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Ubiquiti Networks Reports First Quarter Fiscal 2016 Financial Results

The following excerpt is from the company's SEC filing.

~ Achieves Strong Revenue and Earnings ~

~ Non-GAAP Diluted EPS of $0.51 Per Share ~

SAN JOSE, Calif.

) today announced results for the first fiscal quarter of 2016, ended September 30, 2015.

First Quarter Financial Summary

Revenues of $151.4 million

GAAP gross profit of $73.5 million and non-GAAP gross profit of $72.7 million

GAAP net income of $53.8 million and non-GAAP net income of $45.5 million

GAAP diluted EPS of $0.61 and non-GAAP diluted EPS of $0.51

$47.7 million in net cash prov ided by operating activities

Recent Financial Highlights

Enterprise Technology revenues increased 19% quarter-over-quarter

, fueled by UniFi

access points and other industry-leading products targeting the Enterprise market

Completed $100 million stock repurchase plan as of October 20, 2015,

repurchasing $63.3 million of common stock during the quarter ended September 30, 2015

Initiated a new stock repurchase program

, authorizing the Company to repurchase up to $50 million of its common stock as disclosed in the Form 8-K filed on November 5, 2015

Recent Product Highlights

Released the new UniFi AC,

four new access points and a redesigned UniFi Controller featuring advanced technology for enterprise, hospitality, and education markets. In conjunction with this release, we launched an Easy App for UniFi setup

Achieved backwards compatibility for airMAX

AC products through release of beta version of airOS

Obtained DFS certifications

for our remaining 802.11n and 802.11ac products, unlocking the full spectrum available to our U.S. WISP operators

Launched UniFi Cloud Key

, hybrid cloud device management that securely runs a local instance of the UniFi Controller software and features cloud Single Sign-On for remote access

Announced sunMAX

a solar solution designed to address the obstacles preventing solar deployment on a global scale

Introduced enhancements to our recently introduced airFiber

X with the airFiber NxN, a thoughtfully engineered MIMO multiplexer designed for the global last-mile wireless industry. With expected range exceeding 200km+ and increased throughput of up to 2Gbps+, airFiber NxN is a technological leap in true long-range, carrier-class, backhaul technology for the world

Financial Results Summary ($, in millions, except per share data)

Income statement highlights

Service Provider Technology

Enterprise Technology

Cost of Revenues

Gross Profit

Gross Profit (%)

Total Operating Expenses(1)

Income from Operations

GAAP Net Income

GAAP EPS (diluted)

Non-GAAP Net Income

Non-GAAP EPS (diluted)

Includes business e-mail compromise (

) fraud loss of $39.1 million in F4Q15 and recovery of $8.0 million in F1Q16.

Balance Sheet Highlights

Total cash and cash equivalents as of September 30, 2015 were $436.1 million, compared with $446.4 million as of June 30, 2015. The slight sequential decrease in cash and cash equivalents during the first quarter of fiscal 2016 is net of $63.3 million in share repurchases as part of our share repurchase program.

This quarter we saw days sales outstanding in accounts receivable ("DSO") of 39 days, compared with 41 days in the prior quarter, and 40 days in the first quarter of fiscal 2015.

Business Outlook

Based on recent business trends, Ubiquiti currently believes the demand environment in its end markets supports the following forecast for the Company's second fiscal quarter ending December 31, 2015. The following are Ubiquiti

s financial performance estimates for the second quarter of fiscal 2016:

Revenues of between $150 million and $160 million

GAAP diluted EPS of $0.48 - $0.55

Non-GAAP diluted EPS of $0.49 - $0.56

Conference Call Information

Ubiquiti Networks will host a Q&A-only call to discuss the Company

s financial results at 2:00 p.m. Pacific Time today. Management

s prepared remarks can be found on the Investor Relations section of the Ubiquiti Networks website,

http://ir.ubnt.com/results.cfm

To listen to the Q&A call via telephone, dial (877) 291-1296 (U.S. toll-free) or (720) 259-9209 (International) to be connected to the call by an operator. Participants should dial in at least 10 minutes prior to the start of the call. Investors may also listen to a live webcast of the Q&A conference call by visiting the Investor Relations section of the Ubiquiti Networks website at

A recording of the Q&A call will be available approximately two hours after the call concludes and will be accessible on the Investor Relations section of the Ubiquiti Networks website,

About Ubiquiti Networks

Ubiquiti Networks (Nasdaq:UBNT) is closing the digital divide by building network communication platforms for everyone and everywhere. With over 28 million devices sold worldwide, Ubiquiti is transforming under-networked enterprises and communities. Our leading edge platforms, airMAX

, UniFi

Video, mFi

and EdgeMAX

, combine innovative technology, disruptive price-to-performance and the support of a global user community to eliminate barriers to...


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