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    Ubiquiti Inc. Reports Fourth Quarter Fiscal 2024 Financial Results

    8/23/24 7:06:00 AM ET
    $UI
    Radio And Television Broadcasting And Communications Equipment
    Technology
    Get the next $UI alert in real time by email

    ~ Record Revenues of $507.5 million ~

    ~ GAAP Diluted Earnings Per Share of $1.72 ~

    Ubiquiti Inc. (NYSE:UI) ("Ubiquiti" or the "Company") today announced its financial results for the fourth quarter and full year fiscal 2024, ended June 30, 2024.

    Fourth Quarter Fiscal 2024 Financial Summary

    • Revenues of $507.5 million
    • GAAP diluted EPS of $1.72
    • Non-GAAP diluted EPS of $1.74

    Full Fiscal 2024 Financial Summary

    • Revenues of $1.9 billion
    • GAAP diluted EPS of $5.79
    • Non-GAAP diluted EPS of $5.87

    Additional Financial Highlight

    • The Company's Board of Directors (the "Board") declared a $0.60 per share cash dividend payable on September 9, 2024 to shareholders of record at the close of business on September 3, 2024.
    • The Company intends to pay regular quarterly cash dividends of at least $0.60 per share during each quarter of fiscal year 2024, although all subsequent dividends, and the establishment of record and payment dates, are subject to final determination by the Board each quarter after its review of the Company's financial performance and results of operations, available cash and cash flow, capital requirements, applicable corporate legal requirements, and other factors.

    Financial Highlights ($, in millions, except per share data)

     

     

     

     

     

     

    Income statement highlights

     

    F4Q24

     

    F3Q24

     

    F4Q23

    Revenues

     

    507.5

     

    493.0

     

    491.1

    Enterprise Technology

     

    431.7

     

    414.3

     

    404.1

    Service Provider Technology

     

    75.7

     

    78.7

     

    87.0

    Gross profit

     

    204.1

     

    174.1

     

    203.3

    Gross Profit (%)

     

    40.2%

     

    35.3%

     

    41.4%

    Total Operating Expenses

     

    65.8

     

    62.9

     

    59.5

    Income from Operations

     

    138.4

     

    111.2

     

    143.9

    GAAP Net Income

     

    103.8

     

    76.3

     

    103.7

    GAAP EPS (diluted)

     

    1.72

     

    1.26

     

    1.72

    Non-GAAP Net Income

     

    105.1

     

    77.6

     

    104.7

    Non-GAAP EPS (diluted)

     

    1.74

     

    1.28

     

    1.73

    Ubiquiti Inc.

    Revenues by Product Type

    (In thousands)

    (Unaudited)

     

    Three Months Ended June 30,

    Twelve Months Ended June 30,

     

     

    2024

     

    2023

     

    2024(1)

     

    2023(1)

    Enterprise Technology

    $

    431,733

    $

    404,148

    $

    1,617,665

    $

    1,621,426

    Service Provider Technology

     

    75,728

     

    86,937

     

    310,825

     

    319,086

    Total revenues

    $

    507,461

    $

    491,085

    $

    1,928,490

    $

    1,940,512

    Ubiquiti Inc.

    Revenues by Geographical Area

    (In thousands)

    (Unaudited)

     

    Three Months Ended June 30,

    Twelve Months Ended June 30,

     

     

    2024

     

    2023

     

    2024(1)

     

    2023(1)

    North America

    $

    253,274

    $

    238,323

    $

    946,428

    $

    922,230

    Europe, the Middle East and Africa

     

    194,102

     

    190,904

     

    740,113

     

    759,405

    Asia Pacific

     

    32,087

     

    32,343

     

    127,901

     

    148,502

    South America

     

    27,998

     

    29,515

     

    114,048

     

    110,375

    Total revenues

    $

    507,461

    $

    491,085

    $

    1,928,490

    $

    1,940,512

    (1)

    Derived from audited consolidated statements as of and for the year ended June 30, 2024 and 2023, respectively.

    Income Statement Items

    Revenues

    Revenues for the fourth quarter fiscal 2024 were $507.5 million, representing an increase from the prior quarter of 2.9% and an increase from the comparable prior year period of 3.3%. On a full year basis, revenues for fiscal 2024 were $1.9 billion, representing a 0.6% decrease compared to full year fiscal 2023.

    The growth in revenues over the prior quarter and the comparable prior year period were both driven by increases in revenue from our Enterprise Technology platform. Revenues from the Service Provider Technology platform decreased when compared to the prior quarter as well as the comparable prior year period.

    The decrease in revenue for full fiscal 2024 compared to full fiscal 2023 was driven by a decrease in revenue from both our Enterprise Technology platform and our Service Provider Technology platform.

    Gross Margins

    During the fourth quarter fiscal 2024, GAAP gross profit was $204.1 million. GAAP gross margin of 40.2% increased by 4.9% as compared to the prior quarter GAAP gross margin of 35.3% and decreased by 1.2% as compared to the comparable prior year period GAAP gross margin of 41.4%. On a full year basis, fiscal 2024 GAAP gross profit was $739.8 million. Fiscal 2024 GAAP gross margin of 38.4% decreased by 0.8% as compared to fiscal 2023 GAAP gross margin of 39.2%.

    The increase in gross profit margin as compared to the prior quarter was primarily driven by lower excess and obsolete inventory charges, favorable product mix and lower tariffs, offset in part by higher shipping costs. The decrease in gross profit margin as compared to the comparable prior year period was primarily driven by higher shipping costs and higher excess and obsolete inventory charges, partially offset by favorable product mix and lower tariffs. The decline in gross profit margin for full fiscal 2024 as compared to full fiscal 2023 was primarily driven by incremental excess and obsolete inventory charges and warehouse-related operating expenses, partially offset by lower shipping costs and lower tariffs.

    Research and Development

    During the fourth quarter fiscal 2024, research and development ("R&D") expenses were $44.1 million. This reflects an increase as compared to the R&D expenses of $42.5 million in the prior quarter and R&D expenses of $40.5 million in the comparable prior year period. On a full year basis, fiscal 2024 R&D expenses were $159.8 million, representing an increase of $14.6 million as compared to R&D expenses of $145.2 million for fiscal 2023.

    The increase in R&D expenses as compared to the prior quarter was primarily due to increased prototype-related expenses, partially offset by lower employee-related expenses. The increase in R&D expenses as compared to the comparable prior year period was primarily driven by higher prototype-related expenses and employee-related expenses. The increase in R&D expenses for fiscal 2024 compared to fiscal 2023 was primarily driven by higher prototype-related expenses and employee-related expenses.

    Sales, General and Administrative

    The Company's sales, general and administrative ("SG&A") expenses for the fourth quarter fiscal 2024 were $21.7 million. This reflects an increase as compared to the SG&A expenses of $20.4 million in the prior quarter and an increase compared to the SG&A expenses of $18.9 million in the comparable prior year period. On a full year basis, fiscal 2024 SG&A expenses were $81.0 million, reflecting an increase of $10.0 million as compared to SG&A expenses of $71.0 million for fiscal 2023.

    The increase in SG&A costs as compared to the prior quarter was primarily due to higher fees associated with webstore credit card processing, marketing expenses and professional fees, offset in part by lower travel expenses. The increase in SG&A costs as compared to the comparable prior year period was primarily due to higher fees associated with webstore credit card processing, marketing expenses and professional fees. The increase in SG&A expenses for fiscal 2024 compared to fiscal 2023 was primarily driven by higher fees associated with webstore credit card processing, marketing expenses, employee-related expenses and professional fees.

    Interest Expense and Other, net

    During the fourth quarter fiscal 2024, Interest expense and other, net ("I&O") expenses were $16.8 million. This reflects a decrease as compared to the I&O expenses in both the prior quarter and the comparable prior year period of $18.9 million and $19.8 million, respectively. On a full year basis, fiscal 2024 I&O expenses were $75.2 million, reflecting an increase of $16.9 million as compared to the I&O expenses of $58.2 million for fiscal 2023.

    The decrease in I&O expenses as compared to the prior quarter and comparable prior year period was primarily due to lower interest expense due to decrease in borrowings, offset in part by increase in foreign exchange losses. The increase in I&O expense for fiscal 2024 as compared to fiscal 2023 was primarily driven by higher interest expense due to increased levels of average debt outstanding and higher interest rates.

    Net Income and Earnings Per Share

    During the fourth quarter fiscal 2024, GAAP net income was $103.8 million and non-GAAP net income was $105.1 million. This reflects an increase in GAAP net income and non-GAAP net income from the comparable prior year period by 0.1% and 0.3%, respectively, primarily driven by higher revenues and higher gross profit. Fourth quarter fiscal 2024 GAAP earnings per diluted share was $1.72, consistent with the results achieved in the comparable prior year period, and non-GAAP earnings per diluted share was $1.74, reflecting an increase of 0.6% when compared to the comparable prior year period.

    About Ubiquiti Inc.

    Ubiquiti Inc. is focused on democratizing network technology on a global scale — creating networking infrastructure in over 200 countries and territories around the world. Our professional networking products are powered by our UISP and UniFi software platforms to provide high-capacity distributed Internet access and unified information technology management, respectively.

    Ubiquiti and the U logo are trademarks or registered trademarks of Ubiquiti and/or its affiliates in the United States and other countries. For more information, please visit www.ui.com.

    Safe Harbor for Forward Looking Statements

    Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements other than statements of historical fact including words such as "look", "will", "anticipate", "believe", "estimate", "expect", "forecast", "consider" and "plan" and statements in the future tense are forward looking statements. The statements in this press release that could be deemed forward-looking statements include the statement regarding our intention to pay quarterly cash dividends, any statements or assumptions underlying the foregoing, and any statement regarding future events and the future financial performance of Ubiquiti Inc. that involves risks or uncertainties.

    Forward-looking statements are subject to certain risks and uncertainties that could cause our actual future results to differ materially or cause a material adverse impact on our results. Potential risks and uncertainties include, but are not limited to, the impact of public health problems, such as COVID-19, and U.S. tariffs on results; fluctuations in our operating results; varying demand for our products due to the financial and operating condition of our distributors and their customers, and our distributors' inventory management practices; political and economic conditions and volatility affecting the stability of business environments, economic growth, currency values, commodity prices and other factors that may influence the ultimate demand for our products in particular geographies or globally; impact of counterfeiting and our ability to contain such impact; our reliance on a limited number of distributors; inability of our contract manufacturers and suppliers to meet our demand; our dependence on chipset suppliers for chipsets without a short-term alternative; as we move into new markets competition from certain of our current or potential competitors who may be more established in such markets; our ability to keep pace with technological and market developments; success and timing of new product introductions by us and the performance of our products generally; our ability to effectively manage the significant increase in our transactional sales volumes; we may become subject to warranty claims, product liability and product recalls; that a substantial majority of our sales are into countries outside the United States and we are subject to numerous U.S. export control and economic sanctions laws; costs related to responding to government inquiries related to regulatory compliance; our reliance on certain key members of our management team, including our founder and chief executive officer, Robert J. Pera; adverse tax-related matters such as tax audits, changes in our effective tax rate or new tax legislative proposals; whether the final determination of our income tax liability may be materially different from our income tax provisions; the impact of any intellectual property litigation and claims for indemnification; litigation related to U.S. securities laws; and social, economic and political conditions in the United States and abroad, including the impact of the military conflict between Russia and Ukraine and the tension between China and Taiwan. We discuss these risks in greater detail under the heading "Risk Factors" and elsewhere in our Annual Report on Form 10-K for the year ended June 30, 2024, and subsequent filings filed with the U.S. Securities and Exchange Commission (the "SEC"), which are available at the SEC's website at www.sec.gov. Copies may also be obtained by contacting the Ubiquiti Inc. Investor Relations Department, by email at [email protected] or by visiting the Investor Relations section of the Ubiquiti Inc. website, https://ir.ui.com/.

    Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our management's beliefs and assumptions only as of the date made. Except as required by law, Ubiquiti Inc. undertakes no obligation to update information contained herein. You should review our SEC filings carefully and with the understanding that our actual future results may be materially different from what we expect.

    Ubiquiti Inc.

    Condensed Consolidated Statements of Operations

    and Comprehensive Income

    (In thousands, except per share data) (Unaudited)

     

    Three Months Ended June 30,

    Twelve Months Ended June 30,

     

     

    2024

     

    2023

     

    2024(1)

     

    2023(1)

    Revenues

    $

    507,461

    $

    491,085

    $

    1,928,490

    $

    1,940,512

    Cost of revenues

     

    303,320

     

    287,758

     

    1,188,728

     

    1,179,781

    Gross profit

     

    204,141

     

    203,327

    $

    739,762

    $

    760,731

    Operating expenses:

     

     

     

     

    Research and development

     

    44,076

     

    40,539

     

    159,768

     

    145,172

    Sales, general and administrative

     

    21,695

     

    18,913

     

    80,997

     

    70,993

    Total operating expenses

     

    65,771

     

    59,452

     

    240,765

     

    216,165

    Income from operations

     

    138,370

     

    143,875

     

    498,997

     

    544,566

    Interest expense and other, net

     

    16,813

     

    19,803

     

    75,169

     

    58,224

    Income before income taxes

     

    121,557

     

    124,072

     

    423,828

     

    486,342

    Provision for income taxes

     

    17,753

     

    20,395

     

    73,868

     

    78,701

    Net income

    $

    103,804

    $

    103,677

    $

    349,960

    $

    407,641

    Net income per share of common stock:

     

     

     

     

    Basic

    $

    1.72

    $

    1.72

    $

    5.79

    $

    6.75

    Diluted

    $

    1.72

    $

    1.72

    $

    5.79

    $

    6.74

    Weighted average shares used in computing net income per share of common stock:

     

     

     

     

    Basic

     

    60,462

     

    60,442

     

    60,454

     

    60,435

    Diluted

     

    60,466

     

    60,449

     

    60,458

     

    60,451

    (1)

    Derived from audited consolidated statements as of and for the year ended June 30, 2024 and 2023, respectively.

    Ubiquiti Inc.

    Reconciliation of GAAP Net Income to Non-GAAP Net Income

    (In thousands, except per share data)

    (Unaudited)

     

     

    Three Months Ended

     

    Twelve Months Ended

    June 30,

     

     

    June 30, 2024

     

    March 31, 2024

     

    June 30, 2023

     

     

    2024

     

     

     

    2023

     

    Net Income

     

    $

    103,804

     

     

    $

    76,290

     

     

    $

    103,677

     

     

    $

    349,960

     

     

    $

    407,641

     

    Share-based compensation:

     

     

     

     

     

     

     

     

     

     

    Cost of revenues

     

     

    45

     

     

     

    44

     

     

     

    26

     

     

     

    159

     

     

     

    73

     

    Research and development

     

     

    1,264

     

     

     

    1,272

     

     

     

    1,017

     

     

     

    4,831

     

     

     

    3,541

     

    Sales, general and administrative

     

     

    378

     

     

     

    348

     

     

     

    297

     

     

     

    1,368

     

     

     

    1,120

     

    Tax effect of Non-GAAP adjustments

     

     

    (441

    )

     

     

    (399

    )

     

     

    (321

    )

     

     

    (1,560

    )

     

     

    (1,132

    )

    Non-GAAP net income

     

    $

    105,050

     

     

    $

    77,555

     

     

    $

    104,696

     

     

    $

    354,758

     

     

    $

    411,243

     

    Non-GAAP diluted EPS

     

    $

    1.74

     

     

    $

    1.28

     

     

    $

    1.73

     

     

    $

    5.87

     

     

    $

    6.80

     

     

     

     

     

     

     

     

     

     

     

     

    Shares outstanding (Diluted)

     

     

    60,466

     

     

     

    60,463

     

     

     

    60,449

     

     

     

    60,458

     

     

     

    60,451

     

    Weighted-average shares used in Non-GAAP diluted EPS

     

     

    60,466

     

     

     

    60,463

     

     

     

    60,449

     

     

     

    60,458

     

     

     

    60,451

     

    Use of Non-GAAP Financial Information

    To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we use non-GAAP measures of net income and earnings per diluted share that are adjusted to exclude certain costs, expenses and gains such as share-based compensation expense, and the tax effects of these non-GAAP adjustments.

    Reconciliations of the adjustments to GAAP results for the periods presented are provided above. In addition, an explanation of the ways in which management uses non-GAAP financial information to evaluate its business, the substance behind management's decision to use this non-GAAP financial information, material limitations associated with the use of non-GAAP financial information, the manner in which management compensates for those limitations, and the substantive reasons management believes that this non-GAAP financial information provides useful information to investors is included under the paragraphs below.

    Usefulness of Non-GAAP Financial Information to Investors

    We believe that the presentation of non-GAAP net income and non-GAAP earnings per diluted share provides important supplemental information regarding non-cash expenses, significant items that we believe are important to understanding our financial, and business trends relating to our financial condition and results of operations. Non-GAAP net income and non-GAAP earnings per diluted share are among the primary indicators used by management as a basis for planning and forecasting future periods and by management and our board of directors to determine whether our operating performance has met specified targets and thresholds. Management uses non-GAAP net income and non-GAAP earnings per diluted share when evaluating operating performance because it believes that the exclusion of the items described below, for which the amounts or timing may vary significantly depending upon the Company's activities and other factors, facilitates comparability of the Company's operating performance from period to period. We have chosen to provide this information to investors so they can analyze our operating results in the same way that management does and use this information in their assessment of our business and the valuation of our Company.

    About our Non-GAAP Net Income and Non-GAAP Earnings per Diluted Share

    We compute non-GAAP net income and non-GAAP earnings per diluted share by adjusting GAAP net income and GAAP earnings per diluted share to remove the impact of certain adjustments and the tax effect of those adjustments. Items excluded from net income are:

    • Share-based compensation expense
    • Tax effect of non-GAAP adjustments, applying the principles of ASC 740

    These non-GAAP measures are not in accordance with, or an alternative to, GAAP and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income or earnings per diluted share prepared in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results.

    For more information on the non-GAAP adjustments, please see the table captioned "Reconciliation of GAAP Net Income to non-GAAP Net Income" included in this press release.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240822469512/en/

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      NOTE TO EDITORS: The Following Is an Investment Opinion Issued by Spruce Point Capital Management Believes CLEAR's Pressures Are Likely to Intensify Given Short-Term Challenges With Travel Demand and Longer-Term Questions About Its Product and Service Viability Observes That CLEAR Has Flushed More Cash to Related-Parties Over the Past Three Years Than Internal R&D, CapEx or Synergistic Acquisitions Believes Investors Should Be Concerned by CLEAR's Accounting and Financial Reporting, Particularly Its Active Users and Gross Margins Which We Believe Are Overstated by Sell-Side Analysts and Financial Data Providers by Approximately 24% Expresses Concerns About the Revolving Door in Leadersh

      4/30/25 9:45:00 AM ET
      $UI
      $YOU
      Radio And Television Broadcasting And Communications Equipment
      Technology
      Computer Software: Prepackaged Software
    • Ubiquiti Inc. Reports Second Quarter Fiscal 2025 Financial Results

      ~ Record Revenues of $599.9 million ~ ~ GAAP Diluted Earnings Per Share of $2.26 ~ Ubiquiti Inc. (NYSE:UI) ("Ubiquiti" or the "Company") today announced its financial results for the second quarter ended December 31, 2024. Second Quarter Fiscal 2025 Financial Summary Revenues of $599.9 million GAAP diluted EPS of $2.26 Non-GAAP diluted EPS of $2.28 Additional Financial Highlight The Company's Board of Directors declared a $0.60 per share cash dividend payable on February 24, 2025 to shareholders of record at the close of business on February 18, 2025. Financial Highlights ($, in millions, except per share data) Income statement highlights   F2Q25

      2/7/25 7:05:00 AM ET
      $UI
      Radio And Television Broadcasting And Communications Equipment
      Technology

    $UI
    Insider Trading

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    • CHIEF ACCOUNTING OFFICER Radigan Kevin converted options into 1,191 shares and covered exercise/tax liability with 557 shares, increasing direct ownership by 26% to 3,118 units (SEC Form 4)

      4 - Ubiquiti Inc. (0001511737) (Issuer)

      7/3/25 4:10:07 PM ET
      $UI
      Radio And Television Broadcasting And Communications Equipment
      Technology
    • CHIEF ACCOUNTING OFFICER Radigan Kevin sold $347,990 worth of shares (1,000 units at $347.99), decreasing direct ownership by 29% to 2,484 units (SEC Form 4)

      4 - Ubiquiti Inc. (0001511737) (Issuer)

      2/14/25 4:55:55 PM ET
      $UI
      Radio And Television Broadcasting And Communications Equipment
      Technology
    • SEC Form 4 filed by CHIEF ACCOUNTING OFFICER Radigan Kevin

      4 - Ubiquiti Inc. (0001511737) (Issuer)

      8/7/24 4:04:01 PM ET
      $UI
      Radio And Television Broadcasting And Communications Equipment
      Technology

    $UI
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    • BWS Financial reiterated coverage on Ubiquiti with a new price target

      BWS Financial reiterated coverage of Ubiquiti with a rating of Buy and set a new price target of $240.00 from $160.00 previously

      8/26/24 9:21:22 AM ET
      $UI
      Radio And Television Broadcasting And Communications Equipment
      Technology
    • BWS Financial reiterated coverage on Ubiquiti with a new price target

      BWS Financial reiterated coverage of Ubiquiti with a rating of Buy and set a new price target of $345.00 from $370.00 previously

      2/7/22 8:54:42 AM ET
      $UI
      Radio And Television Broadcasting And Communications Equipment
      Technology
    • Barclays reiterated coverage on Ubiquiti with a new price target

      Barclays reiterated coverage of Ubiquiti with a rating of Underweight and set a new price target of $214.00 from $260.00 previously

      2/7/22 7:06:48 AM ET
      $UI
      Radio And Television Broadcasting And Communications Equipment
      Technology