Casa Systems Inc
CIK:0001333835|SEC Filings
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||||
| Revenue: | ||||||||||
| Total revenue | [1],[2] | $ 62,089 | $ 66,899 | $ 165,389 | $ 202,134 | |||||
| Cost of revenue: | ||||||||||
| Total cost of revenue | 36,198 | 52,523 | 97,527 | 134,444 | ||||||
| Gross profit | 25,891 | 14,376 | 67,862 | 67,690 | ||||||
| Operating expenses: | ||||||||||
| Research and development | 17,121 | 22,059 | 57,947 | 67,545 | ||||||
| Selling, general and administrative | 27,174 | 22,442 | 72,616 | 66,741 | ||||||
| Total operating expenses | 44,295 | 44,501 | 130,563 | 134,286 | ||||||
| Loss from operations | (18,404) | (30,125) | (62,701) | (66,596) | ||||||
| Other income (expense): | ||||||||||
| Interest income | 612 | 810 | 2,431 | 1,118 | ||||||
| Interest expense | (10,712) | (4,762) | (21,896) | (12,270) | ||||||
| Loss on extinguishment of debt | [3] | (28,822) | ||||||||
| Revaluation of warrant liability | 3,795 | 3,795 | ||||||||
| (Loss) gain on foreign currency, net | (160) | 1,546 | 228 | 2,089 | ||||||
| Other income, net | 47 | 106 | 657 | 285 | ||||||
| Total other expense, net | (6,418) | (2,300) | (43,607) | (8,778) | ||||||
| Loss before provision for (benefit from) income taxes | (24,822) | (32,425) | (106,308) | (75,374) | ||||||
| Provision for (benefit from) income taxes | 796 | (1,261) | 2,104 | 5,071 | ||||||
| Net loss | (25,618) | (31,164) | (108,412) | (80,445) | ||||||
| Other comprehensive loss - foreign currency translation adjustment, net of tax | (251) | (2,737) | (883) | (4,683) | ||||||
| Comprehensive loss | $ (25,869) | $ (33,901) | $ (109,295) | $ (85,128) | ||||||
| Net loss per share attributable to common stockholders: | ||||||||||
| Basic | $ (0.26) | $ (0.33) | $ (1.12) | $ (0.89) | ||||||
| Diluted | $ (0.26) | $ (0.33) | $ (1.12) | $ (0.89) | ||||||
| Weighted-average shares used to compute net loss per share attributable to common stockholders: | ||||||||||
| Basic | 97,488 | 94,512 | 96,705 | 90,569 | ||||||
| Diluted | 97,488 | 94,512 | 96,705 | 90,569 | ||||||
| Product | ||||||||||
| Revenue: | ||||||||||
| Total revenue | $ 49,736 | $ 55,435 | $ 130,972 | $ 167,121 | ||||||
| Cost of revenue: | ||||||||||
| Total cost of revenue | 35,131 | 38,421 | 94,155 | 117,531 | ||||||
| Service | ||||||||||
| Revenue: | ||||||||||
| Total revenue | 12,353 | 11,464 | 34,417 | 35,013 | ||||||
| Cost of revenue: | ||||||||||
| Total cost of revenue | $ 1,067 | 1,195 | $ 3,372 | 4,006 | ||||||
| Warranty Settlement Provision | ||||||||||
| Cost of revenue: | ||||||||||
| Total cost of revenue | $ 12,907 | $ 12,907 | ||||||||
| ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||||
|---|---|---|---|---|---|---|
| Current assets: | ||||||
| Cash and cash equivalents | $ 47,925 | $ 126,312 | ||||
| Accounts receivable, net of provision for doubtful accounts of $152 and $636 as of September 30, 2023 and December 31, 2022, respectively | [1] | 37,360 | 74,484 | |||
| Inventory | 77,206 | 81,795 | ||||
| Prepaid expenses and other current assets | 4,171 | 2,836 | ||||
| Prepaid income taxes | 3,022 | 6,352 | ||||
| Total current assets | 169,684 | 291,779 | ||||
| Property and equipment, net | 6,427 | 19,518 | ||||
| Right-of-use assets | 3,674 | 5,199 | ||||
| Goodwill | 50,177 | 50,177 | ||||
| Intangible assets, net | 21,316 | 25,759 | ||||
| Noncurrent assets held for sale | 6,146 | |||||
| Other assets | 5,092 | 5,862 | ||||
| Total assets | 262,516 | 398,294 | ||||
| Current liabilities: | ||||||
| Accounts payable | 21,891 | 29,283 | ||||
| Accrued expenses and other current liabilities | 30,629 | 31,825 | ||||
| Warrant liability | 11,218 | |||||
| Accrued income taxes | 1,011 | 4,298 | ||||
| Deferred revenue | [2] | 41,859 | 31,305 | |||
| Lease liability | 1,446 | 2,040 | ||||
| Current portion of long-term debt, net of unamortized debt issuance discounts | 6,378 | 225,161 | ||||
| Total current liabilities | 114,432 | 323,912 | ||||
| Accrued income taxes, net of current portion | 6,509 | 6,640 | ||||
| Deferred tax liabilities | 1,488 | 1,490 | ||||
| Deferred revenue, net of current portion | 4,361 | 5,529 | ||||
| Long-term debt, net of current portion and unamortized debt issuance costs | 175,104 | |||||
| Warrant liability, net of current portion | 4,118 | |||||
| Lease liability, net of current portion | 2,416 | 3,416 | ||||
| Other liabilities, net of current portion | 7,513 | 7,906 | ||||
| Total liabilities | 315,941 | 348,893 | ||||
| Commitments and contingencies (Note 18) | ||||||
| Total stockholders' (deficit) equity | ||||||
| Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding as of September 30, 2023 and December 31, 2022 | ||||||
| Common stock, $0.001 par value; 500,000 shares authorized; 102,321 and 98,262 shares issued as of September 30, 2023 and December 31, 2022, respectively; 98,724 and 94,665 shares outstanding as of September 30, 2023 and December 31, 2022, respectively | 102 | 98 | ||||
| Treasury stock, at cost; 3,597 shares as of September 30, 2023 and December 31, 2022 | (14,837) | (14,837) | ||||
| Additional paid-in capital | 251,140 | 244,675 | ||||
| Accumulated other comprehensive loss | (3,188) | (2,305) | ||||
| Accumulated deficit | (286,642) | (178,230) | ||||
| Total stockholders' (deficit) equity | (53,425) | 49,401 | ||||
| Total liabilities and stockholders' (deficit) equity | $ 262,516 | $ 398,294 | ||||
| ||||||