Ubiquiti Networks, Inc. (NASDAQ:UBNT) has announced results for the third fiscal quarter of 2018, ended March 31, 2018, the company said.
Third quarter fiscal 2018 financial highlights included:
Revenues of USD 250.4 million, increasing 14.7% year-over-year;
Repurchased 4,389,195 shares of common stock through May 7, 2018, at an average price of USD 66.53 per share;
Initiated a new USD 200 million stock repurchase program, as disclosed in the Form 8-K filed on May 10, 2018;
Repatriated USD 677.2 million in cash from foreign subsidiaries to US banks;
Entered into a new credit facility, providing for a USD 500 million term loan and USD 400 million revolving credit facility, as disclosed in the Form 8-K filed on January 23, 2018.
Ubiquiti Networks, Inc. currently focuses on three main technologies: high-capacity distributed Internet access, unified information technology, and next-gen consumer electronics for home and personal use. The majority of the company´s resources consist of entrepreneurial and de-centralized R&D teams. Ubiquiti does not employ a traditional direct sales force, but instead drives brand awareness largely through the company´s user community where customers can interface directly with R&D, marketing, and support.