STOCK TITAN

Casa Systems Reports Fourth Quarter 2020 and Full Year 2020 Financial Results

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary

Casa Systems, Inc. announced impressive financial results for Q4 and the full year 2020, with revenues reaching $120.5 million in Q4 and $393.2 million for the year. The company reported a gross margin of 51.6% in Q4 and 51.0% for the full year. Notably, GAAP net income stood at $23.2 million for Q4 and $24.8 million for the year, translating to earnings per diluted share of $0.27 and $0.29, respectively. For 2021, Casa expects revenue between $425 million and $445 million and a non-GAAP diluted net income per share of $0.23 to $0.32.

Positive
  • Record Q4 revenue of $120.5 million and FY revenue of $393.2 million.
  • Gross margins improved to 51.6% in Q4 and 51.0% for the full year.
  • GAAP net income of $23.2 million in Q4, indicating strong profitability.
  • Positive outlook for 2021 with projected revenue between $425 million and $445 million.
  • Strong cash balance and increased working capital enhancing liquidity.
Negative
  • GAAP diluted net loss per share guidance for 2021 ranges from $0.05 to $0.14.

Full Year Results Exceed Prior Revised Guidance Range
Record Full Year and Q4 Revenue and Gross Profit
Record FY and Q4 Wireless Revenue
2021 Guidance Reflecting Double-Digit Top-Line and EBITDA Growth

ANDOVER, Mass., Feb. 18, 2021 (GLOBE NEWSWIRE) -- Casa Systems, Inc. (Nasdaq: CASA), a leading provider of physical and cloud-native infrastructure technology solutions for mobile, cable and fixed networks, today announced its financial results for its fourth quarter and year ended December 31, 2020.

Fourth Quarter 2020 Financial & Operational Highlights

  • Revenue of $120.5 million
  • Gross margin of 51.6%
  • GAAP net income of $23.2 million
  • Non-GAAP net income of $22.9 million
  • GAAP net income per fully diluted share of $0.27
  • Non-GAAP net income per fully diluted share of $0.27
  • Adjusted EBITDA of $25.3 million

2020 Financial Highlights

  • Revenue of $393.2 million
  • Gross margin of 51.0%
  • GAAP net income of $24.8 million
  • Non-GAAP net income of $24.3 million
  • GAAP net income per fully diluted share of $0.29
  • Non-GAAP net income per fully diluted share of $0.28
  • Adjusted EBITDA of $55.3 million

“We had one of our strongest quarters with record wireless revenue and a healthy backlog to support our top-line growth in 2021,” said Jerry Guo, Casa Systems’ President and CEO. “Our progress this year is evident in our scaling up of new products including our industry leading 5G millimeter wave fixed access devices, diversifying our revenue through increased wireless and fixed telco sales, and expanding our customer base, while simultaneously improving our cost structure. This is continued validation of the strategic direction in which we have been taking our Company to drive long-term, sustainable growth and profitability.”

Scott Bruckner, Casa Systems’ CFO added, “I am very pleased with our results for the fourth quarter and full year 2020. We achieved top-line and gross profit growth and continued operating leverage off of our efficient cost structure to deliver significant growth in operating income, EBITDA and EPS. We closed the year with a strong cash balance and increased working capital that further strengthened our liquidity and advanced our financial deleveraging.”

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 2021, we expect:

  • Revenue between $425 million and $445 million
  • GAAP Operating Income between $28 million and $38 million
  • Non-GAAP Operating Income between $48 million and $58 million
  • Adjusted EBITDA between $60 million and $70 million
  • GAAP diluted net loss per share between $0.05 and $0.14 and Non-GAAP diluted net income per share between $0.23 and $0.32

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; adjustments to the tax provision for the CARES Act; 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 our financial results for the fourth quarter and year ended December 31, 2020, and our business outlook at 5:00 p.m. EST today, February 18, 2021. 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 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 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) 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 failure to fully realize anticipated synergies from our acquisition of NetComm; and (7) other factors discussed in the “Risk Factors” section of our public reports filed with the Securities and Exchange Commission (“SEC”), including our most recent Quarterly Report on Form 10-Q, 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.

COVID-19 Pandemic

The emergence of the coronavirus disease, or COVID-19, in 2019 around the world, and particularly in the United States and China, and the accompanying responses of governments and businesses to the pandemic present various risks to us, not all of which we are able to fully evaluate or even to foresee at the current time. While the COVID-19 pandemic did not materially adversely affect our financial results, business operations or liquidity in the year ended December 31, 2020, economic and health conditions in the United States and across most of the globe changed rapidly during the year and are continuing to change after the end of the year. Globally to date, all aspects of our business remain fully operational, and our work from home contingency plans have been implemented and are operating successfully. The pandemic has resulted in increased demand for certain of our products and resulting order volumes have created additional pressure on our supply chain. To date, while the increased demand has not resulted in any material delays to our production cycle, we continue to work with our supply chain and contract manufacturers in an effort to ensure continued availability of anticipated inventory requirements. However, we cannot at this time predict whether, or to what extent, our efforts will be successful. Additionally, we saw decreases in certain operating expenses, such as travel and trade show expense, during the year ended December 31, 2020, due to the COVID-19 pandemic that we cannot ensure will be maintained. We intend to continue to monitor our business very closely for any effects of COVID-19 for as long as necessary on an ongoing basis.

Due to the above circumstances, our results of operations for the year ended December 31, 2020, are not necessarily indicative of the results to be expected in future years. Management cannot predict the full impact of the COVID-19 pandemic on our sales channels, supply chain, manufacturing and distribution, or on economic conditions generally, including the effects on our current and potential customers, who may temporarily accelerate or curtail spending on investments in current and/or new technologies, delay new equipment evaluations and trials, and possibly delay payments based on liquidity concerns, all of which could have a material impact on our business in the future. Similarly, our supply chain and our contract manufacturers could be affected, which could cause disruptions to our ability to meet customer demand. Although we have not been materially adversely impacted to date, we cannot predict the extent to which this may impact our future results of operations. If COVID-19 were to have such effect in the future, there would likely be a material adverse impact on our financial results, liquidity and resource needs. Thus, the ultimate extent of the effect of the COVID-19 pandemic on the Company is highly uncertain and dependent upon future developments, and such effects could exist for an extended period of time even after the pandemic might end.

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 income (loss) 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; acquisition-related expenses and other non-recurring expenses, which are one-time non-recurring charges; adjustments to the tax provision for the CARES Act; and the tax effect on these excluded items. The tax effect of the excluded items were calculated based on specific calculations of each item’s effect on the tax provision. We define non-GAAP diluted net income 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. 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 income (loss), excluding the impact of stock-based compensation expense; acquisition-related expenses; 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, 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;

  • each of non-GAAP net income, non-GAAP diluted net income per share and adjusted EBITDA exclude acquisition-related expenses and other non-recurring expenses because they are one-time, non-recurring charges, although they 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;

  • 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 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 service providers worldwide. For more information, visit http://www.casa-systems.com.

CONTACT INFORMATION:
IR Contact
Michael Cummings or Jackie Marcus
617-982-0475
investorrelations@casa-systems.com

Source: Casa Systems

 
CASA SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share amounts)
       
  Three Months Ended December 31,  Year Ended December 31, 
  2020  2019  2020  2019 
                 
Revenue $120,526  $112,893  $393,246  $282,297 
Cost of revenue  58,304   53,378   192,647   119,765 
Gross profit  62,222   59,515   200,599   162,532 
Operating expenses:                
Research and development  20,648   22,508   84,370   83,331 
Selling, general and administrative  24,285   27,002   92,016   88,320 
Total operating expenses  44,933   49,510   176,386   171,651 
Income (loss) from operations  17,289   10,005   24,213   (9,119)
Other income (expense):                
Interest income  152   524   999   4,406 
Interest expense  (4,189)  (4,860)  (16,895)  (20,522)
Gain (loss) on foreign currency, net  (222)  756   452   298 
Other income, net  545   45   980   522 
Total other income (expense), net  (3,714)  (3,535)  (14,464)  (15,296)
Income (loss) before provision for (benefit from) income taxes  13,575   6,470   9,749   (24,415)
(Benefit from) provision for income taxes  (9,619)  32,130   (15,052)  23,791 
Net income (loss) $23,194  $(25,660) $24,801  $(48,206)
                 
Net income (loss) per share:                
Basic $0.28  $(0.31) $0.30  $(0.57)
Diluted $0.27  $(0.31) $0.29  $(0.57)
                 
Weighted-average shares used to compute net income (loss) per share:                
Basic  83,550   84,126   83,465   83,853 
Diluted  86,244   84,126   85,278   83,853 
                 


 
CASA SYSTEMS, INC.
RECONCILIATION OF SELECTED GAAP AND NON-GAAP FINANCIAL MEASURES
(unaudited)
(in thousands)
       
  Three Months Ended December 31,  Twelve Months Ended December 31, 
  2020  2019  2020  2019 
                 
Reconciliation of Net Income (Loss) to Non-GAAP Net Income:                
Net income (loss) $23,194  $(25,660) $24,801  $(48,206)
Stock-based compensation  3,657   2,371   13,155   9,821 
Acquisition-related expenses     101      3,494 
Reversal of write-up to fair value of acquired inventory           3,200 
Amortization of acquired intangible assets  1,426   1,426   5,704   2,852 
Restructuring expenses     909      1,084 
Other non-recurring expenses           776 
Tax benefit from release of DTA reserve  (4,112)  35,199   (14,661)  35,199 
Tax effect of excluded items  (1,269)  (1,213)  (4,738)  (5,605)
Non-GAAP net income $22,896  $13,134  $24,261  $2,615 
Non-GAAP net income margin  19.0%  11.6%  6.2%  0.9%
                 
Reconciliation of Diluted Net Income (Loss) Per Share to Non-GAAP Diluted Net Income Per Share:                
Diluted net income (loss) per share $0.27  $(0.31) $0.29  $(0.57)
Non-GAAP adjustments to net income (loss)     0.46   (0.01)  0.61 
Non-GAAP diluted net income per share $0.27  $0.15  $0.28  $0.04 
Weighted-average shares used in computing diluted net income (loss) per share  86,244   84,126   85,278   83,853 
                 
Reconciliation of Net Income (Loss) to Adjusted EBITDA:                
Net income (loss) $23,194  $(25,660) $24,801  $(48,206)
Stock-based compensation  3,657   2,371   13,155   9,821 
Acquisition-related expenses     101      3,494 
Reversal of write-up to fair value of acquired inventory           3,200 
Restructuring expenses     909      1,084 
Other non-recurring expenses           776 
Depreciation and amortization  4,322   4,819   17,970   14,722 
Other income, net  3,714   3,535   14,464   15,296 
Provision for (benefit from) income taxes  (9,619)  32,130   (15,052)  23,791 
Adjusted EBITDA $25,268  $18,205  $55,338  $23,978 
Adjusted EBITDA margin  21.0%  16.1%  14.1%  8.5%
                 


 
CASA SYSTEMS, INC.
RECONCILIATION OF SELECTED GAAP AND NON-GAAP FINANCIAL MEASURES
(unaudited)
(in thousands)
       
  Three Months Ended December 31,  Twelve Months Ended December 31, 
  2020  2019  2020  2019 
                 
Reconciliation of Net Cash Provided by (Used in) Operating Activities to Free Cash Flow:                
Net cash provided by (used in) operating activities $1,998  $(5,952) $53,642  $(39,022)
Purchases of property and equipment and software licenses  (1,483)  (1,866)  (5,585)  (8,591)
Free cash flow $515  $(7,818) $48,057  $(47,613)
                 
Summary of Stock-Based Compensation Expense:                
Cost of revenue $38  $45  $153  $216 
Research and development  768   253   2,447   1,569 
Selling, general and administrative  2,851   2,073   10,555   8,036 
Total $3,657  $2,371  $13,155  $9,821 
                 
Summary of Revenue:                
Product revenue:                
Wireless $48,263  $35,883  $111,255  $58,234 
Fixed telco  21,148   21,230   96,904   38,734 
Cable  37,045   44,069   137,924   144,409 
Product revenue  106,456   101,182   346,083   241,377 
Service revenue:                
Wireless  2,104   992   7,348   1,701 
Fixed telco  931   261   1,924   773 
Cable  11,035   10,458   37,891   38,446 
Service revenue  14,070   11,711   47,163   40,920 
Total revenue $120,526  $112,893  $393,246  $282,297 
                 


 
CASA SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
       
  December 31,  December 31, 
  2020  2019 
         
Assets        
Current assets:        
Cash and cash equivalents $157,455  $113,638 
Accounts receivable, net  94,124   93,100 
Inventory  101,204   93,604 
Prepaid expenses and other current assets  3,864   4,884 
Prepaid income taxes  14,087   3,217 
Total current assets  370,734   308,443 
Property and equipment, net  28,880   35,910 
Accounts receivable, net of current portion  143   575 
Deferred tax assets  1,150   69 
Goodwill  50,177   50,347 
Intangible assets, net  35,844   41,148 
Other assets  6,038   7,820 
Total assets $492,966  $444,312 
Liabilities and Stockholders’ Equity        
Current liabilities:        
Accounts payable $41,203  $25,890 
Accrued expenses and other current liabilities  39,793   34,567 
Accrued income taxes  7,463    
Deferred revenue  15,531   25,485 
Current portion of long-term debt, net of unamortized debt issuance costs  15,171   8,524 
Total current liabilities  119,161   94,466 
Accrued income taxes, net of current portion  9,520   12,381 
Deferred tax liabilities  7,282   8,993 
Deferred revenue, net of current portion  3,520   4,583 
Long-term debt, net of current portion and unamortized debt issuance costs  276,085   284,756 
Other liabilities, non-current  1,024   569 
Total liabilities  416,592   405,748 
         
Stockholders’ equity:        
Common stock  85   84 
Treasury Stock  (4,826)  (1,795)
Additional paid-in capital  183,041   169,561 
Accumulated other comprehensive income (loss)  337   (2,222)
Accumulated deficit  (102,263)  (127,064)
Total stockholders’ equity  76,374   38,564 
Total liabilities and stockholders’ equity $492,966  $444,312 
         


 
CASA SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
    
  Year Ended December 31, 
  2020  2019 
Cash flows provided by (used in) operating activities:        
Net income (loss) $24,801  $(48,206)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Depreciation and amortization  17,970   14,722 
Stock-based compensation  13,155   9,821 
Deferred income taxes  (2,526)  19,641 
Change in provision for excess and obsolete inventory  1,616   545 
Increase in provision for doubtful accounts  38   560 
Gain on disposal of assets  115    
Changes in operating assets and liabilities:        
Accounts receivable  (350)  1,881 
Inventory  (9,774)  (21,276)
Prepaid expenses and other assets  2,837   (3,679)
Prepaid income taxes  (11,745)  16 
Accounts payable  17,015   1,554 
Accrued expenses and other current liabilities  6,254   (7,827)
Accrued income taxes  5,297   2,724 
Deferred revenue  (11,061)  (9,498)
Net cash provided by (used in) operating activities  53,642   (39,022)
Cash flows used in investing activities:        
Purchases of property and equipment  (5,153)  (8,591)
Purchases of software licenses  (432)   
Acquisition of businesses, net of cash acquired     (109,431)
Net cash used in investing activities  (5,585)  (118,022)
Cash flows used in financing activities:        
Principal repayments of debt  (9,644)  (6,820)
Drawdowns on revolving credit facility  6,500    
Proceeds from exercise of stock options  1,195   2,687 
Payments of dividends and equitable adjustments  (683)  (2,590)
Repurchases of common stock  (3,031)  (1,795)
Employee taxes paid related to net share settlement of equity awards  (640)  (1,009)
Net cash used in financing activities  (6,303)  (9,527)
Effect of exchange rate changes on cash and cash equivalents  2,050   (378)
Net increase (decrease) in cash, cash equivalents and restricted cash  43,804   (166,949)
Cash, cash equivalents and restricted cash at beginning of period  114,657   281,606 
Cash, cash equivalents and restricted cash at end of period $158,461  $114,657 
Supplemental disclosures of cash flow information:        
Cash paid for interest $12,917  $18,885 
Cash paid for income taxes $2,969  $4,334 
Supplemental disclosures of non-cash operating, investing and financing activities:        
Purchases of property and equipment included in accounts payable $128  $727 
Unpaid equitable adjustments included in accrued expenses and other current liabilities $63  $731 
Release of customer incentives included in accounts receivable and accrued expenses and other current liabilities $157  $5,735 
         


FAQ

What were Casa Systems' revenue results for Q4 2020?

Casa Systems reported Q4 2020 revenue of $120.5 million.

What is Casa Systems' financial outlook for 2021?

Casa Systems expects revenue between $425 million and $445 million for 2021.

How much was Casa Systems' GAAP net income for the full year 2020?

The GAAP net income for Casa Systems for the full year 2020 was $24.8 million.

What did Casa Systems achieve in terms of gross margin in 2020?

Casa Systems achieved a gross margin of 51.0% for the full year 2020.

What is the anticipated non-GAAP diluted net income per share for Casa Systems in 2021?

The anticipated non-GAAP diluted net income per share for 2021 ranges from $0.23 to $0.32.

Casa Systems, Inc.

NASDAQ:CASA

CASA Rankings

CASA Latest News

CASA Stock Data

3.47M
33.35M
22.5%
58.45%
0.47%
Communication Equipment
Technology
Link
United States
Andover