UI · Ubiquiti

182 filings

UI SEC Filings

Ubiquiti - 182 total filings

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

Showing 1–50 of 182 filings

Ubiquiti 8-K Report, Financial Results (Aug 21, 2026)

Ubiquiti Inc. (NYSE: UI) reported fourth-quarter fiscal 2026 results for the quarter ended June 30, 2026, with revenues of $937.3 million, a record according to the press release headline. Revenues rose 18.9% from the prior quarter and 23.5% from the comparable prior-year quarter, driven by Enterprise Technology ($868.3 million, versus $680.1 million a year earlier). Service Provider Technology revenue declined to $69.0 million from $79.0 million. Fourth-quarter GAAP gross margin was 45.8%, down from 47.0% in the prior quarter but up from 45.1% a year earlier. GAAP diluted EPS was $4.70 and non-GAAP diluted EPS was $4.73. For full fiscal 2026, revenues were $3.3 billion (up 27.2%), GAAP diluted EPS was $15.85, and non-GAAP diluted EPS was $15.95. The company stated that management expects component costs may continue to rise and availability may remain constrained, which could pressure gross margins in the near term. The prior-year fourth-quarter GAAP results included an $8.5 million income tax benefit, and the release notes that the comparable prior-year GAAP figures benefited from a $53.7 million deferred tax asset from an intercompany intangibles transfer, which is excluded from non-GAAP results. Capital return items were also disclosed. The Board declared a $1.00 per share cash dividend payable September 8, 2026, to holders of record on August 31, 2026, and the company intends to pay quarterly dividends of at least $1.00 per share in each quarter of fiscal 2027, subject to Board determination. Separately, the Board extended the expiration of its $500 million stock repurchase program from September 30, 2026 to September 30, 2027.

Aug 21, 2026 10-K

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 8-K

Ubiquiti 8-K Report, Financial Results (May 8, 2026)

Ubiquiti Inc. reported results for its fiscal third quarter ended March 31, 2026, with revenues of $788.2 million, up 18.7% year over year but down 3.3% from the prior quarter. Enterprise Technology drove the annual growth, with revenue of $717.9 million versus $585.7 million a year earlier, while Service Provider Technology revenue fell to $70.3 million from $78.4 million. North America was the largest region at $410.2 million, up from $322.7 million. Profitability improved over both comparison periods. GAAP gross margin was 47.0%, compared with 45.9% in the prior quarter and 44.5% in the year-earlier quarter, and the filing attributes the year-over-year gain mainly to favorable product mix, lower excess and obsolete inventory charges, and lower shipping and other indirect costs, partly offset by higher tariff costs. Income from operations was $290.8 million. GAAP net income was $233.9 million and GAAP diluted EPS was $3.86, up 29.6% and 29.5% respectively from the prior year. Non-GAAP diluted EPS was $3.88. The Board declared a $0.80 per share cash dividend payable May 26, 2026 to holders of record on May 18, 2026. The filing also states that the company repaid all of its outstanding debt as of March 2026, which reduced interest expense and other, net to $0.7 million for the quarter. Nine-month revenue was $2.34 billion and nine-month GAAP diluted EPS was $11.15.

May 8, 2026 10-Q

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 8-K

Ubiquiti 8-K Report, Financial Results (Feb 6, 2026)

Ubiquiti Inc. (NYSE: UI) reported results for the fiscal second quarter ended December 31, 2025, in a press release furnished as Exhibit 99.1 to this Form 8-K dated February 6, 2026. Revenues were $814.9 million, up from $599.9 million in the comparable prior-year quarter and from $733.8 million in the prior quarter. Enterprise Technology revenue was $729.0 million and Service Provider Technology revenue was $85.9 million. Gross profit was $374.0 million, a GAAP gross margin of 45.9%. Income from operations was $292.9 million, and GAAP net income was $233.6 million, or $3.86 per diluted share, compared with $3.43 per diluted share in the prior quarter. Non-GAAP diluted EPS was $3.88. Operating expenses were $81.1 million, including R&D of $50.8 million and SG&A of $30.3 million. Management attributed the gross margin change versus the prior year mainly to favorable product mix, lower shipping costs, and lower excess and obsolete inventory charges, partly offset by higher tariff costs. Interest expense and other, net fell to $1.6 million from $11.4 million a year earlier, reflecting lower borrowings and interest rates. The Board declared a cash dividend of $0.80 per share, payable February 23, 2026 to shareholders of record at the close of business on February 17, 2026. The filing states that the information in Item 2.02 and Exhibit 99.1 is furnished rather than filed under the Exchange Act.

Feb 6, 2026 10-Q

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 8-K

Ubiquiti 8-K Report, Listing Notice (Dec 5, 2025)

Ubiquiti Inc. reported in this Form 8-K, filed December 5, 2025, that director Ronald A. Sege passed away on November 30, 2025. Mr. Sege joined the Board in 2012 and at the time of his passing served on the audit and compensation committees and as chair of the nominating and corporate governance committee. The filing states that the Company is no longer compliant with NYSE Listed Company Manual Section 303A.07(a), which requires an audit committee of at least three independent members, because the committees were reduced to two members. The Company received official notice of non-compliance from the NYSE on December 4, 2025, and expects to appoint an additional independent director to the Board and audit committee as soon as practicable, which would restore compliance. The filing also reports results of the Annual Meeting of Stockholders held on December 4, 2025. Mr. Sege had been a director nominee for re-election and received 57,469,544 votes for and 579,731 withheld, with 1,408,040 broker non-votes. Because he died before the meeting, the Board did not designate a substitute nominee, and the Class II director seat will remain vacant until the Board appoints a replacement. Stockholders also approved the ratification of KPMG LLP as the independent registered public accounting firm for the fiscal year ending June 30, 2026, with 59,437,036 votes for, 12,784 against, and 7,495 abstaining. For investors, the key takeaways are the governance gap on the audit committee, the expected remediation through a new independent appointment, and the continued vacancy in the Class II board seat. The filing does not discuss any financial results or operational impacts.

Dec 5, 2025 10-Q

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 8-K

Ubiquiti 8-K Report, Financial Results (Nov 7, 2025)

Ubiquiti Inc. reported results for its first quarter of fiscal 2026, the period ended September 30, 2025, in a press release furnished as Exhibit 99.1. Revenues were $733.8 million, down from $759.2 million in the prior quarter (a decrease of 3.3%) and up from $550.3 million in the year-ago quarter (an increase of 33.3%). Enterprise Technology revenue was $657.1 million, and Service Provider Technology revenue was $76.6 million. The year-over-year growth was driven by Enterprise Technology, partly offset by lower Service Provider Technology revenue. Profitability improved over the prior year. GAAP gross margin was 46.0%, compared with 45.1% in the prior quarter and 42.1% in the year-ago quarter, which the company attributed mainly to favorable product mix, lower shipping costs and indirect operating expenses, partly offset by higher tariff costs. Income from operations was $261.7 million and GAAP net income was $207.9 million, or $3.43 per diluted share, compared with $127.9 million, or $2.12 per diluted share, a year earlier. Non-GAAP diluted EPS was $3.46. The prior quarter's GAAP results included a $53.7 million deferred tax benefit from an intangibles realignment transaction, which the company excludes from non-GAAP results. The Board declared a cash dividend of $0.80 per share, payable November 24, 2025 to shareholders of record at the close of business on November 17, 2025.

Nov 7, 2025 10-K

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 8-K

Ubiquiti 8-K Report, Financial Results (Aug 22, 2025)

Ubiquiti Inc. (NYSE: UI) reported record fourth-quarter fiscal 2025 revenues of $759.2 million, up from $664.2 million in the prior quarter and $507.5 million in the comparable prior-year quarter, a 14.3% sequential increase and a 49.6% year-over-year increase. The growth was driven predominantly by the Enterprise Technology platform, with Enterprise Technology revenues of $680.1 million, compared with $79.0 million from Service Provider Technology. Full fiscal 2025 revenues were $2.6 billion, a 33.4% increase over fiscal 2024. Gross margin was 45.1% in the quarter, compared with 40.2% a year earlier, which management attributed mainly to favorable product mix and lower excess and obsolete inventory charges, partially offset by higher tariffs. Quarterly income from operations was $261.4 million. GAAP diluted EPS for the quarter was $4.41, versus $1.72 in the prior-year quarter, while non-GAAP diluted EPS was $3.54. The gap between GAAP and non-GAAP results reflects a $53.7 million deferred tax benefit recognized in the quarter from an intangibles realignment transaction, which produced a GAAP income tax benefit of $8.5 million. Full fiscal 2025 GAAP diluted EPS was $11.76 and non-GAAP diluted EPS was $10.96. Capital return was a focus of the announcements. The Board declared a $0.80 per share cash dividend payable September 8, 2025 to holders of record on September 2, 2025, and the company intends to pay quarterly dividends of at least $0.80 per share in each quarter of fiscal 2026, subject to Board review. On August 21, 2025, the Board also approved a new stock repurchase program of up to $500 million of common stock, expiring September 30, 2026, with timing and amount at the company's discretion and no obligation to repurchase any specific number of shares.

Aug 22, 2025 8-K

Ubiquiti 8-K Report, Financial Results (May 9, 2025)

Ubiquiti Inc. reported results for the fiscal quarter ended March 31, 2025, which the press release calls its third quarter of fiscal 2025. Revenue was $664.2 million, compared with $599.9 million in the prior quarter and $493.0 million in the year-ago quarter. The company described this as record revenue and record GAAP diluted EPS of $2.98. Growth was driven by the Enterprise Technology platform ($585.7 million of revenue), partly offset by lower Service Provider Technology revenue ($78.4 million). The filing attributes the increase to Enterprise Technology growth and attributes the gross margin improvement to lower excess and obsolete inventory charges, favorable product mix, and lower tariffs, partly offset by higher shipping costs. GAAP gross profit was $295.9 million, a gross margin of 44.5%, up from 41.2% in the prior quarter and 35.3% a year earlier. Income from operations was $226.9 million. GAAP net income was $180.4 million and non-GAAP net income was $181.8 million, with non-GAAP diluted EPS of $3.00. For the nine months ended March 31, 2025, revenue was $1.81 billion, GAAP net income was $445.2 million, and GAAP diluted EPS was $7.36. The Board declared a $0.60 per share cash dividend, payable May 27, 2025 to shareholders of record on May 19, 2025. The results are furnished under Item 2.02 and are not deemed filed for purposes of Section 18 of the Exchange Act. The filing also includes standard forward-looking statement cautions that cite U.S. tariffs, distributor inventory practices, chipset supplier dependence, and geopolitical risks.

May 9, 2025 10-Q

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 8-K

Ubiquiti 8-K Report, Financial Results (Feb 7, 2025)

Ubiquiti Inc. reported record revenues of $599.9 million for the fiscal quarter ended December 31, 2024, up from $550.3 million in the prior quarter and $465.0 million in the year-earlier quarter. The filing states that the increase in revenue was driven by both the Enterprise Technology and Service Provider Technology platforms, with Enterprise Technology contributing $518.2 million and Service Provider Technology $81.7 million. Revenue grew 9.0% sequentially and 29.0% year over year. Profitability also improved. GAAP net income was $136.8 million, or $2.26 per diluted share, compared with $82.1 million, or $1.36 per diluted share, a year earlier. Non-GAAP net income was $138.1 million, or $2.28 per diluted share. GAAP gross margin was 41.2%, down from 42.1% in the prior quarter, which the company attributed to unfavorable product mix, higher shipping and tariff costs, partly offset by lower warehouse-related expenses and excess and obsolete inventory charges. Gross margin was up from 38.2% a year earlier, driven by favorable product mix and lower warehouse-related expenses. Operating expenses rose, with SG&A increasing on higher bad debt expense tied to a customer default and higher webstore credit card processing fees. The Board declared a $0.60 per share cash dividend payable February 24, 2025, to shareholders of record at the close of business on February 18, 2025. The results are furnished under Item 2.02 via Exhibit 99.1 and are not deemed filed for purposes of Section 18 of the Exchange Act.

Feb 7, 2025 10-Q

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 8-K

Ubiquiti 8-K Report, Shareholder Vote Results (Dec 6, 2024)

At its annual meeting of stockholders held on December 5, 2024, Ubiquiti Inc. shareholders elected two Class I directors, Brandon Arrindell and Rafael Torres, to serve until the third annual meeting following their election. Arrindell received 57,374,812 votes for and 438,858 withheld, and Torres received 56,832,449 for and 981,221 withheld, with 1,648,476 broker non-votes applying to each. Stockholders also ratified the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending June 30, 2025, with 59,431,991 votes for, 25,338 against, and 4,817 abstentions. In a non-binding advisory vote, shareholders approved named executive officer compensation with 57,682,600 votes for and 117,322 against. On the frequency of future say-on-pay votes, the "Two Years" option was approved, receiving 56,570,375 votes compared with 1,215,094 for "One Year" and 25,262 for "Three Years." These results set the cadence for future advisory compensation votes.

Dec 6, 2024 10-Q

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 8-K

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

Ubiquiti Inc. reported record revenues of $550.3 million 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 million, 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 million 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 $0.60 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.

Nov 8, 2024 10-K

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 8-K

Ubiquiti 8-K Report, Financial Results (Aug 23, 2024)

Ubiquiti Inc. reported results for its fourth quarter and full fiscal year 2024, ended June 30, 2024. Fourth-quarter revenues were $507.5 million, a record per the filing's headline, up 2.9% from the prior quarter and 3.3% from the prior-year quarter. GAAP diluted EPS was $1.72, flat with the prior-year quarter, and non-GAAP diluted EPS was $1.74. Growth was driven by the Enterprise Technology platform, while Service Provider Technology revenue declined versus both comparison periods. Full-year fiscal 2024 revenues were $1.93 billion, down 0.6% from fiscal 2023. GAAP net income was $349.96 million, or $5.79 per diluted share, compared with $407.64 million, or $6.74 per diluted share, in fiscal 2023. Gross margin for the year fell to 38.4% from 39.2%, driven by incremental excess and obsolete inventory charges and warehouse-related operating expenses. Research and development rose to $159.8 million and SG&A rose to $81.0 million, and interest expense and other, net increased to $75.2 million on higher average debt and interest rates. The Board declared a $0.60 per share cash dividend payable September 9, 2024, to shareholders of record on September 3, 2024. The company stated its intention to pay regular quarterly cash dividends of at least $0.60 per share, subject to Board determination each quarter based on financial performance, cash flow, and other factors.

Aug 23, 2024 8-K

Ubiquiti 8-K Report, Financial Results (May 10, 2024)

Ubiquiti Inc. reported results for its third quarter of fiscal 2024, ended March 31, 2024, in a press release furnished as Exhibit 99.1 to this Form 8-K. Revenues were $493.0 million, up from $465.0 million in the prior quarter and $457.8 million in the year-earlier quarter. Growth came from the Enterprise Technology platform, which reached $414.3 million, while Service Provider Technology fell to $78.7 million from $84.2 million a year earlier. GAAP net income was $76.3 million, or $1.26 per diluted share, and non-GAAP diluted EPS was $1.28. Both GAAP and non-GAAP net income and EPS declined from the prior-year quarter. Profitability weakened. GAAP gross margin was 35.3%, compared with 38.2% in the prior quarter and 41.2% in the prior-year quarter. Management attributed the sequential decline mainly to incremental excess and obsolete inventory charges and higher warehouse-related operating expenses. Year-over-year, the decline was attributed mainly to excess and obsolete inventory charges, unfavorable product mix and higher shipping costs, partly offset by lower tariffs. Research and development expense rose to $42.5 million, and interest expense and other, net rose to $18.9 million, driven by higher interest rates. For the nine months ended March 31, 2024, revenues were $1,421.0 million, compared with $1,449.4 million a year earlier, and GAAP net income was $246.2 million, compared with $304.0 million. The Board declared a cash dividend of $0.60 per share, payable May 28, 2024 to shareholders of record at the close of business on May 20, 2024. The filing states that the company intends to pay quarterly cash dividends.

May 10, 2024 10-Q

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 8-K

Ubiquiti 8-K Report, Financial Results (Feb 9, 2024)

Ubiquiti Inc. reported financial results for its fiscal second quarter ended December 31, 2023, in a press release furnished as Exhibit 99.1. Revenues were $465.0 million ($464,954 thousand), up from $463.1 million in the prior quarter (an increase of 0.4%) but down from $493.6 million in the comparable prior-year quarter (a decrease of 5.8%). Enterprise Technology revenue rose sequentially to $391.5 million, while Service Provider Technology revenue fell to $73.5 million from $83.0 million in the prior quarter. Year over year, both platforms declined. Profitability weakened. GAAP gross margin was 38.2%, down 1.5% from the prior quarter and down 1.8% from the prior-year quarter, reflecting higher product-related and shipping costs sequentially and product mix year over year. Income from operations was $121.1 million compared with $145.2 million a year earlier, and interest expense and other, net rose to $18.3 million from $11.3 million, mainly due to higher interest expense from incremental borrowings and higher interest rates. GAAP net income was $82.1 million, a 26.8% decrease from the prior-year quarter, and GAAP diluted EPS was $1.36, a 26.9% decrease. Non-GAAP diluted EPS was $1.38. The Board declared a $0.60 per share cash dividend, payable February 26, 2024 to shareholders of record at the close of business on February 20, 2024. The filing also states an intention to pay quarterly cash dividends. The forward-looking statements cite risks including U.S. tariffs, reliance on a limited number of distributors and chipset suppliers, and the military conflict between Russia and Ukraine and tensions between China and Taiwan.

Feb 9, 2024 10-Q

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 8-K

Ubiquiti 8-K Report, Shareholder Vote Results (Dec 8, 2023)

Ubiquiti Inc. filed this Current Report on Form 8-K to report the results of its Annual Meeting of Stockholders, held on December 7, 2023. The filing is limited to Item 5.07 (Submission of Matters to a Vote of Security Holders) and contains no financial results, operating metrics, or forward-looking guidance. At the meeting, stockholders elected Robert J. Pera as a Class III director, receiving 57,080,003 votes for, 659,460 votes withheld, and 1,682,795 broker non-votes. The term runs until the third annual meeting following his election, or until a successor is duly elected and qualified, subject to earlier death, resignation or removal. Stockholders also ratified the appointment of KPMG LLP as the Company's independent registered public accounting firm for the fiscal year ending June 30, 2024, with 59,392,074 votes for, 16,503 against, and 13,681 abstentions. Both proposals were approved.

Dec 8, 2023 10-Q

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 8-K

Ubiquiti 8-K Report, Financial Results (Nov 3, 2023)

Ubiquiti Inc. (NYSE: UI) furnished a press release reporting financial results for its first quarter of fiscal 2024, ended September 30, 2023. Revenues were $463.1 million, down from $491.1 million in the prior quarter (a 5.7% decrease) and from $498.1 million in the comparable prior-year period (a 7.0% decrease). The decline from the prior year was primarily driven by lower Enterprise Technology revenue, partially offset by higher Service Provider Technology revenue, which rose to $83.0 million from $71.8 million. GAAP diluted EPS was $1.45 and non-GAAP diluted EPS was $1.47, compared with $1.54 and $1.55, respectively, in the prior-year quarter, reflecting lower revenues and higher operating expenses and interest expense. GAAP gross margin was 39.7%, down from 41.4% in the prior quarter, which management attributed primarily to higher shipping costs, and up from 34.4% a year earlier, which management attributed primarily to lower shipping and component costs and product mix. Operating expenses rose modestly, with R&D at $36.3 million and SG&A at $19.3 million. Interest expense and other, net increased to $21.2 million from $10.7 million a year earlier, due to incremental borrowings and higher interest rates. The Board declared a $0.60 per share cash dividend payable on November 20, 2023, to shareholders of record as of November 13, 2023.

Nov 3, 2023 10-K

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 8-K

Ubiquiti 8-K Report, Financial Results (Aug 25, 2023)

Ubiquiti Inc. reported financial results for the fourth quarter and full fiscal year 2023, ended June 30, 2023, in a press release furnished as Exhibit 99.1. Fourth-quarter revenues were $491.1 million, up from $457.8 million in the prior quarter and $443.1 million in the comparable prior-year period. Enterprise Technology revenue rose to $404.1 million from $344.5 million a year earlier, while Service Provider Technology revenue declined to $87.0 million from $98.6 million. GAAP gross margin was 41.4%, compared with 38.3% in the prior-year quarter. GAAP net income was $103.7 million and GAAP diluted EPS was $1.72, versus $1.53 a year earlier. Non-GAAP diluted EPS was $1.73. For the full fiscal year, revenues were $1.9 billion, a 14.7% increase over fiscal 2022, and GAAP diluted EPS was $6.74 (non-GAAP $6.80). The filing attributes the decline in full-year gross margin, to 39.2% from 39.6%, to product mix and higher component costs, partly offset by lower shipping costs. Interest expense and other, net rose to $58.2 million from $17.8 million, which the company attributes to incremental borrowings and higher interest rates. The Board declared a $0.60 per share cash dividend payable September 11, 2023, to holders of record on September 5, 2023. The company intends to pay regular quarterly dividends of at least $0.60 per share in each quarter of fiscal 2024, subject to Board review of financial performance, cash flow, and other factors.

Aug 25, 2023 10-Q

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 8-K

Ubiquiti 8-K Report, Financial Results (May 5, 2023)

Ubiquiti Inc. reported results for the fiscal quarter ended March 31, 2023, which its press release calls the third quarter of fiscal 2023. Revenues were $457.8 million, down from $493.6 million in the prior quarter (a decrease of 7.3%) and up from $358.1 million in the comparable prior-year period (an increase of 27.8%). The filing attributes both changes primarily to Enterprise Technology, which generated $373.6 million, while Service Provider Technology generated $84.2 million. GAAP gross margin was 41.2%, up from 40.0% in the prior quarter and 32.4% a year earlier, which the company primarily ascribes to lower shipping costs. Income from operations was $133.5 million, and GAAP net income was $98.6 million, or $1.63 per diluted share, compared with $50.4 million, or $0.82 per diluted share, in the prior-year quarter. Non-GAAP net income was $99.5 million, or $1.65 per diluted share. Interest expense and other, net rose to $16.5 million from $11.3 million in the prior quarter, which the company attributes to incremental borrowings and higher interest rates, partly offset by foreign exchange gains. The company also declared a cash dividend of $0.60 per share, payable May 22, 2023 to shareholders of record on May 15, 2023. The filing states that supply constraints, partly caused by the COVID-19 pandemic, led the company to increase its inventory build, pay higher component and shipping costs, and modify product designs to use alternate suppliers. The company states that these steps have increased its finished goods and raw material inventory balances, which significantly increases the risk of future excess, obsolete inventory and related losses. The results are furnished under Item 2.02 and are not deemed filed for purposes of Section 18 of the Exchange Act.

May 5, 2023 8-K

Ubiquiti 8-K Report, Material Agreement (Apr 7, 2023)

On April 3, 2023, Ubiquiti Inc. (the "Company"), as borrower, and certain domestic subsidiaries, as guarantors, entered into a First Amendment to its Third Amended and Restated Credit Agreement with lenders and Wells Fargo Bank, National Association, as administrative agent and collateral agent. The amendment adds a new $250 million term loan (the "First Amendment Term Loan") alongside the existing $700 million senior secured revolving credit facility and the initial $500 million term loan facility, which were previously advanced under the Credit Agreement. The maturity date for the revolving facility and initial term loan remains March 30, 2026. The amendment also transitions the facility away from LIBOR. LIBOR Rate Loans will not be renewed or extended and will be repaid or converted to Base Rate or Adjusted Term SOFR loans at the Company's option. Adjusted Term SOFR is Term SOFR plus 0.10% per annum, with a floor of 0.00%. The First Amendment Term Loan requires quarterly installments of $3.125 million beginning with the quarter ended June 30, 2023, with the balance due March 30, 2026, and it may be prepaid at any time without penalty or premium. Pricing depends on the consolidated total leverage ratio: Base Rate plus 1.00% to 1.75%, or Adjusted Term SOFR plus 2.00% to 2.75%. Proceeds are available for working capital and general corporate purposes. The Company's and certain domestic subsidiaries' obligations under the new term loan are guaranteed by the Domestic Guarantors and secured by substantially all assets of the Company and the Domestic Guarantors, excluding intellectual property. The filing also notes that the lenders and their affiliates provide other financial and banking services to the Company for compensation.

Apr 7, 2023 8-K

Ubiquiti 8-K Report, Financial Results (Feb 3, 2023)

Ubiquiti Inc. (NYSE: UI) furnished its financial results for the fiscal quarter ended December 31, 2022 (second quarter of fiscal 2023) through a press release dated February 3, 2023, attached as Exhibit 99.1. Revenue was $493.6 million, compared with $498.1 million in the prior quarter (a decrease of 0.9%) and $431.6 million in the year-ago quarter (an increase of 14.4%). GAAP net income was $112.2 million and GAAP diluted EPS was $1.86, while non-GAAP diluted EPS was $1.87. GAAP net income rose 8.3% and non-GAAP net income rose 9.4% from the prior-year quarter, driven mainly by higher revenue and gross profit. The revenue growth from the prior-year quarter came mainly from the Enterprise Technology platform, which generated $417.4 million, up from $330.4 million. Service Provider Technology revenue fell to $76.2 million from $101.2 million a year earlier, though it rose sequentially from $71.8 million. Gross margin was 40.0%, up from 34.4% in the prior quarter but down from 40.5% a year earlier. Management attributed the year-over-year margin decline to product mix and higher component and shipping costs. Operating expenses rose, with R&D at $33.8 million and SG&A at $18.6 million, and interest expense and other, net was $11.3 million. The company stated it continues to face significant supply constraints linked in part to COVID-19, and that its mitigation efforts, including higher inventory builds and higher component and shipping costs, have increased finished goods and raw material inventories. Management acknowledged this raises the risk of future excess and obsolete inventory losses. The board declared a $0.60 per share cash dividend payable February 21, 2023 to holders of record at the close of business on February 13, 2023.

Feb 3, 2023 10-Q

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 8-K

Ubiquiti 8-K Report, Shareholder Vote Results (Dec 9, 2022)

At its Annual Meeting of Stockholders held December 8, 2022, Ubiquiti Inc. stockholders voted on three proposals, all of which were approved. The filing reports the results of the shareholder votes rather than any financial results, transactions, or strategic announcements. Stockholders elected Ronald A. Sege as a Class II director to serve until the third annual meeting following his election, with 56,620,242 votes for, 1,316,348 withheld, and 1,513,365 broker non-votes. Stockholders also ratified the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending June 30, 2023, with 59,433,040 votes for, 13,003 against, and 3,912 abstaining. In a non-binding advisory vote, stockholders approved named executive officer compensation, with 57,794,696 votes for, 126,244 against, 15,650 abstaining, and 1,513,365 broker non-votes. For investors, the results signal broad stockholder support for the board nominee, the auditor selection, and the executive pay program.

Dec 9, 2022 8-K

Ubiquiti 8-K Report, Financial Results (Nov 4, 2022)

Ubiquiti Inc. furnished a press release (Exhibit 99.1) reporting financial results for its first quarter of fiscal 2023, ended September 30, 2022. Revenues were $498.1 million, compared with $458.9 million in the prior-year quarter and $443.1 million in the prior quarter. GAAP diluted EPS was $1.54 and non-GAAP diluted EPS was $1.55, compared with $2.11 and $2.12 in the prior-year quarter. GAAP net income was $93.2 million, down from $132.2 million a year earlier, which the company attributes primarily to lower gross margin. Gross margin declined sharply to 34.4%, versus 45.6% in the prior-year quarter and 38.3% in the prior quarter. The company cited changes in product mix, higher component costs and shipping costs. Enterprise Technology revenue rose to $426.3 million, while Service Provider Technology revenue fell to $71.8 million from $112.1 million a year earlier. Management states that revenue continues to be negatively affected by its inability to fulfill demand due to the global component supply shortage, and it expects results to remain negatively impacted until supply chain and logistics issues are resolved. The Board declared a cash dividend of $0.60 per share, payable November 21, 2022, to shareholders of record on November 14, 2022. Operating expenses were $49.4 million, and interest expense and other, net was $10.7 million, reflecting higher interest expense from incremental borrowings, higher interest rates and foreign exchange losses.

Nov 4, 2022 10-Q

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 8-K

Ubiquiti 8-K Report, Financial Results (Aug 26, 2022)

Ubiquiti Inc. (NYSE: UI) reported financial results for its fourth quarter and full fiscal year 2022, ended June 30, 2022, in a press release furnished as Exhibit 99.1 to this Form 8-K. Fourth-quarter revenues were $443.1 million, compared with $477.9 million in the prior-year quarter and $358.1 million in the prior quarter. GAAP diluted EPS was $1.53 and non-GAAP diluted EPS was $1.54, versus $2.46 and $2.47 a year earlier. Full-year fiscal 2022 revenues were $1.7 billion, a 10.9% decrease from fiscal 2021, with GAAP diluted EPS of $6.13 and non-GAAP diluted EPS of $6.16. The filing attributes the year-over-year decline primarily to lower Service Provider Technology revenue, and says revenues continue to be hurt by the global component supply shortage and COVID-19 outbreaks. Gross margin fell to 38.3% in the quarter from 48.3% a year earlier, driven by higher shipping costs, component costs and tariffs. Operating expenses rose, with R&D at $37.4 million and SG&A at $19.6 million in the quarter. The company also repurchased 363,614 shares in the quarter and 2,193,853 shares for the full year. The Board declared a $0.60 per share cash dividend payable September 13, 2022, to holders of record on September 6, 2022. Management intends to pay regular quarterly dividends of at least $0.60 per share in each quarter of fiscal 2023, subject to Board review. Management also states it expects results to remain negatively affected until supply chain and logistics issues are resolved.

Aug 26, 2022 10-K

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 10-Q

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 8-K

Ubiquiti 8-K Report, Financial Results (May 6, 2022)

Ubiquiti Inc. (NYSE: UI) reported results for its third quarter of fiscal 2022, ended March 31, 2022. Revenues were $358.1 million, down from $467.2 million in the prior-year quarter and $431.6 million in the prior quarter. GAAP gross profit was $116.0 million, a 32.4% gross margin, compared with 47.7% a year earlier and 40.5% in the prior quarter. GAAP net income was $50.4 million, or $0.82 per diluted share, versus $146.1 million and $2.32 per diluted share in the prior-year quarter. Non-GAAP diluted EPS was $0.83. The filing attributes the revenue decline to lower sales in both the Enterprise Technology and Service Provider Technology platforms, and says the company's inability to fulfill demand due to the global component supply shortage and COVID-19 outbreaks significantly hurt revenues. Management expects results to remain negatively affected until supply chain and logistics issues are resolved. Capital return was also a focus. The company repurchased and retired 1,264,974 shares at an average price of $272.50 during the quarter, and repurchased a further 363,214 shares between April 1 and May 5, 2022 at an average of $289.11. The Board declared a $0.60 per share cash dividend payable May 23, 2022 to holders of record on May 16, 2022. The Board also approved a new $200 million stock repurchase program on May 3, 2022, which runs through September 30, 2023 and may be suspended, terminated or modified at any time. The filing also notes that the nine-month revenue total was $1,248.5 million, compared with $1,420.2 million a year earlier, and that R&D and SG&A expenses both rose year over year. Investors should weigh the sharp top-line and margin compression against the continued capital returns.

May 6, 2022 8-K

Ubiquiti 8-K Report, Financial Results (Feb 4, 2022)

Ubiquiti Inc. reported results for its fiscal second quarter ended December 31, 2021, with revenues of $431.6 million, down from $479.4 million in the prior-year quarter and $458.9 million in the prior quarter. Management attributed the year-over-year decline mainly to the Service Provider Technology segment, which fell to $101.2 million from $149.9 million, while Enterprise Technology was roughly flat at $330.4 million. The company said revenue was also held back by its inability to fulfill demand because of the global component supply shortage. GAAP gross margin fell to 40.5% from 48.1% a year earlier, which the company primarily attributed to higher shipping costs, including expedited shipments. GAAP net income was $103.6 million and GAAP diluted EPS was $1.66, down 35.1% and 34.6%, respectively, from the prior-year quarter. The company also disclosed capital return actions. Its Board approved a new $300 million stock repurchase program on February 1, 2022, which expires June 30, 2023. During the quarter, Ubiquiti repurchased 434,271 shares at an average price of $297.15, and it repurchased a further 509,555 shares between January 1 and February 3, 2022 at an average price of $294.05. The Board also declared a $0.60 per share cash dividend payable February 22, 2022 to holders of record on February 14, 2022. The company expects its results to remain negatively affected until the ongoing supply chain and logistics issues caused by the global component supply shortage and the COVID-19 pandemic are resolved. Management also cited increased R&D and SG&A expenses, which rose to $32.9 million and $16.4 million, respectively.

Feb 4, 2022 10-Q

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 8-K

Ubiquiti 8-K Report, Executive Changes (Dec 10, 2021)

At its Annual Meeting of Stockholders held on December 9, 2021, Ubiquiti Inc. stockholders elected two Class I directors, Brandon Arrindell and Rafael Torres, to serve until the third annual meeting following their election or until their successors are duly elected and qualified. Arrindell received 59,511,441 votes for and 115,784 withheld, while Torres received 57,036,947 votes for and 2,590,278 withheld. Each nominee had 1,722,276 broker non-votes. Stockholders also ratified the appointment of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending June 30, 2022. The proposal received 61,311,699 votes for, 31,292 against, and 6,510 abstentions. Both proposals were approved. The filing reports only the outcome of these two votes under Item 5.07 and does not disclose any other corporate actions.

Dec 10, 2021 8-K

Ubiquiti 8-K Report, Financial Results (Nov 5, 2021)

Ubiquiti Inc. reported first quarter fiscal 2022 results for the quarter ended September 30, 2021, with revenues of $458.9 million, down 4.0% from the prior quarter and 3.1% from the comparable prior year period. GAAP diluted earnings per share were $2.11, compared with $2.46 in both the prior quarter and the prior year period, and non-GAAP diluted EPS was $2.12. GAAP net income was $132.2 million, a decrease of 15% from the prior year period. The filing attributes the revenue decline mainly to the Service Provider segment, which reported $112.1 million versus $163.5 million in the prior quarter and $157.4 million a year earlier. Enterprise Technology revenue was $346.8 million, up from $316.1 million in the prior year period. Gross margin fell to 45.6%, compared with 48.2% in the prior year period and 48.3% in the prior quarter. The company attributed the decline primarily to higher shipping costs and, to a lesser extent, product mix, and said it continues to incur additional costs to expedite shipments. Research and development expense rose to $32.1 million and SG&A rose to $15.7 million, both higher than the prior year period. Management stated that revenues in the prior quarter and the comparable prior year period were negatively affected by an inability to fulfill demand due to the global component supply shortage and rising logistics delays and costs, and expects results to remain negatively affected until these supply chain and logistics issues are resolved. Capital return activity remained active. The company repurchased 130,994 shares at an average price of $299.64 during the quarter and repurchased and retired a further 30,937 shares between October 1 and November 4, 2021. As of November 4, 2021, $269.6 million remained available under the stock repurchase program announced in May 2020. The Board declared a $0.60 per share cash dividend payable November 22, 2021 to shareholders of record on November 15, 2021. The results are furnished under Item 2.02 through Exhibit 99.1, which is the press release.

Nov 5, 2021 10-Q

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 8-K

Ubiquiti 8-K Report, Financial Results (Aug 27, 2021)

Ubiquiti Inc. furnished an Item 2.02 Form 8-K reporting results for its fourth quarter and full fiscal year 2021, ended June 30, 2021. Fourth-quarter revenues were $477.9 million, up 51.5% year over year and up 2.3% from the prior quarter. GAAP diluted EPS was $2.46 and non-GAAP diluted EPS was $2.47, up 69.7% and 69.2% year over year, respectively. Revenue growth was driven by Enterprise Technology ($314.4 million, versus $193.6 million a year earlier) and Service Provider Technology ($163.5 million, versus $121.9 million). GAAP gross margin was 48.3%, supported by favorable product mix and lower tariffs on United States imports, partly offset by higher shipping and indirect costs. For full fiscal 2021, revenues were $1.9 billion, up 47.8%, with GAAP diluted EPS of $9.78 (up 68.6%) and non-GAAP diluted EPS of $9.77 (up 65.3%). Operating expenses rose, with R&D at $31.0 million and SG&A at $17.0 million in the quarter, driven mainly by professional and service fees. The filing also notes ongoing component supply disruption tied to COVID-19 and the global component shortage, which has increased procurement and expediting costs and at times prevented the company from fulfilling customer orders. Capital return remained active. The Board declared a $0.60 per share cash dividend payable September 15, 2021, to holders of record on September 7, 2021, and the company intends to pay quarterly dividends of at least $0.60 per share during fiscal 2022, subject to Board determination. The company repurchased 1,145,188 shares in fiscal 2021 at an average of $191.90 and 93,152 shares from July 1 through August 26, 2021 at an average of $299.66, and had $290.2 million available for repurchases under its 2020 May Program as of August 26, 2021.

Aug 27, 2021 10-K

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 8-K

Ubiquiti 8-K Report, Executive Changes (Aug 2, 2021)

Ubiquiti Inc. (UI) filed a Current Report on Form 8-K reporting under Item 5.02 that its Board of Directors appointed Brandon Arrindell as a Class I director, effective August 3, 2021 (the "Effective Date"). He fills the vacancy created by the previously disclosed resignation of Michael Hurlston on that date. The Board determined Mr. Arrindell is independent under New York Stock Exchange listing rules. Mr. Arrindell will chair the Compensation Committee and serve on the Audit Committee and the Nominating and Corporate Governance Committee. He will receive compensation as a non-employee director under the company's practices described in the Proxy Statement on Schedule 14A filed October 26, 2020. He will also be a party to the company's standard form Director Indemnification Agreement. The filing states there is no arrangement between Mr. Arrindell and any other person regarding his election, and no transactions requiring disclosure under Item 404(a) of Regulation S-K. The filing reports no financial results or other operating figures.

Aug 2, 2021 8-K

Ubiquiti 8-K Report, Executive Changes (Jun 21, 2021)

Ubiquiti Inc. (UI) filed this Current Report on Form 8-K, disclosed under Item 5.02 (Departure of Directors or Certain Officers), to report that Michael E. Hurlston has decided to resign from the company's board of directors, effective August 3, 2021. Until that date, he will continue serving as chairman of the Compensation Committee and as a member of the Audit Committee and the Nominating and Corporate Governance Committee, in the same capacity as he currently serves. According to the filing, Mr. Hurlston is President and CEO and a director of Synaptics Incorporated and also sits on the board of Flex Ltd. He informed the company that he is resigning from the Ubiquiti board at the request of the Flex board, which is addressing concerns of certain Flex stockholders about the "overboarding" policies of the proxy advisory firm Glass Lewis & Co., which recommends voting against directors who are sitting CEOs of public companies and serve on more than one public company board. The filing states explicitly that Mr. Hurlston's decision is not the result of any disagreement with the company on any matter relating to its operations, policies or practices. The filing does not describe a successor or any changes to committee composition beyond his planned departure.

Jun 21, 2021