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 first
quarter ended March 31, 2019.
First Quarter 2019 Financial Highlights
- Revenue of $35.5 million
- Gross margin of 69.0%
- GAAP net loss of $15.3 million
- Non-GAAP net loss of $11.6 million
- GAAP net loss per fully diluted share of $0.18
- Non-GAAP net loss per fully diluted share of $0.14
- Adjusted EBITDA loss of $7.7 million
“The first quarter was one of our toughest quarters,” said Jerry
Guo, Casa’s President and CEO. “Our results were negatively
impacted by an industry-wide slowdown in MSO spending on integrated
CCAP hardware, certain of our largest customers redirecting capex
to other investments, and a slower transition to wireless and fixed
telco revenue than we anticipated. For the remainder of the year we
will be focused on the large number of opportunities that have come
our way. We believe we are at an important juncture in the
development of our business and I remain confident that our recent
results are not indicative of the company’s large future
opportunity.”
Maurizio Nicolelli, Casa’s CFO added, “While the first quarter
proved to be a very challenging quarter, our pipeline of
opportunities provides us with the confidence in a stronger second
half of the year and enables us to reaffirm our original outlook
for the year at this point in time. In addition, we anticipate that
we will close the acquisition of NetComm in the second quarter of
2019 and begin to realize expected 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, we expect:
- Revenue between $250 million and $300 million
- Gross Margin in a range of 65% and 70%
- Adjusted EBITDA between $50 million and $60 million
- Effective income tax rate between 0% and 10%
- GAAP diluted net income per share between $0.20 and $0.30 and
Non-GAAP diluted net income per share between $0.30 and $0.40
Guidance above for fiscal 2019 does not include results from the
expected acquisition of NetComm Wireless.
Guidance for non-GAAP financial measures excludes acquisition
costs and other non-recurring expenses, which are one-time
non-recurring charges; stock-based compensation, which is a
non-cash charge; and the resulting tax effect of these excluded
items. We have not reconciled the non-GAAP metrics as to which we
provide guidance to their most directly comparable GAAP metrics
because certain items that impact these excluded measures are
uncertain, out of our control and/or cannot be reasonably
calculated or predicted at this time. Accordingly, a reconciliation
of the non-GAAP financial metrics included in our guidance to the
corresponding GAAP measures is not available without unreasonable
effort.
Conference Call Information
Casa Systems is hosting a conference call for analysts and
investors to discuss the financial results for its first quarter
ended March 31, 2019, and its business outlook at 5:00 p.m.
Eastern Standard Time today, May 1, 2019. The conference call can
be heard via webcast in the investor relations section of our
website at http://investors.casa-systems.com, or by dialing
877-407-4019 in the United States or 201-689-8337 from
international locations. Callers should ask to be joined to
the Casa Systems call. Shortly after the conclusion of
the conference call, a replay of the audio webcast will be
available in the investor relations section of our website at
http://investors.casa-systems.com 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” or the “Company”), 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) 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; (2) the concentration of a
substantial portion of our revenue in our CCAP solutions and in
certain customers; (3) fluctuations in our revenue due to timing of
large orders and seasonality; (4) the length and lack of
predictability of our sales cycle; (5) any difficulties we may face
in expanding our platform into the wireless market; (6) any
difficulties in closing our acquisition of NetComm and generating
anticipated synergies; and (7) other factors discussed in the “Risk
Factors” section of our public reports filed with the SEC,
including our most recent Annual Report on Form 10-K, which is 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
(loss), non-GAAP diluted net income (loss) 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 (loss) and non-GAAP diluted net
income (loss) per share. We define non-GAAP net income
(loss) as net income (loss) as reported in our condensed
consolidated statements of operations, excluding the impact of
stock-based compensation expense, which is a non-cash charge;
acquisition costs and other non-recurring expenses, which are
one-time non-recurring charges; and the tax effect on these
excluded items. The tax effect of the excluded items is calculated
using our effective income tax rate for the period, excluding the
discrete tax benefits generated from the exercise of non-qualified
stock options and the disqualifying disposition of incentive stock
options. 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 the 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 (loss) per share as diluted net income (loss)
per share reported in our condensed consolidated statements of
operations, excluding the impact of items that we exclude in
calculating non-GAAP net income (loss). We have presented non-GAAP
net income (loss) and non-GAAP diluted net income (loss) 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 (loss) and
non-GAAP diluted net income (loss) 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 income (loss), excluding the impact of stock-based
compensation expense; acquisition costs; other non-recurring
expenses; other income (expense), net; depreciation and
amortization expense; and our provision for (benefit from) 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 excluding the impact of these expenses in
calculating 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
and equipment, 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 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, enhancing 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:
- we exclude stock-based compensation expense from each of
non-GAAP net income (loss), non-GAAP diluted net income (loss) per
share and adjusted EBITDA as it has recently been, and will
continue to be for the foreseeable future, a significant recurring
non-cash expense for our business and an important part of our
compensation strategy;
- we exclude the discrete tax benefits generated from the
exercise of non-qualified stock options and the disqualifying
disposition of incentive stock options, which are not related to
the operating performance of our business, in calculating the
effective tax rate used to determine the tax effect of the items
excluded from our non-GAAP net income (loss) and non-GAAP diluted
net income (loss) per share; these discrete tax benefits will
result in a reduction in our income taxes and cash paid for income
taxes;
- we exclude acquisition costs and other non-recurring expenses
from non-GAAP net income (loss), non-GAAP diluted net income (loss)
per share and adjusted EBITDA because they are one-time
non-recurring charges, although these are included in our operating
expenses;
- 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, and does not reflect foreign currency
transaction gains and losses, all of 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 the 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 non-GAAP net income (loss), non-GAAP diluted net income (loss)
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 converged broadband
solutions that enable mobile, cable and fixed network service
providers to meet the growing demand for gigabit bandwidth and
services. Our suite of distributed and virtualized solutions for
fixed and mobile 5G ultra-broadband networks are engineered for
performance, flexibility and scale. Commercially deployed in over
70 countries, Casa serves more than 475 Tier 1 and regional service
providers worldwide.
For more information, visit our website at
http://www.casa-systems.com.
Source: Casa Systems, Inc.
IR ContactMonica Gould 212-871-3927
investorrelations@casa-systems.com Lindsay Savarese 212-331-8417
investorrelations@casa-systems.com
|
|
CASA SYSTEMS, INC.CONDENSED
CONSOLIDATED STATEMENTS OF
OPERATIONS(unaudited)(in thousands,
except per share amounts) |
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
35,486 |
|
|
$ |
89,074 |
|
Cost of revenue |
|
|
10,989 |
|
|
|
27,119 |
|
Gross
profit |
|
|
24,497 |
|
|
|
61,955 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and
development |
|
|
18,405 |
|
|
|
20,530 |
|
Selling,
general and administrative |
|
|
20,193 |
|
|
|
18,456 |
|
Total
operating expenses |
|
|
38,598 |
|
|
|
38,986 |
|
(Loss) income from
operations |
|
|
(14,101 |
) |
|
|
22,969 |
|
Other income
(expense): |
|
|
|
|
|
|
|
|
Interest
income |
|
|
1,652 |
|
|
|
1,095 |
|
Interest
expense |
|
|
(5,197 |
) |
|
|
(4,672 |
) |
Loss on
foreign currency, net |
|
|
(92 |
) |
|
|
(24 |
) |
Other
income, net |
|
|
229 |
|
|
|
201 |
|
Total other
income (expense), net |
|
|
(3,408 |
) |
|
|
(3,400 |
) |
(Loss) income before
(benefit from) provision for income taxes |
|
|
(17,509 |
) |
|
|
19,569 |
|
(Benefit from) provision
for income taxes |
|
|
(2,170 |
) |
|
|
1,793 |
|
Net (loss) income |
|
$ |
(15,339 |
) |
|
$ |
17,776 |
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.18 |
) |
|
$ |
0.22 |
|
Diluted |
|
$ |
(0.18 |
) |
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
used to compute net (loss) income per share: |
|
|
|
|
|
|
|
|
Basic |
|
|
83,323 |
|
|
|
81,629 |
|
Diluted |
|
|
83,323 |
|
|
|
93,594 |
|
|
|
|
|
|
|
|
|
|
|
|
CASA
SYSTEMS, INC.RECONCILIATION OF SELECTED GAAP AND
NON-GAAP FINANCIAL MEASURES(unaudited)(in
thousands) |
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Net (Loss) Income to Non-GAAP Net (Loss) Income: |
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(15,339 |
) |
|
$ |
17,776 |
|
Stock-based compensation |
|
|
1,900 |
|
|
|
4,230 |
|
Acquisition costs |
|
|
868 |
|
|
|
— |
|
Other non-recurring expenses |
|
|
1,255 |
|
|
|
— |
|
Tax effect of excluded items |
|
|
(325 |
) |
|
|
(388 |
) |
Non-GAAP net (loss) income |
|
$ |
(11,641 |
) |
|
$ |
21,618 |
|
Non-GAAP net (loss) income
margin |
|
|
(32.8 |
)% |
|
|
24.3 |
% |
|
|
|
|
|
|
|
|
|
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 |
) |
|
$ |
0.19 |
|
Non-GAAP adjustments to net (loss)
income |
|
|
0.04 |
|
|
|
0.04 |
|
Non-GAAP diluted net
(loss) income per share |
|
$ |
(0.14 |
) |
|
$ |
0.23 |
|
Weighted-average shares
used in computing diluted |
|
|
83,323 |
|
|
|
93,594 |
|
net (loss)
income per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Net (Loss) Income to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(15,339 |
) |
|
$ |
17,776 |
|
Stock-based compensation |
|
|
1,900 |
|
|
|
4,230 |
|
Acquisition costs |
|
|
868 |
|
|
|
— |
|
Other non-recurring expenses |
|
|
1,255 |
|
|
|
— |
|
Depreciation and amortization |
|
|
2,396 |
|
|
|
2,302 |
|
Other income, net |
|
|
3,408 |
|
|
|
3,400 |
|
(Benefit from) provision for income
taxes |
|
|
(2,170 |
) |
|
|
1,793 |
|
Adjusted EBITDA |
|
$ |
(7,682 |
) |
|
$ |
29,501 |
|
Adjusted EBITDA margin |
|
|
(21.6 |
)% |
|
|
33.1 |
% |
|
|
|
|
|
|
|
|
|
Reconciliation
of Net Cash (Used in) Provided by Operating |
|
|
|
|
|
|
|
|
Activities to Free Cash Flow: |
|
|
|
|
|
|
|
|
Net cash (used in) provided by
operating activities |
|
$ |
(13,849 |
) |
|
$ |
51,143 |
|
Purchases of property and
equipment |
|
|
(1,835 |
) |
|
|
(2,539 |
) |
Free cash flow |
|
$ |
(15,684 |
) |
|
$ |
48,604 |
|
|
|
|
|
|
|
|
|
|
Summary of
Stock-Based Compensation Expense: |
|
|
|
|
|
|
|
|
Cost of revenue |
|
$ |
71 |
|
|
$ |
209 |
|
Research and development |
|
|
141 |
|
|
|
2,018 |
|
Selling, general and
administrative |
|
|
1,688 |
|
|
|
2,003 |
|
Total |
|
$ |
1,900 |
|
|
$ |
4,230 |
|
|
|
|
|
|
|
|
|
|
Summary of
Revenue: |
|
|
|
|
|
|
|
|
Sales of broadband products |
|
$ |
13,403 |
|
|
$ |
50,759 |
|
Capacity expansions |
|
|
13,250 |
|
|
|
29,430 |
|
Product |
|
|
26,653 |
|
|
|
80,189 |
|
Service |
|
|
8,833 |
|
|
|
8,885 |
|
Total revenue |
|
$ |
35,486 |
|
|
$ |
89,074 |
|
|
|
|
|
|
|
|
|
|
|
|
CASA SYSTEMS, INC.CONDENSED
CONSOLIDATED BALANCE
SHEETS(unaudited) (in thousands) |
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
264,411 |
|
|
$ |
280,587 |
|
Accounts
receivable, net |
|
|
50,091 |
|
|
|
81,782 |
|
Inventory |
|
|
67,773 |
|
|
|
50,997 |
|
Prepaid
expenses and other current assets |
|
|
4,979 |
|
|
|
3,755 |
|
Prepaid
income taxes |
|
|
1,636 |
|
|
|
390 |
|
Total
current assets |
|
|
388,890 |
|
|
|
417,511 |
|
Property and equipment,
net |
|
|
29,482 |
|
|
|
29,879 |
|
Accounts receivable, net
of current portion |
|
|
1,997 |
|
|
|
2,388 |
|
Deferred tax assets |
|
|
23,703 |
|
|
|
21,578 |
|
Other assets |
|
|
3,694 |
|
|
|
3,293 |
|
Total
assets |
|
$ |
447,766 |
|
|
$ |
474,649 |
|
Liabilities and
Stockholders’
Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
17,814 |
|
|
$ |
17,776 |
|
Accrued
expenses and other current liabilities |
|
|
23,088 |
|
|
|
36,992 |
|
Accrued
income taxes |
|
|
1,568 |
|
|
|
958 |
|
Deferred
revenue |
|
|
31,319 |
|
|
|
31,206 |
|
Current
portion of long-term debt, net of unamortized debt issuance
costs |
|
|
2,184 |
|
|
|
2,179 |
|
Total
current liabilities |
|
|
75,973 |
|
|
|
89,111 |
|
Accrued income taxes, net
of current portion |
|
|
5,124 |
|
|
|
4,923 |
|
Deferred revenue, net of
current portion |
|
|
8,504 |
|
|
|
12,479 |
|
Long-term debt, net of
current portion and unamortized debt issuance costs |
|
|
292,731 |
|
|
|
293,280 |
|
Total
liabilities |
|
|
382,332 |
|
|
|
399,793 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
84 |
|
|
|
83 |
|
Additional paid-in capital |
|
|
159,992 |
|
|
|
156,939 |
|
Accumulated other comprehensive loss |
|
|
(445 |
) |
|
|
(1,158 |
) |
Accumulated deficit |
|
|
(94,197 |
) |
|
|
(81,008 |
) |
Total
stockholders’ equity |
|
|
65,434 |
|
|
|
74,856 |
|
Total
liabilities and stockholders’ equity |
|
$ |
447,766 |
|
|
$ |
474,649 |
|
|
|
CASA
SYSTEMS, INC.CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (unaudited)(in
thousands) |
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2019 |
|
|
2018 |
|
Cash flows (used
in) provided by operating activities: |
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(15,339 |
) |
|
$ |
17,776 |
|
Adjustments to
reconcile net income (loss) to net cash (used in) provided by
operating |
|
|
|
|
|
|
|
|
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,396 |
|
|
|
2,302 |
|
Stock-based compensation |
|
|
1,900 |
|
|
|
4,230 |
|
Deferred income taxes |
|
|
(2,700 |
) |
|
|
1,040 |
|
Increase in provision for doubtful
accounts |
|
|
1,255 |
|
|
|
— |
|
Excess and obsolete inventory
valuation adjustment |
|
|
(613 |
) |
|
|
(1,043 |
) |
Changes in operating assets and
liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
25,289 |
|
|
|
28,470 |
|
Inventory |
|
|
(16,986 |
) |
|
|
7,713 |
|
Prepaid expenses and other
assets |
|
|
(1,721 |
) |
|
|
103 |
|
Prepaid income taxes |
|
|
(1,245 |
) |
|
|
(1,273 |
) |
Accounts payable |
|
|
1,165 |
|
|
|
1,644 |
|
Accrued expenses and other current
liabilities |
|
|
(8,171 |
) |
|
|
(7,162 |
) |
Accrued income taxes |
|
|
812 |
|
|
|
1,969 |
|
Deferred revenue |
|
|
109 |
|
|
|
(4,626 |
) |
Net cash (used in) provided by
operating activities |
|
|
(13,849 |
) |
|
|
51,143 |
|
Cash flows used
in investing activities: |
|
|
|
|
|
|
|
|
Purchases of property
and equipment |
|
|
(1,835 |
) |
|
|
(2,539 |
) |
Net cash used in investing
activities |
|
|
(1,835 |
) |
|
|
(2,539 |
) |
Cash flows used
in financing activities: |
|
|
|
|
|
|
|
|
Principal repayments of
debt |
|
|
(828 |
) |
|
|
(826 |
) |
Proceeds from exercise
of stock options |
|
|
1,498 |
|
|
|
675 |
|
Payments of dividends
and equitable adjustments |
|
|
(761 |
) |
|
|
(2,241 |
) |
Payments of initial
public offering costs |
|
|
— |
|
|
|
(976 |
) |
Employee taxes paid
related to net share settlement of equity awards |
|
|
(1,004 |
) |
|
|
— |
|
Net cash used in financing
activities |
|
|
(1,095 |
) |
|
|
(3,368 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
|
|
609 |
|
|
|
1,039 |
|
Net (decrease)
increase in cash, cash equivalents and restricted
cash |
|
|
(16,170 |
) |
|
|
46,275 |
|
Cash, cash equivalents
and restricted cash at beginning of period |
|
|
281,606 |
|
|
|
260,820 |
|
Cash, cash equivalents
and restricted cash at end of period |
|
$ |
265,436 |
|
|
$ |
307,095 |
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid for
interest |
|
$ |
4,682 |
|
|
$ |
4,291 |
|
Cash paid for income
taxes |
|
$ |
683 |
|
|
$ |
53 |
|
Supplemental
disclosures of non-cash operating, investing |
|
|
|
|
|
|
|
|
and
financing activities: |
|
|
|
|
|
|
|
|
Purchases of property
and equipment included in accounts payable |
|
$ |
858 |
|
|
$ |
287 |
|
Prepaid expenses and
other current assets included in accounts payable |
|
$ |
157 |
|
|
$ |
241 |
|
Deferred public
offering costs included in accounts payable and accrued
expenses |
|
$ |
— |
|
|
$ |
171 |
|
and other
current liabilities |
|
|
|
|
|
|
|
|
Unpaid equitable
adjustments included in accrued expenses |
|
$ |
2,575 |
|
|
$ |
8,420 |
|
and other
current liabilities |
|
|
|
|
|
|
|
|
Release of customer
incentives included in accounts receivable and |
|
$ |
5,389 |
|
|
$ |
5,754 |
|
accrued expenses
and other current liabilities |
|
|
|
|
|
|
|
|
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