Ubiquiti inc. (UBNT)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Sep'10
Cash Flows from Operating Activities:
Net income

103,722

85,811

98,146

70,895

88,300

77,796

85,703

70,086

102,738

-51,459

74,925

60,678

64,432

60,608

71,788

57,706

52,699

49,452

53,759

4,518

41,137

46,265

37,743

49,418

45,199

41,792

40,528

28,841

20,667

17,803

13,179

28,485

27,920

24,691

21,493

7,581

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

1,429

1,820

1,849

2,082

1,924

1,756

1,794

2,241

1,783

1,695

1,591

1,965

1,775

1,822

1,541

1,352

1,559

1,509

1,617

1,793

1,266

1,032

880

781

708

625

705

701

509

404

349

208

167

106

121

33

Amortization of debt issuance costs

499

505

304

278

274

281

281

278

344

65

64

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-cash lease expense

133

220

732

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Premium amortization and (discount accretion), net

16

-7

-65

-141

-199

-229

-127

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Write off unamortized debt issuance costs

0

0

105

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Provision for inventory obsolescence

1,333

3,793

697

-1,358

2,059

684

252

-111

-704

2,827

324

763

232

1,404

80

167

-139

-372

1,091

708

885

0

695

1,250

1,120

375

550

-225

200

850

25

-

-

-

-

-

Provision for loss on vendor deposits and purchase commitments

-626

1,101

1,112

578

2,764

424

-855

-159

-1,137

15,811

376

49

-92

-377

-676

-877

-80

-21

5

5,827

0

-5,500

5,500

-

-

-

0

-

-

-

-

-

-

-

-

-

Write-off of intangible assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

74

-

0

0

0

-

-

-

-

-

Provisions for doubtful accounts

-

-235

463

-

-

-4

-60

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-303

0

-

396

700

500

145

106

489

75

-200

Stock-based compensation

725

730

689

584

752

779

775

785

731

780

912

692

601

565

927

853

882

957

1,027

813

1,376

1,431

1,372

1,276

1,041

1,422

1,167

1,127

700

893

656

461

330

351

351

183

Deferred taxes

209

-7

-76

196

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefit from employee stock-based awards

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

333

239

99

333

500

792

5

782

629

2,688

1,079

1,512

1,909

353

61

0

-

-

-

-

-

Other, net

3

4

-109

326

321

117

-39

997

262

-307

-103

-226

179

-899

-135

-194

-410

-97

-122

1,180

-2,706

-106

106

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Accounts receivable

26,573

-27,410

18,676

-3,840

-14,630

9,029

-9,287

16,071

-711

30,630

-12,017

15,083

9,748

20,408

12,925

7,483

10,528

1,193

-2,519

-3,804

-2,661

6,694

11,110

5,341

12,366

708

-86

-3,033

-17,089

-4,275

-14,267

7,261

7,217

13,825

8,345

-6,026

Inventories

-41,986

8,309

-19,616

-17,090

26,279

116,522

37,948

10,488

-6,929

-20,112

-19,421

10,206

28,593

25,747

22,442

14,139

9,230

1,872

-5,229

-3,572

4,687

-1,238

-6,907

-18,405

34,801

16,323

1,045

-3,726

4,958

7,841

-77

-1,687

131

1,111

2,711

-139

Vendor deposits

1,920

-559

-3,803

-11,535

-814

-8,518

-6,838

-8,874

-7,077

-4,683

15,836

4,351

12,620

6,602

-843

15,920

-2,242

-4,393

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred cost of revenues

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-303

-1,485

509

12

-164

246

0

-

-

-

-

-922

1

14

26

-99

Prepaid income taxes

17

-35

14

-3,510

3,533

0

0

-12,751

12,751

-2,415

-4

-8,483

5,524

5,064

15

299

0

0

-2,566

-4,828

2,882

4,512

-3,256

-1,796

2,253

2,799

0

-

-

-

-

-

-

-

-

-

Prepaid expenses and other assets

-213

-11,221

8,035

11,236

8,937

-1,968

-2,393

2,554

4,703

3,435

-1,288

-768

-991

5,627

-807

1,422

-2,387

-4,245

5,020

1,231

18,225

-10,897

13,410

1,309

7,017

2,215

-897

397

-160

361

1,260

-

-

-

-

-1,753

Accounts payable

-9,523

6,283

25,955

-53,033

-45,103

93,379

29,086

-57,608

59,900

-14,480

-22,408

-4,529

-24,014

35,015

-9,026

21,674

-12,570

19,162

-20,546

-5,078

-6,255

16,050

5,018

-12,462

-3,198

5,221

8,113

4,695

3,201

2,165

-336

1,917

9,078

-3,248

3,945

2,671

Income taxes payable

-1,006

-17,175

-7,232

12,032

8,917

-14,236

9,605

1,476

-10,873

106,105

7,061

1,617

1,249

333

1,842

846

548

1,036

2,347

2,099

1,672

-1,193

2,574

3,128

2,688

-712

2,046

2,990

-752

2,069

2,338

-2,878

3,358

6,152

2,907

1,879

Deferred revenues

135

33

925

392

2,422

2,959

3,306

3,410

324

-169

1,376

599

1,263

1,321

466

335

162

103

109

41

-485

-2,545

1,311

1,394

-119

608

106

1,360

1,026

17

-7

-1,670

93

134

514

-126

Accrued and other liabilities

-18,512

4,904

-757

44,086

-24,877

2,235

-16,428

35,298

-31,200

11,866

15,702

5,500

103

4,760

-576

3,759

-1,217

-2,532

3,235

-658

234

-7,597

7,391

-2,458

-2,759

443

165

3,032

-2,335

5,917

-6,093

12,747

-5,730

444

-2,605

-195

Net cash provided by operating activities

91,992

123,688

119,650

101,004

13,671

50,642

93,941

46,938

119,443

68,746

96,920

46,141

-9,776

42,902

32,769

45,564

26,870

77,347

47,727

18,203

36,726

32,676

46,942

55,793

-13,970

27,624

51,880

46,207

35,159

26,830

23,695

30,085

31,733

4,251

15,719

19,843

Cash Flows from Investing Activities:
Purchase of property and equipment and other long-term assets

23,601

1,852

3,333

1,983

2,091

1,575

4,035

1,797

1,123

3,263

2,932

1,528

2,868

1,772

1,064

1,428

1,798

1,192

1,830

1,907

2,426

4,930

3,461

801

1,282

1,502

460

955

941

1,118

2,349

1,693

507

905

205

71

Deposits on aircraft

-

0

15,000

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of investments

2,923

6,673

18,361

19,285

32,969

19,888

147,934

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of investments

13,568

30,565

59,715

11,219

62,072

3,748

3,850

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from maturities of investments

-

-

8,577

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

5,064

23,715

31,598

-43,576

42,122

-7,994

-148,119

-1,797

-1,123

-3,263

-2,932

-1,528

-2,868

-1,772

-1,064

-1,428

-1,798

-1,192

-1,830

-1,907

-2,426

-4,930

-3,461

-801

-1,282

-1,502

-460

-955

-941

-1,118

-2,349

-1,693

-507

-905

-205

-71

Cash Flows from Financing Activities:
Proceeds from borrowing

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debt Issuance Costs

0

0

3,138

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchases of common stock

143,191

141,415

396,599

140,147

14,999

206,315

106,764

63,131

230,628

43,258

107,997

5,441

93,305

0

6,483

43,514

50,003

46,182

53,818

19,712

0

15,000

0

-

-

-

-

0

0

23,096

31,258

-

-

-

-

7,250

Repayments of term loan

-

-

-

-

-

-

-

-

-

-

-

-

-

2,500

2,500

-

2,500

2,500

2,500

2,500

72,254

0

0

72,500

1,250

1,250

1,250

1,250

1,250

1,250

583

-

-

-

-

-

Proceeds from term loan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

30,000

20,833

-

0

-57

34,879

-

Payment of common stock cash dividends

19,447

19,460

20,669

17,588

17,631

17,633

18,506

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchase of Series A convertible preferred stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

68,000

40,000

-

Payment of convertible subordinated promissory notes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

34,000

34,000

-

Proceeds from exercise of stock options

25

124

3

-10

430

186

194

382

269

127

722

4

109

605

682

328

294

183

301

836

353

41

456

307

781

371

631

329

145

59

102

244

56

368

143

-

Tax withholdings related to net share settlements of restricted stock units

416

139

501

581

413

114

365

305

623

838

-351

-

-

-

-

333

239

99

333

500

792

5

782

629

2,688

1,079

1,512

1,909

353

61

0

-

-

-

-

-

Tax withholdings related to net share settlements of restricted stock units

-

-

-

-

-

-

-

-

-

-

-

-

441

154

791

301

225

163

534

178

635

185

800

255

850

498

410

103

78

19

14

-

-

-

-

-

Payment of deferred offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

321

34

Net cash (used in) financing activities

-119,279

-167,140

-269,654

-129,545

-38,863

-230,126

-131,691

-69,266

-251,290

126,483

-66,376

25,641

-66,137

-2,049

-9,092

4,346

-19,195

-15,563

-56,218

-21,054

28,256

-30,159

438

435

1,369

-298

483

885

-830

-9,897

-10,920

-532

-1,870

8,922

-39,299

-7,284

Net (decrease) in cash and cash equivalents

-22,223

-19,737

-118,406

-72,117

16,930

-187,478

-185,869

-24,125

-132,970

191,966

27,612

70,254

-78,781

39,081

22,613

48,482

5,877

60,592

-10,321

-4,758

62,556

-2,413

43,919

55,427

-13,883

25,824

51,903

46,137

33,388

15,815

10,426

27,860

29,356

12,268

-23,785

12,488

Supplemental Disclosure of Cash Flow Information:
Income taxes paid, net of refunds

17,850

31,371

25,244

10,441

4,847

24,508

1,929

-9,339

11,094

4,326

3,524

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unpaid cash dividend

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

Interest paid

5,986

6,759

4,768

5,120

4,941

5,083

8,204

1,422

5,112

3,051

1,792

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-Cash Investing and Financing Activities:
Right-of-use asset recognized

926

3,646

1,093

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unpaid stock repurchases

5,210

-21,844

21,844

-

-6,000

0

6,000

-

-

-

-

-

-

-

-

-

-

-

9,488

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

Unpaid stock repurchases

-

-

-

-

-

-

-

-21,984

21,984

-8,765

8,765

-

-

-

0

6,483

-400

400

0

-

-

-

15,000

-

-

-

-

-

-

-

-

-

-

-

-

-

Unpaid property and equipment and other long-term assets

-447

466

0

320

84

6

30

-36

-108

110

178

373

-294

-34

413

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net unsettled investment purchases (sales and maturities)

-400

-4

521

-

-

-572

646

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Term loan facility
Proceeds from borrowing

0

0

37,500

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of debt

6,250

6,250

6,250

6,250

6,250

6,250

6,250

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Revolving credit facility
Proceeds from borrowing

100,000

120,000

120,000

35,000

0

0

0

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