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, 2022.
Second Quarter 2022 Financial & Operational
Highlights
- Revenue of $70.8 million
- Gross margin of 37.6%
- GAAP net loss of $(16.7) million
- Non-GAAP net loss of $(13.5) million
- GAAP net loss per fully diluted share of $(0.18)
- Non-GAAP net loss per fully diluted share of $(0.15)
- Adjusted EBITDA of $(11.7) million
- Positive Operating Cash Flows of $9.6 million for the first
half of 2022
- Cash and Cash Equivalents of $195.8 million at quarter end
“We were able to successfully continue our positive trajectory
for Casa’s cloud-native solutions during the quarter, although
supply chain constraints continued to weigh on our second quarter
financial performance,” said Jerry Guo, Casa Systems' President and
Chief Executive Officer. “Our position as an industry leader in
cloud-native technology continued to grow during the second quarter
following the announcement of our multi-year partnership with
Verizon to provide our 5G Core Network Functions to power their
Mobile Edge Computing service offering. We provided further proof
of our progress with the signed MoU with Vietnam Posts and
Telecommunications Group to pave the way for next generation 5G
services in Vietnam, and our partnership with YTL Communications to
deploy our Ayxom 5G Core solution to power the company’s 5G network
and accelerate digital transformation across Malaysia. Casa Systems
continues to remain focused on achieving our transformation goals
as we transition to cloud-native solutions.”
Edward Durkin, Casa Systems' Chief Financial Officer, said,
"During the second quarter, Casa continued to face a difficult
supply chain environment that limited our ability to fulfill
orders, which impacted our top- and bottom-line results. We remain
very optimistic moving forward, as our bookings and billings during
the second quarter of 2022 were very strong, and our backlog and
deferred revenue continue to grow. We are also seeing increased
demand for key product offerings, most notably for our high margin
cloud-native software solutions, for which we have several new Tier
1 CSP prospects. We regard this as a good leading indicator. Our
balance sheet also remains strong, including a healthy cash balance
to help us navigate any headwinds while we execute on our
multi-year transformation."
Financial Outlook
Due to various uncertainties, including most significantly
supply chain challenges and its potential impact on 2022 revenue,
Casa Systems suspended its prior full year 2022 guidance
indefinitely in May 2022. Any prior guidance should no longer
be relied upon.
Conference Call Information
Casa Systems is hosting a conference call for analysts and
investors to discuss its financial results for the second quarter
ended June 30, 2022, and its business outlook at 5:00 p.m. Eastern
Time today, August 4, 2022. The conference call can be heard via
webcast in the investor relations section its website at
http://investors.casa-systems.com, or by dialing 877-407-4019 in
the United States or 201-689-8337 from international locations with
Conference ID 13731317. Shortly after the conclusion of the
conference call, a replay of the audio webcast will be available in
the investor relations section of Casa Systems’ website for 90 days
after the event.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. All statements other than statements of historical fact
contained in this press release, including statements regarding the
projected results of operations and financial position of Casa
Systems, Inc. (“Casa Systems” or "Casa" or the “Company” or “we”),
including financial targets, business strategy, and plans and
objectives for future operations, are forward-looking statements.
The words “anticipate”, “believe”, “continue”, “could”, “estimate”,
“expect”, “intend”, “may”, “plan”, “potential”, “predict”,
“project”, “target”, “should”, “would”, and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. We have
based these forward-looking statements on our estimates and
assumptions of our financial results and our current expectations
and projections about future events and financial trends that we
believe may affect our financial condition, results of operations,
business strategy, short-term and long-term business operations and
objectives, and financial needs as of the date of this press
release. A number of important risk factors could cause actual
results to differ materially from the results described, implied or
projected in these forward-looking statements. These factors
include, without limitation: (1) our ability to fulfill our
customers’ orders due to supply chain delays, access to key
commodities or technologies or events that impact our manufacturers
or their suppliers, including the impacts of the ongoing COVID-19
pandemic; (2) any failure by us to successfully anticipate
technological shifts, market needs and opportunities, and develop
new products and product enhancements that meet those technological
shifts, needs and opportunities; (3) the concentration of a
substantial portion of our revenue in certain customers; (4)
fluctuations in our revenue due to timing of large orders and
seasonality; (5) the length and lack of predictability of our sales
cycle; (6) any difficulties we may face in expanding our platform
into the wireless market; (7) any failure to maintain the synergies
we have realized from our acquisition of NetComm; (8) increases or
decreases in our expenses caused by fluctuations in foreign
currency exchange rates and interest rates; and (9) other factors
discussed in the “Risk Factors” section of our public reports filed
with the Securities and Exchange Commission (the “SEC”), including
our most recent Quarterly Report on Form 10-Q and our most recent
Annual Report on Form 10-K, which are on file with the SEC and
available in the investor relations section of our website at
http://investors.casa-systems.com and on the SEC’s website at
www.sec.gov. In addition, we operate in a very competitive and
rapidly changing environment. New risks emerge from time to time.
It is not possible for our management to predict all risks, nor can
we assess the impact of all factors on our business or the extent
to which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any
forward-looking statements that we may make. In light of these
risks, uncertainties and assumptions, the forward-looking events
and circumstances discussed in this press release are inherently
uncertain and may not occur, and actual results could differ
materially and adversely from those anticipated or implied in the
forward-looking statements. Accordingly, you should not rely upon
forward-looking statements as predictions of future events. We
disclaim any obligation to update publicly or revise any
forward-looking statements for any reason after the date of this
press release. Any reference to our website address in this press
release is intended to be an inactive textual reference only and
not an active hyperlink.
Non-GAAP Financial Measures
To supplement our financial results presented in accordance with
Generally Accepted Accounting Principles ("GAAP"), we are
presenting the following non-GAAP financial measures in this press
release and the related earnings conference call: non-GAAP net
income, non-GAAP diluted net income per share, adjusted EBITDA and
free cash flow. These non-GAAP financial measures are not based on
any standardized methodology prescribed by GAAP and are not
necessarily comparable to similarly titled measures presented by
other companies.
Non-GAAP net income and non-GAAP diluted net income per
share. We define non-GAAP net income as net (loss) income
as reported in our condensed consolidated statements of operations,
excluding the impact of stock-based compensation expense and
amortization of acquired intangible assets, which are non-cash
charges; and the tax effect on these excluded items. We believe
that excluding amortization expense of acquired intangible assets
results in more useful disclosure to investors and others as it is
a significant non-cash charge related to an event that is generally
infrequent based on our historical activities. We further note that
while amortization of acquired intangible assets is excluded from
the measures, the revenue of the acquired company is reflected in
the measures and the acquired assets contribute to revenue
generation. The tax effect of the excluded items was calculated
based on specific calculations of each item’s effect on the tax
provision. We believe that excluding these discrete tax benefits
from our effective income tax rate results in more useful
disclosure to investors and others regarding income tax effects of
excluded items as these amounts may vary from period to period
independent of the operating performance of our business. We define
non-GAAP diluted net income per share as diluted net (loss) income
per share reported in our condensed consolidated statements of
operations, excluding the impact of items that we exclude in
calculating non-GAAP net income. We have presented non-GAAP net
income and non-GAAP diluted net income per share because they are
key measures used by our management and board of directors to
understand and evaluate our operating performance, to establish
budgets and to develop operational goals for managing our business.
The presentation of non-GAAP net income and non-GAAP diluted net
income per share also allows our management and board of directors
to make additional comparisons of our results of operations to
other companies in our industry.
Adjusted EBITDA. We define adjusted EBITDA as
our net (loss) income, excluding the impact of stock-based
compensation expense; other income (expense), net; depreciation and
amortization expense; and our (benefit from) provision for income
taxes. We have presented adjusted EBITDA because it is a key
measure used by our management and board of directors to understand
and evaluate our operating performance, to establish budgets and to
develop operational goals for managing our business. In particular,
we believe that, by excluding the impact of these expenses,
adjusted EBITDA can provide a useful measure for period-to-period
comparisons of our core operating performance.
Free cash flow. We define free cash flow as net
cash provided by operating activities minus capital expenditures.
We believe free cash flow to be a liquidity measure that provides
useful information to management and investors about the amount of
cash generated by our business that, after purchases of property,
equipment and software licenses, can be used for strategic
opportunities, including investing in our business, making
strategic acquisitions and strengthening our balance sheet.
We use these non-GAAP financial measures to evaluate our
operating performance and trends and to make planning decisions. We
believe that each of these non-GAAP financial measures helps
identify underlying trends in our business that could otherwise be
masked by the effect of the expenses that we exclude in the
calculations of each non-GAAP financial measure. Accordingly, we
believe that these financial measures provide useful information to
investors and others in understanding and evaluating our operating
results and enhance the overall understanding of our past
performance and future prospects.
Our non-GAAP financial measures are not prepared in accordance
with GAAP and should not be considered in isolation of, or as an
alternative to, measures prepared in accordance with GAAP. There
are a number of limitations related to the use of these non-GAAP
financial measures rather than the most directly comparable
financial measures calculated and presented in accordance with
GAAP. Some of these limitations are:
- each of non-GAAP net income, non-GAAP diluted net income per
share and adjusted EBITDA exclude stock-based compensation expense
and amortization of acquired intangible assets because they have
recently been, and will continue to be for the foreseeable future,
a significant recurring non-cash expense for our
business;
- adjusted EBITDA excludes depreciation and amortization expense,
and although this is a non-cash expense, the assets being
depreciated and amortized may have to be replaced in the
future;
- adjusted EBITDA does not reflect the cash requirements
necessary to service interest on our debt or the cash received from
our interest-bearing financial assets, both of which impact the
cash available to us;
- adjusted EBITDA does not reflect foreign currency transaction
gains and losses, which are reflected in other income (expense),
net;
- adjusted EBITDA does not reflect income tax payments that
reduce cash available to us;
- free cash flow may not represent our residual cash flow
available for discretionary expenditures, since we may have other
non-discretionary expenditures that are not deducted from this
measure;
- free cash flow may not represent the total increase or decrease
in cash and cash equivalents for any given period because it
excludes cash provided by or used for other investing and financing
activities; and
- other companies, including companies in our industry, may not
use or report non-GAAP net income, non-GAAP diluted net income per
share, adjusted EBITDA or free cash flow, or may calculate such
non-GAAP financial measures in a different manner than we do, or
may use other non-GAAP financial measures to evaluate their
performance, all of which could reduce the usefulness of these
non-GAAP financial measures as comparative measures.
For the reconciliations of these non-GAAP financial measures to
the most directly comparable GAAP financial measures, please see
the section of the accompanying tables titled, “Reconciliation of
Selected GAAP and Non-GAAP Financial Measures.”
About Casa Systems, Inc.
Casa Systems, Inc. (Nasdaq: CASA) delivers the core-to-customer
building blocks to speed 5G transformation with future-proof
solutions and cutting-edge bandwidth for all access types. In
today’s increasingly personalized world, Casa Systems creates
disruptive architectures built specifically to meet the needs of
service provider networks. Our suite of open, cloud-native
network solutions unlocks new ways for service providers to build
networks without boundaries and maximize revenue-generating
capabilities. Commercially deployed in more than 70 countries, Casa
Systems serves over 475 Tier 1 and regional communications service
providers worldwide. For more information, visit
http://www.casa-systems.com.
CONTACT INFORMATION:IR
ContactMichael
Picariello978-688-6706investorrelations@casa-systems.com
Michael
Cummings617-982-0475investorrelations@casa-systems.com
Source: Casa Systems
CASA SYSTEMS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE (LOSS)
INCOME(unaudited)(in thousands, except
per share amounts)
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue |
$ |
70,836 |
|
|
$ |
92,730 |
|
|
$ |
135,235 |
|
|
$ |
197,007 |
|
Cost of revenue |
|
44,201 |
|
|
|
47,215 |
|
|
|
81,921 |
|
|
|
95,452 |
|
Gross profit |
|
26,635 |
|
|
|
45,515 |
|
|
|
53,314 |
|
|
|
101,555 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
22,813 |
|
|
|
20,295 |
|
|
|
45,486 |
|
|
|
41,901 |
|
Selling, general and administrative |
|
21,970 |
|
|
|
21,583 |
|
|
|
44,299 |
|
|
|
43,463 |
|
Total operating expenses |
|
44,783 |
|
|
|
41,878 |
|
|
|
89,785 |
|
|
|
85,364 |
|
(Loss) income from
operations |
|
(18,148 |
) |
|
|
3,637 |
|
|
|
(36,471 |
) |
|
|
16,191 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
274 |
|
|
|
103 |
|
|
|
308 |
|
|
|
217 |
|
Interest expense |
|
(3,820 |
) |
|
|
(3,999 |
) |
|
|
(7,508 |
) |
|
|
(7,917 |
) |
Gain (loss) on foreign currency, net |
|
816 |
|
|
|
(231 |
) |
|
|
543 |
|
|
|
(978 |
) |
Other income, net |
|
161 |
|
|
|
479 |
|
|
|
179 |
|
|
|
551 |
|
Total other expense, net |
|
(2,569 |
) |
|
|
(3,648 |
) |
|
|
(6,478 |
) |
|
|
(8,127 |
) |
(Loss) income before (benefit
from) provision for income taxes |
|
(20,717 |
) |
|
|
(11 |
) |
|
|
(42,949 |
) |
|
|
8,064 |
|
(Benefit from) provision for
income taxes |
|
(4,020 |
) |
|
|
3,182 |
|
|
|
6,332 |
|
|
|
5,508 |
|
Net (loss) income |
$ |
(16,697 |
) |
|
$ |
(3,193 |
) |
|
$ |
(49,281 |
) |
|
$ |
2,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.18 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.56 |
) |
|
$ |
0.03 |
|
Diluted |
$ |
(0.18 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.56 |
) |
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to
compute net (loss) income per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
92,504 |
|
|
|
85,036 |
|
|
|
88,565 |
|
|
|
84,641 |
|
Diluted |
|
92,504 |
|
|
|
85,036 |
|
|
|
88,565 |
|
|
|
89,013 |
|
CASA SYSTEMS,
INC.RECONCILIATION OF SELECTED GAAP AND NON-GAAP
FINANCIAL MEASURES(unaudited)(in
thousands)
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Reconciliation of Net
(Loss) Income to Non-GAAP Net (Loss) Income: |
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(16,697 |
) |
|
$ |
(3,193 |
) |
|
$ |
(49,281 |
) |
|
$ |
2,556 |
|
Stock-based compensation |
|
2,879 |
|
|
|
4,094 |
|
|
|
5,507 |
|
|
|
7,547 |
|
Amortization of acquired intangible assets |
|
1,426 |
|
|
|
1,426 |
|
|
|
2,852 |
|
|
|
2,852 |
|
Tax effect of excluded items |
|
(1,091 |
) |
|
|
(1,370 |
) |
|
|
(2,123 |
) |
|
|
(2,592 |
) |
Non-GAAP net (loss) income |
$ |
(13,483 |
) |
|
$ |
957 |
|
|
$ |
(43,045 |
) |
|
$ |
10,363 |
|
Non-GAAP net (loss) income margin |
|
(19.0 |
)% |
|
|
1.0 |
% |
|
|
(31.8 |
)% |
|
|
5.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Diluted
Net (Loss) Income Per Share to Non-GAAP Diluted Net (Loss)
Income Per Share: |
|
|
|
|
|
|
|
|
|
|
|
Diluted net (loss) income per
share |
$ |
(0.18 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.56 |
) |
|
$ |
0.03 |
|
Non-GAAP adjustments to net (loss) income |
|
0.03 |
|
|
|
0.05 |
|
|
|
0.07 |
|
|
|
0.09 |
|
Non-GAAP diluted net (loss)
income per share |
$ |
(0.15 |
) |
|
$ |
0.01 |
|
|
$ |
(0.49 |
) |
|
$ |
0.12 |
|
Weighted-average shares used in
computing diluted net (loss) income per share |
|
92,504 |
|
|
|
85,036 |
|
|
|
88,565 |
|
|
|
89,013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
(Loss) Income to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(16,697 |
) |
|
$ |
(3,193 |
) |
|
$ |
(49,281 |
) |
|
$ |
2,556 |
|
Stock-based compensation |
|
2,879 |
|
|
|
4,094 |
|
|
|
5,507 |
|
|
|
7,547 |
|
Amortization of acquired intangible assets |
|
1,426 |
|
|
|
1,426 |
|
|
|
2,852 |
|
|
|
2,852 |
|
Depreciation and amortization |
|
2,099 |
|
|
|
2,580 |
|
|
|
4,288 |
|
|
|
5,345 |
|
Other income (expense) |
|
2,569 |
|
|
|
3,648 |
|
|
|
6,478 |
|
|
|
8,127 |
|
Benefit from (provision for) income taxes |
|
(4,020 |
) |
|
|
3,182 |
|
|
|
6,332 |
|
|
|
5,508 |
|
Adjusted EBITDA |
$ |
(11,744 |
) |
|
$ |
11,737 |
|
|
$ |
(23,824 |
) |
|
$ |
31,935 |
|
Adjusted EBITDA margin |
|
(16.6 |
)% |
|
|
12.7 |
% |
|
|
(17.6 |
)% |
|
|
16.2 |
% |
CASA SYSTEMS,
INC.RECONCILIATION OF SELECTED GAAP AND NON-GAAP
FINANCIAL MEASURES(unaudited)(in
thousands)
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Reconciliation of Net
Cash Provided by (Used in) Operating Activities to Free Cash
Flow: |
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by operating activities |
$ |
(8,487 |
) |
|
$ |
31,870 |
|
|
$ |
9,610 |
|
|
$ |
26,715 |
|
Purchases of property and equipment and software licenses |
|
(1,144 |
) |
|
|
(662 |
) |
|
|
(2,110 |
) |
|
|
(2,914 |
) |
Free cash flow |
$ |
(9,631 |
) |
|
$ |
31,208 |
|
|
$ |
7,500 |
|
|
$ |
23,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Stock-Based
Compensation Expense: |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
$ |
26 |
|
|
$ |
33 |
|
|
$ |
61 |
|
|
$ |
66 |
|
Research and development |
|
694 |
|
|
|
543 |
|
|
|
1,289 |
|
|
|
1,414 |
|
Selling, general and administrative |
|
2,159 |
|
|
|
3,518 |
|
|
|
4,157 |
|
|
|
6,067 |
|
Total |
$ |
2,879 |
|
|
$ |
4,094 |
|
|
$ |
5,507 |
|
|
$ |
7,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Product revenue: |
|
|
|
|
|
|
|
|
|
|
|
Wireless |
|
27,100 |
|
|
|
33,323 |
|
|
|
48,156 |
|
|
|
73,011 |
|
Fixed telco |
|
15,939 |
|
|
|
16,137 |
|
|
|
27,654 |
|
|
|
31,022 |
|
Cable |
|
16,102 |
|
|
|
31,009 |
|
|
|
35,876 |
|
|
|
70,234 |
|
Product revenue |
$ |
59,141 |
|
|
$ |
80,469 |
|
|
$ |
111,686 |
|
|
$ |
174,267 |
|
Service revenue: |
|
|
|
|
|
|
|
|
|
|
|
Wireless |
|
1,410 |
|
|
|
1,684 |
|
|
|
2,885 |
|
|
|
2,275 |
|
Fixed telco |
|
1,187 |
|
|
|
1,043 |
|
|
|
2,711 |
|
|
|
2,649 |
|
Cable |
|
9,098 |
|
|
|
9,534 |
|
|
|
17,953 |
|
|
|
17,816 |
|
Service revenue |
$ |
11,695 |
|
|
$ |
12,261 |
|
|
$ |
23,549 |
|
|
$ |
22,740 |
|
Total revenue |
$ |
70,836 |
|
|
$ |
92,730 |
|
|
$ |
135,235 |
|
|
$ |
197,007 |
|
CASA SYSTEMS,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(unaudited)(in thousands)
|
June 30, |
|
|
December 31, |
|
|
2022 |
|
|
2021 |
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
195,832 |
|
|
$ |
154,703 |
|
Accounts receivable, net |
|
67,767 |
|
|
|
85,774 |
|
Inventory |
|
78,300 |
|
|
|
84,828 |
|
Prepaid expenses and other current assets |
|
4,681 |
|
|
|
5,746 |
|
Prepaid income taxes |
|
2,510 |
|
|
|
23,963 |
|
Total current assets |
|
349,090 |
|
|
|
355,014 |
|
Property and equipment, net |
|
21,235 |
|
|
|
23,508 |
|
Accounts receivable, net of
current portion |
|
57 |
|
|
|
115 |
|
Deferred tax assets |
|
9 |
|
|
|
101 |
|
Goodwill |
|
50,177 |
|
|
|
50,177 |
|
Intangible assets, net |
|
28,556 |
|
|
|
31,144 |
|
Other assets |
|
8,459 |
|
|
|
8,648 |
|
Total assets |
$ |
457,583 |
|
|
$ |
468,707 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
13,946 |
|
|
$ |
28,087 |
|
Accrued expenses and other current liabilities |
|
29,651 |
|
|
|
41,382 |
|
Accrued income taxes |
|
8,443 |
|
|
|
4,991 |
|
Deferred revenue |
|
38,334 |
|
|
|
14,473 |
|
Current portion of long-term debt, net of unamortized debt issuance
costs |
|
1,959 |
|
|
|
1,924 |
|
Total current liabilities |
|
92,333 |
|
|
|
90,857 |
|
Accrued income taxes, net of
current portion |
|
8,117 |
|
|
|
7,732 |
|
Deferred tax liabilities |
|
2,979 |
|
|
|
5,293 |
|
Deferred revenue, net of current
portion |
|
6,084 |
|
|
|
7,012 |
|
Long-term debt, net of current
portion and unamortized debt issuance costs |
|
273,194 |
|
|
|
274,193 |
|
Other liabilities, net of current
portion |
|
1,714 |
|
|
|
1,701 |
|
Total liabilities |
|
384,421 |
|
|
|
386,788 |
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
Common stock |
|
98 |
|
|
|
88 |
|
Treasury Stock |
|
(14,837 |
) |
|
|
(13,645 |
) |
Additional paid-in capital |
|
237,306 |
|
|
|
193,654 |
|
Accumulated other comprehensive (loss) income |
|
(1,068 |
) |
|
|
878 |
|
Accumulated deficit |
|
(148,337 |
) |
|
|
(99,056 |
) |
Total stockholders’ equity |
|
73,162 |
|
|
|
81,919 |
|
Total liabilities and stockholders’ equity |
$ |
457,583 |
|
|
$ |
468,707 |
|
CASA SYSTEMS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(unaudited) (in
thousands)
|
Six Months Ended June 30, |
|
|
2022 |
|
|
2021 |
|
Operating
activities: |
|
|
|
|
|
Net (loss) income |
$ |
(49,281 |
) |
|
$ |
2,556 |
|
Adjustments to reconcile net
(loss) income to net cash provided by operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
7,140 |
|
|
|
8,197 |
|
Stock-based compensation |
|
5,507 |
|
|
|
7,547 |
|
Deferred income taxes |
|
(2,210 |
) |
|
|
173 |
|
Change in provision for doubtful accounts |
|
152 |
|
|
|
89 |
|
Change in provision for excess and obsolete inventory |
|
4,230 |
|
|
|
(6 |
) |
Gain on disposal of assets |
|
— |
|
|
|
4 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
17,585 |
|
|
|
28,433 |
|
Inventory |
|
2,249 |
|
|
|
5,372 |
|
Prepaid expenses and other assets |
|
1,226 |
|
|
|
(3,792 |
) |
Prepaid income taxes |
|
21,441 |
|
|
|
(441 |
) |
Accounts payable |
|
(13,865 |
) |
|
|
(14,456 |
) |
Accrued expenses and other current liabilities |
|
(11,375 |
) |
|
|
(10,210 |
) |
Accrued income taxes |
|
3,839 |
|
|
|
(3,240 |
) |
Deferred revenue |
|
22,972 |
|
|
|
6,489 |
|
Net cash provided by operating activities |
|
9,610 |
|
|
|
26,715 |
|
Investing
activities: |
|
|
|
|
|
Purchases of property and
equipment |
|
(1,597 |
) |
|
|
(1,514 |
) |
Purchases of software
licenses |
|
(513 |
) |
|
|
(1,400 |
) |
Net cash used in investing activities |
|
(2,110 |
) |
|
|
(2,914 |
) |
Financing
activities: |
|
|
|
|
|
Principal repayments of debt |
|
(1,500 |
) |
|
|
(8,275 |
) |
Proceeds from exercise of stock
options |
|
254 |
|
|
|
1,187 |
|
Employee taxes paid related to
net share settlement of equity awards |
|
(1,628 |
) |
|
|
(5,675 |
) |
Proceeds from sale of common
stock, net of issuance costs |
|
39,370 |
|
|
|
— |
|
Payments of dividends and
equitable adjustments |
|
(1 |
) |
|
|
(59 |
) |
Repurchases of common stock |
|
(1,192 |
) |
|
|
— |
|
Net cash provided by (used in) financing activities |
|
35,303 |
|
|
|
(12,822 |
) |
Effect of exchange rate changes
on cash and cash equivalents |
|
(1,671 |
) |
|
|
214 |
|
Net increase in cash,
cash equivalents and restricted cash |
|
41,132 |
|
|
|
11,193 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
157,804 |
|
|
|
158,461 |
|
Cash, cash equivalents and
restricted cash at end of period |
$ |
198,936 |
|
|
$ |
169,654 |
|
Supplemental disclosures
of cash flow information: |
|
|
|
|
|
Cash paid for interest |
$ |
6,999 |
|
|
$ |
7,358 |
|
Cash paid for income taxes |
$ |
7,511 |
|
|
$ |
7,564 |
|
Supplemental disclosures
of non-cash operating, investing and financing
activities: |
|
|
|
|
|
Purchases of property and
equipment included in accounts payable |
$ |
469 |
|
|
$ |
265 |
|
Unpaid equitable adjustments
included in accrued expenses and other current liabilities |
$ |
— |
|
|
$ |
4 |
|
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