10-Q Filing

UBIQUITI INC. CIK: 1511737 Q3 2018

Filing Information

Form Type	10-Q
Accession Number	`0001511737-18-000008`
Period End Date	20180331
Filing Date	20180510
Fiscal Year	2018
Fiscal Period	Q3
XBRL Instance	ubnt-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 60 Cash Flow Statement 70

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$464.00K	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$440.00K	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 (in shares)	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$604.20M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$533.94M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$690.81M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$551.03M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $464 and $440 at March 31, 2018 and June 30, 2017, respectively	`AccountsReceivableNetCurrent`	$158.44M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $464 and $440 at March 31, 2018 and June 30, 2017, respectively	`AccountsReceivableNetCurrent`	$140.56M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	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
Inventories	`InventoryNet`	$92.77M	USD	Point-in-time
Inventories	`InventoryNet`	$142.05M	USD	Point-in-time
Vendor deposits	`VendorDepositsCurrent`	$48.14M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Vendor deposits	`VendorDepositsCurrent`	$54.08M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	$2.42M	USD	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	$12.75M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	74.61M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	80.28M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$16.59M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$9.03M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.02B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$952.33M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$14.79M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.92M	USD	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$5.13M	USD	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$2.83M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$2.33M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$3.70M	USD	Point-in-time
Total assets	`Assets`	$972.71M	USD	Point-in-time
Total assets	`Assets`	$1.04B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$71.74M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$49.01M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$1.71M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$128.00K	USD	Point-in-time
Debt - short-term	`ShortTermBorrowings`	$24.43M	USD	Point-in-time
Debt - short-term	`ShortTermBorrowings`	$14.74M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$56.18M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$33.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$152.48M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$98.49M	USD	Point-in-time
Long-term taxes payable	`UnrecognizedTaxBenefitsInLongTermIncomeTaxesPayable`	$131.90M	USD	Point-in-time
Long-term taxes payable	`UnrecognizedTaxBenefitsInLongTermIncomeTaxesPayable`	$28.02M	USD	Point-in-time
Debt - long-term	`LongTermDebtNoncurrent`	$241.82M	USD	Point-in-time
Debt - long-term	`LongTermDebtNoncurrent`	$466.45M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.62M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.62M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$4.09M	USD	Point-in-time
Total liabilities	`Liabilities`	$754.91M	USD	Point-in-time
Total liabilities	`Liabilities`	$370.95M	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: 74,607,820 and 80,275,965 outstanding at March 31, 2018 and June 30, 2017, respectively	`CommonStockValue`	$80.00K	USD	Point-in-time
Common stock$0.001 par value; 500,000,000 shares authorized: 74,607,820 and 80,275,965 outstanding at March 31, 2018 and June 30, 2017, respectively	`CommonStockValue`	$75.00K	USD	Point-in-time
Additional paidin capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Additional paidin capital	`AdditionalPaidInCapital`	$525.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$601.16M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$285.83M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$285.91M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$601.76M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$972.71M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.04B	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueNet`	$250.40M	USD	1 Quarter
Revenues	`SalesRevenueNet`	$747.08M	USD	3 Qtrs
Revenues	`SalesRevenueNet`	$218.36M	USD	1 Quarter
Revenues	`SalesRevenueNet`	$636.65M	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$344.12M	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$424.05M	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$135.93M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$119.27M	USD	1 Quarter
Gross profit	`GrossProfit`	$114.48M	USD	1 Quarter
Gross profit	`GrossProfit`	$292.53M	USD	3 Qtrs
Gross profit	`GrossProfit`	$323.03M	USD	3 Qtrs
Gross profit	`GrossProfit`	$99.09M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$17.42M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$16.60M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$54.82M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$47.48M	USD	3 Qtrs
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$12.19M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$9.07M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$26.94M	USD	3 Qtrs
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$30.20M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$25.68M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$29.61M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$85.02M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$74.42M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$218.11M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$84.87M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$73.41M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$238.01M	USD	3 Qtrs
Interest expense and other, net	`OtherNonoperatingIncomeExpense`	$-4.68M	USD	1 Quarter
Interest expense and other, net	`OtherNonoperatingIncomeExpense`	$-1.04M	USD	1 Quarter
Interest expense and other, net	`OtherNonoperatingIncomeExpense`	$-8.53M	USD	3 Qtrs
Interest expense and other, net	`OtherNonoperatingIncomeExpense`	$-3.31M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$214.80M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$72.37M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$229.48M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$80.19M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-22.55M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$17.98M	USD	3 Qtrs
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$103.27M	USD	3 Qtrs
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$7.94M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$126.20M	USD	3 Qtrs
Net income and comprehensive income	`NetIncomeLoss`	$64.43M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$196.83M	USD	3 Qtrs
Net income and comprehensive income	`NetIncomeLoss`	$102.74M	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$2.40	USD	3 Qtrs
Basic (in usd per share)	`EarningsPerShareBasic`	$1.34	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$0.79	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$1.61	USD	3 Qtrs
Diluted (in usd per share)	`EarningsPerShareDiluted`	$2.35	USD	3 Qtrs
Diluted (in usd per share)	`EarningsPerShareDiluted`	$1.58	USD	3 Qtrs
Diluted (in usd per share)	`EarningsPerShareDiluted`	$1.32	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.77	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	81.65M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	78.20M	shares	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	76.78M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	81.88M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	83.32M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	77.95M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	83.69M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	79.66M	shares	3 Qtrs

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$126.20M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$64.43M	USD	1 Quarter
Net income	`NetIncomeLoss`	$196.83M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$102.74M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.07M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.14M	USD	3 Qtrs
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$473.00K	USD	3 Qtrs
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$192.00K	USD	3 Qtrs
Write off unamortized debt issuance costs	`WriteOffOfDeferredDebtIssuanceCost`	$489.00K	USD	3 Qtrs
Write off unamortized debt issuance costs	`WriteOffOfDeferredDebtIssuanceCost`	-	USD	3 Qtrs
Provision for inventory obsolescence	`InventoryWriteDown`	$2.45M	USD	3 Qtrs
Provision for inventory obsolescence	`InventoryWriteDown`	$1.72M	USD	3 Qtrs
Provision/(Recovery) for loss on vendor deposits & purchase commitments	`ProvisionforGainLossonVendorDeposit`	$15.05M	USD	3 Qtrs
Provision/(Recovery) for loss on vendor deposits & purchase commitments	`ProvisionforGainLossonVendorDeposit`	$-1.15M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$2.42M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$2.09M	USD	3 Qtrs
Deferred Taxes	`DeferredIncomeTaxesAndTaxCredits`	$156.00K	USD	3 Qtrs
Deferred Taxes	`DeferredIncomeTaxesAndTaxCredits`	$2.30M	USD	3 Qtrs
Other, net	`OtherNoncashIncomeExpense`	$-148.00K	USD	3 Qtrs
Other, net	`OtherNoncashIncomeExpense`	$-855.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$17.90M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$43.08M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-46.46M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$76.78M	USD	3 Qtrs
Vendor deposits	`IncreaseDecreaseinVendorDeposits`	$18.38M	USD	3 Qtrs
Vendor deposits	`IncreaseDecreaseinVendorDeposits`	$4.08M	USD	3 Qtrs
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$10.33M	USD	3 Qtrs
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$10.60M	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.83M	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$6.85M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$23.01M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.98M	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$3.42M	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$102.29M	USD	3 Qtrs
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$3.05M	USD	3 Qtrs
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$1.53M	USD	3 Qtrs
Accrued liabilities and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-3.63M	USD	3 Qtrs
Accrued liabilities and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$4.29M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$65.89M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$285.11M	USD	3 Qtrs
Purchase of property and equipment and other long-term assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.32M	USD	3 Qtrs
Purchase of property and equipment and other long-term assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.70M	USD	3 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.32M	USD	3 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.70M	USD	3 Qtrs
Debt Issuance Costs	`PaymentsOfDebtIssuanceCosts`	$5.19M	USD	3 Qtrs
Debt Issuance Costs	`PaymentsOfDebtIssuanceCosts`	-	USD	3 Qtrs
Repurchases of common stock	`RepurchaseOfCommonStock`	$99.79M	USD	3 Qtrs
Repurchases of common stock	`RepurchaseOfCommonStock`	$381.88M	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.12M	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.40M	USD	3 Qtrs
Tax withholdings related to net share settlements of equity awards	`StockIssuedDuringPeriodValueStockOptionsExercisedNetOfTaxBenefitExpense`	$40.62M	USD	3 Qtrs
Tax withholdings related to net share settlements of equity awards	`StockIssuedDuringPeriodValueStockOptionsExercisedNetOfTaxBenefitExpense`	-	USD	3 Qtrs
Tax withholdings related to net share settlements of restricted stock units	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$1.11M	USD	3 Qtrs
Tax withholdings related to net share settlements of restricted stock units	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$1.39M	USD	3 Qtrs
Net cash (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-77.28M	USD	3 Qtrs
Net cash (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-191.18M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$86.61M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-17.09M	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$604.20M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$533.94M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$690.81M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$551.03M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$604.20M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$533.94M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$690.81M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$551.03M	USD	Point-in-time
Unpaid stock repurchases	`DividendsCash`	$21.98M	USD	3 Qtrs
Unpaid stock repurchases	`DividendsCash`	$2.96M	USD	3 Qtrs
Unpaid property and equipment and other long-term assets	`CapitalExpendituresIncurredButNotYetPaid`	$85.00K	USD	3 Qtrs
Unpaid property and equipment and other long-term assets	`CapitalExpendituresIncurredButNotYetPaid`	$180.00K	USD	3 Qtrs

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