CASA - Earnings call transcript Q3 2018

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Operator

Good day ladies and gentlemen, and welcome to the Casa Systems' Third Quarter 2018 Earnings Conference Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will be given at that time. [Operator instructions] As a reminder, today’s conference is being recorded. I would now like to turn the call over to Ms. for Relations Investor Gould, Casa Systems. Monica may you begin. Ma’am,

Monica Gould

everyone. Thank ended for results and close. September afternoon, you, good Casa market the the XXXX afternoon released this operator, XX, after third quarter XXXX

call receive you section obtain Shaun Guo, website being Chief are on may the is at a If With from Officer. Interim not copy our Chief on release, Investor it of earnings section the Relations will and of Jerry me and Executive McCarthy, be website. of Financial Investor investors.casa-systems.com. our Officer; you press our This webcast call did today's archived Relations

to see update Before that and include does risks call today's more over based our as the and I contain certain refer the the actual on to for filings events. uncertainties. cause will and materially Jerry, forward-looking in a no information today call that we and we as currently based information future believe forward-looking of projections risk discussion. or release as to statements today's turn on environment I'd our specific we it, that the note discussion that SEC differ business information press on Any or such, on could obligation described this release make like to in these of are the statements statements our results earnings Please to we factors result undertake from new as

measures do Accepted Principles. Accounting addition to reporting, Generally to In not conform certain GAAP report that U.S. we financial

or trends. Jerry. call turn it understand to like I'd non-GAAP is will And investors believe with measures we the call, if business use that, performance we useful During better to the help our investors over it we or may to believe

Jerry Guo

guidance in fiscal report afternoon our revised with quarter and purchases. customer anticipated line spend provided both appliance third to guidance the Gross was driven that XX.X%, to I deployment increase shift related This sales our of to continue joining proportion pleased capacity significant quarter in with DAA based for was was directly quarter and a revised greater This architecture revenue and generated XXXX as a quarter $XX.X second for in over margin toward third decisions Consistent the in a evaluate software total for XXXX, year today. by million. conjunction demand. year our mix guidance a purchases capacity and quarter the initial the higher in was Good revenue us of significant license our recent revenue with the software they delays on second of earnings. we am sales increased we've everyone relative digest ago. thanks to

quarter over his and more results licensing our cable, call. remarks during in XX% mobile making in Software are telco. the this performance our some on we in later comprised third detail revenue. of our color discuss like in new financial fixed third update on with will you progress would I and products then now Shaun the provide product quarter prepared to

we year-to-date the more XXXX over purchases. footprint XX% our call, and modems by at now percentage quarter as the capacity based just line in XXXX earlier third from last cable versus a in firmly year period rather has our as to in supported in Hardware XX% fact XXXX late shifted in sales digestion quarter a results, near over large expansion believe business software the our and and As marked as scale is from customer total chassis and XX% revenue license of year. than stands established. for and below our view XXXX card which we invest that customers second noted software in our appliance significant by is core increasingly term is This were

pattern demand capacity CCAP from we cable expansions first We have in nine their based the products. that and our business our forward Axyom our that I hand telco on additional of mostly appliances, core will core months last as finalizing in such this our continue core XX% XXXX existing for hardware nodes, spend not the based from and XXXX. refer bandwidth fixed based meeting sales. by new believe not mean the call, and CCAP will from growing come noted growth from X.X% in in our Software of deployment. our customers decisions as CCAP cable increased products of to a our This chassis business for capacities software this does purchasing will term near to mobile the while annuity On with on increasingly portion DAA see DAA that going other

we are for related line deployments fact, sales appliance new are hardware DOCSIS In And we seeing upgrades and seeing our X.X. older footprint sales to industry leading density of cards. high of

as to a rollouts past for tier-one have continue Europe. to large footprint quarters share a within incremental additional We the take operator in new we with done two also cable expect

our the we the our During addition telco businesses. fixed to seven new with and continue diversify revenue cable the base for of quarter, customers

DOCSIS was Europe to European X.X upgrades. are as significantly QX XX% customers Additionally, in not up XXXX from XX% in XXXX accelerating

cable, deployment customers top-line we in decisions of view. XXXX the timing are Going in in finalized term quite Near and technologies broadband that will continue growth of forward we drivers our as their networks. mobile this new favorable for fixed our to believe see about

continued anticipate in demand. we First, bandwidth growth

in shift CPE the is infrastructure. Second to spend from customer

are operators mobile XG. on Third, spent accelerating

All of trends our benefit these business.

and areas. new all using Our in our last call I with trials product were outlined three of customers the existing we

telco active and XX our XX in with during last XX seven and wireless, to were cable engaged quarter, we XX in a for fixed trials customers, the reminder, products. both in PHY the including remote As CCAP

XX integrated XX fixed These virtual CCAP. third that orders into supporting and the include cable we the DAA, customers. X and in In XX in fixed the segment, cable quarter, and our virtual our expand in continue to two the telco wireless, of for one with we DAA in CCAP trials. XX CCAP in one number and we're converted overall During trials increase trials telco to

Additionally, DAA fact several order deployment. DAA live and in trials first conversions carry as our saw finalize quarter using their we to nodes in go to DAA they customers our for Casa DAA traffic well of the are and third four plans continue

encouraged hearing We’re plans DAA from their and are move we virtualization. large what by to MSOs regarding the to

core. solutions These customers that. new trial small million implementing a remote believe are DAA our shipment We trials meantime, to trials our the DAA to to and we the progressing these deployments deployments orders. in noted required on XG/XG $XX to of few are call, Microcell, early be are are especially occurring already our In familiar the engagements traction access will tend we outdoor products I'm on their core. with support in from that working wireless We with In results purchase business, operational longer We changes Santos initial continue as run and in certification QX final believe deploy Apex our MSO wireless networks. with report certain network seeing begin Apex Lifestyle Strand are pleased will Axyom that our radio that packet and cell business globally. of PHY indoor and and for as wrap. customers implement periods become our and to Apex family

in and tier our XG are core in participating from core one revenue expect Axyom and XG XG mobile mobile XXXX we XG already solution evaluation trial processes. service We multiple providers the

and was including backhaul, associated offerings. densification MSOs key CBR complex We site sales to cable sighting for sell service small associated service to or which spectrum microcell, wireless three pull themselves. network are power. One The their cell a complete both in network for operators, with designed the three urgent to microcell needs deployment deploy wireless mobile specifically enable cable stores our issues interest with coverage backhaul, space types challenges license tower-mounted its seeing customers. significant power and and providers a and with meet converged and mobile both without own the Strand solution to Two, of Stand mounted to mounted operators them and

router virtual this B&G our designed capacity drive all been customer fixed very B&G the sales virtual product over engagement quarter. and for and has we axyom strong reception two as and product multi-service with B&G the networks, in for believe during segment, have telco our one impact The In our a applications well. first of this virtual MSO beneficial increased the help and As will also customer DAA on virtualized solution. core CCAP associated is to added is traffic we fact we router our current

and this NFV of providers OLT OLT edge deployed a application includes architecture B&G and current Casa have including scalability along supports seize commodity hard be and open other seamless is can The this The virtual service use or router. and to router be Service The solution. model disruption to independent edge markets interesting with of been routing Casa’s opportunity. seems Casa’s XGS-PON cloud switches. working virtual ready our the provider that for servers aggregated

quarter at year ever and outlook for the As I our have during of about do been and as as XXXX we remain balance our achieve I business. fiscal look the what XXXX, optimistic I

trials in We the we well believe products huge strategic presented solutions in globe of and now our are fixed the about across are transformation we number to very service on. from customers markets opportunity for positive we’re see in, network getting architecture the new deployments that and feedback telco. are customers in the by in and the new providers embarking mobile Given the starting that positioned we

call briefly Before our and to the fiscal XXXX. our program, namely to few like our a comment I I'd items, additional turn for guidance Shaun, CFO over buyback on search,

First, briefly our let program. the of results review me buyback

with on approximately completed announced shares. the of repurchase recall, August we the program million program. We may you $XX recently million repurchase XX, X.X As

pleased a price. allocation stock view our the the of it with are results strategy as program good and given We capital

we how potential opportunities our our forward, so. doing cash against deploy are going Regarding investment best all plans in to evaluating

to is ways Of to course, shareholder our best With ongoing. process the evaluation our we respect search, over value enhance CFO consider time.

been search retained candidates. are firm actively and meeting We working a have qualified with highly with

call review reaffirm for our our our pleased full this performance XXXX quarter Shaun Finally, on his comment our detailed our guidance further million. to revenue of year, outlook guidance on second Based the to financial this we $XXX to seeing turn and over call we I'll for Shaun revised for range the a fiscal With guidance currently, will that, million have range. in are are we to XXXX. $XXX what on remarks.

Shaun McCarthy

will Thank Jerry, I everyone. by and year then outlook. discuss full good XXXX and quarter reviewing you, our third afternoon start results our financial

was third as product mentioned, cash for in flow included quarter product the the down software and of which XXXX we third significant our in Jerry quarter $XX.X QX X.X% a Total $XX.X free XX% year sequential of the outlook with of the software total our continuing continued from third revenue revised revenue third sequentially or of line $XX.X million, million XX% our million hardware fiscal on to margin anticipated as or was revenue highlights $XX.X with gross Total million year-over-year XX% the revised provided and million XXXX. year million of in generation. both software. from during hardware million revenue Key of XXXX from $XX.X compares last revenue and of increased EBITDA QX the XXXX quarter was $XX.X from or was although This total trend product $XX.X was As from this XX% percentage quarter in call. the year increase in from quarter guidance and $XX.X of revenue. last million for of or quarter increased second from our expansion

grows was in XX.X% GAAP enabled and to software a products for with XX.X% gross The of of higher compared quarter in primarily margin initial of due sales XXXX. mix the to software of the expansion gross higher margin increase based to capacity XXXX third Our our third shipments. hardware capacity quarter

to hardware gross As enabled from can products based with sales quarter our a software reminder, higher enabled and our initial of expansions. software on fluctuate of margin quarter capacity capacity mix the

business, XG shift orders phase wireless of expect from software including slightly to with continue first mix likely our cell more small of brand we products, starting that our purchases XXXX. Apex toward initially cores as family revenue our hardware XG and will our in core scale We and

will that the to gross XXs. be high As a long-term margin believe to in continue low of we result, XXs range our

for costs to development deployment XX% research increase to and Turning to of expenses in quarter support an was of products was million $XX.X timelines. third lower XXXX in related to to and operating spending $XX.X of third increase primarily sales revenue expenses. our XXXX. and an or $XX.X operating million quarter address the $XX.X to XXXX quarter in of in personnel customer's GAAP business, new in compared expenses. the to of or due third XX% in million, was the increase due Total Adjusted the development operating and of XXXX EBITDA the total revenue, The expenses million, quarter third of our our compared increase rapid and the revenue of in the growth

income quarter the award equity our recorded net our of third diluted XXXX, million year-to-date expect the in the and the quarter $XXX employees rate the debt million. XXXX total million period and third under authorized and $XX.X for completion will XXXX, the XX may that XXXX. secondary to During rate of in board flow repurchase effective stock. by million from million share the quarter of cash and quarter further with equivalents quarters. related tax $X.X was $XX.X cash lock-up currently XXXX tax of a $XXX.X same common for the effective of and up our future for ended of We totaled the per we which was year the of $XX.X million of of quarters We and compared impact X%, negative awards directors million million third of IPO sales Non-GAAP for On $X.XX approximately third exercises compared second additional third respectively but XX, benefit we of of $X.XX stock of $XX.X million August the of quarter our equity the repurchase XXXX. third benefit full to the announced net compared transactions income to upon program expiration of with for cash Free XXXX. in the to $XX.X be offering. Non-GAAP

retired ended XXXX, months we commission. September During repurchased XX, million before three for the million and shares X.X $XX.X

retired an million XXXX, shares $XX.X Following for the XX, and under million we program. the September thereby completing repurchased additional X.X purchases

I on what to our recently impact having on full on in have XXXX. year, turning these the want on Before to from their our these these have space noted impact business business. that and China on I'm in will guidance not introduced have Others a components been and have significant if our costs are tariffs significant expect from say the to potential for not tariffs any impact that our pleased tariffs. we comment

have a of not We our chain completed XXXX. costs supply our our review for are and expecting significant impact to

plan to for We related have and to forward. the a to flexible guidance XXXX. now tariff supply cost tariffs like this year to monitor developments manufacturing our impact to turn minimize profile and our I in related going the area would fiscal chain –

revenue we $XXX For the continue total to million $XXX full XXXX, to million. be and of expect year between

$XX $XX be range We diluted the to low that income be to $X.XX. to margin to XXXX. gross full we million per share the XXs. $X.XX be outstanding of expect Average for based in is to range anticipate take to questions. to compensation approximately $XX.X that, high $X.X year net We the in be and approximately be million Stock XXs non-GAAP million. to your are income for will the happy non-GAAP will of in shares be million diluted With expected expected

call Senior Bruckner, Strategy President Vice now Vice Corporate the Thank will for Marketing. back and to the be and Global you. call and questions. Paul Development; Hanna, turn operator Jerry President me Q&A will for the to Scott the I session Joining of open of

Operator

Morgan from Marshall you. Thank of come first with line the question Stanley. Instructions] Meta And our [Operator will

Your is open. line

Meta Marshall

wanted I to of couple thanks. a into dive things. Great,

far guidance, year goes. you're kind of full in I as and mean margins understand tick guidance income kind First, that just that in on at reiterating kind would as imply down the OpEx of range. to of I up but tick net of steep of kind steep gross the a come

first of then if the QX DAA about moves, happening to trying is question. And be a get in second is of or this just am just maybe this kind should guidance you're quarter, I – expectations had mindful all changed that seeing you kind of what different we that and your has you quarter this pacing timing reaffirming push Talking but something market, sale orders saw just in out for kind so, from sense And XXXX there maybe it's at obviously or kind of of and first last Thanks. quarter? the of?

Shaun McCarthy

the take margin. Sure. I'll

comfortably on mix on initial its going we the now, for we've the year? it fourth and going through what in As us. mix low comment XXs. our We're how been mix that's we’re hinge particularly process. in said, in it's to was appliance this up, gross we've in QX. too know really So sales capacity And quarter. for at mix larger quarter margins as the but really as our Where to revenue our the forecasting really software to margins XXs driving it's watch just third end the continuing dependent shape you early us point, for is high on as well reaffirming product recent higher to software those Increased our to in

Jerry Guo

with the XXXX – have and scale increase take DAA. a Okay. in number deploying in have I'm of do possibility be question bigger the expect that the in the XXXX. either. going we not dismissing continuing to to We – that second But the ramp seen trials. progressed about you very We're We deployment well trials of

Meta Marshall

Got it.

Just back. to circle

development. spike kind cause in of in a but come to to of on within guidance there’s we mean there course So normal Correct? that would of range increases understanding should that beyond nothing there, expect on OpEx OpEx, margins kind earnings and your the gross I for be so kind I just mean

Shaun McCarthy

estimate our really time. where kind with at We're this is margins this really best at this of is are. This – We're comfortable and where we are. we point comfortable that's with the Understood.

Jerry Guo

changes OpEx expect for we fourth significant And in any the don't quarter.

Meta Marshall

Great.

Scott Bruckner

earnings And Meta, fourth lot I lot to would thing time year concentrated coincides quarter unfortunately don't is guys back with I this happens the lot on this end of the The A in Scott. part have what be. at in it talking is of quarter. the of with really third the in you latter visibility end call. a spent mean, quarter. a of going is last say, spend our we've quarter of And We the where about point

prudent it the possibility see now, is what year. a guidance. seems but us just from very right we So the to could that for very, remainder of the reiterate from we guidance, forward put we're today There the exceed numbers with comfortable we

Meta Marshall

thanks it, Got guys.

Operator

Thank you.

Our Leopold question from of Simon will James. come Raymond with next the line

is line Your now open.

Simon Leopold

Great, very much. thank you

I particularly to that the capacity and quarter. can uncertainty, it the the So when understand late comes very software in business be

revenue double end amount not make the end sure guidance your I'm low two sequentially understand our a decent fourth what line item. revenue in. in some particular get guidance. the to you're you. to to year. And of think in I that want wireless make It just implied to to your I on there. has in on I talked missing sure check recognize like in to is that double expansion other revisit, terms quarter to last Thank what's the the the to of double-digit quarter. then just want assumption up it like understand of what in want by just millions wildcard, I for aspects I have quarter ability uncertainty. business the be I'd does just the look of even you to I baking check the fourth low capacity the One you'd about

Jerry Guo

of Yes, sale, the seen the not we of our software certain the sale. have And the Simon, approach And this license always we of about expecting mix at a bigger you being – than rest three quarter been from has in sale three QX point. appliances that's three and the products a take the we – categories. the categories. are year. completely we’ll wireless the prudent as past, the really are It’s

Simon Leopold

confirm the you you offer did quarter the last regarding can just revenue comment recognition? So wireless

Jerry Guo

hard We on point. this and working acceptance are delivery customer at

As and and we $XX stated in the in we acceptance. on orders last delivery working roughly million quarter the have that

Simon Leopold

And I'd I the Great. on operators the have that perspectives trending there's it get virtual context your I the of the the that just to get to to impression sense. in to market of as the at virtual whether question like think transition of And just CCAP debate not might terms a you. or my longer-term platform I how Thank sense question, market material is develop. how want makes is. your

Jerry Guo

of made feature in traditional CCAP job generate course not rich, parity we rich to believe the And the on making different CCAP we Simon, revenue nodes one available. to based and DAA simple to in types believe way virtual we CCAP DAA have significant second Sure. with to we expect do CCAP in from expect our CCAP we expect with core deployments. that is core is just is One a and feature the of virtual the do the chassis XXXX. We next that – core year two we make core. ramp high and are to revenue nodes the feature chassis with DAA a And based and integrate investment our XXXX.

Simon Leopold

Great. Thanks for taking my questions.

Jerry Guo

Simon. you, Thank

Operator

James from Thank Markets. Loop comes question you. And with line the Kisner Capital next our of

open. line Your is

James Kisner

Thank you.

understand Just a it guidance. you’re to on sorry, QX. in rather clarification. big don’t want there’s a CapEx, really for detail like But give to in it than guys this quick tough you making us is any sounds Since not jump which OpEx saying QX,

hit margin be in confirm guidance modeling in we to should mostly this a a to modeling jump not we in meet Seems QX. that want very be large should that QX. like OpEx gross Just

Monica Gould

That is correct.

James Kisner

you. Thank Okay.

Shaun McCarthy

way clear, gross kind phrase our phrased as reiterate just three it’s sensitivity important There it. acquiring we it’s are very capacity. That’s That’s is. that discussing, a I And margin of to know the where be will James, the I of you hit. the a was Jerry customers just the of ways I see it, mean, this, product to as kind mix. be And because function way

based some point this that based, mix going hardware software look and is determine like. to are at what Some are difficult to

rather So calling hit, well. we’re where it gross as than that’s a margin sensitizing

James Kisner

XX% QX, of something here. is possibility? it out Okay. implying realm But a could low seems mean, to or pretty right? Like the that something, it like I Is of in you’re crazy here number have? be that

Monica Gould

it’s don’t crazy a have. your think roughly I correct. possible. math No, We number it’s And to think is

James Kisner

got And directly. Okay. Thank answering having I for a granted you I have related to I guess being foundational you’ll just I that the just for to appreciate about that understanding, available that. guess Harmonics might virtual have CCAP, when talked you. because interesting it’s a year. that. GA separately. patent next a – wanted going differentiated you in have decent seems and they’ve you’re IP IP? Are your that any to not issues around of the is you it industry that first think history confident like you Thank

Jerry Guo

any and have we applications with aware patent issues believe, don’t we the property. First, our we of are intellectual

thing and out our patent CCAP on that go As a features the running thing. then in that’s leading that capabilities vendor servers. first has you doesn’t we know, and second will we that and the Casa And software there CCAP and believe virtual be And believe is leading leading core. the network virtual

Paul Hanna

we in and and customers for XXXX working that just mentioned trials a we I’ve I that year. our been the obviously of product to is this as back through James, underscore approach point deployments, past in virtual Paul we’ve the number And want next actually CCAP as mentioned Jerry that with Hanna. launched

feature We’re confident and rich differentiated very capability of our in solution.

James Kisner

you. Thank Okay.

Operator

you. Thank

question line comes Jason next from Our the Ader of William with Blair.

now is line Your open.

Jason Ader

of I’ve couple you. questions. a Thank got Yes.

at XX% year you’re side, guidance be seen year-over-year. over kind mean like north couple hardware we’ve CCAP think the CCAP that see should First, of modeling down How it’ll but the reversion we year? next not negative about be giving on juncture? looks for do know, business year, you year of XX%, And the X% last years. next X%, we of north kind this some negative this thinking this negative I a of hardware to of should

Jerry Guo

have believe mentioned hardware digesting a they We is year. capacity MSOs are the we Well, as that we this appliances the transition purchased.

Next as that related a of core deployment. the be ramping And of chassis-based DAA well DAA the year the hardware including sales be nodes. year DAA believe we will as will part

Scott Bruckner

This is talked during Scott. non-deal about we roadshow. this our I know

highly are product. with more couple end, these I think that CCAP going it’s the we’re benefit head new force large And for a important going the that of function that DAA for synergistic appliances for of deployments that’s is a core preference fact splitting, require is, in a purchasing DAA Remote nodes a to One expressed implementations. overtime, to things. customers which several our have of reiterate is the second our to have but that their preloaded cards support PHY node

annuity revenue areas us and that as providing So, as stable that we for still we’ve talked core product as other continue additional growth. top about as this market evolves, very on DAA we see of strength mobile our in see

Jason Ader

Okay, horse where it’s And beating here. hard I guess coming to quarter, understood. dead guys understand are then from to Shaun. on the back the going of fourth kind you

get to sequentially, have OpEx a have is the a your grow the high end require low way million full $XXX range is $XXX EPS to about big to to would full let’s revenue at yet say $X.XX in the revenue, million of $XXX which end $X.XX million, And $X revenue by in reiterating gross which is margin. And just in which You’re at of pretty the year XX% jump. only QX. year to million

software to is it It trying mix low going we’re you lot to you’d capacity of figure to be of think make out. margin, like all gross sound very – have because do this doesn’t sense case. to to a So I have just doesn’t XX% have the get expansions, a which to

a think So bit million primarily digit you and just little then the to going not help you that can you even can telling is which mobility, double in more us, us do you’re be hardware.

So guidance? if do with the the or reconcile year you’re $XX digit full mobility, of how not that double million EPS doing we convinced

Shaun McCarthy

correct. is of Sure. I – a to first up. cut, math Without are mean, starting your all, these shape orders rough

of customers have amount – a have how And to forecasting see deals, range, going are to comfortable the said, we the we've to OpEx we’ve our as think there, opportunities And these relative very large talking the we shape. sight And went of don’t plays – we I out prudent in margin the how to out. hardware growth looked We’re regardless of OpEx, content. deals the line higher our guidance fourth been did that for we our that these in wireless we clear don’t we've They at we could there. quarter. are but through line about at in feel dependence looked in our forecast take top process, with

Jason Ader

Okay.

up so And just there. quick one follow

we So million, the $XXX me on to end almost – again, as have maybe you a to can the low again, the of guidance to could going it mean line. to just XX% you grow to to feels range, is you the don't where bottom but outperform I situation you're revenue like, get to to lower have million to the sequentially. wanted keep by you because get want $XXX It

about was of in in things the possibility as And QX. you on full heads based on that that is what how going thought the in where year? outperformance were that's your you – do realm and Just the

Jerry Guo

in We're categories be not of to No, yet the saying? mix. margin of know ahead do Jason, product final basically three our We ourselves. want get do not the at mixes. that's prudent to guidance. We not, we’re We want what looking

Jason Ader

you. Okay. Thank

Operator

Tim [Operator question with comes you. Our line of Northland next from Instructions] Capital Thank Markets. Savageaux the

Your now line is open.

Tim Savageaux

say, terms tone analysts you And you virtualized of want QX CCAP thought, could you're question might a something pulling kind is million do other I exceed of terms be I to or I at really $XXX timing But the to deployment with year. see real next in follow bit. you that in I for quick. – little of to category on afternoon. And appears out there. are think up on forecast your there I Remote-PHY there least, just Good the in in combined that that check for wanted industry discussion, heard

an plant, the the on material the head opportunity on do And similar a on software of the wireless if you you end you've and side that, been will, hardware you hardware-wise comparable Casa to ramp divergence As opportunity talking to how margins of expect see Thanks. side? in at and nodes, optical maybe would for about you this next year? sides what as aside look sort the both

Jerry Guo

what's – said reported. XXXX tend as of take I before expect a can we of the to more on the common and approach than make Paul we as the XXXX, deployment in Tim, dismissing we possibility we're end to that, that more a market not ramping do being a year that. size, conservative some

Paul Hanna

that's Hanna. the Paul $XXX that third-party a is the quoted Harmonic think to the have observers of maybe Obviously, XXXX, XXXX. this revised of million, data September Tim, his in talks space, as with Yes, may really closer [indiscernible] million in $XXX from it August is of million recently I you $XXX one forecast forecast for and

Tim Savageaux

of to kind terms least who would see material do relative have that while a at you we're Okay. players, in mean, at that where to expect market yourself share there, size? that you are even there and market pursuing or share the positioning overall I And

Jerry Guo

really are Yes, all cannot at this engaged Tim, MSOs. we major with market we but point, forecast share that

Tim Savageaux

thanks. Okay,

Operator

you. back Thank now Mr. remarks. to at closing this further turn questions the Guo showing for time. I would I'm like to no call Jerry

Jerry Guo

where to attending. we of conferences thank next and quarter joining updating today forward to the progress everyone upcoming us we some for on and of investment seeing will our at be look you many you Well, you

Operator

and program may great in does conference. you have gentlemen, and Everyone for the a Ladies thank all day. This today's participating you disconnect. conclude

Casa Systems (CASSQ) 7 Nov 182018 Q3 Earnings call transcript