Ubiquiti Inc · Q2 2021 earnings

Briefing

Reported record revenues and GAAP earnings per share.

Ubiquiti Inc. announced its second quarter fiscal 2021 financial results, reporting record revenues of $479.4 million and record GAAP earnings per share of $2.54.

• Revenues of $479.4 million, increasing 55.5% year-over-year
• GAAP diluted EPS of $2.54, increasing 92.4% year-over-year
• Non-GAAP diluted EPS of $2.53, increasing 80.7% year-over-year
• Repurchased 309,133 shares of common stock at an average price of $178.11 per share during the quarter.

Headline financials

Revenue & EPS history

Certain statements in this press release are forward-looking statements. Potential risks and uncertainties include, but are not limited to, the impact of public health problems, such as COVID-19, and 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 chipset suppliers 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 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.