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UI · Ubiquiti

46 filings

10-Q

UI 10-Q Quarterly Reports

Ubiquiti - 46 quarterly reports

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

2026-Q3
Ubiquiti Quarterly Report for Q3 Ended Mar 31, 2026
Ubiquiti Inc. reported a strong third quarter of fiscal 2026 (three months ended March 31, 2026), with revenues of $788.2 million, up from $664.2 million a year earlier, and net income of $233.9 million versus $180.4 million. Diluted EPS was $3.86 compared with $2.98. Growth was driven by Enterprise Technology, which rose to $717.9 million from $585.7 million, while Service Provider Technology declined to $70.3 million from $78.4 million. Gross profit margin improved to 47% from 45%, supported by favorable product mix, lower excess and obsolete inventory charges and lower shipping costs, partly offset by higher tariff costs. For the nine months, revenues were $2.34 billion and net income was $675.4 million. Balance sheet and cash flow strengthened over the period. Cash and cash equivalents rose to $368.7 million from $149.7 million at June 30, 2025, and net cash from operations was $630.1 million for the nine months. The company fully repaid its $250.0 million Term Loan Facility on February 27, 2026, and the $700 million revolving facility matured on March 30, 2026 with no balance outstanding. Subsequent to quarter end, on May 7, 2026, Ubiquiti entered into a $250 million senior secured revolving credit agreement with PNC Bank, National Association, and the Board approved a quarterly cash dividend of $0.80 per share payable May 26, 2026. Risks flagged in the filing include the AX Wireless, LLC complaint filed at the U.S. International Trade Commission in February 2026, where an adverse ruling could result in an order excluding the company's products from the U.S. market and could have a material adverse effect. The company also disclosed an ongoing Intellectual Ventures patent suit, an IRS matter in which it estimates an incremental tax liability of about $50.0 million excluding interest and penalties, and $60.3 million of Hong Kong tax deposits expected to be refunded upon audit completion. No shares were repurchased under the $500 million 2025 August Program during the quarter.
May 8, 2026
2026-Q2
Ubiquiti Quarterly Report for Q2 Ended Dec 31, 2025
Ubiquiti Inc. reported strong results for the three and six months ended December 31, 2025. Revenues were $814.9 million for the quarter, up 36% from $599.9 million, and $1.55 billion for the six months, up 35% from $1.15 billion. Enterprise Technology drove the growth, rising to $729.0 million in the quarter from $518.2 million. Gross profit margin expanded to 46% from 41% in the prior-year quarter, reflecting favorable product mix, lower shipping costs and lower excess and obsolete inventory charges, partly offset by higher tariff costs. Net income was $233.6 million, or $3.86 per diluted share, versus $136.8 million, or $2.26 per diluted share, a year earlier. The balance sheet strengthened over the period. Cash and cash equivalents rose to $302.8 million from $149.7 million at June 30, 2025, and the company repaid $202.5 million of term loan principal, leaving $47.5 million outstanding. The $700 million revolving facility was undrawn, and the credit facilities mature on March 30, 2026. Management says it intends to enter into a new credit facility before that date if needed. The Board approved a quarterly dividend of $0.80 per share on February 6, 2026, and no repurchases were made under the $500 million August 2025 program. The main risk flagged is new litigation. On February 2, 2026, Ax Wireless, LLC filed an ITC complaint and a related district court complaint alleging infringement of Wi-Fi 6 patents. The filing states that an adverse ITC ruling could result in an order excluding the company's products from the U.S. market, which would have a material adverse effect. The company cannot currently estimate the possible loss. Ongoing IRS and Hong Kong tax matters are also disclosed, with about $50.0 million of potential IRS incremental tax liability and $60.8 million of Hong Kong deposits expected to be refunded.
Feb 6, 2026
2026-Q1
Ubiquiti Quarterly Report for Q1 Ended Sep 30, 2025
Ubiquiti Inc. reported results for the quarter ended September 30, 2025 (fiscal 2026 first quarter). Revenues were $733.8 million, up from $550.3 million a year earlier, driven primarily by Enterprise Technology, which rose to $657.1 million from $470.2 million, while Service Provider Technology declined to $76.6 million from $80.2 million. Gross profit was $337.4 million versus $231.6 million, and the filing attributes the improvement in gross margin (46.0% versus 42.1%) mainly to favorable product mix, partly offset by higher tariff costs. Income from operations rose to $261.7 million from $169.2 million, and net income reached $207.9 million, or $3.43 diluted per share, compared with $128.0 million, or $2.12, a year earlier. Cash flow and balance sheet activity show a company generating strong operating cash flow of $198.5 million while returning capital and reducing debt. During the quarter, the company repaid $116.3 million of Term Loan principal and paid $48.4 million in common dividends ($0.80 per share). Cash and cash equivalents rose to $177.2 million, and the Term Loan balance fell to $133.8 million, with the $700.0 million Revolving Facility undrawn. The filing notes that the credit facilities mature in March 2026 and that the company intends to enter into a new facility before then. Inventories were $680.7 million and purchase commitments with contract manufacturers were $1,249.8 million. The filing also highlights ongoing risks, including tariffs on imports from China and Vietnam, supply constraints, and geopolitical tensions involving Russia-Ukraine and China-Taiwan. The company has an open patent suit from Intellectual Ventures I LLC, for which it cannot estimate a possible loss. A Hong Kong tax audit involves $60.8 million of deposits, and an IRS matter could result in an incremental tax liability of approximately $50.0 million excluding interest and penalties, though no reserve has been recorded for the IRS matter. Subsequent to quarter end, the Board approved a quarterly dividend of $0.80 per share payable November 24, 2025.
Nov 7, 2025
2025-Q3
Ubiquiti Quarterly Report for Q3 Ended Mar 31, 2025
Ubiquiti Inc. reported results for the three and nine months ended March 31, 2025 in its quarterly report on Form 10-Q. Revenues rose to $664.2 million for the quarter, up from $493.0 million a year earlier, an increase of $171.2 million or 35%. Enterprise Technology drove the growth, with revenue up $171.4 million or 41%, while Service Provider Technology was roughly flat at $78.4 million. Gross profit margin expanded to 45% from 35% in the prior-year quarter, and income from operations rose to $226.9 million from $111.2 million. Net income was $180.4 million, or $2.98 per diluted share, compared with $76.3 million, or $1.26 per diluted share, a year earlier. For the nine months, revenues were $1.81 billion and net income was $445.2 million, or $7.36 per diluted share. The balance sheet shows total assets of $1.30 billion and stockholders' equity of $436.1 million, up from $95.1 million at June 30, 2024. Debt fell sharply: the Initial Term Loan Facility balance was $340.0 million at March 31, 2025, all classified as short-term, and the First Amendment Term Loan Facility and the Revolving Facility had no outstanding balance. Operating cash flow was $509.7 million for the nine months, and the company paid $108.9 million in common stock dividends during that period. The board approved a quarterly dividend of $0.60 per share payable May 27, 2025. Investors should weigh several risks disclosed in the filing. Inventory rose to $590.5 million, including $167.5 million of inventory received not billed, and purchase commitments with contract manufacturers totaled $1,264.5 million. The company faces an Intellectual Ventures patent lawsuit whose possible loss cannot currently be estimated, and an IRS matter for which the company estimates an incremental tax liability of approximately $50.0 million, excluding interest and penalties, without a reserve recorded. Tariffs are described as significantly increasing product costs, and the filing states that historical gross margins may not indicate future margins.
May 9, 2025
2025-Q2
Ubiquiti Quarterly Report for Q2 Ended Dec 31, 2024
Ubiquiti Inc. filed this Form 10-Q for the quarter ended December 31, 2024, reporting a strong second quarter of fiscal 2025. Revenues were $599.9 million for the three months ended December 31, 2024, up from $465.0 million a year earlier, and $1,150.2 million for the six months, up from $928.0 million. Enterprise Technology drove the growth, rising to $518.2 million in the quarter from $391.5 million, while Service Provider Technology rose to $81.7 million from $73.5 million. Net income was $136.8 million for the quarter, or $2.26 per diluted share, compared with $82.1 million, or $1.36 per diluted share, a year earlier. Gross margin improved to 41% from 38%, driven mainly by favorable product mix, lower warehouse-related expenses and excess and obsolete inventory charges, partly offset by higher shipping and tariff costs. The balance sheet and cash flow picture also improved. Net cash provided by operating activities was $386.1 million for the six months, compared with $146.3 million a year earlier, and the company repaid $301.9 million of credit facility borrowings, including full repayment of the First Amendment Term Loan and the $175.0 million revolver balance. Total debt outstanding fell to $406.3 million on the Initial Term Loan Facility, and cash and cash equivalents rose to $133.1 million. Inventories increased to $537.3 million from $462.0 million, and inventory received not billed rose to $135.4 million from $72.6 million. Investors should note several risks disclosed in the filing. Management stated that tariffs on products imported from China, including an incremental 10% tariff announced in February 2025 with a range of 10% to 35%, have affected operating results and margins. The company also disclosed a $50.0 million estimated incremental tax liability tied to an IRS adjustment under litigation, and $60.7 million of Hong Kong tax deposits expected to be refunded upon completion of an audit. Robert J. Pera, founder and CEO, beneficially owned 56,278,181 shares as of February 7, 2025, and the board declared a quarterly dividend of $0.60 per share payable February 24, 2025.
Feb 7, 2025
2025-Q1
Ubiquiti Quarterly Report for Q1 Ended Sep 30, 2024
Ubiquiti Inc. reported results for the first quarter of fiscal 2025 (three months ended September 30, 2024). Revenues were $550.3 million, up from $463.1 million a year earlier, driven primarily by Enterprise Technology, which rose to $470.2 million from $380.1 million, while Service Provider Technology declined to $80.2 million from $83.0 million. Gross profit was $231.6 million, with gross margin of 42.1% compared with 39.7% in the prior-year period, attributed to favorable product mix and lower tariffs. Income from operations was $169.2 million, and net income was $128.0 million, or $2.12 per diluted share, versus $87.8 million, or $1.45 per share, a year earlier. Interest expense and other, net fell to $10.6 million from $21.2 million, reflecting lower borrowings and interest rates. Cash flow and balance sheet activity were strong in the quarter. Net cash provided by operating activities was $233.7 million, compared with $67.7 million a year earlier, and the company repaid $155.6 million under its credit facilities. Total debt fell from $706.4 million at June 30, 2024 to $551.6 million at September 30, 2024 (the sum of the short-term and long-term debt carrying amounts), and cash and cash equivalents rose to $165.2 million. The company paid $36.3 million in dividends and declared a quarterly dividend of $0.60 per share payable November 25, 2024. The filing also flags continuing risks. The company has an unresolved IRS dispute over fiscal 2015 and 2016 that it estimates could carry an incremental tax liability of approximately $50.0 million, excluding interest and penalties, and it has not reserved for that exposure. It also has $60.7 million of deposits with the Hong Kong Inland Revenue Department under audit, and two patent infringement lawsuits (Network-1 and Intellectual Ventures) remain pending, with the company unable to estimate possible losses. Purchase commitments with contract manufacturers total $1,134.3 million, and tariffs on the majority of U.S. imports from China range from 7.5% to 25%.
Nov 8, 2024
2024-Q3
Ubiquiti Quarterly Report for Q3 Ended Mar 31, 2024
Ubiquiti Inc. (UI) reported results for the three and nine months ended March 31, 2024. Revenues were $493.0 million for the quarter, up $35.2 million, or 8%, from $457.8 million a year earlier, while nine-month revenues were $1,421.0 million, down $28.4 million, or 2%. Gross profit margin fell to 35.3% in the quarter from 41.2%, driven by excess and obsolete inventory charges and unfavorable product mix. Net income was $76.3 million for the quarter ($1.26 per diluted share) versus $98.6 million a year earlier, and $246.2 million for the nine months ($4.07 per diluted share) versus $304.0 million. The balance sheet improved meaningfully. Inventories declined to $533.5 million from $737.1 million at June 30, 2023, and operating cash flow for the nine months was $310.1 million, compared with an outflow of $159.9 million a year earlier. The company used the cash to repay $203.1 million of credit facility borrowings and paid $108.8 million in dividends. Total debt, including the current portion, fell to $875.5 million from $1,077.9 million, and total stockholders' equity turned positive at $25.9 million from a deficit of $115.7 million. Investors should weigh the improved cash generation against higher interest expense, which rose to $58.4 million for the nine months from $38.4 million on higher interest rates, and against a pending Hong Kong tax deposit of $60.2 million and a potential $50.0 million incremental U.S. tax liability tied to an IRS dispute. Several patent lawsuits are also pending, and the company cannot estimate possible losses. The Board approved a $0.60 per share quarterly dividend on May 7, 2024.
May 10, 2024
2024-Q2
Ubiquiti Quarterly Report for Q2 Ended Dec 31, 2023
Ubiquiti Inc. reported results for the three and six months ended December 31, 2023 in this Form 10-Q. Revenues were $464.95 million for the quarter, down from $493.57 million a year earlier, and $928.03 million for the six months, down from $991.65 million. Net income was $82.12 million for the quarter versus $112.21 million a year earlier, and diluted EPS was $1.36 compared with $1.86. Income from operations fell to $121.10 million from $145.15 million, while interest expense and other, net rose to $18.26 million from $11.27 million, reflecting incremental borrowings and higher interest rates. Gross margin was 38.2% for the quarter versus 40.0% a year earlier. The balance sheet shows total debt of roughly $994.6 million, comprising $36.5 million short-term and $958.1 million long-term, and a stockholders' deficit of $15.72 million. Cash and cash equivalents were $97.6 million, down from $114.8 million at June 30, 2023. Operating cash flow for the six months was $146.26 million, versus $2.33 million a year earlier, driven largely by a $50.1 million inventory decrease. The company paid $0.60 per share quarterly dividends, and the Board approved another $0.60 dividend payable February 26, 2024. The filing highlights significant legal and tax exposures. The IRS has proposed an incremental tax liability of approximately $50.0 million, excluding interest and penalties, related to fiscal 2015 and 2016, and the company is awaiting a trial date. Hong Kong IRD deposits of $60.3 million are pending refund upon audit completion. Several patent infringement lawsuits remain pending, and the company cannot currently estimate possible losses. Revenue declines were concentrated in Enterprise Technology and EMEA and Asia Pacific, partly offset by growth in Service Provider Technology and South America.
Feb 9, 2024
2024-Q1
Ubiquiti Quarterly Report for Q1 Ended Sep 30, 2023
Ubiquiti Inc. reported results for the three months ended September 30, 2023 (fiscal 2024 first quarter). Revenues were $463.1 million, down $35.0 million, or 7%, from $498.1 million a year earlier. The decline was driven by Enterprise Technology, which fell $46.2 million, or 11%, to $380.1 million, partially offset by Service Provider Technology, which rose $11.2 million, or 16%, to $83.0 million. Gross profit margin improved to 39.7% from 34.4%, attributed to lower shipping and component costs and product mix. Income from operations was $128.3 million versus $122.0 million, while net income was $87.8 million, or $1.45 per diluted share, compared with $93.2 million, or $1.54 per diluted share, a year earlier. Interest expense and other, net rose to $21.2 million from $10.7 million due to incremental borrowings and higher interest rates. Cash flow from operations was $67.7 million, compared with $42.0 million a year earlier, driven by a $28.6 million decrease in inventories. Cash and cash equivalents ended the quarter at $108.5 million. The company paid $36.3 million in common stock dividends and repaid $34.4 million under its credit facilities during the quarter. Total debt was $1.04 billion, including $365.0 million outstanding on the Revolving Facility, with $335 million available. Stockholders' deficit narrowed to $(63.1) million from $(115.7) million at June 30, 2023. Management stated that existing cash and borrowing capacity should be sufficient for the next twelve months. The filing also highlights legal and tax exposures. Several patent infringement suits are pending, and the company cannot currently estimate possible losses. An IRS matter related to fiscal 2015 and 2016 could imply an incremental tax liability of approximately $50.0 million, excluding interest and penalties, and the company has no reserve for it. Hong Kong Inland Revenue Department deposits of $60.1 million are expected to be refunded upon audit completion, though the outcome is uncertain. On November 2, 2023, the board approved a quarterly dividend of $0.60 per share.
Nov 3, 2023
2023-Q3
Ubiquiti Quarterly Report for Q3 Ended Mar 31, 2023
Ubiquiti Inc. reported revenue of $457.8 million for the three months ended March 31, 2023, up from $358.1 million a year earlier, and $1,449.4 million for the nine months, up from $1,248.5 million. Net income was $98.6 million for the quarter versus $50.4 million, and $304.0 million for the nine months versus $286.2 million. Enterprise Technology drove growth, with nine-month revenue of $1,217.3 million against $972.2 million, while Service Provider Technology declined to $232.1 million from $276.4 million over the same nine months. Gross margin rose to 41.2% in the quarter from 32.4%, but fell to 38.0% for the nine months from 40.0%. The balance sheet shows inventories of $743.4 million, up from $262.4 million at June 30, 2022, and net cash used in operating activities of $159.9 million for the nine months, compared with $300.3 million provided a year earlier. Total debt rose to about $1.09 billion of principal, with $640.0 million drawn on the revolver and $450.0 million on the term facility. Stockholders' deficit was $184.5 million. In April 2023, the company entered a $250 million First Amendment Term Loan and used it to repay $250 million of revolver borrowings. The Board approved a quarterly dividend of $0.60 per share, and the company has $200 million remaining under its May 2022 repurchase program, which expires September 30, 2023, with no repurchases made in the nine months. The filing also flags material contingencies. The IRS has proposed an incremental tax liability of about $50.0 million for fiscal 2015 and 2016, which the company is contesting in Tax Court. Hong Kong tax deposits of $60.0 million are pending refund after an audit, and the company reports no reserve for these matters. The Vivato patent litigation continues, and the company cannot estimate a possible loss.
May 5, 2023
2023-Q2
Ubiquiti Quarterly Report for Q2 Ended Dec 31, 2022
Ubiquiti Inc. reported results for the three and six months ended December 31, 2022 in this Form 10-Q. Revenues were $493.6 million for the quarter, up from $431.6 million a year earlier, and $991.7 million for the six months, up from $890.5 million. The growth came from Enterprise Technology, which rose to $417.4 million for the quarter from $330.4 million, while Service Provider Technology declined to $76.2 million from $101.2 million. Net income was $112.2 million for the quarter ($1.86 per diluted share) versus $103.6 million a year earlier, and $205.4 million for the six months ($3.40 per diluted share) versus $235.8 million. Gross margin compressed to 37.2% for the six months from 43.1%, which the company attributed to product mix and higher component and shipping costs. The balance sheet and cash flow picture shifted notably. Inventories rose to $644.1 million from $262.4 million at June 30, 2022, and operating cash flow was only $2.3 million for the six months, compared with $196.1 million a year earlier. Total debt outstanding increased, with the Revolving Facility balance at $440.0 million versus $320.0 million at June 30, 2022, and the Term Facility at $456.3 million. Stockholders' deficit was $(247.95) million. The company paid $0.60 per share quarterly dividends and made no share repurchases under its $200 million program during the period. The filing also flags ongoing matters investors should weigh. The company is pursuing a U.S. Tax Court petition over an IRS adjustment for fiscal 2015 and 2016, with an estimated incremental tax liability of approximately $50.0 million excluding interest and penalties. Hong Kong tax deposits of $60.3 million remain under audit. Purchase obligations to contract manufacturers range from $440.6 million to $916.5 million, and the filing notes continued supply constraints in chipsets.
Feb 3, 2023
2023-Q1
Ubiquiti Quarterly Report for Q1 Ended Sep 30, 2022
Ubiquiti Inc. reported net income of $93.2 million on revenues of $498.1 million for the three months ended September 30, 2022, compared with net income of $132.2 million on revenues of $458.9 million in the prior-year period. Gross profit fell to $171.4 million from $209.5 million, as cost of revenues rose to $326.7 million from $249.5 million, which the filing attributes primarily to higher component and shipping costs. Gross profit margin decreased to 34.4% from 45.6%. Enterprise Technology revenue rose $79.5 million, or 23%, to $426.3 million, while Service Provider Technology revenue declined $40.3 million, or 36%, to $71.8 million. The company continues to cite a global component supply shortage, particularly chipsets, as limiting its ability to fulfill demand. Cash and cash equivalents were $136.5 million at September 30, 2022, essentially flat from $136.2 million at June 30, 2022. Operating cash flow was $42.0 million, down from $100.9 million, as inventories increased by $94.2 million. Inventories rose to $354.7 million from $262.4 million. The company paid $36.3 million in common dividends and drew a net $3.8 million on its credit facilities. Total debt across the term and revolving facilities was $792.5 million, with $330 million drawn on the $700 million revolver. Stockholders' deficit was $(325.5) million. The filing also details significant contingent exposures. The company disclosed a Hong Kong tax deposit of approximately $60.0 million expected to be refunded upon audit completion, and an IRS Notice of Deficiency for fiscal 2015 and 2016 with an estimated incremental tax liability of about $50.0 million, which the company is contesting in Tax Court. A subsequent-event note states the Board approved a quarterly dividend of $0.60 per share payable November 21, 2022.
Nov 4, 2022
2022-Q3
Ubiquiti Quarterly Report for Q3 Ended Mar 31, 2022
Ubiquiti Inc. reported results for the three and nine months ended March 31, 2022 in its quarterly report on Form 10-Q. Revenue fell to $358.1 million in the quarter from $467.2 million a year earlier, and to $1.25 billion for the nine months from $1.42 billion. Net income was $50.4 million for the quarter, versus $146.1 million a year earlier, and $286.2 million for the nine months, versus $462.3 million. The filing attributes the revenue decline to the Service Provider Technology platform and to the company's inability to fulfill demand due to the global component supply shortage and COVID-19 outbreaks. Gross margin fell to 32.4% in the quarter from 47.7%, citing product mix, component costs and shipping costs. The balance sheet shows a stockholders' deficit of $334.997 million at March 31, 2022, compared with equity of $2.699 million at June 30, 2021. This reflects heavy capital returns: the company repurchased $513.0 million of common stock and paid $111.8 million in dividends during the nine months, funded in part by $250.0 million drawn on its revolving facility. Total debt was $723.6 million at March 31, 2022 (short-term $23.9 million plus long-term $698.7 million), and cash and cash equivalents fell to $144.3 million from $249.4 million. Operating cash flow was $300.3 million for the nine months. The filing also flags several legal and tax matters. The company faces an IRS Notice of Proposed Adjustment for fiscal 2015 and 2016, with an estimated incremental tax liability of approximately $50.0 million, and a Hong Kong IRD audit with $57.1 million of deposits outstanding. The company is also defending a Vivato patent suit, with trial in the new action scheduled for October 11, 2022. Subsequent to quarter end, the board approved a new $200 million repurchase program and a quarterly dividend of $0.60 per share.
May 6, 2022
2022-Q2
Ubiquiti Quarterly Report for Q2 Ended Dec 31, 2021
Ubiquiti Inc. reported a sharp earnings decline for the three and six months ended December 31, 2021. Revenues were $431.6 million for the quarter, down from $479.4 million a year earlier, and $890.5 million for the six months, down from $953.0 million. Net income fell to $103.6 million for the quarter from $159.7 million, and to $235.8 million for the six months from $316.2 million. Diluted EPS was $1.66 for the quarter versus $2.54 a year earlier. The decline was driven mainly by the Service Provider Technology category, where revenue fell $48.7 million (32%) in the quarter, while Enterprise Technology grew modestly. The filing attributes the revenue shortfall in part to the global component supply shortage, particularly chipsets, and gross margin compressed to 40.5% for the quarter from 48.1%, mainly on higher shipping costs. Cash flow and capital returns remained substantial. Operating cash flow was $196.1 million for the six months, and the company repurchased $168.3 million of common stock and paid $74.9 million in dividends. Cash and equivalents declined to $212.2 million from $249.4 million at June 30, 2021. Total stockholders' equity moved to a deficit of $(4.2) million, reflecting repurchases and dividends that exceeded retained earnings. Total debt, including short-term and long-term portions, was about $508.7 million, with a $30.0 million revolver draw added during the period. The board approved a new $300 million repurchase program and a $0.60 quarterly dividend on February 1 and February 3, 2022. The filing also highlights ongoing legal and tax exposures. The Hong Kong Inland Revenue Department holds $57.5 million of refundable deposits under an ongoing audit, and the company estimates an incremental tax liability of about $50.0 million from an IRS proposed adjustment, with an IRS Appeals conference scheduled for February 10, 2022. The Vivato patent litigation is set for trial on October 11, 2022, and the company cannot currently estimate possible losses from it.
Feb 4, 2022
2022-Q1
Ubiquiti Quarterly Report for Q1 Ended Sep 30, 2021
Ubiquiti Inc. reported results for the three months ended September 30, 2021 (fiscal 2022 first quarter). Revenues were $458.9 million, down from $473.5 million a year earlier, with the decline primarily tied to Service Provider Technology ($112.1 million versus $157.5 million), partly offset by Enterprise Technology ($346.8 million versus $316.1 million). Income from operations was $161.7 million compared with $190.0 million, and net income was $132.2 million, or $2.11 per diluted share, compared with $156.5 million, or $2.46 per share. The filing attributes the revenue decline to distributor ordering patterns and an inability to fulfill demand due to the global component supply shortage and logistics delays. Gross profit margin fell to 45.6% from 48.2%, driven by product mix and higher shipping costs, tariffs and component costs. Cash flow and capital return remained substantial. Net cash from operations was $100.9 million, and cash and cash equivalents rose to $265.9 million from $249.4 million. The company repurchased 130,994 shares for $39.3 million under its $500 million 2020 May Program, with $278.9 million remaining, and paid $37.5 million in dividends ($0.60 per share). Term debt outstanding was $487.5 million, with the $700.0 million revolving facility undrawn. Total stockholders' equity increased to $58.0 million from $2.7 million. Legal and tax matters remain significant. The filing discloses the Vivato/XR patent litigation, a securities class action related to a January 2021 data breach, and a Delaware books-and-records action. The company cannot estimate possible losses in these cases. Tax matters include a Hong Kong IRD audit with $57.5 million of refundable deposits and an IRS proposed adjustment for fiscal 2015 and 2016 that the company estimates would create an incremental tax liability of approximately $50.0 million, excluding interest and penalties.
Nov 5, 2021
2021-Q3
Ubiquiti Quarterly Report for Q3 Ended Mar 31, 2021
Ubiquiti Inc. reported revenue of $467.2 million for the three months ended March 31, 2021, up from $337.4 million a year earlier, and $1.42 billion for the nine months, up from $969.0 million. Net income was $146.1 million for the quarter (diluted EPS $2.32) and $462.3 million for the nine months (diluted EPS $7.32). Gross profit margin was 47.7% for the quarter and 48.0% for the nine months. Service Provider Technology and Enterprise Technology revenue both grew year over year, with Enterprise Technology at $314.9 million for the quarter. Management noted that quarterly revenue declined sequentially from the December 2020 quarter due to COVID-19-related supply chain disruption and component shortages. The balance sheet shows a total stockholders' deficit of $60.2 million at March 31, 2021, improved from $295.5 million at June 30, 2020, driven by retained earnings. Cash and cash equivalents rose to $262.8 million, while total debt was $575.0 million principal ($500.0 million term loan and $75.0 million revolver). On March 30, 2021, the company entered a Third Amended and Restated Credit Agreement with Wells Fargo that extends the $700 million revolving facility and a $500 million term facility to March 30, 2026. During the nine months, the company repurchased $152.6 million of common stock and paid $75.7 million in dividends, and it declared a quarterly dividend of $0.40 per share on May 6, 2021. Key open matters include a Hong Kong tax audit with $57.4 million of refundable deposits, an IRS proposed adjustment for fiscal 2015 and 2016 that the company estimates would create an incremental tax liability of about $50.0 million, and the Vivato patent litigation, for which the company cannot estimate a possible loss. The company also disclosed a January 2021 unauthorized access to certain IT systems, in which source code and credentials were compromised and a payment demand was received and not paid.
May 7, 2021
2021-Q2
Ubiquiti Quarterly Report for Q2 Ended Dec 31, 2020
Ubiquiti Inc. reported strong results for the three and six months ended December 31, 2020. Revenues were $479.4 million for the quarter, up from $308.3 million a year earlier, and $953.0 million for the six months, up from $631.6 million. Income from operations rose to $190.8 million in the quarter from $112.0 million, and net income was $159.7 million, or $2.54 per diluted share, versus $1.32 a year earlier. Gross profit margin improved to 48.1% for both the quarter and the six months. Growth was broad, with Enterprise Technology revenue up 57% for the quarter and Service Provider Technology up 53%, and North America and EMEA both growing strongly. The balance sheet remains in a stockholders' deficit of $181.8 million at December 31, 2020, though total debt declined to $605.5 million in carrying value from $652.5 million at June 30, 2020, and cash and cash equivalents rose to $189.1 million. The company returned capital through $152.6 million of share repurchases and $50.6 million of dividends in the six months, and declared a quarterly dividend of $0.40 per share on February 5, 2021. Key risks include a Hong Kong tax deposit demand of $67.8 million for the 2015 tax year, a potential IRS adjustment estimated at about $50.0 million, ongoing tariffs on Chinese imports, the Vivato patent litigation, and a January 2021 cyber intrusion in which source code and credentials were accessed. The filing also discloses that the Company's CEO, Robert J. Pera, beneficially owned 56,278,181 shares as of February 5, 2021, and that a portion of those shares is pledged to secure loans. Management believes existing cash, operating cash flow and facility availability will be sufficient for the next twelve months.
Feb 5, 2021
2021-Q1
Ubiquiti Quarterly Report for Q1 Ended Sep 30, 2020
Ubiquiti Inc. reported results for the three months ended September 30, 2020 (fiscal 2021 first quarter). Revenues were $473.53 million, up from $323.28 million a year earlier, with Enterprise Technology revenue of $316.07 million (67% of total) and Service Provider Technology revenue of $157.46 million (33%). Gross profit was $228.12 million, income from operations was $189.95 million, and net income was $156.51 million, or $2.46 per diluted share, compared with $98.15 million, or $1.43 per diluted share, in the prior-year quarter. Income tax provision rose to $29.53 million from $17.89 million. The balance sheet shows cash and cash equivalents of $128.43 million, total debt of roughly $636.5 million (short-term $24.07 million plus long-term $612.43 million), and a total stockholders' deficit of $261.86 million. Accounts receivable rose to $196.02 million from $142.16 million, while accounts payable fell to $68.97 million from $155.55 million. Operating cash flow was $116.96 million. The company repurchased 602,003 shares for $97.6 million and paid $25.5 million in dividends during the quarter, and it declared a quarterly dividend of $0.40 per share on November 6, 2020. Key open matters include an IRS proposed adjustment for fiscal 2015 and 2016 with an estimated incremental tax liability of about $50.0 million (excluding interest and penalties), an ongoing Hong Kong tax audit with $35.5 million of refundable deposits, and the Vivato patent litigation, for which the company cannot estimate a possible loss. The SEC concluded its investigation on September 11, 2020 without recommending enforcement action.
Nov 6, 2020
2020-Q3
Ubiquiti Quarterly Report for Q3 Ended Mar 31, 2020
Ubiquiti Inc. reported results for the three and nine months ended March 31, 2020 in this Form 10-Q. Revenues were $337.4 million for the quarter, up from $284.9 million a year earlier, and $969.0 million for the nine months, up from $875.1 million. Income from operations was $127.4 million for the quarter and net income was $103.7 million, or $1.60 per diluted share. Enterprise Technology revenue grew 32% in the quarter to $231.0 million, while Service Provider Technology revenue declined 3% to $106.4 million. Gross profit margin rose to 47.3% in the quarter from 46.6%. The balance sheet shifted sharply toward leverage. Cash and cash equivalents fell to $77.8 million from $238.1 million at June 30, 2019, and total debt rose to about $683.5 million (short-term $24.1 million plus long-term $659.4 million). Stockholders' equity moved to a deficit of $356.0 million, driven by $681.2 million of nine-month share repurchases and $59.6 million of dividends. The company amended its credit agreement in September 2019, and the Term Facility and Revolver balances were $481.3 million and $205.0 million at quarter end. In May 2020 the board approved a new $500 million repurchase program and a $0.30 quarterly dividend. The filing also flags COVID-19 supply chain disruption, which the company says it mitigated in the quarter by selling finished goods inventory, and ongoing tax exposure. The IRS Acknowledgement of Facts proposes an incremental tax liability of approximately $50 million excluding interest and penalties, which the company disputes and has not reserved for. Legal matters include the Vivato patent suit, which remains stayed, and an SEC subpoena that is still under investigation.
May 8, 2020
2020-Q2
Ubiquiti Quarterly Report for Q2 Ended Dec 31, 2019
Ubiquiti Inc. reported results for the three and six months ended December 31, 2019 in this Form 10-Q. Revenues were $308.3 million for the quarter, essentially flat versus $307.3 million a year earlier, and $631.6 million for the six months, up from $590.2 million. Income from operations rose to $112.0 million in the quarter from $91.7 million, and net income was $85.8 million, or $1.32 per diluted share, compared with $77.8 million, or $1.09, in the prior-year quarter. Gross margin was 47% in both the three and six months, up from 46%, though the filing notes that tariffs on Chinese-sourced products have already affected operating results and margins. The balance sheet shifted meaningfully during the period. Cash and cash equivalents fell to $100.0 million from $238.1 million at June 30, 2019, and total stockholders' equity moved to a deficit of $(292.1) million from $99.3 million, driven by $538.0 million of share repurchases and $40.1 million of dividends in the six months. Total debt rose to about $639.5 million, with the revolver balance increasing to $155.0 million. Under the amended credit agreement, the company has a $700 million revolving facility and a $500 million term facility. The filing also flags material contingencies. The IRS Acknowledgement of Facts proposes an incremental tax liability of approximately $50 million, excluding interest and penalties, which the company says it strongly disputes. The company also maintains $20 million of Hong Kong tax deposits pending an audit, and a $5 million impairment was recorded on a cost-based investment. Pending litigation includes the Vivato patent suit, an SEC subpoena investigation, and shareholder class and derivative actions with proposed settlements subject to court approval.
Feb 7, 2020
2020-Q1
Ubiquiti Quarterly Report for Q1 Ended Sep 30, 2019
Ubiquiti Inc. reported results for the fiscal 2020 first quarter ended September 30, 2019. Revenues rose to $323.3 million from $282.9 million a year earlier, and income from operations reached $120.7 million versus $99.6 million. Net income was $98.1 million, or $1.43 per diluted share, compared with $85.7 million, or $1.16 per diluted share, in the prior-year quarter. Enterprise Technology revenue grew to $207.4 million from $177.9 million, while Service Provider Technology revenue increased to $115.9 million from $105.0 million. The balance sheet shifted sharply toward leverage and shareholder returns. Total stockholders' equity moved to a deficit of $239.4 million from equity of $99.3 million at June 30, 2019, driven by $396.6 million of share repurchases in cash flows and $416.2 million of repurchases recorded in equity. Under a September 9, 2019 Third Amendment, the company refinanced its credit facilities, with $493.8 million outstanding on the term facility and $155.0 million on the revolver at quarter end. Cash and cash equivalents fell to $119.7 million from $238.1 million, and total debt rose to $645.5 million from $495.4 million (short-term and long-term debt combined). Legal and tax matters remain significant. The company reached agreements in principle to settle the consolidated shareholder class action and the shareholder derivative actions, with insurers funding the proposed settlements, subject to court approval. The SEC investigation is ongoing, and the Vivato patent litigation remains stayed. The IRS has proposed an adjustment that would create an incremental tax liability of approximately $50 million excluding interest and penalties, which the company disputes and has not reserved for. Subsequent to quarter end, the board approved a new $200 million repurchase program and a quarterly dividend of $0.30 per share.
Nov 8, 2019
2019-Q3
Ubiquiti Quarterly Report for Q3 Ended Mar 31, 2019
Ubiquiti Networks, Inc. reported third-quarter fiscal 2019 results (three months ended March 31, 2019) with revenues of $284.9 million, up from $250.4 million a year earlier, and net income of $88.3 million, compared with $102.7 million in the prior-year quarter. Gross profit was $132.8 million, and income from operations was $102.1 million versus $84.9 million. For the nine months, revenues were $875.1 million and net income was $251.8 million, which includes an $18.0 million litigation settlement paid to Synopsys. Enterprise Technology revenue grew to $547.5 million for the nine months from $406.4 million, while Service Provider Technology revenue declined to $327.6 million from $340.7 million. Balance-sheet cash and cash equivalents fell to $310.3 million from $666.7 million at June 30, 2018, reflecting $328.1 million of stock repurchases, $53.8 million of dividends, and $200.8 million of investment purchases. Combined cash and investments were $412.3 million. Inventories rose to $279.9 million from $102.2 million. Total stockholders' equity declined to $188.1 million, and the term loan balance was $468.8 million. The company declared a quarterly dividend of $0.25 per share on May 10, 2019. The filing discloses several open matters: a draft IRS Notice of Proposed Adjustment that could add about $50 million of tax liability excluding interest and penalties, an ongoing SEC subpoena investigation, consolidated shareholder class actions, shareholder derivative suits, and the Vivato patent litigation, for which the company cannot estimate a possible loss. Tariffs on products imported from China were scheduled to increase from 10% to 25% effective May 10, 2019.
May 10, 2019
2019-Q2
Ubiquiti Quarterly Report for Q2 Ended Dec 31, 2018
Ubiquiti Networks, Inc. (now Ubiquiti Inc.) reported results for the three and six months ended December 31, 2018 in this Form 10-Q. Revenues were $307.3 million for the quarter, up from $250.8 million a year earlier, and $590.2 million for the six months, up from $496.7 million. Gross profit rose to $140.2 million (46% of revenues) from $96.9 million (39%), and net income for the quarter was $77.8 million, compared with a net loss of $51.5 million in the prior-year quarter, which included a $110.5 million transition tax charge under the 2017 Tax Act. The quarter also included an $18.0 million litigation settlement with Synopsys. Enterprise Technology revenue grew 48% in the quarter to $194.1 million, while Service Provider Technology revenue declined 6% to $113.2 million. The balance sheet shifted substantially toward shareholder returns and working capital. Cash and cash equivalents fell to $293.3 million from $666.7 million at June 30, 2018, while inventories rose to $255.8 million from $102.2 million and accounts payable rose to $136.5 million from $14.1 million. Total stockholders' equity declined to $125.3 million from $315.7 million, reflecting $313.1 million of share repurchases and $36.1 million of dividends paid during the six months. The company announced a quarterly dividend of $0.25 per share and has $187.2 million remaining under its November 2018 repurchase program. Total debt outstanding under the credit facility was $475.0 million in term loan principal. Investors should note open risk items disclosed in the filing: an IRS draft Notice of Proposed Adjustment proposing an incremental tax liability of approximately $50 million excluding interest and penalties, which the company has not reserved for; a pending Vivato/XR patent suit with no estimable loss; a pending SEC subpoena investigation; and consolidated securities class actions and a shareholder derivative action. Management states that existing cash, operating cash flow and facility availability should suffice for the next twelve months.
Feb 8, 2019
2019-Q1
Ubiquiti Quarterly Report for Q1 Ended Sep 30, 2018
Ubiquiti Networks, Inc. reported revenue of $282.9 million for the three months ended September 30, 2018, up from $245.9 million a year earlier, with net income of $85.7 million, or $1.16 per diluted share, compared with $74.9 million, or $0.92 per diluted share, in the prior-year quarter. Gross profit rose to $131.6 million (47% of revenue) from $111.7 million (45%). Enterprise Technology revenue grew $51.9 million, or 41%, to $177.9 million, while Service Provider Technology revenue fell $14.9 million, or 12%, to $105.0 million. South America revenue declined 54%, while EMEA rose 34% and North America rose 24%. Cash and cash equivalents fell to $480.8 million from $666.7 million at June 30, 2018, as the company bought $147.9 million of investments, repurchased $106.8 million of common stock and paid $18.5 million in dividends. Total investments stood at $200.0 million at September 30, 2018. Operating cash flow was $93.9 million. Term loan debt totaled $481.3 million, with no borrowings under the $400 million revolver. The filing highlights several legal and tax matters. An IRS draft Notice of Proposed Adjustment proposes roughly $50 million in incremental tax liability, excluding interest and penalties, which the company strongly disputes and has not reserved for. The company is defending the Synopsys and Vivato patent suits and a consolidated shareholder class action, and it is responding to an SEC subpoena. Management also expects near-term margins to be negatively affected by newly implemented tariffs on certain products imported from China. Subsequent to quarter end, the board approved a new $200 million repurchase program and a $0.25 quarterly dividend.
Nov 9, 2018
2018-Q3
Ubiquiti Quarterly Report for Q3 Ended Mar 31, 2018
Ubiquiti Networks, Inc. reported revenues of $250.4 million for the three months ended March 31, 2018, up from $218.4 million a year earlier, and $747.1 million for the nine months, up from $636.7 million. Income from operations for the quarter was $84.9 million, and net income was $102.7 million, which includes a $22.6 million income tax benefit. For the nine months, net income was $126.2 million after a $103.3 million income tax expense, driven primarily by a provisional Repatriation Tax charge of $110.5 million under the 2017 Tax Act. Enterprise Technology revenue grew 37% for the nine months on UniFi adoption, while Service Provider Technology was roughly flat. Gross margin fell to 43% for the nine months from 46%, largely due to inventory, vendor deposit and purchase commitment charges tied to the FrontRow consumer product. Cash and cash equivalents rose to $690.8 million at March 31, 2018, while total debt was $492.9 million (short-term $24.4 million plus long-term $466.5 million, net of issuance costs). In January 2018 the company entered a $400 million revolving facility and $500 million term loan, and it repurchased $381.9 million of common stock during the nine months. Operating cash flow was $285.1 million for the nine months. Shares outstanding fell to 74,607,820 from 80,275,965 at June 30, 2017. The filing discloses several pending legal matters, including a Synopsys lawsuit, a Vivato patent suit, an SEC subpoena issued February 13, 2018, and shareholder class and derivative actions. The company states it cannot currently estimate possible losses from these matters.
May 10, 2018
2018-Q2
Ubiquiti Quarterly Report for Q2 Ended Dec 31, 2017
Ubiquiti Networks, Inc. (now Ubiquiti Inc.) reported results for the three and six months ended December 31, 2017 in its 10-Q. Revenues were $250.8 million for the quarter, up from $213.5 million a year earlier, and $496.7 million for the six months, up from $418.3 million. Net loss for the quarter was $51.5 million, compared with net income of $60.6 million in the prior-year quarter, driven by a $115.0 million tax provision. The filing attributes $110.5 million of that provision to a provisional Repatriation Tax under the 2017 Tax Act, plus $2.3 million from remeasuring deferred tax assets and liabilities. Gross margin fell to 39% from 45% for the quarter, primarily due to $18.6 million of charges for obsolete inventory, vendor deposits and purchase commitments, which the company linked to lower-than-expected sales of its FrontRow consumer product through the December 2017 holiday season. Enterprise Technology drove growth, rising 34% in the quarter to $131.0 million, while Service Provider Technology rose 4% to $119.9 million. Cash and cash equivalents increased to $823.8 million from $604.2 million at June 30, 2017, as operating cash flow of $165.7 million and $218.5 million of revolver draws funded $151.3 million of share repurchases. Total debt rose to about $467.7 million at December 31, 2017, with a $399.5 million revolver balance, and the company amended its credit agreement on January 17, 2018 to provide a $400 million revolving facility and a $500 million term loan maturing in 2023. The company also disclosed pending litigation, including the Synopsys and Vivato/XR patent matters, for which it stated it cannot currently estimate possible losses. It noted that $30.0 million of funds lost in a 2015 business e-mail compromise fraud remains unrecovered. Subsequent to the quarter, the board approved a new $150 million share repurchase program on February 6, 2018.
Feb 8, 2018
2018-Q1
Ubiquiti Quarterly Report for Q1 Ended Sep 30, 2017
Ubiquiti Networks, Inc. reported results for the three months ended September 30, 2017 (first quarter of fiscal 2018). Revenues rose to $245.9 million from $204.8 million a year earlier, driven by Enterprise Technology revenue of $126.0 million, up from $84.1 million, while Service Provider Technology revenue was roughly flat at $119.9 million. Gross margin declined to 45% from 48%, and income from operations was $87.1 million versus $74.9 million. Net income was $74.9 million, or $0.92 per diluted share, compared with $71.8 million, or $0.86 per diluted share, a year earlier. The provision for income taxes rose to $10.8 million from $2.0 million, mainly because of a smaller discrete excess tax benefit. Capital allocation was a major theme. The company repurchased 2,148,832 shares for $116.8 million in the quarter, and net cash provided by operating activities was $96.9 million. Cash and cash equivalents rose to $631.8 million, though $597.3 million of that is held by foreign subsidiaries and repatriation could trigger material tax liabilities. Total debt increased, with long-term debt at $283.1 million after $45.0 million in revolver draws. Subsequent to quarter-end, the credit facility's revolver capacity was increased to $425.0 million, and a new $50 million repurchase program was approved on November 8, 2017. The filing also discloses several pending lawsuits, including a Synopsys complaint, a Vivato patent suit, and two shareholder class actions (Gericke and Klein), for which the company says it cannot currently estimate possible losses. A previously settled shareholder lawsuit involves a $6.8 million settlement class recovery, subject to court approval.
Nov 9, 2017
2017-Q3
Ubiquiti Quarterly Report for Q3 Ended Mar 31, 2017
Ubiquiti Networks, Inc. reported strong growth in its fiscal 2017 third quarter ended March 31, 2017. Revenues were $218.4 million for the three months, up from $167.4 million, and $636.7 million for the nine months, up from $480.7 million. Enterprise Technology revenue rose sharply, from $71.2 million to $113.6 million in the quarter, driven by UniFi platform expansion, while Service Provider Technology revenue grew from $96.2 million to $104.7 million. Net income was $64.4 million for the quarter ($0.77 diluted EPS) and $196.8 million for the nine months ($2.35 diluted EPS), compared with $52.7 million and $155.9 million a year earlier. Gross margin declined to 45% in the quarter from 49%, attributed mainly to product mix and higher shipping and warranty costs. Cash and cash equivalents were $533.9 million at March 31, 2017, down from $551.0 million at June 30, 2016. Operating cash flow was $65.9 million for the nine months, well below $151.9 million a year earlier, as inventory rose to $132.5 million from $57.1 million and accounts receivable increased to $125.3 million from $82.8 million. The company repurchased $99.8 million of common stock during the nine months and drew $30.0 million on its revolver. Total debt was $226.0 million. On April 14, 2017, the revolving facility was increased from $200.0 million to $300.0 million, with the minimum liquidity covenant raised to $250.0 million. The filing states that disclosure controls were not effective because material weaknesses in internal control over financial reporting identified in the prior annual report continued to exist at March 31, 2017. The company also disclosed ongoing litigation, including a shareholder class action and a Digital Millennium Copyright Act complaint filed by Synopsys, as well as continued efforts to recover $30.0 million lost in a 2015 business e-mail compromise fraud.
May 4, 2017
2017-Q2
Ubiquiti Quarterly Report for Q2 Ended Dec 31, 2016
Ubiquiti Networks, Inc. reported results for the three and six months ended December 31, 2016 in this Form 10-Q. Revenues were $213.5 million for the quarter, up from $161.9 million a year earlier, and $418.3 million for the six months, up from $313.3 million. Net income was $60.6 million for the quarter ($0.72 diluted EPS) and $132.4 million for the six months ($1.58 diluted EPS), compared with $49.5 million and $103.2 million in the prior-year periods. Gross profit margin decreased to 45% in the quarter from 49%, which the company attributed mainly to product mix. Enterprise Technology revenue rose to $98.0 million in the quarter from $52.3 million, driven by the UniFi platform, while Service Provider Technology revenue rose to $115.6 million from $109.6 million. Cash and cash equivalents increased to $612.7 million at December 31, 2016 from $551.0 million at June 30, 2016, although the company stated that $572.7 million of this was held by foreign subsidiaries and that repatriation could create material tax liabilities. Total debt payment obligations were $198.5 million, and the company repurchased $6.5 million of common stock in the six months under its prior program. The company disclosed that its disclosure controls were not effective because material weaknesses in internal control over financial reporting continued to exist at December 31, 2016, and it remains a defendant in a securities class action and, as of February 3, 2017, a Digital Millennium Copyright Act complaint filed by Synopsys, Inc. The company also continues to pursue recovery of the remaining $30.0 million from the business e-mail compromise fraud. For investors, the filing shows strong top-line and earnings growth alongside a lower gross margin, a large cash balance concentrated overseas, and unresolved internal control weaknesses and litigation.
Feb 9, 2017
2017-Q1
Ubiquiti Quarterly Report for Q1 Ended Sep 30, 2016
Ubiquiti Networks, Inc. reported results for the first quarter of fiscal 2017 (three months ended September 30, 2016). Revenues were $204.76 million, up from $151.42 million in the prior-year quarter, with Service Provider Technology revenue of $120.6 million (59% of revenues) and Enterprise Technology revenue of $84.1 million (41%). Gross profit was $98.3 million, a 48% gross margin, and income from operations was $74.9 million. Net income was $71.8 million, or $0.86 per diluted share, compared with $53.8 million, or $0.61 per diluted share, a year earlier. The prior-year quarter included an $8.0 million business e-mail compromise fraud recovery, and the current quarter's tax provision of $2.0 million was reduced by a $6.8 million excess tax benefit recognized under the early-adopted ASU 2016-09. Cash and cash equivalents rose to $573.6 million from $551.0 million at June 30, 2016, and operating cash flow was $32.8 million. Share repurchases totaled $6.5 million in the quarter, and total debt principal was $201.0 million. The company disclosed that its disclosure controls were not effective because previously identified material weaknesses in internal control over financial reporting continued to exist at September 30, 2016, though management reported remediation steps were substantially completed. The filing also discloses an ongoing shareholder class action in which the Ninth Circuit, on October 24, 2016, reaffirmed dismissal of the Section 10(b) and 20(a) claims but reversed dismissal of the Section 11 and 15 claims. The company cannot currently estimate any possible loss. The company continues to pursue recovery of the remaining $30.0 million from the 2015 business e-mail compromise fraud, with further recoveries described as likely remote.
Nov 7, 2016
2016-Q3
Ubiquiti Quarterly Report for Q3 Ended Mar 31, 2016
Ubiquiti Networks, Inc. reported revenues of $167.4 million for the three months ended March 31, 2016, up from $147.5 million a year earlier, and $480.7 million for the nine months, up from $450.7 million. Income from operations was $60.1 million for the quarter versus $45.2 million in the prior-year quarter, and net income was $52.7 million, or $0.62 per diluted share, compared with $41.1 million, or $0.46 per diluted share. Gross profit margin rose to 49% from 45% for the quarter, driven by product mix. Enterprise Technology revenue grew to $71.1 million in the quarter from $41.2 million, while Service Provider Technology revenue declined to $96.3 million from $106.2 million. The company repurchased $150.0 million of its common stock during the nine months, funded in part by $66.0 million of revolver draws, and total debt stood at $156.0 million at March 31, 2016. Cash and cash equivalents were $502.5 million, of which $489.0 million was held by foreign subsidiaries. A new $50 million share repurchase program was approved on May 4, 2016. Management disclosed that disclosure controls were not effective due to material weaknesses in internal control over financial reporting, which remained unremediated as of the period end. The filing also details a business e-mail compromise fraud in which $46.7 million was transferred out of a Hong Kong subsidiary; the company has recovered $16.7 million to date, bringing the net loss to $30.8 million, and is pursuing the remaining $30.0 million.
May 5, 2016
2016-Q2
Ubiquiti Quarterly Report for Q2 Ended Dec 31, 2015
Ubiquiti Networks, Inc. reported revenues of $161.9 million for the three months ended December 31, 2015, up from $153.1 million a year earlier, and $313.3 million for the six months, up from $303.2 million. Income from operations for the quarter was $56.4 million versus $50.7 million, and net income was $49.5 million ($0.57 diluted EPS) compared with $46.3 million ($0.52 diluted EPS) in the prior-year quarter. Results for the quarter were helped by an $8.3 million net BEC fraud recovery in the six-month period and a $2.5 million impairment charge for capitalized software development costs in research and development expenses. Cash and cash equivalents rose to $496.7 million at December 31, 2015, from $446.4 million at June 30, 2015. Over the six months, operating cash flow was $125.1 million, while the company spent $100.0 million on share repurchases, funded in part by $33.0 million drawn on its revolving credit facility. Total debt outstanding was $125.5 million, and the company's $50 million repurchase program had the full amount remaining at quarter end. Management disclosed that its disclosure controls were not effective due to material weaknesses in internal control over financial reporting, and the Audit Committee fell below NASDAQ's three-member requirement after a director's departure. The company also disclosed that it recovered $16.7 million of the $46.7 million lost in a business e-mail compromise fraud, leaving a net loss of $30.8 million to date, and continues to pursue recovery of the remaining funds.
Feb 4, 2016
2016-Q1
Ubiquiti Quarterly Report for Q1 Ended Sep 30, 2015
Ubiquiti Networks, Inc. reported revenue of $151.4 million for the three months ended September 30, 2015, up from $150.1 million a year earlier. Gross profit rose to $73.5 million (49% of revenues) from $61.1 million (41%), and income from operations was $59.8 million versus $43.6 million. Net income was $53.8 million, or $0.61 diluted per share, compared with $37.7 million, or $0.42, in the prior-year quarter. The first quarter included a net recovery of $8.0 million from the business e-mail compromise (BEC) fraud, comprised of an $8.6 million recovery less $564 thousand of professional service fees. The company also noted that Service Provider Technology revenue fell 4% on weaker South American demand, while Enterprise Technology revenue rose 12%. The balance sheet shows cash and cash equivalents of $436.1 million at September 30, 2015, down from $446.4 million at June 30, 2015, after $53.8 million of stock repurchases and $2.5 million of debt repayment. Debt totaled $95.0 million under the Amended Credit Agreement with Wells Fargo, and the company drew $33 million on its revolver after quarter-end. Repurchases during the quarter totaled $63.3 million, and the $100 million program was fully used by October 20, 2015. The Board approved a new $50 million repurchase program effective November 6, 2015. Investors should note that management concluded disclosure controls were not effective due to material weaknesses in internal control over financial reporting, stemming from the fraud discussed in Note 14. The company is still pursuing recovery of the remaining $30.0 million of the $46.7 million fraud transfers, and any further recoveries cannot be assured.
Nov 5, 2015
2015-Q3
Ubiquiti Quarterly Report for Q3 Ended Mar 31, 2015
Ubiquiti Networks, Inc. reported results for the third quarter of fiscal 2015 (three months ended March 31, 2015). Revenues were $147.5 million, essentially flat from $148.3 million a year earlier, while nine-month revenues rose to $450.7 million from $416.5 million. Net income was $41.1 million, or $0.46 per diluted share, versus $45.2 million, or $0.50 per diluted share, in the prior-year quarter. The filing attributes the nine-month revenue growth mainly to adoption of enterprise technologies (UniFi), partly offset by lower service provider demand outside North America. Enterprise Technology revenue rose to $41.2 million in the quarter from $27.3 million, while Service Provider Technology fell to $106.2 million from $121.0 million. Nine-month operating income was $139.6 million, and the company's results included a one-time $5.5 million purchase commitment termination fee and a $1.1 million non-GAAP-adjusted export compliance item in the prior year. Operating cash flow for the nine months was $116.3 million, and cash and cash equivalents reached $451.2 million at March 31, 2015, of which $392.3 million was held by subsidiaries outside the United States. In March 2015 the company entered into an Amended Credit Agreement with Wells Fargo providing a $200.0 million revolver and a $100.0 million term loan, which was fully drawn to refinance the prior $72.3 million facility. The company paid a first annual dividend of $0.17 per share and repurchased $15.0 million of stock during the nine months, with about $60.0 million remaining under its repurchase authorization.
May 7, 2015
2015-Q2
Ubiquiti Quarterly Report for Q2 Ended Dec 31, 2014
Ubiquiti Networks, Inc. reported revenues of $153.1 million for the three months ended December 31, 2014, up 11% from $138.4 million a year earlier, and $303.2 million for the six months, up 13% from $268.1 million. Net income rose to $46.3 million for the quarter (from $41.8 million) and $84.0 million for the six months (from $82.3 million). Growth was attributed mainly to Enterprise Technology, which rose to $53.4 million for the quarter from $27.0 million, driven by the UniFi platform. Service Provider Technology revenue fell 11% in the quarter to $99.7 million, primarily due to lower demand from service provider customers outside North America amid political and economic instability. Gross margin was 45% in the quarter, up from 44%, but 43% for the six months, down from 44%, reflecting a one-time $5.5 million purchase commitment termination fee. Research and development expense rose 60% in the quarter to $12.9 million, reflecting headcount growth and one-time IP purchase costs. Cash and cash equivalents increased to $388.6 million at December 31, 2014, from $347.1 million at June 30, 2014, though $361.6 million of that was held by non-U.S. subsidiaries, and the company would incur significant tax liabilities to repatriate it. Debt of $72.3 million remained outstanding under the Wells Fargo Credit Agreement, and the company repurchased $15.0 million of common stock and paid $15.0 million in dividends during the six months. The filing also discloses an ongoing shareholder class action appeal before the Ninth Circuit, for which the company cannot currently estimate a possible loss. Management states that its existing cash, operating cash flow and loan availability should be sufficient to meet working capital and capital expenditure needs for at least the next 12 months.
Feb 5, 2015
2015-Q1
Ubiquiti Quarterly Report for Q1 Ended Sep 30, 2014
Ubiquiti Networks, Inc. reported revenues of $150.1 million for the three months ended September 30, 2014, up from $129.7 million a year earlier, and net income of $37.7 million compared with $40.5 million in the prior-year quarter. Gross profit was $61.1 million (41% of revenues) versus $58.0 million (45%) a year earlier. The filing attributes the margin decline primarily to a non-recurring $5.5 million termination fee for cancelling a purchase commitment, and research and development expenses rose to $11.7 million from $6.3 million on headcount growth and one-time IP purchase costs. Non-GAAP net income was $43.4 million, or $0.48 per diluted share, versus $41.2 million, or $0.46, in the prior year. The balance sheet strengthened, with cash and cash equivalents of $391.0 million at September 30, 2014, up from $347.1 million at June 30, 2014, and $330.8 million of that cash held by non-U.S. subsidiaries. Debt was $72.3 million under a May 2014 Wells Fargo credit agreement. Operating cash flow was $46.9 million. The company also disclosed a new annual dividend policy, with a first annual dividend of $0.17 per share ($15.0 million) recorded as payable at quarter end and paid on October 28, 2014. The filing also discloses a pending shareholder class action, which the court dismissed in April 2014 and which is now on appeal to the Ninth Circuit, with the company stating it cannot currently estimate any possible loss. Revenue concentration is notable, with sales made through distributors accounting for 98% of revenues in the quarter.
Nov 6, 2014
2014-Q3
Ubiquiti Quarterly Report for Q3 Ended Mar 31, 2014
Ubiquiti Networks, Inc. reported strong results for the three and nine months ended March 31, 2014. Revenues were $148.3 million for the quarter, up 78% from $83.2 million a year earlier, and $416.5 million for the nine months, up 90% from $219.6 million. Net income was $45.2 million for the quarter (diluted EPS $0.50) and $127.5 million for the nine months (diluted EPS $1.42). Gross margin was 44% in both the quarter and the nine-month period. The company attributed growth to increased adoption of its service provider and enterprise technologies, and noted lost sales in the prior-year periods from counterfeit versions of its products. Balance sheet strength improved over the period. Cash and cash equivalents rose to $291.7 million at March 31, 2014 from $227.8 million at June 30, 2013, and inventories increased sharply to $66.0 million from $15.9 million. Of the cash balance, $274.9 million was held by foreign subsidiaries, and the company said repatriation would incur significant tax liabilities. Total debt outstanding was $72.5 million under the East West Bank/U.S. Bank Loan Agreement. After the quarter end, on May 5, 2014, the company entered into a $150 million senior secured revolving credit facility with Wells Fargo Bank, National Association, of which $72.3 million was outstanding, and used the proceeds to repay the prior loan obligations. The filing also reports that a shareholder class action was dismissed with prejudice on April 16, 2014, that the company settled an export compliance matter with OFAC for $504,000 in March 2014, and that a reversal of an accrual of $1.1 million was recorded.
May 9, 2014
2014-Q2
Ubiquiti Quarterly Report for Q2 Ended Dec 31, 2013
Ubiquiti Networks, Inc. reported strong results for the three and six months ended December 31, 2013 (fiscal 2014 second quarter and first half). Revenues were $138.4 million for the quarter, up from $74.9 million, and $268.1 million for the six months, up from $136.4 million. Net income was $41.8 million for the quarter ($0.47 diluted EPS) and $82.3 million for the six months ($0.92 diluted EPS), compared with $17.8 million and $31.0 million a year earlier. Growth was attributed to increased adoption of service provider and enterprise technologies, with a Service Provider Technology category and a newly reported Enterprise Technology category (UniFi, mFi and airVision) that grew $45.8 million, or 275%, for the six months. The company noted that lost sales to counterfeit products in the prior-year periods and channel inventory buildup had also affected results. Balance sheet and cash flow strengthened over the period. Cash and cash equivalents rose to $305.6 million from $227.8 million at June 30, 2013, and operating cash flow was $79.5 million for the six months. Inventories increased to $32.3 million from $15.9 million, and the company's total debt was about $73.7 million, with $5.6 million classified as short-term. The filing states that $285.9 million of the $305.6 million in cash was held by subsidiaries outside the United States, and that repatriation would trigger significant tax liabilities. The main risks disclosed concern an export compliance matter. The company disclosed sales of its products into Iran by third-party distributors, with an investigation by the Commerce Department's Office of Export Enforcement closed in August 2011 with a warning letter and no penalty. The Treasury's OFAC review remains pending, and penalties could include fines, export restrictions or criminal referral. The company has recorded a $1.6 million accrual for the matter. A shareholder class action alleging false statements about counterfeit products remains pending a motion-to-dismiss decision, and the company says it is too early to estimate any loss.
Feb 7, 2014
2014-Q1
Ubiquiti Quarterly Report for Q1 Ended Sep 30, 2013
Ubiquiti Networks, Inc. reported a sharply higher first quarter of fiscal 2014 (three months ended September 30, 2013). Revenues rose to $129.7 million from $61.5 million a year earlier, an increase the filing states as 111%. The company attributes the growth to increased adoption of its service provider and enterprise technologies, and it also cites lost sales in the prior-year period due to counterfeit products. Gross profit was $58.0 million (45% of revenues, versus 41% a year earlier), and net income was $40.5 million, or $0.45 per diluted share, compared with $13.2 million, or $0.14, a year earlier. The balance sheet strengthened over the quarter. Cash and cash equivalents increased to $279.7 million from $227.8 million at June 30, 2013, while total debt was about $74.9 million, including the $5.0 million short-term portion. Operating cash flow was $51.9 million. The company disclosed that $253.8 million of its cash is held by foreign subsidiaries, and that repatriating it would create significant tax liabilities. The main unresolved risk is regulatory. Ubiquiti disclosed an export compliance matter involving sales of its products into Iran by distributors. The U.S. Office of Export Enforcement closed its investigation without penalty, but the Office of Foreign Assets Control review is still pending, and penalties could include fines or restrictions on exporting. The company has accrued $1.6 million for this matter. A shareholder class action over alleged counterfeit-related misstatements also remains pending, with a motion to dismiss awaiting decision.
Nov 8, 2013
2013-Q3
Ubiquiti Quarterly Report for Q3 Ended Mar 31, 2013
Ubiquiti Networks, Inc. reported a quarter-over-quarter revenue decline in its 10-Q for the three and nine months ended March 31, 2013. Revenues fell 9% to $83.2 million for the three months (from $91.7 million) and 15% to $219.6 million for the nine months (from $258.6 million). The company attributes the decline primarily to lost sales from proliferation of counterfeit versions of its products, which created customer uncertainty about authenticity and contributed to a buildup in channel inventory at distributors. Net income fell to $20.7 million for the quarter (from $27.9 million) and $51.6 million for the nine months (from $74.1 million), driven by lower revenue and higher operating expenses, particularly sales, general and administrative expenses, which rose 153% in the quarter to $6.3 million, partly due to anti-counterfeiting litigation. Cash flow and balance sheet activity were significant over the period. Cash and cash equivalents increased to $181.7 million from $122.1 million at June 30, 2012, with net cash from operations of $85.7 million for the nine months. The company repurchased 5,159,050 shares for $54.4 million under its $100 million buyback program, paid a $0.18 per share special dividend totaling $15.7 million, and increased total debt to $77.4 million under a new Loan Agreement with East West Bank and U.S. Bank. Of the $181.7 million in cash, $170.2 million was held by foreign subsidiaries. The filing also discloses legal and regulatory matters. The company faces a shareholder class action over alleged false statements about counterfeit products, with a motion to dismiss pending. It is also awaiting a decision from the U.S. Treasury's Office of Foreign Assets Control on a voluntary disclosure about past sales into Iran, where penalties could be material; the company recorded a $1.6 million accrual for the matter in fiscal 2010.
May 10, 2013
2013-Q2
Ubiquiti Quarterly Report for Q2 Ended Dec 31, 2012
Ubiquiti Networks, Inc. reported a sharp decline in results for the three and six months ended December 31, 2012. Revenues fell 15% to $74.9 million in the quarter from $87.8 million, and 18% to $136.4 million for the six months from $167.0 million. The company attributes the decline primarily to lost sales from proliferation of counterfeit versions of its products, which it says also created customer uncertainty and a buildup in distributor channel inventory. Net income declined to $17.8 million for the quarter from $24.7 million, and to $31.0 million for the six months from $46.2 million, as revenue fell and operating expenses rose. Research and development and sales, general and administrative expenses both increased sharply, with SG&A up 119% in the quarter, largely due to anti-counterfeiting litigation legal costs. The balance sheet and capital allocation shifted meaningfully. Cash and cash equivalents rose to $148.3 million, but total debt increased to $78.6 million under a new August 2012 Loan Agreement, and treasury stock rose to $123.9 million as the company repurchased 5,159,050 shares for $54.4 million under a $100 million buyback program. Stockholders' equity fell to $93.6 million from $131.0 million after the buybacks and a $0.18 per share special dividend totaling $15.7 million. The filing also discloses an ongoing OFAC review of past sales into Iran, with possible fines of up to $250,000 or twice the transaction value per violation, and a shareholder class action filed in September 2012 that the company believes is without merit.
Feb 8, 2013
2013-Q1
Ubiquiti Quarterly Report for Q1 Ended Sep 30, 2012
Ubiquiti Networks, Inc. reported its quarterly results for the three months ended September 30, 2012 (fiscal 2013 first quarter). Revenues were $61.5 million, down from $79.2 million in the prior-year quarter, which the company attributes primarily to lost sales from the proliferation of counterfeit versions of its products and a buildup of channel inventory with distributors. Gross profit was $25.0 million compared with $33.0 million a year earlier, and net income fell to $13.2 million, or $0.14 per diluted share, from $21.5 million. Operating expenses rose to $9.2 million from $5.5 million, driven by higher research and development and sales, general and administrative costs, including legal expenses tied to anti-counterfeiting litigation. Balance sheet and cash flow changes were mixed. Cash and cash equivalents rose to $132.5 million from $122.1 million at June 30, 2012, and operating cash flow was $23.7 million. The company entered a $50.0 million revolving credit facility and a $50.0 million term loan facility with East West Bank and U.S. Bank in August 2012, borrowing an additional $20.8 million, and total debt rose to $49.9 million. Under a $100 million share repurchase program announced in August 2012, the company bought 3,171,914 shares for $31.3 million during the quarter, leaving $68.7 million available. The filing also discloses significant legal and regulatory exposure. The U.S. Treasury's Office of Foreign Assets Control is still reviewing the company's voluntary disclosure of past product sales into Iran, and penalties could be material. The company recorded a $1.6 million accrual for this export compliance matter in fiscal 2010 and says a loss could be higher. Two shareholder class action complaints filed beginning September 7, 2012 seek damages, and the company cannot estimate the possible loss.
Nov 9, 2012
2012-Q3
Ubiquiti Quarterly Report for Q3 Ended Mar 31, 2012
Ubiquiti Networks, Inc. reported strong results for the three and nine months ended March 31, 2012, with revenues of $91.7 million in the quarter, up 79% from $51.2 million a year earlier, and $258.6 million for the nine months, up 98% from $130.3 million. Net income was $27.9 million for the quarter and $74.1 million for the nine months, compared with $13.0 million and $31.6 million in the prior-year periods. Systems revenue, driven mainly by the AirMax platform, accounted for 90% of quarterly revenue, and gross margin was 43% in both the three and nine month periods. The quarter followed the company's October 2011 initial public offering, in which it sold 2,395,328 shares and received net proceeds of $30.5 million, and the July 2011 repurchase of 12,041,700 Series A preferred shares from Summit Partners for $108.0 million, funded partly by a $35.0 million East West Bank term loan. Total stockholders' equity moved from a deficit of $53.9 million at June 30, 2011 to equity of $103.4 million at March 31, 2012, and cash and cash equivalents rose to $94.2 million. Debt totaled $31.3 million, with $7.0 million classified as short-term. The filing also discloses an unresolved U.S. export compliance matter involving sales of the company's products into Iran by two distributors. The Office of Export Enforcement closed its investigation with a warning letter and no penalty, but the Office of Foreign Assets Control review is ongoing and could result in fines that may be material. The company recorded a $1.6 million expense for this matter in fiscal 2010.
May 2, 2012
2012-Q2-A
Ubiquiti Quarterly Report (Amendment) for Q2 Ended Dec 31, 2011
Ubiquiti Networks, Inc. filed this Amendment No. 1 on Form 10-Q/A on March 20, 2012, for the quarterly period ended December 31, 2011. The filing states that its sole purpose is to re-file Exhibit 10.16, an Office Lease dated as of December 8, 2011 and executed December 22, 2011, between Ubiquiti Networks, Inc. and Carr NP Properties, L.L.C., and to remove references to a confidential treatment request for that exhibit from the exhibit list. New certifications by the principal executive officer and principal financial officer were also filed under Rule 12b-15. The filing states that no other changes were made to the original Form 10-Q, which was filed February 1, 2012, and that the amendment speaks as of the original filing date. The registrant reports 91,850,697 shares of Common Stock, par value $0.001, outstanding as of January 27, 2012. It is identified as a non-accelerated filer and not a shell company. The company's principal executive office is at 91 E. Tasman Drive, San Jose, CA. Robert J. Pera signed as Chief Executive Officer and Director, and John Ritchie signed as Chief Financial Officer. This amendment contains no financial statements, operating results, or MD&A content. Its investor relevance is limited to the lease exhibit, the share count, and the reaffirmation that the original 10-Q is otherwise unchanged. Financial performance must be taken from the original February 1, 2012 filing.
Mar 20, 2012
2012-Q2
Ubiquiti Quarterly Report for Q2 Ended Dec 31, 2011
Ubiquiti Networks, Inc. reported strong growth in its quarterly report for the three and six months ended December 31, 2011. Revenues were $87.8 million for the three months, up 95% from $45.1 million, and $167.0 million for the six months, up 111% from $79.2 million. Net income was $24.7 million for the quarter versus $11.0 million a year earlier, and $46.2 million for the six months versus $18.6 million. Systems revenue, driven mainly by the AirMax platform, made up 86% of revenue in the quarter. Gross margin was 42% for both the three and six month periods, up from 40% in the prior-year periods. The balance sheet changed significantly after the company's October 19, 2011 initial public offering. Redeemable convertible preferred stock was converted to common stock, and total stockholders' equity moved from a deficit of $53.9 million at June 30, 2011 to $75.1 million at December 31, 2011. The company also had $33.0 million of total debt outstanding ($7.0 million short-term and $26.1 million long-term) under a $35.0 million East West Bank term loan. This loan was used in part to repurchase Series A preferred stock from Summit Partners, L.P. Cash and cash equivalents were $64.8 million, and $52.8 million of that was held by non-U.S. subsidiaries. The main risk highlighted is an export compliance matter. The company disclosed sales of its products into Iran by two distributors and is awaiting review by the U.S. Treasury's Office of Foreign Assets Control, which could impose fines or other penalties. The U.S. Commerce Department's Office of Export Enforcement closed its investigation with a warning letter and no penalty. The company had accrued $1.6 million for this matter in fiscal 2010, though it stated that the loss could be higher.
Feb 1, 2012
2012-Q1
Ubiquiti Quarterly Report for Q1 Ended Sep 30, 2011
Ubiquiti Networks, Inc. reported revenues of $79.2 million for the three months ended September 30, 2011, up from $34.1 million a year earlier, with net income of $21.5 million versus $7.6 million. Gross profit was $33.0 million (42% of revenues, up from 40%), and income from operations was $27.5 million compared with $9.5 million. Systems revenue, driven mainly by the AirMax platform ($49.8 million), made up 83% of revenues. Sales to distributors accounted for 98% of revenues, and Distributor A and Distributor B represented 18% and 16% of revenues, respectively. Net income attributable to common stockholders was a loss of $81.2 million, or $(1.30) per share, because of $101.9 million of accretion on the redeemable Series A convertible preferred stock. That accretion relates to the July 2011 repurchase of 12,041,700 Series A shares from Summit Partners-affiliated entities for $108.0 million, funded with $40.0 million cash and $68.0 million of convertible subordinated notes. Total debt at September 30, 2011 was $68.9 million ($7.0 million short-term and $61.9 million long-term), following a $35.0 million term loan from East West Bank. Cash and cash equivalents fell to $52.6 million from $76.4 million. The filing also discloses an unresolved export compliance matter. The Commerce Department's Office of Export Enforcement closed its investigation with a warning letter and no penalty, but the Treasury's Office of Foreign Assets Control is still reviewing a voluntary self-disclosure and could impose fines of up to $250,000 or twice the transaction value per violation. The company has recorded a $1.6 million expense for this matter. Subsequent to quarter end, the company completed its initial public offering on October 19, 2011, at $15.00 per share, selling 2,395,328 shares and receiving net proceeds of $30.5 million.
Nov 14, 2011