2021 Q2 Form 10-Q Financial Statement

#000151173721000014 Filed on May 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2021 Q1 2020 Q1
Revenue $477.9M $467.2M $337.4M
YoY Change 51.46% 38.47% 18.43%
Cost Of Revenue $247.1M $244.5M $177.8M
YoY Change 51.16% 37.53% 16.9%
Gross Profit $230.7M $222.7M $159.6M
YoY Change 51.75% 39.53% 20.18%
Gross Profit Margin 48.28% 47.67% 47.31%
Selling, General & Admin $16.96M $13.26M $10.61M
YoY Change 61.5% 24.98% 13.41%
% of Gross Profit 7.35% 5.95% 6.64%
Research & Development $30.96M $30.48M $21.67M
YoY Change 32.32% 40.66% 1.55%
% of Gross Profit 13.42% 13.69% 13.58%
Depreciation & Amortization $3.800M $3.000M $1.400M
YoY Change 46.15% 114.29% -26.32%
% of Gross Profit 1.65% 1.35% 0.88%
Operating Expenses $47.92M $43.74M $32.28M
YoY Change 41.36% 35.5% 5.16%
Operating Profit $182.8M $179.0M $127.4M
YoY Change 54.8% 40.55% 24.69%
Interest Expense -$2.518M -$4.900M -$6.600M
YoY Change -45.26% -25.76% 94.12%
% of Operating Profit -1.38% -2.74% -5.18%
Other Income/Expense, Net -$4.890M -$6.618M
YoY Change -26.11% 91.99%
Pretax Income $180.3M $174.1M $120.7M
YoY Change 58.86% 44.2% 22.34%
Income Tax $25.98M $28.00M $17.00M
% Of Pretax Income 14.41% 16.08% 14.08%
Net Earnings $154.3M $146.1M $103.7M
YoY Change 66.63% 40.83% 17.47%
Net Earnings / Revenue 32.29% 31.26% 30.74%
Basic Earnings Per Share $2.33 $1.60
Diluted Earnings Per Share $2.459M $2.32 $1.60
COMMON SHARES
Basic Shares Outstanding 62.81M shares 62.81M shares 64.63M shares
Diluted Shares Outstanding 62.87M shares 64.70M shares

Balance Sheet

Concept 2021 Q2 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $250.7M $263.8M $84.70M
YoY Change 74.73% 211.45% -77.21%
Cash & Equivalents $249.4M $262.8M $77.78M
Short-Term Investments $1.320M $1.000M $6.900M
Other Short-Term Assets $37.36M $21.90M $18.90M
YoY Change 149.08% 15.87% -61.97%
Inventory $233.8M $224.9M $205.2M
Prepaid Expenses
Receivables $172.3M $187.3M $173.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $694.2M $698.0M $482.8M
YoY Change 18.33% 44.57% -43.94%
LONG-TERM ASSETS
Property, Plant & Equipment $79.06M $79.89M $79.05M
YoY Change 0.69% 1.06% 489.38%
Goodwill
YoY Change
Intangibles $8.684M $9.021M $3.095M
YoY Change 183.51% 191.47% -6.47%
Long-Term Investments $1.035M $700.0K $5.100M
YoY Change 107.0% -86.27% -88.84%
Other Assets $71.95M $72.20M $27.42M
YoY Change 66.45% 163.31% 124.45%
Total Long-Term Assets $196.8M $195.0M $137.8M
YoY Change 30.52% 41.5% 98.59%
TOTAL ASSETS
Total Short-Term Assets $694.2M $698.0M $482.8M
Total Long-Term Assets $196.8M $195.0M $137.8M
Total Assets $891.0M $893.0M $620.6M
YoY Change 20.82% 43.89% -33.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $112.1M $63.78M $61.02M
YoY Change -27.95% 4.53% -33.27%
Accrued Expenses $40.94M $40.30M $25.80M
YoY Change 47.25% 56.2% 98.77%
Deferred Revenue $21.62M
YoY Change 31.3%
Short-Term Debt $23.87M $23.87M $24.07M
YoY Change -0.84% -0.84% -12.64%
Long-Term Debt Due $23.87M $23.90M $24.10M
YoY Change -0.98% -0.83% -12.68%
Total Short-Term Liabilities $276.4M $257.6M $177.7M
YoY Change 4.58% 44.95% 3.9%
LONG-TERM LIABILITIES
Long-Term Debt $467.0M $548.1M $659.4M
YoY Change -25.68% -16.88% 50.24%
Other Long-Term Liabilities $8.564M $9.363M $6.143M
YoY Change 35.68% 52.42% -34.79%
Total Long-Term Liabilities $475.6M $557.5M $665.6M
YoY Change -25.07% -16.24% 48.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $276.4M $257.6M $177.7M
Total Long-Term Liabilities $475.6M $557.5M $665.6M
Total Liabilities $888.3M $953.2M $976.6M
YoY Change -14.0% -2.39% 31.54%
SHAREHOLDERS EQUITY
Retained Earnings $2.635M -$60.97M -$356.0M
YoY Change -100.89% -82.87% -290.3%
Common Stock $63.00K $63.00K $64.00K
YoY Change -1.56% -1.56% -9.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.699M -$60.21M -$356.0M
YoY Change
Total Liabilities & Shareholders Equity $891.0M $893.0M $620.6M
YoY Change 20.82% 43.89% -33.31%

Cashflow Statement

Concept 2021 Q2 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $154.3M $146.1M $103.7M
YoY Change 66.63% 40.83% 17.47%
Depreciation, Depletion And Amortization $3.800M $3.000M $1.400M
YoY Change 46.15% 114.29% -26.32%
Cash From Operating Activities $164.2M $138.9M $92.00M
YoY Change 31.38% 50.98% 571.53%
INVESTING ACTIVITIES
Capital Expenditures -$2.325M -$4.100M -$23.60M
YoY Change 29.17% -82.63% 1023.81%
Acquisitions
YoY Change
Other Investing Activities -$1.841M $0.00 $28.70M
YoY Change -116.74% -100.0% -35.07%
Cash From Investing Activities -$4.166M -$4.200M $5.100M
YoY Change -145.28% -182.35% -87.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -173.5M -61.00M -119.3M
YoY Change 150.3% -48.87% 206.68%
NET CHANGE
Cash From Operating Activities 164.2M 138.9M 92.00M
Cash From Investing Activities -4.166M -4.200M 5.100M
Cash From Financing Activities -173.5M -61.00M -119.3M
Net Change In Cash -13.40M 73.70M -22.20M
YoY Change -120.65% -431.98% -231.36%
FREE CASH FLOW
Cash From Operating Activities $164.2M $138.9M $92.00M
Capital Expenditures -$2.325M -$4.100M -$23.60M
Free Cash Flow $166.5M $143.0M $115.6M
YoY Change 31.35% 23.7% 631.65%

Facts In Submission

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CY2019Q4 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Impairment Of Investments
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us-gaap Impairment Of Investments
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us-gaap Amortization Of Financing Costs
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us-gaap Amortization Of Financing Costs
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ubnt Operating Lease Non Cash Lease Expense
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ubnt Operating Lease Non Cash Lease Expense
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us-gaap Amortization Of Debt Discount Premium
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us-gaap Amortization Of Debt Discount Premium
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us-gaap Write Off Of Deferred Debt Issuance Cost
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us-gaap Write Off Of Deferred Debt Issuance Cost
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us-gaap Inventory Write Down
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ubnt Provisionfor Gain Losson Vendor Deposit
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ubnt Provisionfor Gain Losson Vendor Deposit
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Other Noncash Income Expense
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Taxes
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Increase Decrease In Contract With Customer Liability
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us-gaap Increase Decrease In Contract With Customer Liability
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Investments
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us-gaap Payments To Acquire Investments
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us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Dividends
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us-gaap Payments Of Dividends
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Income Taxes Paid Net
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us-gaap Income Taxes Paid Net
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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ubnt Unpaid Stock Repurchases
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ubnt Unpaid Stock Repurchases
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Transfer To Investments
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us-gaap Transfer To Investments
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CY2021Q1 ubnt Contract With Customer Liability Deferred Revenue Noncurrent
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us-gaap Use Of Estimates
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Use of Accounting EstimatesThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying notes. Those estimated assumptions include, but are not limited to, revenue recognition and deferred revenue; allowance for doubtful accounts and sales return reserves; inventory valuation and vendor deposits; accounting for income taxes, including the valuation allowance on deferred tax assets and reserves for uncertain tax positions; determinations of fair value for stock-based awards; estimate of incremental borrowing rate for determining the present value of future lease payments; and valuation of warranty accruals. The Company evaluates its estimates and assumptions based on historical experience and other assumptions that are believed to be reasonable under the circumstances. Actual results could differ materially from those estimates.
CY2021Q1 ubnt Contract With Customer Liability Customer Deposits Current
ContractWithCustomerLiabilityCustomerDepositsCurrent
4300000 USD
CY2020Q2 ubnt Contract With Customer Liability Customer Deposits Current
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CY2020Q2 ubnt Contract With Customer Liability Deferred Revenue Noncurrent
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us-gaap Debt Securities Available For Sale Realized Gain Loss Excluding Other Than Temporary Impairment
DebtSecuritiesAvailableForSaleRealizedGainLossExcludingOtherThanTemporaryImpairment
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us-gaap Debt Securities Available For Sale Realized Gain Loss Excluding Other Than Temporary Impairment
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us-gaap Investment Income Interest
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CY2021Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
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CY2021Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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CY2021Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
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CY2020Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2021Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
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CY2021Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
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CY2021Q1 us-gaap Available For Sale Securities Debt Securities
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q1 us-gaap Earnings Per Share Basic
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CY2020Q1 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2020Q2 us-gaap Inventory Net
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CY2020Q2 us-gaap Inventory Finished Goods Net Of Reserves
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CY2020Q2 us-gaap Inventory Raw Materials Net Of Reserves
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CY2021Q1 us-gaap Inventory Net
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CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2020Q2 us-gaap Property Plant And Equipment Net
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35495000 USD
CY2021Q1 us-gaap Intangible Assets Net Excluding Goodwill
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CY2020Q2 us-gaap Intangible Assets Net Excluding Goodwill
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CY2020Q2 us-gaap Other Assets Miscellaneous Noncurrent
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CY2021Q1 us-gaap Other Assets Noncurrent
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CY2020Q2 us-gaap Other Assets Noncurrent
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43223000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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12148000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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1800000 USD
CY2021Q1 ubnt Contract With Customer Liability Deferred Revenue Current
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22193000 USD
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CY2021Q1 us-gaap Operating Lease Liability Current
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CY2020Q2 us-gaap Operating Lease Liability Current
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7056000 USD
CY2021Q1 us-gaap Standard Product Warranty Accrual
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4753000 USD
CY2020Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
4538000 USD
CY2021Q1 us-gaap Accrued Employee Benefits Current
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4178000 USD
CY2020Q2 us-gaap Accrued Employee Benefits Current
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4084000 USD
CY2021Q1 ubnt Contract With Customer Liability Customer Deposits Current
ContractWithCustomerLiabilityCustomerDepositsCurrent
4280000 USD
CY2020Q2 ubnt Contract With Customer Liability Customer Deposits Current
ContractWithCustomerLiabilityCustomerDepositsCurrent
2061000 USD
CY2021Q1 ubnt Reservefor Sales Returns Current
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2153000 USD
CY2020Q2 ubnt Reservefor Sales Returns Current
ReserveforSalesReturnsCurrent
1275000 USD
CY2021Q1 ubnt Inventory Received Not Billed
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CY2020Q2 ubnt Inventory Received Not Billed
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CY2021Q1 us-gaap Accounts Payable Other Current
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5483000 USD
CY2020Q2 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
4489000 USD
CY2021Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
156526000 USD
CY2020Q2 us-gaap Other Liabilities Current
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P5Y
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3815000 USD
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
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0 shares
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34000000.0 USD
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1500000 USD
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4600000 USD
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CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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467237000 USD
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1
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337417000 USD
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1
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1
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968978000 USD
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1

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