10-Q Filing

UBIQUITI INC. CIK: 1511737 Q2 2014

Filing Information

Form Type	10-Q
Accession Number	`0001511737-14-000009`
Period End Date	20131231
Filing Date	20140207
Fiscal Year	2014
Fiscal Period	Q2
XBRL Instance	ubnt-20131231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 65 Cash Flow Statement 68

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.80M	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.20M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$148.30M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$227.83M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$122.06M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$305.55M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,800 and $2,200, respectively	`AccountsReceivableNetCurrent`	$36.81M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,800 and $2,200, respectively	`AccountsReceivableNetCurrent`	$35.88M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories	`InventoryNet`	$15.88M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories	`InventoryNet`	$32.32M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Current deferred tax asset	`CurrentDeferredTaxAssetsRevenue`	$733.00K	USD	Point-in-time
Current deferred tax asset	`CurrentDeferredTaxAssetsRevenue`	$733.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	87.74M	shares	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	$2.80M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	87.21M	shares	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.15M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	44.24M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	44.24M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.42M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$382.64M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$283.47M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.98M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$6.79M	USD	Point-in-time
Long-term deferred tax asset	`DeferredTaxAssetsNetNoncurrent`	$4.00K	USD	Point-in-time
Long-term deferred tax asset	`DeferredTaxAssetsNetNoncurrent`	$4.00K	USD	Point-in-time
Other longterm assets	`OtherAssetsNoncurrent`	$3.10M	USD	Point-in-time
Other longterm assets	`OtherAssetsNoncurrent`	$2.89M	USD	Point-in-time
Total assets	`Assets`	$392.54M	USD	Point-in-time
Total assets	`Assets`	$292.34M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$49.69M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$36.19M	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$5.12M	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$3.93M	USD	Point-in-time
Deferred revenues	`DeferredRevenueCurrent`	$691.00K	USD	Point-in-time
Deferred revenues	`DeferredRevenueCurrent`	$898.00K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	-	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$1.26M	USD	Point-in-time
Debt - short-term	`ShortTermBorrowings`	$5.01M	USD	Point-in-time
Debt - short-term	`ShortTermBorrowings`	$5.64M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$12.95M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$11.15M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$73.11M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$59.42M	USD	Point-in-time
Long-term taxes payable	`UnrecognizedTaxBenefitsInLongTermIncomeTaxesPayable`	$11.86M	USD	Point-in-time
Long-term taxes payable	`UnrecognizedTaxBenefitsInLongTermIncomeTaxesPayable`	$13.38M	USD	Point-in-time
Debt - long-term	`LongTermDebtNoncurrent`	$68.01M	USD	Point-in-time
Debt - long-term	`LongTermDebtNoncurrent`	$71.12M	USD	Point-in-time
Deferred revenues - long-term	`DeferredRevenueNoncurrent`	$3.02M	USD	Point-in-time
Deferred revenues - long-term	`DeferredRevenueNoncurrent`	$2.51M	USD	Point-in-time
Total liabilities	`Liabilities`	$144.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$157.51M	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock$0.001 par value; 50,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock$0.001 par value; 50,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock$0.001 par value; 500,000,000 shares authorized: 87,739,935 and 87,213,803 outstanding at September 30, 2013 and June 30, 2013, respectively	`CommonStockValue`	$88.00K	USD	Point-in-time
Common stock$0.001 par value; 500,000,000 shares authorized: 87,739,935 and 87,213,803 outstanding at September 30, 2013 and June 30, 2013, respectively	`CommonStockValue`	$87.00K	USD	Point-in-time
Additional paidin capital	`AdditionalPaidInCapital`	$140.25M	USD	Point-in-time
Additional paidin capital	`AdditionalPaidInCapital`	$134.98M	USD	Point-in-time
Treasury stock44,238,960 shares held in treasury at December 31, 2013 and June 30, 2013	`TreasuryStockValue`	$123.86M	USD	Point-in-time
Treasury stock44,238,960 shares held in treasury at December 31, 2013 and June 30, 2013	`TreasuryStockValue`	$123.86M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$218.55M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$136.23M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$147.44M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$235.03M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$292.34M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$392.54M	USD	Point-in-time

Income Statement 65 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueNet`	$138.44M	USD	1 Quarter
Revenues	`SalesRevenueNet`	$136.44M	USD	2 Qtrs
Revenues	`SalesRevenueNet`	$268.13M	USD	2 Qtrs
Revenues	`SalesRevenueNet`	$74.90M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$149.13M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$80.93M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$44.42M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$77.47M	USD	1 Quarter
Gross profit	`GrossProfit`	$118.99M	USD	2 Qtrs
Gross profit	`GrossProfit`	$60.97M	USD	1 Quarter
Gross profit	`GrossProfit`	$30.48M	USD	1 Quarter
Gross profit	`GrossProfit`	$55.51M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$8.08M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$14.39M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$5.05M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$9.76M	USD	2 Qtrs
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.77M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$11.58M	USD	2 Qtrs
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.31M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$9.85M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$25.98M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$13.85M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$10.37M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$19.61M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$20.12M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$93.02M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$35.89M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$47.12M	USD	1 Quarter
Interest expense and other, net	`InvestmentIncomeInterest`	$-495.00K	USD	2 Qtrs
Interest expense and other, net	`InvestmentIncomeInterest`	$-197.00K	USD	1 Quarter
Interest expense and other, net	`InvestmentIncomeInterest`	$-249.00K	USD	1 Quarter
Interest expense and other, net	`InvestmentIncomeInterest`	$-283.00K	USD	2 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$19.92M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$92.52M	USD	2 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$35.61M	USD	2 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$46.87M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.12M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.63M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$10.20M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$5.08M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$17.80M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$41.79M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$82.32M	USD	2 Qtrs
Net income and comprehensive income	`NetIncomeLoss`	$30.98M	USD	2 Qtrs
Basic (in usd per share)	`EarningsPerShareBasic`	$0.35	USD	2 Qtrs
Basic (in usd per share)	`EarningsPerShareBasic`	$0.48	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$0.20	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$0.94	USD	2 Qtrs
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.20	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.34	USD	2 Qtrs
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.47	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.92	USD	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	87.66M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	87.54M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	88.09M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	89.53M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	89.65M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	90.06M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	91.49M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	89.59M	shares	2 Qtrs
Cash dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.18	USD	2 Qtrs
Cash dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.18	USD	1 Quarter
Cash dividends declared per common share	`CommonStockDividendsPerShareDeclared`	-	USD	2 Qtrs
Cash dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.18	USD	Point-in-time
Cash dividends declared per common share	`CommonStockDividendsPerShareDeclared`	-	USD	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net income and comprehensive income	`NetIncomeLoss`	$17.80M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$41.79M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$82.32M	USD	2 Qtrs
Net income and comprehensive income	`NetIncomeLoss`	$30.98M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$753.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.33M	USD	2 Qtrs
Provision for inventory obsolescence	`InventoryWriteDown`	$925.00K	USD	2 Qtrs
Provision for inventory obsolescence	`InventoryWriteDown`	$875.00K	USD	2 Qtrs
Deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	2 Qtrs
Deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-1.52M	USD	2 Qtrs
Excess tax benefit from employee stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$61.00K	USD	2 Qtrs
Excess tax benefit from employee stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$2.59M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$2.59M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.55M	USD	2 Qtrs
Write-off of intangible assets	`ImpairmentOfIntangibleAssetsFinitelived`	$74.00K	USD	2 Qtrs
Write-off of intangible assets	`ImpairmentOfIntangibleAssetsFinitelived`	-	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$1.20M	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-303.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-18.54M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$622.00K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$7.76M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$17.37M	USD	2 Qtrs
Deferred cost of revenues	`IncreaseDecreaseInDeferredCharges`	$246.00K	USD	2 Qtrs
Deferred cost of revenues	`IncreaseDecreaseInDeferredCharges`	-	USD	2 Qtrs
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	-	USD	2 Qtrs
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$2.80M	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.32M	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.62M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.83M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$13.33M	USD	2 Qtrs
Taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.33M	USD	2 Qtrs
Taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$4.41M	USD	2 Qtrs
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$714.00K	USD	2 Qtrs
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$10.00K	USD	2 Qtrs
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-176.00K	USD	2 Qtrs
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$608.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$79.50M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$50.52M	USD	2 Qtrs
Purchase of property and equipment and other long-term assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.47M	USD	2 Qtrs
Purchase of property and equipment and other long-term assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.96M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.96M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.47M	USD	2 Qtrs
Proceeds from term loan, net	`ProceedsFromDebtNetOfIssuanceCosts`	$50.83M	USD	2 Qtrs
Proceeds from term loan, net	`ProceedsFromDebtNetOfIssuanceCosts`	-	USD	2 Qtrs
Repayments on term loan balance	`PaymentsForLoans`	$2.50M	USD	2 Qtrs
Repayments on term loan balance	`PaymentsForLoans`	$1.83M	USD	2 Qtrs
Repurchases of common stock	`RepurchaseOfCommonStock`	-	USD	2 Qtrs
Repurchases of common stock	`RepurchaseOfCommonStock`	$54.35M	USD	2 Qtrs
Payment of special common stock dividend	`PaymentsOfDividends`	$15.65M	USD	2 Qtrs
Payment of special common stock dividend	`PaymentsOfDividends`	-	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.00M	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$161.00K	USD	2 Qtrs
Excess tax benefit from employee stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$61.00K	USD	2 Qtrs
Excess tax benefit from employee stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$2.59M	USD	2 Qtrs
Tax withholdings related to net share settlements of restricted stock units	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$33.00K	USD	2 Qtrs
Tax withholdings related to net share settlements of restricted stock units	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$908.00K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$185.00K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-20.82M	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$26.24M	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$77.73M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$148.30M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$227.83M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$122.06M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$305.55M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$148.30M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$227.83M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$122.06M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$305.55M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.