Ubiquiti Inc. Financial Statements — UI Stock

Income Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Sales/Revenue/Turnover	137	198	354	321	572	596	666	865	1,017	1,162	1,284	1,898	1,692	1,941	1,928
+ Sales & Services Revenue	137	198	354	321	572	596	666	865	1,017	1,162	1,284	1,898	1,692	1,941	1,928
- Cost of Revenue	82	117	203	185	319	334	342	470	573	624	676	986	1,022	1,180	1,189
+ Cost of Goods & Services	82	117	203	185	319	334	342	470	573	624	676	986	1,022	1,180	1,189
Gross Profit	55	81	151	135	253	262	325	396	444	538	608	912	670	761	740
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	50	19	26	43	58	76	91	106	117	125	130	170	208	216	241
+ Selling, General & Admin	18	7	9	22	24	22	33	37	43	43	41	54	70	71	81
+ Research & Development	32	11	17	21	34	55	58	69	74	82	89	116	138	145	160
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	5	62	125	93	196	186	234	290	326	412	478	743	462	545	499
- Non-Operating (Income) Loss	-1	- -	1	1	1	40	-6	5	12	31	28	15	18	58	75
+ Interest Expense, Net	- -	- -	- -	- -	- -	- -	- -	- -	12	13	28	15	18	58	75
+ Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	12	13	28	15	18	58	75
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-1	- -	1	1	1	40	-6	5	- -	18	- -	- -	- -	- -	- -
Pretax Income	5	62	124	92	195	146	240	285	314	381	450	728	444	486	424
- Income Tax Expense (Benefit)	11	12	21	11	18	16	26	28	118	59	70	111	66	79	74
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-5	50	103	80	177	130	214	258	196	323	380	617	379	408	350
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	-5	50	103	80	177	130	214	258	196	323	380	617	379	408	350
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	-5	50	103	80	177	130	214	258	196	323	380	617	379	408	350
- Preferred Dividends	1	45	112	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-7	5	-10	80	177	130	214	258	196	323	380	617	379	408	350
Basic Weighted Avg Shares	63	63	83	88	88	88	84	81	77	71	65	63	62	60	60
Basic EPS, GAAP	-0.11	0.08	-0.12	0.91	2.02	1.47	2.53	3.16	2.54	4.52	5.81	9.79	6.14	6.75	5.79
Basic EPS from Cont Ops	-0.09	0.79	1.23	0.91	2.02	1.47	2.53	3.16	2.54	4.52	5.81	9.79	6.14	6.75	5.79
Diluted Weighted Avg Shares	63	63	83	90	90	90	86	83	78	72	66	63	62	60	60
Diluted EPS, GAAP	-0.11	0.08	-0.12	0.89	1.97	1.45	2.49	3.09	2.51	4.51	5.8	9.78	6.13	6.74	5.79
Diluted EPS from Cont Ops	-0.09	0.79	1.23	0.89	1.97	1.45	2.49	3.09	2.51	4.51	5.8	9.78	6.13	6.74	5.79
EBITDA	5	62	126	95	199	191	240	297	333	420	486	755	476	561	518
EBITDA Margin (%)	3.52	31.48	35.61	29.48	34.72	32.05	35.98	34.31	32.79	36.14	37.83	39.76	28.13	28.9	26.87
EBITA	5	62	125	93	196	186	234	290	326	412	478	743	462	545	499
EBIT	5	62	125	93	196	186	234	290	326	412	478	743	462	545	499
Gross Margin (%)	39.83	40.84	42.71	42.18	44.28	44	48.74	45.73	43.62	46.28	47.35	48.06	39.59	39.2	38.36
Operating Margin (%)	3.42	31.37	35.44	28.86	34.23	31.21	35.08	33.49	32.07	35.49	37.23	39.12	27.33	28.06	25.88
Profit Margin (%)	-3.98	25.13	29.02	25.09	30.91	21.76	32.06	29.76	19.3	27.78	29.61	32.48	22.38	21.01	18.15
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	0.05	- -	0.18	- -	0.17	- -	- -	- -	1	1.2	1.6	2.4	2.4	2.4
Depreciation Expense	- -	- -	1	2	3	5	6	7	7	8	8	12	14	16	19

Balance Sheet	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Total Current Assets	81	128	208	283	466	581	728	952	1,001	754	587	694	622	1,167	916
+ Cash, Cash Equivalents & STI	28	76	122	228	347	446	551	604	667	308	144	251	137	115	126
+ Cash & Cash Equivalents	28	76	122	228	347	446	551	604	667	238	143	249	136	115	126
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	70	1	1	- -	- -	- -
+ Accounts & Notes Receiv	36	40	77	38	55	66	83	141	175	156	142	172	120	168	169
+ Accounts Receivable, Net	36	40	76	36	55	66	83	141	175	156	142	172	120	168	169
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	1	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	5	6	8	16	46	37	57	142	102	264	286	234	262	737	462
+ Raw Materials	4	4	5	- -	1	3	8	8	5	3	4	5	9	94	75
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	1	1	3	16	50	40	56	134	97	261	282	229	253	643	387
+ Inventory Adjustments	- -	- -	- -	- -	-5	-6	-7	-10	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	10	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	12	6	1	2	17	32	37	66	58	25	15	37	103	147	158
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	1	4	6	9	10	19	19	20	21	122	151	197	223	239	238
+ Property, Plant & Equip, Net	1	1	4	6	7	16	13	13	14	14	103	119	144	144	129
+ Property, Plant & Equip	1	1	5	9	12	25	28	35	42	49	145	171	208	211	207
- Accumulated Depreciation	- -	- -	1	3	5	10	15	22	28	35	42	52	64	67	79
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	32	1	1	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	32	1	1	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	- -	3	1	3	3	4	6	7	7	77	47	77	79	95	110
+ Total Intangible Assets	- -	- -	1	1	1	1	1	- -	- -	3	3	9	7	6	4
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	- -	- -	1	1	1	1	1	- -	- -	3	3	9	7	6	4
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	- -	3	1	2	2	3	5	7	6	74	44	68	71	89	105
Total Assets	82	132	214	292	476	601	747	973	1,023	876	737	891	845	1,406	1,154
+ Payables & Accruals	15	31	40	43	40	51	69	67	71	121	203	151	149	204	117
+ Accounts Payable	6	15	26	36	34	44	52	49	14	39	156	112	84	154	51
+ Accrued Taxes	5	4	1	1	2	1	1	2	6	26	31	14	14	19	23
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	5	12	13	6	4	6	16	16	51	57	17	25	51	30	43
+ ST Debt	- -	- -	7	5	- -	10	11	15	24	31	31	33	37	51	50
+ ST Borrowings	- -	- -	7	5	- -	10	11	15	24	31	24	24	24	37	37
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7	9	13	14	14
+ Other ST Liabilities	11	6	5	11	12	9	10	17	17	27	30	92	126	97	117
+ Deferred Revenue	11	3	1	6	6	3	4	7	9	18	19	24	22	19	22
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	3	4	6	6	6	7	10	8	9	12	68	104	78	96
Total Current Liabilities	26	38	52	59	52	70	91	98	113	179	264	276	311	352	285
+ LT Debt	- -	- -	23	71	72	88	192	242	460	465	647	499	817	1,087	707
+ LT Borrowings	- -	- -	23	71	72	88	192	242	460	465	628	467	763	1,041	670
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	19	32	54	46	37
+ Other LT Liabilities	109	148	8	14	16	21	25	31	134	133	122	113	100	83	68
+ Accrued Liabilities	2	2	- -	3	1	1	1	3	4	7	6	9	6	8	14
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	107	146	8	12	15	20	23	28	129	126	115	104	94	75	54
Total Noncurrent Liabilities	109	148	30	85	89	108	216	272	594	597	769	612	917	1,170	775
Total Liabilities	135	186	83	145	141	178	307	371	707	777	1,033	888	1,228	1,522	1,059
+ Preferred Equity and Hybrid Capital	107	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	2	1	129	135	146	- -	- -	1	- -	- -	1	- -	1	5	11
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	2	1	129	135	146	- -	- -	1	- -	- -	- -	- -	1	5	11
- Treasury Stock	62	70	70	124	124	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	7	15	71	136	313	422	440	601	315	99	-296	3	-383	-121	84
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Equity Before Minority Interest	-53	-54	131	147	335	422	440	602	316	99	-295	3	-383	-116	95
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	-53	-54	131	147	335	422	440	602	316	99	-295	3	-383	-116	95
Total Liabilities & Equity	82	132	214	292	476	601	747	973	1,023	876	737	891	845	1,406	1,154
Shares Outstanding	90	90	92	87	88	87	82	80	74	69	64	63	60	60	60
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	26	41	67	60	51
Net Debt	-28	-76	-92	-152	-275	-349	-348	-348	-182	257	510	241	650	963	580
Net Debt to Equity	53.78	141.75	-70.61	-102.89	-81.98	-82.65	-79.13	-57.77	-57.61	259.1	-172.58	8,946.91	-169.84	-832.14	610.19
Tangible Common Equity Ratio	-194.44	-40.91	61.13	50.26	70.36	70.26	58.91	61.85	30.85	11	-40.65	-0.68	-46.58	-8.67	7.9
Current Ratio	3.11	3.39	3.96	4.77	8.9	8.29	8.03	9.67	8.87	4.21	2.22	2.51	2	3.32	3.22
Cash Conversion Cycle	56.09	54.87	34.92	27.64	27.92	38.88	42.95	91.43	112.72	146.84	140.05	74.13	86.11	155.42	174.99
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
+ Net Income	-5	50	103	80	177	130	214	258	196	323	380	617	379	408	350
+ Depreciation & Amortization	- -	- -	1	2	3	5	6	7	7	8	8	12	14	16	19
+ Non-Cash Items	- -	- -	-12	4	4	12	5	5	23	7	20	16	16	1	40
+ Stock-Based Compensation	- -	1	1	3	5	5	4	3	3	3	3	3	4	5	6
+ Deferred Income Taxes	-1	-1	-1	- -	2	-1	-1	-1	2	- -	-1	-1	-2	-17	-12
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	3	- -	- -	- -	5	- -	- -	- -	- -
+ Other Non-Cash Adj	1	- -	-13	- -	-3	8	- -	3	18	4	13	13	14	13	46
+ Chg in Non-Cash Work Cap	-21	13	-9	46	-63	-12	-27	-157	106	-78	52	-32	-38	-570	132
+ (Inc) Dec in Accts Receiv	-30	-6	-37	39	-18	-11	-17	-58	-34	19	14	-30	53	-48	-2
+ (Inc) Dec in Inventories	-4	-1	-2	-9	-34	7	-20	-87	36	-164	-28	53	-30	-488	251
+ (Inc) Dec in Prepaid Assets	-1	-1	4	-2	-13	-21	-7	-28	-2	12	-8	-48	-77	-50	-36
+ Inc (Dec) in Accts Payable	9	22	26	17	- -	14	16	12	101	46	73	-15	20	17	-88
+ Inc (Dec) in Other	4	-1	- -	1	2	- -	1	4	5	9	1	7	-4	-1	7
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	-26	63	82	132	121	135	198	112	332	259	460	612	370	-145	542
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-1	- -	-3	-5	-4	-13	-6	-7	-9	-52	-31	-18	-13	-21	-12
+ Acq of Fixed Prod Assets	-1	- -	-3	-5	-4	-13	-6	-7	-9	-52	-31	-18	-13	-21	-12
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	-101	100	-1	2	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	119	128	1	4	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	-220	-28	-2	-1	- -	- -
+ Net Cash From Acq & Div	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	- -	- -	- -	- -	- -	-5	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-1	- -	-3	-5	-4	-13	-6	-7	-9	-158	70	-19	-11	-21	-12
+ Dividends Paid	- -	-3	- -	-16	- -	-15	- -	- -	- -	-71	-79	-101	-148	-145	-145
+ Net Cash From Debt	- -	- -	30	46	-4	25	106	54	730	10	340	-161	590	584	-372
+ Cash From Debt	- -	- -	103	51	72	100	130	99	1,218	35	855	112	690	1,330	- -
+ Repayments of Debt	- -	- -	-73	-4	-76	-75	-24	-45	-488	-25	-515	-274	-100	-746	-372
+ Cash (Repurchase) of Equity	-65	-10	32	-54	- -	-35	-194	-105	-445	-468	-700	-220	-618	- -	- -
+ Increase in Capital Stock	- -	- -	32	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-65	-10	- -	-54	- -	-35	-194	-105	-445	-468	-700	-220	-618	- -	- -
+ Other Financing Activities	106	-2	-95	3	6	2	1	- -	-546	-1	-187	-4	-296	-294	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	41	-14	-33	-21	2	-23	-87	-52	-260	-530	-625	-486	-472	145	-518
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	15	48	46	106	119	99	105	53	62	-429	-96	107	-113	-21	12
Capital Expenditures	-1	- -	-3	-5	-4	-13	-6	-7	-9	-52	-31	-18	-13	-21	-12
EBITDA	5	62	126	95	199	191	240	297	333	420	486	755	476	561	518
EBITDA Margin (%)	3.52	31.48	35.61	29.48	34.72	32.05	35.98	34.31	32.79	36.14	37.83	39.76	28.13	28.9	26.87
Net Cash Paid for Acquisitions	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow	-27	62	78	127	117	122	191	105	323	208	430	594	357	-166	530
Free Cash Flow to Firm	-27	62	78	127	117	122	191	105	330	218	453	606	372	-118	592
Free Cash Flow to Equity	79	-89	-4	173	113	147	297	159	1,053	218	770	432	947	417	157
Free Cash Flow per Basic Share	-0.42	0.99	0.94	1.43	1.34	1.38	2.27	1.29	4.18	2.91	6.57	9.43	5.78	-2.75	8.76
Price/Free Cash Flow	- -	- -	12.85	10.75	30.14	18.19	15.25	33.99	18.23	28.63	22.21	29.96	38.64	-83.4	15.83
Cash Flow to Net Income	4.76	1.26	0.8	1.64	0.69	1.04	0.92	0.44	1.69	0.8	1.21	0.99	0.98	-0.36	1.55

Ubiquiti Inc.

Income Statement

Balance Sheet

Cash Flow Statement