Ubiquiti Networks Reports Fourth Quarter Fiscal 2019 Financial Results

NEW YORK--()--Ubiquiti Networks, Inc. (NASDAQ: UBNT) (“Ubiquiti” or the “Company”) today announced preliminary financial results for the fourth quarter and full year fiscal 2019, ended June 30, 2019.

Fourth Quarter Fiscal 2019 Summary

  • Revenues of $286.6 million, increasing 6.3% year-over-year
  • GAAP diluted EPS of $1.01, increasing 7.4% year-over-year
  • Non-GAAP diluted EPS of $1.19, increasing 17.8% year-over-year
  • Repurchased 1,116,466 shares of common stock at an average price of $127.52 per share

Full Fiscal 2019 Financial Summary

  • Revenues of $1.2 billion, increasing 14.2% year-over-year
  • GAAP diluted EPS of $4.51 increasing 79.7% year-over-year
  • Non-GAAP diluted EPS of $4.77, increasing 29.3% year-over-year
  • Repurchased 4,733,853 shares of common stock at an average of $99.38 per share

Capital Return Summary

Stock Repurchases

  • As of August 8, 2019, the Company had $7.4 million of availability under the $200 million share repurchase program announced on November 9, 2018.
  • The Company has initiated a new stock repurchase program authorizing the Company to repurchase up to $500 million of its common stock, as disclosed in the Form 8-K filed on August 9, 2019.

Dividends

  • The Company's Board of Directors (the “Board”) declared a $0.30 per share cash dividend payable on August 26, 2019 to shareholders of record at the close of business on August 19, 2019.
  • The Company intends to pay regular quarterly cash dividends of at least $0.30 per share after the conclusion of each quarter of fiscal year 2020, although all subsequent dividends, and the establishment of record and payment dates, are subject to final determination by the Board each quarter after its review of the Company's financial performance and results of operations, available cash and cash flow, capital requirements, applicable corporate legal requirements, and other factors.

Effective Tax Rate

  • On June 21, 2019, the Internal Revenue Service published TD 9866 (the “Final GILTI Regulations”), increasing the amount of taxes we owe each year on income earned outside the US. This was the primary driver of the increase in the Company's effective tax rate for the full fiscal year ended June 30, 2019 to 15.4% as compared to our 11.4% effective rate for the nine months ended March 31, 2019.
  • The Company’s fourth quarter fiscal 2019 effective tax rate was 27.1% and includes a cumulative adjustment of $12.3 million to reflect the impact of the Final GILTI Regulations on our results reported through the first nine months of fiscal 2019. The reported tax expense for the first three quarters of fiscal 2019 did not reflect these additional taxes due because the Final GILTI Regulations were not published until June 2019.

Change of Name and Transfer to New York Stock Exchange

  • Ubiquiti will change its corporate name to Ubiquiti Inc. and transfer its common stock to the New York Stock Exchange (NYSE) from the NASDAQ Global Select Market. The Company’s common stock has been authorized for listing and is scheduled to begin trading on the NYSE on August 20, 2019, under the new trading symbol UI.
  • At the close of business on August 19, 2019, the company will legally change its name to Ubiquiti Inc. The last trading day on NASDAQ under the name Ubiquiti Networks, Inc. and the UBNT symbol is expected to be August 19, 2019.

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

Income statement highlights

 

F4Q19

 

F3Q19

 

F4Q18

Revenues

 

286.6

 

284.9

 

269.8

Service Provider Technology

 

100.9

 

109.4

 

105.9

Enterprise Technology

 

185.7

 

175.5

 

163.8

Gross profit

 

132.9

 

132.8

 

120.5

Gross Profit (%)

 

46.4%

 

46.6%

 

44.7%

Total Operating Expenses

 

32.1

 

30.7

 

32.4

Income from Operations

 

100.8

 

102.1

 

88.1

GAAP Net Income

 

70.9

 

88.3

 

70.1

GAAP EPS (diluted)

 

1.01

 

1.25

 

0.94

Non-GAAP Net Income

 

83.6

 

88.9

 

74.8

Non-GAAP EPS (diluted)

 

1.19

 

1.26

 

1.01

Ubiquiti Networks, Inc.
Revenues by Product Type (In thousands)
(Unaudited)

 

 

 

 

 

 

Three Months Ended June 30,

 

Years Ended June 30,

 

 

2019

 

2018

 

2019

 

2018 (1)

Service Provider Technology

 

$

100,932

 

$

105,941

 

$

428,490

 

$

446,600

Enterprise Technology

 

185,709

 

163,837

 

733,243

 

570,261

Total revenues

 

$

286,641

 

$

269,778

 

$

1,161,733

 

$

1,016,861

Ubiquiti Networks, Inc.

Revenues by Geographical Area

(In thousands)

(Unaudited)

 

 

 

 

 

 

Three Months Ended June 30,

 

Years Ended June 30,

 

 

2019

 

2018

 

2019

 

2018 (1)

North America

 

$

147,477

 

$

124,451

 

$

497,218

 

$

410,378

South America

 

20,664

 

20,570

 

78,723

 

92,251

Europe, the Middle East and Africa

 

92,348

 

102,310

 

477,332

 

411,388

Asia Pacific

 

26,152

 

22,447

 

108,460

 

102,844

Total revenues

 

$

286,641

 

$

269,778

 

$

1,161,733

 

$

1,016,861

(1) Derived from audited consolidated statements as of and for the year ended June 30, 2018

Income Statement Items

Gross Margins

During the fourth quarter fiscal 2019, GAAP gross profit was $132.9 million. GAAP gross margin of 46.4% increased 1.7% versus the comparable prior-year period GAAP gross margin of 44.7% and decreased 0.2% versus the prior quarter GAAP gross margin of 46.6%.

On a full year basis, fiscal 2019 GAAP gross profit was $537.6 million. GAAP gross margin of 46.3% increased 2.7% versus the comparable prior year period GAAP gross margin of 43.6%.

The increases in gross profit percentage for the fourth quarter fiscal 2019 as compared to the comparable prior-year period was driven by favorable mix of products sold, lower indirect expenses, lower inventory write-offs offset, in part by higher tariff-related costs. The increases in gross profit percentage for the full year fiscal 2019 as compared to the comparable prior-year period was driven by favorable mix of products sold, lower inventory write-offs offset, in party by higher tariff-related costs and higher indirect expenses.

Research and Development

During the fourth quarter fiscal 2019, research and development (R&D) expenses were $22.5 million. This reflects an increase as compared to the R&D expenses of $19.5 million in the comparable prior year period and R&D expenses of $21.3 million in the prior quarter.

On a full year basis, fiscal 2019 R&D expenses were $82.1 million. This reflects an increase as compared to the R&D expense of $74.3 million in the comparable prior year period.

Increased costs in both the fourth quarter fiscal 2019 and full year fiscal 2019, as compared to the comparable prior-year periods, were driven by higher employee-related expenses and other development activities.

Sales, General and Administrative

The Company’s sales, general and administrative (SG&A) expenses for the fourth quarter fiscal 2019 were $9.5 million. This reflects a decrease as compared to the SG&A expenses of $12.9 million in the comparable prior year period and a slight increase as compared to the SG&A expenses of $9.4 million in the prior quarter. The decrease in fourth quarter fiscal 2019 as compared to the comparable prior year period was primarily related to lower professional fees.

On a full year basis, fiscal 2019 SG&A expense was $43.2 million reflecting a slight increase as compared to the SG&A expense of $43.1 million for fiscal 2018. Fiscal 2019 SG&A expenses were consistent with fiscal 2018 primarily due to higher employee-related costs and web store operating costs and offset, in part, by lower professional fees, marketing expense and stock-based compensation.

Net Income and Earnings Per Share

During the fourth quarter fiscal 2019, GAAP net income was $70.9 million and non-GAAP net income was $83.6 million. This reflects an increase in non-GAAP net income from the comparable prior year period by 11.8%, primarily driven by a 6.3% increase in revenues and a higher gross margin.

During the fourth quarter fiscal 2019, GAAP earnings per diluted share was $1.01 and non-GAAP earnings per diluted share was $1.19. This reflects a 7.4% increase in GAAP earnings per share and a 17.8% increase in non-GAAP diluted earnings per share from the comparable prior-year period. Both GAAP and non-GAAP earnings per share benefited from higher net income and a reduction in GAAP and non-GAAP diluted shares outstanding.

Balance Sheet Items

Cash and Investments

Total cash and cash equivalents were $238.1 million as of June 30, 2019 compared with $666.7 million as of June 30, 2018. In addition, as of June 30, 2019, we held $101.5 million in available-for-sale securities.

DSOs

This quarter the Company experienced a decline in days' sales outstanding (DSOs) in accounts receivable to 50 days, as compared with 51 days in the third quarter fiscal 2019.

Inventory

Finished goods inventory as of June 30, 2019 was $260.9 million. This represents a decrease of $15.8 million from March 31, 2019 and an increase of $164.2 million from June 30, 2018. We expect to manage our finished goods inventory to meet demand, reduce lead times and secure supply.

Cash Flow Statement Items

The Company’s net cash flow from operations for the fiscal year ended June 30, 2019 was $259.3 million, compared with net cash flow from operations of $332.05 for the comparable prior year period. The $72.8 million decrease in operating cash flow during fiscal 2019 as compared with the comparable prior year period was primarily driven by the net impact of increased inventory and the corresponding payables, partially offset by higher net income. For the fiscal year ended June 30, 2019, the Company used $157.6 million of cash for investing activities, which was primarily related to net investments in available-for-sale securities of $100.9 million and also used $530.2 million of cash for financing activities, which was driven by $468.2 million in stock repurchases, and $71.4 million in cash dividend payments and offset, in part, by draws of $35.0 million under our revolving facility.

About Ubiquiti Networks

Ubiquiti Networks is focused on democratizing network technology on a global scale — aggregate shipments of nearly 85 million devices play a key role in creating networking infrastructure in over 200 countries and territories around the world. Our professional networking products are powered by our UNMS and UniFi software platforms to provide high-capacity distributed Internet access and unified information technology management, respectively.

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

Safe Harbor for Forward Looking Statements

Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements other than statements of historical fact including words such as “look”, “will”, “anticipate”, “believe”, “estimate”, “expect”, “forecast”, “consider” and “plan” and statements in the future tense are forward looking statements. The statements in this press release that could be deemed forward-looking statements include statements regarding our intentions to pay regular quarterly cash dividends, the Company's anticipated corporate name change and transfer of its common stock listing from the NASDAQ Global Select Market to the New York Stock Exchange, and any statements or assumptions underlying any of the foregoing.

Forward-looking statements are subject to certain risks and uncertainties that could cause our actual future results to differ materially or cause a material adverse impact on our results. Potential risks and uncertainties include, but are not limited to, the impact of U.S. tariffs on results; fluctuations in our operating results; varying demand for our products due to the financial and operating condition of our distributors and their customers, and our distributors' inventory management practices; political and economic conditions and volatility affecting the stability of business environments, economic growth, currency values, commodity prices and other factors that may influence the ultimate demand for our products in particular geographies or globally; impact of counterfeiting and our ability to contain such impact; our reliance on a limited number of distributors; inability of our contract manufacturers and suppliers to meet our demand; our dependence on Qualcomm Atheros for chipsets without a short-term alternative; as we move into new markets competition from certain of our current or potential competitors who may be more established in such markets; our ability to keep pace with technological and market developments; success and timing of new product introductions by us and the performance of our products generally; our ability to effectively manage the significant increase in our transactional sales volumes; we may become subject to warranty claims, product liability and product recalls; that a substantial majority of our sales are into countries outside the United States and we are subject to numerous U.S. export control and economic sanctions laws; costs related to responding to government inquiries related to regulatory compliance; our reliance on the Ubiquiti Community; our reliance on certain key members of our management team, including our founder and chief executive officer, Robert J. Pera; adverse tax-related matters such as tax audits, changes in our effective tax rate or new tax legislative proposals; whether the final determination of our income tax liability may be materially different from our income tax provisions; the impact of any intellectual property litigation and claims for indemnification; litigation related to U.S. Securities laws; and economic and political conditions in the United States and abroad. We discuss these risks in greater detail under the heading “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended June 30, 2018, and subsequent filings filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available at the SEC's website at www.sec.gov. Copies may also be obtained by contacting the Ubiquiti Networks Investor Relations Department, by email at IR@ubnt.com or by visiting the Investor Relations section of the Ubiquiti Networks website, http://ir.ui.com.

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

Ubiquiti Networks, Inc.
Condensed Consolidated Statements of Operations
and Comprehensive Income
(In thousands, except per share data) (Unaudited)

 

 

 

 

 

 

Three Months Ended June 30,

 

Years Ended June 30,

 

 

2019

 

2018

 

2019

 

2018 (1)

Revenues

 

$

286,641

 

$

269,778

 

$

1,161,733

 

$

1,016,861

Cost of revenues

 

153,704

 

149,238

 

624,129

 

573,289

Gross profit

 

$

132,937

 

$

120,540

 

$

537,604

 

$

443,572

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

22,530

 

19,508

 

82,070

 

74,324

Sales, general and administrative

 

9,522

 

12,918

 

43,237

 

43,121

Litigation settlement

 

 

 

18,000

 

Total operating expenses

 

32,052

 

32,426

 

143,307

 

117,445

Income from operations

 

100,885

 

88,114

 

394,297

 

326,127

Interest expense and other, net

 

(3,622)

 

(3,451)

 

(12,808)

 

(11,985)

Income before income taxes

 

97,263

 

84,663

 

381,489

 

314,142

Provision for income taxes

 

26,368

 

14,578

 

58,795

 

117,852

Net income

 

$

70,895

 

$

70,085

 

$

322,694

 

$

196,290

Net income per share of common stock:

 

 

 

 

 

 

 

 

Basic

 

$

1.01

 

$

0.95

 

$

4.52

 

$

2.54

Diluted

 

$

1.01

 

$

0.94

 

$

4.51

 

$

2.51

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

 

 

 

 

 

 

 

 

Basic

 

70,169

 

74,105

 

71,435

 

77,179

Diluted

 

70,282

 

74,307

 

71,602

 

78,331

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

Unrealized gains on available-for-sale securities

 

216

 

 

393

 

Comprehensive income

 

$

71,111

 

$

70,085

 

$

323,087

 

$

196,290

(1) Derived from audited consolidated financial statements as of and for the fiscal year ended June 30, 2018.

Ubiquiti Networks, Inc.

Reconciliation of GAAP Net Income to Non-GAAP Net Income

(In thousands, except per share data)

(Unaudited)

 

 

 

 

 

 

Three Months Ended

 

Years Ended June 30,

 

 

June 30, 2019

 

March 31, 2019

 

June 30, 2018

 

2019

 

2018

Net Income

 

$

70,895

 

$

88,300

 

$

70,085

 

$

322,694

 

$

196,290

Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

27

 

26

 

36

 

347

 

360

Research and development

 

526

 

555

 

520

 

2,045

 

1,873

Sales, general and administrative

 

31

 

171

 

228

 

498

 

975

Net Tax Benefits related to Equity Awards Exercises and Vesting

 

 

 

50

 

 

(28,138)

Tax Regulation changes

 

12,264

(1)

 

 

 

 

Tax Reform

 

 

 

3,774

 

2,765

 

116,572

Litigation settlement

 

 

 

 

18,000

 

SEC related matters

 

 

 

492

 

 

809

Tax effect of Non-GAAP adjustments

 

(126)

 

(177)

 

(396)

 

(4,685)

 

(1,328)

Non-GAAP net income

 

$

83,617

 

$

88,875

 

$

74,789

 

$

341,664

 

$

287,413

Non-GAAP diluted EPS

 

$

1.19

 

$

1.26

 

$

1.01

 

$

4.77

 

$

3.69

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding (Diluted)

 

70,282

 

70,692

 

74,307

 

71,602

 

78,331

Share adjustment (ASU 2016-09 Adoption)

 

 

 

(50)

 

 

(338)

Weighted-average shares used in Non-GAAP diluted EPS

 

70,282

 

70,692

 

74,257

 

71,602

 

77,993

(1) The $12.3 million non-GAAP adjustment in the fourth quarter fiscal 2019 related to Tax Regulation changes represents our estimate of the impact of the Final GILTI Regulations on our earnings during the first nine months of fiscal 2019. This fourth quarter adjustment is not included in the full year non-GAAP results because the fiscal 2019 results properly reflect the full year impact of the Final GILTI Regulations and we expect the Final GILTI Regulations to impact us in the future. As a result, the sum of the quarterly non-GAAP results will not equal the full year non-GAAP results.

Use of Non-GAAP Financial Information

To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we use non-GAAP measures of net income and earnings per diluted share that are adjusted to exclude certain costs, expenses and gains such as stock-based compensation expense, net tax benefits related to equity awards exercises and vesting, unusual litigation settlements, SEC related matters, Tax Reform, Tax Regulation changes and the tax effects of these non-GAAP adjustments.

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

Usefulness of Non-GAAP Financial Information to Investors

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

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

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

• Stock-based compensation expense

• Net Tax Benefits related to Equity Awards Exercises and Vesting

• Litigation settlement

• Tax Reform and Tax Regulation changes

• SEC related matters

• Tax effect of non-GAAP adjustments, applying the principles of ASC 740

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

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

Ubiquiti Networks, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share amounts)

(Unaudited)

 

 

June 30, 2019

 

June 30, 2018 (1)

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

238,147

 

$

666,681

Investments — short-term

 

69,866

 

Accounts receivable, net

 

156,043

 

174,521

Inventories

 

264,281

 

102,220

Vendor deposits

 

11,608

 

39,029

Prepaid income taxes

 

23

 

Prepaid expenses and other current assets

 

13,843

 

18,901

Total current assets

 

753,811

 

1,001,352

Property and equipment, net

 

13,618

 

14,328

Deferred tax assets — long-term

 

2,910

 

3,106

Investments — long-term

 

31,585

 

Other long-term assets

 

73,941

 

3,791

Total assets

 

$

875,865

 

$

1,022,577

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

38,722

 

$

14,098

Income taxes payable

 

25,556

 

5,780

Debt — short-term

 

30,675

 

24,425

Other current liabilities

 

84,233

 

68,613

Total current liabilities

 

179,186

 

112,916

Income taxes payable — long-term

 

124,262

 

127,719

Debt — long-term

 

464,700

 

460,352

Other long-term liabilities

 

8,440

 

5,842

Total liabilities

 

776,588

 

706,829

Stockholders’ equity:

 

 

 

 

Common Stock

 

69

 

74

Additional paid–in capital

 

 

393

Accumulated other comprehensive income

 

393

 

Retained earnings

 

98,815

 

315,281

Total stockholders’ equity

 

99,277

 

315,748

Total liabilities and stockholders’ equity

 

$

875,865

 

$

1,022,577

(1) Derived from audited consolidated financial statements as of and for the fiscal year ended June 30, 2018.

Ubiquiti Networks, Inc.

Condensed Consolidated Cash Flows

(In thousands)

(Unaudited)

 

 

 

 

 

 

Years Ended June 30,

 

2019

 

2018 (1)

 

2017 (2)

Cash Flows from Operating Activities:

 

 

 

 

 

Net income

$

322,694

 

$

196,290

 

$

257,506

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

7,556

 

7,310

 

7,103

Amortization of debt issuance costs

1,114

 

751

 

256

Premium amortization and (discount accretion), net

(696)

 

 

Write off unamortized debt issuance costs

 

489

 

Provision for inventory obsolescence

1,637

 

2,336

 

2,479

Provisions/(recovery) for loss on vendor deposits

2,911

 

14,891

 

(1,096)

Stock-based compensation

2,890

 

3,208

 

2,785

Deferred taxes

196

 

2,027

 

(938)

Other, net

(725)

 

(849)

 

1,081

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

18,728

 

(33,973)

 

(58,164)

Inventories

(163,659)

 

35,974

 

(86,988)

Vendor deposits

27,705

 

4,798

 

(22,730)

Prepaid income taxes

(23)

 

2,419

 

(2,120)

Prepaid expenses and other assets

(15,812)

 

(9,404)

 

(3,061)

Accounts payable

24,329

 

(34,596)

 

(2,554)

Income taxes payable

16,318

 

103,769

 

5,041

Deferred revenues

9,079

 

4,941

 

3,649

Accrued and other liabilities

5,016

 

31,666

 

9,787

Net cash provided by operating activities

259,258

 

332,047

 

112,036

Cash Flows from Investing Activities:

 

 

 

 

 

Purchase of property and equipment and other long-term assets

(9,684)

 

(9,115)

 

(7,232)

Private equity investment

(5,000)

 

 

Deposits on long-term asset

(42,000)

 

 

Purchase of investments

(220,076)

 

 

Proceeds from sale of investments

80,889

 

 

Proceeds from maturity of investments

38,304

 

 

Net cash (used in) investing activities

(157,567)

 

(9,115)

 

(7,232)

Cash Flows from Financing Activities:

 

 

 

 

 

Proceeds from borrowing under the Credit Facility- Term

 

500,000

 

Proceeds from borrowing under the Credit Facility- Revolver

35,000

 

218,500

 

99,000

Repayment against Credit Facility- Revolver

 

(399,500)

 

(34,000)

Repayment against Credit Facility - Term

(25,000)

 

(88,750)

 

(11,250)

Debt Issuance Costs

 

(5,186)

 

Repurchases of common stock

(468,225)

 

(445,014)

 

(105,229)

Payment of common stock cash dividends

(71,358)

 

 

Proceeds from exercise of stock options

831

 

1,539

 

1,436

Tax withholdings related to net share settlements of stock options

 

(40,623)

 

Tax withholdings related to net share settlements of restricted stock units

(1,473)

 

(1,415)

 

(1,594)

Net cash (used in) provided by financing activities

(530,225)

 

(260,449)

 

(51,637)

Net (decrease) increase in cash and cash equivalents

(428,534)

 

62,483

 

53,167

Cash and cash equivalents at beginning of period

666,681

 

604,198

 

551,031

Cash and cash equivalents at end of period

$

238,147

 

$

666,681

 

$

604,198

Supplemental Disclosure of Cash Flow Information:

 

 

 

 

 

Income taxes paid, net of refunds

$

41,725

 

$

9,605

 

$

25,743

Interest paid

$

23,348

 

$

11,377

 

$

5,194

Non-Cash Investing and Financing Activities:

 

 

 

 

 

Unpaid stock repurchases

$

2,223

 

$

 

$

Unpaid property and equipment and other long-term assets

$

440

 

$

144

 

$

458

Net unsettled investment purchases, (sales, and maturities)

$

(522)

 

$

 

$

(1) Derived from audited consolidated financial statements as of and for the fiscal year ended June 30, 2018.

(2) Derived from audited consolidated financial statements as of and for the fiscal year ended June 30, 2017.

Contacts

Investor Relations Contact
Laura Kiernan
High Touch Investor Relations
laura.kiernan@ubnt.com
Ph. 1-914-598-7733

Contacts

Investor Relations Contact
Laura Kiernan
High Touch Investor Relations
laura.kiernan@ubnt.com
Ph. 1-914-598-7733