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Ubiquiti Inc. (UI+0.41%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $550.3 million from $463.1 million in the same quarter the previous year. The increase is attributed to higher sales in the Enterprise Technology segment.
Gross profit for the quarter was $231.6 million, representing 42% of revenues, compared to 40% in the same quarter of the previous year. The improvement is due to a favorable product mix and lower tariffs.
Operating expenses for the quarter were $62.4 million, up from $55.6 million in the previous year. This increase was primarily driven by higher sales, general, and administrative expenses.
Net income for the quarter was $128.0 million, up from $87.8 million in the previous year. The increase is attributed to higher revenues and improved gross profit margins.
Cash provided by operating activities was $233.7 million, while cash used in investing and financing activities was $2.6 million and $192.2 million, respectively.
Ubiquiti had cash and cash equivalents of $165.2 million as of September 30, 2024, compared to $126.3 million as of June 30, 2024.
The filing also details various financial agreements, including the repayment of $155.6 million under the company's credit facilities during the quarter.
Ubiquiti's board of directors approved a quarterly cash dividend of $0.60 per share, payable on November 25, 2024.
The company continues to focus on expanding its product offerings in the enterprise and service provider technology markets, while navigating challenges such as supply chain constraints and geopolitical tensions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ubiquiti Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.