10-Q Filing

UBIQUITI INC. CIK: 1511737 Q3 2016

Filing Information

Form Type	10-Q
Accession Number	`0001511737-16-000037`
Period End Date	20160331
Filing Date	20160505
Fiscal Year	2016
Fiscal Period	Q3
XBRL Instance	ubnt-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 64 Cash Flow Statement 74

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`	$1.10M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$446.40M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$451.16M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$502.55M	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	82.92M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,096 and $1,071 at March 31, 2016 and June 30, 2015, respectively	`AccountsReceivableNetCurrent`	$66.10M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,096 and $1,071 at March 31, 2016 and June 30, 2015, respectively	`AccountsReceivableNetCurrent`	$75.25M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	87.41M	shares	Point-in-time
Inventories	`InventoryNet`	$37.03M	USD	Point-in-time
Inventories	`InventoryNet`	$42.78M	USD	Point-in-time
Vendor deposits	`VendorDepositsCurrent`	$20.00M	USD	Point-in-time
Vendor deposits	`VendorDepositsCurrent`	$13.46M	USD	Point-in-time
Current deferred tax asset	`CurrentDeferredTaxAssetsRevenue`	$1.55M	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`	$5.85M	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`	$641.43M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$13.13M	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`	$2.26M	USD	Point-in-time
Total assets	`Assets`	$658.35M	USD	Point-in-time
Total assets	`Assets`	$600.57M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$29.70M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$43.86M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$1.11M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$1.75M	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`	$15.87M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$15.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$70.13M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$57.31M	USD	Point-in-time
Long-term taxes payable	`UnrecognizedTaxBenefitsInLongTermIncomeTaxesPayable`	$19.81M	USD	Point-in-time
Long-term taxes payable	`UnrecognizedTaxBenefitsInLongTermIncomeTaxesPayable`	$22.43M	USD	Point-in-time
Debt - long-term	`LongTermDebtNoncurrent`	$87.50M	USD	Point-in-time
Debt - long-term	`LongTermDebtNoncurrent`	$146.00M	USD	Point-in-time
Deferred revenues - long-term	`DeferredRevenueNoncurrent`	$1.15M	USD	Point-in-time
Deferred revenues - long-term	`DeferredRevenueNoncurrent`	$974.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$178.42M	USD	Point-in-time
Total liabilities	`Liabilities`	$226.90M	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: 82,916,307 and 87,413,777 outstanding at March 31, 2016 and June 30, 2015, respectively	`CommonStockValue`	$87.00K	USD	Point-in-time
Common stock$0.001 par value; 500,000,000 shares authorized: 82,916,307 and 87,413,777 outstanding at March 31, 2016 and June 30, 2015, respectively	`CommonStockValue`	$83.00K	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`	$431.37M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$422.15M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$431.45M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$600.57M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$658.35M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueNet`	$167.43M	USD	1 Quarter
Revenues	`SalesRevenueNet`	$147.46M	USD	1 Quarter
Revenues	`SalesRevenueNet`	$450.68M	USD	3 Qtrs
Revenues	`SalesRevenueNet`	$480.72M	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$254.63M	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$245.68M	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$84.94M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$81.48M	USD	1 Quarter
Gross profit	`GrossProfit`	$235.04M	USD	3 Qtrs
Gross profit	`GrossProfit`	$65.98M	USD	1 Quarter
Gross profit	`GrossProfit`	$196.05M	USD	3 Qtrs
Gross profit	`GrossProfit`	$82.49M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$13.82M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$15.24M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$42.81M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$39.89M	USD	3 Qtrs
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$8.54M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$16.57M	USD	3 Qtrs
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$24.11M	USD	3 Qtrs
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.51M	USD	1 Quarter
Business e-mail compromise (BEC) fraud loss/(recovery)	`UnusualOrInfrequentItemNetGainLoss`	$-8.29M	USD	3 Qtrs
Business e-mail compromise (BEC) fraud loss/(recovery)	`UnusualOrInfrequentItemNetGainLoss`	$-3.00K	USD	1 Quarter
Business e-mail compromise (BEC) fraud loss/(recovery)	`UnusualOrInfrequentItemNetGainLoss`	-	USD	3 Qtrs
Business e-mail compromise (BEC) fraud loss/(recovery)	`UnusualOrInfrequentItemNetGainLoss`	-	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$22.36M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$20.75M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$56.46M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$58.63M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$45.23M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$139.59M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$60.14M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$176.41M	USD	3 Qtrs
Interest expense and other, net	`OtherNonoperatingIncomeExpense`	$-804.00K	USD	3 Qtrs
Interest expense and other, net	`OtherNonoperatingIncomeExpense`	$-510.00K	USD	1 Quarter
Interest expense and other, net	`OtherNonoperatingIncomeExpense`	$-763.00K	USD	1 Quarter
Interest expense and other, net	`OtherNonoperatingIncomeExpense`	$-1.28M	USD	3 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$59.63M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$44.47M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$175.13M	USD	3 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$138.78M	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$19.22M	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$3.33M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$6.93M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$13.64M	USD	3 Qtrs
Net income and comprehensive income	`NetIncomeLoss`	$155.91M	USD	3 Qtrs
Net income and comprehensive income	`NetIncomeLoss`	$41.14M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$52.70M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$125.14M	USD	3 Qtrs
Basic (in usd per share)	`EarningsPerShareBasic`	$1.42	USD	3 Qtrs
Basic (in usd per share)	`EarningsPerShareBasic`	$1.83	USD	3 Qtrs
Basic (in usd per share)	`EarningsPerShareBasic`	$0.63	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$0.47	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$1.40	USD	3 Qtrs
Diluted (in usd per share)	`EarningsPerShareDiluted`	$1.80	USD	3 Qtrs
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.62	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.46	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	88.11M	shares	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	87.90M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	85.05M	shares	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	83.35M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	89.71M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	84.69M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	86.43M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	89.40M	shares	1 Quarter

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$155.91M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$41.14M	USD	1 Quarter
Net income	`NetIncomeLoss`	$52.70M	USD	1 Quarter
Net income	`NetIncomeLoss`	$125.14M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.18M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.68M	USD	3 Qtrs
Provision for inventory obsolescence	`InventoryWriteDown`	$580.00K	USD	3 Qtrs
Provision for inventory obsolescence	`InventoryWriteDown`	$1.58M	USD	3 Qtrs
Provision for loss on vendor deposits	`ProvisionforLossonVendorDeposit`	-	USD	3 Qtrs
Provision for loss on vendor deposits	`ProvisionforLossonVendorDeposit`	$96.00K	USD	3 Qtrs
Write-off of software development costs	`WriteOffofSoftwareDevelopmentCosts`	-	USD	3 Qtrs
Write-off of software development costs	`WriteOffofSoftwareDevelopmentCosts`	$2.50M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$4.18M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$2.87M	USD	3 Qtrs
Excess tax benefit from employee stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$671.00K	USD	3 Qtrs
Excess tax benefit from employee stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$1.58M	USD	3 Qtrs
Deferred Taxes	`DeferredIncomeTaxesAndTaxCredits`	$242.00K	USD	3 Qtrs
Deferred Taxes	`DeferredIncomeTaxesAndTaxCredits`	$-39.00K	USD	3 Qtrs
Other Adjustments	`OtherNoncashIncomeExpense`	$-629.00K	USD	3 Qtrs
Other Adjustments	`OtherNoncashIncomeExpense`	$-2.71M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$15.14M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$9.20M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-3.46M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$5.87M	USD	3 Qtrs
Vendor deposits	`IncreaseDecreaseinVendorDeposits`	-	USD	3 Qtrs
Vendor deposits	`IncreaseDecreaseinVendorDeposits`	$-6.63M	USD	3 Qtrs
Deferred cost of revenues	`IncreaseDecreaseInDeferredCharges`	$-1.28M	USD	3 Qtrs
Deferred cost of revenues	`IncreaseDecreaseInDeferredCharges`	-	USD	3 Qtrs
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$4.14M	USD	3 Qtrs
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$-2.57M	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$20.74M	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.61M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$14.81M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-13.95M	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$3.05M	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$3.93M	USD	3 Qtrs
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$374.00K	USD	3 Qtrs
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$-1.72M	USD	3 Qtrs
Accrued liabilities and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-514.00K	USD	3 Qtrs
Accrued liabilities and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$28.00K	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$116.34M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$151.94M	USD	3 Qtrs
Purchase of property and equipment and other long-term assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.82M	USD	3 Qtrs
Purchase of property and equipment and other long-term assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.82M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.82M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.82M	USD	3 Qtrs
Proceeds from revolver loan	`ProceedsFromLongTermLinesOfCredit`	$66.00M	USD	3 Qtrs
Proceeds from revolver loan	`ProceedsFromLongTermLinesOfCredit`	-	USD	3 Qtrs
Issuances of debt	`ProceedsFromIssuanceOfLongTermDebt`	$100.00M	USD	3 Qtrs
Issuances of debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	3 Qtrs
Repayment of debt	`RepaymentsOfLongTermDebt`	$72.25M	USD	3 Qtrs
Repayment of debt	`RepaymentsOfLongTermDebt`	$7.50M	USD	3 Qtrs
Repurchases of common stock	`RepurchaseOfCommonStock`	$15.00M	USD	3 Qtrs
Repurchases of common stock	`RepurchaseOfCommonStock`	$150.00M	USD	3 Qtrs
Payment of common stock dividend	`PaymentsOfDividends`	-	USD	3 Qtrs
Payment of common stock dividend	`PaymentsOfDividends`	$15.02M	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$850.00K	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$778.00K	USD	3 Qtrs
Excess tax benefit from employee stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$671.00K	USD	3 Qtrs
Excess tax benefit from employee stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$1.58M	USD	3 Qtrs
Tax withholdings related to net share settlements of restricted stock units	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$922.00K	USD	3 Qtrs
Tax withholdings related to net share settlements of restricted stock units	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$1.62M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.47M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-90.98M	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$104.06M	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$56.15M	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$446.40M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$451.16M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$502.55M	USD	Point-in-time
Cash and cash equivalents at beginning 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`	$451.16M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$502.55M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$347.10M	USD	Point-in-time

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