Casa Systems (CASA) Raises FY Revenue Guidance, Announces CFO Transition

Casa Systems, Inc. (Nasdaq: CASA), a leading provider of converged broadband infrastructure technology solutions for mobile, cable, and fixed networks, today announced that Maurizio Nicolelli, Chief Financial Officer, has notified the company of his intention to resign to pursue a CFO opportunity outside of the communications technology industry. Mr. Nicolelli has agreed to assist in the orderly transition of his CFO responsibilities and will remain with the company until January 31, 2020. His departure is not based on any disagreement with the company’s accounting principles, practices or financial statement disclosures.

Jerry Guo, President and Chief Executive Officer said, “On behalf of the board of directors and executive team, I would like to thank Maurizio for his contributions to the company during his tenure as CFO at Casa. While we regret to see him leave, we wish him well in his future endeavors.”

“I am pleased to have been part of delivering a good quarter for Casa,” said Maurizio Nicolelli. “While I will miss the team here as I leave to pursue an opportunity that I feel is good for my career and for my family, I know that I am leaving behind a strong financial organization. I look forward to hearing about Casa’s future successes.”

Casa Systems intends to retain an executive search firm and initiate a search for a permanent CFO. A further announcement will be made in due course. The Board of Directors has appointed Scott Bruckner as interim CFO until a permanent CFO has been appointed. Mr. Bruckner is currently SVP Strategy and Corporate Development at Casa Systems, which he joined in November 2017 after a more than 20-year career as an investment banker.

The Company also announced that it is raising its fiscal year 2019 GAAP revenue guidance range from $255 million to $270 million to $275 million to $280 million. The Company also expects to meet or exceed its fiscal year 2019 guidance for gross margin, adjusted EBITDA, and GAAP and non-GAAP diluted net loss per share previously provided in the Company’s earnings release for the quarter ended September 30, 2019, a copy of which the Company furnished as an exhibit to its Current Report on Form 8-K dated October 31, 2019 and which includes reconciliations of each such non-GAAP financial measure to its most directly comparable GAAP measure.

(Consensus sees FY19 revenue of $261 million)

Casa intends to release further details on its fourth quarter and fiscal year 2019 financial results during the Company’s earnings call on Thursday, February 20, 2020 at 5 p.m. Eastern Time. A live audio webcast of Casa Systems’ fourth quarter and fiscal year 2019 results discussion will be accessible on the company’s Investor Relations website at http://investors.casa-systems.com. To participate in the conference call, please dial 877-407-4019 (domestic) and 201-689-8337 (international). Callers should ask to be joined to the Casa Systems call. An archived version of the company’s webcast will also be available on Casa Systems’ website for 90 days after the event.

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