Universal Electronics Inc. (UEI), (NASDAQ: UEIC) reported
financial results for the three and twelve months ended December
31, 2024.
“UEI closed 2024 with strong performance, with sales above and
earnings at the top end of our guidance range,” stated UEI Chairman
and CEO Paul Arling. “Customer acquisition initiatives and
long-lead design wins are coming to fruition. Our perseverance and
commitment to the connected home channel is providing meaningful
contribution and drove revenue growth of 13% for the fourth quarter
of 2024. Combined with our ongoing cost initiatives, bottom line
results improved significantly compared to the prior year
quarter.”
“CES 2025 was a major success. We showcased new products and
technologies that ensure consumer privacy; introduce innovative
features; support on-device AI processing; and offer more OEM
monetization opportunities through enhanced services and
personalization leading to increased user engagement, to name a few
advancements. We received strong interest in our new products and
technologies from many new accounts and existing customers eager to
use our innovative features and functionality in their platforms.
Based on our orders and pleased with our progress, we are
reiterating our projections for top and bottom-line growth for
full-year 2025 and beyond.”
Financial Results for the Three Months
Ended December 31: 2024 Compared to 2023
- GAAP net sales were $110.5 million, compared to $97.6 million;
Adjusted Non-GAAP net sales were $110.5 million, compared to $97.6
million.
- GAAP gross margins were 28.4%, compared to 28.5%; Adjusted
Non-GAAP gross margins were 28.4%, compared to 28.5%.
- GAAP operating loss was $4.4 million, compared to $2.6 million;
Adjusted Non-GAAP operating income was $4.2 million, compared to
$0.2 million.
- GAAP net loss was $4.5 million, or $0.35 per share, compared to
$7.1 million, or $0.55 per share; Adjusted Non-GAAP net income was
$2.6 million, or $0.20 per diluted share, compared to Adjusted
Non-GAAP net loss $0.5 million, or $0.04 per share.
- GAAP gross margin, operating loss and net loss for the three
months ended December 31, 2024 include $0.7 million, equivalent to
70 basis points of gross margin or $0.04 per share (net of tax), of
excess manufacturing overhead costs resulting from the continued
transition of our global manufacturing footprint, specifically in
Mexico and Vietnam, and depreciation related to the mark-up from
cost to fair value of fixed assets acquired in business
combinations ("excess manufacturing costs"). GAAP gross margin,
operating loss and net loss for the three months ended December 31,
2023 include $1.6 million, equivalent to 160 basis points of gross
margin or $0.11 per share (net of tax), of excess manufacturing
costs.
- At December 31, 2024, cash and cash equivalents were $26.8
million.
Financial Results for the Twelve Months
Ended December 31: 2024 Compared to 2023
- GAAP net sales were $394.9 million, compared to $420.5 million;
Adjusted Non-GAAP net sales were $394.9 million, compared to $420.5
million.
- GAAP gross margins were 28.9%, compared to 23.2%; Adjusted
Non-GAAP gross margins were 28.9%, compared to 25.0%.
- GAAP operating loss was $15.3 million, compared to $85.3
million, including a $49.1 million non-cash charge for goodwill
impairment, which resulted from a decline in the company’s market
capitalization; Adjusted Non-GAAP operating income was $2.2
million, compared to Adjusted Non-GAAP operating loss of $10.1
million.
- GAAP net loss was $24.0 million, or $1.85 per share, compared
to $98.2 million, including the aforementioned non-cash charge, or
$7.64 per share; Adjusted Non-GAAP net loss was $0.6 million, or
$0.05 per share, compared to $10.0 million, or $0.78 per
share.
- GAAP gross margin, operating loss and net loss for the twelve
months ended December 31, 2024 include $4.5 million, equivalent to
110 basis points of gross margin or $0.27 per share (net of tax),
of excess manufacturing costs. GAAP gross margin, operating loss
and net loss for the twelve months ended December 31, 2023 include
$9.4 million, equivalent to 220 basis points of gross margin or
$0.60 per share (net of tax), of excess manufacturing costs.
Financial Outlook
For the first quarter of 2025, the company expects GAAP net
sales to range between $87.0 million and $97.0 million, compared to
$91.9 million in the first quarter of 2024. GAAP loss per share for
the first quarter of 2025 is expected to range from $0.52 to $0.42,
compared to a GAAP loss per share of $0.67 in the first quarter of
2024.
For the first quarter of 2025, the company expects Adjusted
Non-GAAP net sales to range between $87.0 million and $97.0
million, compared to $91.9 million in the first quarter of 2024.
Adjusted Non-GAAP loss per share is expected to range from $0.21 to
$0.11 compared to Adjusted Non-GAAP loss of $0.26 per share in the
first quarter of 2024. The first quarter 2025 Adjusted Non-GAAP
loss per share estimate excludes $0.31 per share related to, among
other things, stock-based compensation, amortization of acquired
intangibles, litigation costs, foreign currency gains and losses
and the related tax impact of these adjustments. For a more
detailed explanation of Non-GAAP measures, please see the Use of
Non-GAAP Financial Metrics discussion, the Reconciliation of
Adjusted Non-GAAP Financial Results and the Reconciliation of
Adjusted Non-GAAP Financial Outlook and Financial Results, each
located elsewhere in this press release.
Conference Call
Information
UEI’s management team will hold a conference call today,
Thursday, February 20, 2025 at 4:30 p.m. ET / 1:30 p.m. PT, to
discuss its fourth quarter and full year 2024 earnings results,
review recent activity and answer questions. To attend the call
please register at
https://register.vevent.com/register/BId24421a0a551416d87a8c8bc2d789ceb
to receive a computer-generated dial-in number and a unique pin
number. The conference call will also be broadcast live on the
investor section of the UEI website where it will be available for
replay for 90 days.
Use of Non-GAAP Financial
Metrics
In addition to reporting financial results in accordance with
generally accepted accounting principles, or GAAP, UEI provides
Adjusted Non-GAAP information as additional information for its
operating results. References to Adjusted Non-GAAP information are
to non-GAAP financial measures. These measures are not required by,
in accordance with, or an alternative for, GAAP and may be
different from non-GAAP financial measures used by other companies.
UEI’s management uses these measures for reviewing the financial
results of UEI for budget planning purposes and for making
operational and financial decisions. Management believes that
providing these non-GAAP financial measures to investors, as a
supplement to GAAP financial measures, help investors evaluate
UEI’s core operating and financial performance and business trends
consistent with how management evaluates such performance and
trends. Additionally, management believes these measures facilitate
comparisons with the core operating and financial results and
business trends of competitors and other companies.
Adjusted Non-GAAP net sales are defined as net sales. Adjusted
Non-GAAP gross profit is defined as gross profit excluding
impairment of long-lived assets and stock-based compensation
expense. Adjusted Non-GAAP operating expenses are defined as
operating expenses excluding impairment of long-lived assets,
stock-based compensation expense, amortization of intangibles
acquired, costs associated with certain litigation efforts, factory
restructuring costs, legal judgment, severance, lease termination
costs and goodwill impairment. Adjusted Non-GAAP net income (loss)
is defined as net loss excluding the aforementioned items, foreign
currency gains and losses, the related tax effects of all
adjustments, as well as valuation allowances on certain deferred
tax assets and certain net deferred tax adjustments. Adjusted
Non-GAAP earnings (loss) per diluted share is calculated using
Adjusted Non-GAAP net income (loss). A reconciliation of these
financial measures to the most directly comparable GAAP financial
measures is included at the end of this press release.
The company will no longer exclude excess manufacturing overhead
costs resulting from the continued transition of its global
manufacturing footprint, specifically in Mexico and Vietnam, and
depreciation related to the mark-up from cost to fair value of
fixed assets acquired in business combinations from its Adjusted
Non-GAAP figures. This impacts Adjusted Non-GAAP gross profit,
gross margin, operating income (loss), income (loss) before
provision (benefit) from income taxes and net income (loss) in the
quarterly results for 2023 and 2024. There is no impact to GAAP
results. A reconciliation of these measures is posted on the
website in the Q4 2024 Quarterly Results section.
About Universal
Electronics
Universal Electronics Inc. (NASDAQ: UEIC) is the global leader
in wireless universal control solutions for the home. The company
brings to life millions of innovative control products each year
that focus on a user-centric approach to building control products
and applications that simplify user interaction with highly complex
technologies in the home, removing interoperability challenges as a
roadblock for user adoption, with privacy first and a secure by
design approach to today's smart devices. Our products are offered
by the world's leading brands in home entertainment and the
connected home markets, including Fortune 500 customers Daikin,
Carrier, Comcast, Vivint Smart Home, Samsung, Sony, Hunter Douglas
and Somfy. The company's pioneering breakthrough innovations
include its award-winning voice control entertainment remote
controls and QuickSet Cloud, the world's leading platform for
automated device and service discovery, set-up and control, and
user experience personalization for the home. For more information,
visit www.uei.com.
Forward-looking
Statements
This press release and accompanying schedules contain
"forward-looking statements" within the meaning of federal
securities laws, including net sales, profit margin and earnings
trends, estimates and assumptions; our expectations about new
product introductions; and similar statements concerning
anticipated future events and expectations that are not historical
facts. We caution you that these statements are not guarantees of
future performance and are subject to numerous risks and
uncertainties, including those we identify below and other risk
factors that we identify in our annual report on Form 10-K for the
year ended December 31, 2023 and the periodic reports filed and
furnished since then.
Risks that could affect forward-looking statements in this press
release include: our continued ability to timely develop and
deliver innovative control solutions and technologies that are
accepted by our customers, both near- and long-term; our ability to
attract new customers and to successfully capture sales in all
markets we serve, including in the climate control and connected
home markets as anticipated by management; our ability to continue
optimizing our manufacturing footprint and realize the lower
concentration risks as expected by management; our ability to
maintain our market share in the traditional subscription broadcast
market; our ability to manage through the worldwide inflationary
pressures and macroeconomic conditions; our ability to continue to
manage our business, inventories and cash flows to achieve our net
sales, margins and earnings through financial discipline,
operational efficiency, product line management, liquidity
requirements, capital expenditures and other investment spending
expectations; our continued ability to successfully enforce our
patented technology, including with respect to our litigation
against Roku; our continued ability to strategically enhance,
expand, and monetize our IP portfolios; the continued fluctuation
in our market capitalization; the use of artificial intelligence
applications which could result in cybersecurity incidents that
implicate the personal data of end users or other unintended
ethical, reputational, competitive harm or legal liability; the
direct and indirect impact we may experience with respect to our
business and financial results and management’s ability to
anticipate and mitigate the impact stemming from the continued
economic uncertainty affecting consumers’ confidence and spending,
natural disasters or other events beyond our control, public health
crises (including an outbreak of infectious disease), governmental
actions, including the changes in or enhanced use of laws,
regulations and policies may have on our business including the
impact of decreased governmental incentive programs worldwide or of
enhanced or expanded trade regulations, including the expanded use
of tariffs, pertaining to importation of our products, the effects
of political unrest, war, terrorist activities, or other
hostilities; the effects and uncertainties and other factors more
fully described in our reports filed with the SEC. Since it is not
possible to predict or identify all of the risks, uncertainties and
other factors that may affect future results, the above list should
not be considered a complete list. Further, any of these factors
could cause actual results to differ materially from the
expectations we express or imply in this press release. We make
these forward-looking statements as of February 20, 2025, and we
undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
UNIVERSAL ELECTRONICS
INC.
CONSOLIDATED BALANCE
SHEETS
(In thousands, except
share-related data)
(Unaudited)
December 31, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
26,783
$
42,751
Accounts receivable, net
114,182
112,596
Contract assets
10,346
4,240
Inventories
79,355
88,273
Prepaid expenses and other current
assets
9,478
7,325
Income tax receivable
2,350
3,666
Total current assets
242,494
258,851
Property, plant and equipment, net
34,207
44,619
Intangible assets, net
24,038
25,349
Operating lease right-of-use assets
14,322
18,693
Deferred income taxes
6,425
6,787
Other assets
1,868
1,573
Total assets
$
323,354
$
355,872
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
72,031
$
57,033
Lines of credit
36,960
55,000
Accrued compensation
20,927
20,305
Accrued sales discounts, rebates and
royalties
5,204
5,796
Accrued income taxes
2,161
1,833
Other accrued liabilities
21,008
21,181
Total current liabilities
158,291
161,148
Long-term liabilities:
Operating lease obligations
9,232
12,560
Deferred income taxes
1,931
1,992
Income tax payable
72
435
Other long-term liabilities
723
817
Total liabilities
170,249
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; 25,712,940 and 25,346,383 shares issued on
December 31, 2024 and 2023, respectively
257
253
Paid-in capital
344,697
336,938
Treasury stock, at cost, 12,666,443 and
12,459,845 shares on December 31, 2024 and 2023, respectively
(371,930
)
(369,973
)
Accumulated other comprehensive income
(loss)
(28,350
)
(20,758
)
Retained earnings
208,431
232,460
Total stockholders’ equity
153,105
178,920
Total liabilities and stockholders’
equity
$
323,354
$
355,872
UNIVERSAL ELECTRONICS
INC.
CONSOLIDATED INCOME
STATEMENTS
(In thousands, except per share
amounts)
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Net sales
$
110,454
$
97,594
$
394,879
$
420,457
Cost of sales
79,132
69,756
280,885
322,897
Gross profit
31,322
27,838
113,994
97,560
Research and development expenses
7,044
6,779
29,723
31,281
Selling, general and administrative
expenses
23,598
23,346
91,811
98,490
Factory restructuring charges
862
325
3,585
4,015
Legal judgment
4,172
—
4,172
—
Goodwill impairment
—
—
—
49,075
Operating income (loss)
(4,354
)
(2,612
)
(15,297
)
(85,301
)
Interest income (expense), net
(705
)
(1,044
)
(3,361
)
(4,332
)
Other income (expense), net
(45
)
(854
)
60
(2,621
)
Income (loss) before provision for income
taxes
(5,104
)
(4,510
)
(18,598
)
(92,254
)
Provision for (benefit from) income
taxes
(575
)
2,592
5,431
5,984
Net income (loss)
$
(4,529
)
$
(7,102
)
$
(24,029
)
$
(98,238
)
Earnings (loss) per share:
Basic
$
(0.35
)
$
(0.55
)
$
(1.85
)
$
(7.64
)
Diluted
$
(0.35
)
$
(0.55
)
$
(1.85
)
$
(7.64
)
Shares used in computing earnings (loss)
per share:
Basic
13,032
12,902
12,959
12,855
Diluted
13,032
12,902
12,959
12,855
UNIVERSAL ELECTRONICS
INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands)
(Unaudited)
Year Ended December
31,
2024
2023
Cash flows from operating activities:
Net income (loss)
$
(24,029
)
$
(98,238
)
Adjustments to reconcile net income (loss)
to net cash provided by (used for) operating activities:
Depreciation and amortization
18,058
22,927
Provision for credit losses
1,081
70
Deferred income taxes
(256
)
(1,149
)
Shares issued for employee benefit
plan
1,063
1,293
Employee and director stock-based
compensation
6,700
8,809
Impairment of goodwill
—
49,075
Impairment of long-lived assets
333
7,963
Changes in operating assets and
liabilities:
Accounts receivable and contract
assets
(12,174
)
5,040
Inventories
6,239
51,458
Prepaid expenses and other assets
764
2,860
Accounts payable and accrued
liabilities
15,733
(21,379
)
Accrued income taxes
1,310
(3,539
)
Net cash provided by (used for) operating
activities
14,822
25,190
Cash flows from investing activities:
Acquisitions of property, plant and
equipment
(4,572
)
(8,116
)
Acquisitions of intangible assets
(3,856
)
(5,761
)
Net cash provided by (used for) investing
activities
(8,428
)
(13,877
)
Cash flows from financing activities:
Borrowings under lines of credit
102,193
78,000
Repayments on lines of credit
(120,000
)
(111,000
)
Treasury stock purchased
(1,957
)
(1,779
)
Net cash provided by (used for) financing
activities
(19,764
)
(34,779
)
Effect of foreign currency exchange rates
on cash and cash equivalents
(2,598
)
(523
)
Net increase (decrease) in cash and cash
equivalents
(15,968
)
(23,989
)
Cash and cash equivalents at beginning of
period
42,751
66,740
Cash and cash equivalents at end of
period
$
26,783
$
42,751
Supplemental cash flow information:
Income taxes paid
$
3,481
$
13,176
Interest paid
$
4,738
$
7,015
UNIVERSAL ELECTRONICS
INC.
RECONCILIATION OF ADJUSTED
NON-GAAP FINANCIAL RESULTS
(In thousands, except per share
amounts)
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Net sales:
Net sales - GAAP
$
110,454
$
97,594
$
394,879
$
420,457
Adjusted Non-GAAP net sales
$
110,454
$
97,594
$
394,879
$
420,457
Cost of sales:
Cost of sales - GAAP (1)
$
79,132
$
69,756
$
280,885
$
322,897
Impairment of long-lived assets (2)
—
—
—
(7,723
)
Stock-based compensation expense
(34
)
(32
)
(106
)
(125
)
Adjusted Non-GAAP cost of sales
79,098
69,724
280,779
315,049
Adjusted Non-GAAP gross profit
$
31,356
$
27,870
$
114,100
$
105,408
Gross margin:
Gross margin - GAAP (1)
28.4
%
28.5
%
28.9
%
23.2
%
Impairment of long-lived assets (2)
—
%
—
%
—
%
1.8
%
Stock-based compensation expense
0.0
%
0.0
%
0.0
%
0.0
%
Adjusted Non-GAAP gross margin
28.4
%
28.5
%
28.9
%
25.0
%
Operating expenses:
Operating expenses - GAAP
$
35,676
$
30,450
$
129,291
$
182,861
Impairment of long-lived assets (2)
—
—
—
(100
)
Stock-based compensation expense
(1,650
)
(1,945
)
(6,594
)
(8,684
)
Amortization of acquired intangible
assets
(223
)
(281
)
(909
)
(1,137
)
Litigation costs (3)
(157
)
(83
)
(689
)
(1,687
)
Factory restructuring charges (4)
(863
)
(325
)
(3,585
)
(4,015
)
Legal judgment (5)
(4,172
)
—
(4,172
)
—
Severance (6)
(960
)
(180
)
(960
)
(2,635
)
Lease termination (7)
(476
)
—
(476
)
—
Goodwill impairment (8)
—
—
—
(49,075
)
Adjusted Non-GAAP operating expenses
$
27,175
$
27,636
$
111,906
$
115,528
Operating income (loss):
Operating income (loss) - GAAP (1)
$
(4,354
)
$
(2,612
)
$
(15,297
)
$
(85,301
)
Impairment of long-lived assets (2)
—
—
—
7,823
Stock-based compensation expense
1,684
1,977
6,700
8,809
Amortization of acquired intangible
assets
223
281
909
1,137
Litigation costs (3)
157
83
689
1,687
Factory restructuring costs (4)
863
325
3,585
4,015
Legal judgment (5)
4,172
—
4,172
—
Severance (6)
960
180
960
2,635
Lease termination (7)
476
—
476
—
Goodwill impairment (8)
—
—
—
49,075
Adjusted Non-GAAP operating income
(loss)
$
4,181
$
234
$
2,194
$
(10,120
)
Adjusted Non-GAAP operating income (loss)
as a percentage of net sales
3.8
%
0.2
%
0.6
%
(2.4
)%
UNIVERSAL ELECTRONICS
INC.
RECONCILIATION OF ADJUSTED
NON-GAAP FINANCIAL RESULTS
(In thousands, except per share
amounts)
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Net income (loss):
Net income (loss) - GAAP (1)
$
(4,529
)
$
(7,102
)
$
(24,029
)
$
(98,238
)
Impairment of long-lived assets (2)
—
—
—
7,823
Stock-based compensation expense
1,684
1,977
6,700
8,809
Amortization of acquired intangible
assets
223
281
909
1,137
Litigation costs (3)
157
83
689
1,687
Factory restructuring costs (4)
863
325
3,585
4,015
Legal judgment (5)
4,172
—
4,172
—
Severance (6)
960
180
960
2,635
Lease termination (7)
476
—
476
—
Goodwill impairment (8)
—
—
—
49,075
Foreign currency (gain) loss
132
1,258
326
3,501
Income tax provision on adjustments
410
2,516
7,511
8,200
Other income tax adjustments (9)
(1,924
)
—
(1,924
)
1,377
Adjusted Non-GAAP net income (loss)
$
2,624
$
(482
)
$
(625
)
$
(9,979
)
Diluted shares used in computing
earnings (loss) per share:
GAAP
13,032
12,902
12,959
12,855
Adjusted Non-GAAP
13,249
12,902
12,959
12,855
Diluted earnings (loss) per
share:
Diluted earnings (loss) per share -
GAAP
$
(0.35
)
$
(0.55
)
$
(1.85
)
$
(7.64
)
Total adjustments
$
0.54
$
0.51
$
1.81
$
6.87
Adjusted Non-GAAP diluted earnings (loss)
per share
$
0.20
$
(0.04
)
$
(0.05
)
$
(0.78
)
(1)
GAAP gross margin, operating loss
and net loss for the three months ended December 31, 2024 include
$0.7 million, equivalent to 70 basis points of gross margin or
$0.04 per share (net of tax), of excess manufacturing overhead
costs resulting from the continued transition of our global
manufacturing footprint, specifically in Mexico, and depreciation
related to the mark-up from cost to fair value of fixed assets
acquired in business combinations ("excess manufacturing costs").
GAAP gross margin, operating loss and net loss for the three months
ended December 31, 2023 include $1.6 million, equivalent to 160
basis points of gross margin or $0.11 per share (net of tax), of
excess manufacturing costs.
GAAP gross margin, operating loss
and net loss for the twelve months ended December 31, 2024 include
$4.5 million, equivalent to 110 basis points of gross margin or
$0.27 per share (net of tax), of excess manufacturing costs. GAAP
gross margin, operating loss and net loss for the twelve months
ended December 31, 2023 include $9.4 million, equivalent to 220
basis points of gross margin or $0.60 per share (net of tax), of
excess manufacturing costs.
(2)
The twelve months ended December
31, 2023 included impairment charges relating to machinery and
equipment and leasehold improvements associated with the closure of
our southwestern China factory, which ceased operations in
September 2023. In addition, we also incurred impairment charges
relating to machinery and equipment at our Mexico factory as we
reduced its capacity due to lower demand.
(3)
The three and twelve months ended
December 31, 2024 and 2023, include expenses related to our various
litigation matters involving Roku, Inc. and certain other related
entities including three Federal District Court cases, two
International Trade Commission investigations and the defense of
various inter partes reviews and appeals before the US Patent and
Trademark Board. In addition, the twelve months ended December 31,
2023 include $1.2 million of expenses associated with non-recurring
legal matters involving internal investigations at our
manufacturing plants.
(4)
The three and twelve months ended
December 31, 2024 include severance and other exit costs associated
with the closure of our southwestern and eastern China factories
and the streamlining of our Mexico factory. The three and twelve
months ended December 31, 2023 include severance and other exit
costs associated with the closure of our southwestern China factory
and downsizing of our Mexico factory.
(5)
The three and twelve months ended
December 31, 2024 include an adverse judgment against one of our
China subsidiaries. We have appealed this ruling and expect a
decision on our appeal in early to mid-April 2025.
(6)
The three and twelve months ended
December 31, 2024 and 2023, include severance costs associated with
a reduction in headcount at our corporate offices.
(7)
The three and twelve months ended
December 31, 2024 include lease termination costs associated with
one of our Mexico facilities.
(8)
During the twelve months ended
December 31, 2023, we recorded a goodwill impairment charge of
$49.1 million as a result of our market capitalization being
significantly less than the carrying value of our equity.
(9)
The three and twelve months ended
December 31, 2024 include a $0.4 million valuation allowance
recorded against the deferred tax assets at our eastern China
entity as a result of its shutdown as well as a $2.3 million
adjustment due to the revaluation of net deferred tax assets at our
remaining China factory resulting from the expiration of a tax
incentive that increased the statutory rate. The twelve months
ended December 31, 2023 includes a $1.4 million valuation allowance
recorded against the deferred tax assets at our southwestern China
entity as a result of its closure.
UNIVERSAL ELECTRONICS
INC.
RECONCILIATION OF ADJUSTED
NON-GAAP FINANCIAL OUTLOOK AND FINANCIAL RESULTS
(In thousands, except per share
amounts)
(Unaudited)
Three Months Ended March
31,
2025
2024
Low Range
High Range
Actual
Net sales:
Net sales - GAAP
$
87,000
$
97,000
$
91,900
Total adjustments (1)
—
—
—
Adjusted Non-GAAP net sales
$
87,000
$
97,000
$
91,900
Loss per share:
Loss per share - GAAP
$
(0.52
)
$
(0.42
)
$
(0.67
)
Total adjustments (2)
$
0.31
$
0.31
$
0.41
Adjusted Non-GAAP loss per share
$
(0.21
)
$
(0.11
)
$
(0.26
)
(1)
The three months ended March 31,
2025 and 2024 do not include any Non-GAAP adjustments to net
sales.
(2)
The three months ended March 31,
2025 and 2024 include adjustments for stock-based compensation
expense, amortization of acquired intangibles, costs associated
with certain litigation efforts, foreign currency gains and losses
and the related tax impact of these adjustments. The three months
ended March 31, 2024 also includes adjustments for factory
restructuring costs.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250220073200/en/
UEI: Bryan Hackworth, CFO, UEI, 480-530-3000 Investors: Kirsten
Chapman, Alliance Advisors, investors@uei.com or
ueiinvestor@allianceadvisors.com, 415-433-3777
Universal Electronics (NASDAQ:UEIC)
Historical Stock Chart
From Jan 2025 to Feb 2025
Universal Electronics (NASDAQ:UEIC)
Historical Stock Chart
From Feb 2024 to Feb 2025
