(State or other jurisdiction | (Commission File No.) | (I.R.S. Employer | ||||||||||||
of incorporation) | Identification No.) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Universal Electronics Inc. | ||||||||||||||||||||
Date: May 2, 2024 | By: | /s/ Bryan Hackworth | ||||||||||||||||||
Bryan Hackworth | ||||||||||||||||||||
Chief Financial Officer (Principal Financial Officer) |
March 31, 2024 | December 31, 2023 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 26,914 | $ | 42,751 | ||||||||||
Accounts receivable, net | 99,481 | 112,596 | ||||||||||||
Contract assets | 5,664 | 4,240 | ||||||||||||
Inventories | 83,236 | 88,273 | ||||||||||||
Prepaid expenses and other current assets | 11,755 | 7,325 | ||||||||||||
Income tax receivable | 3,180 | 3,666 | ||||||||||||
Total current assets | 230,230 | 258,851 | ||||||||||||
Property, plant and equipment, net | 42,144 | 44,619 | ||||||||||||
Intangible assets, net | 25,132 | 25,349 | ||||||||||||
Operating lease right-of-use assets | 17,239 | 18,693 | ||||||||||||
Deferred income taxes | 6,727 | 6,787 | ||||||||||||
Other assets | 1,469 | 1,573 | ||||||||||||
Total assets | $ | 322,941 | $ | 355,872 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 49,756 | $ | 57,033 | ||||||||||
Line of credit | 46,000 | 55,000 | ||||||||||||
Accrued compensation | 18,389 | 20,305 | ||||||||||||
Accrued sales discounts, rebates and royalties | 4,018 | 5,796 | ||||||||||||
Accrued income taxes | 774 | 1,833 | ||||||||||||
Other accrued liabilities | 19,729 | 21,181 | ||||||||||||
Total current liabilities | 138,666 | 161,148 | ||||||||||||
Long-term liabilities: | ||||||||||||||
Operating lease obligations | 11,477 | 12,560 | ||||||||||||
Deferred income taxes | 1,984 | 1,992 | ||||||||||||
Income tax payable | 434 | 435 | ||||||||||||
Other long-term liabilities | 725 | 817 | ||||||||||||
Total liabilities | 153,286 | 176,952 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Preferred stock, $0.01 par value, 5,000,000 shares authorized; none issued or outstanding | — | — | ||||||||||||
Common stock, $0.01 par value, 50,000,000 shares authorized; 25,508,370 and 25,346,383 shares issued on March 31, 2024 and December 31, 2023, respectively | 255 | 253 | ||||||||||||
Paid-in capital | 339,141 | 336,938 | ||||||||||||
Treasury stock, at cost, 12,599,981 and 12,459,845 shares on March 31, 2024 and December 31, 2023, respectively | (371,203) | (369,973) | ||||||||||||
Accumulated other comprehensive income (loss) | (22,349) | (20,758) | ||||||||||||
Retained earnings | 223,811 | 232,460 | ||||||||||||
Total stockholders’ equity | 169,655 | 178,920 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 322,941 | $ | 355,872 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net sales | $ | 91,900 | $ | 108,377 | |||||||
Cost of sales | 65,912 | 83,684 | |||||||||
Gross profit | 25,988 | 24,693 | |||||||||
Research and development expenses | 7,821 | 8,360 | |||||||||
Factory restructuring charges | 1,064 | — | |||||||||
Selling, general and administrative expenses | 24,011 | 26,782 | |||||||||
Goodwill impairment | — | 49,075 | |||||||||
Operating income (loss) | (6,908) | (59,524) | |||||||||
Interest income (expense), net | (922) | (975) | |||||||||
Other income (expense), net | (80) | (214) | |||||||||
Income (loss) before provision for income taxes | (7,910) | (60,713) | |||||||||
Provision for income taxes | 739 | 650 | |||||||||
Net income (loss) | $ | (8,649) | $ | (61,363) | |||||||
Earnings (loss) per share: | |||||||||||
Basic | $ | (0.67) | $ | (4.81) | |||||||
Diluted | $ | (0.67) | $ | (4.81) | |||||||
Shares used in computing earnings (loss) per share: | |||||||||||
Basic | 12,902 | 12,749 | |||||||||
Diluted | 12,902 | 12,749 |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income (loss) | $ | (8,649) | $ | (61,363) | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||||||||||||||
Depreciation and amortization | 4,668 | 5,692 | ||||||||||||
Provision for credit losses | — | 1 | ||||||||||||
Deferred income taxes | (3) | 701 | ||||||||||||
Shares issued for employee benefit plan | 301 | 352 | ||||||||||||
Employee and director stock-based compensation | 1,904 | 2,540 | ||||||||||||
Impairment of goodwill | — | 49,075 | ||||||||||||
Impairment of long-lived assets | — | 49 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable and contract assets | 11,007 | 7,723 | ||||||||||||
Inventories | 4,132 | 18,056 | ||||||||||||
Prepaid expenses and other assets | (3,051) | 1,408 | ||||||||||||
Accounts payable and accrued liabilities | (12,517) | (26,051) | ||||||||||||
Accrued income taxes | (567) | (208) | ||||||||||||
Net cash provided by (used for) operating activities | (2,775) | (2,025) | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Acquisitions of property, plant and equipment | (1,347) | (3,261) | ||||||||||||
Acquisitions of intangible assets | (1,019) | (1,570) | ||||||||||||
Net cash provided by (used for) investing activities | (2,366) | (4,831) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Borrowings under line of credit | 24,000 | 14,000 | ||||||||||||
Repayments on line of credit | (33,000) | (17,000) | ||||||||||||
Treasury stock purchased | (1,230) | (812) | ||||||||||||
Net cash provided by (used for) financing activities | (10,230) | (3,812) | ||||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | (466) | 834 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (15,837) | (9,834) | ||||||||||||
Cash and cash equivalents at beginning of period | 42,751 | 66,740 | ||||||||||||
Cash and cash equivalents at end of period | $ | 26,914 | $ | 56,906 | ||||||||||
Supplemental cash flow information: | ||||||||||||||
Income taxes paid | $ | 777 | $ | 2,065 | ||||||||||
Interest paid | $ | 1,368 | $ | 1,413 |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Net sales: | ||||||||||||||
Net sales - GAAP | $ | 91,900 | $ | 108,377 | ||||||||||
Adjusted Non-GAAP net sales | $ | 91,900 | $ | 108,377 | ||||||||||
Cost of sales: | ||||||||||||||
Cost of sales - GAAP | $ | 65,912 | $ | 83,684 | ||||||||||
Excess manufacturing overhead and factory transition costs (1) | (1,150) | (2,785) | ||||||||||||
Stock-based compensation expense | (27) | (36) | ||||||||||||
Adjustments to acquired tangible assets (2) | (60) | (60) | ||||||||||||
Adjusted Non-GAAP cost of sales | 64,675 | 80,803 | ||||||||||||
Adjusted Non-GAAP gross profit | $ | 27,225 | $ | 27,574 | ||||||||||
Gross margin: | ||||||||||||||
Gross margin - GAAP | 28.3 | % | 22.8 | % | ||||||||||
Excess manufacturing overhead and factory transition costs (1) | 1.2 | % | 2.6 | % | ||||||||||
Stock-based compensation expense | 0.0 | % | 0.0 | % | ||||||||||
Adjustments to acquired tangible assets (2) | 0.1 | % | 0.0 | % | ||||||||||
Adjusted Non-GAAP gross margin | 29.6 | % | 25.4 | % | ||||||||||
Operating expenses: | ||||||||||||||
Operating expenses - GAAP | $ | 32,896 | $ | 84,217 | ||||||||||
Stock-based compensation expense | (1,877) | (2,504) | ||||||||||||
Amortization of acquired intangible assets | (248) | (286) | ||||||||||||
Litigation costs (3) | (286) | (1,158) | ||||||||||||
Goodwill impairment (4) | — | (49,075) | ||||||||||||
Factory restructuring charges (5) | (1,063) | — | ||||||||||||
Adjusted Non-GAAP operating expenses | $ | 29,422 | $ | 31,194 | ||||||||||
Operating income (loss): | ||||||||||||||
Operating income (loss) - GAAP | $ | (6,908) | $ | (59,524) | ||||||||||
Excess manufacturing overhead and factory transition costs (1) | 1,150 | 2,785 | ||||||||||||
Stock-based compensation expense | 1,904 | 2,540 | ||||||||||||
Adjustments to acquired tangible assets (2) | 60 | 60 | ||||||||||||
Amortization of acquired intangible assets | 248 | 286 | ||||||||||||
Litigation costs (3) | 286 | 1,158 | ||||||||||||
Goodwill impairment (4) | — | 49,075 | ||||||||||||
Factory restructuring costs (5) | 1,063 | — | ||||||||||||
Adjusted Non-GAAP operating income (loss) | $ | (2,197) | $ | (3,620) | ||||||||||
Adjusted pro forma operating income (loss) as a percentage of net sales | (2.4) | % | (3.3) | % |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Net income (loss): | ||||||||||||||
Net income (loss) - GAAP | $ | (8,649) | $ | (61,363) | ||||||||||
Excess manufacturing overhead and factory transition costs (1) | 1,150 | 2,785 | ||||||||||||
Stock-based compensation expense | 1,904 | 2,540 | ||||||||||||
Adjustments to acquired tangible assets (2) | 60 | 60 | ||||||||||||
Amortization of acquired intangible assets | 248 | 286 | ||||||||||||
Litigation costs (3) | 286 | 1,158 | ||||||||||||
Goodwill impairment (4) | — | 49,075 | ||||||||||||
Factory restructuring costs (5) | 1,063 | — | ||||||||||||
Foreign currency (gain)/loss | 104 | 432 | ||||||||||||
Income tax provision on adjustments | 1,377 | 1,520 | ||||||||||||
Adjusted Non-GAAP net income (loss) | $ | (2,457) | $ | (3,507) | ||||||||||
Diluted shares used in computing earnings (loss) per share: | ||||||||||||||
GAAP | 12,902 | 12,749 | ||||||||||||
Adjusted Non-GAAP | 12,902 | 12,749 | ||||||||||||
Diluted earnings (loss) per share: | ||||||||||||||
Diluted earnings (loss) per share - GAAP | $ | (0.67) | $ | (4.81) | ||||||||||
Total adjustments | $ | 0.48 | $ | 4.54 | ||||||||||
Adjusted Non-GAAP diluted earnings (loss) per share | $ | (0.19) | $ | (0.28) |
Three Months Ended June 30, | ||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||
Low Range | High Range | Actual | ||||||||||||||||||
Net sales: | ||||||||||||||||||||
Net sales - GAAP | $ | 90,000 | $ | 100,000 | $ | 107,391 | ||||||||||||||
Total adjustments (1) | — | — | — | |||||||||||||||||
Adjusted Non-GAAP net sales | $ | 90,000 | $ | 100,000 | $ | 107,391 | ||||||||||||||
Diluted earnings (loss) per share: | ||||||||||||||||||||
Diluted earnings (loss) per share - GAAP | $ | (0.53) | $ | (0.43) | $ | (0.81) | ||||||||||||||
Total adjustments (2) | $ | 0.43 | $ | 0.43 | $ | 0.75 | ||||||||||||||
Adjusted Non-GAAP diluted earnings (loss) per share | $ | (0.10) | $ | 0.00 | $ | (0.06) |
Cover Page |
May 02, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 02, 2024 |
Entity Registrant Name | UNIVERSAL ELECTRONICS INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 0-21044 |
Entity Tax Identification Number | 33-0204817 |
Entity Address, Address Line One | 15147 N. Scottsdale Road, Suite H300 |
Entity Address, City or Town | Scottsdale |
Entity Address, State or Province | AZ |
Entity Address, Postal Zip Code | 85254-2494 |
City Area Code | 480 |
Local Phone Number | 530-3000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | UEIC |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000101984 |
Amendment Flag | false |
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