CASA - Earnings call transcript Q4 2019

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Operator

Greetings and welcome to the Casa Systems Fourth Quarter and Full Year 2019 Financial Results Conference Call. Please note this conference is being recorded.

I'll now turn the conference over to your host Monica Gould, Investor Relations for Casa Systems. Ms. Gould, you may now begin.

Monica Gould

good and operator, you, afternoon, everyone. Thank results XXXX ended released market for afternoon the year full close. and quarter December the fourth after Casa XX, this XXXX,

release, copy did and Relations Investor Scott Executive Financial call our With Chief our receive are you investors.casa-systems.com. of obtain Officer a Bruckner, at Vice on If earnings from Interim not section President. press and Officer; me you website the Jerry may it Chief of Senior today's Guo,

will be of and on This the section call webcast is Relations archived our Investor being website.

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

conform do to report generally U.S. that financial not accounting to addition principles. In GAAP we reporting, accepted measures certain

performance or investors During better our help we trends. will the believe believe investors if we it is call, may or useful to measures we use non-GAAP understand business it

like Jerry. to I'd the turn with to call And over that,

Jerry Guo

joining Good afternoon today. us and for everyone thanks

to above I our seen earnings revised pre-release, report in guidance for full came fourth year have in the our may am already you and quarter that range. As XXXX results our pleased

by are positive developments. volume We encouraged the

was versus in $XXX.X fourth $XX.X QX First, XXXX. million revenue million total quarter of

growth. million, was excluding organic X.X% QX a Netcomm year-over-year our contributions acquisition from $XX.X revenue

we saw the fourth segment than anticipated. cable our we higher for quarter in Second initially revenue

in During earnings have orders our quarter was more third call seen foreclose than we noted protracted previously. that certain large timing we what

handful had materialized were very out we of deals As close hoped these a as of larger to the slipped some third the fourth quarter quarter. orders result a closing in that of

Fourth compared a XX% quarter the $XX.X cable the was than we this MSL growth have quarter. million, to historically of is last of revenue Well, fourth from our QX year. sequential and quarter what lower in customers seen from third lower

customers to by they in encouraged upstream are sequential MSL invest revenue continuing a in subscribers. our meet the We the to need their seeing indicates from capacity have increase growth are that demand which and downstream

including our will that million wireless wireless of increased product on Full greater our million results products. this remarks access $XX later Bruckner these from in wireless his to discuss we detail Scott from saw wireless related during year one $XX.X in in Wireless to was a million million revenues for [$XX] features revenue following Netcomm. orders. fixed including from call. was we the Netcomm quarter was recognition backlog, a Third, on revenue added delay $XX.X additional larger

Netcomm In result fixed like would become a the points to of more during of few contributed then overall on our our comment and business to I as wireless that Before in continued and acquisition year and fourth outlook the highlight about quarter our progress fiscal business briefly XXXX. diversified telco. our fourth a a for quarter the

and up the our compared from telco our the from revenue from quarter revenue XX% of third cable with of our the XX% quarter XX% in came fixed XX% wireless segment. came XX% terms in third quarter, revenue came to business of during of In from approximately revenue business,

tier X a XX% or of full fourth these our revenue customers the X North for operator. customers XX% the XXXX. during accounted greater network customers had during our XX% we quarter for versus or mobile of terms American customers In including same XX% Together in greater period

For of versus year fiscal for for XX% the revenue XX% greater XXXX. or only XX% customers full accounted year

cable our core Turning the was saw demand believe that needs customers to to during product we DAA now areas. the we and large-scale to to In prior related quarter then improvement meet capacity or our fourth virtual any deployments.

DAA previous some quarters see products our we people do including solutions. As revenue new from in

CCAP cable revenue However, be period upgrades. hardware and that capacity integrated to overwhelmingly software for continued from

wireless. to Moving

wireless and around XG of and our As our fixed wireless recognizing the earlier progress and and devices from Virtual radios, XG quarter fourth fourth access stood At made during XG noted core on products. the million end at outdoor endorsement EPC $XX we material I backlog. the backlog quarter revenue our our included sales,

pleased at wireless stands number QX of customers fixed XG wireless providers I'm globally building our we are The our to service three on a from including progress now order during today continuing access includes that XX make to which acquisition. American backlog tier customers X this North provider. a sizable service report Netcomm form

the virtual under distribution which sales. of fixed was BNG our XX% In includes point fiber fourth products just the telco quarter revenue to and optical for the

sales starting are our distribution point million, of fiber driven $XX fixed We telco mostly fiscal of by XXXX backlog a products. to with year over our the

in year. router continued core demand network this our edge we anticipate end to for increase our coverage particular and that in virtualize products telco fixed the virtual will a of general at and As the BNG

third included like fixed XX telco trial update activity. cable. noted you quarter. unique On and XX on I with supporting I our in we were last our These in during XX XX X that to call, the trials wireless, will now customers the

the of XX X we are the in wireless, XX XX products XX trials are our trials XX DAA new supported in and solutions. in the quarter virtual QX, unique fixed in fourth and which customers. with XX% telco than During in more Of including CCAP cable cable

America solution provider. that fixed I as earlier tier by access quarter, notable was the wireless X During the large most the conversion placed for was order mentioned service North XG a

for the an order solution BNG from booked we provider virtual our A-Pac. service in Additionally,

Turning XXXX. now for outlook to our

to $XX year total with backlog are are the We this of in approximately portfolio. We quarter the for our good promise million opportunities for already approximately products think million of in that XXXX seeing network the We wireless particularly $XX revenue. first traction we deferred year a be range of for but full as see with rollouts. products offer start XG including will starting and key

during expect be the As likely wireless material revenue of the wireless a to result in half I concentrated second note mostly component year. however, year. our the would of we revenue will that a be

the from MSL With licenses potentially which we new the year to share market will of purchases increased upstream during spend cable customers we the additional to be bandwidth be company in an chassis. first integrated fixed continue the half add impact cautious In rollouts demand will mobile be channels. existing by this CCAP hardware cable to cable growth software for believe wireless important architectures catalyst with subsequent characterized respect year increased of for and access and of particularly watch capacity about particularly and this to later XG for for the continuing

our fixed and mentioned virtual edge in telco core seen earlier for create router and virtualization products. our opportunities material BNG convergence I network and multi-service as segment As

revenue full range expect our from to said, million. million $XXX will $XXX year XXXX that we With

key And QX view our guidance driver on we reflects our our and the expectations those initially While our are acquired cautious momentum good cable. our our wireless for in both already for as growth Netcomm business. organic of seeing products for year

to networks active We continue wireless be will think be rolled half particularly of second as for that the XG the out. year

changes we Before moving onto finance to financial our some team made detail have to our I following Nicolelli's would Maurizio like results provide departure. on you

As we by CFO interim Scott board. appointed announced been Bruckner has the

while search to into for permanent this Scott to role We very we replacement. agreeing are grateful step for

Supporting In in do a expertise the hands. job management will Slepian, principal in am finance will in XX over corporate decades his officer. our serve finance financial banker. experience of corporate that as with Scott, than accounting extensive more of our investment is as two and meantime, company in Matt I confident and our given after think I very good great experience experience his an accounting years our and industry controller Scott

ask Scott detail. that to on comment more financial in will results With I our

Scott Bruckner

and year I will XXXX providing to will quarter then results our results Jerry for fourth I afternoon you and everyone. turn before our XXXX. financial Thank guidance full reviewing start by details our good on

closed we revenue $XXX.X the our acquired as reminder XXXX on achieved and decrease year. X% million, compared $XX.X of a year XXXX full approximately Revenue we the XXXX. acquisition July of last Netcomm a million was during of Netcomm For from to X business

Netcomm So XXXX of are in only revenue months full-year results. there our six

software. million $XX.X the $XXX a XXXX from hardware XX% the of hardware revenue total in product million XX% Total of decreased or XXX% radio higher hardware for $XX.X as from well was $XX.X quarter which revenue from XXXX in Total fourth of in products. in million XXXX product compares XX% from and was revenue to consisted revenue the revenue million acquired million the year was increased The year-over-year. XX% This service Netcomm in to revenue from a $XXX.X million our as was $XXX.X due was was in which and or inclusion or from business hardware percentage XX.X% Netcomm Casa revenue million $XXX.X versus which of predominantly Excluding software. revenue XXXX wireless XXXX. $XXX.X million with from of or

$XXX.X by million from our Netcomm revenue This our XX% down from $XX.X product $XX.X year Breaking compares the from or was cable. million XXX% million of when cable. revenue from total revenue of fixed XXXX including total XX% or wireless full and of $XX.X million telecom. to came year XXXX full XX% almost or from came revenue of total revenue for came

and XXXX. products margin year to fixed higher cards wireless chassis sales wireless in line revenue percentage was gross was in XX.X% due radio cable. Hardware XX.X% XXXX for of products, the access compared hardware in XXXX to the largely included GAAP full and our and this

XX% Total of our increase The primarily GAAP also related acquisition included for year XXXX was or million the GAAP were compensation XXXX. expenses full in revenue acquisition headcount $XXX.X of operating based or million compared expenses. revenue to Netcomm increased to of and expenses costs year-over-year $XXX in related stock XX% operating from

deferred million. but GAAP primarily to of $XX.X evaluation loss $XX.X that full recorded U.S. assets On basis against our balance net a we due of booked this for a million was the we tax allowance year

position be in cumulative profit year to we three for expect year a to net full be XX, do position we Although and three XXXX tax year. also XXXX of December loss of a while we this the were in expect profitable as year cumulative

or result compared million year based $X.XX net $X.XX million year $XX.X diluted XXXX the guidance we was per Adjusted allowance. the Non-GAAP to book accounting appropriate XXXX. income share the million valuation on for So EBITDA XXXX. felt tax share as to to for a a for full per full it or year in million $X.X diluted $XX.X full was compared XXXX $XX

million XXXX to and turning revenue our fourth from $XX.X as quarter quarter from of year-over-year. million $XX.X fourth Netcomm to quarter Now mentioned the third of the Netcomm increased of compares Total quarter was acquired which $XXX.X a revenue million in XXXX in during the results. was the acquired the X.X% fourth revenue business in XXXX. the Revenue excluding and fourth million business Jerry $XX.X quarter

hardware was product Total the or $XX.X which was quarter the $XX.X with software. XX% XX% of fourth compares revenue was $XX.X product from This from of million million XX% million of fourth revenue and last or $XX.X to or $XX.X in XX% from year in million million from software. total million $XXX.X and or hardware quarter

Hardware for acquisition our primarily in XX% during core was hardware increased revenue the mostly products. driven and accounted the that of of the consisted as total quarter revenue wireless fourth fourth for during the revenue well in of Casa the again to compared the quarter quarter quarter year the business Netcomm XX% increase by during sales radio prior as

the Jerry from QX became markets. end our more an market diversified and perspective to as make business mentioned progress we continue wireless in As in telecom fixed

telecom fixed or QX revenue telecom. and million XX% $XX.X $XX.X revenue came materially from was when or or QX $XX.X came XX% fixed During from cable from of approximately wireless up million million no from we had XX% from our

Our included QX, $XX million revenue and Casa XXXX million $XX from for wireless approximately core Netcomm products.

Netcomm of the gross including wireless fourth during gross mix quarter of quarter the consolidated compared fourth year-on-year was in XX.X% XXXX. during revenue driven to which our The quarter acquisition margin core products XXXX. decrease exclude our we was higher from Casa of in the hardware by Our GAAP primarily margins for XX.X% radio gross of margin the revenue gross Netcomm fourth the were margins. XXXX lower has XX.X% quarter and If of the

Turning from million was of of compared inclusion operating total due the XXXX fourth to the in fourth XXXX. The expenses was operating July expenses GAAP primarily from expenses. Total operating in Netcomm expenses $XX.X million increase quarter quarter in the of to of XXXX. to XX $XX.X

December acquisition related to employees R&D XXXX sales Netcomm, higher to XXX to at our we Headcount of a as was a eliminating and the in functions the of XXXX resources employees September some totaled following a attrition voluntary in XXXX. address result headcount rebalancing of growth markets XXXX. acquisition during The XX, compared telecom XX, during fixed QX anticipate and as reduction wireless of overlapping and that

recorded which Our recorded we to the fourth in quarter $XX.X a QX million compared adjusted of year $XX.X $XX.X valuation expense $XX.X full million fourth tax million EBITDA of tax for in allowance the million. in was We XXXX. of XXXX includes the quarter of

net compared fourth non-GAAP of net share $XX.X to diluted million quarter quarter per in $X.XX off quarter of the fourth of for diluted $XX.X net XXXX. share for of net of XXXX. to $X.XX Non-GAAP per income the in fourth XXXX non-GAAP XXXX the compared was income the income million income of fourth was Non-GAAP the quarter

quarter Free ended $XXX.X the negative cash million We quarter total and cash of for was $X.X quarter XXXX. of positive equivalents in million and million debt of fourth a cash with to compared the flow $XXX.X a the $X.X million. fourth

with The than XX X% December of of remains expect which also greater a less approximately of to during collect good very receivables good were days. than QX. As at XX portion we million $XX receivables aging

business $X.X quarter we shares we've for to as the determine the our the current XXX,XXX developments program past During and the use in under purchased we will share million were to coming our year. repurchase best capital done continue of for review

have Netcomm track to $X.X an also this of on good recognize million annualized progress total achieved synergies cost on annualized to To date integration this of made we and our continue of cost very around million $X We've on savings year. basis be year.

on also of share $X.XX approximately in We to a expect continue non-GAAP per basis accretion $X.XX and XXXX.

like Speaking of turn now our would to XXXX I guidance. to

$XXX total year already we million full of mentioned Jerry as XXXX and million. between to $XXX the be revenue For expect

the we business. We of our products expect our and access in range gross achieving full-year margin Netcomm higher in which mix of hardware XX% margin revenue device a to lower our from be that anticipate includes XX% wireless and

of non-GAAP per to GAAP and approximately diluted expected expected is based EBITDA Adjusted and range basis we be in Stock $XX and to in million $X.XX $XX be the anticipate loss a to in million. in XXXX. of is We EPS the the range $XX range compensation $X.X of share a $X.XX. million be expect $X.XX. On

still was year and cables XXXX of and telecom acquisition the with products. a transition in integration our Overall digestion Netcomm contribution a wireless the the our for company completion from increasing and phase, fixed

significant for business XXXX. in momentum see to noted for Jerry expect will reasons in we Looking opportunities and anticipate that ahead that wireless all we the continue wireless

second remainder than half year and quarter. will as the the in past in our that revenues our are see of to of half a roughly year with anticipate our to we of for the believe the first XX% seen also normal likely the the in higher achieved first terms revenue second XX% we that we quarter the we've cadence be revenue to in and pattern revenue return In

the that With back session. the I turn to will to Q&A operator call start the now

Operator

your [Operator this Please Thank question question. be you. Our Barclays. will Ladies time and Long question-and-answer gentlemen with from a comes Tim conducting at we Instructions] first session. state

Tim Long

a you're the those a questions being it just conservative year. Thank from like It could of on if front, little the talked some visibility could, this cable the be about like might there? an maybe PHYs more of bit little Two sounds commentary the be bit you you. I Excuse me. MSOs all and but spending little sounds tucked might a bent equipment just

like XG it as side indoor? your And well could you what about outdoor if a secondly bit in XG a cellular you. pipeline And more then win. of you're Thank on into kind XXXX? little just wireless for touch the the Could how as business fixed you sounds looks seeing So on that talk that?

Jerry Guo

This me Tim question. let is this answer here. Jerry

as notoriously cable that DAA our in is MSOs solutions. that the integrity revenue cable As to spending forecast. the are we you approach forecasting XXXX see selling spend a We well cautious space including difficult of do continuing to know are from take we but CCAP traditional different types as and the solutions

on we both on space for in deals the well of mobile question we side and the outdoor the includes wireless to XG fixed second wireless as traditional also and radio as reported a core we [win] working are wireless As the the and side wireless in several have wireless the products. large that indoor

Scott Bruckner

of we orders I earnings our a I evenly last interest couple in Yes I at Tim, that fixed of our talking look distributed obviously in about. not mean lot that it's the if received were across pretty a was Scott. it's call this just year. add could actually If so order There's about Jerry fourth things. wireless what backlog we talking

Our outdoor core and both our radio our strand product radio. and cores the outdoor in products of They're and core now. and the is components network indoor in includes that backlog of radio XG

full in think increased I only portfolio. across the to products of those across contribution mix this products not of a you'll nice So range for addition the year an see of wireless but

Tim Long

Okay. helpful. that's Thank you,

Operator

Thank you.

with Our state next Stanley. Morgan your Meta question Marshall comes Please question. from

Unidentified Analyst

our Khan Meta. on for for Thanks This hi. question. is taking Yes,

Just a quick one.

you. As you has or more business, forecast. that difficult it you more certifications look become predictable think gotten you've is as Thank business wireless the do to to still

Jerry Guo

stages see still But we visibility. their driver. growth we it early a long-term at do visibility have still a And see really and it to cable early than that feel stage the more, is business though the wireless see space. a growth as a we the better has we this as its Well, even

Unidentified Analyst

could the follow-up. would does you. a Thank helpful. gross margin XXXX? leverage come little be more bit in And you. Okay, Just thank there Where color if just I from

Scott Bruckner

Yes.

the out leverage, gross to is by I point margin XXXX. similar that gross we So in what would we're I guess saw forecasting that margin very

about think by XX% revenues. be largely the going and in to hardware mix for product still XX% of a in we driven that's range So we're to

gross software. go So for to more we to margin have that up, see

go think out because revenue general our market come and there's bulk rollout in we in radios. wireless, industry view the Now is from a I that the size the to there tradeoff and going we particularly view it's initial if the particularly in of phase

there's reason a that some And diversification see software lot cores, selling But increase. deploying XG. has gross of we're to in in I that for more think successful margin for if you'll happen our then

now based that for with having be we're that fourth for saw and trial in this quarter, heavy. backlog being us right lease what our fairly also And on this we're more consistent our conversations see with wireless make year we that advanced and believe trials activity us then we is our will in hardware the what customers

margin pretty gross we that with we feel so comfortable range And the guided for.

Unidentified Analyst

Okay, very thank you much.

Operator

Our comes your Please question. next with from Valera Rich Needham state & Company. question

Unidentified Analyst

on you. thank Rich. Hi, Nate This for is Hitchcock

First question for Jerry.

access, any mentioned on from in improvements any prepared revenue the remarks color the some provide in Jerry, quarter-over-quarter distributed in So recognized regarding that you this can business. the you quarter

you. potential as wondering well as in provide initial maybe could outlook I’m additional space. any on competitive the additional the deployments for from also this virtual just then, expectation and this trails And on CCAPs within if you space. any mentioned And you Thank virtual trials some color then color

Jerry Guo

Yes.

nodes. a in interest products core a our for have used core CCAP or virtual across with combined distributed We the using seen DAA globe either chassis-based

in Pacific some we America, and have Asia North trials have in in in and into Europe, we revenue. So converted all

a yet disclose throughout to a those We'd going believe continuing those from on the not but size specifics we're do of revenue conversion that into trials see XXXX.

Unidentified Analyst

you. thank great, just follow-up net counts. regarding a then And Okay,

wondering a headcount, thus million and X mean, X.X made some far, in within But was synergies million So was X already months. initial this I the sales first range I I you've know realignment million recognized as far. I mentioned to the of and XX reduction think Scott

Where think be are you a mentioned as in the will cross-selling recent I as any for would could of synergies additional color if taking on appreciated. really and in terms color there those And the come provide Thanks efforts conference Jerry's. well questions. any

Scott Bruckner

Sure.

synergy the let So side. me start on

towards very You tracking and we in have that level. good fact a are memory exactly

X.X noted more than So, was headcount lot quickly from it and think the we has a And we I we come of reductions functions. where most saw correctly realized redundant anticipated. you've is

as the is also, on strategy focusing Jerry which And year mentioned for our wireless.

we opportunities wireless sure adequately are of for we made we resourced the that So see that ahead large us.

integration. be and timeline but items maybe and to will the that XX haven’t software underway. months to thing accomplish still other yet. we months that we synergy The realized That's a come always that's completed large tougher XX our understood haven’t And that it it, from slips would we've so for from savings

through And an then area working right process just issue, it's in issue. savings It's there that of we're not now. of an real-estate cost the is

we've working a office So do what million now that comprise significant the from half. office that million, personnel with remaining would we're and a of we and also moved part that through particular

Unidentified Analyst

Great. Thank very you, much.

Jerry Guo

Yes.

Casa NetComm that several side. side As advanced that in at and the we products cross-selling, both trials next on synergy to on the are revenue

some expect opportunities of that We this year. converted into in revenue

Operator

Savageaux Instructions] Capital from [Operator Our Please Markets. question. with Tim next you. Thank Northland state your comes question

Tim Savageaux

a Tier X? I be the is, American Tier think an guess operator Hi, is had is good of it I that of indicated the as kind the can American my customer question same whether Wireless another mentioned XG Fixed that question a you've Access in front. North wireless that in or And And QX. North you afternoon. you Operator X guess, XX% on I you Wireless say quarter

Jerry Guo

cannot names. Tim, -- we but different we disclose the

Tim Savageaux

the you wave enough. maybe recently discussed? when XG to --. but you in you've relate names terms access new the I that discussed the TechTalk fair ask that can And when Didn’t that should assume millimeter of That's had, back we

Jerry Guo

X. well both going the on are to both mix, booted positive as believe big very contribution the a as this the set our sub millimeter industry. bullish a to are be as wave as revenue year We well we Well, to

Tim Savageaux

say but Maybe in on of of much try the but XG to QX work you maybe shipped a relate Obviously here that what backlog you probably can't can bunch wireless and of of you is what would kind before? wireless in similarly opportunity on XX% to to the your a able size it you that XXXX size terms wireless to on the new of side Okay. we're in kind of saw side, side Casa. talk saw customer

Scott Bruckner

a about Yes sizeable to mentioned bit little would didn’t not we Tim, was it's it early if talk it it. have opportunity. We think a

details any that customer certainly giving it would without XX the So Top list. be specific be materializes, when in expectation this would our that

Tim Savageaux

from are I'll Great. assumptions mean, and making outlook on for move I the overall of a kind on follow-up just and 'XX. few that here.

of is I awfully It that like had baseline there in XX% obviously your XX% spending we've a your next or you've you're network cautious morning of pieces, seen to up talking mean, from or you 'XX, competitors being cable. guiding year. down and this you a on couple cable mean I including looks moving about ticking year are peers tough maybe got

with at cautioned could you kind good it I'm expect it but thing our decline Realize baseline wondering material? cable you to, for expectations I you causes a of set imagine, next got this to point you decline if business after year. if XXXX, what not of being

Scott Bruckner

correct. is cautious Tim, Well

the XX which been What XX cable of least we've year, for with has that over two seen bulk that on based is operators is quarter. past the million what spending we million on at average unpredictable us is been past last the outlook have the know our industry XX four probably pretty about quarters on what the over in to months a cable cautious XX think I months.

a will, that the reemphasize important all you our to and forecast of with But budget be for across importantly into So our want for Jerry what mind driver this products. is will wireless I year. read us. year internal very this for And said we a wireless created our growth and what

Tim Savageaux

Got it. I'll on. it pass

Operator

Thank you.

question from next state Our Fessler question. with Stifel. comes Scott Please your

Scott Fessler

my of you to don’t quarter. taking business impact seeing on Corona for could virus any? if want you I APAC overall on by comment thanks guys, understand Hey I if question. see just the you're guide the

Scott Bruckner

just our has mean impact. So everybody some APAC is to going I have it's it's I virus business, saying think not been that on Corona global

are few observe. there things So to

we may and We disruptions we are from that quarter-to-quarter. see the ourselves have not seen preparing for impact well yet

We this supply have an something very important which mentioned do think we're I calling observe I the is certain to not going have expect it not to have for at our point been impact to also else that because ensure full-year. customers of had to issues.

fact in And up they built the across have comfort that our inventory in we have taken as we of do all products.

our not wireless table So just also cable in components only advanced in products it's and but in and in cable.

So DAA and telco virtual and then fixed products. also our

we've part around of comfortable may the built be there pretty moat that kind some better of year. feel point this disruptions, a that supply this at we while So for

Scott Fessler

appreciate you, Great. Thank I it.

Operator

Ladies at for to you. no President call back you. and turn Thank questions remarks. Guo Thank and are the this further there time. gentlemen, Jerry I'll CEO closing

Jerry Guo

you Thank our on look updating next quarter. to us progress to for joining everyone today. forward We you

Operator

conference. concludes a This you. may All day. Have great disconnect. Thank parties today's

Monica Gould	IR
Jerry Guo	CEO
Scott Bruckner	Interim CFO & SVP
Meta Marshall	Morgan Stanley
Rich Valera	Needham & Company

Casa Systems (CASSQ) 20 Feb 202019 Q4 Earnings call transcript