Ubiquiti Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Ubiquiti Inc. submitted its quarterly 10-Q filing on May 10, 2024, detailing financial performance for the period ending March 31, 2024.</b>

AI Summary

Ubiquiti Inc. (UI) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Ubiquiti Inc. reported financial results for the period ending March 31, 2024. The filing is a 10-Q, indicating a quarterly report. The company's fiscal year ends on June 30. Ubiquiti Inc. was formerly known as Ubiquiti Networks, Inc. The filing was submitted on May 10, 2024.

Why It Matters

For investors and stakeholders tracking Ubiquiti Inc., this filing contains several important signals. This 10-Q filing provides investors with an updated view of Ubiquiti Inc.'s financial health and operational performance during the third quarter of its fiscal year. Understanding the details within this report is crucial for assessing the company's trajectory, identifying potential risks, and making informed investment decisions.

Risk Assessment

Risk Level: medium — Ubiquiti Inc. shows moderate risk based on this filing. The filing is a standard quarterly report, which typically contains a mix of positive and negative financial information, making the overall sentiment neutral. Specific financial performance data is required for a more precise assessment.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand revenue trends, profitability, and any new risk factors disclosed.

Key Numbers

• 2024-03-31 — Period End Date (10-Q filing)
• 2024-05-10 — Filing Date (10-Q filing)
• 06/30 — Fiscal Year End (Company information)
• 3663 — SIC Code (Industry classification)

Key Players & Entities

• Ubiquiti Inc. (company) — Filer name
• UI (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-10 (date) — Filing date
• Ubiquiti Networks, Inc. (company) — Former company name

FAQ

Industry Context

Ubiquiti Inc. operates in the Radio & TV Broadcasting & Communications Equipment industry, classified under SIC code 3663.

Regulatory Implications

This filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the detailed financial statements for revenue, net income, and cash flow.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into performance drivers and outlook.
3. Identify any new risk factors or legal proceedings disclosed in the report.

Key Dates

• 2024-03-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q filing was submitted to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the quarter ending March 31, 2024, following previous filings for the fiscal year 2024.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share UI New York Stock E
• $0 — 1,405 shares of Common Stock, par value $0.001, were issued and outstanding. 2

Filing Documents

• ubnt-20240331.htm (10-Q) — 1254KB
• ubnt-033124xex311.htm (EX-31.1) — 9KB
• ubnt-033124xex312.htm (EX-31.2) — 9KB
• ubnt-033124xex321.htm (EX-32.1) — 9KB
• 0001511737-24-000027.txt (&nbsp;) — 5880KB
• ubnt-20240331.xsd (EX-101.SCH) — 44KB
• ubnt-20240331_cal.xml (EX-101.CAL) — 85KB
• ubnt-20240331_def.xml (EX-101.DEF) — 185KB
• ubnt-20240331_lab.xml (EX-101.LAB) — 493KB
• ubnt-20240331_pre.xml (EX-101.PRE) — 336KB
• ubnt-20240331_htm.xml (XML) — 749KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION 4

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 4 Consolidated Balance Sheets 4 Consolidated Statements of Operations and Comprehensive Income 5 Consolidated Statements of Stockholders' Equity (Deficit) 6 Consolidated Statements of Cash Flows 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 30

: OTHER INFORMATION

PART II: OTHER INFORMATION 32

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 55

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 55

Other Information

Item 5. Other Information 55

Exhibits

Item 6. Exhibits 56

Signatures

Signatures 57 3 Table of Contents

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) UBIQUITI INC. Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited) March 31, 2024 June 30, 2023 Assets Current assets: Cash and cash equivalents $ 102,487 $ 114,826 Investments — short-term 8 109 Accounts receivable, net of allowance for doubtful accounts of $ 232 and $ 92 at March 31, 2024 and June 30, 2023, respectively 187,564 167,787 Inventories 533,529 737,121 Vendor deposits 150,161 125,227 Prepaid expenses and other current assets 27,063 21,974 Total current assets 1,000,812 1,167,044 Property and equipment, net 82,205 86,845 Operating lease right-of-use assets, net 48,396 57,485 Deferred tax assets 23,021 23,701 Other long-term assets 69,350 71,324 Total assets $ 1,223,784 $ 1,406,399 Liabilities and Stockholders' Equity (Deficit) Current liabilities: Accounts payable $ 65,305 $ 154,157 Income taxes payable 9,197 19,309 Debt — short-term 36,508 36,508 Other current liabilities 142,518 141,845 Total current liabilities 253,528 351,819 Income taxes payable — long-term 56,527 74,880 Operating lease liabilities — long-term 37,494 46,052 Debt — long-term 839,005 1,041,381 Deferred tax liability — long-term 226 226 Other long-term liabilities 11,131 7,774 Total liabilities 1,197,911 1,522,132 Commitments and contingencies (Note 9) Stockholders' equity (deficit): Preferred stock—$ 0.001 par value; 50,000,000 shares authorized; none issued — — Common stock—$ 0.001 par value; 500,000,000 shares authorized: 60,461,405 and 60,441,896 issued and outstanding as of March 31, 2024 and June 30, 2023, respectively 60 60 Additional paid–in capital 8,985 4,721 Retained earnings (deficit) 16,828 ( 120,514 ) Total stockholders' equity (deficit) 25,873 ( 115,733 ) Total liabilities and stockholders' equity (deficit) $ 1,223,784 $ 1,406,399 See accompanying notes to consolidated financial statements (unaudited). 4 Table of Contents UBIQUITI INC. Con

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) NOTE 1— BUSINESS AND BASIS OF PRESENTATION Business — Ubiquiti Inc. and its wholly owned subsidiaries (collectively, "Ubiquiti" or the "Company") develop high performance networking technology for service providers, enterprises, and consumers globally. The Company operates on a fiscal year ending June 30. In these notes, Ubiquiti refers to the fiscal years ending June 30, 2024 and 2023, as fiscal 2024 and fiscal 2023, respectively. Basis of Presentation — The Company's consolidated financial statements and accompanying notes are prepared in accordance with U.S. generally accepted accounting principles ("GAAP") related to interim financial statements based on applicable Securities and Exchange Commission ("SEC") rules and regulations. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. These consolidated financial statements reflect all adjustments, which are, in the opinion of the Company, of a normal and recurring nature and those necessary to state fairly the statements of financial position, results of operations and cash flows for the dates and periods presented. The June 30, 2023 balance sheet was derived from the audited consolidated financial statements as of that date. All significant intercompany transactions and balances have been eliminated. These consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the fiscal year ended June 30, 2023, included in its Annual Report on Form 10-K, as filed with the SEC on August 25, 2023 (the "Annual Report"). The results of operations for the three and nine months ended March 31, 2024 are not necessarily indicative of the results to be expected for any future periods. NOTE 2— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company's significant accounting policies are disclosed in its audited consolidated financial

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View this 10-Q filing on SEC EDGAR