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Ubiquiti Inc. (UI-4.43%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $599.9 million from $465.0 million in the same quarter the previous year. The increase was driven by growth in both the Enterprise Technology and Service Provider Technology platforms.
Enterprise Technology revenue increased by 32% to $518.2 million, while Service Provider Technology revenue rose by 11% to $81.7 million. The growth in Enterprise Technology was attributed to increased revenue across all regions except South America.
Gross profit margin improved to 41% from 38% in the same quarter the previous year, primarily due to favorable product mix and lower warehouse-related expenses.
Operating expenses increased by 21% to $68.4 million, with research and development expenses rising by 8% and sales, general and administrative expenses increasing by 45%.
Net income for the quarter was $136.8 million, up from $82.1 million in the previous year. The effective tax rate decreased to 18.3% from 20.2% in the prior year.
Cash provided by operating activities was $386.1 million, while cash used in investing and financing activities was $4.6 million and $374.8 million, respectively.
As of December 31, 2024, Ubiquiti had $133.1 million in cash and cash equivalents. The company believes its existing cash and cash equivalents will be sufficient to meet its near-term working capital requirements.
The filing also discusses various risks, including supply chain constraints, geopolitical tensions, and regulatory compliance challenges, which could impact the company's operations and financial performance.
Ubiquiti continues to focus on expanding its product offerings and enhancing its brand while managing the challenges associated with its growth and international operations.
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 February 7, 2025. To report an error, please email earnings@qz.com.