Stock Monitor: Network-1 Technologies Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 17, 2018 / Active-Investors.com has just released a free earnings report on Casa Systems, Inc. (NASDAQ: CASA). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=CASA. On March 06, 2018, Casa Systems reported financial results for the fourth quarter and full year ended December 31, 2017.The Company surpassed analysts' forecasts for revenue as well as earnings for Q4 FY17. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Casa Systems most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
Casa Systems' total revenues reached $117.96 million for Q4 FY17, reflecting an increase of 18.88% from $99.23 million in Q4 FY16, mainly driven by deployment of DOCSIS 3.1 solutions and DOCSIS 3.0 and DOCSIS 3.1 capacity expansions. Reported total revenue exceeded analysts' consensus estimates of $101 million.
In the quarter under review, Casa Systems' products sales increased 22.5% to $106.74 million on a y-o-y basis, while its services revenue decreased 4.63% to $11.22 million on a y-o-y basis.
Casa Systems' cost of revenue was $27.01 million for Q4 FY17, 17.22% higher than $23.04 million in Q4 FY16. The Company's gross profit advanced 19.38% to $90.95 million in the reported quarter from $76.19 million reported in the previous year's same quarter.
Casa Systems incurred total operating expenses of $36.56 million in Q4 FY17, up 43.34% from $25.51 million in Q4 FY16. The Company's income from operations advanced 7.33% to $54.39 million in Q4 FY17 from $50.68 million in Q4 FY16. Casa System's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) for the quarter under review was $59.8 million compared to $54.57 million in the year-ago same quarter, reflecting an increase of 9.59%.
Casa Systems' net income attributable to common stockholders was $4.16 million for Q4 FY17, after net loss attributable to common stockholders of $55.745 million in Q4 FY16. The Company had diluted earnings per share of $0.08 in the reported quarter compared to diluted net loss per share of $1.69 in the previous year's same quarter. Casa System's reported quarter results included stock-based compensation, impact of the US Tax Cuts and Jobs Act and dividends declared on convertible preferred stock. The Company's adjusted DEPS, after excluding these special items, was $1.07 in Q4 FY17, 15.08% lower than the $1.26 reported in Q4 FY16. However, Casa System's adjusted diluted earnings per share (DEPS) was higher than analysts' consensus estimates of $0.34 per share.
For the year ending December 31, 2017, Casa System's total revenues were $351.58 million, reflecting an increase of 11.21% from $316.13 million in FY16.The Company's gross profit advanced 18.21% on a y-o-y basis to $258.06 million, while income from operations increased 18.69% to $136.22 million on a y-o-y basis in FY17. Casa System's net income attributable to common stockholders was $11.85 million, or $0.26 per share, in FY17, after a net loss attributable to common stockholders of $35.12 million, or $1.07 per share, in FY16. The Company's adjusted DEPS for FY17, excluding special items was $2.62, 9.34% lower than the $2.89 reported in FY16.
Casa Systems had cash and cash equivalents of $260.82 million as on December 31, 2017, 20.86% lower than the $329.55 million as on December 31, 2016. The Company's long-term debt decreased by 0.73% to $295.46 million at the end of FY17 from $297.62 million at the end of FY16.
Casa System's net cash inflow from operating activities was $45.95 million in Q4 FY17, 28.09% compared to cash outflow of $13.29 million for the same period last year. The Company had a free cash flow of $43.64 million in the quarter under review.
Casa Systems spent $2.31 million on purchases of property and equipment in Q4 FY17, an increase of 83.41% from $1.26 million in Q4 FY16.
For the fiscal year 2018, Casa Systems expects revenues to be between $380.0 million and $395.0 million. The Company expects its non-GAAP net income to be in the range of $100.0 million to $111.0 million and non-GAAP diluted net income per share to be in the range of $1.08 to $1.19 in FY18.
Stock Performance Snapshot
April 16, 2018 - At Monday's closing bell, Casa Systems' stock advanced 1.38%, ending the trading session at $30.76.
Volume traded for the day: 345.08 thousand shares.
Stock performance in the previous three-month period - up 49.98%; and year-to-date - up 73.20%
After yesterday's close, Casa Systems' market cap was at $2.53 billion.
Price to Earnings (P/E) ratio was at 118.31.
The stock is part of the Technology sector, categorized under the Communication Equipment industry. This sector was up 0.7% at the end of the session.
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