10-Q Filing

UBIQUITI INC. CIK: 1511737 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001511737-17-000003`
Period End Date	20161231
Filing Date	20170209
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	ubnt-20161231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 63 Cash Flow Statement 70

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$355.00K	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$48.00K	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`	$612.73M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$551.03M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$446.40M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$496.67M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $355 and $48 at December 31, 2016 and June 30, 2016, respectively	`AccountsReceivableNetCurrent`	$82.79M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	81.67M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $355 and $48 at December 31, 2016 and June 30, 2016, respectively	`AccountsReceivableNetCurrent`	$115.82M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	82.21M	shares	Point-in-time
Inventories	`InventoryNet`	$104.42M	USD	Point-in-time
Inventories	`InventoryNet`	$57.11M	USD	Point-in-time
Vendor deposits	`VendorDepositsCurrent`	$37.07M	USD	Point-in-time
Vendor deposits	`VendorDepositsCurrent`	$30.25M	USD	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	$299.00K	USD	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	$5.38M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.90M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$11.19M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$728.38M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$886.59M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.95M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.62M	USD	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$4.20M	USD	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$4.20M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$1.58M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$2.03M	USD	Point-in-time
Total assets	`Assets`	$905.44M	USD	Point-in-time
Total assets	`Assets`	$747.11M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$51.51M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$77.57M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$1.58M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$1.49M	USD	Point-in-time
Debt - short-term	`ShortTermBorrowings`	$13.49M	USD	Point-in-time
Debt - short-term	`ShortTermBorrowings`	$10.99M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$26.64M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$26.67M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$90.66M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$119.28M	USD	Point-in-time
Long-term taxes payable	`UnrecognizedTaxBenefitsInLongTermIncomeTaxesPayable`	$23.20M	USD	Point-in-time
Long-term taxes payable	`UnrecognizedTaxBenefitsInLongTermIncomeTaxesPayable`	$25.29M	USD	Point-in-time
Debt - long-term	`LongTermDebtNoncurrent`	$191.56M	USD	Point-in-time
Debt - long-term	`LongTermDebtNoncurrent`	$184.19M	USD	Point-in-time
Deferred revenues - long-term	`DeferredRevenueNoncurrent`	$2.07M	USD	Point-in-time
Deferred revenues - long-term	`DeferredRevenueNoncurrent`	$1.30M	USD	Point-in-time
Total liabilities	`Liabilities`	$306.73M	USD	Point-in-time
Total liabilities	`Liabilities`	$330.83M	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: 82,210,987 and 81,667,129 outstanding at December 31, 2016 and June 30, 2016, respectively	`CommonStockValue`	$82.00K	USD	Point-in-time
Common stock$0.001 par value; 500,000,000 shares authorized: 82,210,987 and 81,667,129 outstanding at December 31, 2016 and June 30, 2016, respectively	`CommonStockValue`	$82.00K	USD	Point-in-time
Additional paidin capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Additional paidin capital	`AdditionalPaidInCapital`	$1.83M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$440.29M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$572.69M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$574.61M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$440.38M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$747.11M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$905.44M	USD	Point-in-time

Income Statement 63 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueNet`	$213.54M	USD	1 Quarter
Revenues	`SalesRevenueNet`	$313.29M	USD	2 Qtrs
Revenues	`SalesRevenueNet`	$418.29M	USD	2 Qtrs
Revenues	`SalesRevenueNet`	$161.87M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$118.40M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$224.85M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$160.74M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$82.83M	USD	1 Quarter
Gross profit	`GrossProfit`	$193.44M	USD	2 Qtrs
Gross profit	`GrossProfit`	$79.04M	USD	1 Quarter
Gross profit	`GrossProfit`	$152.54M	USD	2 Qtrs
Gross profit	`GrossProfit`	$95.14M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$28.99M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$30.88M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$16.34M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$15.43M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$9.00M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$7.43M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$15.57M	USD	2 Qtrs
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$17.86M	USD	2 Qtrs
Business e-mail compromise (BEC) fraud loss/(recovery)	`UnusualOrInfrequentItemNetGainLoss`	$-8.29M	USD	2 Qtrs
Business e-mail compromise (BEC) fraud loss/(recovery)	`UnusualOrInfrequentItemNetGainLoss`	-	USD	1 Quarter
Business e-mail compromise (BEC) fraud loss/(recovery)	`UnusualOrInfrequentItemNetGainLoss`	$-257.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$48.74M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$22.61M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$25.34M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$36.27M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$56.44M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$116.27M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$69.80M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$144.70M	USD	2 Qtrs
Interest expense and other, net	`OtherNonoperatingIncomeExpense`	$-651.00K	USD	1 Quarter
Interest expense and other, net	`OtherNonoperatingIncomeExpense`	$-2.27M	USD	2 Qtrs
Interest expense and other, net	`OtherNonoperatingIncomeExpense`	$-767.00K	USD	2 Qtrs
Interest expense and other, net	`OtherNonoperatingIncomeExpense`	$-1.17M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$115.50M	USD	2 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$55.78M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$68.63M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$142.43M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$10.04M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$12.29M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$8.02M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$6.33M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$132.40M	USD	2 Qtrs
Net income and comprehensive income	`NetIncomeLoss`	$49.45M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$103.21M	USD	2 Qtrs
Net income and comprehensive income	`NetIncomeLoss`	$60.61M	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
Basic (in usd per share)	`EarningsPerShareBasic`	$1.61	USD	2 Qtrs
Basic (in usd per share)	`EarningsPerShareBasic`	$0.74	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$1.18	USD	2 Qtrs
Diluted (in usd per share)	`EarningsPerShareDiluted`	$1.58	USD	2 Qtrs
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.57	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.72	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	82.17M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	85.89M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	81.99M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	84.72M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	83.89M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	87.28M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	83.88M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	86.09M	shares	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$132.40M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$49.45M	USD	1 Quarter
Net income	`NetIncomeLoss`	$103.21M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$60.61M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.13M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.36M	USD	2 Qtrs
Provision for inventory obsolescence	`InventoryWriteDown`	$1.48M	USD	2 Qtrs
Provision for inventory obsolescence	`InventoryWriteDown`	$719.00K	USD	2 Qtrs
(Recovery)/Provision for loss on vendor deposits	`ProvisionforGainLossonVendorDeposit`	$-16.00K	USD	2 Qtrs
(Recovery)/Provision for loss on vendor deposits	`ProvisionforGainLossonVendorDeposit`	$-1.05M	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
Stock-based compensation	`ShareBasedCompensation`	$1.98M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.49M	USD	2 Qtrs
Excess tax benefit from employee stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$432.00K	USD	2 Qtrs
Excess tax benefit from employee stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	-	USD	2 Qtrs
Deferred Taxes	`DeferredIncomeTaxesAndTaxCredits`	$-23.00K	USD	2 Qtrs
Deferred Taxes	`DeferredIncomeTaxesAndTaxCredits`	-	USD	2 Qtrs
Other, net	`OtherNoncashIncomeExpense`	$-219.00K	USD	2 Qtrs
Other, net	`OtherNoncashIncomeExpense`	$-1.03M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$33.33M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.33M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$48.19M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-3.36M	USD	2 Qtrs
Vendor deposits	`IncreaseDecreaseinVendorDeposits`	$-4.39M	USD	2 Qtrs
Vendor deposits	`IncreaseDecreaseinVendorDeposits`	$5.76M	USD	2 Qtrs
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$-2.57M	USD	2 Qtrs
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$5.08M	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$775.00K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.82M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.38M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$25.99M	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$3.38M	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$2.17M	USD	2 Qtrs
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$212.00K	USD	2 Qtrs
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$1.79M	USD	2 Qtrs
Accrued liabilities and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$4.18M	USD	2 Qtrs
Accrued liabilities and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$703.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$125.07M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$75.67M	USD	2 Qtrs
Purchase of property and equipment and other long-term assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.02M	USD	2 Qtrs
Purchase of property and equipment and other long-term assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.84M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.84M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.02M	USD	2 Qtrs
Proceeds from revolver loan	`ProceedsFromLongTermLinesOfCredit`	$33.00M	USD	2 Qtrs
Proceeds from revolver loan	`ProceedsFromLongTermLinesOfCredit`	-	USD	2 Qtrs
Repayments of term loan	`RepaymentsOfLongTermDebt`	$5.00M	USD	2 Qtrs
Repayments of term loan	`RepaymentsOfLongTermDebt`	$5.00M	USD	2 Qtrs
Repurchases of common stock	`RepurchaseOfCommonStock`	$6.48M	USD	2 Qtrs
Repurchases of common stock	`RepurchaseOfCommonStock`	$100.00M	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$484.00K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.29M	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`	-	USD	2 Qtrs
Tax withholdings related to net share settlements of restricted stock units	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$945.00K	USD	2 Qtrs
Tax withholdings related to net share settlements of restricted stock units	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$697.00K	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-71.78M	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-11.14M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$50.27M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$61.69M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$612.73M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$551.03M	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`	$496.67M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$612.73M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$551.03M	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`	$496.67M	USD	Point-in-time
Unpaid property and equipment and other long-term assets	`DividendsCash`	$379.00K	USD	2 Qtrs
Unpaid property and equipment and other long-term assets	`DividendsCash`	$400.00K	USD	2 Qtrs

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