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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

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

100 Old River Road

Andover, Massachusetts

 

01810

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (978) 688-6706

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.001 par value per share

CASA

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No    

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

  

Accelerated filer

Non-accelerated filer

☐  

  

Smaller reporting company

 

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of October 26, 2021, the registrant had 86,006,357 shares of common stock, $0.001 par value per share, outstanding.

 

 

 

 


 

Table of Contents

 

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

3

Item 1.

Financial Statements

 

3

 

Condensed Consolidated Financial Statements (Unaudited)

 

3

 

Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020

 

3

 

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the Three and Nine months ended September 30, 2021 and 2020

 

4

 

Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine months ended September 30, 2021 and 2020

 

5

 

Condensed Consolidated Statements of Cash Flows for the Nine months ended September 30, 2021 and 2020

 

7

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

27

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

38

Item 4.

Controls and Procedures

 

40

PART II.

OTHER INFORMATION

 

41

Item 1.

Legal Proceedings

 

41

Item 1A.

Risk Factors

 

42

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

43

Item 6.

Exhibits

 

44

Signatures

 

45

 

 

 

i


 

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “should,” “expects,” “plans,” “anticipates,” “would,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of risks, uncertainties and assumptions described in the “Risk Factors” section and elsewhere in this Quarterly Report on Form 10-Q. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Some of the key factors that could cause actual results to differ from our expectations include:

 

our inability 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;

 

our ability to anticipate technological shifts;

 

our ability to generate positive returns on our research and development;

 

changes in the rate of communication service providers’, or CSPs’, deployment of, and investment in, ultra-broadband network capabilities;

 

the lack of predictability of revenue due to lengthy sales cycles and the volatility in capital expenditure budgets of CSPs;

 

our ability to maintain and expand gross profit and net income;

 

the sufficiency of our cash resources and needs for additional financing;

 

our ability to further penetrate our existing customer base and obtain new customers;

 

changes in our pricing policies, whether initiated by us or as a result of competition;

 

the amount and timing of operating costs and capital expenditures related to the operation and expansion of our business;

 

the potential impact of the COVID-19 pandemic, which is highly uncertain and will depend on future developments on our business, our suppliers and our customers;

 

the actual or rumored timing and success of new product and service introductions by us or our competitors or any other change in the competitive landscape of our industry, including consolidation among our competitors or customers;

 

our ability to successfully expand our business domestically and internationally, including our ability to maintain the synergies we have realized from our acquisition of NetComm Wireless Limited, or NetComm;

 

insolvency or credit difficulties confronting our customers, which could adversely affect their ability to purchase or pay for our products and services, or confronting our key suppliers, which could disrupt our supply chain;

 

future accounting pronouncements or changes in our accounting policies;

 

stock-based compensation expense;

1


 

 

our overall effective tax rate, including impacts caused by the relative proportion of foreign to U.S. income, the amount and timing of certain employee stock-based compensation transactions, changes in the valuation of our deferred tax assets and any new legislation or regulatory developments;

 

increases or decreases in our expenses caused by fluctuations in foreign currency exchange rates;

 

the costs and possible outcomes of any legal actions or proceedings against us, including those described under “Part II, Item 1—Legal Proceedings”;

 

general economic conditions, both domestically and in foreign markets;

 

our ability to obtain and maintain intellectual property protection for our products; and

 

our use of proceeds from our initial public offering.

Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events or otherwise.

2


PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

CASA SYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

(Unaudited)

 

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

156,460

 

 

$

157,455

 

Accounts receivable, net of provision for doubtful accounts of $121 and $58 as of

   September 30, 2021 and December 31, 2020, respectively

 

 

80,863

 

 

 

94,124

 

Inventory

 

 

91,853

 

 

 

101,204

 

Prepaid expenses and other current assets

 

 

4,485

 

 

 

3,864

 

Prepaid income taxes

 

 

19,956

 

 

 

14,087

 

Total current assets

 

 

353,617

 

 

 

370,734

 

Property and equipment, net

 

 

24,647

 

 

 

28,880

 

Accounts receivable, net of current portion

 

 

 

 

 

143

 

Deferred tax assets

 

 

1,704

 

 

 

1,150

 

Goodwill

 

 

50,177

 

 

 

50,177

 

Intangible assets, net

 

 

32,661

 

 

 

35,844

 

Other assets

 

 

7,435

 

 

 

6,038

 

Total assets

 

$

470,241

 

 

$

492,966

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

22,841

 

 

$

41,203

 

Accrued expenses and other current liabilities

 

 

33,368

 

 

 

39,793

 

Accrued income taxes

 

 

4,020

 

 

 

7,463

 

Deferred revenue

 

 

15,857

 

 

 

15,531

 

Current portion of long-term debt, net of unamortized debt issuance costs

 

 

8,421

 

 

 

15,171

 

Total current liabilities

 

 

84,507

 

 

 

119,161

 

Accrued income taxes, net of current portion

 

 

11,359

 

 

 

9,520

 

Deferred tax liabilities

 

 

6,504

 

 

 

7,282

 

Deferred revenue, net of current portion

 

 

5,072

 

 

 

3,520

 

Long-term debt, net of current portion and unamortized debt issuance costs

 

 

274,672

 

 

 

276,085

 

Other liabilities, net of current portion

 

 

1,582

 

 

 

1,024

 

Total liabilities

 

 

383,696

 

 

 

416,592

 

Commitments and contingencies (Note 17)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value; 5,000 shares authorized as of September 30, 2021

   and December 31, 2020; no shares issued and outstanding as of

   September 30, 2021 and December 31, 2020

 

 

 

 

 

 

Common stock, $0.001 par value; 500,000 shares authorized; 87,678 and 85,329 shares

  issued as of September 30, 2021 and December 31, 2020, respectively; 85,956 and

  83,607 shares outstanding as of September 30, 2021 and December 31, 2020,

  respectively

 

 

88

 

 

 

85

 

Treasury stock, at cost; 1,722 shares

 

 

(4,826

)

 

 

(4,826

)

Additional paid-in capital

 

 

191,399

 

 

 

183,041

 

Accumulated other comprehensive income

 

 

467

 

 

 

337

 

Accumulated deficit

 

 

(100,583

)

 

 

(102,263

)

Total stockholders’ equity

 

 

86,545

 

 

 

76,374

 

Total liabilities and stockholders’ equity

 

$

470,241

 

 

$

492,966

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3


CASA SYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

(in thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$

87,752

 

 

$

93,741

 

 

$

262,019

 

 

$

239,627

 

Service

 

 

11,467

 

 

 

12,006

 

 

 

34,207

 

 

 

33,093

 

Total revenue

 

 

99,219

 

 

 

105,747

 

 

 

296,226

 

 

 

272,720

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

 

57,372

 

 

 

51,947

 

 

 

150,515

 

 

 

130,602

 

Service

 

 

1,223

 

 

 

1,206

 

 

 

3,532

 

 

 

3,741

 

Total cost of revenue

 

 

58,595

 

 

 

53,153

 

 

 

154,047

 

 

 

134,343

 

Gross profit

 

 

40,624

 

 

 

52,594

 

 

 

142,179

 

 

 

138,377

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

21,578

 

 

 

21,823

 

 

 

63,479

 

 

 

63,722

 

Selling, general and administrative

 

 

21,029

 

 

 

21,630

 

 

 

64,492

 

 

 

67,731

 

Total operating expenses

 

 

42,607

 

 

 

43,453

 

 

 

127,971

 

 

 

131,453

 

(Loss) income from operations

 

 

(1,983

)

 

 

9,141

 

 

 

14,208

 

 

 

6,924

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

80

 

 

 

170

 

 

 

297

 

 

 

847

 

Interest expense

 

 

(3,969

)

 

 

(3,771

)

 

 

(11,886

)

 

 

(12,706

)

(Loss) gain on foreign currency, net

 

 

(375

)

 

 

(6

)

 

 

(1,353

)

 

 

674

 

Other income, net

 

 

83

 

 

 

338

 

 

 

634

 

 

 

435

 

Total other income (expense), net

 

 

(4,181

)

 

 

(3,269

)

 

 

(12,308

)

 

 

(10,750

)

(Loss) income before (benefit from) provision for income taxes

 

 

(6,164

)

 

 

5,872

 

 

 

1,900

 

 

 

(3,826

)

(Benefit from) provision for income taxes

 

 

(5,288

)

 

 

2,399

 

 

 

220

 

 

 

(5,433

)

Net (loss) income

 

 

(876

)

 

 

3,473

 

 

 

1,680

 

 

 

1,607

 

Other comprehensive (loss) income—foreign currency translation

   adjustment, net of tax

 

 

(127

)

 

 

1,334

 

 

 

130

 

 

 

916

 

Other comprehensive loss—gain on foreign currency hedge

   net of tax

 

 

 

 

 

(527

)

 

 

 

 

 

 

Comprehensive (loss) income

 

$

(1,003

)

 

$

4,280

 

 

$

1,810

 

 

$

2,523

 

Net (loss) income per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.01

)

 

$

0.04

 

 

$

0.02

 

 

$

0.02

 

Diluted

 

$

(0.01

)

 

$

0.04

 

 

$

0.02

 

 

$

0.02

 

Weighted-average shares used to compute net (loss) income per

   share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

85,660

 

 

 

83,302

 

 

 

84,985

 

 

 

83,437

 

Diluted

 

 

85,660

 

 

 

85,466

 

 

 

88,948

 

 

 

85,370

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

4


 

CASA SYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(Unaudited)

 

 

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional

Paid-in

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Deficit

 

 

Equity

 

Balances at June 30, 2021

 

 

87,116

 

 

$

87

 

 

 

1,722

 

 

$

(4,826

)

 

$

185,809

 

 

$

594

 

 

$

(99,707

)

 

$

81,957

 

Exercise of stock options and common stock

   issued upon vesting of equity awards, net

   of shares withheld for employee taxes

 

 

562

 

 

 

1

 

 

 

 

 

 

 

 

 

1,704

 

 

 

 

 

 

 

 

 

1,705

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(127

)

 

 

 

 

 

(127

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,886

 

 

 

 

 

 

 

 

 

3,886

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(876

)

 

 

(876

)

Balances at September 30, 2021

 

 

87,678

 

 

$

88

 

 

 

1,722

 

 

$

(4,826

)

 

$

191,399

 

 

$

467

 

 

$

(100,583

)

 

$

86,545

 

 

 

 

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional

Paid-in

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Deficit

 

 

Equity

 

Balances at January 1, 2021

 

 

85,329

 

 

$

85

 

 

 

1,722

 

 

$

(4,826

)

 

$

183,041

 

 

$

337

 

 

$

(102,263

)

 

$

76,374

 

Exercise of stock options and common stock

   issued upon vesting of equity awards, net

   of shares withheld for employee taxes

 

 

2,349

 

 

 

3

 

 

 

 

 

 

 

 

 

(2,787

)

 

 

 

 

 

 

 

 

(2,784

)

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

130

 

 

 

 

 

 

130

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,145

 

 

 

 

 

 

 

 

 

11,145

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,680

 

 

 

1,680

 

Balances at September 30, 2021

 

 

87,678

 

 

$

88

 

 

 

1,722

 

 

$

(4,826

)

 

$

191,399

 

 

$

467

 

 

$

(100,583

)

 

$

86,545

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

5


 

 

CASA SYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)

(in thousands)

(Unaudited)

 

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional

Paid-in

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balances at June 30, 2020

 

 

84,856

 

 

$

85

 

 

 

1,722

 

 

$

(4,826

)

 

$

175,496

 

 

$

(2,113

)

 

$

(128,930

)

 

$

39,712

 

Exercise of stock options and common

   stock issued upon vesting of equity

   awards, net of shares withheld for

   employee taxes

 

 

389

 

 

 

 

 

 

 

 

 

 

 

 

390

 

 

 

 

 

 

 

 

 

390

 

Cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(527

)

 

 

 

 

 

(527

)

Foreign currency translation adjustment