Casa Systems, Inc. (Nasdaq: CASA), a leading provider of
cloud-native software and physical broadband technology solutions
for access, cable, and cloud, today reported its financial results
for the first quarter ended March 31, 2023.
With respect to first quarter financial results,
the Company announced the following:
First Quarter 2023 Financial &
Operational Highlights
- Revenue of $45.3 million
- GAAP net loss of $(31.7) million, including severance charges
of approximately $3.9 million
- Non-GAAP net loss of $(24.5) million
- GAAP net loss per fully diluted share of $(0.33)
- Non-GAAP net loss per fully diluted share of $(0.26)
- Adjusted EBITDA of $(16.2) million
- Cash, cash equivalents and restricted cash of $115.6 million at
quarter end
- TLB Debt retirement of $2.1 million during Q1 2023
“I am pleased to announce that we just signed a
transaction support agreement regarding our Term Loan B debt
facility with a majority of our lender syndicate that should enable
us to resolve our upcoming December 2023 debt maturity and extend
this to a scheduled maturity of December 2027. This key
accomplishment will provide us the time and flexibility to execute
on our long-term business plan of consistent annual top-line growth
and positive net adjusted EBITDA results,” said Edward Durkin,
Chief Financial Officer and Interim Chief Executive Officer. “We
are continuing to gain traction with our market-leading Access,
Cable, and Cloud product portfolios, as evidenced by the new Cable
MSO wins and the successful deployment of our VCCAP and DA2200
Distributed Access node to Tier 1 cable operators in North and
South America; our continuing progress with Verizon on their
strategic 5G MEC initiative; our work with LG U+ to deploy our
eNode B Gateway and Security Gateway solutions in South Korea; and
the readiness of our 4G/5G enterprise small cell radio products
which will ship to a major MNO in the second half of 2023.”
Mr. Durkin continued, “Our financial performance
in the first quarter came in slightly below our expectations due to
the slipped timing of some orders tied directly to the uncertainty
of our Term Loan B status, and the timing of acceptance of one
software order. That said, I am pleased to also announce we have
since closed the largest Cable deal that slipped outside of Q1, and
we expect to receive customer acceptance on this software order in
Q2 2023. In light of the execution of the transaction support
agreement and other factors, we continue to expect accelerating
revenue growth in the second half of the year, supported by our
sales pipeline, timing of software deliveries, expected customer
acceptance on key contract deliveries and strong backlog scheduled
to ship in the second half of 2023. These factors give us the
confidence to reiterate our 2023 revenue and positive net Adjusted
EBITDA guidance for the year as earlier provided in March
2023.”
Term Loan B (“TLB”) Transaction Support Agreement to
Extend Debt Scheduled Maturity to December 2027
On May 9th, 2023, Casa Systems announced (press
release) it had entered into a Transaction Support Agreement (the
“TSA”) with an ad hoc committee of lenders (the “Consenting
Lenders”) representing approximately 60% of the approximately $223
million in aggregate principal amount of the Company’s Term Loan B
Senior Secured debt now outstanding (the “2023 TLB Debt”).
The TSA provides for, among other things, the
extension of the current maturity of the 2023 TLB Debt held by the
Consenting Lenders (approximately $133.9 million) with maturity
scheduled for December 2027, allowing the Company to execute on its
previously announced growth strategy, implement operational
efficiencies and execute on strategic initiatives. The
Consenting Lenders have agreed, subject to certain terms and
conditions set forth in the TSA, to exchange approximately $133.9
million of their existing 2023 TLB Debt for a newly issued
super-priority term loan B (the “2027 TLB Debt”). The TSA
also provides that other holders of the existing 2023 TLB Debt that
did not initially sign the TSA may execute a joinder to the TSA
under certain conditions. Any such other holder that executes
a joinder will be required, subject to the same terms and
conditions, to exchange its 2023 TLB Debt for such 2027 TLB Debt.
Please see the Company’s Current Report on Form 8-K that was filed
today with the Securities and Exchange Commission with respect to
the TSA and the 2027 TLB Debt, including for additional information
regarding the economics, covenants and conditions applicable
thereto.
The consummation of the transactions
contemplated by the TSA will be conditioned on the satisfaction or
waiver of certain conditions precedent, including finalizing all
definitive documents and completion of satisfactory due diligence
by the Consenting Lenders. The transactions contemplated by
the TSA may not be completed as contemplated, or at all. If
the Company is unable to complete this transaction or any other
alternative transactions, on favorable terms or at all, due to
market conditions or otherwise, its financial condition could be
materially adversely affected. This communication is for
informational purposes only and does not constitute an offer to
sell, or a solicitation of an offer to buy, any security and does
not constitute an offer, solicitation, or sale of any security in
any jurisdiction in which such offer, solicitation or sale would be
unlawful.
2023 Financial Outlook and Current Guidance
For the fiscal year 2023, the Company currently expects:
- Revenue between $300 million and $325 million
- Positive Net Adjusted EBITDA for the year
Conference Call Information
Casa Systems is hosting a conference call for
analysts and investors to discuss its financial results for the
first quarter ended March 31, 2023, and its business outlook at
6:00 p.m. Eastern Time today, May 9, 2023. The conference call can
be heard via webcast in the investor relations section of its
website at http://investors.casa-systems.com, or by dialing
1-877-407-4019 in the United States or 1-201-689-8337 from
international locations with Conference ID 13738572. Shortly after
the conclusion of the conference call, a replay of the audio
webcast will be available in the investor relations section of Casa
Systems’ 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 "Casa"
or the “Company” or “we”), including financial targets, business
strategy, our plans to refinance the 2023 TLB Debt, and plans and
objectives for future operations, are forward-looking statements.
The words “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “are optimistic,” “plan,” “potential,”
“predict,” “project,” “target,” “should,” “will,” “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) our ability to satisfy the conditions described in
the TSA and to consummate the transactions contemplated thereby,
and to effectively refinance the 2023 TLB Debt; (2) our ability 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, including the lingering effects
of the COVID-19 pandemic; (3) 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; (4) the
concentration of a substantial portion of our revenue in certain
customers; (5) fluctuations in our revenue due to timing of large
orders and seasonality; (6) the length and lack of predictability
of our sales cycle; (7) any difficulties we may face in expanding
our platform into the wireless market; (8) any failure to maintain
the synergies we have realized from our acquisition of NetComm; (9)
increases or decreases in our expenses caused by fluctuations in
foreign currency exchange rates and interest rates; (10) our
ability to effectively transition our chief executive officer role;
and (11) other factors discussed in the “Risk Factors” section of
our public reports filed with the Securities and Exchange
Commission (the “SEC”), including our most recent Quarterly Report
on Form 10-Q and our most recent Annual Report on Form 10-K, which
are 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.
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
(loss) income 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; the impact of severance and restructuring
charges; and the tax effect on these excluded items. We believe
that excluding amortization expense of acquired intangible assets
results in more useful disclosure to investors and others as it is
a significant non-cash charge related to an event that is generally
infrequent based on our historical activities. We further note that
while amortization of acquired intangible assets is excluded from
the measures, the revenue of the acquired company is reflected in
the measures and the acquired assets contribute to revenue
generation. We believe that excluding severance and restructuring
charges results in more useful disclosure to investors and others
as they are significant one-time non-recurring charges. The tax
effect of the excluded items was calculated based on specific
calculations of each item’s effect on the tax provision. We believe
that excluding these discrete tax benefits from our effective
income tax rate results in more useful disclosure to investors and
others regarding income tax effects of excluded items as these
amounts may vary from period to period independent of the operating
performance of our business. We define non-GAAP diluted net income
per share as diluted net (loss) income 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 (loss) income, excluding the impact of
stock-based compensation expense; severance and restructuring
charges; other income (expense), net; depreciation and amortization
expense; and our (benefit from) provision for 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 severance and restructuring
charges 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 Systems
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
communications service providers worldwide. For more information,
visit http://www.casa-systems.com.
CONTACT INFORMATION:IR
ContactsDennis DalyCasa Systems978-688-6706 ext.
6310investorrelations@casa-systems.com
or
Jackie Marcus or Josh CarrollAlpha IR
Group617-466-9257investorrelations@casa-systems.com
Source: Casa Systems
CASA SYSTEMS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(unaudited)(in thousands,
except per share amounts)
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
Revenue |
|
$ |
45,297 |
|
|
$ |
64,399 |
|
Cost of revenue |
|
|
27,142 |
|
|
|
37,720 |
|
Gross profit |
|
|
18,155 |
|
|
|
26,679 |
|
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
|
20,840 |
|
|
|
22,673 |
|
Selling, general and administrative |
|
|
24,457 |
|
|
|
22,329 |
|
Total operating expenses |
|
|
45,297 |
|
|
|
45,002 |
|
Loss from operations |
|
|
(27,142 |
) |
|
|
(18,323 |
) |
Other income (expense): |
|
|
|
|
|
|
Interest income |
|
|
966 |
|
|
|
34 |
|
Interest expense |
|
|
(5,208 |
) |
|
|
(3,688 |
) |
Gain on extinguishment of debt |
|
|
133 |
|
|
|
— |
|
Loss on foreign currency, net |
|
|
(292 |
) |
|
|
(273 |
) |
Other income, net |
|
|
33 |
|
|
|
18 |
|
Total other expense, net |
|
|
(4,368 |
) |
|
|
(3,909 |
) |
Loss before provision for income
taxes |
|
|
(31,510 |
) |
|
|
(22,232 |
) |
Provision for income taxes |
|
|
148 |
|
|
|
10,352 |
|
Net loss |
|
$ |
(31,658 |
) |
|
$ |
(32,584 |
) |
|
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.33 |
) |
|
$ |
(0.39 |
) |
|
|
|
|
|
|
|
Weighted-average shares used to
compute net loss per share: |
|
|
|
|
|
|
Basic and diluted |
|
|
95,793 |
|
|
|
84,583 |
|
CASA SYSTEMS,
INC.RECONCILIATION OF SELECTED GAAP AND NON-GAAP
FINANCIAL MEASURES(unaudited)(in
thousands)
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
Reconciliation of Net
Loss to Non-GAAP Net Loss: |
|
|
|
|
|
|
Net loss |
|
$ |
(31,658 |
) |
|
$ |
(32,584 |
) |
Stock-based compensation |
|
|
4,122 |
|
|
|
2,628 |
|
Amortization of acquired intangible assets |
|
|
1,343 |
|
|
|
1,426 |
|
Severance and restructuring charges |
|
|
3,936 |
|
|
|
— |
|
Tax effect of excluded items |
|
|
(2,256 |
) |
|
|
(1,032 |
) |
Non-GAAP net loss |
|
$ |
(24,513 |
) |
|
$ |
(29,562 |
) |
Non-GAAP net loss margin |
|
|
(54.1 |
)% |
|
|
(45.9 |
)% |
|
|
|
|
|
|
|
Reconciliation of Diluted
Net Loss Per Share to Non-GAAP Diluted Net
Loss Per Share: |
|
|
|
|
|
|
Diluted net loss per share |
|
$ |
(0.33 |
) |
|
$ |
(0.39 |
) |
Non-GAAP adjustments to net loss |
|
|
0.07 |
|
|
|
0.04 |
|
Non-GAAP diluted net loss per share |
|
$ |
(0.26 |
) |
|
$ |
(0.35 |
) |
Weighted-average shares used in computing diluted net
loss per share |
|
|
95,793 |
|
|
|
84,583 |
|
|
|
|
|
|
|
|
Reconciliation of Net
Loss to Adjusted EBITDA: |
|
|
|
|
|
|
Net loss |
|
$ |
(31,658 |
) |
|
$ |
(32,584 |
) |
Stock-based compensation |
|
|
4,122 |
|
|
|
2,628 |
|
Amortization of acquired intangible assets |
|
|
1,343 |
|
|
|
1,426 |
|
Severance and restructuring charges |
|
|
3,936 |
|
|
|
— |
|
Depreciation and amortization |
|
|
1,543 |
|
|
|
2,189 |
|
Other expense |
|
|
4,368 |
|
|
|
3,909 |
|
Provision for income taxes |
|
|
148 |
|
|
|
10,352 |
|
Adjusted EBITDA |
|
|
(16,198 |
) |
|
|
(12,080 |
) |
Adjusted EBITDA margin |
|
|
(35.8 |
)% |
|
|
(18.8 |
)% |
CASA SYSTEMS,
INC.RECONCILIATION OF SELECTED GAAP AND NON-GAAP
FINANCIAL MEASURES(unaudited)(in
thousands)
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
Reconciliation of Net
Cash (Used in) Provided by Operating Activities to
Free Cash Flow: |
|
|
|
|
|
|
Net cash (used in) provided by operating activities |
|
$ |
(8,350 |
) |
|
$ |
18,097 |
|
Purchases of property and equipment and software licenses |
|
|
(679 |
) |
|
|
(966 |
) |
Free cash flow |
|
$ |
(9,029 |
) |
|
$ |
17,131 |
|
|
|
|
|
|
|
|
Summary of Stock-Based
Compensation Expense: |
|
|
|
|
|
|
Cost of revenue |
|
$ |
26 |
|
|
$ |
35 |
|
Research and development |
|
|
700 |
|
|
|
595 |
|
Selling, general and administrative |
|
|
3,396 |
|
|
|
1,998 |
|
Total |
|
$ |
4,122 |
|
|
$ |
2,628 |
|
|
|
|
|
|
|
|
Summary of
Revenue: |
|
|
|
|
|
|
Product revenue: |
|
|
|
|
|
|
Access devices |
|
|
24,908 |
|
|
|
31,747 |
|
Cable |
|
|
6,918 |
|
|
|
19,774 |
|
Cloud |
|
|
3,423 |
|
|
|
1,024 |
|
Product revenue |
|
$ |
35,249 |
|
|
$ |
52,545 |
|
Service revenue: |
|
|
|
|
|
|
Access devices |
|
|
846 |
|
|
|
1,762 |
|
Cable |
|
|
8,416 |
|
|
|
8,855 |
|
Cloud |
|
|
786 |
|
|
|
1,237 |
|
Service revenue |
|
$ |
10,048 |
|
|
$ |
11,854 |
|
Total revenue |
|
$ |
45,297 |
|
|
$ |
64,399 |
|
CASA SYSTEMS,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(unaudited)(in thousands)
|
|
March 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
112,495 |
|
|
$ |
126,312 |
|
Accounts receivable, net |
|
|
47,463 |
|
|
|
74,484 |
|
Inventory |
|
|
83,339 |
|
|
|
81,795 |
|
Prepaid expenses and other current assets |
|
|
4,914 |
|
|
|
2,836 |
|
Prepaid income taxes |
|
|
2,918 |
|
|
|
6,352 |
|
Total current assets |
|
|
251,129 |
|
|
|
291,779 |
|
Property and equipment, net |
|
|
18,695 |
|
|
|
19,518 |
|
Right-of-use assets |
|
|
4,756 |
|
|
|
5,199 |
|
Goodwill |
|
|
50,177 |
|
|
|
50,177 |
|
Intangible assets, net |
|
|
24,252 |
|
|
|
25,759 |
|
Other assets |
|
|
7,120 |
|
|
|
5,862 |
|
Total assets |
|
$ |
356,129 |
|
|
$ |
398,294 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
15,106 |
|
|
$ |
29,283 |
|
Accrued expenses and other current liabilities |
|
|
34,525 |
|
|
|
31,825 |
|
Accrued income taxes |
|
|
896 |
|
|
|
4,298 |
|
Deferred revenue |
|
|
36,372 |
|
|
|
31,305 |
|
Lease liability |
|
|
1,909 |
|
|
|
2,040 |
|
Current portion of long-term debt, net of unamortized debt issuance
costs |
|
|
223,256 |
|
|
|
225,161 |
|
Total current liabilities |
|
|
312,064 |
|
|
|
323,912 |
|
Accrued income taxes, net of
current portion |
|
|
7,408 |
|
|
|
6,640 |
|
Deferred tax liabilities |
|
|
1,493 |
|
|
|
1,490 |
|
Deferred revenue, net of current
portion |
|
|
5,195 |
|
|
|
5,529 |
|
Lease liability, long-term |
|
|
3,087 |
|
|
|
3,416 |
|
Other liabilities, net of current
portion |
|
|
7,646 |
|
|
|
7,906 |
|
Total liabilities |
|
|
336,893 |
|
|
|
348,893 |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Common stock |
|
|
100 |
|
|
|
98 |
|
Treasury stock |
|
|
(14,837 |
) |
|
|
(14,837 |
) |
Additional paid-in capital |
|
|
245,858 |
|
|
|
244,675 |
|
Accumulated other comprehensive (loss) income |
|
|
(1,997 |
) |
|
|
(2,305 |
) |
Accumulated deficit |
|
|
(209,888 |
) |
|
|
(178,230 |
) |
Total stockholders’ equity |
|
|
19,236 |
|
|
|
49,401 |
|
Total liabilities and stockholders’
equity |
|
$ |
356,129 |
|
|
$ |
398,294 |
|
CASA SYSTEMS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(unaudited) (in
thousands)
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
Operating
activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(31,658 |
) |
|
$ |
(32,584 |
) |
Adjustments to reconcile net loss
to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,886 |
|
|
|
3,615 |
|
Stock-based compensation |
|
|
4,122 |
|
|
|
2,628 |
|
Deferred income taxes |
|
|
3 |
|
|
|
369 |
|
Change in provision for doubtful accounts |
|
|
(470 |
) |
|
|
253 |
|
Change in provision for excess and obsolete inventory |
|
|
(244 |
) |
|
|
(27 |
) |
Gain on disposal of assets |
|
|
4 |
|
|
|
— |
|
Non-cash lease expense |
|
|
571 |
|
|
|
— |
|
Gain on extinguishment of debt |
|
|
(133 |
) |
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
27,655 |
|
|
|
37,487 |
|
Inventory |
|
|
(1,222 |
) |
|
|
(514 |
) |
Prepaid expenses and other assets |
|
|
(3,326 |
) |
|
|
(205 |
) |
Prepaid income taxes |
|
|
3,444 |
|
|
|
21,333 |
|
Accounts payable |
|
|
(13,895 |
) |
|
|
(13,661 |
) |
Accrued expenses and other current liabilities |
|
|
2,345 |
|
|
|
(13,707 |
) |
Operating lease liability |
|
|
(530 |
) |
|
|
— |
|
Accrued income taxes |
|
|
(2,630 |
) |
|
|
8,985 |
|
Deferred revenue |
|
|
4,728 |
|
|
|
4,125 |
|
Net cash (used in) provided by operating activities |
|
|
(8,350 |
) |
|
|
18,097 |
|
Investing
activities: |
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(679 |
) |
|
|
(962 |
) |
Purchases of software
licenses |
|
|
— |
|
|
|
(4 |
) |
Net cash used in investing activities |
|
|
(679 |
) |
|
|
(966 |
) |
Financing
activities: |
|
|
|
|
|
|
Principal repayments of debt |
|
|
(1,988 |
) |
|
|
(750 |
) |
Proceeds from exercise of stock
options |
|
|
2 |
|
|
|
79 |
|
Employee taxes paid related to
net share settlement of equity awards |
|
|
(2,938 |
) |
|
|
(1,490 |
) |
Payments of dividends and
equitable adjustments |
|
|
— |
|
|
|
(1 |
) |
Repurchases of common stock |
|
|
— |
|
|
|
(1,192 |
) |
Net cash used in financing activities |
|
|
(4,924 |
) |
|
|
(3,354 |
) |
Effect of exchange rate changes
on cash and cash equivalents |
|
|
140 |
|
|
|
100 |
|
Net (decrease) increase
in cash, cash equivalents and restricted cash |
|
|
(13,813 |
) |
|
|
13,877 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
|
129,425 |
|
|
|
157,804 |
|
Cash, cash equivalents and
restricted cash at end of period |
|
$ |
115,612 |
|
|
$ |
171,681 |
|
Supplemental disclosures
of cash flow information: |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
4,849 |
|
|
$ |
3,478 |
|
Cash paid for income taxes |
|
$ |
3,132 |
|
|
$ |
1,806 |
|
Supplemental disclosures
of non-cash operating, investing and financing
activities: |
|
|
|
|
|
|
Purchases of property and
equipment included in accounts payable |
|
$ |
20 |
|
|
$ |
60 |
|
Casa Systems (NASDAQ:CASA)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Casa Systems (NASDAQ:CASA)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024