Ubiquiti (UI) Q2 FY2022 earnings: revenue $432 million, down 10.0% on the year

Ubiquiti Inc. (UI) reported revenue of $432 million for Q2 FY2022, the quarter ended 31 December 2021, down 10.0% on the same quarter a year earlier. Net income was $104 million, down 35.1% on the year, and diluted earnings per share $1.66. The figures are the company's own, from the 10-Q it filed with the SEC on 4 February 2022.

Revenue$432 milliondown 10.0%

Net income$104 milliondown 35.1%

Diluted EPS$1.66

QuarterQ2 FY2022ended 31 December 2021

The quarter, against the one before and a year earlier

Line	Q2 FY2022	Q1 FY2022	A year earlier	Change on the year
Revenue	432	459	n/a	n/a
Cost of revenue	257	249	n/a	n/a
Gross profit	175	209	n/a	n/a
Gross margin	40.5%	45.6%	n/a
Research and development	32.9	32.1	n/a	n/a
Selling, general and administrative	16.4	15.7	n/a	n/a
Operating income	125	162	n/a	n/a
Operating margin	29.1%	35.2%	n/a
Pre-tax income	123	158	n/a	n/a
Income tax	19.0	25.7	n/a	n/a
Effective tax rate	15.5%	16.3%	n/a
Net income	104	132	n/a	n/a
Net margin	24.0%	28.8%	n/a
Diluted EPS	$1.66	$2.11	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2022	Q1 FY2022	A year earlier	Change on the year
Operating cash flow	95.2	101	n/a	n/a
Capital expenditure	3.5	3.0	n/a	n/a
Free cash flow	91.7	98.0	n/a	n/a
Free cash flow margin	21.2%	21.3%	n/a
Cash from investing	-3.6	-3.0	n/a	n/a
Cash from financing	-145	-81.4	n/a	n/a
Depreciation and amortisation	3.3	3.2	n/a	n/a
Share-based compensation	0.8	0.8	n/a	n/a
Buybacks	132	36.8	n/a	n/a
Dividends paid	37.4	37.5	n/a	n/a
Dividend per share	$0.60	$0.60	n/a	n/a
Diluted shares, weighted	62m	63m	n/a	n/a
Shares outstanding at period end	62m	62m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2022	Q1 FY2022	A year earlier	Change on the year
Shareholders' equity	-4.2	58.0	n/a	n/a
Short-term borrowings	23.9	23.9	n/a	n/a
Debt	511	488	n/a	n/a
Operating lease liabilities	52.9	53.3	n/a	n/a
Other liabilities	307	376	n/a	n/a
Total liabilities and equity	891	999	n/a	n/a
Fixed assets	80.0	79.6	n/a	n/a
Intangible assets	8.0	8.3	n/a	n/a
Investments	3.3	2.4	n/a	n/a
Cash and equivalents	212	266	n/a	n/a
Receivables	125	174	n/a	n/a
Inventory	276	262	n/a	n/a
Other assets	186	207	n/a	n/a
Total assets	891	999	n/a	n/a

Questions

What was Ubiquiti's revenue in Q2 FY2022?

Ubiquiti (UI) reported revenue of $432 million for Q2 FY2022, the quarter ended 31 December 2021, down 10.0% on the same quarter a year earlier.

How much did Ubiquiti earn in Q2 FY2022?

Net income for Q2 FY2022 was $104 million, down 35.1% on the year, and diluted earnings per share $1.66.

When did Ubiquiti report Q2 FY2022 results?

Ubiquiti filed its 10-Q for the quarter ended 31 December 2021 with the SEC on 4 February 2022.

Quarterly results, the last 20 quarters

	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	459	432	358	443	498	494	458	491	463	465	493	507	550	600	664	759	734	815	788	937
Cost of revenue	249	257	242	274	327	296	269	288	279	287	319	303	319	353	368	416	396	441	417	508
Gross profit	209	175	116	170	171	198	188	203	184	178	174	204	232	247	296	343	337	374	371	429
Gross margin	46%	40%	32%	38%	34%	40%	41%	41%	40%	38%	35%	40%	42%	41%	45%	45%	46%	46%	47%	46%
R&D	32.1	32.9	35.3	37.5	32.7	33.8	38.2	40.5	36.3	36.9	42.5	44.1	38.0	40.0	44.3	47.5	48.5	50.8	51.8	53.0
SG&A	15.7	16.4	18.2	19.6	16.7	18.6	16.7	18.9	19.3	19.6	20.4	21.7	24.4	28.5	24.8	33.9	27.1	30.3	28.1	36.3
Operating income	162	125	62.6	113	122	145	134	144	128	121	111	138	169	179	227	261	262	293	291	340
Operating margin	35%	29%	17%	25%	24%	29%	29%	29%	28%	26%	23%	27%	31%	30%	34%	34%	36%	36%	37%	36%
Pre-tax income	158	123	59.4	105	111	134	117	124	107	103	92.4	122	159	167	221	258	259	291	290	343
Tax rate	16%	16%	15%	12%	16%	16%	16%	16%	18%	20%	17%	15%	19%	18%	19%	-3%	20%	20%	19%	17%
Net income	132	104	50.4	92.5	93.2	112	98.6	104	87.8	82.1	76.3	104	128	137	180	267	208	234	234	285
Net margin	29%	24%	14%	21%	19%	23%	22%	21%	19%	18%	15%	20%	23%	23%	27%	35%	28%	29%	30%	30%
Diluted EPS	$2.11	$1.66	$0.82	$1.54	$1.54	$1.86	$1.63	$1.72	$1.45	$1.36	$1.26	$1.72	$2.12	$2.26	$2.98	$4.41	$3.43	$3.86	$3.86	$4.70
Operating cash flow	101	95.2	104	70.0	42.0	-39.7	-162	14.4	67.7	78.6	164	231	234	152	124	130	198	264	168	299
Capital expenditure	3.0	3.5	4.6	2.4	8.7	4.8	2.2	5.3	3.0	3.9	3.2	1.9	2.6	2.0	2.8	5.2	5.2	3.6	5.6	5.4
Free cash flow	98.0	91.7	99.6	67.6	33.3	-44.5	-164	9.2	64.7	74.7	161	230	231	150	121	125	193	260	162	293
Buybacks	36.8	132	345	105	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	37.5	37.4	36.9	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	48.4	48.4	48.4	48.4
Shares outstanding	62m	62m	61m	60m	60m	60m	60m	60m	60m	60m	60m	60m	60m	60m	60m	60m	60m	60m	61m	61m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 December 2021, filed 4 February 2022: the filing.