10-Q Filing

UBIQUITI INC. CIK: 1511737 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001511737-15-000029`
Period End Date	20150930
Filing Date	20151105
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	ubnt-20150930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 32 Cash Flow Statement 64

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.07M	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.07M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$391.02M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$347.10M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$446.40M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$436.08M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	87.41M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,071 at September 30, 2015 and June 30, 2015	`AccountsReceivableNetCurrent`	$66.10M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	85.64M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,071 at September 30, 2015 and June 30, 2015	`AccountsReceivableNetCurrent`	$63.59M	USD	Point-in-time
Inventories	`InventoryNet`	$30.69M	USD	Point-in-time
Inventories	`InventoryNet`	$37.03M	USD	Point-in-time
Vendor deposits	`VendorDepositsCurrent`	$19.05M	USD	Point-in-time
Vendor deposits	`VendorDepositsCurrent`	$20.00M	USD	Point-in-time
Current deferred tax asset	`CurrentDeferredTaxAssetsRevenue`	$1.53M	USD	Point-in-time
Current deferred tax asset	`CurrentDeferredTaxAssetsRevenue`	$1.53M	USD	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	-	USD	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	$2.57M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.71M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$13.64M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$581.35M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$564.59M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$15.76M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$15.60M	USD	Point-in-time
Long-term deferred tax asset	`DeferredTaxAssetsNetNoncurrent`	$1.54M	USD	Point-in-time
Long-term deferred tax asset	`DeferredTaxAssetsNetNoncurrent`	$1.51M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$2.11M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$2.02M	USD	Point-in-time
Total assets	`Assets`	$583.90M	USD	Point-in-time
Total assets	`Assets`	$600.57M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$23.13M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$43.86M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$2.06M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$1.11M	USD	Point-in-time
Debt - short-term	`ShortTermBorrowings`	$10.00M	USD	Point-in-time
Debt - short-term	`ShortTermBorrowings`	$10.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$28.10M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$15.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$63.30M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$70.13M	USD	Point-in-time
Long-term taxes payable	`UnrecognizedTaxBenefitsInLongTermIncomeTaxesPayable`	$19.81M	USD	Point-in-time
Long-term taxes payable	`UnrecognizedTaxBenefitsInLongTermIncomeTaxesPayable`	$20.87M	USD	Point-in-time
Debt - long-term	`LongTermDebtNoncurrent`	$85.00M	USD	Point-in-time
Debt - long-term	`LongTermDebtNoncurrent`	$87.50M	USD	Point-in-time
Deferred revenues - long-term	`DeferredRevenueNoncurrent`	$974.00K	USD	Point-in-time
Deferred revenues - long-term	`DeferredRevenueNoncurrent`	$1.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$178.42M	USD	Point-in-time
Total liabilities	`Liabilities`	$170.17M	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock$0.001 par value; 500,000,000 shares authorized: $85,635,097 and 87,413,777 outstanding at September 30, 2015 and June 30, 2015, respectively	`CommonStockValue`	$87.00K	USD	Point-in-time
Common stock$0.001 par value; 500,000,000 shares authorized: $85,635,097 and 87,413,777 outstanding at September 30, 2015 and June 30, 2015, respectively	`CommonStockValue`	$82.00K	USD	Point-in-time
Additional paidin capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Additional paidin capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$413.65M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$422.07M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$422.15M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$413.73M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$600.57M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$583.90M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueNet`	$150.09M	USD	1 Quarter
Revenues	`SalesRevenueNet`	$151.41M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$77.91M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$89.04M	USD	1 Quarter
Gross profit	`GrossProfit`	$61.05M	USD	1 Quarter
Gross profit	`GrossProfit`	$73.50M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$13.56M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$11.72M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$8.14M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.70M	USD	1 Quarter
Business e-mail compromise (BEC) fraud loss/(recovery)	`UnusualOrInfrequentItemNetGainLoss`	$-8.03M	USD	1 Quarter
Business e-mail compromise (BEC) fraud loss/(recovery)	`UnusualOrInfrequentItemNetGainLoss`	-	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$13.67M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$17.42M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$59.84M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$43.63M	USD	1 Quarter
Interest expense and other, net	`OtherNonoperatingIncomeExpense`	$-58.00K	USD	1 Quarter
Interest expense and other, net	`OtherNonoperatingIncomeExpense`	$-116.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$59.72M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$43.58M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$5.96M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$5.83M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$37.74M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$53.76M	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$0.62	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$0.43	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.42	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.61	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	87.06M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	88.24M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	89.91M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	88.47M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$37.74M	USD	1 Quarter
Net income	`NetIncomeLoss`	$53.76M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.62M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$880.00K	USD	1 Quarter
Inventory write-down	`InventoryWriteDown`	$695.00K	USD	1 Quarter
Inventory write-down	`InventoryWriteDown`	$1.09M	USD	1 Quarter
Provision for loss on vendor deposits	`ProvisionforLossonVendorDeposit`	$5.50M	USD	1 Quarter
Provision for loss on vendor deposits	`ProvisionforLossonVendorDeposit`	$5.00K	USD	1 Quarter
Excess tax benefit from employee stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$782.00K	USD	1 Quarter
Excess tax benefit from employee stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$333.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.37M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.03M	USD	1 Quarter
Other adjustments	`OtherAdjustments`	$122.00K	USD	1 Quarter
Other adjustments	`OtherAdjustments`	$106.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.52M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$11.11M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-6.91M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-5.23M	USD	1 Quarter
Deferred cost of revenues	`IncreaseDecreaseInDeferredCharges`	-	USD	1 Quarter
Deferred cost of revenues	`IncreaseDecreaseInDeferredCharges`	$509.00K	USD	1 Quarter
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$-2.57M	USD	1 Quarter
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$-3.26M	USD	1 Quarter
Prepaid expenses, vendor deposits and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.02M	USD	1 Quarter
Prepaid expenses, vendor deposits and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$13.41M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.02M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-20.55M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$2.35M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$2.57M	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$1.31M	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$109.00K	USD	1 Quarter
Accrued liabilities and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$7.39M	USD	1 Quarter
Accrued liabilities and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$3.23M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$47.73M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$46.94M	USD	1 Quarter
Purchase of property and equipment and other long-term assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.83M	USD	1 Quarter
Purchase of property and equipment and other long-term assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.46M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.83M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.46M	USD	1 Quarter
Repayment of debt	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Repayment of debt	`RepaymentsOfLongTermDebt`	$2.50M	USD	1 Quarter
Repurchases of common stock	`RepurchaseOfCommonStock`	$53.82M	USD	1 Quarter
Repurchases of common stock	`RepurchaseOfCommonStock`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$456.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$301.00K	USD	1 Quarter
Excess tax benefit from employee stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$333.00K	USD	1 Quarter
Excess tax benefit from employee stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$782.00K	USD	1 Quarter
Tax withholdings related to net share settlements of restricted stock units	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$534.00K	USD	1 Quarter
Tax withholdings related to net share settlements of restricted stock units	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$800.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$438.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-56.22M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$43.92M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-10.32M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$391.02M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$347.10M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$446.40M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$436.08M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$391.02M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$347.10M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$446.40M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$436.08M	USD	Point-in-time
Unpaid cash dividend	`DividendsCash`	-	USD	1 Quarter
Unpaid cash dividend	`DividendsCash`	$15.00M	USD	1 Quarter
Unpaid stock repurchases	`UnpaidStockRepurchases`	-	USD	1 Quarter
Unpaid stock repurchases	`UnpaidStockRepurchases`	$9.49M	USD	1 Quarter

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