per Share
Net (Loss) Income Per Share (Tables)
Net (Loss) Income Per Share - Schedule Of Basic And Diluted Net (Loss) Income Per Share Attributable To Common Stockholders (Details)
Net (Loss) Income Per Share - Schedule Of Potential Common Shares Excluded From The Computation Of Diluted Net (Loss) Income Per Share Attributable To Common Stockholders (Details) (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 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 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 Sheet (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Details)
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 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: 0001564590-21-039334
Submitted to the SEC: Fri Jul 30 2021 8:32:23 AM EST
Accepted by the SEC: Fri Jul 30 2021
Period: Wednesday, June 30, 2021
Industry: Radio And Tv Broadcasting And Communications Equipment

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