Ubiquiti Inc
(NYSE:UI)

Ubiquiti Inc. develops networking technology for service providers, enterprises, and consumers. It develops technology platforms for high-capacity distributed Internet access, unified information technology, and consumer electronics for professional, home, and personal use. Its service provider prod...

Website: http://www.ui.com

Founded: 2003

Full Time Employees: 1,021

CEO: Robert J. Pera

Sector: Technology

Industry: Communication Equipment

Telecommunication

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At a glance:

Network Infrastructure Focus with Strong Prosumer/Enterprise Demand: Ubiquiti develops and sells networking equipment (e.g., UniFi, airMAX) serving small/medium businesses, enterprises, and advanced home users, with growth tied to Wi‑Fi upgrades, switching, and broader network modernization.
High Margin Profile Supported by a Direct/Lean Operating Model: The company has historically generated strong profitability with a relatively lean cost structure and a model that relies heavily on distributors and a large user community, which can help sustain margins compared to more service-heavy peers.
Revenue Can Be Volatile Due to Channel Dynamics and Supply Conditions: Results may fluctuate based on distributor ordering patterns, inventory normalization, and component availability, which can create periods of sharp demand swings independent of end-user consumption.
Concentration Risks and Governance Structure Are Key Watch Items: A significant portion of control and strategic direction has historically been concentrated with leadership, making governance, related-party considerations, and key-person risk important factors for investors to monitor.
Competitive Market Requires Continued Product Execution: Ubiquiti competes with large networking vendors and lower-cost entrants; maintaining share depends on rapid product cycles, software experience (UniFi), and reliable supply to meet demand.

Bull Thesis:

Strong Brand Loyalty and Ecosystem Stickiness: Ubiquiti has cultivated a highly loyal customer base, particularly among prosumers, small-to-medium businesses (SMBs), and Wireless Internet Service Providers (WISPs). The UniFi ecosystem, encompassing networking, security, access, and VoIP, creates significant switching costs and encourages customers to expand their deployments with more Ubiquiti products, fostering recurring revenue streams.
Expanding Product Portfolio and Total Addressable Market (TAM): The company consistently innovates and introduces new product lines beyond its core networking equipment, such as UniFi Protect (security cameras), UniFi Access (door entry), and UniFi Talk (VoIP). This expansion into adjacent markets broadens Ubiquiti's total addressable market and provides new avenues for revenue growth and deeper customer engagement.
Asset-Light Model and High Profitability: Ubiquiti operates with a lean, asset-light business model, characterized by minimal traditional marketing spend and a strong reliance on word-of-mouth and community engagement. This efficiency, combined with direct-to-customer sales channels, contributes to historically high gross margins and strong free cash flow generation, indicating robust underlying profitability.
Untapped Market Potential in Emerging Economies and WISPs: Ubiquiti's cost-effective and robust solutions are particularly well-suited for emerging markets and underserved regions globally, where traditional enterprise solutions are often too expensive. The company continues to see significant growth opportunities by empowering Wireless Internet Service Providers (WISPs) to deliver connectivity in these areas, leveraging its price-to-performance advantage.

Bear Thesis:

Inventory Management and Supply Chain Challenges: Recent financial reports have shown a significant build-up in inventory levels, which could indicate slowing demand, over-ordering, or persistent supply chain inefficiencies. High inventory ties up capital, increases carrying costs, and poses a risk of obsolescence or write-downs if products do not sell as anticipated, potentially impacting future profitability.
Increasing Competition and Market Saturation: Ubiquiti faces growing competition from both established networking giants (e.g., Cisco Meraki, Aruba) and other agile players (e.g., TP-Link Omada, Netgear) across its various product categories. As the market matures, increased competition could lead to pricing pressure, reduced market share, and slower growth rates, especially in its core segments.
Lack of Transparency and Limited Investor Relations: Ubiquiti is known for its highly insular culture and minimal communication with the investment community. The lack of regular earnings calls, detailed guidance, and proactive investor relations can create uncertainty, make it difficult for investors to assess the company's strategy and performance, and lead to higher stock volatility based on speculation rather than clear data.
Reliance on Niche Markets and Potential Growth Limitations: While Ubiquiti has a strong foothold in the prosumer, SMB, and WISP segments, these markets, while loyal, may have inherent growth limitations compared to the broader enterprise market. Expanding significantly into larger enterprise accounts could require substantial changes to their sales and support models, potentially impacting their lean cost structure and profitability.

Main Competitors:

TP-Link (Omada SDN (Wi-Fi access points, switches, routers), Deco (mesh Wi-Fi)), TP-Link's Omada SDN line directly competes with Ubiquiti's UniFi ecosystem, offering a similar cloud-managed, software-defined networking solution for SMBs and prosumers at a highly competitive price point, often undercutting Ubiquiti. They also compete in the consumer mesh Wi-Fi market with their Deco line.
Cambium Networks Corporation ($CMBM) (cnPilot (Wi-Fi), ePMP, PMP, cnWave (fixed wireless broadband)), Cambium Networks is a major competitor in the wireless internet service provider (WISP) and enterprise Wi-Fi markets. They offer robust, scalable, and often more carrier-grade fixed wireless broadband solutions (ePMP, PMP) that directly compete with Ubiquiti's airMAX and airFiber lines, particularly for larger or more demanding deployments.
Cisco Systems, Inc. (Meraki division) ($CSCO) (Meraki cloud-managed Wi-Fi access points, switches, security appliances, cameras), Cisco Meraki competes with Ubiquiti in the enterprise and SMB networking space, offering a comprehensive suite of cloud-managed networking hardware. While Meraki typically targets a higher price point and larger enterprises, its ease of deployment and centralized management appeal to a similar desire for simplified networking, often being considered by customers who might otherwise choose UniFi for budget reasons.
MikroTik (RouterBOARD (routers, switches, wireless devices), RouterOS), MikroTik competes with Ubiquiti across multiple segments, including wireless internet service providers (WISPs), routing, and switching. Known for its powerful and highly configurable RouterOS software and cost-effective hardware, MikroTik appeals to a technically proficient user base seeking advanced features and flexibility, often at a lower price point than Ubiquiti, though with a steeper learning curve.

Moat:

Ubiquiti's competitive moat is primarily built on its disruptive value proposition: delivering high-performance, feature-rich networking and smart home equipment at significantly lower price points than traditional enterprise vendors. This is enabled by its direct-to-customer sales model, lean operations, and a strong emphasis on intuitive, software-defined management across its UniFi and UISP ecosystems. The company fosters a loyal community of prosumers, integrators, and Wireless Internet Service Providers (WISPs) who appreciate its unified platform and continuous innovation. However, Ubiquiti faces intense competition across its segments. In enterprise networking, it competes with established giants like Cisco (Meraki) and HPE (Aruba) for larger deployments, which offer more extensive support and enterprise-grade features, albeit at a premium. Simultaneously, it faces increasing pressure from lower-cost rivals like TP-Link (Omada) that are directly mimicking Ubiquiti's software-defined, value-oriented strategy. In the WISP market, specialized vendors like Cambium Networks offer robust, carrier-grade fixed wireless solutions. Furthermore, companies like MikroTik appeal to a technically proficient user base seeking maximum configurability and value. Ubiquiti's challenge lies in maintaining its price advantage and innovation while fending off both premium and budget-focused competitors, and continuously expanding its ecosystem to retain customer loyalty.

Income Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30

revenues	814,867,000	733,773,000	759,152,000	664,170,000	599,879,000	550,344,000	507,461,000	492,997,000	464,954,000	463,078,000	491,085,000	457,773,000	493,571,000	498,083,000	443,145,000	358,068,000	431,565,000	458,914,000	477,888,000	467,237,000	479,436,000	473,533,000	315,522,000	337,417,000	308,284,000	323,277,000	286,641,000	284,911,000	307,276,000	282,905,000	269,778,000	250,404,000	250,811,000	245,868,000	228,616,000	218,359,000	213,536,000	204,757,000	185,676,000	167,433,000	161,871,000	151,415,000	145,267,000	147,456,000	153,137,000	150,087,000	156,007,000	148,331,000	138,439,000	129,687,000	101,232,000	83,155,000	74,901,000	61,535,000	94,868,000	91,665,000	87,817,000	79,167,000
yoy	35.84%	33.33%	49.60%	34.72%	29.02%	18.84%	3.33%	7.69%	-5.80%	-7.03%	10.82%	27.85%	14.37%	8.54%	-7.27%	-23.36%	-9.98%	-3.09%	51.46%	38.47%	55.52%	46.48%	10.08%	18.43%	0.33%	14.27%	6.25%	13.78%	22.51%	15.06%	18.00%	14.68%	17.46%	20.08%	23.13%	30.42%	31.92%	35.23%	27.82%	13.55%	5.70%	0.88%	-6.88%	-0.59%	10.62%	15.73%	54.11%	78.38%	84.83%	110.75%	6.71%	-9.28%	-14.71%	-22.27%
qoq	11.05%	-3.34%	14.30%	10.72%	9.00%	8.45%	2.93%	6.03%	0.41%	-5.70%	7.28%	-7.25%	-0.91%	12.40%	23.76%	-17.03%	-5.96%	-3.97%	2.28%	-2.54%	1.25%	50.08%	-6.49%	9.45%	-4.64%	12.78%	0.61%	-7.28%	8.61%	4.87%	7.74%	-0.16%	2.01%	7.55%	4.70%	2.26%	4.29%	10.28%	10.90%	3.44%	6.91%	4.23%	-1.48%	-3.71%	2.03%	-3.79%	5.17%	7.15%	6.75%	28.11%	21.74%	11.02%	21.72%	-35.14%	3.49%	4.38%	10.93%
cost of revenues	440,867,000	396,364,000	416,422,000	368,296,000	352,649,000	318,726,000	303,321,000	318,897,000	287,307,000	279,203,000	287,758,000	269,297,000	296,010,000	326,715,000	273,511,000	242,050,000	256,867,000	249,451,000	247,140,000	244,499,000	248,762,000	245,417,000	163,462,000	177,782,000	163,198,000	171,886,000	153,704,000	152,081,000	167,045,000	151,299,000	149,237,000	135,928,000	153,911,000	134,212,000	125,437,000	119,273,000	118,397,000	106,453,000	95,919,000	84,940,000	82,830,000	77,911,000	79,129,000	81,479,000	84,116,000	89,036,000	87,146,000	82,719,000	77,468,000	71,664,000	56,868,000	47,690,000	44,416,000	36,515,000	53,827,000	52,006,000	50,527,000	46,154,000
gross profit	374,000,000	337,409,000	342,730,000	295,874,000	247,230,000	231,618,000	204,140,000	174,100,000	177,647,000	183,875,000	203,327,000	188,476,000	197,561,000	171,368,000	169,634,000	116,018,000	174,698,000	209,463,000	230,748,000	222,738,000	230,674,000	228,116,000	152,060,000	159,635,000	145,086,000	151,391,000	132,937,000	132,830,000	140,231,000	131,606,000	120,541,000	114,476,000	96,900,000	111,656,000	103,179,000	99,086,000	95,139,000	98,304,000	89,757,000	82,493,000	79,041,000	73,504,000	66,138,000	65,977,000	69,021,000	61,051,000	68,861,000	65,612,000	60,971,000	58,023,000	44,364,000	35,465,000	30,485,000	25,020,000	41,041,000	39,659,000	37,290,000	33,013,000
yoy	51.28%	45.67%	67.89%	69.94%	39.17%	25.96%	0.40%	-7.63%	-10.08%	7.30%	19.86%	62.45%	13.09%	-18.19%	-26.49%	-47.91%	-24.27%	-8.18%	51.75%	39.53%	58.99%	50.68%	14.39%	20.18%	3.46%	15.03%	10.28%	16.03%	44.72%	17.87%	16.83%	15.53%	1.85%	13.58%	14.95%	20.11%	20.37%	33.74%	35.71%	25.03%	14.52%	20.40%	-3.95%	0.56%	13.20%	5.22%	55.22%	85.00%	100.00%	131.91%	8.10%	-10.58%	-18.25%	-24.21%
qoq	10.84%	-1.55%	15.84%	19.68%	6.74%	13.46%	17.25%	-2.00%	-3.39%	-9.57%	7.88%	-4.60%	15.28%	1.02%	46.21%	-33.59%	-16.60%	-9.22%	3.60%	-3.44%	1.12%	50.02%	-4.75%	10.03%	-4.16%	13.88%	0.08%	-5.28%	6.55%	9.18%	5.30%	18.14%	-13.22%	8.22%	4.13%	4.15%	-3.22%	9.52%	8.81%	4.37%	7.53%	11.14%	0.24%	-4.41%	13.05%	-11.34%	4.95%	7.61%	5.08%	30.79%	25.09%	16.34%	21.84%	-39.04%	3.48%	6.35%	12.96%
gross margin %	45.90%	45.98%	45.15%	44.55%	41.21%	42.09%	40.23%	35.31%	38.21%	39.71%	41.40%	41.17%	40.03%	34.41%	38.28%	32.40%	40.48%	45.64%	48.28%	47.67%	48.11%	48.17%	48.19%	47.31%	47.06%	46.83%	46.38%	46.62%	45.64%	46.52%	44.68%	45.72%	38.63%	45.41%	45.13%	45.38%	44.55%	48.01%	48.34%	49.27%	48.83%	48.54%	45.53%	44.74%	45.07%	40.68%	44.14%	44.23%	44.04%	44.74%	43.82%	42.65%	40.70%	40.66%	43.26%	43.27%	42.46%	41.70%
operating expenses:
research and development	50,845,000	48,543,000	47,455,000	44,262,000	39,958,000	37,997,000	44,076,000	42,498,000	36,911,000	36,283,000	40,539,000	38,210,000	33,765,000	32,659,000	37,508,000	35,261,000	32,870,000	32,051,000	30,963,000	30,483,000	28,912,000	25,813,000	23,440,000	21,672,000	24,041,000	20,252,000	22,530,000	21,341,000	19,977,000	18,222,000	19,508,000	17,420,000	20,468,000	16,928,000	21,614,000	16,603,000	16,338,000	14,539,000	14,955,000	13,820,000	15,429,000	13,561,000	14,672,000	15,236,000	12,936,000	11,721,000	10,155,000	9,413,000	8,077,000	6,317,000	5,515,000	5,677,000	5,052,000	4,711,000	5,028,000	4,619,000	3,683,000	3,369,000
sales, general and administrative	30,254,000	27,144,000	33,873,000	24,751,000	28,460,000	24,415,000	21,695,000	20,379,000	19,634,000	19,290,000	18,913,000	16,741,000	18,643,000	16,696,000	19,557,000	18,151,000	16,437,000	15,714,000	16,957,000	13,255,000	10,951,000	12,350,000	10,516,000	10,606,000	8,997,000	10,450,000	9,522,000	9,352,000	10,597,000	13,766,000	12,918,000	12,186,000	10,352,000	7,665,000	9,915,000	9,074,000	9,001,000	8,863,000	9,156,000	8,538,000	7,433,000	8,142,000	5,039,000	5,510,000	5,362,000	5,696,000	5,912,000	6,064,000	5,774,000	5,810,000	5,642,000	6,285,000	5,314,000	4,534,000	1,953,000	2,484,000	2,431,000	2,144,000
total operating expenses	81,099,000	75,687,000	81,328,000	69,013,000	68,418,000	62,412,000	65,771,000	62,877,000	56,545,000	55,573,000	59,452,000	54,951,000	52,408,000	49,355,000	57,065,000	53,412,000	49,307,000	47,765,000	47,920,000	43,738,000	39,863,000	38,163,000	33,956,000	32,278,000	33,038,000	30,702,000	32,052,000	30,693,000	48,574,000	31,988,000	32,426,000	29,606,000	30,820,000	24,593,000	31,529,000	25,677,000	25,339,000	23,402,000	24,111,000	22,355,000	22,605,000	13,669,000	58,848,000	20,746,000	18,298,000	17,417,000	16,067,000	15,477,000	13,851,000	12,127,000	11,157,000	11,962,000	10,366,000	9,245,000	6,981,000	7,103,000	6,114,000	5,513,000
income from operations	292,901,000	261,722,000	261,402,000	226,861,000	178,812,000	169,206,000	138,369,000	111,223,000	121,102,000	128,302,000	143,875,000	133,525,000	145,153,000	122,013,000	112,569,000	62,606,000	125,391,000	161,698,000	182,828,000	179,000,000	190,811,000	189,953,000	118,104,000	127,357,000	112,048,000	120,689,000	100,885,000	102,137,000	91,657,000	99,618,000	88,115,000	84,870,000	66,080,000	87,063,000	71,650,000	73,409,000	69,800,000	74,902,000	65,646,000	60,138,000	56,436,000	59,835,000	7,290,000	45,231,000	50,723,000	43,634,000	52,794,000	50,135,000	47,120,000	45,896,000	33,207,000	23,503,000	20,119,000	15,775,000	34,060,000	32,556,000	31,176,000	27,500,000
yoy	63.80%	54.68%	88.92%	103.97%	47.65%	31.88%	-3.83%	-16.70%	-16.57%	5.15%	27.81%	113.28%	15.76%	-24.54%	-38.43%	-65.02%	-34.29%	-14.87%	54.80%	40.55%	70.29%	57.39%	17.07%	24.69%	22.25%	21.15%	14.49%	20.35%	38.71%	14.42%	22.98%	15.61%	-5.33%	16.24%	9.15%	22.07%	23.68%	25.18%	800.49%	32.96%	11.26%	37.13%	-86.19%	-9.78%	7.65%	-4.93%	58.98%	113.31%	134.21%	190.94%	-2.50%	-27.81%	-35.47%	-42.64%
qoq	11.91%	0.12%	15.23%	26.87%	5.68%	22.29%	24.41%	-8.16%	-5.61%	-10.82%	7.75%	-8.01%	18.97%	8.39%	79.81%	-50.07%	-22.45%	-11.56%	2.14%	-6.19%	0.45%	60.84%	-7.27%	13.66%	-7.16%	19.63%	-1.23%	11.43%	-7.99%	13.05%	3.82%	28.44%	-24.10%	21.51%	-2.40%	5.17%	-6.81%	14.10%	9.16%	6.56%	-5.68%	720.78%	-83.88%	-10.83%	16.25%	-17.35%	5.30%	6.40%	2.67%	38.21%	41.29%	16.82%	27.54%	-53.68%	4.62%	4.43%	13.37%
operating margin %	35.94%	35.67%	34.43%	34.16%	29.81%	30.75%	27.27%	22.56%	26.05%	27.71%	29.30%	29.17%	29.41%	24.50%	25.40%	17.48%	29.05%	35.23%	38.26%	38.31%	39.80%	40.11%	37.43%	37.74%	36.35%	37.33%	35.20%	35.85%	29.83%	35.21%	32.66%	33.89%	26.35%	35.41%	31.34%	33.62%	32.69%	36.58%	35.36%	35.92%	34.86%	39.52%	5.02%	30.67%	33.12%	29.07%	33.84%	33.80%	34.04%	35.39%	32.80%	28.26%	26.86%	25.64%	35.90%	35.52%	35.50%	34.74%
interest expense and other	1,589,000	3,182,000	3,191,000	5,420,000	11,440,000	10,578,000	16,813,000	18,870,000	18,262,000	-21,224,000	-19,803,000	-16,497,000	-11,272,000	-10,651,000	-8,031,000	-3,252,000	-2,717,000	-3,815,000	-2,518,000	-4,890,000	-3,613,000	-3,917,000	-4,646,000	-6,618,000	-12,085,000	-4,653,000	-3,622,000	-3,447,000	-3,212,000	-2,527,000	-3,451,000	-4,681,000	-2,492,000	-1,361,000	-1,430,000	-1,038,000	-1,170,000	-1,099,000	-838,000	-510,000	-651,000	-116,000	-326,000	-763,000	17,000	-58,000	-556,000	-283,000	-249,000	-246,000	-142,500	-287,000	-197,000	-86,000
income before income taxes	291,312,000	258,540,000	258,211,000	221,441,000	167,372,000	158,628,000	121,556,000	92,353,000	102,840,000	107,078,000	124,072,000	117,028,000	133,881,000	111,362,000	104,538,000	59,354,000	122,674,000	157,883,000	180,310,000	174,110,000	187,198,000	186,036,000	113,458,000	120,739,000	99,963,000	116,036,000	97,263,000	98,690,000	88,445,000	97,091,000	84,664,000	80,189,000
provision for income taxes	57,702,000	50,664,000	-8,494,000	41,006,000	30,577,000	30,640,000	17,752,000	16,063,000	20,724,000	19,328,000	20,395,000	18,451,000	21,676,000	18,180,000	12,034,000	9,000,000	19,025,000	25,733,000	25,978,000	28,035,000	27,530,000	29,527,000											115,047,000	10,777,000	9,542,000	7,939,000	8,022,000	2,015,000	7,102,000	6,929,000	6,333,000	5,960,000	2,446,000	3,331,000	4,475,000	5,833,000	2,820,000	4,653,000	5,079,000	5,122,000	4,085,000	2,549,000	2,119,000	2,510,000	5,442,000	4,446,000	6,173,000	5,373,000
net income	233,610,000	207,876,000	266,705,000	180,435,000	136,795,000	127,988,000				87,750,000	103,677,000	98,577,000	112,205,000	93,182,000	92,504,000	50,354,000	103,649,000	132,150,000	154,332,000	146,075,000	159,668,000	156,509,000	92,618,000	103,722,000	85,811,000	98,146,000	70,895,000	88,300,000	77,796,000	85,703,000																					12,912,250	20,667,000	17,803,000	13,179,000	28,485,000	27,920,000	24,691,000	21,493,000
net income per share
basic	3.86	3.44	4.41	2.98	2.26	2.12	1.72	1.26	1.36	1.45	1.72	1.63	1.86	1.54	1.53	0.82	1.66	2.11	2.46	2.33	2.54	2.46	1.45	1.6	1.32	1.44	1.02	1.25	1.09	1.16	0.93	1.34	-0.66	0.93	0.76	0.79	0.74	0.88	0.7	0.63	0.58	0.62	0.05	0.47	0.52	0.43	0.57	0.51	0.48	0.46	0.33	0.24	0.2	0.14	0.36	0.3	0.16	-1.3
diluted	3.86	3.43	4.4	2.98	2.26	2.12	1.72	1.26	1.36	1.45	1.71	1.63	1.86	1.54	1.52	0.82	1.66	2.11	2.46	2.32	2.54	2.46	1.45	1.6	1.32	1.43	1.01	1.25	1.09	1.16	0.93	1.32	-0.66	0.92	0.74	0.77	0.72	0.86	0.69	0.62	0.57	0.61	0.05	0.46	0.52	0.42	0.55	0.5	0.47	0.45	0.32	0.23	0.2	0.14	0.36	0.3	0.16	-1.3
weighted-average shares used for eps calculation
basic	60,500	60,499	60,480	60,490	60,470	60,469	60,454	60,461	60,448	60,447	60,435	60,441	60,429	60,427	61,689	61,411	62,323	62,519	62,991	62,810	62,823	63,612	65,427	64,630	64,973	68,390	71,435	70,540	71,225	73,774	77,179	76,782	77,654	80,135	81,478	81,652	82,169	81,812	84,402	83,349	84,724	87,062	88,008	87,904	88,196	88,240	87,772	87,901	87,661	87,411	88,314	87,004	88,094	90,970	83,460	91,861	87,487	62,717
diluted	60,566	60,559	60,534	60,545	60,527	60,494	60,458	60,463	60,451	60,451	60,451	60,455	60,448	60,446	61,723	61,435	62,361	62,561	63,052	62,865	62,889	63,673	65,514	64,699	65,071	68,484	71,602	70,692	71,406	73,963	78,331	77,953	77,654	81,748	83,252	83,317	83,888	83,854	85,784	84,685	86,091	88,465	89,569	89,400	89,737	89,913	89,715	89,775	89,653	89,473	90,259	88,953	90,056	92,925	83,460	94,177	90,056	62,717
net income and comprehensive income							61,539,000	76,290,000	82,116,000																						70,086,000	102,739,000	-51,459,000	74,925,000	60,678,000	64,432,000	60,608,000	71,788,000	57,706,000	52,699,000	49,452,000	53,759,000	4,518,000	41,137,000	46,265,000	37,743,000	49,418,000	45,199,000	41,792,000	40,528,000
yoy																															15.50%	59.45%	-184.90%	4.37%	5.15%	22.26%	22.56%	33.54%	1177.25%	28.11%	6.89%	42.43%	-90.86%	-8.99%	10.70%	-6.87%
qoq							-19.34%	-7.09%																							-31.78%	-299.65%	-168.68%	23.48%	-5.83%	6.31%	-15.57%	24.40%	9.50%	6.57%	-8.01%	1089.88%	-89.02%	-11.08%	22.58%	-23.62%	9.33%	8.15%	3.12%
net income margin %	0%	0%	0%	0%	0%	0%	12.13%	15.47%	17.66%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	25.98%	41.03%	-20.52%	30.47%	26.54%	29.51%	28.38%	35.06%	31.08%	31.47%	30.55%	35.50%	3.11%	27.90%	30.21%	25.15%	31.68%	30.47%	30.19%	31.25%	0%	0%	0%	0%	0%	0%	0%	0%
other comprehensive income:
unrealized losses on available-for-sale securities														-49				-1	-1.5	-1	-4
other comprehensive loss														-49	-108.25	-439	7	-1	-1.5	-1	-4
comprehensive income										87,750	103,677	98,577	112,205	93,133	92,462	49,915	103,656	132,149	154,330	146,074	159,664	156,508	92,649	103,632	85,639	97,993	71,111	88,625	77,794	85,557
unrealized gain (losses) on available-for-sale securities															-108.25	-439	7
unrealized (losses) on available-for-sale securities																						-1			-172	-153
other comprehensive																						-1			-172	-153
litigation settlement																													18,000,000
provisions for income taxes																							12,264,750	17,017,000	14,152,000	17,890,000			10,649,000	11,388,000
unrealized gains on available-for-sale securities																							31	-90			216	325
other comprehensive gains																							-103.75	-90
income tax expense																											8,106,750	10,390,000			25,818,500	-22,550,000
other comprehensive income																											216	325	-2	-146
unrealized (loss) on available-for-sale securities																													-2	-146
income before provision for income taxes																																	63,588,000	85,702,000	70,220,000	72,371,000	68,630,000	73,803,000	64,808,000	59,628,000	55,785,000	59,719,000	6,964,000	44,468,000	50,740,000	43,576,000	52,238,000	49,852,000	46,871,000	45,650,000	32,926,000	23,216,000	19,922,000	15,689,000	33,927,000	32,366,000	30,864,000	26,866,000
business e-mail compromise																																							-2,073,500	-3,000	-257,000	-8,034,000
cash dividends declared per common share																																																					0.18
preferred stock cumulative dividend and accretion of cost of preferred stock																																																									-9,704,000
net income attributable to common stockholders																																																			12,912,250	20,667,000
less allocation of net income to participating preferred stockholders																																																									-559,000
net income attributable to common stockholders—basic																																																					17,803,000		28,485,000	27,920,000	14,428,000	-81,234,000
undistributed earnings re-allocated to common stockholders																																																									15,000
net income attributable to common stockholders—diluted																																																					17,803,000	13,179,000	28,485,000	27,920,000	14,443,000	-81,234,000
includes stock-based compensation as follows
interest income and other																																																							-133,000	-190,000	-312,000	-634,000
preferred stock cumulative dividend																																																										-791,000
accretion of cost of preferred stock																																																										-101,936,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30

assets
current assets:
cash and cash equivalents	302,819,000	177,195,000	149,727,000	150,967,000	133,088,000	165,175,000	126,342,000	102,487,000	97,601,000	108,527,000	114,826,000	152,520,000	159,505,000	136,519,000	136,224,000	144,312,000	212,179,000	265,930,000	249,418,000	262,791,000	189,114,000	128,427,000	142,617,000	77,781,000	100,004,000	119,741,000	238,147,000	310,264,000	293,334,000	480,812,000	666,681,000	690,806,000	823,776,000	631,810,000	604,198,000	533,944,000	612,725,000	573,644,000	551,031,000	502,549,000	496,672,000	436,080,000	446,401,000	451,159,000	388,603,000	391,016,000	347,097,000	291,670,000	305,553,000	279,729,000	227,826,000	181,689,000	148,301,000	132,486,000	122,060,000	94,200,000	64,844,000	52,576,000
accounts receivable	214,376,000	245,336,000	244,616,000	222,223,000	167,883,000	174,501,000	169,147,000	187,564,000	171,417,000	168,660,000	167,787,000	146,359,000	151,945,000	147,567,000	119,627,000	87,481,000	125,459,000	173,927,000	172,289,000	187,315,000	163,696,000	196,022,000	142,160,000	173,882,000	147,081,000	174,256,000	156,043,000	159,867,000	174,327,000	165,294,000	174,521,000	158,439,000	159,153,000	128,589,000	140,561,000	125,341,000	115,816,000	95,728,000	82,790,000	75,245,000	64,568,000	63,585,000	66,104,000	69,908,000	72,569,000	65,875,000	54,871,000	49,530,000	36,809,000	35,798,000	35,884,000	38,417,000	55,902,000	60,877,000	75,644,000	68,528,000	61,417,000	48,081,000
inventories	674,698,000	680,713,000	675,098,000	590,477,000	537,344,000	446,179,000	462,032,000	533,529,000	683,593,000	706,508,000	737,121,000	743,397,000	644,133,000	354,662,000	262,441,000	241,130,000	276,006,000	261,590,000	233,767,000	224,930,000	233,079,000	256,038,000	285,943,000	205,244,000	248,585,000	244,112,000	264,281,000	279,924,000	255,778,000	139,926,000	102,220,000	92,772,000	98,893,000	122,263,000	142,048,000	132,512,000	104,417,000	79,841,000	57,113,000	42,776,000	33,105,000	30,694,000	37,031,000	41,717,000	37,509,000	38,747,000	46,349,000	66,004,000	32,323,000	16,375,000	15,880,000	19,381,000	14,623,000	7,632,000	7,734,000	9,111,000	8,980,000	8,374,000
vendor deposits	36,132,000	42,041,000	48,209,000	63,659,000	73,707,000	97,424,000	123,461,000	150,161,000	134,496,000	147,991,000	125,227,000	89,321,000	67,995,000	58,369,000	89,661,000	49,397,000	36,631,000	38,682,000	20,013,000	7,808,000	6,719,000	4,935,000	5,934,000	8,021,000	6,691,000	7,820,000	11,608,000	23,721,000	24,753,000	33,045,000	39,029,000	48,140,000	54,523,000	69,542,000	54,082,000	49,779,000	37,068,000	30,088,000	30,255,000	13,459,000	15,620,000	19,052,000
prepaid expenses and other current assets	64,858,000	55,029,000	55,572,000	54,971,000	49,639,000	43,218,000	35,031,000	27,063,000	18,565,000	21,959,000	21,974,000	20,674,000	20,919,000	14,067,000	13,193,000	11,983,000	14,603,000	35,377,000	17,298,000	14,099,000	17,065,000	15,483,000	9,034,000	10,917,000	11,115,000	22,411,000	13,843,000	22,513,000	14,236,000	16,403,000	18,901,000	16,585,000	11,295,000	8,039,000	9,026,000	10,233,000	11,188,000	5,987,000	7,153,000	5,848,000	8,440,000	13,641,000	27,709,000	30,216,000	32,517,000	21,744,000	13,267,000	11,578,000	4,425,000	2,273,000	3,151,000	3,269,000	2,771,000	2,428,000	1,577,000	1,784,000	5,359,000	5,256,000
total current assets	1,292,883,000	1,200,314,000	1,173,222,000	1,082,297,000	961,661,000	926,497,000	916,013,000	1,000,812,000	1,105,733,000	1,153,686,000	1,167,044,000	1,152,392,000	1,044,659,000	711,562,000	621,573,000	543,272,000	672,360,000	780,334,000	694,156,000	697,988,000	610,230,000	601,951,000	586,647,000	482,796,000	529,364,000	600,782,000	753,811,000	861,147,000	865,917,000	931,746,000	1,001,352,000	1,019,493,000	1,147,640,000	962,658,000	952,334,000	862,711,000	886,592,000	785,602,000	728,641,000	641,428,000	619,940,000	564,587,000	581,346,000	601,191,000	536,594,000	518,266,000	465,724,000	424,737,000	382,642,000	334,908,000	283,474,000	243,638,000	222,479,000	204,305,000	207,897,000	174,545,000	141,521,000	115,194,000
property and equipment	73,900,000	73,212,000	73,495,000	71,307,000	75,217,000	77,080,000	81,126,000	82,205,000	84,486,000	85,000,000	86,845,000	85,122,000	86,351,000	85,170,000	80,232,000	80,895,000	80,044,000	79,608,000	79,061,000	79,889,000	79,114,000	78,481,000	78,522,000	79,048,000	15,237,000	14,667,000	13,618,000	13,412,000	13,243,000	13,471,000	14,328,000	14,791,000	15,657,000	13,946,000	12,916,000	13,345,000	12,622,000	12,520,000	12,953,000	13,127,000	13,359,000	15,755,000	15,602,000	14,759,000	13,759,000	9,995,000	7,260,000	7,174,000	6,793,000	5,834,000	5,976,000	6,178,000	5,664,000	5,042,000	4,471,000	2,245,000	1,905,000	1,106,000
operating lease right-of-use assets	65,498,000	41,540,000	44,655,000	41,290,000	42,727,000	45,245,000	47,768,000	48,396,000	50,953,000	55,131,000	57,485,000	59,562,000	58,951,000	61,626,000	64,231,000	60,476,000	62,196,000	61,657,000	40,011,000	38,702,000	38,772,000	24,827,000	24,444,000	23,459,000	24,418,000	22,593,000
deferred tax assets	107,930,000	107,952,000	107,968,000	35,876,000	35,985,000		35,934,000	23,021,000	23,459,000	23,585,000	23,701,000	6,483,000	6,487,000	6,483,000	6,618,000
other long-term assets	67,974,000	67,259,000	67,111,000	67,498,000	68,128,000	73,261,000	73,571,000	69,350,000	70,282,000	70,733,000	71,324,000	71,638,000	72,211,000	72,398,000	72,058,000	69,779,000	70,609,000	71,018,000	71,946,000	72,196,000	49,303,000	42,923,000	43,223,000	27,419,000	84,748,000	89,992,000		12,216,000	11,750,000	6,729,000		3,703,000	2,151,000	2,006,000		1,937,000	2,029,000	1,656,000		2,261,000	1,918,000	2,020,000
total assets	1,608,185,000	1,490,277,000	1,466,451,000	1,298,268,000	1,183,718,000	1,157,918,000	1,154,412,000	1,223,784,000	1,334,913,000	1,388,135,000	1,406,399,000	1,375,197,000	1,268,659,000	937,239,000	844,712,000	759,689,000	890,848,000	998,656,000	890,985,000	893,008,000	781,152,000	751,864,000	737,451,000	620,619,000	667,092,000	750,568,000	875,865,000	930,549,000	936,312,000	1,003,497,000	1,022,577,000	1,040,820,000	1,168,328,000	983,743,000	972,711,000	882,031,000	905,438,000	803,973,000	748,051,000	658,354,000	636,755,000	583,900,000	600,572,000	619,285,000	553,373,000	531,320,000	476,151,000	434,573,000	392,544,000	343,447,000	292,340,000	251,823,000	230,179,000	211,156,000	213,736,000	177,515,000	144,160,000	119,305,000
liabilities and stockholders’ equity
current liabilities:
accounts payable	249,820,000	243,394,000	164,793,000	129,621,000	122,001,000	52,603,000	51,095,000	65,305,000	92,297,000	124,222,000	154,157,000	159,075,000	244,695,000	93,987,000	83,663,000	102,288,000	106,678,000	124,643,000	112,071,000	63,783,000	86,672,000	68,968,000	155,547,000	61,017,000	70,934,000	64,238,000	38,722,000	91,437,000	136,454,000	43,071,000	14,098,000	71,743,000	11,947,000	26,319,000	49,008,000	53,411,000	77,571,000	42,540,000	51,510,000	29,696,000	42,600,000	23,129,000	43,856,000	48,662,000	54,941,000	39,085,000	33,933,000	46,375,000	49,688,000	44,311,000	36,187,000	31,257,000	27,747,000	25,465,000	26,450,000	24,533,000	15,455,000	18,703,000
income taxes payable		48,576,000	40,733,000	23,739,000	32,019,000	56,337,000	23,475,000	9,197,000	9,765,000	39,941,000	19,309,000	1,705,000	7,047,000	35,133,000	14,061,000				14,496,000			42,406,000	30,961,000	8,369,000	10,421,000	25,837,000	25,556,000	14,751,000	6,524,000	23,982,000	5,780,000	128,000	12,588,000	7,008,000	1,707,000	1,268,000	1,576,000	2,038,000	1,488,000	1,746,000	1,739,000	2,065,000	1,108,000	787,000	972,000	3,411,000	2,499,000			1,263,000	1,257,000	4,601,000	5,353,000	3,284,000	946,000	3,588,000	230,000	7,335,000
debt — short-term	47,356,000	133,456,000	249,557,000	339,410,000	24,410,000	24,410,000	36,508,000	36,508,000	36,508,000	36,508,000	36,508,000	24,410,000	24,410,000	24,410,000	23,865,000	23,865,000	23,865,000	23,865,000	23,865,000	23,865,000	24,067,000	24,067,000	24,067,000	24,067,000	24,067,000	24,067,000	30,675,000	27,550,000	24,425,000	24,425,000
other current liabilities	178,347,000	147,676,000	255,772,000	285,752,000	253,864,000	230,744,000	173,713,000	142,518,000	149,217,000	137,444,000	141,845,000	177,190,000	238,449,000	207,964,000	189,361,000	106,818,000	114,696,000	134,415,000	125,980,000	156,526,000	111,697,000	131,609,000	53,722,000	84,296,000	99,264,000	113,115,000	84,233,000	37,331,000	64,694,000	60,682,000	68,613,000	56,180,000	65,600,000	58,857,000	33,030,000	29,681,000	26,638,000	20,300,000	26,672,000	15,873,000	16,217,000	28,101,000	15,170,000	14,930,000	10,717,000	18,614,000	9,830,000	9,746,000	12,953,000	12,850,000	11,150,000	10,976,000	14,931,000	10,031,000	17,031,000	9,140,000	14,027,000	11,222,000
total current liabilities	475,523,000	573,102,000	710,855,000	778,522,000	432,294,000	364,094,000	284,791,000	253,528,000	287,787,000	338,115,000	351,819,000	362,380,000	514,601,000	361,494,000	310,950,000	241,344,000	253,627,000	322,933,000	276,412,000	257,641,000	235,563,000	267,050,000	264,297,000	177,749,000	204,686,000	227,257,000	179,186,000	171,069,000	232,097,000	152,160,000	112,916,000	152,476,000	104,878,000	106,927,000	98,488,000	99,103,000	119,278,000	77,121,000	90,920,000	57,315,000	70,556,000	63,295,000	70,134,000	74,379,000	70,290,000	82,031,000	52,315,000	67,863,000	73,111,000	67,810,000	59,421,000	56,696,000	55,247,000	44,970,000	52,435,000	47,770,000	41,069,000	49,538,000
income taxes payable — long-term	26,535,000	26,032,000	25,529,000	29,987,000	28,355,000	26,949,000	53,599,000	56,527,000	55,091,000	53,658,000	74,880,000	77,783,000	76,830,000	77,547,000		97,482,000	96,800,000	95,911,000		106,600,000	105,532,000	107,039,000		116,036,000	114,990,000	116,749,000		123,034,000	122,344,000	119,122,000
operating lease liabilities — long-term	57,708,000	33,689,000	35,458,000	31,497,000	32,721,000	35,173,000	37,176,000	37,494,000	39,657,000	44,012,000	46,052,000				54,025,000				32,258,000				18,533,000
other long-term liabilities	32,862,000	29,010,000	26,015,000	22,149,000	18,799,000	15,866,000	13,416,000	11,131,000	9,742,000	7,931,000	7,774,000	7,112,000	6,186,000	6,002,000	5,822,000	5,988,000	6,850,000	7,637,000	8,564,000	9,363,000	8,756,000	7,696,000	6,312,000	6,143,000	5,993,000	7,978,000	8,440,000	9,420,000	8,381,000	7,323,000	5,842,000	4,087,000	4,162,000
total liabilities	592,628,000	661,833,000	798,191,000	862,155,000	893,273,000	969,779,000	1,059,352,000	1,197,911,000	1,350,635,000	1,451,199,000	1,522,132,000	1,559,672,000	1,516,609,000	1,262,711,000	1,227,588,000	1,094,686,000	895,035,000	940,684,000	888,286,000	953,217,000	962,952,000	1,013,726,000	1,032,909,000	976,605,000	959,197,000	989,995,000	776,588,000	742,449,000	810,976,000	732,858,000	706,829,000	754,911,000	692,298,000	422,532,000	370,947,000	338,993,000	330,832,000	290,992,000	307,675,000	226,901,000	209,188,000	170,167,000	178,418,000	183,908,000	161,019,000	171,503,000	140,887,000	150,684,000	157,514,000	152,583,000	144,904,000	136,781,000	136,575,000	97,540,000	82,785,000	74,128,000	69,079,000	113,343,000
commitments and contingencies
stockholders’ equity:
preferred stock—0.001 par value...
common stock—0.001 par value...																																																							92,000
60,499,834 and 60,492,105 issued and outstanding as of december 31, 2025 and june 30, 2025, respectively	61,000
additional paid–in capital	19,685,000	17,781,000	17,075,000	15,338,000	13,811,000	12,018,000	10,645,000	8,985,000	7,403,000	5,908,000	4,721,000	3,391,000	2,228,000	1,177,000	650,000		87,000			696,000	55,000		447,000		465,000			769,000			393,000		771,000		525,000		1,834,000	817,000						11,996,000	148,974,000	147,682,000	145,872,000	143,915,000	140,255,000	137,881,000	134,982,000	131,429,000	130,658,000	129,725,000	128,981,000	129,902,000	129,516,000	-65,160,000
retained earnings	995,811,000	810,602,000	651,124,000	420,714,000	276,574,000	176,061,000	84,355,000	16,828,000							-383,112,000				2,635,000	-60,971,000	-181,922,000	-261,933,000					98,815,000	187,083,000	125,413,000	270,712,000	315,281,000	285,834,000	475,181,000	561,133,000	601,159,000	542,958,000	572,690,000	512,082,000	440,294,000	431,370,000	427,482,000	413,651,000	422,067,000	423,293,000	382,156,000	335,911,000	313,168,000	263,750,000	218,551,000	176,759,000	136,231,000	107,390,000	86,723,000	84,572,000	71,393,000	42,908,000	14,988,000
total stockholders’ equity	1,015,557,000	828,444,000	668,260,000	436,113,000	290,445,000	188,139,000	95,060,000	25,873,000							-382,876,000	-334,997,000	-4,187,000	57,972,000	2,699,000					-355,986,000	-292,105,000	-239,427,000	99,277,000	188,100,000	125,336,000	270,639,000	315,748,000	285,909,000	476,030,000	561,211,000	601,764,000	543,038,000	574,606,000	512,981,000	440,376,000	431,453,000	427,567,000	413,733,000	422,154,000	435,377,000	392,354,000	359,817,000	335,264,000	283,889,000	235,030,000	190,864,000	147,436,000	115,042,000	93,604,000	113,616,000	130,951,000	103,387,000	75,081,000
total liabilities and stockholders’ equity	1,608,185,000	1,490,277,000	1,466,451,000	1,298,268,000	1,183,718,000	1,157,918,000	1,154,412,000	1,223,784,000							844,712,000	759,689,000	890,848,000	998,656,000	890,985,000				737,451,000	620,619,000	667,092,000	750,568,000	875,865,000	930,549,000	936,312,000	1,003,497,000	1,022,577,000	1,040,820,000	1,168,328,000	983,743,000	972,711,000	882,031,000	905,438,000	803,973,000	748,051,000	658,354,000	636,755,000	583,900,000	600,572,000	619,285,000	553,373,000	531,320,000	476,151,000	434,573,000	392,544,000	343,447,000	292,340,000	251,823,000	230,179,000	211,156,000
60,499,555 and 60,492,105 issued and outstanding as of september 30, 2025 and june 30, 2025, respectively		61,000
debt — long-term					381,104,000	527,205,000	669,878,000	839,005,000	958,132,000	1,007,257,000	1,041,381,000	1,063,814,000	869,918,000	766,019,000	762,622,000	698,725,000	484,829,000	460,929,000	467,030,000	548,133,000	581,422,000	612,429,000	628,437,000	659,447,000	615,457,000	621,464,000	464,700,000	438,926,000	448,154,000	454,253,000
deferred tax liability			334,000
60,492,105 and 60,462,539 issued and outstanding at june 30, 2025 and 2024, respectively			61,000
deferred tax liability — long-term						492,000	492,000	226,000	226,000	226,000	226,000
60,490,469 and 60,462,539 issued and outstanding as of march 31, 2025 and june 30, 2024, respectively				61,000
60,470,517 and 60,462,539 issued and outstanding as of december 31, 2024 and june 30, 2024, respectively					60,000
deferred tax assets— long-term						35,835,000
60,470,208 and 60,462,539 issued and outstanding as of september 30, 2024 and june 30, 2024, respectively						60,000
investments — short-term								8,000	61,000	41,000	109,000	121,000	162,000	378,000	427,000	2,251,000	2,186,000	1,074,000	1,320,000	1,013,000	508,000	1,013,000	925,000	6,932,000	15,886,000	32,405,000	69,866,000	61,325,000	103,489,000	96,266,000
stockholders’ equity
60,462,539 and 60,441,896 issued and outstanding at june 30, 2024 and 2023, respectively							60,000
60,461,405 and 60,441,896 issued and outstanding as of march 31, 2024 and june 30, 2023, respectively								60,000
liabilities and stockholders’ deficit
stockholders’ deficit:
60,448,287 and 60,441,896 issued and outstanding as of december 31, 2023 and june 30, 2023, respectively									60,000
accumulated deficit									-23,185,000	-69,032,000	-120,514,000
total stockholders’									-15,722,000	-63,064,000	-115,733,000	-184,475,000	-247,950,000	-325,472,000
total liabilities and stockholders’ deficit									1,334,913,000	1,388,135,000	1,406,399,000	1,375,197,000	1,268,659,000	937,239,000						893,008,000	781,152,000	751,864,000
60,447,556 and 60,441,896 issued and outstanding as of september 30, 2023 and june 30, 2023, respectively										60,000
60,441,896 and 60,420,525 issued and outstanding at june 30, 2023 and 2022, respectively											60,000
accumulated other comprehensive														-523,000
operating lease liabilities —long-term												48,583,000	49,074,000	51,649,000		51,147,000	52,929,000	53,274,000		31,480,000	31,679,000	19,512,000		17,230,000	18,071,000	16,547,000
60,441,733 and 60,420,525 issued and outstanding as of march 31, 2023 and june 30, 2022, respectively												60,000
retained												-187,926,000	-250,238,000	-326,186,000
60,430,958 and 60,420,525 outstanding as of december 31, 2022 and june 30, 2022, respectively													60,000
60,428,811 and 60,420,525 outstanding as of september 30, 2022 and june 30, 2022, respectively														60,000
investments — long-term																600,000	1,091,000	1,287,000	1,035,000	726,000			513,000	5,113,000	10,332,000	19,548,000	31,585,000	40,668,000	42,296,000	48,445,000
income tax payable — long-term															94,169,000				104,022,000				115,330,000				124,262,000
60,420,525 and 62,582,858 outstanding at june 30, 2022 and 2021, respectively															60,000
accumulated other comprehensive income															-474,000	-432,000	7,000		1,000	3,000	4,000	8,000	9,000	-22,000	68,000	240,000	393,000	177,000	-148,000	-146,000
prepaid income taxes																6,718,000	5,296,000	3,754,000	51,000	32,000	49,000	33,000	34,000	19,000	2,000	37,000	23,000	3,533,000				12,751,000		2,415,000	2,419,000	10,902,000	5,378,000	314,000	299,000				2,566,000	7,394,000	4,512,000		3,256,000	5,052,000	2,799,000
deferred tax assets — long-term																4,667,000	4,548,000	4,752,000	4,776,000	3,507,000	3,733,000	3,682,000	4,102,000	2,784,000	2,993,000	2,986,000	2,910,000	3,106,000	3,106,000	3,106,000
taxes payable																8,373,000	8,388,000	40,010,000		13,467,000	13,127,000
60,781,979 and 62,582,858 outstanding as of march 31, 2022 and june 30, 2021, respectively																61,000
retained earnings equity																-334,626,000	-4,343,000	57,910,000
62,037,616 and 62,582,858 outstanding as of december 31, 2021 and june 30, 2021, respectively																	62,000
62,461,356 and 62,582,858 outstanding as of september 30, 2021 and june 30, 2021, respectively																		62,000
62,582,858 and 63,687,891 outstanding at june 30, 2021 and june 30, 2020, respectively																			63,000
62,814,126 and 63,687,891 outstanding as of march 31, 2021 and june 30, 2020, respectively																				63,000
total stockholders’ deficit																				-60,209,000	-181,800,000	-261,862,000																																				-134,612,000
62,798,242 and 63,687,891 outstanding as of december 31, 2020 and june 30, 2020, respectively																					63,000
63,096,850 and 63,687,891 outstanding as of september 30, 2020 and june 30, 2020, respectively																						63,000
63,687,891 and 69,472,568 outstanding at june 30, 2020 and june 30, 2019, respectively																							64,000
retained (deficit) earnings																							-295,978,000	-356,028,000	-292,703,000	-239,733,000
total stockholders’ (deficit) equity																							-295,458,000
63,783,333 and 69,472,568 outstanding as of march 31, 2020 and june 30, 2019, respectively																								64,000
64,877,087 and 69,472,568 outstanding as of december 31, 2019 and june 30, 2019, respectively																									65,000
65,847,455 and 69,472,568 outstanding as of september 30, 2019 and june 30, 2019, respectively																										66,000
other long term assets																											73,941,000
69,472,568 and 74,072,521 outstanding at june 30, 2019 and june 30, 2018, respectively																											69,000
70,575,978 and 74,072,521 outstanding as of march 31, 2019 and june 30, 2018, respectively																												71,000
70,599,038 and 74,072,521 outstanding as of december 31, 2018 and june 30, 2018, respectively																													71,000
72,857,887 and 74,072,521 outstanding as of september 30, 2018 and june 30, 2018, respectively																														73,000
long-term deferred tax assets																															3,106,000	2,833,000	2,880,000	5,133,000	5,133,000	4,038,000	4,195,000	4,195,000	4,195,000				1,515,000				1,255,000
other long–term assets																															3,791,000				2,328,000				2,262,000				2,109,000	2,235,000	1,765,000	1,804,000	1,912,000	2,662,000	3,105,000	2,701,000	2,886,000	1,775,000	1,804,000	1,577,000	1,136,000	401,000	410,000	2,681,000
debt - short-term																															24,425,000	24,425,000	14,743,000	14,743,000	14,743,000	14,743,000	13,493,000	12,243,000	11,250,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000				6,269,000	5,642,000	5,015,000	5,013,000	5,011,000	5,009,000	5,008,000		6,966,000	6,964,000	6,976,000
long-term taxes payable																															127,719,000	131,895,000	130,308,000	29,783,000	28,023,000	26,846,000	25,289,000	24,494,000	23,202,000	22,433,000	22,129,000	20,867,000	19,810,000	18,532,000	17,467,000	16,226,000	15,346,000	14,012,000	13,380,000	12,385,000	11,857,000	7,727,000	7,727,000	7,727,000	7,727,000
debt - long-term																															460,352,000	466,453,000	452,950,000	283,135,000	241,821,000	210,507,000	184,194,000	187,879,000	192,250,000	146,000,000	115,500,000	85,000,000	87,500,000	90,000,000	72,254,000	72,254,000	72,254,000	66,139,000	68,006,000	69,874,000	71,116,000	72,358,000	73,601,000	44,843,000		24,365,000		61,903,000
74,072,521 and 80,275,965 outstanding at june 30, 2018 and june 30, 2017, respectively																															74,000
74,607,820 and 80,275,965 outstanding at march 31, 2018 and june 30, 2017, respectively																																75,000
77,645,785 and 80,275,965 outstanding at december 31, 2017 and june 30, 2017, respectively																																	78,000
deferred revenues - long-term																																		2,687,000	2,615,000	2,537,000	2,071,000	1,498,000	1,303,000	1,153,000	1,003,000	1,005,000	974,000	997,000	1,008,000	992,000	972,000	2,670,000	3,017,000	2,514,000	2,510,000
78,210,182 and 80,275,965 outstanding at september 30, 2017 and june 30, 2017, respectively																																		78,000
80,275,965 and 81,667,129 outstanding at june 30, 2017 and june 30, 2016, respectively																																			80,000
80,313,029 and 81,667,129 outstanding at march 31, 2017 and june 30, 2016, respectively																																				80,000
82,210,987 and 81,667,129 outstanding at december 31, 2016 and june 30, 2016, respectively																																					82,000
82,123,043 and 81,667,129 outstanding at september 30, 2016 and june 30, 2016, respectively																																						82,000
current deferred tax assets																																											1,535,000				884,000
81,667,129 and 87,413,777 outstanding at june 30, 2016 and june 30, 2015, respectively																																							82,000
current deferred tax asset																																								1,551,000	1,535,000	1,535,000		797,000	884,000	884,000		903,000	733,000	733,000	733,000	882,000	882,000	882,000	882,000
long-term deferred tax asset																																								1,538,000	1,538,000	1,538,000		1,100,000	1,255,000	1,255,000			4,000	4,000	4,000	232,000	232,000	232,000	232,000	324,000	324,000	324,000
82,916,307 and 87,413,777 outstanding at march 31, 2016 and june 30, 2015, respectively																																								83,000
84,610,812 and 87,413,777 outstanding at december 31, 2015 and june 30, 2015, respectively																																									85,000
85,635,097 and 87,413,777 outstanding at september 30, 2015 and june 30, 2015, respectively																																										82,000
87,413,777 and 88,179,448 outstanding at june 30, 2015 and june 30, 2014, respectively																																											87,000
treasury stock																																													-138,864,000	-123,864,000	-123,864,000	-123,864,000	-123,864,000	-123,864,000	-123,864,000	-123,864,000	-123,864,000	-100,770,000	-69,515,000	-69,515,000	-69,515,000	-69,515,000
87,968,963 and 88,179,448 outstanding at march 31, 2015 and june 30, 2014, respectively																																												88,000
customer deposits																																													712,000	412,000	1,835,000	4,347,000	3,930,000	3,578,000	5,123,000	3,010,000	1,392,000	384,000	235,000	1,068,000	2,011,000	3,054,000
deferred revenues																																													2,948,000			1,126,000	898,000	793,000		1,841,000	815,000	798,000	805,000	2,475,000	2,382,000	2,248,000
87,846,511 and 88,179,448 outstanding at december 31, 2014 and june 30, 2014, respectively																																													88,000
deferred revenues - short-term																																														5,509,000	4,218,000				691,000
dividend payable																																														15,000,000
88,343,830 and 88,179,448 outstanding at september 30, 2014 and june 30, 2014, respectively																																														88,000
88,179,448 and 87,213,803 outstanding at june 30, 2014 and june 30, 2013, respectively																																															88,000
88,064,987 and 87,213,803 outstanding at march 31, 2014 and june 30, 2013, respectively																																																88,000
87,739,935 and 87,213,803 outstanding at december 31, 2013 and june 30, 2013, respectively																																																	88,000
87,617,961 and 87,213,803 outstanding at september 30, 2013 and june 30, 2013, respectively																																																		88,000
87,213,803 and 92,049,978 outstanding at june 30, 2013 and june 30, 2012, respectively																																																			87,000
87,067,124 and 92,049,978 outstanding at march 31, 2013 and june 30, 2012, respectively																																																				87,000
86,957,786 and 92,049,978 outstanding at december 31, 2012 and june 30, 2012, respectively																																																					87,000
88,914,077 and 92,049,978 outstanding at september 30, 2012 and june 30, 2012, respectively																																																						89,000
liabilities, redeemable convertible preferred stock and stockholders’ equity
debt-short-term																																																							6,968,000
debt-long-term																																																							22,623,000
other long–term liabilities																																																								123,000	32,000	32,000
redeemable convertible preferred stock—0.001 par value...
zero and 36,034,630 shares issued and outstanding at june 30, 2012 and 2011, respectively; maximum liquidation preference of 0 and 145,847 as of june 30, 2012 and 2011, respectively
total liabilities, redeemable convertible preferred stock and stockholders’ equity																																																							213,736,000	177,515,000	144,160,000
deferred cost of revenues																																																								922,000	921,000	907,000
income and deferred tax liabilities																																																								1,870,000	1,870,000	1,870,000
zero and 36,034,630 shares issued and outstanding at march 31, 2012 and june 30, 2011, respectively; maximum liquidation preference of 0 and 145,847 as of march 31, 2012 and june 30, 2011, respectively
91,869,973, and 62,685,955 outstanding at march 31, 2012 and june 30, 2011, respectively																																																								92,000
debt - long - term																																																									26,108,000
zero and 36,034,630 shares issued and outstanding at december 31, 2011 and june 30, 2011, respectively; maximum liquidation preference of 0 and 145,847 as of december 31, 2011 and june 30, 2011, respectively
91,850,697, and 62,685,955 outstanding at december 31, 2011 and june 30, 2011, respectively																																																									92,000
liabilities, redeemable convertible preferred stock and stockholders’ deficit
23,992,929 and 36,034,630 shares issued and outstanding at september 30, 2011 june 30, 2011, respectively; maximum liquidation preference of 141,040 and 145,847 as of september 30, 2011 and june 30, 2011, respectively																																																										140,574,000
62,752,205, and 62,685,955 outstanding at september 30, 2011 and june 30, 2011, respectively																																																										63,000
total liabilities, redeemable convertible preferred stock and stockholders’ deficit																																																										119,305,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30

cash flows from operating activities:
net income	233,610,000	207,876,000	266,705,000	180,434,000	136,795,000	127,988,000	103,804,000	76,290,000	82,116,000	87,750,000	103,677,000	98,577,000	112,205,000	93,182,000	92,504,000	50,354,000	103,649,000	132,150,000	154,332,000	146,075,000	159,668,000	156,509,000	92,618,000	103,722,000	85,811,000	98,146,000	70,895,000	88,300,000	77,796,000	85,703,000		102,738,000	-51,459,000	74,925,000		64,432,000	60,608,000	71,788,000		52,699,000	49,452,000	53,759,000		41,137,000	46,265,000	37,743,000						20,667,000	17,803,000	13,179,000	28,485,000	27,920,000	24,691,000	21,493,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	4,532,000	5,089,000	4,286,000	6,905,000	4,584,000	6,126,000	4,540,000	5,070,000	4,510,000	5,131,000	4,128,000	4,528,000	3,950,000	3,686,000	3,579,000	3,564,000	3,302,000	3,244,000	3,787,000	3,047,000	2,632,000	2,634,000	2,597,000	1,429,000	1,820,000	1,849,000	2,082,000	1,924,000	1,756,000	1,794,000	2,241,000	1,654,000	1,760,000	1,655,000	2,029,000	1,967,000	1,822,000	1,541,000	1,609,000	1,559,000	1,509,000	1,617,000	1,793,000	1,266,000	1,032,000	880,000	781,000	708,000	625,000	705,000	701,000	509,000	404,000	349,000	208,000	167,000	106,000	121,000
amortization of debt issuance costs	333,000	332,000	328,000	325,000	332,000	1,037,000	429,000	429,000	433,000	434,000	426,000	325,000	333,000	321,000	329,000	325,000	333,000	332,000	329,000	494,000	504,000	464,000	499,000	499,000	505,000	304,000	278,000	274,000	281,000	281,000	278,000
non-cash lease expense					-101,000	-7,000	29,000	-18,000	-38,000	258,000	37,000	-17,000	170,000	172,000	113,000	-34,000	454,000	609,000	25,000	168,000	-6,000	64,000	61,000	133,000	220,000	732,000
provision for excess and obsolete inventory	3,865,000	1,327,000	71,000	3,637,000	574,000	2,375,000
provision for loss on vendor deposits	557,000	4,349,000	2,823,000	1,391,000	2,519,000	4,355,000	3,287,000	8,982,000	4,796,000	2,954,000																													-877,000	-80,000	-21,000	5,000
share-based compensation	1,904,000	1,884,000	1,871,000	1,848,000	1,793,000	1,696,000	1,687,000	1,665,000	1,506,000	1,500,000
provision for bad debts				36,000
other	-231,000	-384,000	-284,000	-187,000	-239,000	25,000	304,000	132,000	-124,000	93,000	40,000	425,000	-664,000	564,000			-384,000	104,000	14,000	149,000	47,000	299,000	163,000	-3,000	-4,000	109,000	-326,000	-257,000	-121,000	-21,000	-997,000	-263,000	308,000	103,000	226,000	-179,000	899,000	135,000
changes in operating assets and liabilities:
accounts receivable	30,964,000	-694,000	-28,288,000	-54,376,000	1,117,000	-5,380,000	18,152,000	-16,154,000	-2,865,000	-898,000	-21,454,000	5,569,000	-4,378,000	-27,937,000	-32,151,000	37,986,000	48,467,000	-1,645,000	15,030,000	-23,621,000	32,325,000	-53,870,000	31,722,000	-26,573,000	27,410,000	-18,676,000	3,840,000	14,630,000	-9,029,000	9,287,000	-16,071,000	711,000	-30,630,000	12,017,000	-15,083,000	-9,748,000	-20,408,000	-12,925,000	-7,483,000	-10,528,000	-1,193,000	2,519,000	3,804,000	2,661,000	-6,694,000	-11,110,000	-5,341,000	-12,366,000	-708,000	86,000	3,033,000	17,089,000	4,275,000	14,267,000	-7,261,000	-7,217,000	-13,825,000	-8,345,000
inventories	2,818,000	-6,557,000	-84,493,000	-56,771,000	-87,055,000	8,452,000	68,948,000	131,579,000	21,523,000	28,615,000	1,541,000	-101,319,000	-293,900,000	-94,244,000	-16,045,000	31,204,000	-17,136,000	-27,588,000	-7,947,000	7,836,000	23,041,000	29,960,000	-81,346,000	41,986,000	-8,309,000	19,616,000	17,090,000	-26,279,000	-116,522,000	-37,948,000	-10,488,000	6,929,000	20,112,000	19,421,000	-10,206,000	-28,593,000	-25,747,000	-22,442,000	-14,139,000	-9,230,000	-1,872,000	5,229,000	3,572,000	-4,687,000	1,238,000	6,907,000	18,405,000	-34,801,000	-16,323,000	-1,045,000	3,726,000	-4,958,000	-7,841,000	77,000	1,687,000	-131,000	-1,111,000	-2,711,000
vendor deposits	5,352,000	1,819,000	12,627,000	8,657,000	21,198,000	21,682,000	23,413,000	-24,647,000	8,699,000	-25,718,000	-34,412,000	-20,072,000	-15,366,000	30,393,000	-44,190,000	-15,693,000	1,182,000	-20,333,000	-13,538,000	-2,384,000	-1,749,000	579,000	682,000	-1,920,000	559,000	3,803,000	11,535,000	814,000	8,518,000	6,838,000	8,874,000	7,077,000	4,683,000	-15,836,000	-4,351,000	-12,620,000	-6,602,000	843,000	-15,920,000	2,242,000
prepaid expenses and other assets	-11,114,000	-175,000	-783,000	-5,261,000	-6,975,000	-3,325,000	-12,759,000	-8,138,000	3,271,000	62,000	-1,557,000	251,000	-7,274,000	-1,672,000	-4,030,000	2,883,000	20,684,000	-17,696,000	-3,467,000	-18,803,000	-4,337,000	-3,919,000	-14,212,000	213,000	11,221,000	-8,035,000	-11,236,000	-8,937,000	1,968,000	2,393,000	-2,554,000	-4,703,000	-3,435,000	1,288,000	768,000	991,000	-5,627,000	807,000	-1,422,000	2,387,000			-1,231,000	-549,000	-6,779,000	-13,410,000	-1,309,000	-7,017,000	-2,215,000	897,000	-397,000	160,000	-361,000	-1,260,000	-1,098,000	3,760,000
accounts payable	5,225,000	79,337,000	34,251,000	7,833,000	69,041,000	2,425,000	-15,415,000	-26,160,000	-31,677,000	-29,834,000	-5,097,000	-86,359,000	150,772,000	10,414,000	-18,874,000	-4,184,000	-15,356,000	9,728,000	48,104,000	-22,192,000	17,307,000	-86,562,000	94,185,000	-9,523,000	6,283,000	25,955,000	-53,033,000	-45,103,000	93,379,000	29,086,000	-57,608,000	59,900,000	-14,480,000	-22,408,000	-4,529,000	-24,014,000	35,015,000	-9,026,000	21,674,000	-12,570,000	19,162,000	-20,546,000	-5,078,000	-6,255,000	16,050,000	5,018,000	-12,462,000	-3,198,000	5,221,000	8,113,000	4,695,000	3,201,000	2,165,000	-336,000	1,917,000	9,078,000	-3,248,000	3,945,000
income taxes payable	-48,073,000	8,346,000	12,536,000	-6,648,000	-22,912,000	6,212,000	11,349,000	869,000	-28,743,000	-590,000	14,701,000	-4,389,000	-28,803,000	4,450,000	2,375,000	667,000	-30,734,000	17,404,000	-1,550,000	1,408,000	-30,786,000	3,154,000	21,886,000	-1,006,000	-17,175,000	-7,232,000	12,032,000	8,917,000	-14,236,000	9,605,000	1,476,000	-10,873,000	106,105,000	7,061,000		1,249,000	333,000	1,842,000		548,000	1,036,000	2,347,000		1,672,000
deferred revenues	8,417,000	8,104,000	9,679,000	11,458,000	5,551,000	3,434,000	3,360,000	1,604,000	803,000	828,000	1,240,000	-718,000	-99,000	-1,744,000	-872,000	-1,324,000	-1,974,000	577,000	-1,335,000	2,851,000	2,878,000	3,069,000	-238,000	135,000	33,000	925,000	392,000	2,422,000	2,959,000	3,306,000	3,410,000	324,000	-169,000	1,376,000	599,000	1,263,000	1,321,000	466,000	335,000	162,000	103,000	109,000	41,000	-485,000	-2,545,000	1,311,000	1,394,000	-119,000	608,000	106,000	1,360,000	1,026,000	17,000	-7,000	-1,670,000	93,000	134,000	514,000
accrued and other liabilities	25,117,000	-111,883,000	-35,110,000	24,075,000	21,508,000	56,289,000	30,976,000	-6,302,000	11,640,000	-3,697,000	-37,418,000	-61,645,000	36,567,000	23,766,000	78,331,000	-3,844,000	-20,485,000	4,587,000	-31,414,000	40,210,000	-13,259,000	60,684,000	-25,610,000	-18,512,000	4,904,000	-757,000	44,086,000	-24,877,000	2,235,000	-16,428,000
net cash from operating activities	263,906,000	198,452,000	130,356,000	123,573,000	152,431,000	233,667,000	231,401,000	163,852,000	78,581,000	67,682,000	14,444,000	-162,205,000	-39,651,000	41,984,000	69,979,000	104,155,000	95,187,000	100,938,000	164,249,000	138,824,000	191,988,000	116,961,000	124,954,000	91,992,000	123,688,000	119,650,000	101,004,000	13,671,000	50,642,000	93,941,000	46,938,000	119,443,000	68,746,000	96,920,000	46,141,000	-9,776,000	42,902,000	32,769,000	45,564,000	26,870,000	77,347,000	47,727,000	18,203,000	36,726,000	32,676,000	46,942,000	55,793,000	-13,970,000	27,624,000	51,880,000	46,207,000	35,159,000	26,830,000	23,695,000	30,085,000	31,733,000	4,251,000	15,719,000
capital expenditures	-3,631,000	-5,158,000	-5,168,000	-2,828,000	-1,986,000	-2,604,000	-1,866,000	-3,232,000	-3,852,000	-3,025,000	-5,284,000	-2,182,000	-4,806,000	-8,662,000	-2,405,000	-4,571,000	-3,521,000	-2,971,000	-2,323,000	-4,132,000	-9,034,000	-2,836,000	-1,833,000	-23,601,000	-1,852,000	-3,333,000	-1,983,000	-2,091,000	-1,575,000	-4,035,000	-1,797,000	-1,123,000	-3,263,000	-2,932,000	-1,528,000	-2,868,000	-1,772,000	-1,064,000	-1,428,000	-1,798,000	-1,192,000	-1,830,000	-1,907,000	-2,426,000	-4,930,000	-3,461,000	-801,000	-1,282,000	-1,502,000	-460,000	-955,000	-941,000	-1,118,000	-2,349,000	-1,693,000	-507,000	-905,000	-205,000
free cash flows	260,275,000	193,294,000	125,188,000	120,745,000	150,445,000	231,063,000	229,535,000	160,620,000	74,729,000	64,657,000	9,160,000	-164,387,000	-44,457,000	33,322,000	67,574,000	99,584,000	91,666,000	97,967,000	161,926,000	134,692,000	182,954,000	114,125,000	123,121,000	68,391,000	121,836,000	116,317,000	99,021,000	11,580,000	49,067,000	89,906,000	45,141,000	118,320,000	65,483,000	93,988,000	44,613,000	-12,644,000	41,130,000	31,705,000	44,136,000	25,072,000	76,155,000	45,897,000	16,296,000	34,300,000	27,746,000	43,481,000	54,992,000	-15,252,000	26,122,000	51,420,000	45,252,000	34,218,000	25,712,000	21,346,000	28,392,000	31,226,000	3,346,000	15,514,000
cash flows from investing activities:
purchase of property and equipment and other long-term assets	-3,631,000	-5,158,000	-5,168,000	-2,828,000	-1,986,000	-2,604,000	-1,866,000	-3,232,000	-3,852,000	-3,025,000	-5,284,000	-2,182,000	-4,806,000	-8,662,000	-2,405,000	-4,571,000	-3,521,000	-2,971,000	-2,323,000	-4,132,000	-9,034,000	-2,836,000	-1,833,000	-23,601,000	-1,852,000	-3,333,000	-1,983,000	-2,091,000	-1,575,000	-4,035,000	-1,797,000	-1,123,000	-3,263,000	-2,932,000	-1,528,000	-2,868,000	-1,772,000	-1,064,000	-1,428,000	-1,798,000	-1,192,000	-1,830,000	-1,907,000	-2,426,000	-4,930,000	-3,461,000	-801,000	-1,282,000	-1,502,000	-460,000	-955,000	-941,000	-1,118,000	-2,349,000
net cash from investing activities	-3,631,000	-5,158,000	-5,168,000	-2,828,000	-1,986,000	-2,604,000	-1,866,000	-3,232,000	-3,852,000	-3,025,000	-5,284,000	-2,182,000			-462,000	-4,174,000	-3,554,000	-2,990,000	-4,186,000	-4,132,000	-6,037,000	-4,911,000	9,207,000	5,064,000	23,715,000	31,598,000	-43,576,000	42,122,000	-7,994,000	-148,119,000	-1,797,000	-1,123,000	-3,263,000	-2,932,000	-1,528,000	-2,868,000	-1,772,000	-1,064,000	-1,428,000	-1,798,000	-1,192,000	-1,830,000	-1,907,000	-2,426,000	-4,930,000	-3,461,000	-801,000	-1,282,000	-1,502,000	-460,000	-955,000	-941,000	-1,118,000	-2,349,000	-1,693,000	-507,000	-905,000	-205,000
cash flows from financing activities:
repayment against credit facility- revolver			0	-30,000,000	-140,000,000	-35,000,000	-40,000,000	-110,000,000	-40,000,000	-25,000,000	-285,000,000	0	-20,000,000	-40,000,000						-70,000,000			-75,000,000	-50,000,000
repayment against credit facility- term loan
payment of common stock cash dividends	-48,401,000	-48,398,000	-36,294,000	-36,295,000	-36,282,000	-36,282,000	-36,277,000	-36,277,000	-36,269,000	-36,268,000	-36,265,000	-36,265,000	-36,257,000	-36,256,000	-36,251,000	-36,859,000	-37,446,000	-37,499,000	-25,104,000	-25,124,000	-25,115,000	-25,470,000	-19,106,000	-19,447,000	-19,460,000	-20,669,000	-17,588,000	-17,631,000	-17,633,000	-18,506,000
tax withholdings related to net share settlements of restricted stock units	0	-1,178,000	-134,000	-321,000	0	-323,000	-28,000	-82,000	-11,000	-313,000	-9,000	-83,000	-50,000	-544,000				-935,000	0	-182,000	-201,000	-615,000	-76,000	-416,000	-139,000	-501,000	-581,000	-413,000	-114,000	-365,000	-305,000	-623,000	-136,000	-351,000	-208,000	-441,000	-154,000	-791,000	-301,000	-225,000	-163,000	-534,000	-178,000	-635,000	-185,000	-800,000	-255,000	-850,000	-498,000	-410,000	-103,000	-78,000	-19,000	-14,000
net cash from financing activities	-134,651,000	-165,826,000	-126,428,000	-102,866,000	-182,532,000	-192,230,000	-205,680,000	-155,734,000	-85,655,000	-70,956,000	-46,854,000	157,402,000	67,443,000	-33,027,000	-77,605,000	-167,848,000	-145,384,000	-81,436,000		-61,015,000	-125,264,000	-126,240,000	-69,325,000	-119,279,000	-167,140,000	-269,654,000	-129,545,000	-38,863,000	-230,126,000	-131,691,000	-69,266,000	-251,290,000	126,483,000	-66,376,000	25,641,000	-66,137,000	-2,049,000	-9,092,000	4,346,000	-19,195,000	-15,563,000	-56,218,000	-21,054,000	28,256,000	-30,159,000	438,000	435,000	1,369,000	-298,000	483,000	885,000	-830,000	-9,897,000	-10,920,000	-532,000	-1,870,000	8,922,000	-39,299,000
net increase in cash and cash equivalents	125,624,000	27,468,000	-1,240,000	17,879,000	-32,087,000	38,833,000	23,855,000	4,886,000	-10,926,000	-6,299,000	-37,694,000	-6,985,000	22,986,000	295,000	-8,088,000	-67,867,000	-53,751,000	16,512,000	-13,373,000	73,677,000							-72,117,000	16,930,000	-187,478,000	-185,869,000	-24,125,000	-132,970,000	191,966,000	27,612,000	70,254,000	-78,781,000	39,081,000	22,613,000	48,482,000	5,877,000	60,592,000	-10,321,000	-4,758,000	62,556,000	-2,413,000	43,919,000	55,427,000	-13,883,000	25,824,000	51,903,000	46,137,000	33,388,000	15,815,000	10,426,000	27,860,000	29,356,000	12,268,000	-23,785,000
cash and cash equivalents at beginning of period	0	149,727,000	0	0	0	126,342,000	0	0	0	114,826,000	0	0	0	136,224,000	0	0	0	249,418,000	0	0	0	142,617,000	0	0	0	238,147,000	0	0	0	666,681,000		0	0	604,198,000		0	0	551,031,000		0	0	446,401,000		0	0	347,097,000		0	0	227,826,000	0	0	0	122,060,000		0	0	76,361,000
cash and cash equivalents at end of period	125,624,000	177,195,000	-1,240,000	17,879,000	-32,087,000	165,175,000	23,855,000	4,886,000	-10,926,000	108,527,000	-37,694,000	-6,985,000	22,986,000	136,519,000	-8,088,000	-67,867,000	-53,751,000	265,930,000	-13,373,000	73,677,000	60,687,000	128,427,000	64,836,000	-22,223,000	-19,737,000	119,741,000	-72,117,000	16,930,000	-187,478,000	480,812,000		-132,970,000	191,966,000	631,810,000		-78,781,000	39,081,000	573,644,000		5,877,000	60,592,000	436,080,000		62,556,000	-2,413,000	391,016,000		-13,883,000	25,824,000	279,729,000	46,137,000	33,388,000	15,815,000	132,486,000		29,356,000	12,268,000	52,576,000
supplemental disclosure of cash flow information:
income taxes paid, net of refunds	112,360,000	42,751,000	50,758,000	47,700,000	54,420,000	24,359,000	16,092,000	24,269,000	48,350,000	19,861,000	22,370,000	23,030,000	50,505,000	13,780,000	5,354,000	10,142,000	50,720,000	11,964,000	28,857,000	26,337,000	58,367,000	26,062,000	453,000	17,850,000	31,371,000	25,244,000	10,441,000	4,847,000	24,508,000	1,929,000
interest paid	1,637,000	3,230,000	4,590,000	6,177,000	8,258,000	12,023,000	15,505,000	18,490,000	19,412,000	21,687,000	19,629,000	15,759,000	11,744,000	6,738,000	4,158,000	2,587,000	2,315,000	2,501,000	2,358,000	2,948,000	3,279,000	3,226,000	4,304,000	5,986,000	6,759,000	4,768,000	5,120,000	4,941,000	5,083,000	8,204,000
non-cash investing and financing activities:
right-of-use asset recognized	27,746,000	484,000	5,867,000	2,203,000	1,363,000	1,132,000	2,143,000	1,183,000	1,044,000	23,000	1,387,000	3,988,000	1,590,000	236,000	6,992,000	252,000	2,928,000	24,344,000	3,508,000	2,147,000	16,093,000	2,533,000	2,945,000	926,000	3,646,000	1,093,000
unpaid property and equipment and other long-term assets	1,201,000	711,000	918,000	-212,000	-558,000	1,300,000	1,206,000	-833,000	-247,000	1,174,000	177,000	740,000	-64,000	421,000	247,000	-205,000	-111,000	580,000	184,000	-331,000	247,000	133,000	347,000	-447,000			320,000	84,000	6,000	30,000	-36,000	-108,000	110,000	178,000	373,000	-294,000	-34,000	413,000
deferred taxes		-318,000	-71,758,000	109,000	-642,000	99,000	-12,647,000	438,000	126,000	116,000	-16,992,000	4,000	-4,000	135,000	-1,951,000	-119,000	205,000	23,000	-1,269,000	226,000	-51,000	420,000	-1,320,000	209,000	-7,000	-76,000					-273,000	47,000			-1,094,000				-1,106,000	-16,000			-1,153,000	136,000			98,000	466,000
repayment against credit facility- term		-116,250,000	-90,000,000	-66,250,000	-6,250,000	-120,625,000	-129,375,000	-9,375,000	-9,375,000	-9,375,000	-9,375,000	-6,250,000	-6,250,000	-6,250,000		-6,250,000	-6,250,000	-6,250,000		0				-6,250,000	-6,250,000	-6,250,000
provision for bad debt
proceeds from borrowing under the credit facility - term																			0					0	0	37,500,000
proceeds from borrowing under the credit facility- revolver			0								35,000,000	200,000,000	130,000,000	50,000,000		220,000,000				0			50,000,000	100,000,000	120,000,000	120,000,000
debt issuance costs																			0				0	0	0	-3,138,000					0
proceeds from exercise of stock options											0	0	0	23,000	22,000	25,000			34,000	48,000	22,000	21,000	27,000	25,000	124,000	3,000	21,000	430,000	186,000	194,000	421,000	269,000	127,000	722,000	40,000	109,000	605,000	682,000	328,000	294,000	183,000	301,000	836,000	353,000	41,000	456,000	307,000	781,000	371,000	631,000	329,000	145,000	59,000	102,000	244,000	56,000	368,000	143,000
provision for sales returns						184,000	-262,000			-704,000	491,000				921,000
premium amortization and (discount accretion)															53,000	11,000	12,000	12,000	11,000	2,000	1,000	2,000	4,000	16,000	-7,000	-65,000	-141,000	-199,000	-229,000	-127,000
change in unrealized loss on available-for-sale securities											12,000	41,000				-420,000
purchase of investments															-615,000	-62,000	-233,000	-569,000					419,000	-2,923,000	-6,673,000	-18,361,000	-19,285,000	-32,969,000	-19,888,000	-147,934,000
proceeds from sale of investments																							8,061,000	13,568,000	30,565,000	59,715,000	11,219,000	62,072,000	3,748,000	3,850,000
proceeds from maturities of investments																459,000	200,000	550,000		0	500,000	422,000		3,020,000	1,675,000	8,577,000		15,110,000
repurchases of common stock															-105,126,000	-344,711,000	-131,542,000	-36,752,000	-67,116,000	0	-68,720,000	-83,926,000	-18,920,000	-143,191,000	-141,415,000	-396,599,000	-140,147,000	-14,999,000	-206,315,000	-106,764,000	-63,131,000	-230,628,000	-43,258,000	-107,997,000	-5,441,000	-93,305,000	0	-6,483,000	-43,514,000	-50,003,000	-46,182,000	-53,818,000	-19,712,000	0								0	-23,096,000	-31,258,000
provision for inventory obsolescence								18,385,000	1,901,000	1,382,000	5,249,000	2,523,000	4,043,000	1,576,000	976,000	41,000	1,332,000	64,000	-818,000	436,000	-47,000	180,000	794,000	1,333,000	3,793,000	697,000	-1,358,000	2,059,000	684,000	252,000	-111,000	-704,000	2,827,000	324,000	763,000	232,000	1,404,000	80,000	167,000	-139,000			708,000	885,000	0	695,000	1,250,000	1,120,000	375,000	550,000	-225,000	200,000	850,000	25,000	-310,000	0
provisions for doubtful accounts												17,000					0	7,000							-235,000	463,000
write off unamortized debt issuance costs																			0				0	0	0	105,000					0
provision for loss on vendor deposits and purchase commitments												-1,254,000	925,000	-2,090,000		2,929,000	3,249,000	2,252,000		1,863,000	3,086,000	2,553,000
stock-based compensation												1,246,000	1,100,000	1,048,000	1,013,000	875,000	818,000	810,000	764,000	775,000	750,000	740,000	744,000	725,000	730,000	689,000	584,000	752,000	779,000	775,000	785,000	732,000	779,000	912,000	692,000	601,000	565,000	927,000	853,000	882,000	957,000	1,027,000	813,000	1,376,000	1,431,000	1,372,000	1,276,000	1,041,000	1,422,000	1,167,000	1,127,000	700,000	893,000	656,000	461,000	330,000	351,000	351,000
recovery of impaired investment																0
unpaid stock repurchases																		2,497,000				13,662,000				21,844,000			0	6,000,000				8,765,000								9,488,000
prepaid income taxes														-36,000		-1,422,000	-1,542,000	-3,703,000	-19,000	17,000	-16,000	1,000	-15,000	-17,000	35,000	-14,000	3,510,000				12,751,000	-12,751,000	2,415,000	4,000	8,483,000	-5,524,000	-5,064,000	-15,000	-299,000	0	0	2,566,000	4,828,000	-2,882,000	-4,512,000	3,256,000	1,796,000	-2,253,000
net cash (used in) investing activities														-8,662,000
impairment of cost-based investment
provisions for loss on vendor deposits and purchase commitments
proceeds from maturity of investments
proceeds from borrowing under the credit facility - revolver
repayment against credit facility - revolver
repayment against credit facility - term
net unsettled investment purchases																							405,000	-400,000	-4,000	521,000
tax withholdings related to net share settlements of equity awards
net settlement of restricted stock units
advance of loan to third party																						-2,497,000
private equity investment																											0	0
net cash (used in) by financing activities
impairment of equity investment
impairment of cost based investment																								0
proceeds from borrowing under the credit facility — term
proceeds from borrowing under the credit facility — revolver
repayment against credit facility — revolver																						-10,000,000
repayment against credit facility — term																						-6,250,000
net (decrease) in cash and cash equivalents																						-14,190,000		-22,223,000	-19,737,000	-118,406,000
proceeds from borrowing under the credit facility- term
tax withholdings related to net share settlements of stock options
provision/(recovery) for loss on vendor deposits and purchase commitments
deposits on aircraft																									0	-15,000,000
provision/(recovery) for loss on vendor deposits																										1,112,000		2,764,000	424,000	-855,000
provisions/(recovery) for loss on vendor deposits
deposits on long-term asset
proceeds from borrowing under the second amended & restated facility - term
proceeds from borrowing under the amended credit facility- revolver																															0
repayment against amended credit facility- revolver																															0
repayment against credit facility																												-6,250,000
net unsettled investment purchases, sales and maturities																												-103,000
repayment against amended credit facility- term																															0
repayment against second amended & restated facility- term																														-6,250,000	-6,250,000
unpaid investment purchases																														646,000
net income and comprehensive income																																															49,418,000	45,199,000	41,792,000	40,528,000
provisions/(recovery) for loss on vendor deposits & purchase commitments
write-off of software development costs																																							0
excess tax benefit from employee stock-based awards																																							-333,000	-239,000	-99,000	-333,000	-500,000	-792,000	-5,000	-782,000	-629,000	-2,688,000	-1,079,000	-1,512,000	-1,909,000	-353,000				0
accrued liabilities and other current liabilities																															35,298,000	-31,200,000	11,866,000	15,702,000		103,000	4,760,000	-576,000		-1,217,000	-2,532,000	3,235,000
proceeds from borrowing under the second amended & restated facility- term
tax withholding related to net share settlement of equity awards
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
provision/(recovery) for loss on vendor deposits & purchase commitments																																-1,137,000
non-cash investing activities:
proceeds from revolver loan																																	173,500,000	45,000,000	69,000,000				64,000,000	33,000,000
repayments of term loan																																	-3,750,000	-3,750,000	-3,750,000	-2,500,000	-2,500,000	-2,500,000
(recovery)/provision for loss on vendor deposits																																		376,000	49,000	-92,000	-377,000	-676,000
deferred cost of revenues																																											0	303,000	1,485,000	-509,000	-12,000	164,000			-644,000				922,000	-1,000	-14,000	-26,000
taxes payable																																														2,574,000	3,128,000	2,688,000	-712,000	2,046,000	2,990,000	-752,000	2,069,000	2,338,000	-2,878,000	3,358,000	6,152,000	2,907,000
accrued liabilities and other																																											-658,000	234,000	-7,597,000	7,391,000	-2,458,000	-2,759,000	443,000	165,000	3,032,000	-2,335,000	5,917,000	-6,093,000	12,747,000	-5,730,000	444,000	-2,605,000
issuances of debt																																											0
payments on credit facilities
write off of software development costs
other adjustments																																							194,000	410,000	97,000	122,000	-1,180,000
repayments of debt																																											-2,500,000
repayment of debt																																								-2,500,000	-2,500,000	-2,500,000
payment of common stock dividend																																												0
inventory write-down																																										1,091,000
prepaid expenses, vendor deposits and other assets																																										-5,020,000
non-cash financing activities:
unpaid cash dividend																																														15,000,000
write-off of intangible assets																																															0	155,000	0	74,000
provision for doubtful accounts																																														106,000	0	-355,000			-500,000	396,000	700,000	500,000	145,000	106,000	489,000	75,000
repayments on term loan balance																																															-42,500,000	-1,250,000	-1,250,000	-1,250,000	-1,250,000	-1,250,000	-1,250,000	-583,000
provision for loss on vendor deposit																																														5,500,000
loss on disposal of fixed assets																																															0				0
loss on extinguishment of debt
proceeds from borrowings under credit agreement
proceeds from term loan																																																			-30,000,000	0	30,000,000	20,833,000
repayments on credit facility balance
proceeds from credit facility
repurchases of common stock and outstanding awards
payment of special common stock dividend																																																			0	0
repurchase of series a convertible preferred stock																																																							0	0	-68,000,000	-40,000,000
issuance of convertible subordinated promissory notes																																																							0	0
payment of convertible subordinated promissory notes																																																							0	0	-34,000,000	-34,000,000
proceeds from shares issued in initial public offering, net of offering costs																																																							0	-176,000
income taxes paid
conversion of preferred stock into common stock in conjunction with initial public offering																																																							0	0
payment of deemed dividend on series a convertible preferred stock
payment of deferred offering costs																																																										-321,000
excess tax benefit from stock-based compensation
revaluation of warrants to fair value
accrued interest on loan from stockholder
change in assets and liabilities:
purchase of property and equipment																																																							-1,693,000	-507,000	-905,000	-205,000
proceeds from term loan, net of issuance costs																																																							-9,000	0	-57,000	34,879,000
payments on term loan balance																																																							-1,750,000	-1,750,000
proceeds from issuance of series a preferred stock and warrants, net of issuance costs
proceeds from exercise of series a preferred stock warrants
repurchase of common stock and cancellation of options in connection with series a stock purchase agreement
other repurchases of common stock and outstanding awards
repayment of notes receivable from stockholders
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
payment of deemed dividend on series a convertible preferred warrants

Ubiquiti Inc(NYSE:UI)

Ubiquiti Inc
(NYSE:UI)