Founder, BWS Financial Inc

Hamed Khorsand

Founder

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BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>UI reported fiscal third quarter (March) results in line with our revenue forecasts suggesting the business could be on the rebound after two years in a challenging environment</li>
<li>The performance in the June quarter comes even though peers have been reporting a tough selling environment with extended sales process as customers took time to make their decision</li>
<li>The increase in product availability did backfire in the quarter with Ubiquiti taking a charge for obsolete inventory. Nevertheless, Ubiquiti’s results show a business that is improving</li>
</ul>


UI reported fiscal third quarter (March) results in line with our revenue forecasts suggesting the business could be on the rebound after two years in a challenging environment
The performance in the June quarter comes even though peers have been reporting a tough selling environment with extended sales process as customers took time to make their decision
The increase in product availability did backfire in the quarter with Ubiquiti taking a charge for obsolete inventory. Nevertheless, Ubiquiti’s results show a business that is improving


<ul>
<li>Product introductions remained a core part of Ubiquiti’s (UI) business in calendar first quarter with more product rollouts in the period</li>
<li>The new products come at a time when Ubiquiti has ample inventory, which should bode well for revenue growth as VARs, Ubiquiti’s primary customers</li>
<li>Ubiquiti has managed to offset the slowdown in service provider from enterprise customers and we continue to believe this trend continued to be the case in the March quarter.</li>
</ul>


Product introductions remained a core part of Ubiquiti’s (UI) business in calendar first quarter with more product rollouts in the period
The new products come at a time when Ubiquiti has ample inventory, which should bode well for revenue growth as VARs, Ubiquiti’s primary customers
Ubiquiti has managed to offset the slowdown in service provider from enterprise customers and we continue to believe this trend continued to be the case in the March quarter.


<ul>
<li>Ubiquiti (UI) reported fiscal second quarter (December) results showing sequential improvement in enterprise revenue while service provider remains a headwind for the business</li>
<li>Ubiquiti introduced several products in the December quarter which started to gain customer traction. There could be momentum in the March quarter as customers become familiar with the new products</li>
<li>The year over year revenue performance has been challenged with Ubiquiti lapping the initial customer enthusiasm about the Company having product in stock</li>
</ul>


Ubiquiti (UI) reported fiscal second quarter (December) results showing sequential improvement in enterprise revenue while service provider remains a headwind for the business
Ubiquiti introduced several products in the December quarter which started to gain customer traction. There could be momentum in the March quarter as customers become familiar with the new products
The year over year revenue performance has been challenged with Ubiquiti lapping the initial customer enthusiasm about the Company having product in stock


<ul>
<li>New product introductions have historically resulted in revenue growth at Ubiquiti (UI) and fiscal second quarter 2024 (December 2023) had several of them</li>
<li>Ubiquiti has introduced a series of new products. The biggest change at Ubiquiti is the availability of paid for tech support</li>
<li>There are several products that have stood out this past quarter. Including, a new Dream Machine meant for the home, called UniFi Express. The device immediately sold out</li>
</ul>


New product introductions have historically resulted in revenue growth at Ubiquiti (UI) and fiscal second quarter 2024 (December 2023) had several of them
Ubiquiti has introduced a series of new products. The biggest change at Ubiquiti is the availability of paid for tech support
There are several products that have stood out this past quarter. Including, a new Dream Machine meant for the home, called UniFi Express. The device immediately sold out


<ul>
<li>UI fiscal first-quarter results (September) fell short of consensus estimates, primarily due to underperforming sales in the enterprise segment.</li>
<li>Our initial expectations included the anticipation of soft demand for Ubiquiti, which was compounded by our belief in the enterprise spending momentum continuing</li>
<li>Ubiquiti's fiscal first-quarter revenue came in at $463.1 million, falling short of our estimate of $547.9 million. Historically, the quarter has been a strong period, making this deviation particularly noteworthy</li>
</ul>


UI fiscal first-quarter results (September) fell short of consensus estimates, primarily due to underperforming sales in the enterprise segment.
Our initial expectations included the anticipation of soft demand for Ubiquiti, which was compounded by our belief in the enterprise spending momentum continuing
Ubiquiti's fiscal first-quarter revenue came in at $463.1 million, falling short of our estimate of $547.9 million. Historically, the quarter has been a strong period, making this deviation particularly noteworthy


United States

Ubiquiti Inc. provides wireless networking products and solutions. The Company offers radios, antennas, and management tools that have been designed to deliver carrier class performance for wireless networking and other applications in the unlicensed radio frequency. Ubiquiti operates in the State of New York.

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