Ubiquiti(UI) - 2025 Q1 - Quarterly Results

Financial Performance - Revenues for Q1 Fiscal 2025 reached $550.3 million, an increase of 8.5% from the prior quarter and 18.8% year-over-year [5]. - GAAP diluted EPS for Q1 Fiscal 2025 was $2.12, reflecting a 46.2% increase compared to the same period last year [15]. - Gross profit for Q1 Fiscal 2025 was $231.6 million, with a gross margin of 42.1%, up from 40.2% in the prior quarter [7]. - Enterprise Technology revenues were $470.2 million, a 9.0% increase from the prior quarter and a 23.7% increase year-over-year [2]. - Non-GAAP net income for Q1 Fiscal 2025 was $129.3 million, representing a 45.4% increase from the prior year [15]. Expenses - Research and Development expenses decreased to $38.0 million from $44.1 million in the prior quarter, but increased from $36.3 million year-over-year [9]. - Sales, General and Administrative expenses rose to $24.4 million, up from $21.7 million in the prior quarter and $19.3 million year-over-year [11]. - Interest expense decreased to $10.6 million, down from $16.8 million in the prior quarter and $21.2 million year-over-year [13]. Dividends and Shareholder Returns - The Company declared a cash dividend of $0.60 per share, payable on November 25, 2024 [2]. Non-GAAP Financial Measures - The company emphasizes the importance of non-GAAP net income and non-GAAP earnings per diluted share as key indicators for evaluating financial performance and planning future periods [24]. - Non-GAAP net income excludes share-based compensation expense and the tax effect of non-GAAP adjustments, providing a clearer view of operational performance [26]. - Management believes that non-GAAP financial measures facilitate comparability of operating performance across different periods [25]. - The company provides non-GAAP financial information to help investors analyze operating results similarly to management's approach [25]. - Non-GAAP measures are not a substitute for GAAP measures and may differ significantly from those used by other companies [26]. - Limitations of non-GAAP financial measures include the exclusion of certain items that could materially impact reported financial results [26]. - A reconciliation of GAAP net income to non-GAAP net income is available for further details on adjustments made [27]. Company Operations - Ubiquiti operates in over 200 countries, focusing on democratizing network technology globally [16].