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 September 30, 2022 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 ( ...

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 June 30, 2022 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 (State ...

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, 2022 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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 (State or other jurisdiction of i ...

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 September 30, 2021 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 ( ...

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 June 30, 2021 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 (State ...

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, 2021 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 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 (State or other jurisdiction of i ...

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 September 30, 2020 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 ( ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited financial statements show significant revenue growth driven by the NetComm acquisition, alongside a narrowed net loss for the six-month period [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased slightly to $432.5 million as of June 30, 2020, driven by lower receivables and inventory, while liabilities also saw a reduction Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $149,148 | $113,638 | | Accounts receivable, net | $52,867 | $93,100 | | Inventory | $85,965 | $93,604 | | Total current assets | $304,595 | $308,443 | | Goodwill | $50,347 | $50,347 | | Total assets | $432,536 | $444,312 | | **Liabilities & Equity** | | | | Total current liabilities | $84,733 | $94,466 | | Long-term debt, net | $283,805 | $284,756 | | Total liabilities | $392,824 | $405,748 | | Total Stockholders' Equity | $39,712 | $38,564 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Revenue grew significantly for the three and six-month periods ended June 30, 2020, while the net loss narrowed for the six-month period Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2020 | Q2 2019 | 6 Months 2020 | 6 Months 2019 | | :--- | :--- | :--- | :--- | :--- | | Total revenue | $83,350 | $52,101 | $166,973 | $87,587 | | Gross profit | $43,130 | $39,305 | $85,783 | $63,802 | | Income (loss) from operations | $1,332 | $3,743 | $(2,217) | $(10,358) | | Net (loss) income | $(3,028) | $1,291 | $(1,866) | $(14,048) | | Diluted EPS | $(0.04) | $0.01 | $(0.02) | $(0.17) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities improved substantially to $43.9 million for the first six months of 2020, driven by a decrease in accounts receivable Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $43,936 | $(31,120) | | Net cash used in investing activities | $(2,717) | $(3,764) | | Net cash used in financing activities | $(5,386) | $(2,582) | | Net increase (decrease) in cash | $35,493 | $(37,416) | [Notes to Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the NetComm acquisition, a significant tax benefit from the CARES Act, revenue disaggregation, and outstanding debt obligations - On July 1, 2019, the Company acquired NetComm Wireless Limited for **$112.7 million USD**, adding fixed wireless and distribution point broadband solutions to its portfolio, which resulted in goodwill of **$50.3 million**[33](index=33&type=chunk)[64](index=64&type=chunk)[68](index=68&type=chunk) - The CARES Act, enacted in March 2020, allowed the company to carry back Net Operating Losses (NOLs) from 2019, resulting in a recognized tax benefit of approximately **$9.3 million** in the first quarter of 2020[96](index=96&type=chunk) Revenue by Product Line (Six Months Ended June 30, in thousands) | Product Line | 2020 | 2019 | | :--- | :--- | :--- | | Wireless | $36,167 | $1,654 | | Fixed telecom | $41,751 | $45 | | Cable | $67,968 | $67,177 | | **Total product revenue** | **$145,886** | **$68,876** | | Service revenue | $21,087 | $18,711 | | **Total revenue** | **$166,973** | **$87,587** | - As of June 30, 2020, the company had total outstanding debt principal of **$296.0 million**, primarily consisting of **$289.5 million** in term loans and a **$6.5 million** mortgage loan[98](index=98&type=chunk)[102](index=102&type=chunk)[112](index=112&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 60% Q2 revenue growth to the NetComm acquisition, which also lowered gross margins and increased operating expenses - The COVID-19 pandemic has resulted in increased demand for certain products, creating pressure on the supply chain, but **did not significantly adversely affect financial results** in the quarter[167](index=167&type=chunk) - The acquisition of NetComm on July 1, 2019, was the primary driver of increased revenue and operating expenses, contributing **$37.4 million of revenue** for the three months ended June 30, 2020[166](index=166&type=chunk)[175](index=175&type=chunk) Q2 2020 vs Q2 2019 Performance | Metric | Q2 2020 | Q2 2019 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | $83.4M | $52.1M | +60.0% | | Gross Profit | $43.1M | $39.3M | +9.8% | | Gross Margin | 51.7% | 75.4% | -23.7 p.p. | | R&D Expense | $20.7M | $18.3M | +13.3% | | SG&A Expense | $21.1M | $17.3M | +22.0% | - The company's cash and cash equivalents increased to **$149.1 million** as of June 30, 2020, from $113.6 million at the end of 2019, supported by strong operating cash flow of **$43.9 million** for the first six months of 2020[200](index=200&type=chunk)[205](index=205&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from foreign currency exchange rates and interest rates on its floating-rate debt - The company is exposed to foreign currency risk from operations outside the U.S. and uses cash flow hedges and forward contracts to mitigate the impact of currency fluctuations[232](index=232&type=chunk)[233](index=233&type=chunk) - The company has significant floating-rate debt under its term loan facility with an outstanding balance of **$289.5 million**; a **10% increase** in the Eurodollar rate would result in an estimated **$0.3 million** annual decrease in pre-tax earnings[236](index=236&type=chunk)[238](index=238&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2020, with no material changes - Based on an evaluation as of the end of the period, the Chief Executive Officer and Interim Chief Financial Officer concluded that the company's **disclosure controls and procedures were effective**[242](index=242&type=chunk) - **No changes in internal control over financial reporting** occurred during the most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[243](index=243&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company is defending four putative class action lawsuits related to its 2017 IPO and 2018 Follow-on Offering - The company is facing **four putative class action lawsuits** related to its December 2017 IPO and April 2018 Follow-on Offering[247](index=247&type=chunk)[248](index=248&type=chunk)[249](index=249&type=chunk) - The complaints allege violations of the Securities Act, claiming offering documents were materially misleading; **motions to dismiss are pending**[247](index=247&type=chunk)[248](index=248&type=chunk)[249](index=249&type=chunk) - As of June 30, 2020, **no amounts have been accrued** for these lawsuits as the company does not believe a material loss is probable[250](index=250&type=chunk) [Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) New and revised risk factors address the potential impact of the COVID-19 pandemic and update the exclusive forum provisions - A new risk factor was added concerning the **COVID-19 pandemic**, which could negatively impact operations, supply chain, and customer demand[253](index=253&type=chunk)[254](index=254&type=chunk) - The risk factor related to choice of forum provisions was updated following a Delaware Supreme Court ruling that upheld the validity of selecting federal district courts as the **exclusive forum for Securities Act claims**[255](index=255&type=chunk)[257](index=257&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company has not used its 2017 IPO proceeds and repurchased 11,000 shares for approximately $33,000 in Q2 2020 - As of June 30, 2020, the company has **not used any of the net proceeds** from its 2017 initial public offering[259](index=259&type=chunk) Stock Repurchases for Q2 2020 | Period | Total Shares Purchased (thousands) | Average Price Paid per Share | Dollar Value Remaining for Purchase ($ thousands) | | :--- | :--- | :--- | :--- | | April 2020 | 11 | $3.00 | $70,208 | | May 2020 | 0 | N/A | $70,208 | | June 2020 | 0 | N/A | $70,208 | [Exhibits](index=47&type=section&id=Item%206.%20Exhibits) This section indexes the exhibits filed with the Form 10-Q, including officer certifications and XBRL data files - The report includes standard exhibits such as **officer certifications** (31.1, 31.2, 32.1, 32.2) and **XBRL data files**[265](index=265&type=chunk)[266](index=266&type=chunk)