UBIQUITI INC. filed this 10-K on 08/23/24
UBIQUITI INC. - 10-K - 20240823 - CASH_FLOW
UBIQUITI INC.
Consolidated Statements of Cash Flows
(In thousands)
Years Ended June 30,
202420232022
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 amortization19,251 16,292 13,689 
Amortization of debt issuance costs1,725 1,405 1,319 
Non-cash lease expense231 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 deposits20,019 (3,913)8,907 
Share-based compensation6,358 4,734 3,516 
Deferred taxes(11,967)(16,857)(1,842)
Change in unrealized loss on available-for-sale securities109 792 — 
Provision for sales returns(574)553 1,004 
Other, net405 365 (555)
Changes in operating assets and liabilities:
Accounts receivable(1,765)(48,200)52,657 
Inventories250,665 (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 revenues6,595 (1,321)(3,593)
Accrued and other liabilities32,617 (38,730)58,589 
Net cash provided by (used in) operating activities541,516 (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 equivalents11,516 (21,398)(113,194)
Cash and cash equivalents at beginning of period114,826 136,224 249,418 
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