Ubiquiti (UI) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 revenue of $507.5M, up 2.9% sequentially and 3.3% year-over-year.

• Full-year 2024 revenue was $1.93B, a slight decrease of 0.6% from 2023.

• Q4 GAAP diluted EPS was $1.72; non-GAAP diluted EPS was $1.74.

• Full-year GAAP diluted EPS was $5.79; non-GAAP diluted EPS was $5.87.

• Board declared a $0.60 per share cash dividend, with intent to maintain quarterly dividends.

Financial highlights

• Q4 gross profit was $204.1M; gross margin rose to 40.2% from 35.3% in Q3 but down from 41.4% last year.

• Full-year gross profit was $739.8M; gross margin declined to 38.4% from 39.2% in 2023.

• Q4 GAAP net income was $103.8M; non-GAAP net income was $105.1M.

• Q4 R&D expenses increased to $44.1M; full-year R&D was $159.8M, up $14.6M year-over-year.

• Q4 SG&A expenses were $21.7M; full-year SG&A was $81.0M, up $10M from 2023.

Outlook and guidance

• Plans to pay at least $0.60 per share in quarterly dividends during fiscal 2024, subject to board review.