ANDOVER, Mass., April 03, 2024 (GLOBE NEWSWIRE) -- Casa Systems, Inc. (NASDAQ:CASA) ("Casa" or the "Company"), a leading provider of physical and cloud-native infrastructure technology solutions for wireless, cable and fixed broadband networks, today initiated a court-supervised process that is intended to achieve value-maximizing sales of its businesses. To facilitate these sales, the Company filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the D ...

NEW YORK and ANDOVER, Mass., Feb. 26, 2024 (GLOBE NEWSWIRE) -- Alef, a leader in mobile connectivity solutions, and Casa Systems, provider of cloud-native network solutions serving communications services providers (CSPs) worldwide, have partnered to introduce a groundbreaking Mobile Private Network (MPN) solution. This innovative collaboration delivers CSPs a redefining MPN solution to drive scaled adoption throughout the enterprise sector. Out with the Old: Overcoming Traditional MPN Challenges The GSMA r ...

Casa Systems, Inc. (NASDAQ:CASA) Q3 2023 Earnings Conference Call November 7, 2023 5:00 PM ET Dennis Daly - Investor Relations Ed Durkin - Chief Financial Officer Tim Savageaux - Northland Capital Markets Good afternoon and welcome to Casa Systems Third Quarter 2023 Earnings Call. [Operator Instructions] As a reminder this call is being recorded. Thank you, operator and good afternoon, everyone. Casa Systems released results for the third quarter fiscal year 2023 ended September 30, 2023, this afternoon aft ...

Certain of the components and subassemblies included in the Company's products are obtained and manufactured from a single source or a limited group of suppliers. Although the Company seeks to reduce dependence on those single or limited source suppliers, the partial or complete loss of certain of these sources could have a material adverse effect on the Company's operating results, financial condition and cash flows and damage its customer relationships. Accumulated Cost Amortization Net Balance $ 25,000 $ ...

Dennis Daly - Investor Relations Ed Durkin - Chief Financial Officer Good afternoon and welcome to the Casa Systems Second Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this call is being recorded. Company Participants Michael Glickman - President and Chief Executive Officer Tim Savageaux - Northland Capital Markets At this time I would like to turn the call over to Dennis Daly, VP of Corporate Development and Investor Relations. Thank you, operator, and good afternoon, everyone. With m ...

Further, in connection with the Superpriority Credit Agreement, the Company identified certain embedded features requiring bifurcation as derivatives under ASC 815. These embedded derivatives are required to be bifurcated from the debt host contract at fair value with subsequent changes in fair value recognized in earnings at each balance sheet date (see Note 8). The fair value of the embedded derivatives is based on a Monte Carlo valuation model utilizing a with and without analysis of the embedded feature ...

Casa Systems, Inc. (NASDAQ:CASA) Q1 2023 Results Conference Call May 9, 2023 6:00 PM ET In addition to U.S. GAAP reporting, we report certain financial measures that do not conform to generally accepted accounting principles. During the call, we may use non-GAAP measures if we believe it is useful to investors or believe it will be helpful to investors to better understand our performance or business trends. And finally, before I go into the Q1 financial results, I would like to note that the search for a p ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to _________. Commission File Number: 001-38324 Casa Systems, Inc. (Exact name of registrant as specified in its charter) Delaware 75-3108867 (Stat ...

Jerry Guo - Chief Executive Officer Conference Call Participants Hello! And welcome to Casa Systems Q4 2022 Earnings Conference Call and Webcast. [Operator Instructions]. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. With me on todayâs call are Jerry Guo, our Chief Executive Officer; and Ed Durkin, our Chief Financial Officer. This call is being webcast and will be archived on the Investor Relations section of our website. In addition to ...

Company Operations - The company operates in over 70 countries with more than 475 customers, including Tier 1 CSPs, serving millions of subscribers[253]. Revenue Performance - Total revenue for the year ended December 31, 2022, was $286.5 million, a decrease of 28.6% compared to $401.3 million in 2021[288]. - Revenue from North America decreased from 55.1% in 2021 to 45.7% in 2022, attributed to reduced device shipments to Tier 1 customers[265][266]. - The Asia-Pacific region's revenue increased from 30.4% in 2021 to 34.6% in 2022 due to improvements in supply chain issues[265][267]. - Product revenue decreased by 32.9% to $237.5 million in 2022 from $353.9 million in 2021, primarily due to decreased demand and supply chain delays[291]. - Service revenue increased by 3.4% to $49.0 million in 2022, driven by increased support renewals and wireless service sales[292]. Financial Results - The company reported a net loss of $79.2 million for 2022, compared to a net income of $3.2 million in 2021[288]. - Gross profit for 2022 was $103.7 million, representing a gross margin of 36.2%, down from 46.9% in 2021[293]. - Operating expenses totaled $172.1 million in 2022, with research and development expenses at $85.2 million and selling, general and administrative expenses at $86.9 million[288]. - Warranty settlement provision of $12.8 million was recorded in 2022, impacting gross margin negatively[294]. Tax and Benefits - The company recognized a tax benefit of $7.1 million for the year ended December 31, 2021, due to the CARES Act[259]. - The effective tax rate is expected to vary based on the proportion of foreign to U.S. income and other factors, with a tax charge of $0.7 million related to GILTI for 2022[286]. - Provision for income taxes increased to $0.6 million in 2022, a 114.3% rise from $0.3 million in 2021, with an effective tax rate of (0.8)%[299]. Research and Development - Research and development expenses are expected to increase as the company invests in enhancing existing products and developing new technologies[280]. - Research and development expenses increased to $85.2 million in 2022, up 1.0% from $84.4 million in 2021, representing 29.7% of revenue[295]. Cash Flow and Financing - Cash and cash equivalents decreased to $126.3 million as of December 31, 2022, down from $154.7 million in 2021[300]. - Net cash used in operating activities was $(8.6) million in 2022, primarily due to a net loss of $79.2 million[304]. - Net cash used in investing activities totaled $(4.4) million in 2022, consisting of $3.7 million for property and equipment and $0.7 million for software licenses[306]. - Net cash used in financing activities was $(12.5) million in 2022, including debt principal repayments of $48.9 million[307]. - Outstanding borrowings under the Term Loan were $226.0 million as of December 31, 2022, down from $278.2 million in 2021[309]. - The company faces substantial doubt about its ability to continue as a going concern due to the upcoming maturity of the Term Loan and lack of committed financing[301]. Debt and Interest Rates - As of December 31, 2022, the interest rate on the Term Loan was 8.38% per annum, up from 5.00% per annum as of December 31, 2021[312]. - The Term Loan matures on December 20, 2023, with an original principal amount of $300.0 million and amortization of 1.0% of the original principal amount in equal quarterly installments[313]. - The applicable margin for borrowings under the term loan facility is 4.00% per annum for Eurodollar rate loans, subject to a 1.00% interest rate floor[374]. Stock and Shareholder Activities - The company entered into a Stock Purchase Agreement with Verizon Ventures LLC for the private placement of 9.3 million shares at a price of $4.24 per share, totaling approximately $39.5 million[319]. - During the years ended December 31, 2022 and 2021, the company repurchased 0.2 million and 1.7 million shares for approximately $1.2 million and $8.8 million, respectively[320]. - The company has approximately $60.2 million remaining authorized for stock repurchases under the stock repurchase program as of December 31, 2022[320]. Foreign Currency and Risk Management - The company has entered into exchange rate hedging arrangements to manage foreign currency exchange risks, with the majority of product sales and inventory purchases denominated in U.S. dollars[369]. - The company utilizes foreign currency forward contracts to hedge specific forecasted transactions, aiming to protect budgeted revenue and expenses[371]. - The company’s foreign currency risk management success relies on accurate forecasts of transaction activity in various currencies[372]. - Interest income sensitivity is the primary market risk for cash and cash equivalents, but sudden changes in interest rates are not expected to materially impact financial condition[373]. Inventory and Goodwill - Inventories are valued at the lower of cost or net realizable value, with provisions established for excess and obsolete inventories based on historical sales and future demand[348]. - Goodwill is tested for impairment annually, with no impairment identified as of December 31, 2022, despite a potential indicator related to a Tier 1 customer loss[352]. Inflation and Cost Management - The company has experienced significant increases in component costs and subcontract manufacturing due to inflation, which could adversely affect business and financial condition[376]. - Continued high inflation could have a material adverse effect on the company's operating results and financial condition[376].