$UI
Ubiquiti Inc.

2023 Q4 Form 10-Q Financial Statement

#000151173723000082 Filed on November 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $465.0M $463.1M
YoY Change -5.8% -7.03%
Cost Of Revenue $287.3M $279.2M
YoY Change -2.94% -14.54%
Gross Profit $177.6M $183.9M
YoY Change -10.08% 7.3%
Gross Profit Margin 38.21% 39.71%
Selling, General & Admin $19.63M $19.29M
YoY Change 5.32% 15.54%
% of Gross Profit 11.05% 10.49%
Research & Development $36.91M $36.28M
YoY Change 9.32% 11.1%
% of Gross Profit 20.78% 19.73%
Depreciation & Amortization $4.541M $5.131M
YoY Change 14.96% 39.2%
% of Gross Profit 2.56% 2.79%
Operating Expenses $56.55M $55.57M
YoY Change 7.89% 12.6%
Operating Profit $121.1M $128.3M
YoY Change -16.57% 5.15%
Interest Expense -$18.26M -$21.20M
YoY Change 62.01% 99.04%
% of Operating Profit -15.08% -16.52%
Other Income/Expense, Net -$18.26M -$21.22M
YoY Change 62.01% 99.27%
Pretax Income $102.8M $107.1M
YoY Change -23.19% -3.85%
Income Tax $20.70M $19.30M
% Of Pretax Income 20.13% 18.02%
Net Earnings $82.12M $87.75M
YoY Change -26.82% -5.83%
Net Earnings / Revenue 17.66% 18.95%
Basic Earnings Per Share $1.36 $1.45
Diluted Earnings Per Share $1.36 $1.45
COMMON SHARES
Basic Shares Outstanding 60.45M shares 60.45M shares
Diluted Shares Outstanding 60.45M shares 60.45M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.66M $108.6M
YoY Change -38.83% -20.67%
Cash & Equivalents $97.60M $108.5M
Short-Term Investments $61.00K $0.00
Other Short-Term Assets $153.1M $170.0M
YoY Change 72.14% 134.69%
Inventory $683.6M $706.5M
Prepaid Expenses
Receivables $171.4M $168.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.106B $1.154B
YoY Change 5.85% 62.13%
LONG-TERM ASSETS
Property, Plant & Equipment $84.49M $85.00M
YoY Change -2.16% -0.2%
Goodwill
YoY Change
Intangibles $4.945M $5.336M
YoY Change -23.62% -22.26%
Long-Term Investments
YoY Change
Other Assets $70.28M $70.73M
YoY Change -2.67% -2.3%
Total Long-Term Assets $229.2M $234.4M
YoY Change 2.31% 3.89%
TOTAL ASSETS
Total Short-Term Assets $1.106B $1.154B
Total Long-Term Assets $229.2M $234.4M
Total Assets $1.335B $1.388B
YoY Change 5.22% 48.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $92.30M $124.2M
YoY Change -62.28% 32.17%
Accrued Expenses $56.80M $53.30M
YoY Change 12.88% -0.76%
Deferred Revenue $18.21M $19.63M
YoY Change
Short-Term Debt $36.51M $36.51M
YoY Change 49.56% 49.56%
Long-Term Debt Due $36.51M $36.50M
YoY Change 49.56% 49.53%
Total Short-Term Liabilities $287.8M $338.1M
YoY Change -44.08% -6.47%
LONG-TERM LIABILITIES
Long-Term Debt $958.1M $1.007B
YoY Change 10.14% 31.49%
Other Long-Term Liabilities $9.742M $7.931M
YoY Change 57.48% 32.14%
Total Long-Term Liabilities $967.9M $1.015B
YoY Change 10.47% 31.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $287.8M $338.1M
Total Long-Term Liabilities $967.9M $1.015B
Total Liabilities $1.351B $1.451B
YoY Change -10.94% 14.93%
SHAREHOLDERS EQUITY
Retained Earnings -$23.19M -$69.03M
YoY Change -90.73% -78.84%
Common Stock $60.00K $60.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$15.72M -$63.06M
YoY Change
Total Liabilities & Shareholders Equity $1.335B $1.388B
YoY Change 5.22% 48.11%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $82.12M $87.75M
YoY Change -26.82% -5.83%
Depreciation, Depletion And Amortization $4.541M $5.131M
YoY Change 14.96% 39.2%
Cash From Operating Activities $78.56M $67.68M
YoY Change -298.14% 61.21%
INVESTING ACTIVITIES
Capital Expenditures $3.877M $3.025M
YoY Change -19.33% -65.08%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.877M -$3.025M
YoY Change -19.33% -65.08%
FINANCING ACTIVITIES
Cash Dividend Paid $36.27M
YoY Change 0.03%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -85.61M -$70.96M
YoY Change -226.94% 114.84%
NET CHANGE
Cash From Operating Activities 78.56M $67.68M
Cash From Investing Activities -3.877M -$3.025M
Cash From Financing Activities -85.61M -$70.96M
Net Change In Cash -10.92M -$6.299M
YoY Change -147.53% -2235.25%
FREE CASH FLOW
Cash From Operating Activities $78.56M $67.68M
Capital Expenditures $3.877M $3.025M
Free Cash Flow $74.69M $64.66M
YoY Change -268.0% 94.04%

Facts In Submission

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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 estimates and assumptions include, but are not limited to, revenue recognition and deferred revenue; 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. We evaluate our 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.
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CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5900000 usd
CY2023Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
19630000 usd
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
17911000 usd
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
21213000 usd
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
23426000 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
14278000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
14333000 usd
CY2023Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
9649000 usd
CY2023Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
8745000 usd
CY2023Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
8136000 usd
CY2023Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
7330000 usd
CY2023Q3 ubnt Contract With Customer Liability Customer Deposits Current
ContractWithCustomerLiabilityCustomerDepositsCurrent
378000 usd
CY2023Q2 ubnt Contract With Customer Liability Customer Deposits Current
ContractWithCustomerLiabilityCustomerDepositsCurrent
1211000 usd
CY2023Q3 ubnt Reservefor Sales Returns Current
ReserveforSalesReturnsCurrent
3679000 usd
CY2023Q2 ubnt Reservefor Sales Returns Current
ReserveforSalesReturnsCurrent
4999000 usd
CY2023Q3 ubnt Inventory Received Not Billed
InventoryReceivedNotBilled
49724000 usd
CY2023Q2 ubnt Inventory Received Not Billed
InventoryReceivedNotBilled
56862000 usd
CY2023Q3 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
10757000 usd
CY2023Q2 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
7028000 usd
CY2023Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
137444000 usd
CY2023Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
141845000 usd
CY2023Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1007257000 usd
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1041381000 usd
CY2023Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
8745000 usd
CY2022Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
6394000 usd
CY2023Q3 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
3380000 usd
CY2022Q3 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2824000 usd
CY2023Q3 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
546000 usd
CY2022Q3 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
71000 usd
CY2023Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
3022000 usd
CY2022Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2130000 usd
CY2023Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
9649000 usd
CY2022Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
7159000 usd
CY2023Q3 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
992000 usd
CY2023Q2 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
992000 usd
CY2023Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
36508000 usd
CY2023Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
36508000 usd
CY2023Q3 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
1493000 usd
CY2023Q2 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
1744000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
28125000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
37500000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
980625000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0 usd
CY2023Q3 ubnt Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
0 usd
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
1046250000 usd
CY2023Q3 ubnt Long Term Debt Maturities Repayments Of Interest And Other Payments Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfInterestAndOtherPaymentsRemainderOfFiscalYear
57192000 usd
CY2023Q3 ubnt Long Term Debt Maturities Repayments Of Interest And Other Payments In Year One
LongTermDebtMaturitiesRepaymentsOfInterestAndOtherPaymentsInYearOne
73805000 usd
CY2023Q3 ubnt Long Term Debt Maturities Repayments Of Interest And Other Payments In Year Two
LongTermDebtMaturitiesRepaymentsOfInterestAndOtherPaymentsInYearTwo
53421000 usd
CY2023Q3 ubnt Long Term Debt Maturities Repayments Of Interest And Other Payments In Year Three
LongTermDebtMaturitiesRepaymentsOfInterestAndOtherPaymentsInYearThree
0 usd
CY2023Q3 ubnt Long Term Debt Maturities Repayments Of Interest And Other Payments In Year Four
LongTermDebtMaturitiesRepaymentsOfInterestAndOtherPaymentsInYearFour
0 usd
CY2023Q3 ubnt Long Term Debt Maturities Repayments Of Interest And Other Payments After Year Four
LongTermDebtMaturitiesRepaymentsOfInterestAndOtherPaymentsAfterYearFour
0 usd
CY2023Q3 ubnt Long Term Debt Maturities Repayments Of Interest And Other Payments
LongTermDebtMaturitiesRepaymentsOfInterestAndOtherPayments
184418000 usd
CY2023Q3 ubnt Long Term Debt Maturities Repayments Of Principal And Interest And Other Payments Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestAndOtherPaymentsRemainderOfFiscalYear
85317000 usd
CY2023Q3 ubnt Long Term Debt Maturities Repayments Of Principal And Interest And Other Payments In Year One
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestAndOtherPaymentsInYearOne
111305000 usd
CY2023Q3 ubnt Long Term Debt Maturities Repayments Of Principal And Interest And Other Payments In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestAndOtherPaymentsInYearTwo
1034046000 usd
CY2023Q3 ubnt Long Term Debt Maturities Repayments Of Principal And Interest And Other Payments In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestAndOtherPaymentsInYearThree
0 usd
CY2023Q3 ubnt Long Term Debt Maturities Repayments Of Principal And Interest And Other Payments In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestAndOtherPaymentsInYearFour
0 usd
CY2023Q3 ubnt Long Term Debt Maturities Repayments Of Principal And Interest And Other Payments After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestAndOtherPaymentsAfterYearFour
0 usd
CY2023Q3 ubnt Long Term Debt Maturities Repayments Of Principal And Interest And Other Payments
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestAndOtherPayments
1230668000 usd
CY2023Q3 us-gaap Lease Cost
LeaseCost
4097000 usd
CY2022Q3 us-gaap Lease Cost
LeaseCost
3821000 usd
CY2023Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
200000 usd
CY2022Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
200000 usd
CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
4300000 usd
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
3600000 usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18200000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
12618000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
14403000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
10110000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6000000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4606000 usd
CY2023Q3 ubnt Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
15079000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
62816000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4526000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
58290000 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.029
CY2023Q3 us-gaap Purchase Obligation
PurchaseObligation
1081400000 usd
CY2023Q3 us-gaap Other Commitment
OtherCommitment
5400000 usd
CY2023Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4920774 shares
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1500000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1048000 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19300000 usd
CY2023Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
33400000 usd
CY2023Q3 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
1000000 usd
CY2023Q3 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
3600000 usd
CY2023Q3 ubnt Number Of Subsidiaries
NumberOfSubsidiaries
1 subsidiary
CY2023Q3 us-gaap Income Tax Examination Liability Refund Adjustment From Settlement With Taxing Authority
IncomeTaxExaminationLiabilityRefundAdjustmentFromSettlementWithTaxingAuthority
0 usd
CY2023Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023Q3 ubnt Number Of Product Types
NumberOfProductTypes
2 product
CY2023Q3 us-gaap Revenues
Revenues
463078000 usd
CY2022Q3 us-gaap Revenues
Revenues
498083000 usd
CY2023Q3 us-gaap Revenues
Revenues
463078000 usd
CY2022Q3 us-gaap Revenues
Revenues
498083000 usd

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