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UI · Ubiquiti

15 filings

10-K

UI 10-K Annual Reports

Ubiquiti - 15 annual reports

Filing record · 2016–202610-K1110-Q328-K77

2026
Ubiquiti Annual Report, Year Ended Jun 30, 2026
Ubiquiti Inc. (NYSE: UI) reported fiscal 2026 (year ended June 30, 2026) revenues of $3.27 billion, up from $2.57 billion in fiscal 2025, and net income of $960.3 million, up from $711.9 million. Growth was driven by Enterprise Technology, which rose to $2.97 billion from $2.25 billion, while Service Provider Technology declined to $301.9 million from $319.3 million. Gross profit margin improved to 46% from 43%, driven mainly by favorable product mix and lower other indirect costs, partly offset by higher tariff costs. Diluted EPS was $15.85, compared with $11.76 in fiscal 2025. Operating cash flow was $928.7 million, and the company ended the year with $611.2 million in cash and short-term investments after repaying the $250.0 million term loan in February 2026. The filing highlights ongoing risks around tariffs, component supply constraints (particularly chipsets from single-source suppliers such as Qualcomm and Broadcom), and concentrated control by founder and CEO Robert J. Pera, who beneficially owned 56,278,181 shares as of August 21, 2026. The company faces two new patent suits: an ITC investigation and district court action by AX Wireless, LLC, which could result in an exclusion order that the filing says would have a material adverse effect, and a suit by Velocity Communication Technologies filed July 30, 2026. Management has not estimated possible losses for these matters. Management concluded internal control over financial reporting was effective as of June 30, 2026, and KPMG LLP issued an unqualified opinion. Capital returns are increasing. The company paid $193.6 million in dividends in fiscal 2026 at $0.80 per quarter, and on August 21, 2026 the Board declared a $1.00 per share dividend payable September 8, 2026, with an intention to pay at least $1.00 per share in each remaining quarter of fiscal 2027. The $500 million stock repurchase program had no activity during fiscal 2026 and was extended to September 30, 2027. A new $250 million PNC revolving facility was entered into on May 7, 2026, and it was undrawn at June 30, 2026.
Aug 21, 2026
2025
Ubiquiti Annual Report, Year Ended Jun 30, 2025
Ubiquiti Inc. (NYSE: UI) reported a strong fiscal 2025 (year ended June 30, 2025), with revenues of $2.57 billion, up from $1.93 billion in fiscal 2024, and net income of $711.9 million, compared with $350.0 million a year earlier. Enterprise Technology drove the growth, rising to $2,254.3 million from $1,617.7 million, while Service Provider Technology increased more modestly to $319.3 million. Gross profit margin improved to 43.4% from 38.4%, attributed mainly to favorable product mix, lower excess and obsolete inventory charges and lower indirect operating expenses, partially offset by higher tariffs. Income from operations rose to $836.3 million, and the effective tax rate fell to 11.6%, helped by a one-time $53.7 million deferred tax benefit tied to an intangibles transfer to the U.S.
Aug 22, 2025
2024
Ubiquiti Annual Report, Year Ended Jun 30, 2024
Ubiquiti Inc. (NYSE: UI) reported fiscal 2024 (year ended June 30, 2024) revenues of $1.93 billion, down slightly from $1.94 billion in fiscal 2023, and net income of $350.0 million, compared with $407.6 million a year earlier. Gross profit margin declined to 38.4% from 39.2%, driven by incremental excess and obsolete inventory charges and warehouse-related operating expenses, partially offset by lower shipping costs and lower tariffs. Income from operations was $499.0 million versus $544.6 million in fiscal 2023, and interest expense and other, net rose to $75.2 million from $58.2 million on higher average debt and interest rates. Enterprise Technology revenue was $1.62 billion (84% of revenue), while Service Provider Technology revenue was $310.8 million (16%). Cash flow from operations was $541.5 million in fiscal 2024, a sharp reversal from a $145.4 million outflow in fiscal 2023, largely because inventories decreased by $250.7 million after a $487.9 million build the prior year. The company used $518.0 million in financing activities, mainly repaying $215.0 million on its revolver and $157.5 million on its term loans, and paying $145.1 million in dividends. Total debt fell to roughly $706 million (short-term $36.5 million plus long-term $669.9 million) from about $1.08 billion, and cash and cash equivalents rose to $126.3 million from $114.8 million. The company declared a $0.60 per share quarterly dividend on August 23, 2024, and stated its intention to pay at least $0.60 per share in each remaining quarter of fiscal 2025, subject to Board approval. The filing also highlights material risks, including a tax dispute with the IRS over approximately $50.0 million of incremental tax liability, $60.4 million of refundable deposits with Hong Kong tax authorities, reliance on Mr. Robert J. Pera, who beneficially owned 56,278,181 shares as of August 23, 2024, and tariffs of 7.5% to 25% on most products imported from China.
Aug 23, 2024
2023
Ubiquiti Annual Report, Year Ended Jun 30, 2023
Ubiquiti Inc. (UI) reported fiscal 2023 (year ended June 30, 2023) revenues of $1.94 billion, up from $1.69 billion in fiscal 2022, and net income of $407.6 million, compared with $378.7 million the prior year. Growth was driven by Enterprise Technology revenue, which rose to $1.62 billion from $1.32 billion, while Service Provider Technology revenue declined to $319.1 million from $375.0 million. Gross profit margin slipped to 39.2% from 39.6%, reflecting product mix and higher component costs. Interest expense and other, net rose to $58.2 million from $17.8 million, driven by higher borrowings and interest rates. Cash flow weakened sharply. Net cash used in operating activities was $145.4 million, compared with $370.3 million provided in fiscal 2022, mainly because inventories increased by $487.9 million as the company secured components during the supply shortage. Inventories rose to $737.1 million at year-end from $262.4 million. To fund this and $145.0 million of dividends, the company net borrowed $291.9 million under its facilities, and total debt reached about $1.08 billion. The company stated that a key liquidity objective over the next twelve months is to reduce inventories and debt levels. The filing also highlights concentration and legal risks. Founder and CEO Robert J. Pera owns a majority of common stock and has pledged up to 25% of his shares to secure loans. The company paid $0.60 per share quarterly dividends throughout the year, and it had $200 million remaining under its repurchase program, with no repurchases made in fiscal 2023. The company disclosed an IRS Notice of Deficiency on 2015 and 2016 tax years, with an estimated incremental tax liability of approximately $50.0 million, and $60.1 million of Hong Kong tax deposits under audit.
Aug 25, 2023
2022
Ubiquiti Annual Report, Year Ended Jun 30, 2022
Ubiquiti Inc. (NYSE: UI) reported its Form 10-K for the fiscal year ended June 30, 2022. Revenue was $1.69 billion, down from $1.90 billion in fiscal 2021, and net income was $378.7 million, down from $616.6 million. The decline was driven by a 39.8% drop in Service Provider Technology revenue, which fell to $375.0 million, while Enterprise Technology revenue rose 3.3% to $1.32 billion. Gross profit margin fell to 39.6% from 48.1%, citing higher shipping costs, increased component costs and higher general operating expenses. The company attributes its supply constraints, particularly for chipsets, to limiting its ability to meet demand and to a growing backlog of orders. The company returned substantial capital to shareholders in fiscal 2022, repurchasing $618.1 million of common stock and paying $148.1 million in dividends, funded in part by $295.0 million of net borrowings. Total debt rose to $786.5 million (including the current portion), and stockholders' equity moved to a deficit of $382.9 million from positive $2.7 million a year earlier. Cash and cash equivalents fell to $136.2 million from $249.4 million. The company declared a $0.60 quarterly dividend on August 26, 2022, and states it intends to pay at least $0.60 per share in each remaining quarter of fiscal 2023. The filing also highlights concentrated ownership and legal exposure. Founder and CEO Robert J. Pera beneficially owns 56,278,181 shares, a majority of voting power, and has pledged up to 25% of his shares. The company disclosed a $46.7 million business e-mail compromise fraud from 2015, with $28.1 million still being pursued, and a pending Vivato patent case with trial scheduled for November 14, 2022. It also disclosed a potential $50.0 million incremental tax liability from an IRS proposed adjustment and $60.0 million of Hong Kong tax deposits pending audit resolution.
Aug 26, 2022
2021
Ubiquiti Annual Report, Year Ended Jun 30, 2021
Ubiquiti Inc. (UI) reported fiscal 2021 (year ended June 30, 2021) revenues of $1,898,094 thousand, up from $1,284,500 thousand in fiscal 2020, and net income of $616,584 thousand, up from $380,297 thousand. Gross profit margin rose to 48.1% from 47.3%, and income from operations was $742,592 thousand versus $478,198 thousand a year earlier. Enterprise Technology drove most of the growth, with revenue of $1,274,931 thousand, while Service Provider Technology reached $623,163 thousand. The company operates as one reportable segment and sells mainly through distributors, which accounted for 83% of revenues in fiscal 2021. The filing highlights significant supply risk. Management reports reduced availability of components, especially chipsets, along with increased lead times, higher costs, and production delays. The company does not stockpile sufficient components and relies on a limited number of suppliers and contract manufacturers located primarily in China and Vietnam. Tariffs on products imported from China, ranging between 7.5% and 25%, have affected operating results and margins. The filing also describes a January 2021 cyberattack in which source code and credentials were compromised, and a securities class action filed in May 2021 related to that incident. Cash and cash equivalents rose to $249,418 thousand at June 30, 2021, and total debt was $492,895 thousand (short-term plus long-term) after $161.3 million in net revolver and term repayments during the year. Share repurchases totaled $219.8 million and dividends paid were $100.8 million. The Board declared a quarterly dividend of $0.60 per share on August 27, 2021, and the company intends to pay at least $0.60 per quarter during fiscal 2022. Robert J. Pera, the founder, Chairman and CEO, controls a majority of voting power, and some of his shares are pledged as loan collateral.
Aug 27, 2021
2020
Ubiquiti Annual Report, Year Ended Jun 30, 2020
Ubiquiti Inc. (UI) reported fiscal 2020 (year ended June 30, 2020) revenue of $1,284.5 million, up from $1,161.7 million in fiscal 2019, and net income of $380.3 million, compared with $322.7 million a year earlier. Gross profit rose to $608.2 million, and the filing states gross profit margin increased to 47.3% from 46.3%, driven mainly by product mix, partially offset by higher tariffs and expedited shipping costs. Enterprise Technology revenue of $842.5 million (66% of revenue) drove growth, while Service Provider Technology revenue was $442.0 million. Diluted EPS was $5.80, versus $4.51 in fiscal 2019. The company returned substantial capital to shareholders during the year. Repurchases of common stock totaled $700.1 million in financing outflows, and dividends paid were $78.7 million ($1.20 per share). Total stockholders' equity was a deficit of $(295.5) million at June 30, 2020, versus $99.3 million a year earlier, reflecting repurchases exceeding retained earnings. Debt rose to $652.5 million on the balance sheet (short-term $24.1 million and long-term $628.4 million), with $475.0 million outstanding on the Term Facility and $180.0 million on the Revolving Facility. Cash and cash equivalents fell to $142.6 million from $238.1 million. The filing highlights several risks: tariffs on products imported from China, COVID-19 supply chain disruption, customer concentration in distributors (93% of revenue from distributor sales), an IRS proposed adjustment with an incremental tax liability of approximately $50 million excluding interest and penalties, a pending Hong Kong tax audit with $35.5 million of deposits, and the CEO's majority voting control. The company also disclosed an ongoing SEC investigation and the Vivato patent litigation, for which it stated it cannot estimate a possible loss. The company declared a quarterly dividend of $0.40 per share on August 21, 2020.
Aug 21, 2020
2019
Ubiquiti Annual Report, Year Ended Jun 30, 2019
Ubiquiti Inc. (filed as Ubiquiti Networks, Inc.) reported fiscal 2019 (year ended June 30, 2019) revenues of $1.16 billion, up from $1.02 billion in fiscal 2018, and net income of $322.7 million, up from $196.3 million. Growth was driven by Enterprise Technology, which rose to $733.2 million (63% of revenue) from $570.3 million, while Service Provider Technology declined to $428.5 million from $446.6 million. Gross profit margin improved to 46.0% from 44.0%, though the filing states that tariffs on Chinese imports have already affected operating results and margins and that current gross margins may not be indicative of future periods. Diluted EPS was $4.51 versus $2.51 in fiscal 2018, but fiscal 2018 net income included a $116.6 million one-time Tax Reform charge, so the effective tax rate fell to 15.4% from 37.5%. Capital returns were significant. The company repurchased $468.2 million of common stock and paid $71.4 million in dividends during fiscal 2019, while cash and cash equivalents fell to $238.1 million from $666.7 million and total stockholders' equity declined to $99.3 million from $315.7 million. Total debt was about $497.5 million (Term Facility of $462.5 million and $35.0 million drawn on the Revolving Facility). Inventories more than doubled to $264.3 million from $102.2 million. After year end, the board approved a new $500 million repurchase program and a $0.30 quarterly dividend. Key risks disclosed include U.S. tariffs on Chinese-made products, heavy reliance on Qualcomm Atheros components, a Section 301 tariff escalation, a proposed IRS adjustment with a potential incremental tax liability of about $50 million, pending SEC subpoenas and shareholder class and derivative actions, and founder and CEO Robert J. Pera's majority voting control, with a pledge of up to 25% of his shares.
Aug 21, 2019
2018
Ubiquiti Annual Report, Year Ended Jun 30, 2018
Ubiquiti Networks, Inc. reported fiscal 2018 (year ended June 30, 2018) revenues of $1,016.9 million, up from $865.3 million in fiscal 2017, and net income of $196.3 million, down from $257.5 million. Growth was driven by Enterprise Technology, which rose to $570.3 million from $409.7 million on expansion of the UniFi platform, while Service Provider Technology declined to $446.6 million from $455.6 million. Gross margin fell to 44% from 46%, reflecting product mix, indirect costs, and charges tied to the FrontRow consumer product, and the effective tax rate rose to 37.5% from 9.7% because of $116.6 million in net charges under the 2017 Tax Act, including a $114.3 million deemed repatriation tax. Cash flow from operations was $332.0 million, and the company used $445.0 million to repurchase common stock during the year. Cash and cash equivalents were $666.7 million at year end, while total debt rose to about $487.5 million under the Second Amended & Restated Credit Agreement, which was entered into in January 2018. The company also announced a quarterly dividend of $0.25 per share, payable September 10, 2018. The filing discloses several material legal and regulatory matters: an SEC subpoena issued in February 2018, shareholder class actions and derivative suits filed in 2018, the Synopsys and Vivato/XR patent litigation, and a draft IRS Notice of Proposed Adjustment proposing roughly $50 million in additional tax, excluding interest and penalties. The company states it cannot currently estimate possible losses for the Synopsys, Vivato and class action matters.
Aug 24, 2018
2017
Ubiquiti Annual Report, Year Ended Jun 30, 2017
Ubiquiti Networks, Inc. (now Ubiquiti Inc.) reported fiscal 2017 (year ended June 30, 2017) revenues of $865.3 million, up from $666.4 million in fiscal 2016, and net income of $257.5 million, up from $213.6 million. Diluted earnings per share were $3.09, compared with $2.49 in fiscal 2016. Growth was led by Enterprise Technology, which rose to $409.7 million (47% of revenue) from $248.0 million, while Service Provider Technology reached $455.6 million (53%). Gross profit margin declined to 46% from 49%, attributed to product mix, fulfillment costs, inventory obsolescence charges and warranty accruals. Operating expenses remained modest at $105.9 million, and income from operations was $289.8 million. The company ended the year with $604.2 million in cash and cash equivalents, of which $546.8 million was held by foreign subsidiaries. Total debt was $256.6 million, comprising $76.3 million on the Term Facility and $181.0 million on the Revolving Facility, after the April 2017 amendment raised the revolver to $300.0 million. The company repurchased $105.2 million of common stock during fiscal 2017 and has $1.3 million remaining under its stock repurchase program. It paid no dividends in fiscal 2017 and states it has no current plans to pay cash dividends. The filing also discloses that the company's previously reported material weaknesses in internal control over financial reporting were remediated as of June 30, 2017, with KPMG LLP issuing an unqualified opinion on internal control. Ongoing legal matters include a proposed $6.8 million shareholder class action settlement, a lawsuit filed by Synopsys, and a patent suit filed by Vivato/XR, with the company stating it cannot currently estimate possible losses in the latter two. The company is also pursuing recovery of the remaining $30.0 million lost in a 2015 business e-mail compromise fraud.
Aug 25, 2017
2016
Ubiquiti Annual Report, Year Ended Jun 30, 2016
Ubiquiti Networks, Inc. reported fiscal 2016 (year ended June 30, 2016) revenues of $666.4 million, up from $595.9 million in fiscal 2015, and net income of $213.6 million, compared with $129.7 million in fiscal 2015. Enterprise Technology revenue rose to $248.0 million (37% of revenue) from $177.9 million, while Service Provider Technology was flat at $418.3 million. Gross margin improved to 49% from 44%, and cash and cash equivalents reached $551.0 million, with total debt of $203.5 million outstanding under its Wells Fargo credit facilities. The company disclosed material weaknesses in internal control over financial reporting as of June 30, 2016, concluding it did not maintain effective internal control. These weaknesses are tied to a business e-mail compromise fraud in which $46.7 million was transferred from a Hong Kong subsidiary; the company has recovered $8.1 million in fiscal 2015 and a net $8.3 million in fiscal 2016, and is pursuing the remaining $30.0 million. Management expects remediation to be substantially completed in fiscal 2017. During fiscal 2016 the company repurchased $193.5 million of common stock and approved a new $50 million repurchase program effective August 3, 2016, while stating it has no plans to pay cash dividends. Robert J. Pera, the founder and CEO, controls a majority of the voting stock, which the filing identifies as a key governance risk.
Aug 22, 2016
2015
Ubiquiti Annual Report, Year Ended Jun 30, 2015
Ubiquiti Networks, Inc. reported fiscal 2015 (year ended June 30, 2015) revenues of $595.9 million, up from $572.5 million in fiscal 2014, and net income of $129.7 million, down from $176.9 million. Revenue growth was driven by Enterprise Technology, which rose to $177.9 million from $121.8 million, while Service Provider Technology declined to $418.0 million from $450.7 million, reflecting lower demand from service provider customers outside North America. Income from operations fell to $146.9 million from $195.9 million, largely due to a $39.1 million charge for a business e-mail compromise fraud loss, in which $46.7 million was transferred from a Hong Kong subsidiary to overseas third-party accounts, with $8.1 million recovered to date. The company reported that management concluded internal control over financial reporting was not effective as of June 30, 2015. Management identified material weaknesses related to the control environment, safeguarding of funds, and user access to the general ledger, and PricewaterhouseCoopers LLP issued an adverse opinion on internal control. The company had cash and cash equivalents of $446.4 million at year end, of which $397.0 million was held by foreign subsidiaries, and debt of $97.5 million under its Amended Credit Agreement with Wells Fargo. The company sells primarily through distributors without a direct sales force, relies on contract manufacturers located primarily in China, and depends on a single-source chipset supplier, Qualcomm Atheros, for a majority of product revenues. In August 2015 the Board approved a new $100 million share repurchase program, and it declared a first annual dividend of $0.17 per share in fiscal 2015 with no current plans to pay further cash dividends.
Aug 21, 2015
2014
Ubiquiti Annual Report, Year Ended Jun 30, 2014
Ubiquiti Networks, Inc. reported fiscal 2014 (year ended June 30, 2014) revenues of $572.5 million, up from $320.8 million in fiscal 2013, and net income of $176.9 million, compared with $80.5 million in fiscal 2013. Revenue growth was driven mainly by Service Provider Technology ($450.7 million, up from $285.4 million) and Enterprise Technology ($121.8 million, up from $35.4 million), which the company attributes to increased adoption of its airMAX, EdgeMAX, airFiber and UniFi platforms. Gross margin rose to 44% from 42%, and income from operations reached $195.9 million. Cash and cash equivalents were $347.1 million at June 30, 2014. The company sells through distributors, without a direct sales force, and Flytec Computers Inc. accounted for 13% of revenues. The company's balance sheet and liquidity changed during the year. In May 2014 it entered a $150 million senior secured revolving credit facility with Wells Fargo and borrowed $72.3 million to repay its East West Bank loan. The board authorized a $75 million share repurchase program in May 2014, under which no shares had been repurchased as of June 30, 2014. Management stated that $307.6 million of the $347.1 million in cash was held by foreign subsidiaries. The company also reported a 12-month supply concern: it depends on Qualcomm Atheros as a single-source chipset supplier, and its license agreement with that supplier expires September 1, 2014 and renews automatically unless terminated. Risk disclosures highlight concentrated control, with founder and CEO Robert J. Pera controlling a majority of the voting power. The company also relies heavily on the Ubiquiti Community for product feedback and demand generation, and it relies on contract manufacturers located primarily in China. A shareholder class action was dismissed in April 2014, and plaintiffs filed an appeal in May 2014.
Aug 22, 2014
2013
Ubiquiti Annual Report, Year Ended Jun 30, 2013
Ubiquiti Networks, Inc. reported fiscal 2013 (year ended June 30, 2013) revenues of $320.8 million, down from $353.5 million in fiscal 2012, and net income of $80.5 million, compared with $102.6 million in fiscal 2012. The filing attributes the revenue decline primarily to lost sales from the proliferation of counterfeit versions of its products, which also contributed to a buildup of channel inventory at distributors. Systems revenue, led by the airMAX platform, fell to $274.7 million from $305.3 million, while new platforms such as UniFi, airVision, airFiber, mFi and EdgeMAX grew to $53.9 million from $29.5 million. Sales to distributors accounted for 98% of revenues, and sales outside the United States were 75%. The company's balance sheet shows cash and cash equivalents of $227.8 million at June 30, 2013, of which $210.4 million was held by foreign subsidiaries, and total debt of $76.3 million under a Loan Agreement with East West Bank and U.S. Bank. During fiscal 2013 the company repurchased 5,159,050 shares for $54.4 million and paid a special dividend of $0.18 per share totaling $15.7 million. Gross margin was 42% versus 43% a year earlier, and operating expenses rose to $42.7 million from $25.7 million, driven largely by $4.3 million in higher legal expenses tied to anti-counterfeiting litigation. The filing also discloses significant risk items: an ongoing U.S. Office of Foreign Assets Control review of past sales of products into Iran, with penalties that could be material, for which the company recorded a $1.6 million expense in fiscal 2010; and shareholder class action lawsuits filed in September 2012 that the company is contesting, with the court holding a hearing on the motion to dismiss on August 27, 2013. The company relies on Qualcomm Atheros for chipsets in substantially all of its products, with no second source, and on contract manufacturers located primarily in China.
Sep 13, 2013
2012
Ubiquiti Annual Report, Year Ended Jun 30, 2012
Ubiquiti Networks, Inc. reported fiscal 2012 (year ended June 30, 2012) revenues of $353.5 million, up from $197.9 million in fiscal 2011, and net income of $102.6 million, compared with $49.7 million in fiscal 2011 and a net loss of $5.5 million in fiscal 2010. Revenue growth was driven mainly by the airMAX platform, which accounted for $223.7 million of revenue, and systems products overall made up 86% of revenue. Gross margin rose to 43% from 41%. Sales to distributors were 98% of revenue, and Flytec Computers Inc. (16%) and Streakwave Wireless Inc. (10%) were the largest customers. The company relies on contract manufacturers in China and on a non-exclusive license with Qualcomm Atheros, whose chipsets are used in substantially all products; that agreement runs through September 1, 2013. The filing also highlights material risks. The company disclosed export-control issues involving Iranian sales by two distributors, and a voluntary self-disclosure to OFAC remains pending, with penalties of up to $250,000 or twice the transaction value per violation. A $1.6 million expense was recorded in fiscal 2010 for this matter. Two shareholder class action complaints were filed on September 7, 2012 concerning the IPO period, and the company cannot currently estimate possible losses. Cash and cash equivalents were $122.1 million at June 30, 2012, and the company subsequently entered into a $50.0 million revolving credit facility and a $50.0 million term loan facility, with $20.8 million of term loans drawn in August 2012. The board authorized a $100 million share repurchase program, and by September 21, 2012 the company had repurchased 3,101,214 shares for $30.4 million. For investors, the filing shows strong top-line and earnings growth alongside concentration in a few distributors and one chipset supplier, unresolved export and shareholder litigation exposure, and rising leverage from the post-IPO debt and buyback plans.
Sep 28, 2012