10-Q Filing

UBIQUITI INC. CIK: 1511737 Q2 2016

Filing Information

Form Type	10-Q
Accession Number	`0001511737-16-000032`
Period End Date	20151231
Filing Date	20160204
Fiscal Year	2016
Fiscal Period	Q2
XBRL Instance	ubnt-20151231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 64 Cash Flow Statement 72

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.24M	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`	$496.67M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$347.10M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$388.60M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$446.40M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	84.61M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	87.41M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,244 and $1,071 at December 31, 2015 and June 30, 2015 respectively	`AccountsReceivableNetCurrent`	$64.57M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,244 and $1,071 at December 31, 2015 and June 30, 2015 respectively	`AccountsReceivableNetCurrent`	$66.10M	USD	Point-in-time
Inventories	`InventoryNet`	$33.10M	USD	Point-in-time
Inventories	`InventoryNet`	$37.03M	USD	Point-in-time
Vendor deposits	`VendorDepositsCurrent`	$15.62M	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`	$8.44M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.71M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$581.35M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$619.94M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$15.60M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$13.36M	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`	$1.92M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$2.11M	USD	Point-in-time
Total assets	`Assets`	$600.57M	USD	Point-in-time
Total assets	`Assets`	$636.75M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$43.86M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$42.60M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$1.74M	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`	$16.22M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$15.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$70.56M	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`	$22.13M	USD	Point-in-time
Debt - long-term	`LongTermDebtNoncurrent`	$87.50M	USD	Point-in-time
Debt - long-term	`LongTermDebtNoncurrent`	$115.50M	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`	$209.19M	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: $84,610,812 and 87,413,777 outstanding at December 31, 2015 and June 30, 2015, respectively	`CommonStockValue`	$87.00K	USD	Point-in-time
Common stock$0.001 par value; 500,000,000 shares authorized: $84,610,812 and 87,413,777 outstanding at December 31, 2015 and June 30, 2015, respectively	`CommonStockValue`	$85.00K	USD	Point-in-time
Additional paidin capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Additional paidin capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$422.07M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$427.48M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$427.57M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$422.15M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$636.75M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$600.57M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueNet`	$303.22M	USD	2 Qtrs
Revenues	`SalesRevenueNet`	$153.14M	USD	1 Quarter
Revenues	`SalesRevenueNet`	$161.87M	USD	1 Quarter
Revenues	`SalesRevenueNet`	$313.29M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$160.74M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$173.15M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$82.83M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$84.12M	USD	1 Quarter
Gross profit	`GrossProfit`	$69.02M	USD	1 Quarter
Gross profit	`GrossProfit`	$152.54M	USD	2 Qtrs
Gross profit	`GrossProfit`	$130.07M	USD	2 Qtrs
Gross profit	`GrossProfit`	$79.04M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$15.43M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$28.99M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$24.66M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$12.94M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$15.57M	USD	2 Qtrs
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$11.06M	USD	2 Qtrs
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$7.43M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.36M	USD	1 Quarter
Business e-mail compromise (BEC) fraud loss/(recovery)	`UnusualOrInfrequentItemNetGainLoss`	$-257.00K	USD	1 Quarter
Business e-mail compromise (BEC) fraud loss/(recovery)	`UnusualOrInfrequentItemNetGainLoss`	-	USD	1 Quarter
Business e-mail compromise (BEC) fraud loss/(recovery)	`UnusualOrInfrequentItemNetGainLoss`	-	USD	2 Qtrs
Business e-mail compromise (BEC) fraud loss/(recovery)	`UnusualOrInfrequentItemNetGainLoss`	$-8.29M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$35.72M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$22.61M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$36.27M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$18.30M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$116.27M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$50.72M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$94.36M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$56.44M	USD	1 Quarter
Interest expense and other, net	`OtherNonoperatingIncomeExpense`	$17.00K	USD	1 Quarter
Interest expense and other, net	`OtherNonoperatingIncomeExpense`	$-767.00K	USD	2 Qtrs
Interest expense and other, net	`OtherNonoperatingIncomeExpense`	$-41.00K	USD	2 Qtrs
Interest expense and other, net	`OtherNonoperatingIncomeExpense`	$-651.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$50.74M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$94.32M	USD	2 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$115.50M	USD	2 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$55.78M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$10.31M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$12.29M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$6.33M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.47M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$46.27M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$84.01M	USD	2 Qtrs
Net income and comprehensive income	`NetIncomeLoss`	$103.21M	USD	2 Qtrs
Net income and comprehensive income	`NetIncomeLoss`	$49.45M	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$0.95	USD	2 Qtrs
Basic (in usd per share)	`EarningsPerShareBasic`	$0.52	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$0.58	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$1.20	USD	2 Qtrs
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.52	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.57	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$1.18	USD	2 Qtrs
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.94	USD	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	88.20M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	84.72M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	88.22M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	85.89M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	86.09M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	87.28M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	89.84M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	89.74M	shares	1 Quarter

Cash Flow Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$46.27M	USD	1 Quarter
Net income	`NetIncomeLoss`	$84.01M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$103.21M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$49.45M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.91M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.13M	USD	2 Qtrs
Provision for inventory obsolescence	`InventoryWriteDown`	$695.00K	USD	2 Qtrs
Provision for inventory obsolescence	`InventoryWriteDown`	$719.00K	USD	2 Qtrs
Provision for loss on vendor deposits	`ProvisionforLossonVendorDeposit`	-	USD	2 Qtrs
Provision for loss on vendor deposits	`ProvisionforLossonVendorDeposit`	$-16.00K	USD	2 Qtrs
Write off of software development costs	`WriteOffofSoftwareDevelopmentCosts`	$2.50M	USD	2 Qtrs
Write off of software development costs	`WriteOffofSoftwareDevelopmentCosts`	-	USD	2 Qtrs
Excess tax benefit from employee stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$787.00K	USD	2 Qtrs
Excess tax benefit from employee stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$432.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$2.80M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.98M	USD	2 Qtrs
Deferred Taxes	`DeferredIncomeTaxesAndTaxCredits`	$106.00K	USD	2 Qtrs
Deferred Taxes	`DeferredIncomeTaxesAndTaxCredits`	$-23.00K	USD	2 Qtrs
Other Adjustments	`OtherNoncashIncomeExpense`	$-219.00K	USD	2 Qtrs
Other Adjustments	`OtherNoncashIncomeExpense`	-	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.33M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$17.80M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-3.36M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-8.14M	USD	2 Qtrs
Vendor deposits	`IncreaseDecreaseinVendorDeposits`	$-4.39M	USD	2 Qtrs
Vendor deposits	`IncreaseDecreaseinVendorDeposits`	$17.68M	USD	2 Qtrs
Deferred cost of revenues	`IncreaseDecreaseInDeferredCharges`	$-976.00K	USD	2 Qtrs
Deferred cost of revenues	`IncreaseDecreaseInDeferredCharges`	-	USD	2 Qtrs
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$-2.57M	USD	2 Qtrs
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$1.26M	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$775.00K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.51M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.38M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$21.07M	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.38M	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$3.38M	USD	2 Qtrs
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$212.00K	USD	2 Qtrs
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$-1.23M	USD	2 Qtrs
Accrued liabilities and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-206.00K	USD	2 Qtrs
Accrued liabilities and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$703.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$79.62M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$125.07M	USD	2 Qtrs
Purchase of property and equipment and other long-term assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.39M	USD	2 Qtrs
Purchase of property and equipment and other long-term assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.02M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.02M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.39M	USD	2 Qtrs
Proceeds from revolver loan	`ProceedsFromLongTermLinesOfCredit`	$33.00M	USD	2 Qtrs
Proceeds from revolver loan	`ProceedsFromLongTermLinesOfCredit`	-	USD	2 Qtrs
Repayment of debt	`RepaymentsOfLongTermDebt`	-	USD	2 Qtrs
Repayment of debt	`RepaymentsOfLongTermDebt`	$5.00M	USD	2 Qtrs
Repurchases of common stock	`RepurchaseOfCommonStock`	$100.00M	USD	2 Qtrs
Repurchases of common stock	`RepurchaseOfCommonStock`	$15.00M	USD	2 Qtrs
Payment of common stock dividend	`PaymentsOfDividends`	-	USD	2 Qtrs
Payment of common stock dividend	`PaymentsOfDividends`	$15.02M	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$484.00K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$497.00K	USD	2 Qtrs
Excess tax benefit from employee stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$432.00K	USD	2 Qtrs
Excess tax benefit from employee stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$787.00K	USD	2 Qtrs
Tax withholdings related to net share settlements of restricted stock units	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$985.00K	USD	2 Qtrs
Tax withholdings related to net share settlements of restricted stock units	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$697.00K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-71.78M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-29.72M	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$41.51M	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$50.27M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$496.67M	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`	$388.60M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$446.40M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$496.67M	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`	$388.60M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$446.40M	USD	Point-in-time

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