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Ubiquiti 8-K Report, Financial Results (Nov 8, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed November 8, 2024
Period End
November 8, 2024
Security
UI
In the record · 2016–202610-K1110-Q328-K77

UI filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 77 current reports (8-K) between 2016 and 2026.

  1. Auditor change8-K · Dec ’16Dec ’16
  2. Leadership change8-K · Oct ’18Oct ’18
  3. Leadership change8-K · Dec ’20Dec ’20
  4. Material agreement8-K · Apr ’23Apr ’23

01—Abstract

Summary

Summary of the 8-K filed November 8, 2024. Cited figures are marked; the original filing is the authoritative source.

Ubiquiti Inc. reported record revenues of $550.3 milliona for the fiscal quarter ended September 30, 2024, up from $507.5 million in the prior quarter and $463.1 million in the comparable prior-year period.

The filing states revenue rose 8.5% sequentially and 18.8% year over year, driven by Enterprise Technology ($470.2 millionb, versus $380.1 million a year earlier), partly offset by lower Service Provider Technology revenue ($80.2 million, versus $83.0 million). Profitability improved. GAAP gross margin was 42.1%, up from 40.2% in the prior quarter and 39.7% a year earlier, which management attributed mainly to favorable product mix and, year over year, lower tariffs.

GAAP net income was $128.0 millionc and GAAP diluted EPS was $2.12, compared with $2.12 non-GAAP diluted EPS of $2.14. The filing states GAAP net income rose 45.9% and GAAP diluted EPS rose 46.2% from the prior-year period. Interest expense and other, net fell to $10.6 million from $21.2 million a year earlier, due to lower borrowings, lower interest rates and foreign exchange gains.

The Board declared a $0.60d per share cash dividend, payable November 25, 2024 to shareholders of record at the close of business on November 18, 2024. The results are furnished under Item 2.02 via Exhibit 99.1, a press release dated November 8, 2024, and the filing notes that the furnished information is not deemed filed for purposes of Section 18 of the Exchange Act.

02—Key points

Key Highlights

  1. Record quarterly revenues of $550.3 million, up 8.5% from the prior quarter and 18.8% from the prior-year period.
  2. Enterprise Technology revenue reached $470.2 million, while Service Provider Technology revenue was $80.2 million, down from $83.0 million a year earlier.
  3. GAAP gross margin of 42.1%, up from 40.2% in the prior quarter and 39.7% in the prior-year period.
  4. GAAP net income of $128.0 million and GAAP diluted EPS of $2.12, with the filing stating increases of 45.9% and 46.2%, respectively, from the prior-year period.
  5. Non-GAAP diluted EPS of $2.14, excluding share-based compensation and related tax effects.
  6. Research and development expense of $38.0 million and SG&A expense of $24.4 million, both higher than the prior-year period.
  7. Board declared a $0.60 per share cash dividend, payable November 25, 2024 to holders of record on November 18, 2024.

03—Questions

Frequently Asked Questions

  1. What drove the revenue growth this quarter?

    The filing states that revenue increased from both prior-quarter and prior-year levels, driven mainly by Enterprise Technology. Service Provider Technology revenue declined year over year, from $83.0 million to $80.2 million.

  2. Why did gross margin improve?

    Versus the prior quarter, the company cited favorable product mix and lower excess and obsolete inventory charges, partly offset by higher warehouse and shipping costs. Versus the prior-year period, it cited favorable product mix and lower tariffs, partly offset by higher shipping, warehouse and excess inventory costs.

  3. How did interest expense change?

    Interest expense and other, net fell to $10.6 million from $21.2 million in the prior-year period. The company attributed the decrease to lower borrowings, lower interest rates and foreign exchange gains.

  4. What is the dividend and when is it paid?

    The Board declared a $0.60 per share cash dividend, payable on November 25, 2024 to shareholders of record at the close of business on November 18, 2024.

  5. What is the difference between GAAP and non-GAAP EPS?

    GAAP diluted EPS was $2.12 and non-GAAP diluted EPS was $2.14. The non-GAAP measure excludes share-based compensation expense and the tax effect of those adjustments, according to the press release.

04—Continue

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