Ubiquiti Networks Reports Preliminary First Quarter Fiscal 2017 Financial Results

~ Achieves Record Revenue and Earnings ~

SAN JOSE, Calif., Nov. 03, 2016 (GLOBE NEWSWIRE) -- Ubiquiti Networks, Inc. (NASDAQ:UBNT) ("Ubiquiti" or the "Company") today announced results for the first fiscal quarter of 2017, ended September 30, 2016.

First Quarter Fiscal 2017 Financial Summary
  • Revenues of $204.8 million
  • GAAP gross profit of $98.3 million and non-GAAP gross profit of $98.4 million
  • GAAP net income of $71.8 million and non-GAAP net income of $65.5 million
  • GAAP diluted EPS of $0.86 and non-GAAP diluted EPS of $0.79
  • Cash of $573.6 million, up 32% year-over-year

Recent Financial Highlights
  • Revenues increased 35% year-over-year and 10% sequentially, as a result of strong demand worldwide across all of our product lines.
  • Enterprise Technology revenues increased 75% year-over-year and 10 % sequentially, fueled by the UniFi product family and other industry-leading products targeting the Enterprise market.
  • Service Provider Technology revenues increased 17% year-over-year and 11% sequentially, fueled by the airMAX product family and EdgeMAX product lines. 
  • Non-GAAP diluted EPS increased 55% year-over-year and 14% sequentially, demonstrating the continued scalability of Ubiquiti's unique business model.

Recent Product Highlights
  • Announced a retail partnership with Amazon, focusing on our popular AmpliFi HD router and AmpliFi Mesh Points from Ubiquiti Labs. 
  • Experienced strong demand for our UniFi Switch products, and an expansion of this product line to include new UniFi Switch 24-Port and 48-Port models.  
  • Launched UniFi Mesh technology, a powerful multi-hop, self-healing mesh product line that expands the application of UniFi's industry leading software-defined-networking platform into wide-area Wi-Fi deployments.  
  • Announced EdgePower, which provides reliable DC power to the EdgePoint EP-R8 and EP-S16 devices and their attached PoE devices.
  • Experienced strong demand for our UniFi Video products, our plug and play, high-performance IP surveillance devices that scale easily across multiple locations.

Financial Results Summary ($, in millions, except per share data)
Income statement highlights   F1Q17   F4Q16   F1Q16
Revenues     204.8       185.7       151.4  
  Service Provider Technology     120.6       109.0       103.4  
  Enterprise Technology     84.1       76.7       48.0  
Gross Profit     98.3       89.8       73.5  
  Gross Profit (%)     48.0 %     48.3 %     48.5 %
Total Operating Expenses     23.4       24.1       13.7  
Income from Operations     74.9       65.6       59.8  
GAAP Net Income     71.8       57.7       53.8  
GAAP EPS (diluted)     0.86       0.69       0.61  
Non-GAAP Net Income     65.5       58.2       45.5  
Non-GAAP EPS (diluted)     0.79       0.69       0.51  

Balance Sheet Highlights

Total cash and cash equivalents as of September 30, 2016 were $573.6 million, compared with $551.0 million as of June 30, 2016.  We held $530.2 million of our $573.6 million of cash and cash equivalents in accounts of our subsidiaries outside of the United States. 

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