Ubiquiti reported a solid QQ4 2024 with revenue of USD 507.5 million, up 3.3% year over year and 2.9% quarter over quarter. Gross margin remained resilient at approximately 40.2%, supporting an operating margin near 27.3% and a net margin around 20.5%. Net income of USD 103.8 million and earnings per diluted share of USD 1.72 underscored strong profitability despite a modest step up in operating expense pressure from R&D and SG&A components. Free cash flow was robust at USD 229.5 million, driven by solid operating cash flow of USD 231.4 million and modest capital expenditure (USD 1.9 million). In parallel, liquidity remained ample (current ratio 3.22) even as balance sheet leverage remained elevated: total debt of USD 757.3 million and net debt of USD 630.9 million, with equity of USD 95.1 million, yielding a debt-to-capitalization dynamic of about 0.88. Management did not issue explicit quarterly guidance in the release, but the cash-generative profile and margin durability support a constructive view on sustainable profitability, while the heavy leverage and high valuation multiples suggest a requirement for disciplined capital allocation and deleveraging optionality over the near term.