Ubiquiti Inc
For the period ended Jun 30, 2024. Filed Aug 23, 2024.
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FY2024 · Filed Aug 23, 2024
UI$685.94+0.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(In thousands)
| Years Ended June 30, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash Flows from Operating Activities: | |||
| Net income | $349,960 | $407,641 | $378,657 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 19,251 | 16,292 | 13,689 |
| Amortization of debt issuance costs | 1,725 | 1,405 | 1,319 |
| Non-cash lease expense | 231 | 362 | 1,142 |
| Premium amortization and (discount accretion), net | — | — | 88 |
| Provision for excess and obsolete inventory | 23,905 | 13,391 | 2,413 |
| Provision for loss on vendor deposits | 20,019 | (3,913) | 8,907 |
| Share-based compensation | 6,358 | 4,734 | 3,516 |
| Deferred taxes | (11,967) | (16,857) | (1,842) |
| Change in unrealized loss on available-for-sale securities | 109 | 792 | — |
| Provision for sales returns | (574) | 553 | 1,004 |
| Other, net | 405 | 365 | (555) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (1,765) | (48,200) | 52,657 |
| Inventories | 250,665 | (487,922) | (29,565) |
| Vendor deposits | (18,253) | (39,457) | (79,034) |
| Prepaid expenses and other assets | (17,564) | (10,252) | 1,841 |
| Accounts payable | (103,086) | 69,730 | (28,686) |
| Income taxes payable | (17,115) | (14,041) | (10,288) |
| Deferred revenues | 6,595 | (1,321) | (3,593) |
| Accrued and other liabilities | 32,617 | (38,730) | 58,589 |
| Net cash provided by (used in) operating activities | 541,516 | (145,428) | 370,259 |
| Cash Flows from Investing Activities: | |||
| Purchase of property and equipment and other long-term assets | (11,975) | (20,934) | (13,468) |
| Purchase of investments | — | — | (1,479) |
| Proceeds from sale of investments | — | — | 2,457 |
| Proceeds from maturities of investments | — | — | 1,310 |
| Net cash used in investing activities | (11,975) | (20,934) | (11,180) |
| Cash Flows from Financing Activities: | |||
| Proceeds from borrowing under the credit facility - Term | — | 250,000 | — |
| Proceeds from borrowing under the credit facility- Revolver | — | 415,000 | 345,000 |
| Repayment against credit facility- Revolver | (215,000) | (345,000) | (25,000) |
| Repayment against credit facility- Term | (157,500) | (28,125) | (25,000) |
| Debt issuance costs | — | (1,205) | — |
| Repurchases of common stock | — | — | (618,131) |
| Payment of common stock cash dividends | (145,091) | (145,043) | (148,055) |
| Proceeds from exercise of stock options | — | 23 | 98 |
| Tax withholdings related to net share settlements of restricted stock units | (434) | (686) | (1,185) |
| Net cash (used in) provided by financing activities | (518,025) | 144,964 | (472,273) |
| Net increase (decrease) in cash and cash equivalents | 11,516 | (21,398) | (113,194) |
| Cash and cash equivalents at beginning of period | 114,826 | 136,224 | 249,418 |
| Cash and cash equivalents at end of period | $126,342 | $114,826 | $136,224 |
| Supplemental Disclosure of Cash Flow Information: | |||
| Income taxes paid, net of refunds | $108,572 | $109,685 | $78,180 |
| Interest paid | $75,094 | $53,870 | $11,561 |
| Non-Cash Investing and Financing Activities: | |||
| Right-of-use asset recognized | $4,393 | $7,201 | $34,516 |
| Unpaid property and equipment and other long-term assets | $1,300 | $1,274 | $511 |
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