Author Topic: UBNT - Ubiquiti Networks  (Read 29965 times)

gjangal

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Re: UBNT - Ubiquiti Networks
« Reply #100 on: August 24, 2018, 04:43:10 AM »
https://finance.yahoo.com/news/ubiquiti-networks-reports-fourth-quarter-113600656.html

Regular dividend of 0.25 a share announced.

Revenue growth 18% YOY


Schwab711

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Re: UBNT - Ubiquiti Networks
« Reply #101 on: August 24, 2018, 07:26:32 AM »
Boy, was I wrong here. The results look strong, the new credit agreement makes more sense, and the dividend was a smart move. I would hope they get hit with a fine on Reg FD violations but it's not going to effect operations.

This article almost certainly refers to UBNT, in case anyone was wondering why I was so negative:
https://www.pogo.org/investigation/2018/05/pwc-whistleblower-alleges-fraud-in-audits-of-silicon-valley-companies

Quote
First, its controller was duped by an email phishing scam. The controller wired money as directed by a phony email despite the fact that company policy required two signatures for such wire transfers—and despite the fact that the party the controller paid wasn’t on the company’s vendor list.

Second, the company neglected to disclose to the auditors its close relationship with a business “entity” that shared its address and performed research and development at its direction. The entity was not included in the company’s financial statements until auditors raised the issue, he wrote. (Keeping the entity off the company’s books would have reduced the company’s reported expenses, Botta explained to POGO.)

Third, as Botta reported, the company apparently failed to notice that, when it sold a shipment of products, the buyer had a contractual right to return thousands of them. (That could affect the company’s ability to record revenue from the sale, Botta clarified for POGO.)

Botta told the SEC that he proposed stating in PwC’s audit report that the company had “a material weakness” in “the skill and competence of the finance department.” Botta wrote that, in response, he “was put under significant pressure” by superiors at PwC and was told that if he pursued that path, it was unlikely he would be promoted to partner.

Grant

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Re: UBNT - Ubiquiti Networks
« Reply #102 on: August 25, 2018, 10:46:00 PM »
Schwab711, I read the complaint the article refers to a few months ago. If I recall correctly, two of the four anonymous companies cited could've been Ubiquiti, but it wasn't clear either was. I hope the SEC does find something, that'll give me (and Pera's buybacks) another entry point. I haven't had a position since I sold my calls in July.

It seems like tariffs are the next major catalyst. Unfortunately they're something I'm completely unfamiliar with.

Schwab711

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Re: UBNT - Ubiquiti Networks
« Reply #103 on: August 26, 2018, 05:34:48 AM »
I know the 2nd paragraph I quoted to be true for UBNT as well. It would be pretty funny if half of Silicon Valley is hiding corporate entities to improve their financial results.

I think avoiding tariffs has been the key to their success in South America, so maybe the US/China trade war will actually increase margins/sales.

Foreign Tuffett

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Re: UBNT - Ubiquiti Networks
« Reply #104 on: September 10, 2018, 06:21:02 AM »
Ben Moore, who is effectively the COO of the company, has resigned.

https://www.sec.gov/Archives/edgar/data/1511737/000141588918001336/form8k-09072018_010911.htm

This leaves Pera and Chief Accounting Officer Kevin Radigan as the company's only executive officers. ???

I've owned oversized long positions in $UBNT twice in the past, but can't  come close to underwriting an investment at the current price.

gjangal

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Re: UBNT - Ubiquiti Networks
« Reply #105 on: September 10, 2018, 08:02:41 PM »
Valuations wise it seems fully valued here. Ben Moore is a large shareholder ( if i m not mistaken it’s about 3-5mn shares). it will be interesting to see what he does.

Foreign Tuffett

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Re: UBNT - Ubiquiti Networks
« Reply #106 on: September 11, 2018, 06:29:28 AM »
Valuations wise it seems fully valued here. Ben Moore is a large shareholder ( if i m not mistaken it’s about 3-5mn shares). it will be interesting to see what he does.

Moore has been selling big chunks of his UBNT shares.

gjangal

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Re: UBNT - Ubiquiti Networks
« Reply #107 on: September 11, 2018, 07:23:57 AM »
 originally he had closer to 1.5mn shares( not 3 as mentioned above ), he is down to 675k now. Has been actively selling in the past year.

gjangal

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chrispy

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Re: UBNT - Ubiquiti Networks
« Reply #109 on: November 09, 2018, 07:37:43 AM »
Very nice to see.

Wish I would've keep my small position. Cutting the grass and watering the weeds...